Monthly Income Plans: Choose the best monthly income plan online from policybazaar.com. Look at the product details for selection of a good plan.
Have you ever thought what would happen if your monthly income suffers a setback? Well, in this case you need not have to worry at all as policybazaar.com helps in finding the best solution for you. Get to choose insurance monthly income online. Choose from the monthly income ranging from a very low price that you have to pay per month. So make a good decision which one would you wish to invest. You can get guaranteed monthly income for a period of 15 years that helps you to remain tensed free. Also obtain the best life cover and tax benefits. You can find different insurance providers where you to make the best decision and so on. Thus depending on your amount that you wish to get as your monthly income, you would get the best monthly income plan for you. You can have a look at the sum assured and the maturity benefit and the annual premium that you wish to make. So in this way have a good idea on the different insurance monthly income for you. You can also look at the product details and if you find it the best that fits all your requirements, buy it online without any worries. Make the best decision to get the one that would help to satisfy all the requirements.
A monthly income plan, as the name suggests, is a scheme where the individual receives a certain sum of money every month. This money generally accrues after a few years of payment of the premium. The name, monthly income plan, is more of a mutual fund industry parlance, and these types of plans are mostly referred to as monthly guaranteed income plans, assured monthly income plans or monthly pension plans in the life insurance sector. Unlike a monthly income plan offered by the mutual fund companies, the monthly income policies offered by life insurance companies also have an insurance cover to protect the insured party and in some cases, a maturity benefit payment at the end of the policy tenure. This makes the plan slightly different from the pure play monthly income plans that mostly pay a monthly payout to the investors. Some of these mutual fund plans provide the provision for a lump sum payment though being a non-insurance product, the monthly income plans from mutual funds do not have an insurance cover.
Monthly income plans offered by insurance companies work by providing the insured person a certain payment every month. This payment from the monthly income plan may start before the premium payment period for the policy ends. This means that after a few years the premium for the monthly income plan can be paid from the proceeds received from the insurance company for the same plan. To illustrate, a 25 years policy for a sum assured of say Rs. 10 lakh and which pays Rs. 10,000 per month from the 16th year onwards, will allow the insured party to pay the premium amount from the 16th year onwards from the monthly payment amounts. Since the premium is generally lesser than the payouts, the investor earns quite a significant profit. The payment at the end of the policy term or on the maturity of the plan comprises of the sum assured and any bonus (terminal, interim or both), in addition to any lump sum amount that may be paid under the terms of the monthly income plan. This is also the payment received by the nominee in case the worst comes to pass and the insured does not survive the policy term.
The one criterion that distinguishes a monthly income plan from a life insurance company against one from a mutual fund is the guaranteed nature of payment from the life insurance company plans. In addition, the money received does not result in any reduction of the sum assured. The monthly income plans from mutual funds, on the other hand, are designed in a different way. The mutual fund companies invest the money mostly in debt, fixed deposits, treasury stock, and other securities or investments that offer low but safer and guaranteed returns. A minor portion of the investments (generally not more than 25%) is made in equity securities. This ensures that the investments remain safe from the vagaries of the market and are not that influenced by both bull and bear phases, unlike aggressive (read equity oriented) mutual funds. Nonetheless, since the mutual funds put the money in debt or other instruments besides equities, they are dependent on the returns from these investments and hence, may suffer in extremely weak market conditions. This implies that the returns from the monthly income plans of the mutual funds are not always reliable and in some months may go up or down depending on the market.
Most mutual funds counter this by offering guaranteed returns. To do this, the companies resort to taking the portion of the monthly income that could not be met from the returns of their investments from the principal amount. This results in a reduction of the principal amount and consequently future returns as they are dependent on the principal. Though, this can be somewhat countered by opting for the growth option payout model, monthly income plans with dividend payout are affected and are unable to recover the loss to the principal amount. All these complications are avoided in monthly income plans offered by life insurance companies. The sum assured stays the same and the insured person gets the guaranteed monthly income from the start of the payout period.
