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    Life Insurance

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    sum assured of 1 crore
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    Useful Tips To Buy Life Insurance
    01
    Lower Premium for Early Birds

    Life insurance premiums are calculated based on an individual’s age. The younger you are, the lower the premiums charged. Buy a policy early to avail a long-term, low-cost cover to protect your immediate and extended family

    02
    Calculate Your Needs

    When estimating how much coverage you need, consider all your present as well as future financial obligations, as well as those of your dependents. Life insurance termplans are the most popular protection plans, offering high coverage at low premiums.

    03
    Brace for Inflation

    When buying term insurance plans, account for inflation! A cover of Rs.50 lakh may look sufficient today but may not cut it 20 years from now. When estimating how much you should cover yourself for, consider how rising prices will affect future financial requirements.

    04
    The Net's Your Best Bet

    Online life insurance policies are the most economical and convenient life insurance products you can opt for. By cutting out the middlemen i.e. the agents, these policies are more easily accessible and offer time-saving features like online renewability.

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    Your Life insurance premium is determined by

    01
    Your Current Age

    The younger you are, the lower your premiums will be. Premiums increase with age, as does insurer's level of risk. Make use of your youth, apply quick!

    02
    Gender

    The battle of the sexes extends to the life insurance premium battlefield too. Since women on an average live longer than men, their insurance premiums are lower by a tiny margin.

    03
    Smoking Preference

    Cigarettes? Chewing tobacco? Snuff? Insurers calculate premiums based on the risk they undertake while insuring your health, which tobacco destroys. We aren't preaching, just telling you what to expect.

    04
    Tenure of Coverage

    Insurers undertake greater risk the longer they cover you. Premiums on short-term policies are more expensive, but long-term life insurance plans have more payments.

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    How much of Life insurance coverage a person should get depends on

    (Multiplying your current annual income by 10 is a useful way to determine coverage.)

    01
    Number of Dependents

    The more dependents you have, the higher the life insurance pay-out will have to be, to take care of them after you're gone.

    02
    Your Current & Future LifeStyle Expenses

    For those you leave behind to maintain a comfortable lifestyle, calculate your expenses and get a life insurance policy with a matching pay-out.

    03
    Your outstanding Liabilities like home loan, car loan, etc

    If you're leaving your house, car and business to your dependants, you may also be leaving them your debt through unpaid house and car loans. Arrange to clear your debts, or to have an insurance pay-out large enough to clear it for you.

    04
    Your Investments /Savings

    If you're confident that you have ample savings and investments to carry your dependents through their lives without you to provide for them, choose a policy with a lower pay-out and consequently lower premiums. If not, do the opposite.

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    Life Insurance is Rated as " Excellent!" by 13869 Users
     4.5 / 5.0   by 13869 users
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    Life Insurance BYTES FROM OUR KITCHEN

    Articles About Life Insurance

    Key Things To Know About Life Insurance

    The concept of life insurance is not a new one. People have been making use of life insurance for over 4 centuries to protect not only themselves but also their loved ones from the possibility for an unfortunate event. Though life insurance seems to have been around for a fairly long time now, there are many people who are not quite aware of all the aspects involved in a life insurance policy. When it comes to purchasing life insurance, there are many people who take the assistance of life insurance agents for purchasing a policy, while several others who prefer doing their own research and purchasing a policy directly themselves.

    For someone who isn’t quite familiar with the workings of it, life insurance can be confusing to understand. Who are the parties involved in a life insurance policy? What is the eligibility age acceptable to apply for an insurance policy? How many types of life insurance policies are there? What factors affect the premiums of a life insurance policy? When is it best to purchase a life insurance policy? Is it wise to get life insurance as a tax saving instrument? These are just some of the many questions which will find answers to in this article.

    Top 10 Life Insurance Policies In 2017

    When you purchase a vehicle or a house, you automatically purchase insurance for it. Why? Because of the value that is attached to the asset. The same way, life insurance is essential when it comes to human life. After all, it is one’s duty to protect their loved ones, is it not? Life insurance can help protect your loved ones financially in the unfortunate event of your untimely demise. In India, there are several insurers offering a wide range of life insurance policies. To know more about the most popular life insurance policies available in India this year, read on.

