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    Bankbazaar life insurance

    Life Insurance

    Premiums as low as 18/day for
    sum assured of 1 crore
    Know more about Plans from Life Insurance companies
    Online policies with less paperwork
    Conditions apply, subject to Insurer's discretion

    Customer Reviews

    • LIC Life Insurance
      "Very good policy"
      0.5 4.0/5 "Great!"
      The plan benefits are very good with LIC life insurance policy. This policy has the Term of 15 years. I got the policy around 2 years ago.I pay the premium of Rs,1500 on monthly basis. I do the payment through online. Which is easy to do. I am satisfied holding this policy with LIC.
      Was this review helpful? 0
      , nasik
      Reviewed on Aug 21, 2017
    • Max Life Insurance
      "Good sum assured"
      0.5 4.0/5 "Great!"
      I took money back policy from Max bupa, I am paying Rs.40,000 per annum for the tenure around 15 to 20 years. I took this policy in last year but I am not sure about bonus interest but I will getting some assured double return and life cover. I have activated this policy through my friend working with them.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Aug 21, 2017
    • LIC Life Insurance
      "Average"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India and I been with them from the last three years of time. The services are a kind of okay,also I have not faced any sort of hiccups with them. Coverage value is okay for me with the LIC of India.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 21, 2017
    • LIC Life Insurance
      "Good Money back policy"
      0.5 5.0/5 "Blown Away!"
      Holding a money back policy with Life insurance corporation of India for past 5 years. I pay the premium through cash, the Lic agent will come and collects the payment on assigned date and time. I pay the premium of Rs.3243 every 6 months once. I will be getting the money back of Rs.20000 on coming year. This policy has the money back in5 years once until the policy term.
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 21, 2017
    • Canara HSBC Oriental Bank of Commerce Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I am having a life insurance policy with CANARA HSBC ORIENTAL BANK OF COMMERCE for past one year. I pay the premium of Rs,1000 in every year. The plan benefits and the Coverage's are very good with this policy. I am happy holding this policy with OBC.
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 21, 2017
    • Reliance Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I got a Life insurance policy with Reliance Life, which has accidental coverage, then life insurance. I pay the premium of around Rs.5000. The plan benefits and the policy coverage's are very good with this policy. I do the payment by cash , I go visit the reliance office to do the payment.
      Was this review helpful? 0
      , guwahati
      Reviewed on Aug 21, 2017
    • LIC Life Insurance
      "Government body, doing good job"
      0.5 4.0/5 "Great!"
      I have life insurance policy with the LIC of India and am using it from the last four years of time. The services are really a good one with them, also their response was really an awesome one with them. Basic life coverage value is also a good one.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2017
    • LIC Life Insurance
      "Better one"
      0.5 3.5/5 "Pretty good"
      I have the life insurance policy with the LIC of India and I am really doing good with that. Response is good one and the basic life insurance policy coverage is really good one. I been with them from the last six years of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 21, 2017
    • LIC Life Insurance
      "Need to improve"
      0.5 2.0/5 "Expected more"
      I am having the life insurance policy with the LIC of India and am with them from the last ten years of time. The services are not really good one. Response is not really a fine one for me with them. Basic life coverage value is very good.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 21, 2017
    • LIC Life Insurance
      "Average"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the LIC of India and am having it from the last eight to nine years of time. The services are good and everything is good one for me. They have given the policy and I pay the amount every month , I have started to pay the premium. Also I did not interact much with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 21, 2017
    • Birla Sun Life Insurance
      "Birla Sunlife Best One"
      0.5 5.0/5 "Blown Away!"
      Birla Sunlife insurance is the best company for service provider. Return and life coverage is excellent for each product. Online portal facilities are also available for each customer for the insurance details and online payment is availiable anytime and anywhere. .
      Was this review helpful? 0
      , pune
      Reviewed on Aug 21, 2017
    • SBI Life Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the SBI life and the basic life coverage is an wonderful one. Response is also an excellent one with the SBI life and I have not faced any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 19, 2017
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    Life Insurance is Rated as " Excellent!" by 13290 Users
     4.5 / 5.0   by 13290 users
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    Life Insurance BYTES FROM OUR KITCHEN
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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.

    Landing Previous Arrow

    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.