The policy term of these monthly income plans comprise of the period from the start of the premium payment period to the end of the payout period. Or, in other words, the total number of calendar years the insured has to pay the premium and the total number of years the monthly payout will be received, less the overlapping years. Taking an example, suppose the premium is payable for 20 years and the monthly income starts from the 16th year onwards for 10 years, then the premium payment tenure is of the first 20 years, and the payout tenure is from year 16 to year 25. In this example, the policy period will be of 25 years and not only the first 20 years when the premium has to be paid. This means that the insured will receive the insurance cover for the whole of the policy term of 25 years and not only the first 20 years. The maturity benefit payout is made at the end of the payout period, i.e., in the 25th year.
Investors should note that life insurance companies offer various types of monthly income plans. Some may start the monthly investment plan payout after the premium payment period has ended while some may start when you are also paying the policy premium. There are also different in terms of the insurance cover, entry age, the benefits that are offered and so on. If you are looking for a monthly income plan that can take care of your monthly income then you should spend some time at PolicyBazaar to understand the various types of plan on offer. We provide details on the type of plan, its features, what it provides in terms of benefits, entry age, etc. We also have information on online money income plans that can be easily purchased within a few minutes straight from the comfort of your home. Each plan has its own benefits and it makes sense to do your homework before you purchase a monthly income plan.
Though most investors in India stick to the plans offered by industry leaders such as an LIC monthly income plan or a monthly income plan SBI, there are quite a few other companies that have come up with different monthly income plans for investors. We have also provided a few plans at the bottom of this page for you to check. Please note, there are other plans in the market beyond these and you can use our website to enter the relevant criteria and get the plans that meet your needs. The inclusion of these monthly income plans are only for your reference and to show the variety in terms of benefits, entry age, guaranteed monthly income and so on.
Monthly income plans provided by the insurance companies are in essence individual life insurance policies where the annuity or lump sum amount paid on the maturity of the traditional life policy has been broken up into two (mostly optional) parts: the monthly income, and the lump sum payment that is paid at the end of the policy payment period. The monthly income from these monthly income plans may start during the tenure of the policy payment period or after when the premium payment period ends. As highlighted, the lump sum amount is generally paid at the end of the policy payment and will include the guaranteed maturity benefit, generally called the sum assured, and any bonus amounts – interim and / or terminal that may have been declared by the insurance company. More details are provided below under the relevant sub-section.
A monthly income plan as the name suggests offers a regular payout option per month. This payout is guaranteed and the insured individual does not have to worry whether they will receive the amount due to them every month. The payment is generally made in the form of direct bank deposit through the Electronic Clearing Service (ECS) option offered by all banks. This payment is made to the designated account of the policyholder. The insured has the option to change the account details before the payouts start or even during the payout period. They can also stick to the savings account they had mentioned in the application form.
Different policies offer different monthly income plan payout options. Some may start the payout after a few years from the start of the policy when the premium still needs to be paid, while others may start the payout after the premium payment period has ended. What option you choose will depend on your financial needs and the plans in the future.
In most cases, the payout is given a certain percentage of the sum assured. For instance, if the plan says that 10% of the sum assured will be paid per year spread equally overall all 12 months, then for a sum assured of say, Rs. 12 lakh and a payout period of ten years, the annual payout would be 10% of Rs. 12 lakh. This would mean an annual payout of Rs. 1.2 lakh and a monthly payout of Rs. 10,000.
Lump Sum Benefit at Maturity
Most of monthly investment plans offer a lump sum benefit at the end of the policy period. This lump sum benefit is generally optional as individuals can ask for the lump sum amount to be paid as a part of the monthly benefit. The reason insurance companies offer this payment as a one time amount has to do with the nature of expenses in a normal individual’s life. Even though, a monthly income plan helps the insured to get regular payments that they can use for their normal living expenses, they need a larger sum at the time of retirement. This sum helps them to meet larger expenses such as renovating their house in their hometown before they move in, buying a house (if required), relocation expenses, and all other costs that crop up immediately after retirement.
