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    • Life Insurance Guaranteed Income Plans

      Life insurance guaranteed income plans, as the name implies, provides the option of getting a monthly income on a regular basis. These guaranteed payouts on a regular basis also come with maturity benefits. The regular income depends on a percentage of the sum insured that is predefined by the policyholder. The policyholder also decides the interval at which the income is received. This is done at the time of buying the policy. The frequency of income can be monthly, quarterly, half-yearly, or annually. The duration of the policy is also decided by the policyholder. At the time of the policy getting matured, the additions that were accrued over the period are paid out to the policyholder. In case the policyholder passes away before the policy matures, the payment of premium is waived off for the survivors. The policy and benefits will continue, however. The death benefit is passed onto the nominee. The death benefit is the combination of the basic sum assured and the bonuses. The guaranteed payouts will be paid out to the nominee at intervals that were decided by the policyholder. This kind of policy offers long-term returns that are conservative and ideal for investors who are risk averse. The return benefits are paid out in the final 3 to 5 years of the policy. However, this also depends on the term of the policy as decided by the policyholder. At the time of maturity, there is also a reversionary bonus and a terminal bonus. Apart from tax deduction, there is also tax exemption for the maturity amount.

      27 January 2020

    • 11.5% increase in premium recorded by non-life insurers in December 2019

      Non-life insurance companies in India recorded an increase of 11.5% so far as premium collections were concerned. The total amount collected in December 2019 was Rs.15,980.81 crore, according to data released by the Insurance Regulatory and Development Authority of India. 34 non-life insurers in the country reported an overall premium of Rs.14,334.98 crore in December 2018, marking an increase of 11.5% in the space of a year. Of all the insurance companies, it was reported that 25 general insurance companies saw a 4% increase in their combined premium in the last month of the year. 7 stand-alone health insurance companies from the private sector collected Rs.1,258.14 crore in premiums during the month, registering an increase of 16.3% in comparison with a year ago. ECGC Limited and Agricultural Insurance Company of India Limited – 2 specialized private sector insurance companies, recorded collection of premium income to the tune of Rs.685.16 crore in December last year.

      20 January 2020

    • Airtel launches prepaid plans with life insurance cover

      Two new prepaid plans have been launched by Bharti Airtel with life insurance coverage included. The prepaid plan of Rs.279 comes with a life insurance cover of Rs.4 lakh. This is a term life insurance policy from HDFC Life.

      6 January 2020

    • Indian women say yes to life insurance

      One of the indications that women are increasingly becoming more financially independent. The number of Indian females buying life insurance has increased manifold. The Insurance Regulatory and Development Authority of India (IRDAI), in its annual report 2018-19, said that women had bought 36% of the 28.6 million policies sold in FY19.

      In FY18, women purchased 32% of the policies. Data showed that, out of the 10.3 million policies bought by women, one-third of the policies have come from three states including Maharashtra, Uttar Pradesh, and West Bengal. One of the insurance companies which has been the most trusted by women is Life Insurance Corporation of India (LIC) as compared to other private insurers. The percentage of policies sold by LIC is 39% while it is 27% in the case of private insurers.

      In 17 states and union territories, the share in number of policies bought by women is higher than the all-India average of 36%. One can also note that life insurers are also working on niche insurance products for women. These products aim to take care of specific life-stage needs of women including marriage, childbirth and menopause.

      Life insurers are also of the opinion that the more the number of women selling policies, the better will the sales to females be.

      At the end of FY19, there was a total of 6,03,208 women working as life insurance agents of which 52% worked for private life insurers while 48% worked for LIC.

      Among private life insurers, Max Life had the highest percentage of women agents at 45%, followed by IDBI Federal Life at 41.2% and Star Union Dai-ichi Life at 35.9%.

      19 December 2019

    • Different types of life insurance policies

      There are different kinds of life insurance policies for different requirements. While life insurance policies also offer tax benefits and even investment returns, their core benefit is that even after the death of the policyholder-cum-breadwinner, the family continues to receive an income that would assure their standard of living, education, healthcare, and future plans without any interruption. When choosing a life insurance company, it is important to ensure that it is registered with the Insurance Regulatory and Development Authority of India (IRDAI). There are currently 24 such life insurance companies in India, including the government-owned Life Insurance Corporation (LIC) of India. The other life insurance companies are promoted by Indian as well as foreign investors and business firms. These are some of the different types of life insurance policies available in India: An endowment policy provides both life cover and investment returns, usually pre-fixed. Term policies offer coverage on the death of the policyholder during a specific term with no maturity value if the person survives at the end of this term. Since the premium is only charged for risk of death, it also has the lowest premiums, making it one of the most affordable and cost-effective policies. A whole life policy offers coverage for the entire lifetime and has premiums to be paid for a specific term. Unit-linked policies offer both life coverage and investment returns.

