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  • Bankbazaar life insurance

    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.

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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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    • Optimum Usage of Life Insurance Policy

      Most of the times, most Indians purchase a life insurance policy in order to have a steady investment option in life, however, this is not the right approach to take. According to a report released recently, one-fourth of the deposits that people make towards paying their due premiums towards life insurance policies go to waste. The premiums that are paid towards investment policies are the ones that are wasted on a regular basis, thus incurring huge amounts of losses for the country and the Government.

      This frequently occurring phenomenon is known as the persistency ratio in the sector of life insurance, which essentially takes into account the proportion of policyholders who continue to fund their insurance product over and beyond the initial few years. In the field of life insurance, at least 25% of the total policyholders have been reported to have dropped out of their policies because of dissatisfaction with the existing terms and conditions.

      If you surrender your life insurance policy within the first year itself, you run a huge risk of loss since the surrender value is not provided in such a short span of time, moreover, your insurer gets to keep all the peripheral costs including commissions, upfront in the first year itself.

      17 September 2018

    • Canara HSBC Oriental Bank of Commerce Life Insurance to Wipe Out Losses

      The accumulated loss of Canara HSBC Bank is evidently wiping out all of its losses. The total loss incurred till date is Rs.160 crore which the insurance company is planning to get rid off and earn profits to clear off whatever loss the company had incurred in the past.

      “We are in a very strong growth trajectory,” said Mathur. He also added that the insurance company is planning to integrate its trajectory of growth of the preceding years in its business operations for the current year. The company has at a compounded annual growth rate (CAGR) of over 35% in the past three years in individual business. The insurance company’s total business recordings stood at Rs.2,781 crore for financial year 2017-18, while the new profits stood at Rs.818 crore.

      Mathur was further reported to have said that the company has a solvency ratio of 370% which evidently makes it reliable to deal with. He also emphasised on the importance of funding through internal accruals for its expansion plans, while also stating that capital infusion is not a requirement anymore. The last time the insurance company received capital infusion was six years ago. The CSR or claim settlement ratio of the insurer is 98% and the persistency ratio is more than 80%, according to the company’s Managing Director.

      14 September 2018

    • How to Locate a Lost Life Insurance Policy

      Life insurance for Indians is more like an investment product wherein the investor receives a lump sum amount of money after the term of the policy. However, this approach is not reasonable as the purpose of life insurance is defeated entirely if you start looking at it like from an investment perspective and not from an insurance perspective.

      Life insurance, undoubtedly is one of the most reliable products to invest in however if you do not intimate your family members or spouse about the said investment, it might go to complete waste.

      If you have had a relative in the family who owned a life insurance policy but missed out on letting anybody know about the same, then you may have set yourself up for a daunting task of finding the lost policy. As of now, India does not have a national database of all life insurance policies, purchased or expired. Hence, the process of tracking a lost policy becomes increasingly hassled and tedious as you do not know where to start from.

      However, a little sleuthing can go a long way. By looking in the right corners and contacting the right people and executives, you may be able to trace your steps to the policy that has now become past. Given below are a few steps that can be followed while looking for a lost life insurance policy:

      Search for documents that are insurance-related: Check and recheck in all the possible places that the policy document might be in. This includes files, folders, safety deposit boxes, store houses, and so on.

      Get in touch with the deceased family member’s financial advisors: Any attorneys from the present or past, investment advisors, accountants, business insurance brokers, agents, bankers, may be contacted in order to obtain information about the lost life insurance policy.

      Look at any other policy that the deceased may have owned: At the time of purchase of the policy, the application of other policies are attached to the purchased policy’s document. Therefore, if you are able to trace any other policy that your family member used to own, tracking the lost policy may become easy.

      12 September 2018

    • LIC Predicts a 75 Billion First Premium Income from the Eastern Region

      What has come as a huge news for the insurance sector, India’s state-owned insurance company Life Insurance Corporation of India has recently announced their target of gaining an income worth Rs.75 billion from payment of premiums only. During the 2018-19 financial quarter, premiums paid by the eastern region will supposedly come down to Rs.75 billion, which is a commendable achievement on LIC’s front.

      According to the Regional Manager of Life Insurance Corporation of India (LIC), the aim to grow has been placed at 20%, i.e., LIC’s premium will evidently witness a 20% growth. During the quarter of April-August, the first premium income of the eastern region was recorded to be Rs.21.65 billion which is flat as compared to the number that was recorded in the previous year.

      Till the period of 31 August, 2018, the group premium income that was collected from the eastern region stood at Rs.20.5 billion. It has also been announced that the eastern region ranks at the top in terms of purchasing the maximum number of policies and in case of first premium income.

      11 September 2018

    • 5 Insurance Products that Senior Citizens Should Avoid

      At times, it is possible to purchase an insurance policy and then realise that you do not need it or that it does not benefit you in any way. If you have entered your retirement age just now or sometime back, keep in mind that there are some insurance products you need to avoid. A few of them are mentioned below, read on to find more details on why you need to avoid these products.

      Unintentionally-purchased policies: It is possible that you were sold a policy without you being aware of it. Since it is not required, you can always return the plan. Check for the free-look period and return the plan before the period ends.

      Guaranteed returns policies: If you are not planning to work after retirement, a guaranteed-returns policy is not for you. The premium for such policies are high and the term is over 10 years.

      Single-premium policies: Sometimes single-premium plans could be mis-sold as fixed deposits with better returns and tax benefits. The premium for such policies could get quite high due to the age factor.

      Unit-linked policies: These policies cost a high premium as they are invested in mutual funds. Usually, there is a lock-in period of 5 years for such plans, so it possible that you cannot surrender the policy if needed during that period.