The lump sum benefit comprises of the sum assured at maturity, and the reversionary, interim and / or terminal bonus amounts. The lump sum amount may also be paid in instalments depending on the terms and conditions of the monthly income plan and / or the choice of the policyholder.
All monthly income plans from life insurance companies come with a life insurance cover. This insurance helps the insured to plan for the future of their loved ones in case the unfortunate comes to pass. The most common types of plans offer the sum assured plus any bonus that many have been declared by the company before the amount became due. Some plans such as LIC monthly income plan, monthly income plan SBI or those from other insurance companies may also offer a higher sum that equals a certain factor of the premium paid until date.
Some of the insurers also have the option of this insurance cover being paid in instalments, if required. They provide the insured or the nominees the option to choose the payout that suits them best. This custom payment option offered by the monthly investment plans, helps the payee to structure the payout according to their needs, and help them to meet large expenses such as children’s education or marriage, if required.
The bonus amounts offered in a monthly income plan is mostly given at the end of the policy when the last payment is made. Some plans may offer the bonus amount to accrue over a certain number of years so that the insured individual or their nominees get a higher amount that they can use to pay off large expenses. The bonus amount comprises of three types: reversionary, interim and terminal bonus.
Reversionary Bonus: This is an amount that is declared by the insurance company as a percentage of the sum assured. This is declared on an annual basis depending on the company’s yearly performance and adds on to the amount due at the end of the policy period of the monthly income plans. The reversionary bonus consists of two types: the simple reversionary bonus that does not add on to the sum assured and the compound reversionary bonus that adds to the sum assured. In the latter case, the bonus for the next year is always more than the bonus for the previous year, provided the same percentage of bonus is declared. This is because the bonus amount of the previous year has been added to the sum assured of the monthly investment policy, thereby increasing the amount.
Interim Bonus: The interim bonus, as the name suggests, is declared in the interim period of the policy and is generally dependent on the performance of the insurance company. If declared, it adds on to the overall bonus amount the insured would get on maturity of the policy or what the nominees would receive if the unfortunate comes to pass.
Terminal Bonus: This bonus is paid by the insurance company at the end of the policy period. It is given at the discretion of the company and generally declared to show the insurer’s appreciation of the individual continuing with the policy and paying their premium on time over all these years.
The premium of monthly income plans include annual, half-yearly, quarterly, monthly, or lump sum amounts that are paid by the insured to the insurance company to keep the policy in force. A monthly income plan may offer the insured party the option to choose between any of the payment periods. In most cases, the insured has the option to skip between various payment intervals, subject to certain restrictions that the insurance company may lay down.
The amount of premium paid in a monthly income plan and the period for which it is paid varies from policy to policy. Some monthly income plans may offer the premium to be paid for a certain number of years and then start the payouts to the insured after the premium payment period has ended. Alternatively, some monthly income plans may ask the premium to be paid for a certain number of years and then a reduced premium paid as the rest of the premium are deducted from the payouts due to the insured party.
The type of premium payment option chosen and the amount paid also has ramifications from the point of view of income tax. For instance, if a single premium payment is opted for, then the insured will only receive a tax deduction up to the limits specified under section 80C of the Income Tax Act. The rest of the premium will not qualify for a deduction. The best monthly income plan is the one that allows the insured to make the maximum use of the provisions given under sections 80C and 10(10D) of the Income Tax Act.
Most of the monthly income plans offer optional payout options for the insured and his or her nominees. Most of these plans offer a monthly payout option as well as lump sum payout options after a certain interval of months or years. The best monthly income plans offer a range of payout options to the insured that they can use to their advantage. Some of the standard payout options are:
Monthly Payouts: Under this option, the insured or his / her nominees will receive a fixed sum every month. Some of the insurance companies offer the option to pay a higher amount in the later part of the payout period to counter the effects of inflation or to provide a better source of income after the insured person has retired.
