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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
    rated 4.5/5.0 by 17468 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

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    • Indians Still Lack Sufficient Insurance Coverage

      When it comes to the importance of being covered via an insurance policy, Indians are seriously lagging behind. Out of the whole population of the country, more than 75% remain to be uninsured and the rest remain to be inadequately covered. This in turn leads to extreme financial strain in case of the death of the breadwinner of any other family member. Unexpected emergencies like the death of a family member usually drain the finances of a family. On top of that, lack of an adequate cover further elevates the problem as these situations make people more prone to financial instability. Such instances are more common and prevalent in the unorganized sector. In the unorganized sector, workers are constantly faced with issues that are above and beyond insurance. These workers are inadvertently exposed to risks such as income volatility, hazardous conditions at the work place, and a significant lack of retirement or old age benefits. These risks, as a matter of fact, can be substantially reduced through the tool of insurance. Approximately 82% of India’s population is engaged in jobs in the unorganized sector. Almost around 392.31 million people in India live along with the constant threat of financial losses and setbacks due to insufficient and inadequate insurance coverage. On a global level, three standard metrics are made use of to comprehend the insurance cover. These three elements are annual premium growth, insurance penetration, and insurance density. The number of people covered by insurance policies in India remains at an all-time low.

      21 January 2019

    • The First-Year Premium Income of Life Insurance Sector Surges by 19.1%

      Life insurance policy sales have been increasing at a tremendous rate and it recently surged by 2% to 25.16 lakh during the month of December 2018 itself. The first-year premium income of the sector of life insurance has jumped by 19.1% to an amount of Rs.18,237.84 crore during the month of December 2018.Furthermore, the private life insurers have reported a surge of approximately 23.9% in the collection of premiums, and the total amount of money collected in premiums currently stands at Rs.7,245.69 crore. The Life Insurance Corporation of India or LIC also reported a rise of approximately 16.1% and their total amount of collection stands at Rs.10,992.15 crore. This report has been collected from the month of December 2018. During the period of April-December 2018-19, the private insurers in India reported a rise of about 23.3%in their first-year premium income.Among the list of about 22 private life insurance companies currently operating in the market, 8 of them have reported a drop in their first-year premium income during the month of December 2018. On the other hand, the collection of premiums of about 14 private players has increased tremendously within the range of 6.3% to 130.6% in December 2018.Life Insurance Policy Sales – In the month of December 2018, life insurers in India sold approximately 25.16 lakh policies which means there has been a rise of around 2% since the month of December 2017.

      18 January 2019

    • Why you should not skip life insurance illustration

      The life insurance policy kit comes with a bundle of documents. The bundle consists of documents such as your policy contract, a copy of your personal completed proposal form, an illustration, and servicing forms. The insurance illustration is a document which contains a lot of numbers. However, this document should be reviewed in order to have an all-round understanding of the insurance policy that you have bought. The illustration is provided before the insurance policy is bought and a signed copy of the same is required to be part of the policy kit. The details pertaining to the premium payments and the benefits of the scheme are recorded in the illustration. The regulator specifies the format and contents of the illustration. The important things that you should review on the insurance policy illustration are the likely benefits, the surrender cost, the terms pertaining to the payment of premiums, and the guaranteed benefits.

      17 January 2019

    • To help your family know about your life insurance, Aegon Life Insurance launches e-card

      After the death of the policyholder, a mandatory procedure will be needed to be carried out by the nominee to receive the insurance amount. A lot of documentation is required, and it is time-consuming. Reports suggest that life insurance policies owned by the policyholder are not known by the nominee themselves. Due to this, the amount remains unclaimed as the claims are not raised. To close this gap, Aegon Life Insurance has launched an e-card called ‘I Owe You’ recently, that helps in offering consumer-driven, digital insurance, and innovative products and services. Being an editable card, it allows the policyholder to create, download, and share the e-card with the nominee.

