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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
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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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    • Life Insurance Business Could Be Spun Off by Postal Department

      The Jan Dhan Yojana – the Centre’s flagship for financial inclusion, has seen the postal department make plans to improve its life insurance products. Manoj Sinha, the Minister of State for Communication, revealed that there are 2 really good products that can be availed for lower premiums in comparison with those offered by the Life Insurance Corporation of India. He added that however, both the products have not been utilised to their full potential. He also said that the insurance industry has massive potential, so they are now trying to make it a distinctive insurance company under the postal department. Top of the plans is to create an independent strategic business unit which they hope to complete in the coming 2 years. The Rural Postal Life Insurance scheme and the Postal Life Insurance scheme were previously available only to employees from the government sector, but the government extended it to professionals like engineers, doctors, bankers, lawyers, architects, management consultants and CAs as well as to employees of certain companies.

      20 July 2018

    • Tax Benefits Offered in a Life Cover

      Any amount of premium paid towards a life insurance policy will be eligible for a Section 80C deduction up until the limit of Rs.1.5 lakh in the course of any financial year. People sometimes assume that this benefit is applicable for LIC (Life Insurance Corporation of India) policies only. This is not an accurate fact, any policy obtained from any insurer (private or public) will be eligible for this deduction under the Income Tax Act, 1961.

      An important point to keep in mind here is that any premium whose value is more than 10% of the sum assured amount, and which was issued after 1 April 2012, will not be eligible for the Section 80C deduction. With regard to insurance policies that were issued before 1 April 2012, the limit is fixed at 20% of the total sum assured amount.

      The maturity amount that is received by the policyholder at the end of the policy term is completely exempted from tax as per Section 10(10D) of the Income Tax Act, 1961.

      19 July 2018

    • IDBI Managing Director Likely to Receive 5 Year Term After LIC Deal

      Life Insurance Corporation of India is all set to obtain a majority stake in the state-run lender. Having said that, Managing Director of IDBI Bank, B Sriram is believed to receive a 5-year term under LIC.

      LIC is believed to be in contact with B Sriram for his sheer experience and knowledge in the sector of finance and banking. Sriram will remain at helm, however, LIC may induct other board members if it deems suitable. Before joining IDBI bank as an MD, B Sriram headed the State Bank of India as their Director.

      With privatisation of IDBI bank, Sriram’s tenure will henceforth be eligible for an extension. B Sriram assumed office in IDBI after CEO and MD, MK Jain became the deputy governor of the Reserve Bank of India.

      18 July 2018

    • LIC-IDBI Agreement: How Insurers Invest

      IDBI Bank, which is a state-owned lender, has been facing troubled times off late, but the Life Insurance Corporation of India has offered to bail the bank out, leaving a number of people across the country with raised eyebrows. Some of the industry experts have said that it was against the interest of the insurer’s policyholders. The Insurance Regulatory and Development Authority of India approved of the company holding a majority stake in an entity, thereby effectively waiving off the regulatory limit which was earlier set at 15%. This move has also been the subject of widespread criticism. Companies that have a corpus of less than Rs.50,000 crore can purchased no more than 10%, while companies with a corpus of between Rs.50,000 crore and Rs.2.5 lakh crore are limited to purchasing 12%, and those with a corpus in excess of Rs.2.5 lakh crore have the approval to buy stakes of up to 15%. LIC has received the approval to raise stake in excess of 15%.

      17 July 2018

    • Investing for Retirement and Securing Children’s Future

      In majority of cases, purchasing life insurance policies for children is not a recommendable approach to take, mostly because young children are dependents and will most likely remain so for an extended period of time. Since children do not make salaries, investing in a life insurance policy solely for them might not be the best choice.

      Life insurance premium rates usually increase with a person’s age. This is because the risk factor is accentuated and a person is more likely to contract diseases and fall ill in their old age as compared to a younger age. However, the chances of your children getting priced out of a life insurance policy deal are quite slim.

