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    • All About Deferred Payout Options in Life Insurance

      Multiple life insurance providers in India have started selling plans that offer deferred payout options. This means that the maturity benefit sum assured amount can be given out to the policyholder over the period of time, possibly for the entire lifespan of the policyholder. This particular feature has made such plans very similar to annuity plans. These plans also offer the option of monthly payout (as annuity payout options); hence the deciding question here is whether or not you should purchase it.

      The renewed interest in deferred payout plans will be launched with Sanchay Plus – a plan implemented by HDFC Life Insurance. Even though there are multiple life insurance plans in the market whose features are similar to Sanchay Plus, the product has managed to garner a lot of attention because its payout option can be extended up to the age of 99 years. In addition to receiving an income on a regular basis, the plan also offers a 6.3% annualised return, which is the highest in the country right now. An insurance expert has recently commented that other insurance companies might come up with similar products very soon.

      If you are wondering whether or not to purchase a deferred payout plan, then consider the fact that along with this feature, such plans also provide the insurance cover, something that annuity plans do not provide. Additionally, receipts of deferred payout plans are not taxable as per Section 10(10D) of the Income Tax Act, 1961.

      17 April 2019

    • Percentage of Women Having Life Insurance in India Significantly Lower as Compared to Men

      The percentage of women that own life insurance and term insurance policies in India is substantially lower as compared to the percentage of men in the country. A recent survey known as the ‘India Protection Quotient’ survey has revealed that as opposed to 59% of women purchasing life insurance in India, only 19% women are the ones purchasing term insurance in the country.

      The survey was conducted amongst 4,500 respondents across India’s top 15 cities, among women that have an average income of Rs.2 lakh on a yearly basis and those who fall between the age group of 25 years and 55 years. The survey also went on to reveal that only about 44% of the youth are actually aware of the concept of term insurance and approximately 17% of it actually own a term life insurance policy. Moreover, the survey also assigned ratings to the cities in which the study was conducted. It gave cities rating between 0 and 100 on the basis of metrics such as awareness and ownership of life insurance policies, their level of preparedness for future uncertainties, and the degree of choice for pure protection plans, amongst different types of plans.

      According to the Indian Protection Quotient survey, the state of Punjab stands at the bottom, with an abysmal protection of quotient of just 21 which is significantly lower than the national average of 35. It only goes to say that India has a long way to go in terms of covering women.

      16 April 2019

    • Tax Benefits for Premiums Paid Towards Life Insurance Policies

      One of the most striking features of life insurance policies is that it offers an abundance of tax benefits, thereby significantly reducing your tax liability. This is the reason why most people in India get attracted to the multiple tax benefits offered by life insurance and health insurance policies. As per the rules of the Income Tax Act, you can claim tax benefit under Section 80C and 80D of the Income Tax Act, 1961.

      However, the main question that remains is whether or not you will receive a tax benefit from the latest Goods and Services Tax or GST. Typically, the total amount of money that an individual is required to pay, in order to keep his/her life insurance policy in force includes the GST amount that they are paying as premium towards the particular policy. The GST, thereafter, is calculated as a percentage of the total premium amount and it can often turn out to be a substantial amount. Hence, it is of utmost importance that you understand the total GST component that is applicable on non-life and life insurance policies. You should also confirm whether the total GST that is being paid with the basic premium qualifies for receiving a tax benefit.

      Goods and Services Tax, also known as GST of about 18% is typically applicable on health insurance policies, the premiums that you pay towards such policies. However, this is not applicable on life insurance policies.

      11 April 2019

    • Important Responsibilities for a Term Life Insurance Policyholder

      If you are the sole breadwinner of your family, purchasing a term life insurance policy becomes more important. Whether it is providing financial support to your family or taking care of their everyday needs after you are gone, a term insurance policy goes a long way in ensuring that you have that kind of support when you need it.

      As a term life insurance policyholder, there are multiple things that you need to take care of. These roles and responsibilities will make sure that you are leveraging your policy to the fullest. Some of them have been mentioned below:

      Documentation needs to be handled efficiently: It is one of the key determinants of a term insurance plan. Whether it is the underwriting or the proposal form, these important policy documents should always be safeguarded. Moreover, you should also remember that the more thorough and accurate your documentation is, more comprehensive will be your policy.

      Nomination should be defined beforehand: As per the Insurance Act, 1938, an insurance company can only be totally free of liabilities once they have given out the sum assured amount. Since a claim process is incomplete without a nominee/beneficiary, a policyholder should always make sure that they have stated a nominee in their respective policy.

      Premiums should be paid regularly: Making the premium payment within the mentioned period of time on a regular basis is of utmost importance in case of a term plan.

