• Bankbazaar life insurance

    Read Life Insurance news or Enjoy it on the go Google Play

    • Over 8,000 Assistant post vacancies announced by LIC

      A notification has been issued by Life Insurance Corporation (LIC) of India for online applications for over 8,000 Assistant vacancies all over India. Individuals who are interested can visit the official website of LIC to know further details.

      As per the notification, the recruitment is organised for vacant positions in the Western, South Central, Southern, Northern Central, Northern, East-Central, Eastern, and Central Zones of LIC’s Divisional Offices. Candidates can apply for the positions on licindia.in. Online registration would start from 17 September 2019 and go on till 1 October 2019. The preliminary examination will start from 21 October 2019 and 22 October 2019. The preliminary examination call letter can be downloaded between 15 October 2019 and 22 October 2019. Selection will be based on two computer-based tests followed by a medical examination. Candidates who wish to apply must have a bachelor’s degree from a recognised university. The degree can be in any subject. Registration for the examination can be completed on LIC’s official website. SC/ST applicants must pay a registration fee of Rs.50 plus transaction charges, while other applicants must pay Rs.600 plus transaction charges.

      19 September 2019

    • Over 8,000 Assistant post vacancies announced by LIC

      A notification has been issued by Life Insurance Corporation (LIC) of India for online applications for over 8,000 Assistant vacancies all over India. Individuals who are interested can visit the official website of LIC to know further details.

      As per the notification, the recruitment is organised for vacant positions in the Western, South Central, Southern, Northern Central, Northern, East-Central, Eastern, and Central Zones of LIC’s Divisional Offices. Candidates can apply for the positions on licindia.in. Online registration would start from 17 September 2019 and go on till 1 October 2019. The preliminary examination will start from 21 October 2019 and 22 October 2019. The preliminary examination call letter can be downloaded between 15 October 2019 and 22 October 2019. Selection will be based on two computer-based tests followed by a medical examination. Candidates who wish to apply must have a bachelor’s degree from a recognised university. The degree can be in any subject. Registration for the examination can be completed on LIC’s official website. SC/ST applicants must pay a registration fee of Rs.50 plus transaction charges, while other applicants must pay Rs.600 plus transaction charges.

      19 September 2019

    • LIC continues to grow at a faster pace than its private counterparts

      According to the data revealed by the Insurance Regulatory and Development Authority of India (IRDAI), the Life Insurance Corporation of India (LIC) continued to grow at a quicker pace than other insurance players in the private segment. The data revealed that the first-year premiums of life insurance firms grew by 39.84% (year-on-year) in the first 5 months of the current financial year at Rs.1.05 lakh crore. In April to August of 2018-19, the premiums amounted to Rs.75,588.35 crore. As per market participants, the reason behind the growth in insurance was mainly due to the surge in group non-single businesses and individual single premium business in the period between April and August 2019. The data by the IRDAI also showed that private life insurers saw their first-year premiums at Rs.28,480.43 crore in April to August 2019 period from the Rs.22,886.48 crore the previous year. On the other hand, the first-year premiums of LIC were recorded at Rs.77,220.97 crore in the first five months of the current financial year, an increase of 46.52% over the premiums of the previous year.

      13 September 2019

    • Life Insurance companies seek permission to sell indemnity-based Health Insurance Policies

      Several companies who provide life insurance for people have approached the Insurance Regulatory and Development Authority of India. This is being done to seek permission for selling indemnity-based health insurance policies again. This decision was not taken well by the general insurance companies as, in 2016, IRDAI had already barred life insurance companies from selling indemnity-based health insurance policies. Moreover, general insurance companies have the infrastructure and expertise to handle indemnity-based claims.

      Two people who are aware of this development have mentioned that due to the low penetration of health insurances in the country, selling indemnity-based health insurance policies is required. Various critical diseases, mainly cancer is covered under insurance policies offered by companies and this can be used to sell this type of policy. As per an official, life insurance companies are no longer allowed to protect customers who are looking for term insurance policies as well as health insurance. Due to this, they are referred to other companies which have become a challenge.

      According to sources, life insurance companies have put forth the current proposal to the Chairman of IRDAI, Mr. Subhash Chandra Khuntia, who is yet to review it.As per the data provided by IRDAI, the penetration of non-life insurance policies in the country stood at a mere 0.93% in 2017 as compared to life insurance policies at 2.76%.

