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

    • Bharti AXA rolls out life insurance plan with assured returns

      Bharti AXA Life Insurance today launched its novel plan – Bharti AXA Life Guaranteed Income Pro which offers life insurance along with guaranteed returns and maturity benefits. It is a non-linked, non-participating savings insurance plan and is designed to provide financial stability to individuals and ensure future policyholders are able to meet their income requirements with dual benefits of savings and protection.

      Bharti AXA Life Guaranteed Income Pro helps policyholders maximize their financial returns allowing them to meet their financial obligations, and achieve goals like child’s education or marriage, retirement, a holiday, retirement income, income from other sources, etc.

      22 December 2020

    • ICAI recommends no Income Tax on insurance policies with tenures of over 10 years

      In the Pre-Budget Memoranda – 2021, the Institute of Chartered Accountants of India (ICAI) has recommended the Union government to make life insurance policies that have a term of 10 years and more exempt from tax. The Institute said that the tax exemption on life insurance policies should be offered based on the policy term.

      17 December 2020

    • FDI in non-life insurance sector reduces to Rs.509 cr

      Foreign direct investment (FDI) in the general insurance sector had reduced to Rs.509.07 crore in FY 2019-20 from the previous year. In FY2018-19, FDI was Rs.516.61 crore. Since the opening up of the insurance market, the non-life sector attracted Rs.4,721.68 crore.

      4 December 2020

    • Private life insurers’ Premium collections increase by 15%

      Life insurers have reported 14% year-on-year (y-o-y) growth in annualised premium equivalent (APE) as compared to 4% y-o-y in September 2020, and 6-40% y-o-y decline from April to August. The revival in unit-linked insurance plans (ULIPs), strong traction in all non-par savings areas and increase in sales via agency channels are the catalysts. The individual APE increased 14% y-o-y in October for all private insurers and the group APE had increased by 24% y-o-y. This had translated to 15% y-o-y growth in the APE.

      25 November 2020

    • Non-life insurance premium drops to Rs.15,855 crore in the month of October

      There has been a marginal dip in the insurance premiums for non-life insurance policies. The drop witnessed in about 0.4% and that has been recorded as Rs.15,855 crore for the month of October 2020.

      This stands against the Rs.15,921 crore which was recorded during the same period in the previous year. The Insurance Regulatory and Development Authority of India or IRDAI released a new set of data and on the basis of the same the gross direct premium till October 2020 has witnessed a growth of 1.11% and stands at more than Rs.1.12 lakh crore. This figure stands against the figure of Rs.1.11 lakh crore which was recorded during the same time in the previous year.

      19 November 2020

    • Supreme Court states that contract of insurance is of utmost good faith

      According to a statement by the Supreme Court, a contract of insurance is of utmost good faith and an applicant who wishes to avail a life insurance policy will be bound to disclose all material facts on the issue.

      The Supreme Court had stated this will settling a verdict in March 2020 of the National Consumer Disputes Redressal Commission which had dismissed the plea of the insurance firm against the order of asking the latter to pay a full death claim including interest to the mother of the deceased.

      Justice D.Y. Chandrachud was heading the bench during the hearing and noted that the proposal form requires a special disclosure of pre-existing ailments. This would be to enable the insurer to arrive at a decision based on the actuarial risk.

      17 November 2020

    • Life insurers see 32% growth in new premium in October

      According to a data from Insurance Regulatory and Development Authority of India (IRDAI), life insurers had a 31.9% year-on-year (YoY) growth in new premiums at Rs.22,776 crore in October 2020.

      Life Insurance Corporation of India (LIC) posted YoY growth of 36.1% at Rs 15,548 crore in October. Private insurers posted YoY growth of 23.6% percent at Rs.7,228 crore.

      Among the listed companies, HDFC Life Insurance saw a 56% YoY growth in new premium at Rs.1,658.8 crore in October. ICICI Prudential Life Insurance saw a 6% YoY growth in new premium at Rs.990.2 crore in October, while SBI Life recorded 11.8% YoY growth in first-year premium at Rs.1,591 crore.

      Overall, for the April 1 to October 31 period (FY21), life insurance companies recorded a 3.1% YoY growth in new premium at Rs.1.47 lakh crore, compared to the year-ago period.

      While the non-life insurance companies recorded flat growth in October, segments like health insurance continued to grow.

      12 November 2020

    • IRDAI asks life insurers for expeditious settlement of claims in flood-hit areas

      The Insurance Regulatory and Development Authority of India (IRDAI) has asked life insurance companies to take immediate action for expeditious settlement of claims in areas affected by floods in Andhra Pradesh, Telangana, Maharashtra and Karnataka.

      Due to recent havoc created by heavy rainfall and floods, there have been reports of human lives lost and belongings damaged in the affected districts of Andhra Pradesh, Telangana, Maharashtra and Karnataka.