      16 January 2019

    • Life insurers recorded a 10 percent increase in profits in year 2017-2018: IRDAI

      Life insurers in India witnessed a 10.14 increase in net profit to Rs.8,512 crores in their net profits for the year ended March 2018 according to the annual report released by the IRDAI. There was a substantial increase from the net profit of Rs.7,728 crores in the previous year. According to the IRDAI data of 24 operational life insurers in the fiscal year 2017-2018, 19 companies reported profit. Life Insurance Corporation of India reported a net profit of Rs.2,446 crore and saw a 9.62 percent increase in profit compared to the previous year. The life insurance industry recorded a premium income of rupees Rs.458,809 crore. The general insurance industry, including standalone insurers, incurred a total direct premium of Rs.150,662 crore last year with a growth rate of 17.59 per cent. Though the premium collected was substantially higher than the previous year, the growth rate saw a decrease from 32.94 per cent as recorded in the year 2016-2017.

      14 January 2019

    • Even Siblings Could be Nominees for Life Insurance

      Insurance companies allow insured individuals to nominate their spouses, parents and children when purchasing a life insurance policies. In certain cases, cousins and siblings are also allowed to be named as nominees following due diligence. The basis on which cousins and siblings are allowed to be nominated is insurable interest. According to this concept, there should be a certain financial connection between the individual purchasing a life insurance plan and the individual who is being nominated. Insurable interest is something that is a critical part of every insurance policy. It is regarded as the legal prerequisite for being insured. So far as life insurance is concerned, the presence of insurable interest will be checked by the underwriters when the policy is being issued. The purchase of life insurance is done to offer financial support to the family of an individual to ensure that their life goals remain unchanged and are not affected if the policyholder dies. Likewise, the purchase of health insurance is done to ensure that the family members of the policyholder are financially supported.

      10 January 2019

    • Here’s How a Life Insurance Policy Can Help You Meet Your Financial Goals

      For a number of Indians, a life insurance policy is viewed as an investment instrument that can help them achieve their financial goals. A recent survey revealed that approximately half of the majority of those with a life insurance policy purchased it to have something to leave their families in the event of their death. A little less than half of the participants stated that the insurance policy was purchased for the purpose of funding their retirement while the remaining purchase a policy for constructing a house or funding their children’s education. What stands out from these observations is that a significant number of policyholders are unaware of the amount of the cover that they should opt for. Most individuals choose a cover that is 10 times their annual salary.The number of individuals concerned about their financial future has increased significantly and a large number of individuals have a positive outlook towards planning their finances. However, the need for financial literacy is an issue that needs to be redressed.

      9 January 2019

    • Amitabh Chaudhury was geared up much before taking the leadership of Axis Bank

      Before taking over the leadership of Axis Bank on 1 January 2019 Amitabh Chaudhury, an insurance veteran, was preparing himself for the role almost 4 months before coming on board. In the month of October, he had a meeting with the senior leader ship of Bain Capital over a coffee at Taj Chambers along with co-founder Stephan Pagliuca. Mr. Chaudhury who is an investment banker turned insurance veteran having 9 years of experience with HDFC Life was keen about pleasing the investors as well as the employees. As a matter of fact, he has taken over the leadership of Axis Bank after the end of the tenure of Shikha Sharma, the managing director and CEO of Axis Bank. In order to stay on top of things he also conducted a one-on-one series with the business and department heads of the bank few weeks before taking the charge at the Four Seasons Hotel.

      8 January 2019

    • Ensuring enough life insurance cover for you and your family

      This is a question which is commonly there in all of them who are looking to purchase a life insurance policy. Finding the right amount can be a little tricky. There are some ways to calculate the coverage amount, but it mostly varies from one person to another. The first thing to think about will be about the current needs of your family. In case of an untimely death, family members should be able to sustain and carry on with their lives. The coverage amount should be enough to meet any family expenses till any other person from the family starts earning. While the needs at that time is very important, it is also necessary to look at the future and ensure that it is not compromised in anyway due to an untimely death. Things like future education and wedding costs for your children should also be looked at during the time you finalize the coverage amount. Ensure that you take the inflation rates into consideration before arriving at a figure. Calculate all the current debts you have and how the impact will be on your family members if you are not around to pay back the money. Multiplication of annual income and human life value calculator are two of the most commonly used methods to determine the correct coverage amount.