      18 December 2019

    • Tobacco consumption impacts life insurance premiums and claims

      When taking a life insurance policy, it is mandatory to fill up personal details including habits such as drinking and smoking. However, smokers may end up paying more premium than a non-smoker. Concealing such details in order to avoid paying a higher premium may result in dire consequences later, from making benefits non-applicable at the time of the claim to even the policy getting cancelled. This is because of the many diseases that can be caused by smoking, ranging from strokes and heart disease to lung cancer, esophageal cancer, oropharyngeal cancer, type 2 diabetes, and chronic obstructive pulmonary disease. A higher premium is charged for smokers because of the higher risk exposure. If details of smoking have been concealed at the time of taking the premium, and it comes to light later, for example at the time of death, then even death claims can be rejected by the insurer. This would mean that the beneficiaries may not even receive the death benefits that are entitled to them. Therefore, it is important not to conceal such details, even at the cost of paying higher premiums. More importantly, changes in habits can be gradually made over time in order to benefit both the policyholder and the beneficiaries.

      17 December 2019

    • Life insurance vs PPF for your child: Which one is better?

      When investing to ensure that your child receives adequate financial resources for higher education or marriage, there may be questions about the different financial products in the market that are geared towards children. Some of the options that you have are the Public Provident Fund (PPF) and Sukanya Samriddhi Account (SMA). You can invest in PPF both in your name and in your child’s name. However, the overall limit for both accounts together will remain Rs.1.5 lakh per annum. While the PPF returns are tax-free, tax deduction is only available for up to Rs.1.5 lakh. The Sukanya Samriddhi Account is only open to girl children. This is a social welfare scheme under the Indian government. Up to one account can be opened for each child with a maximum of two accounts for two girl children. The interest is compounded annually and is tax-free. There is also tax deduction available for the contributions to the account under Section 80C of the Income Tax Act. Returns from the SSA are higher than from PPF or National Savings Certificate (NSC). Under Section 10 (32), A tax exemption of up to Rs.1,500 per year can be claimed for investments made in each child’s name. This is for a maximum of two children.

      21 November 2019

    • Airtel prepaid users to get life insurance cover on recharging for Rs.599

      Airtel customers who recharge an amount of Rs.599 will be eligible to receive a life insurance cover from Bharti AXA after the telecom company and the insurance company entered a partnership together.  Bharti Airtel announced that customers who subscribe to the Rs.599 plan will get 2 GB data per day along with unlimited calls to any network, 100 free SMS per day, and a life cover of Rs.4 lakh. The customer will also receive a physical copy of the life insurance cover document upon request.

      18 November 2019

    • Growth in new life premiums but dip in individual single premiums

      The percentage of new premiums grew by 11% in October 2019 although individual single premiums fell by 39%. There was a rise in individual Annualized Premium Equivalent (APE) by 5% YoY in October. Between April to August 2019, it was between 11% and 27% YoY. The fall in individual single premiums was 41.62% in September. This could be due to equity market volatility. New business premiums grew to Rs.17,271.86 crore in October 2019 which was a growth of 11.57% compared to Rs.15,480.47 crore in October 2018. The premiums for individual single premiums was Rs.1,665.2 crore while for individual non-single premiums it was Rs.5,038.73 crore. There was a YoY growth of 5% in APE of the private sector insurance players in September 2019 with individual APE growing by 4%. New business premiums were at Rs.1.43 lakh crore in 2018 and Rs.1.08 lakh crore in 2019 which is a 31.84% growth. There was an APE growth of 9% for the insurance industry and 13% for Life Insurance Corporation of India. ICICI Bank had an individual APE growth of 18% and HDFC Bank had an individual APE growth of 15%.

      13 November 2019

    • ICICI Prudential and SBI Life Insurance may be added to MSCI Index

      ICICI Prudential Life Insurance and SBI Life Insurance may be added to the MSCI Index. This is likely to be from December 2019 onwards. These stocks may be chosen on the criteria of the higher free float market cap. The stocks of ICICI Prudential went up by 45% last year while SBI Life Insurance’s stocks went up by 68%. These stocks may be more in demand due to the low penetration in India’s rural areas of life insurance products. MSCI’s half-yearly review will be applicable from 1 December 2019, and will be announced on 10 November 2019.