    Best 5 LIC Plans To Invest in 2017

    In the life insurance segment, LIC or Life Insurance Corporation of India has been one of the oldest and also one of the most preferred insurance provider for generations of Indians. The insurer offers a wide range of life cover policies such as protection policies, protection-cum-savings policies, endowment policies, endowment with protection and savings policies, and traditional savings policies, each of which has been designed to provide multiple benefits such as reversionary benefits, add-on riders for enhanced protection, choice of lump sum payout on maturity, loan facility, policy bonuses, and more. If you are looking for a suitable LIC plan, you can choose from LIC Jeevan Pragati, LIC Jeevan Labh, LIC New Jeevan Anand, LIC Jeevan Rakshak, and LIC Jeevan Lakshya. Read on to find out more about each plan and which one best suits your needs.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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    • Life Insurers Record 25% Growth In New Business Premium In Sep

      According to reports, the life insurance industry has collected new business premium worth Rs.20,892.7 crore in September 2017, achieving a year-on-year growth of 24.6%. In September 2016, all 24 life insurance providers collectively clocked new premium of Rs.16,767.41 crore, as per data released by Insurance Regulatory and Development Authority of India (IRDAI).

      The state-owned Life Insurance Corporation (LIC) has recorded a growth of 37.6 percent. The insurer collected total premium worth Rs.11,117.48 crore in September 2016. As for the remaining 23 privately led insurance providers, SBI Life recorded a drop in its new business premium which stood at Rs.817.81 crore in September 2017 as compared to Rs.1,279.05 crore from last year. ICICI Prudential Life's saw a 14.9% growth in new business premium which stood at Rs.745.73 crore; HDFC Life saw growth of 24.7% and collected premium worth Rs.1,119.04 crore; Max Life rose by 24% and recorded premium collection worth Rs.396.63 crore in Sept 2017; DHFL Pramerica Life recorded the second highest growth of 64.8%, collecting new premium worth Rs.118.38 crore, and Bajaj Allianz recorded the highest growth, of 90% in new business premium, which stood at Rs.841.19 crore.

      Some insurers, however, registered a decline in new business premium. Among those were Birla Sun Life which reported a 21% decline in new premium, collecting Rs.359.45 crore, and Sahara Life's registering the biggest drop of 95% and stood at Rs.17 lakh as against Rs..14 crore in September 2016.

      12th October 2017

    • Tata AIG, ICICI Lombard, HDFC Ergo Likely To Witness Surge in Demand For D&O policies

      Following the suggestion by the Kotak Panel that Directors' and Officers' Liability (D&O) cover be made compulsory for independent directors, general insurance companies like HDFC Ergo, ICICI Lombard, and Tata AIG, and HDFC Ergo are expecting to see an upsurge in the demand for their Directors' and Officers' Liability (D&O) policies. Last week, the panel put in the suggestion that it must be compulsory for top 500 companies (as per market capitalisation) to get D&O insurance for its independent directors.

      this move has been suggested in order to provide security to directors of companies who can be held personally liable for decisions made not only by them but also by their fellow directors. As a result, they could face financial loss due to litigation from shareholders, creditors, competitors, suppliers, and regulatory bodies. This is where a Directors’ & Officers’ Liability policy will help in providing protection. These policies have 2 parts – one part covers breach of duty, neglect, misstatements or errors by the company or its employees, and the other part covers the same if done by directors.

      Mr. Sanjay Datta, Head of underwriting, ICICI Lombard General Insurance said that they expect greater demand for D&O policies following the recommendation forwarded by the Kotak panel to provide mandatory cover to independent directors. Citing situations of board fights such as Satyam, Mr. Dutta said that such events have resulted in an upsurge of enquiries for D&O cover.

      10th October 2017

    • SBI Life Planning To Open Branch in Bahrain By End of 2017

      In a move that will have SBI making its debut in the Middle East insurance market, SBI Life Insurance is looking to open their first branch in Bahrain by the end of 2017. According to company officials, the insurer has received the required regulatory approvals from the Central Bank of Bahrain and IRDAI (Insurance Regulatory & Development Authority of India) for opening the branch by December 2017.

      Initially, SBI Life's market is going to be limited only to that within Bahrain. However, the company plans to leverage its one-branch presence in the country to not only service the products it offers but also establish tie-ups with local banks with time. An official involved with the opening of the branch said that initially, SBI will be making use of the bancassurance channel. They are also looking towards establishing tie-ups with banks later on.

      In their soon-to-be-opened branch, SBI Life plans to offer traditional, unit-linked and term insurance products. The major target group for this branch will be NRIs living in Bahrain, but the branch will also serve local residents as well.

      SBI Life was established as a joint venture between India’s largest lender, State Bank of India and BNP Paribas Cardif, a French financial services company. At present, the only other Indian insurance company which has a presence in the Gulf is the government-run LIC (Life Insurance Corporation) which has headquarters in Bahrain. The international branch of LIC is known as LIC International which operates in GCC (Gulf Corporation Council) countries of Oman, Bahrain, Qatar, United Arab Emirates, Kuwait, and Saudi Arabia.

