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Life Insurance India Guide

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Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

When it comes to planning out your finances and taking into account your own mortality, there are few other options that offer the kind of benefits that life insurance in India does.

It provides for your family to be taken care of in the unfortunate event of your demise, and promises to give them huge sums assured, either in a lump sum or in instalments to meet large expenses like tuition fees, marriage expenses, etc. that you will no longer be able to provide for.

Or does it?

The Life Insurance Guide from BankBazaar.com is a one-stop shop for information on how to go about choosing, acquiring and making the best use of your life insurance policy. We answer pertinent, but often ignored questions that have a huge impact on the utility of your life insurance policy. Find out the common mistakes that people make while applying for life insurance. This guide also aims to highlight and expose the many ways in which life insurers today are legally escaping their obligations to pay insurance benefits through loopholes, exceptions and fine print in the policy documents.

Top 10 Factors Affecting Life Insurance Premium

There are some factors that many insurance companies consider when pricing their policies, these factors may not be within your control. But the life choices you make, can also lead to the factors that can affect your life insurance premium.

The factors that affect your premium amount towards Life Insurance are:

7 Ways to Avoid Rejection of your Life Insurance Claim

Most often, insurers rely on legal loopholes and clauses in their policy documents to avoid making payments of sums assured, but a surprisingly large number of times, the fault and blame belongs to the customers themselves.

Here are seven things you as a customer can do to ensure that you always get paid what’s due to you by your life insurance provider:

5 points to keep in mind when purchasing an endowment plan

An endowment plan is basically a life insurance policy that acts like a saving scheme that pays out a lump sum of money at the time of maturity or upon death.

5 Best Single Premium Insurance Plans in India

A single insurance endowment plan is a one-time payment insurance policy that has been created for customers who do not want to endure the hassle of keeping a tab on the plan and making regular periodic payments

A Complete Insight into LIC Jeevan Lakshya Policy

This plan provides Annual Income Benefit which is very useful for policyholders as it may help them fulfil their financial needs.

Stay Financially Independent After Your Retirement

Before thinking about retirement, you will have to think about your financial requirements and how you are going to meet them after your only source of income is cut off.

Impact of GST on Insurance

The life insurance industry forms a part of the service sector, which, as a result, will also be greatly affected by the upcoming GST. Let's take a look how the GST is likely to affect the insurance sector.

Questions You Should Ask Before Purchasing Term Insurance

Term insurance policies are relatively long term investments that must be made with utmost care. Before purchasing a term insurance plan, it is advisable to ask the following questions to ensure that you make an informed decision:

Reasons Why One Must Buy Term Insurance

There are several types of life insurance plans available in the market, each varying in the benefits it provides and how much it costs. Term life insurance is a particular type of insurance which is popular for being one of the most affordable plans that provides protection to your loved ones, especially in times of an unforeseen event.

Stay Financially Independent After Your Retirement

Retirement is supposed to be the most important stage of anyone’s life. After many years of hard work, struggle, stress, and working, retirement is one thing many working professionals look forward to. Before thinking about retirement, you will have to think about your financial requirements and how you are going to meet them after your only source of income is cut off.

Know Your Rights When You Buy Insurance

Considering this, every policyholder is entitled to certain rights with respect to their insurance policy and claim settlement. Read on to know more about your rights as an insurance policyholder.