      To extend every possible facilitation for quick and timely settlement of life insurance claims, the regulatory body has asked the insurers to nominate a senior-level official for acting as a nodal officer in the state.

      IRDAI further said the nodal officer will contact the chief secretary or the officer concerned of the state immediately and be in regular contact.

      Insurers have been asked to consider the process followed in the case of Chennai floods in 2015 so as to make the process of claim settlement easy.

      10 November 2020

    • IRDAI directive to launch uniform life insurance policy

      The Insurance Regulatory and Development Authority of India (IRDAI) has issued a new directive to all life insurance firms to launch a standardised life insurance policy from 1 January 2021 which will be called the ‘Saral Jeevan Bima’ policy. This policy should have the same exclusions, inclusions, benefits, and features across all life insurance companies although the prices may be different. This policy should be made available for a term ranging from 5 years to 40 years, with maximum age at maturity being 70 years, and the age group being for the range of 18 to 65 years. The minimum sum assured will be in the range from Rs.5 lakh to Rs.25 lakh. This aims at increasing the penetration of insurance products and expansion of insurance awareness across all demographics in the country.

      28 October 2020

    • Insurance companies will launch 'Saral Jeevan Bima'

      From next year, all the life insurance companies in India will have to release an individual, standard, term life insurance policy known as 'Saral Jeevan Bima'. The IRDAI has also shared guidelines with every insurer on standard individual term life insurance product. In a circular, IRDAI had said that there are a lot of term products right now in the market with different terms and conditions. A lot of the industry analysts have said that they are happy with the introduction of mandatory life insurance and they have said that it will help in inclusion and penetration in India.

      20 October 2020

    • Buying life insurance from Insurance Marketing Firms (IMF)

      Life insurance policies should be bought by doing due research first. This can easily be done on the official websites of the life insurance firms. A tax break should not be the only reason why you take a life insurance policy. You can buy life insurance from an Insurance Marketing Firm (IMF). Unlike other life insurance intermediaries who can only sell life insurance policies, an IMF is also licensed to sell other kinds of financial products. This helps to increase the penetration in rural areas. Currently, there are 375 such IMFs that are licensed by the Insurance Regulatory and Development Authority of India (IRDAI). They can also sell products such as the National Pension Scheme (NPS), mutual funds, and post office small savings schemes.

      15 October 2020

    • 16% growth recorded in new business premiums in September

      New Business Premiums (NBP) during the first quarter of the FY21 had seen a year-on-year decline, however, during the second quarter between July to September, there has been a rise. The rise for the NBP was around 16% due to a slight rise in economic activity.

      In the second quarter, NBPs have been amounting to Rs.75,392 crore with LIC seeing a rise of 14% to Rs.51,488 crore. NBP of private insurers has increased by 20% to Rs.23,904 crore. Due to the pandemic induced lockdown, the NBP of insurers had decreased by 18%.

      In the month of September, NBP of life insurers has increased by 26.47% to Rs.25,366.32 crore. Life Insurance Corporation’s NBP has recorded an incline of 30% to Rs.16,602.84 crore and private insurers saw an incline of 20% to Rs.8,763.48 crore.

      13 October 2020

    • New business insurance premium struggle due to impact of Covid-19

      The outbreak of Covid-19 has caused the new business premiums for the life insurance industry to remain under pressure for the current financial year. However, ICICI Direct has estimated their premium growth at 8-10% for FY21E.

      ICICI Direct in its report on Banking and Financial Services said that their business premium growth is estimated at 8-10% for FY21E as Q3 and Q4 will continue to be business accretive for the life insurance industry. ICICI Direct, however, maintained that the above numbers have been crunched after factoring in the 5-10% decline caused by lockdown.

      The outbreak of Covid-19 which led to a countrywide lockdown has affected the premium growth for the life insurance industry as annualized premium equivalent (APE) also saw a dip during the initial months. However, as economy begins to get unlocked in phases, a phase of premium growth showing a healthy trend is being experienced.

      8 October 2020

    • LIC made a profit of Rs.13,000 crore in August 2020 this fiscal

      Life Insurance Corporation (LIC) of Indian which is preparing to go public despite the turbulent time in the market managed to rake in Rs.13,000 crore profit during August 2020 this fiscal in the equity portfolio.

      The insurance company managed to collect around Rs.8,300 crore as renewable premiums till the month of August for the year 2020, recording a growth of 13.5%.

      In the 2020-21 budget session, Nirmal Sitharaman the Finance Minister of India announced that the government planned to sell a part of its stake in LIC through Initial Public Offering.

      The IPO of LIC will be closely looked at and is likely to benefit the government as a huge chunk to the disinvestment profile of Rs.210 crore this fiscal will be contributed by the listing of the insurance company.