      9 April 2019

    • Changing Life Insurance Needs at Every Level of Income

      How much life insurance you need for yourself and your family members depends on a myriad of factors, from the size of your family, to how much debt you have. More importantly, your life insurance need will be hugely dependent on how much money you are making and whether or not you have financial dependents. Considering life insurance is a fairly complex concept, it is always a good idea to use a life insurance or term insurance premium calculator, to understand how much premium you are required to pay towards the policy and to also know the total maturity benefit you will be receiving.

      Moreover, the amount of life insurance you need will be completely dependent on the stage of life you are currently at. For example, if you are a young adult, you will need life insurance cover in order to sponsor an education abroad, or your wedding, or a solo trip round the world. Another fitting example in this case could be purchasing a life insurance policy in your 30s for your child’s education or investing for your retirement, and so on.

      No matter what stage of life you are at, it is always important to have a life insurance policy/life cover to fall back on, when you need it the most.

      8 April 2019

    • Karnataka Bank Exchanges Memorandum of Understanding with Bharti AXA Life Insurance

      In order to distribute the life insurance products made by Bharti AXA Life Insurance, Karnataka Bank has entered a memorandum of understanding (MoU) with the entity. This is the third time Karnataka Bank has entered into an agreement with a life insurance company. Earlier the bank had signed Memorandums of Understanding with PNB MetLife Insurance Company and Life Insurance Corporation of India (LIC). Both these entities continue to provide insurance solutions to the customers of Karnataka Bank till today’s date.

      Karnataka Bank is extremely prudent in this manner that it has been providing multiple life insurance products to its customers over the period of the last sixteen years. It is the sole private banking institution in India that has been providing a wide range of insurance products to all of its customers since a long time.

      It is a crucial step by Karnataka Bank as it believes that their customers’ financial needs and requirements are changing, and it is important to keep up with their needs in order to provide them with the best insurance solutions. Since the penetration of insurance is highly poor in India, efforts are being made to improve this insurance penetration. Karnataka Bank said that it is happy to cover the lives of thousands of people and their family members.

      5 April 2019

    • Life Insurance – The Importance of Investing Wisely

      Life insurance is one of the most crucial investment options to have in the modern world. However, with the different types of life insurance options at your disposal, finding the right plan is very important. If you are seeking cover for a certain phase of your life while ensuring that you are saving money at the same time, then the best option is term insurance. For instance, in case you have kids and wish to ensure that they have a college education and want to save for it, a term insurance policy with a cover for 20 to 25 years could be the best option. A whole life policy, on the other hand, provides coverage until the death of the policyholder regardless of his/her age. It is ideal if you are looking to invest an amount regularly in order to ensure that your family is financially supported in case of your accidental demise. Choosing the right kind of insurance policy is essential as it will help you meet your goals and ensure that your family’s financial future is secure in case of your absence.

      3 April 2019

    • Life Insurance – Can it be a Good Tax Saving Investment?

      A lot of people tend to save tax by putting their money into investment schemes that also help their money grow. Some of the common investment options include fixed deposits, mutual funds, Public Provident Fund, etc. Life insurance can also be a good investment avenue as they can not only offer coverage in troubled times but it can also help you meet your financial objectives. Insurance plans are becoming increasingly popular as the years pass because of the rising medical expenses. The Insurance Regulatory and Development Authority of India released an insurance report in 2011 according to which the average claim of major diseases was recorded at Rs.1,34,550 in 2009-10 in comparison with Rs.98,101 in 2007-08.

      When you purchase a life insurance policy, you will have to pay premiums which qualify for tax deductions under Section 80C of the Income Tax Act. The maximum amount that can be claimed as tax deduction under Section 80C of the Income Tax Act is Rs.1.5 lakh. Deductions can also be claimed on medical insurance under Section 80D of the Income Tax Act, and the limit for this is Rs.25,000

      1 April 2019

    • Choosing a Beneficiary for your Life Insurance Policy

      When you purchase a life insurance policy, one of the main decisions you will have to make is who you will choose as a beneficiary. While parents naming their children, who are still minors, as beneficiaries makes a lot of sense as the children will not be earning income until they graduate, it is important to keep in mind that the children will not be able to access the funds till they turn 18 years old or 21, depending on the policy. In case you wish to let your children have access to the funds well before they turn adults, you will have to leave the funds with their guardian/s.

