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    Life Insurance

    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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    Life Insurance is Rated as " Excellent!" by 15087 Users
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    Life Insurance BYTES FROM OUR KITCHEN

    Articles About Life Insurance

    Key Things To Know About Life Insurance

    The concept of life insurance is not a new one. People have been making use of life insurance for over 4 centuries to protect not only themselves but also their loved ones from the possibility for an unfortunate event. Though life insurance seems to have been around for a fairly long time now, there are many people who are not quite aware of all the aspects involved in a life insurance policy. When it comes to purchasing life insurance, there are many people who take the assistance of life insurance agents for purchasing a policy, while several others who prefer doing their own research and purchasing a policy directly themselves.

    For someone who isn’t quite familiar with the workings of it, life insurance can be confusing to understand. Who are the parties involved in a life insurance policy? What is the eligibility age acceptable to apply for an insurance policy? How many types of life insurance policies are there? What factors affect the premiums of a life insurance policy? When is it best to purchase a life insurance policy? Is it wise to get life insurance as a tax saving instrument? These are just some of the many questions which will find answers to in this article.

    Best SBI Life Insurance Plans in India

    SBI Life Insurance is one of the pioneers in India’s life insurance segment. The insurer offers a variety of life insurance plans, some of which cater to individual (ULIPs, protection plans, retirement plans, child plans) and some to corporate group needs (group micro insurance plans, group loan protection plans). Offering the ease of online purchase, SBI Life insurance plans offer a range of other benefits like online payment of premiums, hassle-free claim process, high claim settlement ratio, and minimal paperwork required for application. Some of the popular life insurance plans offered by SBI Life insurance include SBI Life eShield, SBI Life – Smart Money Planner, SBI Life – Smart Humsafar, SBI Life – Smart Power, SBI Life – CSC Saral Sanchay, and more. If you are looking to purchase an SBI life insurance policy, read on to find out about the best policies which SBI has to offer, right here.

    Top 10 Life Insurance Policies In 2017

    When you purchase a vehicle or a house, you automatically purchase insurance for it. Why? Because of the value that is attached to the asset. The same way, life insurance is essential when it comes to human life. After all, it is one’s duty to protect their loved ones, is it not? Life insurance can help protect your loved ones financially in the unfortunate event of your untimely demise. In India, there are several insurers offering a wide range of life insurance policies. To know more about the most popular life insurance policies available in India this year, read on.

    Best 5 LIC Plans To Invest in 2017

    In the life insurance segment, LIC or Life Insurance Corporation of India has been one of the oldest and also one of the most preferred insurance provider for generations of Indians. The insurer offers a wide range of life cover policies such as protection policies, protection-cum-savings policies, endowment policies, endowment with protection and savings policies, and traditional savings policies, each of which has been designed to provide multiple benefits such as reversionary benefits, add-on riders for enhanced protection, choice of lump sum payout on maturity, loan facility, policy bonuses, and more. If you are looking for a suitable LIC plan, you can choose from LIC Jeevan Pragati, LIC Jeevan Labh, LIC New Jeevan Anand, LIC Jeevan Rakshak, and LIC Jeevan Lakshya. Read on to find out more about each plan and which one best suits your needs.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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    • What To Keep In Mind When Buying Term Insurance

      Term insurance is known to be the purest form of life insurance. Considering that, it is one of the most ideal types of life insurance that an individual can take to provide dedicated protection to his/her family against financial difficulties that may arise due to unforeseen circumstances. Term insurance is also one of the most popular type of life insurance as it is highly affordable and simple to understand. Since it does not involve any investment element, the only charges you pay for are towards protection of your loved ones and nothing else. So, if you are in the market for a term insurance plan, here are some things which you must keep in mind.

      Who is it ideal for?

      A term plan is designed to provide financial assistance to the beneficiary of a policyholder if the policyholder has passed away before the end of the policy term. There is only a death benefit which is offered in the event of the death of the policyholder. Term plans do not offer any survival benefit. However, policyholders can avail tax benefits on premiums paid towards a term plan. However, this is not the reason why one must take a term plan. A term plan is most suited to an individual who is financially supporting dependents such as a spouse, aged parents or children. In case of the policyholder’s death, their dependents will stand to suffer financially and that is exactly what a term plan prevents from happening. However, if you are an individual who does not support any dependents, you do not need a term plan. This may also apply to a retired person or someone who is not earning an income.

      Are you eligible for a term plan?