      12 September 2019

    • India has one of the lowest life insurance penetration in the world

      As per the data revealed by the Insurance Regulatory and Development Authority of India (IRDAI), India has a mere 3.69% insurance penetration as recorded in the period 2017-18. The reason behind the low penetration of life insurance in India seems to be the lack of awareness of its benefits. There is a need for people to understand that having a life insurance policy can provide financial protection to the family in cases where the breadwinner suffers an untimely demise. Experts say that life insurance should be a part of everyone's financial planning and that they should pick a life insurance product that suit their needs. They also recommend that you opt for term insurance to ensure the financial security of your family when you are gone. Term plans offer various options such as spouse coverage, return of premium, money-back options, etc. Easy affordability is one of the biggest benefits that term plans offer.

      10 September 2019

    • IRDAI simplifies regulations for unit-linked and non-linked products

      Unit-linked and non-linked insurance products have got their regulations simplified by the Insurance Regulatory Development Authority of India (IRDAI). The revival period on unit-linked products has been increased to three years while in the case of non-linked products, it has been increased to five years. The period offered by insurance providers to renew the policy after you missed making the premium payments after the lapse of the policy is known as the revival period. With this new regulation, customers will now have a wider window to revive their policies. Customers will also get some flexibility in terms of policy premium payment with the extension in duration. Changes have also been made in the minimum sum assured of linked and non-linked products wherein the sum assured for single premium policy is 125% of single premium irrespective of entry age. The paying policy for regular premium and limited premium has also been reduced by 7 times the yearly premiums.

      30th July 2019

    • LIC’s Nav Jeevan plan offers single and limited premium payment options

      The Nav Jeevan plan offered by LIC is a non-linked, with-profit endowment plan that offers the options to pay the premium at once or pay it over a period of 5 years. The minimum and maximum ages at entry depend on the premium payment option chosen. There are two sub-options under the limited premium option. The policy term options range from 10 years to 18 years. The minimum sum assured an applicant is required to opt for is Rs.1 lakh but there is no maximum limit. The maximum amount, however, depends on the income level and the age of the applicant.

      The death benefit payable to the nominee of the policy depends on when the death occurs. If death occurs before commencement of risk, the premiums paid so far will be refunded. In case of death during the 5-year premium payment period, the sum assured is paid. If the death occurs after completion of 5 years, loyalty additions are paid along with the sum assured on death. Policyholders can avail tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961.

      15 July 2019

    • Max Life has not yet made a proposal with IRDAI to sell 10% of its insurance arm to Axis Bank

      Amid reports that Axis Bank will have to pay a higher amount to buy Max Life Insurance, the insurance arm of Max Financial Services (MFS), MFS clarified that it has not yet taken the proposal to sell a 10 per cent stake of the life insurance company, to the Insurance Regulatory and Development Authority of India. The major financial services company, also emphasised the fact that Max Life and Axis Bank are still going strong with the bancassurance partnership. Max Life is a partnership between Max Financial Services and Mitsui Sumitomo Insurance, Japan. Currently, MFS holds 71.79 per cent of the insurance company, Mitsui holds 25.22 per cent and Axis Bank holds 2.99 per cent. In the year 2011, Axis Bank had acquired a 4 per cent stake of the insurer for an undisclosed value.

      11 July 2019

    • Union Budget: Government proposes increase in the TDS on life insurance policies

      Currently, under Section 194DA of the Income Tax Act, 1961, life insurance policyholders or nominees have to pay 1% of the total payout of the life insurance as TDS (Tax deducted from source). That said, following the Union Budget 2019, the Government is now proposing that the TDS for life insurance payouts be increased from 1% to 5%. That said, according to a financial expert, it was seen that deducting tax on gross amount created difficulties to an assesses who otherwise has to pay tax on net income after deducting the amount of insurance premium paid by him from the total sum received from the insurer. From the view of the government, he said, the Union Budget 2019 proposes that it is preferable to deduct tax on net income so that the income as per TDS return of the deductor can be matched automatically with the return of income filed by the assessee.