Life Insurance India Guide Reviews

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  • Bajaj Allianz Life Life Insurance
    "Can do Better"
    0.5 4.0/5 "Great!"
    The coverage value is fine in Bajaj Allianz and benefits are good. I didn't interact much with the agent but at the time of purchasing the policy they have coordinated very well. The policy coverage is minimum, the tax benefits and financial security for unforeseen events is there.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Must policy for every Indian"
    0.5 5.0/5 "Blown Away!"
    LIC is a very good policy in India. I cannot compared the LIC company with any other company in terms of best services and the claim ratio. After the maturity, in the same day the amount will be credited in my account and i don't need to contact anyone. They are providing all of kind of policy which suits for all kind of aged people thats the beauty of LIC.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this LIC Jeevan anand insurance policy a long time back and i had been paying the premium half yearly. I had been paying the premium online and the payment method has been convenient. It has been a good policy and it is suggestible to others.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    5 years back, i have purchased the life insurance policy with Life insurance corporation of India. The plan name is jeevan anand and its a good policy to take. I forgot to make the payment on time hence the policy got lapsed. The service of LIC is good. They have sent a regular notification regarding the premium payment.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Based on the benefits and returns i have chosen this life insurance corporation of India . I am satisfied with the amount which am making for the policy . Am making the payment yearly through online with tenure period of 20 years . This policy cover accidental benefits and critical illness benefits . Overall am happy with it.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Benefits should be increased"
    0.5 4.0/5 "Great!"
    I have not much interacted with the customer support of LIC, but their agents are professional. In Jeevan anad policy the maturity value is lesser for 15 years. I make the premium of Rs. 30,000 per annum. After the tenure period I will amount around Rs 4 lakhs. LIC is providing financial security for unforeseen events but need to concernate on benefits.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    Name of the LIC policy is Jeevan Ankpur and tenure is 16 years. The yearly premium is 5061 rupees which I pay through net banking or cheque. The customer service and response was excellent. The benefits are good, it includes accidental or incase of death they will provide sum assured of 10% every year up to 18years of my daughter.
    Was this review helpful? 0
    , indore
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Good benefit"
    0.5 5.0/5 "Blown Away!"
    My life insurance policy was taken with LIC. The payment option is very good. I can make the payment through online banking, credit card, cash and cheque. In 2017, i have purchased this policy. Total term period of the policy is 21 years. I'm satisfied with the sum assured amount. Since its a reputed company and claim process is easy hence i have selected Life Insurance Corporation of India.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Trusted Policy with LIC"
    0.5 5.0/5 "Blown Away!"
    I have so many policy, the money back is good based on the policy I took the loan. LIC is good there is no issue Its a trusted one. They are very transparent, every 5 years they gave me money bonus and policy cover is good the payment option is very convenient.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Trusted Policy with LIC"
    0.5 5.0/5 "Blown Away!"
    I have so many policy, the money back is good based on the policy I took the loan. LIC is good there is no issue Its a trusted one. They are very transparent, every 5 years they gave me money bonus and policy cover is good the payment option is very convenient.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • Max Life Insurance
    "Good for tax saving"
    0.5 4.0/5 "Great!"
    AXIS bank suggested Max life its good for the income tax benefits under 80c section, the premium amount is around Rs. 50,000 for 6 years term. On time I got the policy copy, the payment option is good, I need to wait for 20 years but pre closure option is available.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Must Have"
    0.5 5.0/5 "Blown Away!"
    Its is feasible and I can get the loan based on the policy coverage. I took the Jeevan anand policy probably I make the premium around Rs. 15,000 per year it has term of 20 years, Almost I paid it for 15 years , remaining 5 years to go. LIC Is good for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • SBI Life Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy a long time back, the services which they had been very good. The premium amount has been nominal and has not been high and the payment method has been simple. I can make the payments using my credit card and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • ICICI Prudential Life Insurance
    "worst policy ever"
    0.5 1.0/5 "Really Bad"
    I am not aware that i am opening insurance with icici while opening my salary Acc. But not they are not closing it . I just feel like i made a big mistake by considering icici for my salary account . Think again if you really think icici is a good choice .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India, i took my life insurance as the agent of that and he had suggested me good policy explain me well about the coverage and the premium amount they have charged me was nominal they have given me up to 3,000 , it is in monthly basis, and the premium amount gets auto debited from my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with Life insurance corporation of India from long time, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal , the premium amount i use pay on yearly basis,and there is no hidden charged , and i pay premium through auto debit .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took jeevan anand policy , and the agent is my brother , he had explained me clearly and advise me which insurance is good for me and i pay premium on half yearly basis and monthly basis as i have two policy, i use to pay through off line mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Best service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took life endowment policy , and the agent had properly explain me out the plan benefits and policy coverage , he had explained me clearly and advise me which insurance is good for me and i pay premium on quarterly basis,i use to pay premium up to 14000 through on line, i have two policy second policy premium i use to pay 25,000 as an yearly basis,and there patrol is good,they use to update me if any policy they use to update me, i use to pay through on line mode, through neft transfer.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with Life insurance corporation of India, i have taken policy for my family , i have paying premium on half yearly basis up to 65,000 they have charged me , it is nominal for me , i use to pay through off line or on line mode,it depends according to my time, it i want to pay in emergency purpose i need to pay through on line,if there is delay in paying premium they use to charged me up to 230 rupees.
    Was this review helpful? 0
    , lucknow
    Reviewed on Jan 17, 2019
  • Bharti Axa Life Life Insurance
    "Good for nominee savings"
    0.5 4.0/5 "Great!"
    Reason to chose Bharthi Axa, my friend working there hence I took the policy. I have taken term insurance with the coverage of Rs.23 lakhs , I can add multiple nominees, I make the premium of Rs.95,000 its for per annum. It has term of 10 years, now a days they have different options too.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
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