      The fundamental purpose of insurance is to cover risks. Underwriting is the process using which an insurer determines the risk associated with an applicant and also to fix the premium to charge on a policy. Assessing an applicant’s health is an important part of the underwriting process. When buying a term plan, most applicants are asked to take a medical test. However, buying term insurance is usually a cheaper proposition for younger applicants who are more likely to be in better health in their early years as compared to someone buying term insurance at the age of 40 years and may be suffering from some illness. Besides your health, there are a few other things which play an important part in the underwriting process. These include your employment history, your annual income, your employment position, etc. While the aforementioned factors do not have a direct impact on your insurance eligibility, they do influence the amount of coverage that the insurer decides to provide you with.

      11th January 2018

    • Axis Bank looking to acquire life insurance business, no further talks of joint venture with Max Life

      According to reports from official sources, Axis Bank is currently scouting the market to acquire a life insurance business. The decision for the same was approved by the bank’s committee in the December quarter. An official privy to the developments said that Axis Bank has recently enlisted the help of a leading US-based investment bank to look for a suitable midsize player for acquisition. The likely choices which have emerged so far include IDBI Federal Life Insurance and Tata AIA. A bid has already been submitted for IDBI Federal Life Insurance.

      The decision taken by Axis Bank to forego any talks of a joint venture with Max Life were triggered by the insurer’s decision to exit the life insurance segment by way of a merger with HDFC Life Insurance. However, the joint venture plans between Max Life and HDFC Standard Life also did not materialize. Also, after Axis Bank made a bid for IDBI Federal Life insurance, they did have some preliminary talks with Max Life as well.

      According to an official privy to the discussion, Axis Bank did have an initial discussion regarding the life insurance business acquisition with Max Life Insurance. However, due to different standpoints on valuation, the discussion was not held any further. Instead, Axis Bank has now revealed plans to branch out on its own in terms of insurance, considering that insurance has been somewhat of a golden goose for some of the country’s leading banks involved in the financial services sector.

      10th January 2018

    • Life Insurance Being Considered For Protection More Than Just As A Tax-saving Tool

      For years, life insurance has been seen as more of a tax saving tool which hordes of people would invest in at the time of filing their taxes. There was little awareness regarding the true purpose of insurance and a majority of people have made hasty decisions regarding the purchase of a life insurance policy. However, things have changed in the past few years, thanks to increased awareness about the importance of having life insurance as a protection tool. As per statistics, there was an overall fall in the number of life insurance policies which were sold during 2016-17. However, the overall cover value increased by nearly 14% which basically indicates that the Indian insurance industry is now evolving to be perceived as not just a tax saving tool, but essentially as a life protection instrument.

      As per the most recent annual report submitted by IRDAI, the collective number of policies which have been sold dropped to 264.56 lakh as opposed to 267.38 lakh policies which were sold a year ago. However, the amount of total cover that was provided went up from Rs.3,66,943.23 crore to a total of Rs.4,18,476.62 crore. Out of the total 264.65 lakh new life insurance policies that given during the year, nearly 201.32 lakh had been issued by LIC, whose share dropped by 2.02% points over the past year.

      Speaking of total premium income, LIC reported a drop in market share which stood at the 72.61% in 2015-16 but fell to 71.81% in 2016-17. However, private insurers witnessed a rise in their market share which went up from 27.39% to 28.19%. By March 2017, the Indian insurance industry comprised of a total of 62 insurers, out of which 24 were life insurance companies, 23 were general insurance companies, and 6 stand-alone health insurance companies and 9 re-insurance companies, which also included foreign reinsurers' branches and Lloyd's India.

      11th January 2018

    • Should you always opt for an insurance firm with a high claim settlement ratio?

      Insurance firms usually advertise their high claim settlement ratio on their website as a way of catching the attention of prospective policy buyers. While a high claim settlement ratio is certainly desirable and an important parameter that to consider before purchasing a life insurance policy, it is not, in fact, advisable to make a decision solely on the basis of the claim settlement ratio reported by the insurer.

      Firstly, the settlement ratio of an insurance company is indicative of their underwriting guidelines. It is very likely that the insurer might revise these guidelines every few years, thereby impacting the claim settlement ratio for the upcoming years. Also, the claim settlement ratio alone is not indicative of the insurer’s effectiveness, unless it is looked at in context with the overall number of claims that have been settled, total number of policies, nature of the insurance product, etc.

      Thus, while the claim settlement ratio is a good yardstick to measure the effectiveness of the insurer, it shouldn’t be the sole parameter that you consider. As a policy buyer, when researching different plans available in the market, make sure to read through the insurer’s history and background. Further, at the time of purchasing the policy, ensure to disclose all relevant information about yourself to the insurer. By doing so, rather than relying solely on the insurer’s likelihood to settle the claim, you are also ensuring that your claim has a good chance of being honoured by the insurer.

