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Life Insurance

Premiums as low as 18/day for
sum assured of 1 crore
Know more about Plans from Life Insurance companies
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Conditions apply, subject to Insurer's discretion
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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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  • Canara HSBC Oriental Bank of Commerce Life Insurance Shifts Focus To Tier II and III towns to Drive Growth

    Canara HSBC Oriental Bank of Commerce Life Insurance, India’s sole private life insurer to sell its products through banks, has recently announced that it will be shifting its focus to bring in more customers from Tier II and III cities. The insurer aims to drive growth by attracting customers from these cities via its bank branch network spread across India. The insurer has announced that it will be undertaking several strategic initiatives din the coming year to not only increase.

    Currently, Uttar Pradesh is being considered as one of the most important market by the company which plans to expand its customer base across several other markets. With 950 bank branches located in the state, Canara HSBC Oriental Bank of Commerce Life Insurance aims to increase insurance penetration but also drive the sale of lifeinsuranceproducts.

    19th January 2017

  • New Panel Formed By IRDAI To Review Life Insurance Norms

    Insurance Regulatory and Development Authority of India (IRDAI) recently announced the constitution of a committee that it has set up in order to review the regulations surrounding life insurance products. The panel will be chaired by Mr. Amitabh Chaudhry who is the CEO at HDFC Standard Life Insurance.

    The  primary agenda of the committee is to review the existing framework of norms for insurance product which are linked and also those which aren’t linked to IRDA, among other things. The committee is expected to hand in its report to IRDA on or before March 15, 2017. The committee consists of other distinguished members such as K S Gopalakrishnan, CEO, Aegon Religare Life Insurance, Sai Srinivas, Appointed Actuary, Bajaj Allianz Life Insurance and Sandeep Bakshi, CEO, ICICI Prudential Life.

    19th January 2017

  • 2016-2017 sees 72 new life insurance products being introduced

    The Insurance Regulatory and Development Authority of India (IRDAI) provided data which suggested that Life Insurance Corporation (LIC) surpassed private insurers with respect to the average number of new products that were offered whereas Unit Linked Insurance Plans (UNILPs) comprised of less than half the number of new products that were offered. According to the data produced by the IRDAI, LIC had developed four products out of which three of them were modified and offered from pre-existing products and only one was a new product. With the number of new life insurance policies being offered every year, the regulator had to curb insurers from filling up too many approvals as this would lead to a delay in these approvals being. The regulator also formulated a product planner rule to ensure that insurance companies wouldn’t seek the approval for more than five products a year. If the insurer surpasses this curb, IRDAI has said that the insurer would have to provide all the necessary data with respect to market research and product-wise arrangements.

    17th January 2017

  • HDFC Ergo joins New India, United, in credit insurance

    HDFC Ergo General Insurance, known for providing sort-after life insurance policies, announced today that the insurance company will be joining the incipient credit insurance segment which will offer complete cover to various corporate companies in the event of a possible default by their customers. HDFC Ergo joins companies like United, New India, Bajaj Allianz, ICICI Lombard and Iffco Tokio which offer similar products related to this subject. The Executive Director of HDFC Ergo, Mukesh Kumar, said that existing companies have been underwriting premiums to the tune of Rs.150-200 crore annually and that HDFC aims at selling around 100 policies spread over the next 18 months. HDFC Ergo will provide risk cover to exporters and their goods apart from offering cover to companies who are subjected to losses caused by customers who default on their policies.

    17th January 2017

  • Future General India Life Insurance to offer group credit life insurance

    Future General India Life Insurance announced that it will be collaborating with Vastu Housing Finance Corporation to provide a group credit life insurance called ‘Loan Suraksha Plan’. It is a plan that’s designed to cater to financial institutions to issue life coverage to new and existing borrowers. This will be a single premium plan which is said extend protection to the borrower to the amount of the home loan. The borrower will also have the option of extending his insurance coverage in case of additional loans and top-ups. Munish Sharda, Managing Director and Chief Officer of Future General India Life said that the company is looking forward in seeing their association with Vastu Housing Finance bloom and to offer their services through this new scheme.