    What is Life Insurance?
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    Read Life Insurance news or Enjoy it on the go Google Play

    • Life Insurance Sector Records 47% Growth in New Business Premium in July

      According to IRDAI data that was recently published, the life insurance companies have registered a whopping 47% growth under new business premium for the month of July. The new premium grew by 47.4% with a figure of Rs.20,427.68 crore. In comparison, the life insurance sector earned new business premium worth Rs.13,854.44 crore in the corresponding month last year. India’s biggest and sole public sector insurance company, Life Insurance corporation of India (LIC) alone recorded a 51.4% increase for premiums during the month of July. The insurer’s new premium stood at Rs.16,254.91 crore in July 2017, as compared to Rs.10,737.92 crore in July 2016.

      The remaining 23 private sector insurance companies registered an overall increase of 34% in the total business premium for July. As per the Insurance Regulatory and Development Authority of India (IRDAI) data, new business premium figure for July stands at Rs.4,172.76 crore as compared to Rs.3,116.52 crore which was recorded for the same month in 2016. SBI Life Insurance recorded a 25.3% increase in their income from premiums which stood at Rs.847.91 crore. ICICI Prudential Life also recorded an increase of 34.2% in their new premium income which rose to Rs.759.08 crore in July 2017.

      HDFC Standard Life recorded a 68.8% increase in their new business premium which stood at Rs.880.29 crore in July 2017, as compared to Rs.521.43 crore in July the previous year. Birla Sun Life also registered a 57.2% increase in their new premium income which stood at Rs.195.61 crore in July 2017. Canara HSBC OBC Life is one of the highest gainers who registered a whopping 75% increase in new business premium which stood at Rs 99.87 crore in July 2017.

      the overall premium collection by the insurance sector for the period between April to July 2017 increased by 18%. The total figure for July stood at Rs.53,659.66 crore as compared to Rs.45,247 crore that was recorded in July 2016.

      14th August 2017

    • Non-life Insurance Premium Increase By 9% in July

      The insurance premiums of non-life insurance companies recorded a 9% increase in the month of July. The new premium stood at Rs.9,791 crore as compared to Rs.8,975 crore which was recorded in July 2016. Out of the total premium which was underwritten by the general insurance companies during July, public sector insurance players collected a total of Rs.4,213 crore, a lower figure as compared to Rs.4,502 crore which was collected in July from the last fiscal. Private insurance players contributed nearly Rs.5,140 crore in the month of July 2017 and managed to get positive growth.

      Among the four public sector insurance companies, only National Insurance Company manged to achieve positive growth during July. They clocked an overall premium of Rs.1,123 crore this July as opposed to Rs.1,067 crore collected in July 2016.

      Although having retained the top position, New India Assurance saw a decline in their total premium for July, which dropped by 11% and stood at Rs.1,315 crore. United India Assurance recorded total premiums worth Rs.1,096 crore this July, s compared to Rs.1,220 crore last July. Oriental Insurance collected total premiums worth Rs.679 crore in July 2017 as compared to Rs.732 crore in July 2016.

      In the private sector, ICICI Lombard came on top after collecting a total underwritten premium of Rs.1,010 crore in July 2017, which was an 11% increase from last year’s July premium which stood at Rs.910 crore. Bajaj Allianz collected total premium worth Rs.590 crore in July 2017, which declined from Rs.598 crore in July 2016. HDFC Ergo General collected total premiums worth Rs.452 crore in July 2017 and saw a year on year increase as compared to Rs.320 crore which was collected in July 2016. The collected premium of 5 standalone health insurers grew from Rs.385 crore to Rs.552 crore.

      10th August 2017

    • General Insurance Corporation files draft papers for IPO

      General Insurance Corporation of India (GIC Re) recently filed a draft red herring prospectus (DRHP) for their IPO with SEBI (Securities and Exchange Board of India). GIC’s offer consists of a fresh issue of 1.72 crore shares, along with an offer for sale of 10.75 crore shares. As per the DRHP, the government’s share in the reinsurance firm after the IPO will reduce by 14.22%. GIC is making the offer based on the book building process and up to 50% of the offer will be allotted on a proportionate basis to Qualified Institutional Buyers (QIBs).

      Additionally, up to 15% of the offer will be available for allocation to non-institutional bidders on a proportionate basis, and up to 35% of the offer will be available to retail investors for allocation. GIC Re also said that it will not be receiving any proceeds from the offer for sale. The total proceeds received from the fresh issue of shares will be used for building the firm’s capital base to support growth of business, maintain current solvency levels and for other general corporate purposes.