      11 November 2019

    • Airtel announces life cover along with prepaid plan

      Bharti Airtel, in partnership with Bharti Axa, launched a prepaid plan that also offers life insurance cover. The Rs.599 plan also comes with life insurance cover of up to Rs.4 lakh. It also offers 2GB daily data, 100 daily SMS, unlimited calls (to any network), and an 84-day validity. The life insurance cover is for 3 months and gets automatically renewed with every recharge. There is no requirement for a medical examination or paperwork for this insurance policy which is available for anyone between the ages of 18 and 54. The certificate of insurance is digitally delivered to the customer. If requested, a physical copy of the insurance certificate will be delivered to the doorstep of the customer. To avail the benefit of the insurance policy, customers only have to enroll through an Airtel retailer, the Airtel Thanks app, or SMS after the first recharge is done. The service is currently available only in select states, including Delhi, and will be launched in other states also soon.

      7 November 2019

    • Shares of insurance companies in India hit an all-time high

      Shares of HDFC Life Insurance, HDFC Asset Management Company (AMC), ICICI Lombard General Insurance Company, and SBI Life Insurance Company were some of the 22 stocks on S&P BSE 500 index who hit their all-time high.

      Some of the other companies who hit their all-time high were Nestle India, Bata India, Hindustan Unilever (HUL), Mannapuram Finance, Berger Paints, Siemens India were some of the companies whose stocks hit an all-time high.

      HDFC AMC, Bata India, and Mannapuram Finance are the stocks which have doubled in the past one year. HDFC AMC has been the biggest gainer as its stocks rose 7% to Rs.3,073 on the Bombay Stock Exchange (BSE).

      24 October 2019

    • IRDAI directs insurers to be transparent about commissions paid to agents

      The Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive to insurers to be transparent about the commission or other rewards paid to intermediaries, brokers, or agents. This should be listed under the head ‘Commission’ in the financial statements. This will ensure fairness and transparency in all transactions. Rewards should be shown under Schedule 2 ‘Commission’ as a separate line item. This comes in the financial statements under the ‘Net Commission’. IRDAI has permitted insurers to pay up to 20% of the first year commissions to distributors as rewards. However, this is only for distributors whose revenue from a non-insurance intermediary business does not exceed 50% of their total annual revenue. Through this, agents whose livelihood is their agency will be rewarded more and not banks. Insurers had to disclose this in the past too but the new directive will make it easier for the policyholder to understand the structure of payout. Since it will be seen under a single and separate schedule, it will be easier for laypeople to understand. This will help to evaluate the recommendations made by the agent in light of his incentives for the same. However, policyholders should refrain from demanding rebates because of this.

      22 October 2019

    • Private sector life insurers individual APE decreases due to economic slowdown in September

      The Individual Annualized Premium Equivalent has declined by 3% year-on-year in September 2019 due to economic slowdown when compared to 11-27% year-on-year growth reported from April to August 2019.

      However, overall APE was up by 3% due to stronger group business. ICICI Prudential Life’s APE recorded a decline for the third month along with HDFC Life. HDFC Life recorded a decline after a continuous 5 months of consistently high growth.

      Apart from this SBI Life and Max Life showed moderate results for the second consecutive month. Net inflows to various equity mutual funds dropped to a great extent month-on-month as well. Various other private sector insurers reported a 3% year-on-year growth in their overall APE in September 2019 with a 3% growth in individual APE as well.

      The overall individual industry recorded a drop of 3% year-on-year as the Life Insurance Corporation reported a sharp decline of 11% year-on-year.

      ICICI Life reported a 7% decline year-on-year in individual APE along with HDFC Life recorded a sharp decline of 20% in their business after showing a strong growth of 30%-90% between April and August 2019. Due to this, the company recorded a decline of 17% in their overall APE even though group business was by 3% year-on-year.

      On the other hand, the individual APE of SBI Life grew by 11% year-on-year in September 2019 which was lower than their APE in August at 14%. The company had reported a growth of more than 20% from February to July 2019.

      16 October 2019

    • Life Insurers’ Premium Collections Rise 15% in September

      Life insurers’ new premium income has risen by 15% in September according to data released. LIC, the largest insurer in the country, recorded a rise of 18.37% in its new premium during September at Rs.12,759.24 crore.

