• 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
    rated 4.5/5.0 by 16149 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.

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    Life Insurance BYTES FROM OUR KITCHEN

    Articles About Life Insurance

    • Top 10 Factors Affecting Life Insurance Premium Costs

      Life insurance is a smart way to not only provide protection to your loved ones but also as a means of investment. For a low premium, you can get a modest amount of coverage and also a chance to invest and get returns in the future. However, when it comes to life insurance premiums, it is important to know, that premiums for life insurance policies vary for different individuals depending on a number of factors.

      If applicant A is being charged an X amount of premium, it is not necessary that applicant Y will also be charged the same premium. While some of these factors are in your hands to control, some are not. If you are looking to take a life insurance policy, it would be greatly helpful to know what can and what cannot affect your premium. Read on to find out some of the most crucial factors affecting your life insurance premiums.

    • How To Claim Your Life Insurance Policy

      The most important aspect of any insurance policy is claim settlement. After all, the objective of taking an insurance policy is to ensure that your dependents remain financially secure in case you are not around to provide for them. When it comes to insurance, an insurer’s claim settlement ratio is one of the most important indicator of the insurer’s intention regarding claims. Customers will undoubtedly prefer an insurer who has a proven record of processing claim settlements in the shortest amount of time. However, many policyholders remain in the dark about the claim settlement process of an insurer until the time when they actually have to file for a claim. This can often cause hassles and stress as without much knowledge about the process, it can take longer than needed to register a claim and get it approved as well. Did you know that there are multiple steps involved in filing a claim, or there are different documents that are required for death related claims and maturity related claims? Read on to know all about the claim filing process under 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.

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

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    • Chief Minister Chandrasekhar Rao in Talks with Authorities of LIC

      The principal authorities for the departments of Agriculture and Finance has been advised by the current Chief Minister to put on hold whatever conversations they have been having with LIC professionals. These authorities have been in cahoots with LIC officials to bring into existence a scheme which includes lower premiums and such.

      Ever since the Central Government has introduced this scheme, the states have been opining that free provisions must be provided to their respective farmers. Before this insurance scheme gets its official launch, CM Rao wants the procedure to be completed.

      22 May 2018

    • Quantifying Life Insurance Policies: How Much is Just Enough?

      The kind of life insurance cover that you are opting for usually depends on two important factors. The first one being your family’s or your condition and the second one being your source of income.

      However, two people having the exact same income can have entirely different needs and therefore may end up spending their money in completely different ways. In that case, it is advisable that they opt for a policy best suited to their needs. An insurance personnel who has experience in this regard will be able to give fairly reasonable suggestions.

      Contemplation of scenarios that do not involve you is another important factor in determining which life insurance cover to invest in. For example, if you have kids, you will need help with them and will therefore incur expenses on child care. Therefore, calculate all your household expenses before deciding on a life insurance policy. You need to choose a plan that will essentially ensure that your children’s future is not affected in any way. When you already have a job, or are running your business, it might not be possible to calculate how much money your child’s education will cost. However, planning wisely and then investing in a life insurance policy goes a long way in ensuring that the next 10-15 years of your life are uncomplicated and stress free.

      Apart from your household responsibilities and childcare expenditure, there are loans that you might have taken. A good policy takes some of that burden off of you and your liabilities.

      21 May 2018

    • Factors Affecting Life Insurance Plans

      People all over the world, especially young adults, have still not grasped the core meaning and absolute necessity to invest in a life insurance policy. Life expectancy is usually not a matter of great concern for young adults, and the senior citizens are, more often than not, busy paying their mortgages.

      However, most of the times, in many cases life insurance policies are negated, or cancelled out entirely because the individual might not qualify for the same. This could be attributed to different factors, one of which is lifestyle. This will automatically mean that the person should have bought a life insurance policy early on in their life. However, age is not the sole contributing factor towards a person not being able to buy a life insurance policy. Other factors such as consumption of cigarettes, alcohol, job type, and so on are often the reason why policies are declined to some people.

      Statistics lay the groundwork for all insurance companies. What they do is basically gauge the frequency at which a person is falling sick (which again is dependent on many factors) and thereby determine whether or not they are eligible to buy a life insurance policy. Even if the life expectancy is not hampered, the total insurance cost along with the person’s capacity to attain the same will be affected. If you are a regular smoker or an avid drinker, chances are that you will be required to pay comparatively higher premiums.