      7 January 2019

    • Learn How You Can Make a Death Claim After a Policyholder Passes Away

      Life insurance policies provide assured benefit either in the form of death claims or maturity claims. In the event of the death of a policyholder, his or her dependents can make a death claim to receive the insurance benefits to overcome any financial burden that they might face. On the other hand, policyholders can make a maturity claim even in case of no death to receive money back at the end of the term of the life insurance policy or an endowment policy, money-back policy, and a unit-linked insurance policy. In fact, if you have decided to purchase a term insurance with return of premium (TROP) policy, you will be able to receive premium payments at regular intervals instead of a lump sum at the end of the policy term. Upon the death of the policyholder during the term of the life insurance policy, the nominee should get in touch of the insurer at the earliest and get a claim intimation form. This form can either be downloaded from the website of the insurance provider or can be requested through an email to the customer service team of the company. Then, the nominee will have to submit the required documents. The claim amount will be transferred to the bank account of the nominee within 30 days starting from the date of receipt of all the documents.

      4 January 2019

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    Customer Reviews

    • ICICI Prudential Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using my term insurance with ICICI bank,the agent had clearly explain me about the policy and benefit coverage, and i use to pay premium amount on monthly basis.they have charged me premium nominal,they have charged me up to 712 on monthly.and my premium amount use to get auto debited from my account.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been taken my Life insurance with Life insurance corporation of India, the agent had clearly explain me about the policy coverage and benefits,i have been holding two policy one is on monthly basis and one is for yearly basis,there premium amount they have charged me was nominal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Average Policy"
      0.5 4.0/5 "Great!"
      Purchased my life insurance policy in the year of 2001. Since my brother in law working as a agent, i have selected the Life Insurance Corporation of India for my insurance policy. I paid the premium amount of Rs. 2500 for half yearly. I make the premium through online.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Not recommendable policy"
      0.5 4.0/5 "Great!"
      I have taken the life insurance policy from Life insurance corporation of India. I'm making the premium through online. Most of the policy got matured and I'm not satisfied with the returns. I have purchased policy in 1995. I have selected the quarterly payment mode.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My Life insurance with Life insurance corporation of India had got completed, for 15 years, i was been paying this premium amount, the premium amount was on half yearly basis, and now i am waiting for the money to get, there service was good, they have charged me nominal premium amount.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • HDFC Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using HDFC LIFE for my life insurance,the agent had clearly explained me about the policy and the benefit coverage,they use to call me if any further update they change it, they have given me hard copy as well ,the premium amount is based on yearly they charged me,that was nominal,and till now no hidden charges they have charged from me.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 20, 2019
    • Tata AIA Life Insurance
      "Go for term insurance for the family future safety"
      0.5 4.0/5 "Great!"
      I have taken my term insurance policy from TATA AIG. This a a terms with returns policy. TATA AIG is providing a less premium with the sum assured amount of Rs. 1 Crore. I used to make the premium amount of Rs. 18000 per annum. I took the policy 1 month before. I have done the documentation process by online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Good to have"
      0.5 4.0/5 "Great!"
      My endowment policy was taken from LIC because of the trust and secure. In 2000, i have purchased this policy. I used to make the payment through online. One of my friend has recommended me about this policy. I have visited the branch many times and they are providing average service to the customer.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Good to have"
      0.5 4.0/5 "Great!"
      I have purchased a endowment plan from LIC. Bought my endowment plan in 2003. I have been paying the premium amount of Rs. 4000 per annum. I will get a sum assured amount of Rs. 1 lakhs. Total tenure period of the policy is 15 years. This is a tax benefit policy.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 20, 2019
    • LIC Life Insurance
      "Good to have"
      0.5 3.0/5 "Satisfactory"
      I have invested a money back policy from Life insurance Corporation of India. I took this policy in the year of 2003. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 100000 per annum. Three times i have received a money back in my account. I have not faced any issue in this policy.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 20, 2019
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