      In terms of profits, GIC recorded a profit after tax of Rs 3,127 crore in FY17 which is a significant increase of 9.8% as compared to the profits from the last fiscal, mainly attributed to growth in investment income and crop insurance. GIC RE’s net worth stood at Rs.47,983 crore, as compared to Rs.38,281 crore. In the current fiscal, GIC Re registered total premium income of Rs.33,585 crore, which is an 82.2% increase from last year’s figure, which stood at Rs.18,486 crore.

      9th August 2017

    • Aadhaar Not Compulsory For Insurance: IRDAI

      To bring the various rumours floating around, to rest, the IRDAI (Insurance Regulatory and Development Authority of India) has recently announced that Aadhaar will not be a compulsory requirement under the KYC section for insurance policies. Regarding the announcement, IRDAI Chairman, Mr. T S Vijayan said that while the Aadhaar will not be a compulsory requirement for insurance, it is the most uncomplicated one.

      Speaking LIC’s shareholdings in listed companies, Mr. Vijayan mentioned that regulation for investment is 15%, but in exceptional circumstances, exemptions may be provided for higher investment. However, in the end, all investments must be done with the objective of providing benefit to the policy holders and investors.

      On the topic of distribution in the insurance sector, the chairman said that more and more insurance providers are being urged to strengthen their distribution structure by combining technology with human touch. Technology can help in eliminating instances of fraud in the insurance sector. However, digitisation alone cannot eliminate fraud. As technology continues to grow, people will find a way to hack into it and commit frauds. To prevent this, it is necessary to combine the digital with the human matrix to capture individual behavioural data.

      8th August 2017

    • Digitisation - How The Insurance Sector Is Benefiting

      Digitisation has played a very crucial role in an age when customers are on the lookout for instant solutions. The insurance sector is no stranger to the benefits of digitisation and has benefited from it to a significant extent already. With the help of digitisation, companies have been able to identify technological gaps in the process, as a result of which, they have been able to reach out to their customers in a fraction of the time taken before. Digitisation has also helped bring about a massive change in how companies do their business. As opposed to the older ways, where a business could only reach out to one customer at a time, now can reach out to multiple customers, in a shorter time and expanding its reach.

      Another significant change which digitisation has brought about is lowering the points of failure. In the insurance industry, there are multiple touch points that involve highly risky processes. Any error in these processes can not only cost the customer but also the company. With the help of automation and digitisation, companies can now reach out to their customers directly and reduce paper work by pulling information identity proofs like Aadhaar cards, PAN cards, and the like. This way, the chances of an error being committed are minimal.

      When it comes to insurance, several involved processes such as comparing between various products, purchase, servicing, underwriting, claim settlements, etc., are now carried out digitally. In an effort to reach out and address the needs of a larger volume of customers, insurers are now employing live chat bots on their websites to help resolve customer queries on a real-time basis.

      Another aspect of the insurance process which is more beneficial on the online platform is its purchase. As more and more people are now realizing, it is cheaper to get an insurance policy online, as compared to offline. With the elimination of intermediaries and middlemen in the process of online purchase, insurers are able to offer policies at a relatively lower price, hence providing higher value for money. From comparing policies to purchasing them, from getting claims registered to making premium payments, digitisation has transformed the insurance buying experience, making it streamlined, transparent and hassle-free. With the help of digitisation, insurers have been able to reach out to people in far flung areas, thereby making the service available to those who most need it.

      7th August 2017

    • Max Life Begins To Reap Benefits From Its Digital Initiatives

      About a year and a half back, Max Life Insurance started aggressively adopting digital mediums for distributing and servicing insurance products. At the time, below 5% of customers made use of digital channels to purchase insurance. Over time, with the use of the right strategies, the percentage of customers who have taken the digital approach to purchasing insurance from Max Life has gone up significantly to 20-22%.

      Mr. Manik Nangia, Director of Marketing & Chief Digital Officer of Max Life Digital initiatives, said that these digital drive has been aimed at increase productivity, bring down costs or reduce friction in processes. As an example, he mentioned that 3/4th of Max Life policies have been issued within a matter of 2 days. Also, the error rate has dropped since agents fill up the details in the presence of the customer who can verify it then and there. When it comes to reducing friction in the process, the digitization now doesn’t require a customer to provide their pay slips where the PAN number has already been provided. With the help of digitalization, agent’s calendars are synced on their phones, and reminders can be easily sent prior to meetings with potential clients.