      9th October 2017

    • IRDAI to issue a fresh order in a case involving Reliance Life Insurance

      The Insurance Regulatory and Development Authority of India (IRDAI) had previously imposed Rs.85 lakh penalty on Reliance Life Insurance for violating various regulations which also includes the outsourcing norms. The insurer has been asked by the regulator to assess corporate business policy, and outline the standards of ethical behavior and business conduct. Reliance Life Insurance filed an appeal against the order issued by the IRDAI on 6 August 2015 order with the Securities Appellate Tribunal (SAT). On 3 October, SAT ruled that the IRDAI and Reliance Life Insurance will quash the impugned order of 6 August by consent. So, the IRDAI will issue a fresh order on merit after the insurer is given a chance at hearing.

      6th October 2017

    • Apollo Munich & HDFC Life Launch Life-cum-Health Cover Plan

      Two of India’s leading insurance providers, HDFC Life Insurance and Apollo Munich Health recently joined hands to announce the launch of a dual cover plan known as the ‘Click2Protect Health Plan’. This unique plan has been designed to provide the benefits of 2 popular plans offered by each of the insurer - ‘Click2Protect 3D Plus (term) Protection Plan’ by HDFC Life and the ‘Optima Restore Health Indemnity Plan’ offered by Apollo Munich - thereby offering life insurance and health insurance cover.

      Throwing light on the newly launched product, Mr. Subrat Mohanty, Senior EVP, HDFC Life said that customers can avail the benefits of both these products, simply by filling up a single proposal form, medical reports, and premium, thereby adding to their convenience. He also said that customers get a 5% discount when they buy both these products together, thereby also saving money.

      According to a joint statement released by Apollo Munich and HDFC Life on the product, this single plan will carry a number of features such as waiver of future premiums in the event of an accidental total permanent disability or if the policyholder is diagnosed with a critical illness. The policy will also offer special premium rates for women and non-tobacco users.

      The hospitalization benefit which is a part of this plan, will cover in-patient treatment, and pre-and post-hospitalisation expenses. The plan also includes a Restore benefit, wherein cover amount will be restored to cover another illness or a family member, and Multiplier benefit, wherein the basic sum assured will increase by 50% for the first claim-free year, and by 2x for a second consequent claim-free year. The plan also includes a critical advantage rider which covers 8 critical illnesses like cancer and a number of heart ailments, along with providing overseas cashless treatment facility for these illnesses.

      5th October 2017

    • Risks of being underinsured

      In India, most people lack the proactive mindset to envision a safe existence and work toward it, which is why, although the insurance sector has seen an upward growth in the last 10 years, the penetration of life insurance is only around 3%. Those who have a life insurance policy to their name are sadly underinsured owing to limited knowledge and awareness of how life insurance works and how much life cover is needed.

      What does underinsured mean?

      Underinsured means the life insurance policy that one has chosen does not provide adequate cover. Having a life cover less than Rs.1 crore is considered insufficient coverage. One of the major reasons for overlooking the disadvantages of being underinsured is the widespread ignorance of the people who are ill-prepared for unforeseen, unfortunate events such as the demise or disability of the breadwinner of the family.

      Life insurance is purchased mainly as a tax-saving benefit rather than a financial tool that will safeguard the life insured against unexpected expenses. Many consider a life insurance policy with a small premium as the best policy for them. This is not true as a small premium means a basic life cover that will fail to provide sufficient coverage to the insured member. Insurance agents work on commission and therefore, push expensive life insurance plans that offer insufficient life cover at their potential customers.

      What to do if you are underinsured?

      First and foremost, assess one's insurance needs. If an individual already has a non-term life insurance plan, then he or she must purchase a term plan to get a more comprehensive insurance cover. Calculate the required sum assured and insurance premium amount based on the income, liabilities, and expenses of the individual. For instance, opt for a plan that offers insurance coverage worth 15 times the monthly income of the individual.

      5th October 2017

    • ICICI Prudential Life Insurance up 7% on value buying

      ICICI Prudential Life Insurance Company’s stocks gained 7% and climbed to Rs.415, which is an extension to Friday’s 2% gain on value buying on the National Stock Exchange (NSE).

      The trading volumes for the company’s shares increased more than double. A total of 4.2 million shares were exchanged till 1:05 PM, in comparison to 1.7 million shares which were traded on a day-to-day basis in the last 2 weeks on the NSE and BSE.

