Life Insurance Review Checklist — What to Check Before Your Policy Health Check (2026)
A practical life insurance review checklist — cover adequacy, nominee details, lapse status, and loan gaps — so you walk into a policy health check prepared, not guessing.
Note: This article is general information from an independent insurance advisor, not official insurer material. Plan names, premiums, and benefits are illustrative only — actual terms depend on underwriting, age, and current product rules. Bonuses on participating plans are not guaranteed. Please read the policy document and consult us before buying.
You bought life insurance years ago, filed the documents, and moved on. That is normal — policies are long-term. But "long-term" does not mean "set and forget." Income grows, loans appear, nominees change, and a missed auto-debit can lapse a policy without you noticing.
This is a life insurance review checklist you can work through in about 20 minutes before a policy health check — on your own or with an advisor. It is independent guidance, not official insurer material. We do not publish live premium quotes on this website.
Quick answer: Review life insurance at least every 3 years, or immediately after a major life event. This checklist covers five areas: cover adequacy (roughly 10× annual income minus large liabilities), policy inventory (what you hold and whether it is active), nominee accuracy, premium and lapse status, and gaps in health or motor cover. Use our printable policy review checklist to gather details before a consultation.
For the reasons a review matters — not just the steps — see why you should review your LIC policy every 3 years.
Before you start — gather what you have
You do not need every document on day one. Start with what you remember and fill gaps as you go.
List every policy you believe you hold:
- Insurer name and policy number (life, health, motor)
- Type of plan — term, endowment, money-back, ULIP, health floater, etc.
- Sum assured or sum insured
- Approximate premium and paying term
- Last premium paid date and payment mode (auto-debit, manual, agent)
Documents that help (if available):
- Latest policy bond or PDF
- Last premium receipt
- LIC policy status printout from the official portal — you log in; we do not store passwords
- Recent health renewal notice
Bring what you can. A verbal list is enough to start a useful conversation.
Checklist 1 — Is your life cover adequate?
Life cover should protect income replacement and outstanding loans — not just feel like a large number on paper.
| Check | What to do | Red flag |
|---|---|---|
| Income multiple | Multiply your current annual income by 10–15 | Total life cover is below 10× income |
| Loan offset | Add home, car, and personal loan balances | Loans exceed total life cover |
| Term vs savings split | Separate pure term cover from endowment/ULIP savings | All cover is in high-premium savings plans with low death benefit |
Not sure whether your policies are term or endowment? See term plan vs endowment plan before you adjust cover. | Employer cover | Note group term from employer (if any) | Relying only on employer cover that ends when you change jobs |
Example (illustrative only): Annual income ₹12 lakh → target life cover roughly ₹1.2–1.8 crore. Outstanding home loan ₹40 lakh → ensure term cover at least covers the loan plus living expenses for dependents. Actual needs depend on age, dependents, and existing assets — this is not a binding quote.
Not sure which plan type fits? Try our Plan Fit wizard for a starting structure, then discuss with an advisor.
Checklist 2 — Policy inventory
Fill one row per policy. If a row is blank, that is a gap to investigate.
| Insurer | Plan type | Sum assured / SI | Premium (approx.) | Status | Notes |
|---|---|---|---|---|---|
| Term / endowment / ULIP / health / motor | Active / lapsed / paid-up | ||||
Status checks:
- Active — premiums current; cover in force
- Lapsed — missed premium beyond grace period; no cover until revived (may need medical tests and fees)
- Paid-up — reduced cover after stopped premiums; confirm sum assured on current statement
- Maturity / money-back due — any payout in the next 24 months?
If you hold multiple small policies from different years, note whether one clear structure (e.g. one large term plan + one savings plan) would be simpler to manage.
Checklist 3 — Nominee and beneficiary details
Nominee mistakes are the most common issue we see in reviews — and the most painful at claim time.
- Nominee name and relationship are current (not an ex-spouse, deceased parent, or outdated sibling)
- Contact details on the policy match someone reachable today
- Minor nominee — is an appointee named until the child turns 18?
- Policyholder vs life assured — if different, does the family know who receives what?
- Married Women's Property (MWP) act — if applicable, is the nomination structured as intended? (Confirm with your advisor; not legal advice.)
Updating a nominee is usually a simple, free process — but someone has to flag it first.
Checklist 4 — Premium, payment mode, and lapse risk
Policies lapse quietly when banking details change.
- Auto-debit is active on the correct bank account
- Standing instructions updated after salary account or bank branch change
- Premium due dates noted — especially if you pay manually through an agent
- LIC policies checked on the official policy status portal
- Any policy marked lapsed or paid-up that you thought was fully active?
Loan against policy: If you have an outstanding loan against an LIC policy, note the balance — it reduces the net death benefit until repaid.
Checklist 5 — Beyond life insurance
A life insurance review is stronger when it includes the rest of your risk picture — briefly:
- Health insurance — Is sum insured realistic for private hospitals you use? See what health insurance covers and renewal checklist.
- Motor insurance — IDV, zero-depreciation add-on, and claim intimation steps if you drive in the city. See motor claim intimation guide.
- Child education / retirement — Are savings plans aligned to dated goals, with participating-plan bonuses understood as not guaranteed in advance?
One paragraph here is enough; deep dives live in the linked guides.
Life events — review now, not in 3 years
Trigger an immediate review if any of these apply:
- Marriage or divorce
- Birth or adoption of a child
- Death of a nominee or dependent
- New home loan or major personal loan
- Significant income change (promotion, job loss, new business)
- Major health diagnosis — yours or a family member's
- Approaching retirement within 5 years
More context on each trigger: why review every 3 years.
Use the printable checklist
Our Policy Review Checklist page mirrors this list in a print-friendly format — policies to list, people and nominations, status checks, goals to discuss, and documents to gather. Save or print it before your appointment.
Book a free policy health check
The first consultation is always free. We summarise what you hold, flag gaps, and explain options in plain language — we do not guarantee savings, returns, or bonuses on participating plans.
- Book a policy health check
- Contact us — WhatsApp or call +91 98841 10537
- In-person across Chennai and nearby districts (Thiruvallur, Kanchipuram, Chengalpattu); virtual reviews anywhere in India
Your policy was designed for a version of your life that may no longer exist. Twenty minutes with this checklist can bring it up to date.
Related Chennai guides
Independent advisory pages that expand on topics in this article.
Frequently asked questions
Want personalised advice?
Book a free consultation with C. Sivaprakash to discuss your insurance needs.