      Insurance policies at banks: Insurance policies sold at banks are due to the tie-ups between bancassurance and insurance companies. It is possible for you to be sold a policy that you really do not need.

      If you are looking for steady income after retirement, then you need to avoid these policies. There are other life insurance products that can be quite beneficial for you.

      7 September 2018

    • Important Things to Consider While Purchasing a Life Insurance Policy

      A life insurance policy can be quite beneficial when you pick the right plan. There are multiple plans available so it is essential to do research to find out which plan is suitable for you. The main factors you need to consider while purchasing a life insurance policy are:

      1. The amount of coverage you require

      First, you need to determine the coverage you require. This would include sufficient coverage for your family members as well. You also need to consider not just the present but the future needs as well. So, it would be wise to calculate the sufficient amount of coverage based on your income, financial standing and family members.

      2. The coverage period which is beneficial for you

      Second, when it comes to the coverage period, you need to choose between term insurance and whole life insurance. Term insurance provides coverage for a limited period of time but the premium is less expensive. Whole life insurance covers you for life but the premium is expensive when compared with term insurance. So, you need to decide which type of insurance works better for you.

      3. The suitable life insurance plan

      Third, you need to choose the right plan that covers all your insurance requirements. The plan must offer coverage amount that you require and offer the coverage period which is suitable for you. Such a plan would be the ideal plan that will meet all your insurance needs.

      The key to finding the right life insurance policy is to compare multiple quotes from multiple insurers. With some research and effort, you can understand the options you have and take a right decision.

      5 September 2018

    • Basic Life Insurance Policies and their Types

      The Economic Survey, 2018, showed that the life insurance penetration in India is 2.27%, which is slightly lower in comparison with the worldwide insurance penetration which is recorded at 3.47%. Although the 2.27% is slightly good when compared to previous years, India is still lagging behind other nations. There are five basic kinds of health insurance policies that are growing increasingly popular in India. They are whole life plans, unit linked insurance plans, endowment plans, and pension plans. Each plan has its own features and benefits. Endowment plans are a blend of life insurance and investment opportunities. Pension plans are great investment options for those who are nearing their retirement. Unit linked plans are those that offer tax benefits and also provide insurance coverage, and whole life plans are the most basic kind of insurance plans that offer coverage to individuals until they attain 99 or 100 years of age.

      4 September 2018

    • Life Insurance: Things You Didn’t Know

      Even though the penetration rate of life insurance has bettered over the period of time, the sector remains to be one of the most misunderstood ones among its peers. A phenomenon known as ‘buyer’s regret’ has especially been common with life insurance policy buyers. In this phenomenon, you basically pay your premiums diligently up until a certain point, after which you realise that maybe the plan you bought isn’t the most effective.

      In order to impart some amount of clarity to the prevailing confusion about life insurance, given below are a few things that you might not know about life insurance:

      Sum assured does not always equate to death or maturity benefit: The most common mistake people tend to make with life insurance is placing the concepts of death benefit or maturity benefit and sum assured on the same table. This, however, holds some amount of truth upto a certain degree. In most traditional life insurance policies, the components of maturity benefit and death benefit are elements of the total sum assured and they usually vary between 80% and 125% of the sum assured amount. Be sure to read the policy document carefully before purchasing a life insurance policy.

      Traditional life insurance policies can only be surrendered after a timeframe of three years: Traditional life insurance plans such as ULIPs or endowment plans are illiquid in nature, which essentially means that their potential of being surrendered only becomes feasible after the insured has diligently paid his premiums continuously for three years. This means that if you want to surrender your endowment plan you will have to pay the premiums for the same for at least three years.

      3 September 2018

    • Additional Life Cover Along with Loans

      While car loans, home loans, etc. do come with flexible tenures and handsome interest rates, the capacity of paying a loan back completely depends on the status of income of the borrower, his dependents, and his existence.

      In case you, being the borrower of the loan, pass away without settling the total loan amount, the provider of the loan will have the full right to foreclose your property, and your family in turn might be rendered completely helpless. To deal with a scenario like this, a term or whole life cover will prove to be immensely beneficial. If you have invested in a comprehensive life insurance policy, your family can make use of the death or the maturity benefit (in case you survive) to repay the loan amount.

      Apart from paying the loan amount back to the provider, a life insurance policy also makes sure that there is sufficient financial coverage for the entire family after demise of the policyholder. It helps tide over any financial losses that the family may have incurred during that time period.

      31 August 2018

    • ULIPs are best-in-class as far as charges are concerned: Tarun Chugh

      Issues with Unit Linked Insurance Plans have always been a deterrent in the past for people buying life insurance, said the MD and CEO of Bajaj Allianz Life Insurance, Tarun Chugh. But he is of the opinion that the new ULIPs are highly beneficial in terms of charges.

      An online survey at the insurer’s website has revealed that the life goals of men and women in a specific age group are alike. Most people who participated in the survey did not require just protection, but also the ability to enjoy life.

      The improved transparency in ULIPs, reduction in misselling, and the ability to switch without having to pay long-term capital gains tax are positive trends in the industry. Bajaj Allianz has also observed a three-fold increase in the premium of ULIPs off late.

      30 August 2018

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    Customer Reviews

    • ICICI Prudential Life Insurance
      "Worst Policy Provider. Dont Trust them"
      0.5 0.5/5 "Unacceptable"
      one of the unethical and non trusted brand. don't go with icici policy there are lots of hidden clause which these guys hide from you. please avoid going for icici pru policy. I have avail policy in month of January they have hide lots of bad things about policy.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 17, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
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