New Delhi, Nov. 5 -- Insurance is a product people often put off buying. Some do not fully understand its value, while others recognise the need but delay the decision. Those who already have insurance may want their loved ones to be financially secure and adequately protected.

One way to encourage them to take that first step is to pay for their insurance premium. However, paying someone else's premium is not always straightforward. The rules vary across life, health and motor insurance, depending on the relationship between the payer and the insured, and the source of funds.

Here is what you need to know.

The rules differ across life insurance products. You cannot buy term insurance for another person simply because you want to pay t...