Lump Sum Payment: If all of the payouts are in the form of monthly income, then this lump sum amount includes the bonus amounts that may have been declared by the insurance company. In other cases, this includes a large sum than the monthly payout and is given to the individual to meet large expenses that may arise in the course of life, such as after retirement. The best monthly income plans also offer the option to get this amount in stages every few years instead of as a single large amount at the end of the monthly income plan period.
What do You Need to do Before You Buy Monthly Income Plans?
Monthly income plans help the insured to get a guaranteed return for himself or his nominees, in the event of him not being around to provide for them. Some things that one needs to consider before opting for a monthly income plan are what are the returns they are looking at, the time period of the payouts and the premium, the type of income generation required if the unfortunate comes to pass, and so on. Each factor will be influenced by the investor’s earnings, their present lifestyle and the future lifestyle they seek, the tax savings they want and so on. Let us look at what the investor needs to do before they buy a monthly investment plan.
Decide if You Need Monthly Income Plans
Monthly investment plans are a smart way to receive guaranteed regular income and insurance cover at the same time. In some instances, the insurance companies offer the insurance cover even after the premium payment period and the payout period has ended. This helps the insured to give his nominees a protection of sorts in the event of anything happening to him. The best monthly income plans provide a hassle free way of making sure that a regular income comes in each month, without the insured having to worry about it.
These plans are ideal for retired individuals and those seeking definite returns without having to think about the security of their capital. The fact that monthly investment plans do not erode the capital makes them a good choice for conservative people looking for capital protection, rather than capital growth. The monthly income plan ensures you have a risk free monthly investment plan that comes in every month like clockwork without you having to worry about the market performance or having to keep a tab on the returns of your investments.
Check What Your Income Will Be When You Retire
A monthly income plan is ideal for people looking for an investment payout option after they retire and which secures them a guaranteed monthly income, and an insurance cover at the same time. However, investors need to understand what their income would be like after retirement before they opt for a monthly investment plan. If they already have a PPF or another pension fund that will help them live in the style and comfort they prefer, and also have an insurance cover that will insure them well into their nineties, then monthly income plans may not be an ideal option. However, if the payout from the pension fund is not enough or if the person needs regular payouts at certain stages of life to meet future expenses, then the monthly investment plans need to be looked at.
There are different monthly payment plans. Some like the monthly systematic withdrawal plans offered by the mutual funds provide a good option. However, they have their own set of limitations like the dividend payout option eating into the capital if market returns for the plan are not good and so on. This makes the monthly investment plans from insurance companies a better option. And the fact they come with their own insurance cover for the investor is like the proverbial icing on the cake. Nonetheless, all things aside, these factors are crucial while deciding on the question being discussed under this topic, viz., what the income after retirement would be. If it is not nearly enough and you think you need a secure option that will pay you a regular income without erosion of capital, then look no further than a best monthly income plan offered by any of the life insurance companies.
Look at the Insurance Cover You Have
An insurance policy protects more than the insured’s life. It provides a host of other optional benefits that the person can for as riders. These may include accident and disability cover, critical illness rider and many more. In addition, it provides security to the family in case the worst comes to pass. It may seem like a worn out cliché but it is true that life is uncertain, whether people choose to realise it or not. If you are the only breadwinner of the family, it is imperative that you take steps to ensure you keep your family secure if they have to cope with life without you. Having a life insurance policy gives you the peace of mind you need to take care of your spouse, your children and other dependents like your parents, your in-laws, siblings, and other loved ones who depend on you for your strength and wisdom.
If you are looking at the best monthly income plans available in the market, then you must also consider the insurance cover you have got right now. If you have a traditional policy that pays a lump sum amount or have a guaranteed income plan that makes payments after every few years, then it’s time you choose a plan that ensures your family and loved ones receive a monthly income to help them pay for the living expenses.
