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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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    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

    • Edelweiss Tokio Life Insurance obtains approval for “POS-Saral Nivesh”

      A joint venture between Edelweiss Group and Japan based Tokio Marine Holdings has received an approval from the IRDAI for “POS-Saral Nivesh” and this will be sold to customers over the counter. Edelweiss Tokio is the first to receive an approval from the IRDAI (Insurance Regulatory & Development Authority of India) to sell a product like this through POS channels and this is a category that is being explored in India for the first time ever. This product is aimed at providing a hassle-free process and instant gratification to customers who are seeking the same. The purchase process is simple, quick, and easy and takes only a few minutes to be completed. MD and CEO of Edelweiss Tokio Life has stated that the company is excited on receiving the approval required from the IRDAI and will be keen to see how the product will develop.

      27th April 2017

    • MSRTC increase insurance cover to Rs.6.15 lakh

      In the MSRTC (Maharashtra State Road Transport Corporation) board meeting held on 20th April, it was decided to increase the life insurance cover to Rs.6.15 lakh, in case of sudden death of an employee. The previous cover was of Rs.3.65 lakh. Diwakar Raote, MSRTC Chairman and State Transport Minister announced that the hike may take effect from 24th May. Apart from this, MSRTC also decided to reduce the secondary salary slab from three years to one. Although this has been a welcome step for MSRTC employees, they have been demanding a salary hike since many years, which has not received any response from the transport utility.

      25th April 2017

    • Life Insurance Segment Registers 26% Rise in Group Single Premia Income in FY17

      Group single premia products which make up for nearly 60% of LIC’s business recently witnessed an increase, boosting the overall new premium income of the life insurance industry by 26% in FY17. The new figure stands at Rs 1.75 trillion, as opposed to Rs. 1.39 trillion recorded a year back.

      For the other 23 private players in the insurance segment, the boost in growth can be attributed to group single products, which contribute to nearly 30% of the company’s business. The industry’s income from group single premia rose by 23%, to Rs.88,559 crore, followed by individual non-single premia which rose to Rs.50,500 crore.

      24th April 2017

    • Kerala State Government to introduce insurance scheme for pensioners, govt employees

      The state government of Kerala will soon be introducing an insurance plan for its service pensioners and government employees. The scheme is expected to benefit about 4.5 lakh government employees and teachers and 5 lakh pensioners. The decision was taken by the cabinet based on the suggestions of the 10th Pay Commission.

      Once the scheme is implemented, pensioners and employees will be able to avail cashless treatment at network hospitals. The government will bear the hospitalisation costs of these insured members. The insurance would offer coverage for outpatient treatments and pre-existing diseases as well.

      The medical reimbursement plan that is followed currently will be in force till the new insurance scheme is implemented. The interest-free loan that is currently provided for treatment of government employees and teachers will also be made redundant on introduction of the new scheme.

      The employees will be expected to pay Rs.300 as monthly premium towards the plan. The medical allowance of Rs.300 that the government currently pays pensioners will be stopped once the insurance scheme is implemented.

      The introduction of the insurance plan will substantially reduce the medical expenses borne by the government. For the implementation of the plan, applications from IRDA-approved insurance companies will be invited soon. Public sector insurers may be given priority over the private players while bidding for the scheme.

      21st April 2017

    • Demonetisation proves positive for the life insurance sector

      While most businesses in the country came to a complete standstill following the demonetisation of high-valued tenders by the Modi-led government, the life insurance sector rose to a 9-year high. According to sources, the life insurance sector grew by 16% and private insurers grew by 26% in the total number of premiums availed, giving the overall life insurance a 21% boost. A member of Kotak was quoted as saying that he expects the current momentum in life insurance/capital market inflows to continue in FY 2018 as investors continue to shift to financial savings from physical savings.

      20th April 2017

    • New business premium income of life insurers went up by 26%

      Amid dropping deposit yields and increasing liquidity, new business premium income of life insurers climbed 26% in March 2017. The move was spearheaded by the industry’s growth with the help of individual single-premium policies. Life Insurance Corporation outperformed other private insurers by reporting a growth of 27%, compared to its rivals who recorded 24%. LIC’s growth was aided by an 84% growth in its single-premium revenue. According to the latest data from the Life Insurance Council, new business premium for the financial year 2017 was at Rs.1.75 lakh crore from the previous year’s Rs.1.35 lakh crore. While, private insurers recorded a rise in new business premium from the previous year’s Rs.40,983 to Rs.50,625 in FY17.

      19th April 2017

    • Gujarat High court pleas to the Reserve Bank of India to increase insurance on bank deposits

      On April 12, 2017, the Gujarat High court raised a plea with the Reserve Bank of India to hike the insurance on deposits for bank accounts. The current insurance for deposit accounts stands at Rs.1 lakh, and fearing its past of bankruptcy, the Gujarat High court has pleaded with the RBI to increase the insurance from Rs.1 lakh to Rs.10 lakh.

      13th April 2017

    • Non-life insurance up by 32% in the Financial Year of 2016-2017

      According to the IRDAI, the gross premium collection in the non-life insurance sector has risen by 32% since last financial year, amounting to Rs.1.27 lakh crore. As per the date compiled by the IRDAI, public sector firms showed a rise of 28.9% in gross premium in 2016-17 to Rs.67,689.68 crore as against Rs.52,520.80 crore a year earlier. In the case of private sectors, premium for 2016-17 rose by 41.12% to Rs.5,859.80 crore against Rs.4,152.31 crore.

      12th April 2017

    • LIC drops Shares in SBI

      Life Insurance Corporation of India sold off more shares it was holding in State Bank of India. The popular insurance company previously reduced its stake in SBI from Rs.75.87 crore to Rs.70.31 crore. At the end of the quarter January-March 2017, LIC’s share fell to 9.94%, while MFsat held 8.42% and FIIs held 9.48%. Analysts say that LIC was geared up for profits in SBI, however after the demonetisation scheme was introduced, demand dropped and the industry slowed down. Overall, LIC’s holdings in 23 banks has dropped by 30%. In December 2015, LIC held Rs.38,373 crore in these banks which has now been reduced to Rs.26,837 crore, the lowest scene in four years.

      11th April 2017

    • Insurers hike premiums in certain categories of insurance

      General insurance companies have increased the premiums for certain categories of products in the new fiscal year. April is the time when most of the customers renew their policies. IRDA reports suggest that motor insurance, fire, and group insurance premiums have gone up by an average 20%. Areas such as property insurance too have witnessed a significant rise in premium amounts. While some segments of insurance remain unaffected, others have implemented loss-based revisions to the plans offered by them. The insurance industry closed FY 2016-17 at Rs.1.23 lakh crores which is comparatively higher than the sales figures recorded for the FY 2015-16.

      10th April 2017

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