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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
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     4.5 / 5.0   by 12610 users
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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

    • Insurance cover for HIV/AIDS patients a distant dream, expensive despite Bill

      Patients who are suffering from HIV or AIDS continue to have zero respite in terms of insurance coverage even though there exists a Bill which has made it compulsory for State and Central governments to not only penalize discrimination and provide treatment to HIV-positive individuals. HIV and AIDs affected patients are considered high-risk by insurers who are more likely to charge them significantly higher premiums, say insurance experts.

      According to the Bill, the insurance provider is supposed to determine the amount of cover which will be required by such an affected person based on actuarial evidence. However, since both HIV and AIDS are primarily venereal diseases, there is prominent stigma which accompanies such diseases. Due to this reason, patients are often refused insurance cover not only by public but also private insurers.

      When it comes to preventing discrimination, the bill clearly states that an HIV positive diagnosis must not become a cause for an employer to discriminate against an affected employee. However, things are quite different in real life. Insurance providers often decline to provide insurance cover to any HIV-positive patient who is a part of the group insurance plan, as such a person is considered a high risk.

      Both life and general insurance segments have been steering clear of providing insurance to AIDS/HIV positive patients due to absence of concrete data regarding pricing for such patients.

      However, in India, the Star Net Plus policy by Star Health Insurance was the first policy which offered cover to HIV- positive people. individuals.

      23rd March 2017

    • General insurance companies observe gross premium growth of 32%

      General insurers have continued their positive performance streak and have observed a 32% gross direct premium growth in FY17, till February. The premiums had crossed Rs.1 lakh crore for the first time in January 2017, primarily due to the flourishing motor and health insurance market.

      The data released by the General Insurance Council (GIC) shows that the gross underwritten premium by the industry this year was Rs.1.13 lakh crore, when compared to Rs.86,526 crore in February last year, marking a growth of 31.69%. Private insurance companies saw a 33.8% growth in the gross premium income when compared to last year, while public sector insurers saw a growth of 24.47% this fiscal.

      Private sector insurance companies have seen higher growth in this sector, largely due to the improvement witnessed in the crop insurance industry. As per statistics, the general insurance segment has received premiums worth Rs.14,000-16,000 crore from the crop insurance segment. It is likely to reach Rs.18,000-20,000 crore by the end of this fiscal. The growth observed by specialised players such as AIC and ECGC is also significant.

      23rd March 2017

    • Online account for storing insurance policies will soon be a reality

      The Insurance Regulatory and Development Authority of India (IRDAI) may mandate the use of an online insurance repository by the end of 2018. The proposed electronic insurance account will be a storage space for insurance policies in the digital format.

      Users will be able to view their policies and make alterations, if needed. The electronic insurance system promises security, speed, and accuracy in insurance policy maintenance and change management.

      One of the main objectives of the plan is to make the policy document available as an e-policy to the user even in the event of loss or misplacement of the hard copy. If implemented, India will be the first country to have such a system in place.

      When the repository has tied-up with all insurers, the policyholder will be able to access all his/her insurance policies on one platform. Updation of the KYC can also be performed in the online system. Additionally, the move is expected to save the insurance industry around Rs.100 crore per year, as the costs associated with the physical maintenance of policies will not exist.

      22nd March 2017

    • IndusInd May Set Up it’s Own Insurance Firm

      IndusInd Bank has plans to launch its own general insurance company. IndusInd Bank is currently a bancassurance partner for Religare health insurance and Cholamandalam general insurance. The bank is evaluating the possibilities of setting up their own company to not just be a distributer but to also offer their own general insurance products. The idea is only in infant stages and a proposal has not yet been passed by the board. Many other public sector and private banks are exploring opportunities to set up their own distribution networks to sell insurance products from different insurers. General insurance is an industry that is not as cash intensive as life insurance. Companies are proven to turn a profit in about 5-7 years.

      17th March 2017

    • Future Generali India Life Introduces Big Income Multiplier Plan

      Future Generali India Life Insurance Company Limited (FGILI) has unveiled the latest life insurance product in its portfolio, the Future Generali Big Income Multiplier Plan. It is a simple product that can be bought over the counter, and is non-linked and non-participating in nature. The plan also provides guaranteed returns that increase over the period of payout.

      The minimum premium that can be invested in this plan is Rs.18,000 on an annual basis. Alternatively, the customer can choose to contribute Rs.1,500 monthly towards the policy, for a fixed duration of 12 years. The customer receives life insurance cover for the first 14 years, following which the payout will commence. Payouts are made at specific rates throughout three evenly distributed blocks of 4 years, i.e., over a total payout period of 12 years. The sum assured under the policy is two times the total premiums paid.

      The minimum entry age for the plan is 4 years and maximum entry age is 50 years. The minimum maturity age is 18 years and maximum maturity age is 64 years.

