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    • SBI Life Insurance supported the basic needs for the underprivileged children of Ananda Marga Odisha

      SBI Life Insurance has addressed the malnutrition issue of Odisha by providing the basic needs for the children of Anand Marga School in Balasore Odisha. The insurer has enabled 70 underprivileged resident students of the school to have 2 major meals and 3 snacks per day. This initiative is taken by the company with an intention to shape a healthier future of the students who belong to the underprivileged sections. The Regional Director of SBI Life Insurance, Mr. Sanjay Bhatnagar, handed over the cheque to the Secretary of Ananda Marga School, Mr. Bhaskar Chandra Jena, in front of other eminent personalities. While speaking about this initiative, the President of SBI Life Insurance, Mr, Ravindra Kumar, said that they believe every child in the country should stay healthy and be educated and hope that this initiative will help these students to have a better future. Earlier, SBI Life Insurance has also supported the school in developing the washrooms used by the children.

      25 March 2019

    • Is if good to have two life insurance plans?

      Many people in the country are not aware of the benefits of term insurance and the risk protection that comes with life insurance. Many generally look at life insurance as an investment option and expect returns at the time of maturity. It is always advisable to keep insurance and investments separate as both these financial products are completely different. The purpose of insurance is to ensure that your financial state is not affected in case any untoward incident takes place. Investments on the other is used to generate wealth and meet your future financial aims. Since the use of the products are completely different, it is best to not combine the two. The main question now is that if you are looking to purchase a term insurance, is it advisable to buy two term insurance plans? It is good to have one term insurance plan. The eventual amount you get as coverage will be more if you have a single policy than for two policies.

      22 March 2019

    • How NRIs can avail life insurance in India

      The Foreign Exchange Management Act (FEMA) allows non-resident Indians to purchase life insurance plans in India, thereby allowing you to protect yourself as well as your family whether you reside or not in India. It is not mandatory for the NRI to reside in India to purchase life insurance in the country, although that varies from company to company. According to experts, taking the online route is the best way in which NRIs can purchase life insurance. This allows you to compare various options and find the one that best suits your needs. Although it’s not mandatory for you to reside in India, being present in the country when purchasing life insurance is very beneficial as the insurance company can carry out the required medical assessments. However, a few insurance companies are setting up offices in some of the major overseas nations. When it comes to premium payments, you can remit it in a foreign currency or via an NRO or NRE or FCNR bank account. In case the company issues the policy in foreign currency, you will have to pay the premiums from an FCNR or NRE account.

      21 March 2019

    • Tips to discontinue an insurance policy without affecting its value

      It is vital for any family to be covered under a comprehensive insurance policy in order to stay financially protected even after the death of the sole earning member. However, at times the policy owner may feel to discontinue the insurance policy due to certain reasons. But there are certain things that he/she needs to know before closing the policy, otherwise, it may impact the value of the policy. A term insurance plan can simply be discontinued by stopping the premium payment. Eventually, the policy will lapse. However, exiting an endowment policy which offers insurance as well as savings benefits is a bit tricky. Exiting an endowment plan before its maturity will impact the saved amount. In order to close such a policy, the policyholder should either convert the policy into a paid-up policy by skipping the premium payment after the mandatory period or by surrendering the policy against a surrender value from the insurance company. However, in both the cases, the policyholder must pay the premium until the end of the mandatory period, which can be 2-3 years based on the terms and conditions of the policy. If the owner chooses to close the plan before the mandatory period, he/she will lose all the value.

      20 March 2019

    • New premium income for life insurers increases by 33% in February

      The life insurance industry in the country recorded an increase of 32.7% in the month of February. The new premium income stood at Rs.18,209.50 crore. This is from the data recorded by the IRDAI. The first-time premium that was collected in the same time last year stood at Rs.13,724.96 crore for the same month of February last year. Life Insurance Corporation, the major insurer in the country with a maximum market share of close to 67% registered an increase of 42.2% for the new year premium at Rs.12,055.81 crore for the month of February. The other players in the life insurance sector who hold around 33% market share collected Rs.6,153.70 crore as first time premium. This is an increase of 17.25% when compared to the same time a year ago. When it comes to the private insurers, many insurers managed to register significant growth during the last month. SBI Life grew by 49% and registered Rs.1,055.32 crore during the last month. ICICI Prudential Life registered a growth of 33.1% to Rs.1,039.14 crore while Aditya Birla Sun Life registered a growth of 21.6% to Rs.222.26 crore. Aegon Life new business premium increased by 59.3% to Rs.48.26 crore. Kotak Mahindra Life registered a growth of 15.25% from the past year with a new premium of Rs.403.01 crore and Max Life registered a growth of 23.7% to Rs.529.77 crore.

