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    • 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

    • Life Insurance Companies Seeking Approval for Health Insurance

      In the present scenario, life insurance companies are allowed to offer fixed-benefit health products only. Therefore, the Life Insurance Council (regulatory body of life insurers) has sought approval from the Insurance Regulatory and Development Authority of India (IRDAI) asking them for permission to let them sell health indemnity products again. IRDAI had earlier barred all life insurance companies from selling indemnity health products from circa 2016 onwards. The IRDAI is said to be considering this request before taking a decision on what needs to be done.

      The idea behind allowing life insurance companies to sell health indemnity products is that they are better risk managers having risk-management experience for a longer term. Therefore, life insurance companies are already standing at an improved vantage position to provide better value propositions to meet with the healthcare needs of their customers.

      Life insurance is as important an insurance policy to own as a health insurance policy. With the help of a life insurance policy, you can not only safeguard the needs of your family, but take care of any debts that you may have. With the lump-sum payment made by the insurer, your family can easily tide over financial losses incurred during an emergency situation.

      8 March 2019

    • Things to do While Purchasing a Insurance Policy

      The primary objective of purchasing a term life insurance policy is to provide the family members with the same standard of living if the policyholder (earning member) passes away during the policy term. Therefore, the cover of the term plan should be sufficient for the entire family, in a way that it should replace their income without any hassles. A term insurance policy also aims for the nominee/beneficiary to lead a financially stable life without any shortages.

      It is very crucial for the earning member of every family to purchase a comprehensive term insurance policy. This is because that member has people depending on him financially and hence his sudden absence in the future might render them helpless in terms of finances and expenses. In order to purchase a term plan with sufficient cover, it is important to keep the following things in mind:

      Purchase a relatively longer tenure that will provide cover for your whole life. In a pursuit of paying lesser premiums, do not go for a term plan with a shorter tenure as it will barely cover your earning years. If you go for a longer tenure, you will receive coverage for your entire life and your family will receive a lump-sum payment in case of your untimely death.

      Look for add-on covers or riders while purchasing a term insurance policy. Apart from the base cover that triggers on the death of the policyholder, you can also look to enhance your base cover by purchasing additional riders and add-on covers. Some of them include accidental death benefit rider.

      There are various ways in which you can calculate how much insurance you need. This can be done by taking an estimation of your current income and purchasing a policy that is ten times the value of your current income.

      7 March 2019

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    Customer Reviews

    • LIC Life Insurance
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance through LIC Agent.The LIC agent visited office and then got the details of the life insurance and taken the policy.The policy tenure is for 15 years.I am paying the premium on monthly basis.The premium is nominal .The premium is deducted through EMI.I have received the policy documents on time.I have not faced any issues on submiting the documents.The agent clearly explained the process .The Overall Service is Good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 24, 2019
    • ICICI Prudential Life Insurance
      "Life Insurance Executives are Proactive "
      0.5 5.0/5 "Blown Away!"
      I taken a term plan in ICICI prudential for Sum assured of 1 crore till 85 years of term period . It is the normal plan with inbuilt features . Comparing with other plan it is the best plan with ICICI . Customer executives are proactive in helping for the customers .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 24, 2019
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance Policy for the tenure of 25years .The LIC agent directly visited the home and taken policy.The name of the policy is a Jeevan Anand . I a m paying the premium on quarterly basis .I am paying the premium through net banking. The policy documents received on time. The agent clearly explained the process of the life insurance .Processing was simple and neat.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 24, 2019
    • LIC Life Insurance
      "Two in one Benefit plan"
      0.5 4.0/5 "Great!"
      I taken this LIC plan mainly for tax exemption . After that only , I came to know it has lot of Internal benefits . I also suggest every one to take the investment plan as soon as possible .Working person need to protect his family under this type of scheme .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 24, 2019
    • LIC Life Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      I had a money back policy with LIC. It is a beneficial policy. The services are good. The agent we had done a good job too. My payments was done on time. It is convenient. The policy is also matured and I got a good amount of sum assured and a good interest too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Mar 23, 2019
    • Aegon Life Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my Trem insurance with Aegon life ,the agent had clearly explain me about the plan benefits,and policy coverage, and they have given me hard copy as well, and the premium amount i have pay through on line basis, and i use to pay on yearly basis.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • LIC Life Insurance
      "Maturity Cum Death Benefit plan "
      0.5 4.0/5 "Great!"
      I had taken Risk protection plan in LIC mainly for maturity cum death benefit plan . The tenure period is for 15 years . On quarterly basis I am paying some 20 k for a maturity of 20 lakh . I get reminder every time for making my payment on time from LIC .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 23, 2019
    • LIC Life Insurance
      "Good for long term"
      0.5 4.0/5 "Great!"
      Newly I have availed LIC for the saving, I am paying Rs. 15,000 on half yearly basis. I need to pay the premium for 15 years then LIC will be providing the maturity benefit and interest. The agents are perfect they disclose all the terms and condition. The payment gate way is very convenient to make my premium on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have life plan with LIC and it was purchased before 5 to 6 years. It was referred by the agent and I have taken a Jeevan Anand. Its a good plan and am paying 10K per annum. The payment is made through cash. I don't have access for online system which they need to consider.
      Was this review helpful? 0
      , vadodara
      Reviewed on Mar 22, 2019
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      I used to pay Rs 5000 in a year for my LIC policy, whenever I make then I used to to get the acknowledge about my payment details. LIC gives the reminder call to the customer to make the premium, I got the policy bond for my all the policies with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • LIC Life Insurance
      "Trust Worthy"
      0.5 4.0/5 "Great!"
      I pay Rs. 25,000 in a year, its a money back policy. Every four year I get interest from the whole sum assured. Then after maturity I get the sum assured and interest. Even it has the life cover for accidental and natural death, I am very fine with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • LIC Life Insurance
      "Good trusted schemes"
      0.5 4.0/5 "Great!"
      I pay Rs. 18,000 as a premium in a year for one policy, all are long term policy around 15 years, I need to pay the premium for the whole year then I get the sum assured and tax benefits. Even after making my payment I get the acknowledgement from their end.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
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