      18 May 2014

    • Overall growth of SBI Life Insurance in FY18 better than other peers

      The Value of New Business margins of SBI Life increased from 15.4% in FY17 to 16.2% in FY18. This is partially due to the lower expense ratio and persistency related assumption change. The overall annual premium equivalent(APE) growth of SBI was at 27% in FY18 which was much better than their peers. SBI Life’s VNB margins also increased to 16.2% from the 15.4% margin in FY17. With the strong distribution strength that SBI has, the short term growth is also expected to be much stronger than their peers.

      17 May 2018

    • Taking the “Insurance is an investment’ approach

      Still, in this day and age, loads of people still view insurance as an investment, and therefore, are only concerned about the returns that their policy provides. When taking this approach, people often tend to give lesser importance to getting the right policy which is suited to their needs. This is especially true in the case of term insurance which many people view as a loss if no claim is raised and no premiums are returned. However, the story is quite different when it comes to purchasing endowment plans or unit-linked insurance plans (ULIPs) which often provide insufficient coverage but charge very steep premiums. Experts are of the view that insurance and investments must be kept separate. While term insurance is the best choice in terms of insurance, one can invest in a number of avenues like mutual funds, fixed deposits, stocks, shares, etc. for the purpose of investing.

      16 May 2018

    • Importance of ensuring you have adequate life insurance

      Insurance is fast becoming a necessity at par with others like food, shelter, clothing, etc. The government has been offering various life insurance schemes via partner banks and post offices to allow people to have some form of insurance coverage. Even employers are nowadays offering some basic form of life or health insurance coverage to their employees for their well-being. Also, more and more insurers are nowadays adopting various channels to create and raise awareness regarding the importance of having insurance. This has definitely lead to more and more people buying insurance to protect their loved ones. However, when it comes to buying insurance, many people are lost about the amount of coverage they should be getting to cover their loved ones.

      Premiums over coverage

      One of the biggest reasons why under-insurance still poses as a problem in the insurance transactions because people end up giving priority to premiums over getting adequate coverage. Several people who seek to purchase an insurance policy will give importance to the tax-saving aspect of the policy than to ensure that the plan they are buying is actually fit for their needs or would provide a sufficient amount of coverage in time of a misfortune. Same is the case with employers who regard insurance premiums as a cost. As a result, they end up providing covers which are barely sufficient to provide financial aid to the family of an insured policy member. What people completely miss acknowledging is that getting adequate coverage is way more important than saving tax or reducing expenses.

      15 May 2018

    • Life insurance sector Savings in financial assets

      The life insurance market in India largely consists of savings. One of the greatest boosters for life insurance as a product has been the increase in financial asset savings. Post-demonetisation, investments/savings in financial assets like real estate and gold are being closely monitored by the government. In fact, the real estate industry is still reeling from the effects of demonetisation which imposed restrictions on cash payments.

      Tax deductions are another reason why insurance is viewed as a very lucrative investment option by tax payers. After all, insurance buyers are entitled to claim income deductions up to Rs.1,50,000 for premiums which they pay towards an insurance policy. moreover, for certain types of insurance policies, the returns on investment and death benefit is also exempt from tax under the provision of Sec 10 of the Income Tax Act.

      14 May 2014

    • Life insurance sector Savings in financial assets

      The life insurance market in India largely consists of savings. One of the greatest boosters for life insurance as a product has been the increase in financial asset savings. Post-demonetisation, investments/savings in financial assets like real estate and gold are being closely monitored by the government. In fact, the real estate industry is still reeling from the effects of demonetisation which imposed restrictions on cash payments.

      Tax deductions are another reason why insurance is viewed as a very lucrative investment option by tax payers. After all, insurance buyers are entitled to claim income deductions up to Rs.1,50,000 for premiums which they pay towards an insurance policy. moreover, for certain types of insurance policies, the returns on investment and death benefit is also exempt from tax under the provision of Sec 10 of the Income Tax Act.

      11 May 2018

    • Life insurance sector growth to be spurred by key structural drivers

      India’s life insurance sector is looking at hopeful times ahead with greater growth. The industry has registered robust double-figure growth in terms of new business premiums since 2015-16. This growth is now expected to rise further by nearly 20% in the coming 5 years. Some of the key factors which are expected to drive growth for the industry, include greater focus on protection plans, lower penetration, greater savings in financial assets after demonetisation, boost from bancassurance, and increased adoption of digital channels.