      6 October 2020

    • Around 3.4 lakh agents set to be appointed by insurance companies to meet the demand

      Around 3.4 lakh agents are set to be appointed by insurance companies in the financial year 2021 to help meet demand. The demand for protection has seen a rise due to the coronavirus outbreak. Three-fourth of the jobs would be contributed by insurance companies. The opportunity comes at a time when individuals are having to take a salary reduction or losing their jobs. Around 3 lakh agents are likely to be hired by Life Insurance Corporation (LIC). Individuals prefer physical purchases of insurance rather than online. Around 1 lakh agents are likely to be hired by other insurance companies.

      29 September 2020

    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

    • LIC
      "Best policy "
      0.5 5.0/5 "Blown Away!"
      LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
      Was this review helpful? 4
      , bangalore
      Reviewed on Mar 20, 2020
    • LIC
      LIC
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      On one year back, I have taken life insurance from LIC. Since the agent has recommended with all good benefits so I preferred this policy to apply. I have received the hard copy on time. The tenure period of 15 years 2021 getting maturity and i am paying premium on quartely 40,000 which am paying to the agent. It covers up to myself with the sum assured of 7.5L.
      Was this review helpful? 1
      , tirupur
      Reviewed on Mar 20, 2020
    • Max
      "Good insurer"
      0.5 3.0/5 "Satisfactory"
      I taken a life insurance in MAX LIFE on 6 months back. It covers up to myself with tenure period of 35 years. To pay the premium amount there is additional criteria like accidental and for an emergency purpose can do claim at any time, so total amount need to pay of 18K on yearly. They have tied up with many hospitals.
      Was this review helpful? 10
      , bangalore
      Reviewed on Mar 20, 2020
    • LIC
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy of Jeevan Bhima for the tenure of 15 years .The premium is paid through yearly basis and premium is paid by myself through lic office only.This policy is stil active and the policy features and benefits was clealry shared by the agent .
      Was this review helpful? 1
      , indore
      Reviewed on Mar 20, 2020
    • Bharti Axa Life
      "Good service "
      0.5 4.0/5 "Great!"
      On 5 months before taken a life insurance from BHARTI-AXA. The tenure period of 15 years plus 5 years of maturity. My friend has suggested this policy to apply and I received the hard copy on time. The premium amount of 21K need to pay on yearly. The coverage amount of 10L if an emergency or accidental happen other 10Lis applicable. The charge is high when compared to other.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 19, 2020
    • LIC
      "Good "
      0.5 4.5/5 "Excellent!"
      I have taken a life insurance in LIC on 6 years before. The policy of tenure period of 20 years. I am paying premium on half yearly package the amount of 8K which is nominal. While getting a policy my agent has given an information about the policy details. It covers up to myself.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Secured policy"
      0.5 4.5/5 "Excellent!"
      I got Money Back policy from LIC. It was taken on 14 years back. The tenure period of 20 years. The premium amount need to pay on half yearly basis of 2,480 rupees. Evey 5 years I get good returns from their end. So far I have not faced any charge. I use to remainder and update from my agency.
      Was this review helpful? 1
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good"
      0.5 4.5/5 "Excellent!"
      I took a life insurance for myself only from LIC. The policy of Jeevan Mithra which I need to pay of 10K on quarterly basis. I took this policy on 15 years back, when I was a student took this insurance so all the details got from their end on time. Only for investment taken this policy.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good service"
      0.5 4.5/5 "Excellent!"
      LIC has offered a life insurance for my children. It covers my kids only. It was taken on 2015 which is good policy. The tenure period of 20 years. Agent has given all the details about the policy and also provided hard copy documents on time. The premium amount to pay of around 3K.
      Was this review helpful? 0
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good policy "
      0.5 4.5/5 "Excellent!"
      For my spouse I taken a life insurance policy from LIC on 3 years back. It covers only for her. The tenure period will be 20 years. I use to pay the premium amount of 20K per annum. Since somebody suggested about this policy so I opted for it. The policy is Jeeven Anandh.
      Was this review helpful? 1
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good insurer"
      0.5 4.5/5 "Excellent!"
      I taken a life insurance from LIC on 7-8 years back. They have given the policy of Jeevan Anandh which was covered only for myself. The premium amount which I need to pay of 6K around. The agent has given all the details about this policy. So far I have not faced any charge. To pay the amount I visit branch directly. The tenure period of 20 years.
      Was this review helpful? 2
      , darbhanga
      Reviewed on Mar 19, 2020
    • LIC
      "Good insurer"
      0.5 5.0/5 "Blown Away!"
      I got a money back policy from LIC hence taken on 12 years back. I am paying premium on quarterly package the amount of 6K which is nominal. While getting a policy the agent has given an information about all details and received the hard copy documents on time. It covers up to myself only.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Mar 18, 2020
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.