      18 March 2019

    • Term life insurance plans: Tax benefits in addition to health coverage

      As per the proceedings of a recent report by Bloomberg, more than 75% of the population in India are not covered under any form of life insurance. The insurance providers and the government have been trying to fill up the gap to increase the coverage as much as possible. Working towards the same aim, Future Generali India Life Insurance Company Limited (FGILI) has come up with a new term plan which has been christened as Future Generali Express Term Life Plan.

      The Future Generali Express Term Life Plan is a comprehensive long-term protection plan which offers 4 different options. The life insurance scheme offers an inbuilt terminal illness benefit and permanent disability (due to an accident) benefit as well. The covers offered by the company through this insurance scheme are as follows: 1) Life coverage, 2) Extra life coverage along with accidental death benefit, 3) Life plus health coverage (includes accelerated critical illness benefits), and 4) All in one coverage (life coverage with accidental death benefits and accelerated critical illness benefits).

      15 March 2019

    • Zindagi Plus Option of Edelweiss Tokio Life Offers Extra Support to Families

      Life insurance plays crucial role to offer extra financial protection in households that have only one breadwinner. Generally, traditional life insurance policies help secure the future of the nominee in the event of the death of the insured individual. However, this might not be enough for a family whose primary breadwinner is deceased. Therefore, it is important to opt for a policy that offers coverage to both the partners. The Zindagi Plus Option offered by the Edelweiss Tokio Life Insurance provides complete and comprehensive financial protection to families through its optional Better-Half Benefit.

      Under the Better-Half Benefit option of this term insurance policy, the sum assured is paid to the nominee immediately after the death of the policyholder. Furthermore, the future premiums of the policy are also exempted for the nominee once he or she avails this benefit. In addition, the Better-Half Benefit also ensures that another life insurance policy starts in the name of the surviving spouse which will be worth 50% of the original sum assured. This helps make sure that the children and other dependents of a household have complete financial support in case something happens to the surviving parent.

      14 March 2019

    • Things to Know About your Employee Group Term Life Insurance Policy

      Group term life insurance covers are an effective way of retaining employees in an organisation or company. Such policies usually have a tenure of one year and each year the policy can be renewed thereafter. There are multiple things that you should know about such term plans as the factors and features surrounding them will directly affect you.

      Group term life insurance policies usually are issued to groups that are formed apart from the acquisition of life insurance policies. These could be a group formed by employees in a company, members of a trade organisation, and members of certain associations who share common interests. Employers typically opt for such policies in order to provide life coverage to their employees. Existing employees have the coverage (are covered) from the day the policy is issued, and new members will be covered from the day they have joined the company.

      13 March 2019

    • Canceling an insurance policy during the free-look period and getting refunds

      Under the law, there is a 15-day free-look period where the policy can be canceled by the policyholder and a refund issued. The free-look period starts from the date that the policyholder receives the policy document. This is only available for life insurance policies. In the case of health insurance policies, there should be a 3-year term for this to be applicable. If the policyholder wants to cancel the policy, it should be communicated in writing to the insurance firm, some of which have a standard form for this. Details that should be mentioned in the application are reason for cancellation, details of the policy, date of the receipt of the policy document, agent details, etc. On receiving the application, the insurance company will contact the policyholder, understand the reasons for canceling the policy, and provide solutions that could be what the policyholder requires. If the policyholder still maintains that the policy has to be canceled, then the insurance company is mandated to cancel it and provide the refund. The refund amount is calculated after deduction of pro-rated risk premium for the period of the cover, stamp duty charges, and any medical examination charges incurred by the firm. When a policy is sold online, the free-look period is for 30 days.

      12 March 2019

    • Survey Reveals Low Insurance Coverage Among Working Women

      India still remains to be at an all-time low as a survey reveals that less than 70% of the working women have actually purchased a life insurance policy and have a life coverage. As compared to their male peers, this number is highly poor as it portrays the severe lack of awareness among women about the importance of being insured.