What do You Need to Check Before You Buy Monthly Income Plans
Buying a monthly income plan is quite easy and most insurance companies offer their best monthly income plan for you to check and buy from their own website or from online comparison companies like PolicyBazaar. Online money income plans offer a cost-effective way to buy insurance as all details are now available at our fingertips through a website or your phone. Let us look at some questions that often go unanswered when you intend to buy monthly investment plans.
Online or Traditional Route
For those of you wondering whether to buy a policy online or through traditional channels, you must note that the online money income plans offer the same payout option as the traditional policies though the cost of the online money income plans may be slightly less due to reduced cost. This is because the insurance agent is missing from the transaction between you and the insurance company in online money income plans. As such, the company can give you the online money income policy at a discount, as they do not have to pay the agent. This means your overall income will be more from an online money income plan, as you are saving some money from reduced costs.
Moreover, the online money income plan offers you great convenience. Whether you are sitting at home and trying to find the best plan for yourself online on your laptop or desktop, or you are commuting to or from work and trying to find the best plan for yourself, the advent of the ubiquitous internet and the smartphone has meant that can you check the plans you want, whenever you want and from wherever you want. This has freed up enough time in your hands to check in detail what your needs are and how you can take care of them using the monthly income plans. You can also buy the plans from the convenience of your home or anywhere else, whenever you prefer.
What is the Cost of the Plan
The direct cost of most plans is hidden in the details. And it makes sense to check this point before you buy the policy. Not many insurance agents will tell you the cost if you do not ask for the information. That is why sites such as PolicyBazaar are a great way to find the details no one tells you. From understanding the cost of the plan when you buy the online money income plan or later when you start receiving the money, this is one factor you must know before you make a purchase. The bigger players will generally offer a better deal in terms of direct plan cost. For example, plans such as the monthly income plan SBI or LIC monthly income plan will have lower direct costs than other players.
Most people would only look at these direct cost of the plan that range from just above 1% to around 4% or thereabouts in most cases including online money income plans. However, certain other factors add to the overall cost of the monthly investment plans. For instance, receiving the payouts well before the premium payment period ends means that you can use the sum received to pay off the premium amount that is owed. So, in one way you are saving money. The best monthly income plans offer more payouts than the premium you need to pay, and you can use the excess money to buy secure investments that keep your money safe. The returns from these best monthly income investments will add up over the years and will help in reducing the overall cost of the plan.
Best Time to Buy a Monthly Investment Plan
The March 31st deadline for making tax saving investments for the financial year means that most of the insurance policies and mutual funds are sold in the last month of the fiscal year. This should not be the case. Though it is true that insurance helps save tax but looking at insurance plans and especially monthly investment plans only from the perspective of tax is a very shortsighted way to plan your finances.
The best monthly income plans are those that will help you get a regular retirement income when you are not working any more. This means that these plans whether online money income plans or traditionally purchased ones will secure your future. With the rapid development of healthcare infrastructure and wellness standards in the country, most people in their 30s to 50s are likely to live well into their eighties and even nineties. This means that if you retire at 60, you are likely to live for another 40 years, a period that is more than the time you will have spent working. Let us illustrate how much you will need with an example.
Assuming you need only Rs. 10,000 per month, you will need Rs. 10,0000 x 40 (years) x 12 (months in a year), which equals Rs. 48 lakh. Remember, this is assuming zero inflation (which is unlikely to happen), so the overall money you need is likely to be much more. Taking Rs. 20,000 instead of Rs. 10,000 will mean you will need close to a crore or even more. Adding another Rs. 10,000 means you will need nearly Rs. 1.5 crore. If this sounds scary, then it should act as a wake up alarm for you.
Do not look at a monthly income plan as a way to save tax, see it for what it actually is – a way to save your future, and to live your life with dignity. Invest in the best monthly income plans whether they are online money income plans or not, whether plans from traditional giants like LIC or SBI (such as LIC monthly income plan or monthly income plan SBI) at any point of time – whether it’s March or July or October.