      At the occasion of the launch, the insurer stated that the Big Income Multiplier Plan takes into account the needs of customers who require regular savings for the future.

      16th March 2017

    • IRDAI puts hold on mandatory listing of insurance firms

      The Insurance Regulatory and Development Authority of India (IRDAI) announced that it has not yet made it mandatory for insurance companies to be listed. The reason for this is that the insurance industry is simply not ready for it. Currently, the only listed insurer is ICICI Prudential Life. Last August, the IRDAI had brought up a discussion about making the listing mandatory for insurance companies that have been operating for 10 years. The discussion has remained in the form of a draft as the industry was not happy with it. Presently, there are 55 insurance companies in India. 31 are general insurers while 24 deal with life insurance. Recently, there was a significant hike introduced in third party liability vehicle insurance premiums. The insurance regulator also stated that there was room for a hike in premiums of group health insurance policies. This would help make the insurance industry much more viable.

      16th March 2017

    • Birla Sun Life Insurance survey suggests women are underinsured in India

      According to a survey report published by Birla Sun Life Insurance, women in India are underinsured. The report states that only 50% of women in the urban regions have life insurance coverage. It also suggests that 72% of their male counterparts have purchased life insurance products.

      When the total women population in the country is taken into account, these figures are well below the expected levels. Birla Sun Life Insurance revealed that women account for only 23% of their overall customer portfolio.

      Pankaj Razdan, MD and CEO of Birla Sun Life Insurance said that due importance is not given to the risks faced by women, and it is crucial for them to be equipped with a life insurance policy. The report also suggested that only 26% of women get themselves insured at an early age, i.e., when they are between 20 and 30 years of age. It also stated that more women in the middle income group purchase savings-linked life insurance products. Wealth-related products are more popular among women in the low income group. The survey also reveals that women who earn higher incomes plan better for their retirement by purchasing pension-related products.

      The report further states that there has been an increase in cases where women have been beneficiaries in life insurance policies.

      10th March 2017

    • Growth of First Year Premium Significant in FY16

      The life insurance industry which consists of 23 private firms and one state-owned company (LIC) have recorded a significant rise worth more than Rs. 1.38 lakh crore by way of new policies. The life insurance segment led by LIC sprang back in 2015-16 and recorded a growth of 22.5 % by in terms of first year premium, as opposed to a drop of nearly 6% for the same period a year back.

      According to the data released by IRDAI, Life Insurance Corporation of India (LIC) recorded a growth of 24.69% by the sale of new policies and collected Rs. 97,891.51 crore in the financial year ending in March 2016. In the year 2015-16, the life insurance industry on a whole recorded a dip of 13.55% in growth in terms of first year premium. Leading banks and NBFCs like SBI Life, HDFC Standard Life, ICICI Prudential, Bajaj Allianz, Birla Sunlife and Max Life were some of the insurance players in the private sector who recorded a growth in the first year premium during 2015-16. Other insurers such as Reliance Nippon, Aegon, Aviva and Exide Life registered a drop in the premium earnings.

      9th March 2017

    • New Regional office opened in Bhopal by SBI Life Insurance

      SBI Life Insurance has now opened a new regional office in Bhopal. Arijit Basu, Managing Director and Chief Executive Officer, SBI Life Insurance, inaugurated the regional office in the presence of K.T. Ajit, CGM of SBI, Bhopal Circle, and Anand Pejwar, Executive Director, Marketing, SBI Life Insurance. SBI has extended its support to specially-abled children to facilitate easy conveyance to the Ability Development Centre which is run by a voluntary organisation called Arushi which is based in Bhopal. There are close to 150 children who train at this centre. These kids are either visually impaired or have some other physical impairments. Basu has said that SBI Life has observed a remarkable growth and the company is expanding its reach to Chhattisgarh and Madhya Pradesh.

      08th March 2017

    • Reliance General Insurance partners with Catholic Syrian Bank for expansion

      Reliance General Insurance and Catholic Syrian Bank have entered into a partnership with a vision to expand the insurer’s distribution network. Reliance General Insurance was earlier associated with several banks, including UCO Bank, for the distribution of their insurance products.

      Reliance General Insurance CEO, Rakesh Jain, mentioned that their business through banks stood at Rs.50 crore in 2015-16. In the current financial year, they aim to earn around Rs.200 crore from sales through this channel. The company intends to boost its topline by up to 15% through these tie-ups.

      As part of the alliance, the insurer’s products will be offered to 1.5 million customers of Catholic Syrian Bank, across 430 branches in the country. CVR Rajendran, MD and CEO of Catholic Syrian Bank, said that the tie-up will bring together the banking and insurance needs of their customers under one roof.

      06th March 2017

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