      29 March 2019

    • Importance of buying a life insurance policy

      It is vital for individuals to buy life insurance policies as it could help their families financially in case of their sudden demise. Therefore, it is vital to know how a life insurance policy works and how it could make a difference to you. It is important that you compare various life insurance policies as it could help in choosing the best one as per your requirements. Mentioned below are some of the main reasons to buy a life insurance policy:

      Tax benefits: Under Section 80C of the Income Tax Act, 1961, the premium paid for a life insurance policy is exempted from tax. The amount that is received upon the death of the policyholder is also exempt from tax. However, the returns should not exceed 10% of the annual premium.

      Financial protection to the family: Having a life insurance policy protects your family financially in case of your demise. It can work as an alternate source of income for your family in case they depend completely on you financially. Various expenses can be covered by the sum received in case the policyholder dies.

      Education and marriage of your children: Increasing costs in education can be covered by opting for child plans, which is also a life insurance policy. Marriage costs of your children are also covered if individuals opt for this coverage. Therefore, parents can secure the future of their children by opting for a life insurance policy.

      Money in case of emergencies and repaying of loans are some of the other reasons to buy a life insurance policy as well.

      27 March 2019

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    Customer Reviews

    • LIC Life Insurance
      "Good for childern future"
      0.5 5.0/5 "Blown Away!"
      I took child plan for my kid, yearly I pay Rs. 35,000. When my son turn to 18 years old. He can withdraw the sum assured its good for the educational purpose. They also give loan based on the policy. I have taken sum assured for Rs. 12 lakhs its good for tax saving.
      Was this review helpful? 0
      , virudhunagar
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance of JEEVAN SARAL plan where the maturity period of this policy is for 20 years, the premium paying for this policy is for 6 months once. The policy coverage is for family and it is a good policy with good customer support.
      Was this review helpful? 0
      , vadodara
      Reviewed on Apr 20, 2019
    • HDFC Life Life Insurance
      "Double benefit plan"
      0.5 5.0/5 "Blown Away!"
      I have ULIP it has the locking period of five years, I used to make the premium around Rs. 1 lakh, it get matured after 23 years. I have been with them around three years , they do have tax saving, financial security feature. I have activated ecs for making the payment.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 20, 2019
    • HDFC Life Life Insurance
      "Good for Family Protection"
      0.5 5.0/5 "Blown Away!"
      I have term plan with HDFC Life, I have selected Rs. 1 crore. Yearly I pay Rs.29,000 to the insurer it has the duration of 25 years. They will be providing the lump sum amount to the nominees and second thing they give Rs.50,000 on monthly basis. They disclosed all the terms and condition to me.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I Have taken Life Insurance policy through LIC it is for the tenure of 15years .The policy is a money back policy.I have taken this policy through Lic agent .The premium is paid through yearly basis .I have received the policy documents on time .The premium is nominal ,the agent clearly explained the process Since it is a government t policy so no issues so far.
      Was this review helpful? 0
      , chittoor
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have taken the life Insurance Policy through lic agent . This policy for the tenure of 30 years.The agent gave all the details ,I have received the policy documents on time I am ,paying premium on monthly basis ,premium is nominal .If pay the premium on delay basis there was no extra charges .
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance with LIC and its a 4 years old. The tenure period is 35 years. Am making yearly premium through ECS and the customer service is good. The benefits are good. I got the insurance documents. They have explained me about the policy details.
      Was this review helpful? 0
      , jaipur
      Reviewed on Apr 20, 2019
    • HDFC Life Life Insurance
      "Good Insurance company"
      0.5 5.0/5 "Blown Away!"
      I took term plan from HDFC Life, by paying the premium Rs. 16,000 on yearly basis it has sum assured of Rs . 50 lakhs. The lump sum amount paid to the nominee in certain demise, I make the payment through ecs. There is a critical illness cover along with waiver option.
      Was this review helpful? 0
      , kadapa
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the LIFE INSURANCE CORPORATION OF INDIA and using it since from last few years and the name of the policy is JEEVAN SARAL. The maturity period of this policy is for 15 years. The premium paying for 6 months once with this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "Good Tax Saver"
      0.5 4.0/5 "Great!"
      I pay the LIC premium around Rs. 12,000 per annum it has the tenure period of 18 years. One of my relative have suggested this policy, I will be sum assured after the maturity. Now its good for the tax saving and there is some financial security available for certain demise.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2019
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      This is best customer service provided and response is on time and this is best insurance is all over insurance. And my plan with my family four people . And 10L plan I pay 12K for only 9 years and the rest of the 6 years the company will pay. This is 15years plan , I am happy with this plan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2019
    • Bajaj Allianz Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy which has been provided by the company the policy coverage is for 30L for family. The premium paid by the company and using it since from last few years. The policy has no issues and overall the service is good.
      Was this review helpful? 0
      , kadapa
      Reviewed on Apr 19, 2019
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