Life Insurance

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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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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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  • Important Things to Consider While Purchasing a Life Insurance Policy

    A life insurance policy can be quite beneficial when you pick the right plan. There are multiple plans available so it is essential to do research to find out which plan is suitable for you. The main factors you need to consider while purchasing a life insurance policy are:

    1. The amount of coverage you require

    First, you need to determine the coverage you require. This would include sufficient coverage for your family members as well. You also need to consider not just the present but the future needs as well. So, it would be wise to calculate the sufficient amount of coverage based on your income, financial standing and family members.

    2. The coverage period which is beneficial for you

    Second, when it comes to the coverage period, you need to choose between term insurance and whole life insurance. Term insurance provides coverage for a limited period of time but the premium is less expensive. Whole life insurance covers you for life but the premium is expensive when compared with term insurance. So, you need to decide which type of insurance works better for you.

    3. The suitable life insurance plan

    Third, you need to choose the right plan that covers all your insurance requirements. The plan must offer coverage amount that you require and offer the coverage period which is suitable for you. Such a plan would be the ideal plan that will meet all your insurance needs.

    The key to finding the right life insurance policy is to compare multiple quotes from multiple insurers. With some research and effort, you can understand the options you have and take a right decision.

    5 September 2018

  • Basic Life Insurance Policies and their Types

    The Economic Survey, 2018, showed that the life insurance penetration in India is 2.27%, which is slightly lower in comparison with the worldwide insurance penetration which is recorded at 3.47%. Although the 2.27% is slightly good when compared to previous years, India is still lagging behind other nations. There are five basic kinds of health insurance policies that are growing increasingly popular in India. They are whole life plans, unit linked insurance plans, endowment plans, and pension plans. Each plan has its own features and benefits. Endowment plans are a blend of life insurance and investment opportunities. Pension plans are great investment options for those who are nearing their retirement. Unit linked plans are those that offer tax benefits and also provide insurance coverage, and whole life plans are the most basic kind of insurance plans that offer coverage to individuals until they attain 99 or 100 years of age.

    4 September 2018

  • Life Insurance: Things You Didn’t Know

    Even though the penetration rate of life insurance has bettered over the period of time, the sector remains to be one of the most misunderstood ones among its peers. A phenomenon known as ‘buyer’s regret’ has especially been common with life insurance policy buyers. In this phenomenon, you basically pay your premiums diligently up until a certain point, after which you realise that maybe the plan you bought isn’t the most effective.

    In order to impart some amount of clarity to the prevailing confusion about life insurance, given below are a few things that you might not know about life insurance:

    Sum assured does not always equate to death or maturity benefit: The most common mistake people tend to make with life insurance is placing the concepts of death benefit or maturity benefit and sum assured on the same table. This, however, holds some amount of truth upto a certain degree. In most traditional life insurance policies, the components of maturity benefit and death benefit are elements of the total sum assured and they usually vary between 80% and 125% of the sum assured amount. Be sure to read the policy document carefully before purchasing a life insurance policy.

    Traditional life insurance policies can only be surrendered after a timeframe of three years: Traditional life insurance plans such as ULIPs or endowment plans are illiquid in nature, which essentially means that their potential of being surrendered only becomes feasible after the insured has diligently paid his premiums continuously for three years. This means that if you want to surrender your endowment plan you will have to pay the premiums for the same for at least three years.

    3 September 2018

  • Additional Life Cover Along with Loans

    While car loans, home loans, etc. do come with flexible tenures and handsome interest rates, the capacity of paying a loan back completely depends on the status of income of the borrower, his dependents, and his existence.

    In case you, being the borrower of the loan, pass away without settling the total loan amount, the provider of the loan will have the full right to foreclose your property, and your family in turn might be rendered completely helpless. To deal with a scenario like this, a term or whole life cover will prove to be immensely beneficial. If you have invested in a comprehensive life insurance policy, your family can make use of the death or the maturity benefit (in case you survive) to repay the loan amount.

    Apart from paying the loan amount back to the provider, a life insurance policy also makes sure that there is sufficient financial coverage for the entire family after demise of the policyholder. It helps tide over any financial losses that the family may have incurred during that time period.