      Analysts at IIFL, the leading brokerage firm said that among the crop of private segment life insurance providers, ICICI Prudential Life Insurance is enjoys a leading position in the stock market, thanks to its cost competitiveness and robust distribution architecture. This has put the company in a good position to capture opportunities for growth which arise from buoyant equity markets, considering the company’s strong positioning as a seller of unit-linked products (ULIPs).

      4th October 2017

    • 3 kinds of life insurance policies

      For most of us, life insurance can be quite a tricky matter to grasp. With so many terms, conditions, exclusions, and other infinite details, it can be quite a challenge to not only understand all of it but also decide which one makes more sense over the other. When it comes to purchasing insurance, many of us rely on the services of agents and brokers to not only break down the policy in simpler terms for us but also trust them with recommending a policy which is best suited for our needs. But, agents, in their hurry to earn their commission and also clinch the sale, will often end up telling us only about some of the terms and benefits of the policy, often leaving out the most important bits. This results in the customer purchasing a policy which is not suited for their requirements which only translates into loss of money and time. When it comes to life insurance, there is one thing which all customers must know before starting their search. All the life insurance policies offered by insurers fall under 3 basic types - traditional plans, unit-linked plans, and term plans. In this article, we will strive to tell you about each plan in brief. Furthermore, you can also find out what you must be cautious about when you consider a life insurance plan that falls under any of these 3 categories of life insurance plans.

      3rd October 2017

    • SBI Life Insurance Shares To Be Allotted Today

      SBI Life Insurance’s initial public offering, which was launched to raise Rs.8,400 crore ($1.3 billion) will be allotted today. The issue saw nearly 3.58x oversubscription on the last day of the bidding, which was September 22. SBI Life Insurance Co. Ltd., a subsidiary of State Bank of India, has recently launched their first ever IPO,, which was also one of the biggest IPOs to be launched in the past 7 years.

      SBI Life Insurance becomes the second life insurance company, after ICICI Prudential Life Insurance Co. Ltd, to launch their IPO and be listed on the stock market exchange. Nearly 29.5 million bids were made on the SBI Life IPO shares, as per the data received from the stock exchanges.

      Anchor investors such as GIC from Singapore, and Canada Pension Plan Investment Board have already given their commitment to subscribe to shares worth Rs.22.26 billion. The two primary shareholders of SBI Life Insurance, namely State Bank of India, and BNP Paribas Cardif, have sold 8% and 4% of their stake in the company respectively via the IPO.

      Following SBI Life are some other companies who are also planning to launch their IPO in the coming few months. Insurance giants like HDFC Standard Life Insurance Co. Ltd, state-run insurers like New India Assurance Ltd. and GIC Re have also recently filed for IPOs. All combined, they are expected to raise over $4 billion. According to leading market experts, given the booming IPO situation this year, IPO sales could very well fetch over $8.5 billion. a

      27th September 2017

    • How Life Insurance Can Help You Fulfil Your Financial Goals

      Most of us live under the impression that life insurance is an instrument which provides financial protection in case of a personal calamity. However, what most people aren’t aware of is, that life insurance can also serve as an efficient tool for financial planning and helping one meet their financial goals such as your buying a house or car, planning for your child’s education, wedding, saving up for your retirement, etc. Now, there are various types of insurance policies that are available in the market which are designed to cater to different insurance and investment needs.

      Here is a brief about which policies are suitable to be taken at different stages of your life.

      When You Are Getting Married

      If you are planning to get married, then you should make sure that a term insurance plan is a part of your financial portfolio. When taking a term plan, you should remember that the earlier you get the plan, the lower your premiums will be. At a younger age, your will be in better health and will have lower risk as compared to when you are older. Normally, the sum assured under a term plan is calculated based on your present salary and is typically an amount which is 15 to 20 times that of your annual income.

      When You Have A Child

      Term insurance plans are also known as pure term plans as they provide cover against the ultimate risk of death. If you have become a parent and are the only income earner in your family, then a term plan is again a must-have for you which can help protect your dependents from any unforeseen financial scarcity which may arise following your untimely demise. The other important reason why a term plan is important is, because it saves your depends from the burden of having to budget their needs in order to repay any liabilities such as loans, debts, credit card dues, etc. also useful to have is a term plan with riders which can help to further enhance the scope of coverage provided under the base plan. If you are planning to create a corpus for your child’s education, then a Unit Linked Insurance Plan or ULIP is your best option. ULIPs not only allow you to get life insurance coverage but also provide you with a chance to invest your capital in funds of your choosing so you can fulfil your financial goals.