      In case you want to invest in a comprehensive insurance policy while knowing that your dependents are protected, term insurance policy is the route to take. Additionally, you should also contemplate investing in a health insurance policy for covering emergency medical situations. It is not a good idea to depend wholly on an employee cover as they might be lacking in multiple benefits that you can make use of. Another way of insuring your child’s future is having an emergency kitty and filling it at regular intervals. You may either choose a savings bank account, an FD, or small-time savings scheme.

      In conclusion, if you want to secure your future after retirement and also leave behind savings for your children, you will need to evaluate each of your financial goal. Investing in debt and equity mutual funds might help you attain your short-term goals, however, you will need a comprehensive life insurance policy to cover your dependents after your demise.

      16 July 2018

    • LIC-IDBI Agreement: How Insurers Invest

      IDBI Bank, which is a state-owned lender, has been facing troubled times off late, but the Life Insurance Corporation of India has offered to bail the bank out, leaving a number of people across the country with raised eyebrows. Some of the industry experts have said that it was against the interest of the insurer’s policyholders. The Insurance Regulatory and Development Authority of India approved of the company holding a majority stake in an entity, thereby effectively waiving off the regulatory limit which was earlier set at 15%. This move has also been the subject of widespread criticism. Companies that have a corpus of less than Rs.50,000 crore can purchased no more than 10%, while companies with a corpus of between Rs.50,000 crore and Rs.2.5 lakh crore are limited to purchasing 12%, and those with a corpus in excess of Rs.2.5 lakh crore have the approval to buy stakes of up to 15%. LIC has received the approval to raise stake in excess of 15%.

      13 July 2018

    • Investment Products to Create Wealth in the Future: ICICI Prudential Life Insurance

      Factors such as global trade wars and other macroeconomic elements have had a serious impact on the market as a whole. However, despite the status quo, executive director of ICICI Prudential Life Insurance, Sandeep Batra believes in the potential of investment products and their sheer ability of generating tremendous wealth in the future.

      Highlighting grave issues like inflation, Sandeep Batra further said that even though the economical growth predicted for the future might not be entirely stable, India’s nominal 10% growth creates huge scopes of generating wealth and curbs the issue of inflation massively.

      For this vision to materialise, however, investors in India will be required to instill the component of financial discipline at their fundamental core. Investing in a property or house might seem like a gainful step, as it (the property) remains untouched while still generating money for the borrower, in most cases. Market linked and equity products might experience some fluctuations in the future, however the overall gain will remain unhampered.

      When talking about ‘savings-cum-insurance products’, Sandeep Batra regards ULIPs to be highly profitable as their benefits are relatively more transparent and charges involved are minimal.

      12 July 2018

    • New Rules Command Commission Payment Among Insurance Agents

      With removal of Section 44, the old rules surrounding commission payments have undergone a drastic change. According to the new rules, if the agent has not been rendering his/her services to the policyholder, then commissions are not provided either.

      Renewal commissions typically are paid to the agents when they offer some services to the customers. They act like remuneration for the agents. Therefore, if an agent is not serving the customer anymore, providing them with a renewal commission will not make any sense.

      Even though the rule of providing commission to dead or non-servicing agents has not been done away with completely, the insurance sector has started taking the quantum of business brought in by every agent into consideration before handing out commission money.

      11 July 2018

    • IndiaFirst Life Insurance Company Welcomes New CEO, Rushabh Gandhi

      IndiaFirst Life Insurance Company recently appointed Mr. Rushabh Gandhi as the new Deputy Chief Executive Officer effective. Mr. Gandhi took office on 1 July 2018.

      Mr. Gandhi has played a crucial role in the history of IndiaFirst. From the 20th rank, he has successfully elevated IndiaFirst to rank 13. Owing to his efforts, IndiaFirst in today’s date is the most widely popular insurance provider in India.

      On top of that, IndiaFirst’s retail APE has also undergone a major financial hike from 160 crore to Rs 575 crore in 2017-18, showing a 53% CAGR.

      10 July 2018

    • Bonus Accrued from Participating Life Insurance Policies

      The concept of a bonus is highly rewarding as it is an amount that is provided over and above the amount that a person is entitled to (at a job). Employers usually incentivise activities in offices by handing out bonus money to the good performers. Monetary gain usually instills a feeling of confidence in the individual and motivates them to work harder.

