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Life Insurance, Simplified.

Premiums as low as 18/day for
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.

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

  • Ticket Sizes See 20% Increase for Life Insurance

    The life insurance sector has seen an almost 20% jump in ticket sizes for life insurance policies over the past 3 years, with the average ticket size going up to Rs.40,000.

    The higher Sum Assured rates have led to higher premiums, resulting in the rise in ticket prices.

    The type of plans also play a role in the increasing ticket prices, with ULIPs generally attracting higher ticket prices due to their higher returns.

    Additional riders and add-ons to basic policies are also the norm now, leading to an increase in the Sum Assured.

    This increase has been seen in offline as well as online plans, with the higher ticket price due to the desire for enhanced protection for online plans. For offline plans, need-based sales increases resulted in premiums and thus ticket sales increasing.

    This trend has been in sharp contrast to the earlier slashing of online insurance plans, where premiums dropped to as low as Rs.7000 annually. However, the online sector has staged a recovery and premiums are now at par with offline plans.

    26th September 2016

  • E-Insurance To Increase Insurance Process Efficiency

    With the IRDAI making issuance of e-insurance policies mandatory from October 1st, 2016, there will be a marked shift in the way insurers process policies. Motor and travel insurance policies will have to be issued electronically from October.

    At present, customers can choose whether they wish to have their policies in electronic or hard copy, so the process is not completely digital.

    However, the benefits offered by e-insurance are fast catching the eye of customers, as these policies offer easier storage and a hassle-free experience. The claims process will also be linked, making it more convenient for customers.

    Since operating costs will be reduced, customers will benefit from lower premiums.

    However, the industry still has a long way to go as far as preparedness is concerned, with many still in the process of linking their insurance repositories in order to issue e-policies.

    With only motor and travel insurance policies to be issued digitally, the vast customer base of life insurance and health insurance still remain.

    26th September 2016

  • Life Insurers Seek ‘Merit Rate’ Under GST Regime

    The Life Insurers Council held a meeting to discuss the possible implications of the Goods and Services Tax (GST) on the sector.

    The Council decided to urge the government to implement a ‘merit rate’ instead of the prevailing standard rate.

    The Council took this resolution to offset the possibility of an increase in insurance rates due to the GST being fixed at 18%.

    The initial demand was for a zero percent tax for life insurance, but this has been revised to a merit rate, with the life insurance industry submitting their suggestions to the Finance Ministry by the end of September.

    The sector fears that if the standard rate is levied, insurance will become more expensive which will serve as deterrent to more individuals from buying policies, especially among vulnerable sectors that would benefit the most from coverage.

    22nd September 2016

  • ‘Smart Junior Plan’ New Addition to Canara HSBC Life Insurance Portfolio

    Canara HSBC Oriental Bank of Commerce Life Insurance have introduced the ‘Smart Junior Plan’, a new children’s insurance policy to meet the education needs and safeguard the child’s future in the event of the insured’s (parent’s) untimely death.

    The plan provides a guaranteed 20% of the Sum Assured each year for the last 5 years of the policy term, which can be used towards funding the child’s education.

    The policy also offers policyholders the chance to customize the policy term based on individual savings and education plans.

    Flexible premium payment options and tax benefits add to the overall benefits associated with this plan.

    In the event of the life insured’s untimely death, the nominee stands to receive a lump sum payment and waiver of premium payment till the policy matures.

    21st September 2016

  • IRDAI To Issue Life Insurance Point of Sale Regulations

    The Insurance Regulatory and Development Authority of India (IRDAI) will be announcing norms to govern Point of Sale (PoS) transactions for life insurance. The move is touted to increase growth in the sector and improve insurance penetration.

    IRDAI had announced norms governing PoS transactions in October 2015 for both life and non-life insurers. As per the guidelines, PoS providers are permitted to sell insurance products that don’t require underwriting in the health and non-life sectors.

    As per the new norms, PoS distributors will be able to sell certain life insurance products as well.