      Max Life Insurance recently conducted a survey to understand the penetration of insurance among Indians. The results and overall outcome of the survey is highly thought-provoking and compels you to think about your priorities. The survey also disclosed the savings objectives of women residing in metro cities and having full-time jobs. It said that such women are focused on saving money for the education or marriage of their children. These women spare very little thought towards their old age and how they will manage without substantial and significant savings.

      Ensuring the financial protection of women is of utmost importance as they constitute half of India’s population. It is important that women receive sufficient financial coverage as they are the backbone of the whole family. Without substantial insurance coverage, the family of the person has to go through a financial turmoil during a medical emergency. With the help of a comprehensive insurance policy, you can safeguard the future of your family and also take care of expenses such as loan debts. The earlier you purchase a life insurance policy, lower will be the premiums for you.

      11 March 2019

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    Customer Reviews

    • HDFC Life Life Insurance
      "Good for nominees"
      0.5 5.0/5 "Blown Away!"
      I have term plan for Rs. 50 lakhs from HDFC Ergo, I am paying the premium around Rs. 7000 per annum. I need to pay upto 60 years, total life cover upto 80 years. Then nominees will get lump sum amount for certain demise. The customer support is great, I used to pay through online.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I am happy with life insurance of corporation of India I have life insurance corporation of India last four years before my plan is fifteen years almost four years is complete and I payed net banking . This is best customer service provided and response at a time and this is best insurance is all over insurance
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance through LIC Agent,The agent had clearly explain me about the policy coverage and plan benefits, and even their customer support is good, like they use to response me well,and the premium amount i use to pay via cheque on monthly basis.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I have taken Life Insurance policy through LIC. The name the policy is Bhima Kiran it was taken before 12years .The premium is nominal and i am paying the premium through credit card somtime through online .The LIC agent visited home and given details l and taken the policy it was the a tenure of 25years.Not yet faced any difficulties.I have received the policy documents on time .The Bhima Kiran policy was an old policy since launched before 12years .The Overall Service is Good .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken Children Money back plan with LIC and have completed 4 years. It was good and am paying the premium around 24K per year through online. Initially have been paying through cash and now online is convenient. The customer service is okay. The policy coverage is 5L and need to pay the premium for 24 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      From LIC, I took third policy. I used to pay Rs. 10,000 per annum it has the matured period of 15 years. I have started this policy in January 2019, The policy benefit is good with less premium. Even I have other two policies, they send the reminder message before the due date of all policies.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Need improvement on the customer service"
      0.5 4.0/5 "Great!"
      I have taken my second LIC plan in last year. I pay Rs. 12,000 on yearly basis. I need to pay for 15 years to get the policy matured, the policy benefits are good. But they need to improve their customer help desk there is no proper information on my queries.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Good Plan"
      0.5 4.0/5 "Great!"
      For Jeevan Anand plan, I used to pay Rs. 7600 on half year basis, I believe its for 15 years for tenure period. I am not sure because from the customer help desk there is no information, whenever I call no one picking up my call. But whenever I make premium I get alert message.
      Was this review helpful? 0
      , noida
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance though theLIC Agent.The agent visited home and gave all the details of the life insurnace policy and got an idea and taken the policy .I have taken the policy for the tenure 20 years.The preminim was nominal as well.I am paying the premium through yearly basis only. I am doing the payment through online .I have received the policy documents on time .I will be getting the payment due information through message.I have choosed LIC sicne have good service .The Overall Service is Good and Convenient.
      Was this review helpful? 0
      , nagpur
      Reviewed on Mar 25, 2019
    • Bharti Axa Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the two wheeler insurance policy with the BHARTI AXA GENERAL INSURANCE and i had no claim experience with this policy but the premium and the IDV value is satisfactory with this insurance policy. I am not aware of the policy coverage.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 25, 2019
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA and using it since from last 2 years with this insurance policy. The documentation process was simple and easy. The name of the policy is JEEVAN ANAND and the maturity period for 215 years.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 25, 2019
    • Shriram Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I hold a life insurance policy with the SHRIRAM LIFE and using since from last four years. The coverage gives for family also the maturity is for long term. It gives the benefits of life coverage with accidental coverage with this policy. The premium paying for yearly once with this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 25, 2019
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