      9th January 2018

    • The benefits of Limited Premium Payment Insurance Plans

      Traditionally, when a policy buyer purchased a life insurance policy, he/she was expected to pay the due premiums for the duration of the policy tenure. However, nowadays, life insurance providers are also offering insurance products with limited premium payment terms. Thus, when you purchase a limited premium payment policy, you are essentially only paying the due premiums for a limited period of time, but are eligible to avail the benefits of the policy for the complete duration of the policy tenure.

      Limited premium payment plans are also not exclusive to any one type of insurance product. Insurers offer endowment plans, ULIPs, term insurance plans, etc. with a limited premium payment tenure.

      When should you purchase a limited premium payment policy?

      While any individual can choose to purchase a limited premium payment policy, such policies are best suited for individuals who don’t have a steady source of income or are self-employed. These plans can also be opted for by individuals who are planning to retire in a few years and by those who have suddenly witnessed a rise in their disposable income. Individuals who may not be able to pay the due premiums for the duration of the policy tenure can also choose a policy with a limited premium payment tenure.

      There are several advantages in purchasing a limited premium plan provided the policy matches your needs and financial goals. However, before purchasing such a policy, it is essential to take note of the fact that the premiums rates are likely to be higher than normal since the policyholder is only paying the due premiums for a limited period of time. Thus, if you can afford the higher premium rate, a limited premium payment policy can give you the same returns as a normal insurance policy.

      8th January 2018

    • Premiums Of Government Insurance Schemes May be Hiked In FY19

      Government–run insurance schemes such as the Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana are more than likely to witness a hike in premiums in the next financial year. An official in the private life segment said that proposals have been sent to the concerned officials to revise the premiums since claims on these policies have been high. Currently, the Jeevan Jyoti Bima (JJB) which is a term insurance plan charges a yearly premium of Rs.330. The accident insurance plan named Suraksha Bima Yojana (SBY) charges an annual premium of Rs.12 only.

      The personal accident scheme run by the government has run into loss ratios of over 200%. However, a senior official privy to these discussions commented that the premium hike cannot be too sharp as it might hurt the policyholders. The officials are concerned that the rise in premium has a high chance of affecting the rate of policy renewals. In the life insurance segment, there have been a fair number of fraudulent claims which were rejected. Keeping this in mind, the officials are likely to also make changes to these insurance schemes which will also help them in dealing with fraudsters.

      5th January 2018

    • Budget 2018: Centre Must Take Steps To Promote Growth Of Life Insurance Segment

      Life insurance is one of the most popular and also important sectors in India. However, at present, the insurance industry in India is being greatly affected by a large number of disruptions. Keeping in mind the upcoming Budget 2018, a special committee set up by the insurance regulator (IRDAI) put forth a list of suggested changes for the life insurance segment. For the approaching Union Budget, the committee suggested that the Modi government increase the Life Insurance premium tax deduction under Section 80C of the Income Tax Act, 1961.

      Currently, the law allows a deduction of up to Rs.1,50,000 for investments that have been done in multiple avenues such as mutual funds, life insurance plans, pension plans, etc. the deduction is also available in case of other expenses such as tuition fees, etc. However, to encourage the growth of investment in the life insurance segment, the committee has suggested that the limit of deduction under life insurance be increased. They suggested that this can be done by introducing a separate deductible limit for life insurance premium for up to Rs.200,000 and also enhance the overall investment limit under the provisions of the Income Tax Act, 1961 to up to Rs.3,00,000.

      In their report, the IRDAI committee emphasized that a change is much needed in the current investment norms in order to improve returns that are generates by funds while also considering the risks associated with each asset class. In addition to changes in the deduction limit, the committee also suggested that the mandatory proportion of G-secs be lowered in Pension 7 General Annuity Fund, and the Life Fund so as to shift the focus on and increase exposure of other lesser known high-yield assets such as equity, property or high rated corporate bonds.

      4th January 2018

    • HDFC Standard Life Insurance is best bough on correction

      Speaking about HDFC Standard Life, Mr. Vijay Chopra of Enochventures.com was of the view that people who enter such companies must do so with a long-term goal in mind. Life insurance companies hold immense potential as the investments that flow in to these companies are usually locked-in for a longer duration, considering which, these companies will pay off. He is of the view that HDFC Standard Life has undergone a slight correction following their listing. Mr. Chopra was appreciative of the management present at HDFC Standard which has sound corporate governance. It is primarily due to this reason that he views HDFC Standard Life as a good company to invest in.

      3rd January 2018

    • How Life Insurance Is Expected To Grow In 2018

      The insurance industry in India is all set to achieve increased growth in 2018. This growth is likely to be driven by the rise in the portion of financial assets in household savings, as well as by low penetration. With time, the savings patterns of households in India is evolving despite the prevalent low-interest rate situation. This has led to the rise of life insurance which is now seen not only as a risk mitigation tool but also as an attractive form of investment. This year, the support for the insurance industry is likely to come from bancassurance, agency expansion, government policies, and digitalisation.