      In the world of insurance, the concept of bonus operates in the same manner. Bonus is that portion of money that is made available to policyholders over and above the assured amount. However, this bonus is provided only after the insurer has analysed the needs of the potential purchaser. Upon completion of the analysis, the bonus amount is provided. Insurance companies these days have become super proactive and have started recommending participating insurance policies to potential purchasers because of their bonus feature.

      Participating policies are the ones which extract a portion from the corporation’s profits. These policies are entitled to the profits earned by the corporation. For such plans, bonuses are offered on a yearly basis by insurance companies. These profits are either provided as a cash payout at the rate that has been declared initially, or they come as reversionary bonuses that get attached to the policy and increase in value every year. The lumpsum bonus is thereafter provided when the policy matures or if the policyholder passes away during the policy term. In case an insurance policy has been surrendered by a policyholder, only the discounted value of the accumulated bonus amount is handed to the individual.

      Participating insurance policies offering bonuses are meant for those investors who want a sense of security for the future and for moderate risk consumers. These policies provide a guaranteed upside in the form of bonuses and this extra income can act like a boon for many policyholders.

      The types of reversionary bonuses offered alongside participating policies are simple reversionary bonus (SRB), compounded reversionary bonus (CRB), terminal bonus, and interim bonus. Each of these have different features and each are paid out during different times.

      9 July 2018

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    Customer Reviews

    • ICICI Prudential Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this insurance policy very long time back. The sum assured with them had been good and the premium i pay every month is around 3000 and i had been making the payments online. It has been a hassle free experience with them. Their customer support and the staff responses had been good so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this insurance almost one and a half years back. The services which they had provided so far had been good. One of the known person of mine has came directly and i had taken this insurance, even they used to collect the premium every directly at the doorsteps. There has not been any issues faced so far.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying premium 30000 per year, the tenure of the policy is 30 years. I am paying the premium online. So far there hasn't been any issues with the services of LIC and being a Govt company the security for your investment is guaranteed.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life insurance policy is with LIC from last 14 years 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 by cash and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. The maturity period for this insurance policy is 10 years. I pay a premium of Rs 2000 on monthly basis through ECS and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 6 months and it is a long term policy. I am happy with the coverage and returns of this policy. I pay a premium of Rs 8000 once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have visited the branch directly to get the insurance policy. I have to pay the the premium for 25 years. Basically its a moneyback policy. I have got a very good response in the branch. I'm very much satisfied with the sum assured amount what they have provided for my policy. I'm not much interested to know about the policy details.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • Tata AIA Life Insurance
      "Clain Ratio is good. "
      0.5 5.0/5 "Blown Away!"
      I took this term insurance in the year of December 2016. I used the premium amount of Rs. 35000 i used to pay the premium yearly by using the credit card through online banking. They are offering a sum assured amount of 1.1 crore. I have to pay this term insurance for 10 years. I have spoke their customer care service and they were helpful to me.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 19, 2018
    • LIC Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I never called the customer care service of LIC. I used to pay the premium amount of Rs. 4200 for every month. I'm not aware of the sum assured amount . I have to pay this premium for 15 years. I used to make the payment through online banking. I have purchased this LIC policy for 5 years before.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 19, 2018
    • Bajaj Allianz Life Life Insurance
      "High Returns"
      0.5 5.0/5 "Blown Away!"
      I have a very less idea of Insurance sector, on my friends recommendation I ended up buying the ULIP Plan from Bajaj Allianz (https://www.bajajallianzlife.com/ulip/ulip.jsp.) The policy is great and personally I think it is one of the best investment plan with high returns. Service is fast and on time which is well facilitated from the customer services team.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 18, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 4.5/5 "Excellent!"
      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 of Rs 7000 once in a year by cash and i am convenient with the payment options. The maturity period for this policy is 16 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 18, 2018
    • SBI Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 12 years of tenure period , the payment am doing through Ecs half yearly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2018
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