      Private sector insurers also earned a fair share, with a total of Rs.7,297.46 crore making an increase of 9% from one year ago according to IRDAI data.

      The cumulative insurance premium rose 35.11% during the quarter April-September, totalling Rs.1,25,758.11 crore.

      LIC has seen the largest jump in revenue through premiums, jumping 42% to Rs.89,980.22 crore for the period January-June 2019.

      15 October 2019

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    Customer Reviews

    • LIC Life Insurance
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have taken Life Insurance policy through LIC agent.This was a maturity benefit policy and the tenure is for 21 years.I am paying the premium on monthly basis .I am paying the premium through auto debit.This policy was shared by the agent and i am satisfied with the service .
      Was this review helpful? 0
      , tirupur
      Reviewed on Jan 27, 2020
    • Bharti Axa Life
      Bharti Axa Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance from BHARTI-AXA, i am happy with their service. Returns are good and i have completed 5 years and i am paying annual premium of Rs. 12,350 . Customer service and response was goods. I have selected the tenure period of 15 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 27, 2020
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have bought Jeevan Anand policy through the agent. I have selected Life Insurance Corporation of India. I got the policy more than 10 years. I have been paying the premium amount of Rs. 2863 on every quarter. This is a tax benefit policy. I make the payment through online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 27, 2020
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance policy directly through LIC agent.This was a money back policy for the tenure not sure i think once in 5 years money back getting .The premium is paid on quarterly basis .Each and everything was good and this policy is highly beneficial for family .I am paying the premium through online only.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 27, 2020
    • LIC Life Insurance
      "Average Card"
      0.5 3.5/5 "Pretty good"
      Since the LIC is undertaken my Government, i have selected the life insurance with them. I bought the Jeevan Anand policy 10 years before. This is a tax covered policy. This policy has a term period of 25 years. There is a two option is available to get the money which is like money or after the completion of the term period.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2020
    • LIC Life Insurance
      "Good policy for IT purpose and savings"
      0.5 3.5/5 "Pretty good"
      I have taken the life insurance policy from LIC and i took the Jeevan Surabhi. For the tax benefits and savings purpose, i have selected this policy. Its a good policy for the tax purpose. I pay the premium amount of Rs. 6700 yearly. Through paytm, i make the payment. Total term period of the policy is 25 years in that i need to pay the premium amount for 18 years. Every 4 years, i get the amount of Rs. 5000 for the sum assured amount of Rs. 25000 policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2020
    • LIC Life Insurance
      "Very Good Policy"
      0.5 4.0/5 "Great!"
      For my Bhima kiran life insurance policy which I have taken from LIC. The premium amount is less and this policy covers for the accidental insurance. I pay the premium amount of Rs. 350 with the coverage of Rs. 1L and this policy covers for up to 25 years. Its because of the low premium and benefits, i have selected this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2020
    • LIC Life Insurance
      "Risk cover is good"
      0.5 5.0/5 "Blown Away!"
      In LIC they have a 100% claim ratio so that i bought the Jeevan Anand policy from LIC. Jeevan Anand is a traditional plan and its covers for everything including 100 years of the policy holder. I bought the policy in the year of 2011. Every year i pay the premium amount of Rs. 15000 and i pay the premium through Internet banking.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2020
    • LIC Life Insurance
      "LIC service is good"
      0.5 5.0/5 "Blown Away!"
      At earlier I had bought the life insurance policy from LIC. Past 7 years before, I got the policy because it is comes under Government sector. I took the money back policy and I'm paying the premium amount of Rs. 12,000 yearly. Once I got the money back to my bank account in every 5 years hence recently i got the money of Rs. 20,000.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 25, 2020
    • SBI Life Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took the money back policy from SBI LIFE because the bank manager told me to buy the policy from their branch. I have been paying the premium amount of Rs. 1494 per month. I pay the premium through ECS facility. I have got the money once because i get the money back to my account in every 4 years. This policy has a sum assured value of Rs. 1.50 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 25, 2020
    • ICICI Prudential Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My term insurance policy was taken from ICICI prudential and i got it through online. Its because of the higher claim ratio i have selected this company. Their premium is low when i compared to others. I pay the premium amount of Rs. 734 per month for the coverage value of Rs. 30 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 25, 2020
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My jeevan Anurag was taken from Life insurance corporation of India. This policy has a benefits for child education. I pay the premium amount of Rs. 5000 yearly and it has a term period of 20 years. They will be providing me a sum assured amount of Rs. 1 lakh. This is a tax benefit policy.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jan 25, 2020
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