      Look Back at 2017

      In the past year, the private sector individual annual premium equivalent (APE) gained strength, thanks to demonetisation and led to increased financial savings. First year life insurance premium has grown by 16% on a year-on-year basis, to 1.81 lakh crore. The figure of number of policies served was over 1.5 crore in 2017, as compared to 1.37 crore in the year before that.

      What To Expect in 2018

      In the present year, the life insurance industry will look to establish a closer alliance with customers, as well as bring about a change in the existing scenario of how insurers service policies and engage with customers. Technology will be at the helm driving this change as insurers up the degree of customisation of need-based products. In terms of products, ULIPs and guarantees are likely to drive the premium growth for the life insurance industry.

      2nd January 2018

    • Factors to consider while buying life insurance

      Buying a life insurance policy is a necessity. It is the most important financial instrument which will help you protect your family in terms of finances, even when you are not around. It is imperative to understand its significance even if you have just started your career.

      You should analyse the following pointers before buying a life insurance policy:

      Your income

      Number of dependents

      Possible inflation rates

      Lifestyle expenses

      Adequate policy term

      Reliable insurer

      Here are the factors you should bear in mind when you choose the right life insurance policy with respect to you and your family:

      The prime reason for buying a life insurance policy is to safeguard your beneficiaries, not reap tax benefits.

      Do not buy an insurance policy with a huge cover if you believe your family might not require that kind of money because the premiums will cost more for such plans.

      Depending on the financial stability of your family, you can decide what kind of policy you may need- term, ULIP, or an endowment policy.

      Be informed of the premium paying term. It could be monthly, quarterly or yearly.

      To ensure the insurer you’re buying the policy from is trustworthy, check the claim settlement ratio of the company.

      Consider the above-mentioned factors and you’ll know which the best life insurance policy for you is.

      29th December 2017

    Get More News on Life Insurance

    Customer Reviews

    • LIC Life Insurance
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the LIC of India and its the kind of policy, which gives benefit for educational purpose. Response is fine one for me with the LIC of India and I need to explore it about. Payment option is better one with them.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Better term policy"
      0.5 4.0/5 "Great!"
      LIC term plan has been used by me for more than 10years from LIC . I got this LIC term life insurance policy for more than 10years. The customer support service is good with the LIC . I would say the plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      Holding the Jeevan anand Life insurance policy with LIC for more than 10 years. The customer support is good with the LIC and the agents will come on time to collect the premium amount on time. I pay the premium around Rs,20,000 every year once.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Best policy to use"
      0.5 4.5/5 "Excellent!"
      I have my life insurance policy with LIC from last 3 years and it is a long term policy. The tenure of this life insurance policy is 15 or 20 years. I pay my premium once in 6 months through online and i am convenient with the payment options which they are giving. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • Exide Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with Exide Life from last 3 years and it is a long term policy. The tenure of this insurance is 15 years and i pay a premium of Rs 1200 every month through online. The payment options are convenient for me in this insurance. I am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The total tenure of the policy is 80 years and term period is for 20 years. I have taken two policies with Life insurance corporation of India and they used to update me regarding new schemes and offers. It was an nice service that i received from Life insurance corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • PNB Metlife Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have my life insurance policy with PNB METLIFE INDIA INSURANCE and it is a term insurance. The tenure of this life insurance policy is 16 years. I pay my premium on monthly basis through ECS and the payment options are convenient for me. I have a coverage amount of Rs 26 lakhs which is satisfactory and i am also happy with the benefits of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. Customer service is good one with the Life Insurance Corporation of India and their plan benefits are fine one for me with them. Response and other things are better one with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Average service"
      0.5 1.0/5 "Really Bad"
      I have taken three policies with Life insurance corporation of India the term period is of 20 years ,the payments are made through cheques as well as online,but I feel the approach was not as much I expected from Life insurance corporation of India.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 17, 2018
    • PNB Metlife Life Insurance
      "Average"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the PNB metlife and the services are bit slow but the plans are really good one with them on that time. Response and other things are also too good one with the PNB metlife insurance company. I am happy with them till now.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Best"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance CorporationBest of India and am using it from the last ten years of time. Response is fine one with the Life Insurance corporation of India. Plan benefits are good one with them.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jan 17, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I am holding a life insurance policy with LIC for the past 10 years. The policy was taken through the agent. It is a cash back policy. I am paying premium of 3,800 rupees for six months. The payment was done by cheque. The customer service was good.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jan 17, 2018
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