    31 August 2018

  • ULIPs are best-in-class as far as charges are concerned: Tarun Chugh

    Issues with Unit Linked Insurance Plans have always been a deterrent in the past for people buying life insurance, said the MD and CEO of Bajaj Allianz Life Insurance, Tarun Chugh. But he is of the opinion that the new ULIPs are highly beneficial in terms of charges.

    An online survey at the insurer’s website has revealed that the life goals of men and women in a specific age group are alike. Most people who participated in the survey did not require just protection, but also the ability to enjoy life.

    The improved transparency in ULIPs, reduction in misselling, and the ability to switch without having to pay long-term capital gains tax are positive trends in the industry. Bajaj Allianz has also observed a three-fold increase in the premium of ULIPs off late.

    30 August 2018

  • Single Premium Plans: To Buy or Not to Buy

    A recent hike in the sell of single premium policies is a major indicator that such plans have gained momentum and immense popularity amongst masses in India.

    During the period of April - June, 2018, market officials and professionals reported a growth of 54.75% y-o-y in the segment of individual single premium policies. Regular premium businesses only reported a hike of 3.84% during the same timeframe.

    Many professionals have attributed this sudden likeness for single premium plans to rising interest rates. Mentioned below are a few elements that you must take into consideration before purchasing single premium policies:

    Single premium policies are comparatively more expensive. People tend to purchase simple term plans by paying minimum premiums. It is advisable to compare the rates before investing.

    Owing to a high upfront premium, single premium policies might not be a feasible investment idea for salaried individuals. Salaried individuals are known to make better profits and gain better returns by servicing regular premium policies.

    Life insurance professionals tend to dangle the tax benefits in insurance policies, to an extent where purchasing a life insurance policy means saving on tax liabilities.

    One must invest in any financial product, be it a single premium policy, only after having read the policy documentcarefully.

    29 August 2018

  • Single Parents and Life Insurance Policies: Their Importance

    A comprehensive life insurance policy acts like the most reliable safety net in one’s life. Moreover, if you are a single parent taking care of your offspring - right from their sustenance needs to their education and marriage, owning a comprehensive life insurance policy will only make your life easier.

    However, in order to do so, you must possess adequate knowledge about the very sector of life insurance, its operations, premiums, and so on. Let us take a look at some of the most important things that single parents must be aware of before purchasing a life cover for their children:

    Understanding the math behind life insurance premiums and total coverage: While a majority of the population feels that a young couple with children has to own a life cover, only a handful feel the same way about single parents and their need to own a life insurance policy. Moreover, since a single parent has all the responsibilities (financial, house duties) on himself, it is obvious that his/her liabilities will also be increasingly higher. Therefore, a thorough analysis of one’s expenses and total liabilities must be conducted before a life insurance policy is purchased.

    How life insurance operates: If anyone is likely to be at a loss after your death, a life insurance policy in that case is a must for you. The primary objective of a life insurance policy is to provide financial protection to the family of the policyholder.

    28 August 2018

  • SBI Life Insurance Office Instituted in Vijayawada

    A new regional office (RO) was recently inaugurated by State Bank of India Life Insurance Company in Sri Hari Towers, KP Nagar, for the Andhra East region of India.

    The inauguration of the new office was carried out by MD and CEO, Mr. Sanjeev Nautiyal. Apart from Mr. Nautiyal, officials present in the ceremony were Mani Palvesan, Chief General Manager, M Anand, President, Zone II, SBI Life, Ganesh V, Regional Director, Andhra Pradesh Region, SBI Life.

    On the special event of the launch, the CEO and MD said that health adversities caused by lifestyle habits have increased at a tremendous rate over the last few years. This is the reason why awareness and perception about insurance has undergone drastic changes, wherein people do not view insurance products as mere tax saving tools anymore, but as holistic solutions to complex healthcare problems.

    27 August 2018

  • Life Insurance Bonds to be Given to Farmers in India

    One day before India celebrated its 72nd Independence, the farmers of the country received a little something from the State Government.