      When It’s Time To Retire

      Retirement is a well-deserved period of every working person’s life when they do not have to worry about work any more. However, the period leading up to retirement can be anxiety-ridden for some people who have not started planning for their retirement. The key to achieving financial independence after retirement is to start saving from early on. Planning in advance is the most important thing you can do to ensure that you create a sufficient and comfortable retirement corpus for yourself and your dependent. For this purpose, a long-term ULIP plan is one of the best options. These plan are similar to mutual funds in working. The policyholder will pay a certain amount on a monthly basis which will get accumulated and can be utilized once the term of the plan comes to an end. The advantage of this plan is that it provides you with equity returns which will be higher as the years pass.

      25th September 2017

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    Customer Reviews

    • review Life Insurance
      "Excellent policy to use"
      0.5 5.0/5 "Blown Away!"
      I hold the life insurance policy with Met life for past 2years. The service is excellent with Met life. This policy has the tenure of 20years. I pay the premium of Rs,3000 every year. The plan benefits and the coverage is good with the Met life insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 16, 2017
    • LIC Life Insurance
      "Good Jeevan anand policy "
      0.5 4.0/5 "Great!"
      Have the LIC policy for past 9years. I pay the premium of Rs,5800 for every 3 months once . The customer support is good with LIC . The Agent will come and collects the payment on time and I will issue the cheque . I am satisfied having the LIC Jeevan anand policy .
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 16, 2017
    • LIC Life Insurance
      "Good poilcy "
      0.5 4.0/5 "Great!"
      Holding the LIC Jeevan anand policy for past 15 years. This policy has the tenure of 21years. The customer support is good with this policy . This policy has the premium of Rs,1400 in every 3 months once. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 16, 2017
    • LIC Life Insurance
      "Better policy to use"
      0.5 4.0/5 "Great!"
      I got life insurance with LIC. I got this policy around 6years. This policy has the life time tenure . The customer service is average with LIC policy. The premium of Rs,18,000 I pay towards this policy . I pay the premium in every 3 months once.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Reliance Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      Recently I got the life insurance policy with reliance life. This policy has the tenure of 20years. The premium of Rs,46,000 I pay towards this policy and it has good coverage benefits and I am satisfied having the life insurance policy with Reliance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • ICICI Prudential Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got ICICI prudential life insurance policy for past 10years. This policy has the tenure of 20years. The premium of Rs,2000 I pay towards this Eu-lip ICICI prudential Life insurance policy. The customer support is good with this policy. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • Kotak Life Life Insurance
      "Average policy to use"
      0.5 1.0/5 "Really Bad"
      With Kotak I hold a Life insurance policy, I would say they won't give proper support to the customers . This policy has the tenure of 25years. The premium of Rs,48,000 I pay towards this policy. The plan benefits and the coverage are average with Kotak mahindra .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2017
    • LIC Life Insurance
      "Good Policy to hold"
      0.5 5.0/5 "Blown Away!"
      Apart from holding the Health insurance policy with LIFE INSURANCE CORPORATION OF INDIA, I have 4 other policies with them. Every year I pay Rs. 55000 - Rs. 60000. I prefer LIFE INSURANCE CORPORATION OF INDIA apart from other insurance companies is because they are a reputed company so I have gone for that company.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Oct 16, 2017
    • Aegon Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Aegon Life is also good in the benefits. I have taken a normal life insurance policy from them and they have flexible premiums. It is economical. I would get my benefits after the tenure of 20 years. I have the facility to make my payments through my debit or credit card.
      Was this review helpful? 0
      , jalandhar
      Reviewed on Oct 16, 2017
    • review Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from Met Life insurance because the are reliable. The services are good and the premium is low. The tenure is for 20 years and there is a good coverage and the benefits are also decent. The payments can be done online.
      Was this review helpful? 0
      , jalandhar
      Reviewed on Oct 16, 2017
    • LIC Life Insurance
      "Good Policy to hold"
      0.5 4.0/5 "Great!"
      I have another health insurance policy with LIFE INSURANCE CORPORATION OF INDIA for the past 10 years apart from the other insurance with ORIENTAL INSURANCE. Here also I pay around Rs. 10000 as an annual premium. I have claim experience here also which is quick and good.
      Was this review helpful? 0
      , kolhapur
      Reviewed on Oct 16, 2017
    • SBI Life Life Insurance
      "Good Policy to hold"
      0.5 4.0/5 "Great!"
      I have been holding a life insurance policy with SBI LIFE. I have been maintaining this life insurance for the past 4 years. I have one claim experience so far which is good and the process for that claim is very quick and I pay Rs. 15000 annually.
      Was this review helpful? 0
      , pathankot
      Reviewed on Oct 16, 2017
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