      The analytics centre set up by Max Life has been crucial in serving the company’s complete value chain which comprises of distribution, customer service, retention, claims and fraud prevention.

      Speaking about the adoption of digital by the insurance sector, Mr. Avinash G. Singh, Associate VP of Investment Research & Analytics Practice at Aranca, a global research and advisory firm, said that the life insurance segment has been a tad slower than the general insurance segment in adopting digital. It will take at least 5-10 years for until the life insurance segment can see a significant chunk of policies to be impacted by digital, especially in semi-affluent and below households.

      4th August 2017

    • SBI Life Insurance Planning To Offer Cover For Cancer Treatment

      India’s leading private life insurer, SBI Life Insurance, is looking to include cancer treatment as a part of its health insurance suite. Following the launch of a new term insurance product offering cancer treatment cover, the spokesperson for SBI Life Insurance said that the number of cancer patients is likely to go up significantly in the coming few years.

      The first cancer treatment specific insurance plan from SBI Life will be available for persons aged between 5 to 65 years. The minimum sum assured under the plan ranges between Rs.10,000 and Rs.50,000.

      With regards to international business, SBI has applied to the regulatory authorities in Bahrain to set up a branch in the country. The bank already enjoys a trusted presence in the country with two existing branches.

      3rd August 2017

    • Life Insurance Sector Expected To Witness 15-18% Growth in FY18

      The insurance sector in India is expected to record a 15% to 18% growth on an annual premium equivalent (APE) basis in the current fiscal year ending March 2018, said Mr. Karthik Srinivasan, Senior Vice-President at ICRA, a credit rating agency. In the previous fiscal, the insurance sector logged 19% growth in new business.

      Asked about the negative APE growth prediction for this fiscal, Mr. Srinivasan said that the 19% APE growth in the previous fiscal was quite unusual, given that the Ape growth in FY16 was only 11%. This year’s prediction is leaning towards the conservative side.

      Mr. Srinivasan also said that in spite of the widespread adoption of technology for various aspects of policy issuance and servicing, the life insurance sector has experienced an increase in the cost structure during the nine month period of last fiscal. This increase in expenses can be attributed partly to higher administration and partly to rise in employee related expenses, given that the industry is looking to scale up operations.

      2nd August 2017

    • HDFC & Standard Life Plan To Sell 15% Life Insurance Stake Via IPO

      HDFC (Housing Development Finance Corporation Ltd.), along with its UK-based joint venture partner, Standard Life Plc, have decided to sell a total of 15% stake in HDFC Standard Life Insurance Company Ltd via the IPO. The insurer’s board has approved the sale of almost 300 million shares via the IPO’s offer-for-sale. For the sale, parent company, HDFC plans to sell 191.24 million shares which translate to a 9.57% stake and Standard Life plans to sell 108.58 million shares which translate to about 5.43% stake.

      The IPO which HDFC Life has proposed is estimated to be valued approximately around Rs.7,000 crore ($1.1 billion) which is similar to the IPO planned by its rival SBI Life Insurance Co., which also picked merchant bankers. Last week, HDFC Life has filed its draft papers with the capital market regulator SEBI (Securities and Exchange Board of India).

      Prior to the talks of the IPO, HDFC Standard Life was planning a merger with Max Life, which would have resulted in the creation of India’s largest private-sector life insurer. The resulting company would have had annual premiums worth Rs.25,500 crore, easily crossing ICICI Prudential Life Insurance Co. Ltd., which became India’s first life insurance provider to go public.

      At present, HDFC holds 61.52% stake in the life insurance firm while Standard Life owns 35%. Other shareholders include Azim Premji’s family office PremjiInvest and company employees who hold about 3.5% of the stake.

      29th July 2017

    • Federal Bank Says No to Exit from JV

      Recent reports of IDBI Federal Life Insurance looking for a possible 100% stake sale has been dismissed by Federal Bank. Federal Bank, one of the key stakeholders in the insurance JV, has said that it is not looking for an exit. IDBI Federal Life Insurance is a joint venture between the Kerala-based Federal Bank, IDBI Bank and European insurer Ageas.

      Current valuations of the life insurance company show that the insurance provider was able to break-even in just five years since its inception, in 2008. As per the existing agreement between the JV partners, IDBI Bank and Federal Bank (the Indian partners) can dilute their holding in the JV, if Ageas wants to increase its stake.

      27th July 2017

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