      Speaking of insurance penetration in India, it continues to be low, at 2.72%, as opposed to 3.47% which is the global average. In terms of insurance density, the global average is $353, while in India, it still remains at $46.5. This is especially low, when compared to a number of other Asian countries, which taken measures to up their insurance density and penetration. For instance, in 2017, Hong Kong had insurance penetration of 16.20%; Japan had insurance penetration of 7.15%; South Korea with 7.37% and Taiwan had insurance penetration of 16.65%. However, the low insurance penetration in the Indian market surely gives hope that there is much room for improvement in the future.

      10 May 2018

    • Are you adequately insured?

      Your family is undoubtedly one of your greatest possessions and wouldn’t you do anything to ensure that they are safe and well-provided for? Life Insurance is one such tool which can go a long way to ensure that your loved ones will be safe if a misfortune were to strike. Life insurance is not just meant to support your family when you’re not around. It can also be invaluable help when you may have been injured or rendered disabled in case of an accident or illness.To ensure that you have purchased life cover that is adequate for you and your family, here are some things which you must consider when deciding on the coverage amount.

      Be sure of your budget – When investing in an insurance policy, be aware of how much of your income you can comfortably allocate towards insurance premiums. While you may want to get more than adequate cover for your loved ones, what is the use of the premiums for the same will lead you to live a compromised lifestyle. Therefore, invest for a sum assured which you are confident is affordable for you.

      Family’s needs – One of the most important factors to find out your adequate amount of life cover is to assess your family’s needs and expenses. only after you know how much your family requires to sustain their lifestyle can you reach a figure which would be sufficient to cover those needs.

      Future financial obligations – Every individual has their own set of commitments which they have promised to fulfil not only for themselves, but also for their loved ones. Be it purchasing a house, funding your children’s education, weddings, your own retirement, etc., one needs to factor in all of these expenses as well in their insurance coverage to ensure that these obligations are fulfilled, no matter what may happen.

      9 May 2018

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    Customer Reviews

    • LIC Life Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have the life insurance policy from the LIC for the past 12 years. This policy has the tenure of 20years. The customer support service and the response is good from the LIC. I pay the premium amount of Rs,3500 to this policy annually and I pay the premium through online.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 21, 2018
    • Birla Sun Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Life insurance policy with the Birla Sunlife, I never faced any issues with their services. The premium is auto debited from my account via ECS and overall it is a good policy to have. I'll have to wait and see whether they adhere to their promises in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • Birla Sun Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've two life insurance polcies with the Birla Sun Life. I make a payment of 10200 per month, the premium gets auto debited from the account via ECS which is more convenient for me. Their customer support is also good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I hold a life insurance policy with LIC from last 10 years and it is a long term policy. I am satisfied with the coverage and returns of this policy. I pay my premium once in 6 months through ECS and i am convenient with the payment options. The name of the policy is Jeevan Anand and the maturity period for this insurance is 25 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC for which I make a payment of 2000 Annually. The premium gets auto debited from my account which is convenient for me. Their services are good and I never had any issues with the policy and their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I hold the Money back life insurance policy from the LIC around for the 4 years. The customer support service and the response is good from the LIC. I pay the premium through online. This policy has the tenure of 20years. The policy coverage and the plan benefits are good here and I am satisfied with it.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      I have got the LIC life insurance policy around 7years ago,. Te customer support service and the response is good from the LIC. The policy coverage and the payment options are better with the LIC. This policy has the tenure of 16years,. I pay the premium amount of Rs,7500 every year.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having a Life Insurance Policy from LIC, the plan benefits and policy coverage is good, I pay the premium amount on quarterly basis through on line process, it's easy to make the payments as good options were given. The policy if for the period of 15 years and I am not sure how much is the sum assured amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy from the LIC, for the Jeevan Anand policy I pay a premium of 2000 quarterly for a sum assured of 20 lakhs, I most of time makes payment at the branches. Their staffs are good. Overall I never faced any issues with their services.
      Was this review helpful? 0
      , pune
      Reviewed on May 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with LIC from last 10-12 years and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2018
    • Reliance Life Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the Reliance Life insurance. After 15 year lump sum amount will be paid. I make the payment online and offline and never had any issues with their services. I'll have to wait and see whether they adhere to their promises in future.
      Was this review helpful? 0
      , secunderabad
      Reviewed on May 20, 2018
    • Exide Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with EXIDE life from last 1 year and it is a long term policy. I am happy with the coverage and returns of this insurance policy. I pay my premium once in a year through net banking and i am convenient with the payment options. The maturity period for this insurance policy is 10 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2018
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