      10 July 2019

    • Life insurers want higher tax exemption for insurance premium in new budget

      Many life insurance companies have made it known that they want a higher tax exemption limit for premiums paid towards life insurance policies. Currently, life insurance premiums are exempted under Section 80 (C) of the Income Tax Act. This comes under the Rs.1.5 lakh umbrella for tax payers. However, insurance companies want a separate limit for life insurance companies that will encourage more and more people to buy life insurance. An increase in tax benefits will automatically increase life insurance penetration. Insurers also requested for term insurance plans to be made mandatory under law for all Indian citizens. However, this was not allowed by the government and only motor third-party liability insurance is mandatory by law.

      Another element that insurance companies want attention paid to is the GST levied on life insurance policies. Currently, the GST rate is 18%. Insurers want this rate to be reduced to 12% or done away with altogether. The GST council will be taking the key decisions with regard to GST. However, Finance Minister Nirmala Sitharaman is expected to talk about the vision of GST during her Budget Speech.

      05 July 2019

    • Life Insurance Corporation launches the Admit card for Apprentice Development Officer Post

      For those who’d wish to apply for the Apprentice Development Officer Post in Life Insurance Corporation, the largest life insurer in the company has launched the admit card facility on its portal.

      Individuals who have registered for the exam can visit the website of LIC, click on the Apprentice Development Officer Post admit card tab, enter your registration number, date of birth and click on submit. The candidate has to then print the admit card for the examination.

      02 July 2019

    • Pankaj Razdan resigns as the CEO of Aditya Birla Sun Life Insurance

      Pankaj Razdan has resigned as the CEO of Aditya Birla Sun Life Insurance. Kamlesh Rao who is the managing director of the retail arm of Kotak Security will take over as the new CEO of the life insurance company.

      The reason behind Razdan resigning as the CEO is due to his interest in producing an upcoming movie. He had already co-produced a Marathi movie while being the CEO of Aditya Birla Sun Life Insurance and will produce an upcoming Hindi movie.

      Razdan denied the rumors of him quitting the financial services industry for good. Razdan also denied having any differences with the management which led to abrupt resignation as the CEO of Aditya Birla Sun Life Insurance company.

      28 June 2019

    • Bajaj Allianz to enter health insurance segment

      In what would spread the wings of one of India’s leading life insurers, Bajaj Allianz Life Insurance have announced that they will be entering the health insurance and fitness segment as well as sell pension products on their platform in the coming months. Emphasizing on the need for penetration of such products, the CEO of the life insurer said they are going to delve into unchartered territory for the company in a big way. He said, our strategic intent will be to get into health, fitness and pension products in a big way. Our survey findings reinforce our faith in these segments. We will not have just one flagship product but focus on having multiple products.

      26 June 2019

    • Life Insurance Corporation Holds Yoga Camp

      On the occasion of International Yoga Day, Life Insurance Corporation (LIC) South Central Zone, Hyderabad, celebrated by organizing a yoga camp. The idea behind the yoga camp was to promote a healthy lifestyle through this ancient practice. The Executive Director of LIC Health Insurance, K.Sudhakar Reddy, inaugurated the event. Yoga Gurus from Love Yoga Foundation taught the attendees and gave tips for a healthy life.

      The officials who participated in the event included names like PVS Nagaraja Rao (Regional Manager, Marketing), S.Nagesh (Chief, Health Insurance), S.Thakur (Chief, Engineer) and many others.

      24 June 2019

    • Life Insurance Corporation retains its hold on the insurance market in India

      The life insurance market in India is extremely competitive with 24 companies trying to knock out each other to get a share of the growing market. The state-owned insurance company, Life Insurance Corporation (LIC), which enjoyed a monopoly of 44 years on the Indian life insurance market has retained its hold on the market even after 19 years of the entry of the private players. Even with a reduced market share of two-thirds the company is still dominates the market while the other 23 players share the remaining one-third. As per the reports of IRDAI, as a result of the expansion of the market the market share of LIC dropped from 71.81% in FY2016-17 to 69.36% in FY2017-18 while the market share of other private companies slowly improved to 30.64% in FY2017-18 from 28.19% in FY2016-17. However, the entry of the private companies in life insurance market in India has largely helped it to expand and the business to grow.