    In an effort to provide increased guaranteed financial protection and coverage to that population of India that is responsible for people’s sustenance all across the country, Agriculture Minister P. Srinivas Reddy has provided comprehensive life insurance bonds to more than 27 lakh farmers in the country. These bonds were distributed amongst the farmers between 6 August and 13 August.

    Furthermore, P. Srinivas Reddy also said an amount of Rs.600 crore has already been paid to the Life Insurance Corporation of India (LIC) as premiums to these life insurance bonds. For those farmers who still do not possess knowledge about the prevalent scheme, are required to consult/visit agriculture extension officers for the purpose of enrollment by 13 August 2018.

    The insurance scheme designed by the State Government is a huge step towards imparting a sense of security to the most vulnerable section of the society. Ever since the concept of insurance has undergone evolution, its penetration percentage in India has not been that high. With measures and schemes like these, it is possible for an underprivileged Indian farmer to receive benefits similar to that of a middle-class working individual.

    The farmers, however, are required to pay a bare minimum amount for paddy insurance by the end of the month of August, 2018.

    24 August 2018

  • Difference Between Traditional and Non-Traditional Policies

    Traditional participating insurance policies might not be the best bet for an investor if he/she is looking for certainty in terms of returns and proceeds.

    Traditional policies: These are the ones that have their primary investment in bonds are considered to be low-risk investment instruments. Investors of traditional life insurance policies receive a guarantee in some form, that might be partial or complete. These investors also receive a partial or complete guarantee of cash flow over the policy term.

    Further, traditional policies can either be participating or non-participating in nature. Where participating policies are concerned, they come with a certain degree of uncertainty, declared bonuses, and partial guarantee. Moneyback and endowment plans are the most common examples of traditional participating policies.

    Where traditional non-participating policies are concerned, the benefits are guaranteed at the inception and there are no declared bonuses. Participating policies are highly recommended to those who have an inclination towards bonuses, and non-participating are meant for those who want guaranteed certainties. Traditional insurance policies are highly suitable to people who have a low-risk appetite.

    Non-traditional policies like unit-linked insurance plans, on the other hand, incorporate the components of both insurance and investment. In a typical non-traditional policy (like ULIP), a portion of the premium is invested in products such as equity, debt, and money market funds. As compared to traditional life insurance policies, non-traditional policies are big on their returns, guaranteeing around 12-15% returns on equity investments, 8-9% on debt instruments.

    23 August 2018

Customer Reviews

  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC from last 10 years and it is a money back policy. I am happy with the returns and benefits of this policy. I pay my premium once in a year through auto pay. The tenure period for this policy is 20 years.
    Was this review helpful? 0
    , faridabad
    Reviewed on Sep 06, 2018
  • LIC Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    LIC is good overall in the services. I have taken a normal traditional life insurance policy for my spouse and my self. The customer services is good. The tenure is for 15 years. I have only five years more and the sum assured is good. There are
    Was this review helpful? 0
    , secunderabad
    Reviewed on Sep 06, 2018
  • Reliance Life Life Insurance
    "Good policy"
    0.5 2.5/5 "Just OK"
    My company took life insurance policy from Reliance insurance company mainly because of the good returns, . There customer service and customer response is good .This policy covers accidental and critical illness coverage .This policy covers 1 lakhs .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 06, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with HDFC LIFE from last 3 months, i am happy with the returns and benefits of this insurance policy. I pay a premium of Rs 40000 on annual basis and this premium i have to pay for 7 years and after 10 years i will get returns of this policy.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Sep 06, 2018
  • Tata AIA Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance from the TATA AIG life as it has good returns i make the payment through on-line banking annually . This policy covers accidental and critical illness benefits with good tenure period . Overall am satisfied with my policy .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 05, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    I have taken jeevan policy from the life insurance corporation of India . Am satisfied with their customer service It has the benefits of accident coverage and critical illness for 20 years . I make payment directly to their agent . I have chosen this More
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 05, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance policy with LIC from last 20 years and it is a long term policy. I pay premium once in 6 months through online and i am convenient with the payment options. I am happy with the returns and benefits of this policy and maturity period is after 25 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 05, 2018
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a life insurance policy with LIC from last 5-6 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium on yearly basis through online and i am convenient with the payment options. The tenure period for this policy is 20 years.
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2018

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