    12th January 2017

  • Fino Paytech sells 12% stake to ICICI PLF and ICICI Lombard

    ICICI Lombard and ICICI Prudential Life Insurance have bought a 12% stake in Fino Paytech for Rs.150 crore. The company is now valued at Rs.1,200 crore. This deal will result in a twin effect with Fino Paytech working towards orders on foreign holding and to help the two insurers to easily sell their products to the people of remote villages. Fino Paytech recently sold a 21% stake to Bharat Petroleum for Rs.251 crore which has already employed its services at over 12,000 petrol pumps all across India. Fino Paytech has been awarded the payments bank licence after working as a business correspondent though Fino Paytech has been the only domestic remittance payments company.

    12th January 2017

  • SIDBI partners with LIC to boost the venture capital ecosystem of India

    To boost venture capital investments and to promote MSMEs in the country, Small Industries Development Bank of India (SIDBI) has partnered with the Life Insurance Corporation of India (LIC). SIDBI portfolio covers various funds under the Funds of Funds operations, and this includes India Aspiration Fund, Aspire Funds, and Funds of Funds for Startups. SIDBI had earlier signed a memorandum with insurer in April 2016 with an aim to increase the funds under India Aspiration Fund. SIDBI also constituted a committee with experts such as HK Mittal, Kiran Karnik, Sanjeev Bikhchandani, and some more prominent professionals to bring orderliness and to improve productivity.

    11th January 2017

  • Amid increased e-wallets usage, insurance industry expands its portfolio

    With online cyber thefts occurring more frequently than a common cold, cashless transactions provide an ample breeding ground for cybercrimes. Our government has been encouraging our country towards cashless transactions. But with the increase in use of e-wallets, general insurance agencies are looking at developing new insurance products to cover cashless transactions.

    To ensure retention of customers, various mobile wallet companies like Freecharge and Paytm have started providing insurance to its customers to help drive customer perception of wallet safety while using their apps for online transactions. Such a move is bound to increase the frequency of mobile transfers and online banking.

    5th January 2017

  • Mobile & e-wallets Will Enable Insurers To Initiate Digitization

    The insurance sector in India is on the path of growth. Ever since privatization started, the size of the insurance industry has only grown by leaps and bounds. The sheer number of insurers in the private segment has increased 10 times. The penetration of life insurance alone rose to 2.6% in the year 2015 as opposed to 1.5% recorded in the year 2000. However, insurance continues to remain a product that requires selling and is still not seen as a necessity.

    The most glaring example in this case is the Pradhan Mantri Jeevan Jyoti Bima Yojana, a government backed insurance scheme which was introduced back in the year 2015 and was supported by a number of leading banks in the country. Even though the rates of renewal for the scheme went up by nearly a whopping 90%, the percentage of new enrolments in the second year were few and far in between. Put together, a total of 3 crore people have taken the PMJJBY scheme. However, looking at the upside of things, due to the PMJJBY, the penetration of insurance has been considerably noteworthy. Taking the example of this, awareness around insurance needs to be built so that the actual potential of the insurance industry can be realized.

    The year 2016 has provided the insurance industry with several historical developments such as the launch of the first IPO ever in the insurance segment and the merging of two major insurance companies.

    5th January 2017

  • Online Insurance Purchase Gets a Boost with Digital Sops

    The online insurance market does not even account for 1% of the gross premium amount of Rs.4.63 lakh accumulated by the insurance industry in the Financial Year 2016. But the government’s decision to incentivise online policy purchase from the public sector companies comes as a major boost for the future of this sector.

    This decision comes amid a plethora of other announcements made by the Central government to push the country towards a cashless economy. The government-owned insurance companies would now offer a discount or credit of up to 10% of the premium amount in case of general insurance and 8% in case of new life insurance policies sold through customer portals, if the premium is paid via digital means.

    According to IRDAI, purchase of online health insurance contributed to 2% of the total premium collected in health insurance sector in the Financial Year 2016. In the life insurance sector, online sales provided 0.52% of all the new premium collected.

    Although government sector insurers like LIC lead the insurance sector, they lag behind their private peers when it comes to online sales. According to Alok Bhatnagar, the co-founder of EasyPolicy, currently the market share of public-sector firms for purely online purchase of policies is not more than 15%.

    3rd January 2017

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