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

    • Life Insurance Agency Suggests Changes to the Government for Next Union Budget

      As part of their proposal for the next Union Budget, due in February, the life insurance sector has suggested that the government create a distinct bucket for tax rebates under section 80 (C) and make annuities tax-free for the benefit of subscribers.

      17 January 2022

    • Term insurance premiums jump by 4.18% in the last quarter of 2021

      Insurers are facing difficulties regarding claims due to COVID-19, which has resulted in an increase in the cost of insurance policies. According to reports, the Price Index Value of term insurances has jumped by 4.18% in the last quarter of 2021. In Q4 of 2021, in case the sum assured is Rs.1 crore, the average yearly premium has gone up from Rs.29,443 to Rs.30,720.

      7 January 2022

    • TATA AIA registers significant growth for second quarter FY22

      Indian insurance company Tata AIA Life Insurance Co. Ltd. (Tata AIA Life), reported a significant growth in its second quarter of FY22. The insurer saw their individual weighted new business premium (IWNBP) income rise by 24.5% when compared to the figures last year during the same period. For the current quarter, IWNBP growth was recorded to bet at 39%

      The insurer recorded the highest retail coverage amount for the period September 2021 among privately owned insurance companies in India as they saw their total premiums grow 23% during the quarter.

      31 Dec 2021

    • New term insurance product launched by ICICI Prudential

      A new term insurance has been launched by ICICI Prudential Life Insurance. The new insurance policy is being called ‘ICICI Pru iProtect Return of Premium’ which will offer its customer life-stage based cover where the quantum of life cover will be adjusted on its own depending on the stage of life of the customer.

      The scheme is offering a 105% return of all premiums in case the customer survives the policy term. The scheme will also provide coverage against various critical illnesses and will be available in two variants – Level Cover and Life Stage Cover.

      27 Dec 2021

    • Life insurance penetration increases amidst Covid-19 concerns

      An 11.70% increase has been observed in the life insurance penetration of India due to Covid-19. The life insurance penetration grew from 3.76% in 2019-20 to 4.20% in 2020-21. As per the annual report of the Insurance Regulatory and Development Authority of India (IRDAI), Non-life insurance penetration rose from 0.94% to 1%.

      However, India’s GDP growth has reduced by 7.3% in 2020-21. Increased awareness and widespread government health insurance initiatives helped the non-life insurance industry grow by about Rs 10,000 crore this year. According to the insurance regulator's report, over 9.5 lakh Covid-19 treatment-related claims have been received by standalone health insurers and general insurers.

      The insurance sector observed a rise in insurance penetration from 2.71% in 2001-02 to 5.20% in 2009-10 during the first decade after liberalisation. The life insurance industry earned Rs.6.29 lakh crore in 2020-21 when compared to Rs.5.73 lakh crore in the previous financial year. LIC witnessed a 6.30% growth in its premium income and other private insurers recorded 16.50% growth.

      In 2020-21, the renewal premium made up 55.67% of the total premium received by life insurers. The contribution by new business premium was 44.33%.

      27 Dec 2021

    • Hinduja Group and ADIA to Purchase 49% Stake in Bharti AXA Life Insurance

      According to reports, the Hinduja Group and the Abu Dhabi Investment Authority (ADIA) are in talks to buy AXA's 49 percent stake in Bharti AXA Life Insurance. The shareholding is estimated to be worth roughly $1 billion. According to the report, due diligence should be completed by early next year.

      9 Dec 2021

    • New income product launched by ICICI Prudential Life Insurance 2021

      ICICI Prudential Life Insurance has launched a new non-participating savings product ‘ICICI Pru Guaranteed Income for Tomorrow (Long-term)’. With this product, customers will get the option of receiving guaranteed tax-free ‘Income’ or ‘Income with 110% Return of Premium regularly. The two plans offer income for up to 30 years.

      Customers can avail of financial security throughout the policy’s duration including the income period. This life insurance plan provides customers with a secure and paperless experience.

      7 Dec 2021

    • Hinduja-ADIA consortium plans to buy AXA stake in life insurance JV with Bharti 2 December 2021

      The French insurance major AXA owns a 49 percent stake in the life insurer while the Bharti Group holds the remaining 51 percent. The Hinduja group has teamed up with Abu Dhabi Investment Authority (ADIA) to enter the domestic insurance sector. The duo plan to buy the insurance major AXA’s stake in the Bharti-AXA Life Insurance joint venture.

      3 Dec 2021

    • ABSLI Assured Savings Plan launched by Aditya Birla Sun Life Insurance

      Aditya Birla Sun Life Insurance (ABSLI), which is the subsidiary of Aditya Birla Capital Limited (ABCL), has recently announced the launch of the new savings solution, ABSLI Assured Savings Plan. The non-participating savings product is a plan which is set to provide fully guaranteed lump sum benefits on the insurance policy's maturity. It will also offer long-term financial security. This is done by integrating protection and savings in one plan

      19 Nov 2021

    • Scripbox set to offer term insurance in partnership with Aegon Life, HDFC Life, and Max life

      Scripbox is set to provide specially designed solutions to customers along with claim process assistance and issuance. The company is partnering with leading insurance companies namely, Aegon Life, HDFC Life, and Max life to offer life insurance products to its customers.

      The move of adding new products is taken to strengthen the company’s position as a digital wealth manager.

      18 Nov 2021

    • Online sale of various term life insurance products gains

      According to a senior official from Max Life Insurance, online sale is improving in the life insurance sector. The official further added that out of the five term products are being bought by customers online. In the last financial year, 12% of term policies in India were purchased online. The average age of the policyholders who purchase a policy online is 36 years. Based on the feedback that has been given, several innovative schemes have been introduced for online customers. Premium holiday is also being offered to customers after a few years.

      16 Nov 2021

    • IndiaFirst Life Saral Bachat Bima Plan introduced by IndiaFirst Life Insurance Company Limited

      IndiaFirst Life Saral Bachat Bima Plan was introduced by IndiaFirst Life Insurance Company Limited with the aim of providing insurance cover to the whole family. This is promoted by Union Bank of India and Bank of Baroda. This is a plan with a limited premium policy that is non-participating and non-linked that will protect the family for anywhere from 12 to 15 years while paying a premium of only five to seven years. Apart from guaranteed annual additions, there is also accidental death benefit in the first year, as well as funeral cover and no medical tests. There is also sum assured on maturity along with all the guaranteed additions that are accrued on maturity. Tax benefits can also be availed as per the income tax laws.

      26 Oct 2021

    • LIC IPO likely to take place by 4th quarter of the current financial year

      Chief Economic Adviser Krishnamurthy Subramanian said that it is very much likely that the initial public offering of Life Insurance Corporation of India (LIC) will take place by the the fourth quarter of the current financial year.

      Subramanian said that the budget gained from the privatisations stands at Rs.1.75 lakh crore with Air India issue also being handles well. He said that listings for LIC and Bharat Petroleum are on track and hence the concerned authorities are confident regarding the listing happening by the fourth quarter of the current financial year.

      10 merchant bankers including Goldman Sachs (India) Securities, Citigroup Global Markets India, and Nomura Financial Advisory and Securities India, have already been appointed by the Government of India to manage the initial public offering (IPO) of LIC.

      The Government of India has also shortlisted Cyril Amarchand Mangaldas law firm to oversee the LIC IPO. The firm will look after everything from drafting the IPO papers to responding to regulators' queries.

      13 Oct 2021

    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? 7
      , 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? 2
      , 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? 1
      , 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.