    The proposal has met with enthusiasm by the life insurance industry. This move will help simplify the insurance distribution network and ensure better reach.

    21st September 2016

  • IRDAI Considers Two Factor Authorisation for e-Insurance

    The Insurance Regulatory and Development Authority of India (IRDAI) is considering two factor authorisation for e-insurance products in an effort to increase security.

    At present, motor and personal accident policies can be purchased through single factor authentication.

    As part of the two factor authorisation, IRDAI has advised insurers to issue One Time Passwords (OTPs) to individuals buying policies in addition to digital and electronic signatures. To facilitate this, IRDAI will be amending the existing regulations concerning e-insurance.

    This step will help prevent insurance fraud and make online insurance more credible, according to the insurance regulator.

    Current regulations stipulate that e-insurance policies can be issued only after digital signature or Aadhaar verification, which is a cumbersome process. In order to do away with this, IRDAI has come up with the two factor authorisation system where the individual verifies the information through an OTP sent to his registered mobile number.

    16th September 2016

  • 59% Rise in Life Insurance New Business Premium This August

    Things are looking very bright for the life insurance sector this year. In a report released by IRDI, August saw a whooping 59% rise in new business premium which rose up to Rs 14,285.20 crore. During the corresponding month last year, 24 life insurers currently operating in the industry registered new business premium worth Rs 8,982.5. LIC, India’s largest and only government-run insurance provider recorded a 92% rise in new business premium, which stood at Rs 10,713.55 crore this year, as against Rs 5,587.67 crore recorded last year. The remainder of the new business premium, amounting to  Rs 3,571.65 was generated by other insurers like SBI Life who recorded a rise of 54.6 % in new business premium, ICICI Prudential Life  with a rise of 13.7%. Other insurers who also recorded a growth in premiums were Max Life, Bajaj Allianz, Future Generali Life, DHFL Pramerica Life. However, some insurers like HDFC Standard Life, Reliance Nippon Life, Birla Sun Life, Star Union Dai-Ichi Life and Aegon Life recorded a drop in new business this August.

    16th September 2016

  • IndiaFirst Life Records 28% Increase in Group Policies

    IndiaFirst Life Insurance, the private insurance company, has recorded an impressive year-on-year growth of 28%, which is a whole 10% more than the industry average of 18%. The Life Insurance Council website posted its results for the second quarter of 2016, and the top players in the market include ICICI Prudential, Bajaj Allianz and Star Union Dai-Chi, who recorded a decline of 38%, 20% and 56% respectively. IndiaFirst, on the other hand, achieved a YTD growth of 46% year-on-year, with the total business adding up to Rs.94.7 crore as on the 31st of July, 2016.

    14th September 2016

  • HDFC and Max Life Wait for CCI Approval

    HDFC Standard Life Insurance and Max Life Insurance now await the approval of the CCI (Competition Commission of India) following their merger to become one of the biggest insurance amalgamations in the world. Max India revealed in a statement recently that it had filed a joint application, seeking approval from the CCI.

    During a meeting that was conducted on the 8th of August, HDFC Standard Life Insurance Company’s board of directors, and representatives of Max Financial Services and Max India approved the entry into definitive agreements for the merger of business between the aforementioned entities via a composite Scheme of Arrangement.

    The exchange ratio and relative valuation of Max Life and HDFC Life is expected to be 31% and 69% respectively.

    14th September 2016

  • Insurance Portability To Become A Reality?

    The chief of the IRDAI (Insurance Regulatory and Development Authority of India) hinted that insurance portability could be a possibility in the near future. While he stated that IRDAI has not initiated the move, he encouraged debate on the subject.

    Currently, health insurance policies can be ported as standardization is required for portability to take place.

    Insurance products currently have a number of clauses, making it difficult to set up a road map for portability. Digitization of policies would be an initial step, following which the prospect could be considered.

    This move would benefit the insurance sector and enable it to grow. At present, estimates peg growth in the life insurance sector at around 15%, while the health insurance sector has seen close to 31% growth.

    13th September 2016

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