      20 June 2019

    Get More News on Life Insurance

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Customer Reviews

    • Reliance Life Life Insurance
      "Good plan to protect the family"
      0.5 4.0/5 "Great!"
      I used to make Rs.50,000 per annum it has the maturity period of 12 years. Later on they give sum assured along with the recovery amount and it has the tax cover. Reliance customer support is very responsive and they do have financial security for the family.
      Was this review helpful? 1
      , madurai
      Reviewed on Sep 20, 2019
    • LIC
      LIC Life Insurance
      "After 35 of the age you can go"
      0.5 3.0/5 "Satisfactory"
      LIC is a Government based company but the service is not good when i compared to private company. LIC employees are not approaching the customers properly. Compared to last 5 years, they have increased the payment mode and their services are getting improving. Its a secured and backbone for people in India since its a Government based one hence i have chosen the policy from LIC.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 20, 2019
    • Bajaj Allianz Life Life Insurance
      "Completely satisfied "
      0.5 5.0/5 "Blown Away!"
      I am completely satisfied with Bajaj Allianz Life insurance. the premium amount which is making the payment yearly. good benefits and Bajaj Allianz is moreover completely digitized makes life easy. An best insurer to my knowledge and experience
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2019
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a life insurance in LIC on 15 years before. The policy is for 20 years. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to do payment through an online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 19, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have bought a child benefit policy 1 year back. Since i have chosen the annual payment mode, i have paid only one premium amount so far. Again i need to check the plan through agent i got this policy. He showed me a proposal. For every year i have to pay the premium of Rs. 60000 after 25 years i get a good sum assured value. I have to pay the premium upto 20 years and there will be a lockin period for 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2019
    • ICICI Prudential Life Insurance
      "Good policy "
      0.5 4.0/5 "Great!"
      I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 19, 2019
    • Max Life Insurance
      "Good claim settlement ratio and very good service"
      0.5 4.0/5 "Great!"
      I have life insurance with MAX because of the claim settlement ratio around 98.9% . Yearly I make Rs. 52,000 it has the maturity period of 25 years, its a traditional plan, I get around Rs. 22 lakhs overall and it has life coverage if there is no any demise my nominee get the life cover. I do have flexi pay option.
      Was this review helpful? 0
      , sonipat
      Reviewed on Sep 19, 2019
    • LIC Life Insurance
      "Need to provide better benefits"
      0.5 3.0/5 "Satisfactory"
      I did a policy with LIC for tax benefits and its not really beneficial interms of maturity amount and interest rate that too for long term. My father done it for me and don't remember the policy name. The payment mode is online and its easy well. If any calamities happen then only its beneficial for the customer otherwise nothing much.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 19, 2019
    • Max Life Insurance
      "Need improvement on the benefits"
      0.5 4.0/5 "Great!"
      AXIS bank have recommended Max life insurance comes along with ULIP. I need to invest upto 7 years but the ULIP has the locking period of 12 years, the premium is economical as per the policy. They do have good life cover for the financial security for unforeseen events. It has tax saving under 80c section, I have online credential for max life to check my insurance details and every day I get sms as well. I make the premium on yearly basis through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 19, 2019
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have chosen my life insurance policy from LIC. From starting my family members are using the policy from LIC hence i have continued the same. Total term of the policy is 25 years and I'm satisfied with the sum assured amount of Rs 29 lakhs. I have visited their branch to make the payment.
      Was this review helpful? 0
      , noida
      Reviewed on Sep 18, 2019
    • Exide Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      I was working with ING Vysya for some time so took a policy with them. They have a good product but the premium wise they are little bit higher than others. The customer service is really good. I have selected online payment mode and doing yearly premium approx 30K. The benefits are nothing much, if anything happens to me and nominee will be getting the benefits. The sum assured and bonus will be given to the nominee incase of death.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 18, 2019
    • PNB Metlife Life Insurance
      "Satisfactory & Excellent"
      0.5 5.0/5 "Blown Away!"
      I am satisfied with the benefits which was offered by PNB METLIFE INDIA INSURANCE. This insurance company was tied up with Karnataka Bank. I have taken a term plan and need to pay 30 years. The policy coverage was 1.25Cr. I have received the insurance bond on time and payment mode is also convenient.
      Was this review helpful? 0
      , mysore
      Reviewed on Sep 18, 2019
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.