Advantages of Monthly Income Plans
The best monthly income policies offer a large number of advantages. From a secure income that you or your nominees will receive no matter what, to getting a large insurance cover at the same time, a monthly investment plan offers the best of both worlds to the investors. If for nothing else, people should also opt for these plans for their low risk profile. With market volatility a part and parcel of the economy and likely to continue well into the future, these online money income options offer the investor a bankable policy that will hold good in times of need.
You Get Guaranteed Regular Income
This is said to be the most advantageous feature of money income plans as they offer the insured individuals or their nominees a guaranteed income in the future. They did not have to worry about whether stock market volatility will affect their income or not, as the monthly investment plans ensue that the assured amount is paid into their designated bank accounts each month. Moreover, the near certainty of bonus payments adds to the advantage money income plans have over other market linked units. The definite nature of the income cannot be stressed enough and is a great incentive for people who are working the private sector and do not have an adequate amount of savings accumulated in their pension funds.
You Get Insurance Cover
Monthly investment plans offer a specific cover for the insured, in addition to a number of optional add-on riders. This gives the insured parties and their nominees a safe and secure cover in case an unfortunate event comes to pass. Optional covers protect against any loss of income from critical illnesses, from an accident and disability or from loss of the policy due to the failure to pay the premium for any reason. These are only a few of the optional riders available. Most insurance companies offer money income plans as a dual benefit policy for their customers – one which gives them a guaranteed monthly income and an insurance cover to boot. In addition, the cover from the best monthly income plans ensure the nominees receive the sum assured and / or the monthly payouts in the way they prefer. Most of the policies such as monthly income plan SBI, LIC monthly income plan or any other money income plan from other insurance companies has different payout options for the insured amount depending on the needs of the nominees. These may include lump sum payment, regular monthly payment or a combination of the two, among others.
The Bonus Amounts Increase the Overall Payout
The best plans including online money income policies offer bonus amounts, generally at the end of the plan period. This overall amount includes the reversionary bonus amount, the interim bonus, if any, and the terminal bonus amount. The reversionary bonus is declared by an insurance company at the end of each year as a percentage of the sum assured. Even assuming an average of 1% simple interest bonus each year, a 20 years policy will provide the insured party a 20% bonus amount of the sum assured at the end of the policy period. The total bonus adds up to a significant amount and can be used by the insured to meet large expenses such as home renovation, children’s college fees and so on. This bonus amount is also paid to the nominees of the insured in case the unfortunate comes to pass.
Their Tax Benefits Reduce Your Overall Tax Outgo
The online money income plans as well as monthly income plans brought the traditional way offer tax benefits under section 80C and section 10(10D) of the Indian Income Tax Act. This implies your income is considerably reduced and if you are lucky, you are also able to get your income tax slab reduced to a lower tax slab on the rung. Income tax assessees should do their tax calculations at length as the amount of premium, sum assured and payout have a large bearing on the amount of tax.
Section 80C allows for a deduction of Rs. 1.5 lakh overall provided the amount has been used by the assessee in the way allowed under the section. Also, section 10(10D) mentions that the payout to be eligible for deductions must be from a policy where the premium in a fiscal year must be less than 10% of the sum for which the assessee has been insured.
You Have Better Control of Your Future
You can choose the payment option you prefer from monthly payment plans depending on your needs. If you believe you need the funds only after you retire and that is still say at least 20 years away, then it is better to take a policy that pays after you retire. The increase in the number of years you are going without payout means that your investment will grow that much more and you will get better returns. Alternatively, you can opt for a monthly investment plan that starts the payout while you are still paying the premium. You can use this payout to pay the premium and use the remaining funds to buy secure debt funds. This will help you to increase your overall asset base and you will have more funds after you are retired. Plans like the LIC monthly income plan, monthly income plan SBI, or from other parties offer a variety of payout options that the insured or the nominee can choose according to their specific requirements.
Monthly Income Plans from a Few Insurance Companies
Most insurance companies in India offer online money income plans that help the insured and his or her nominees to get a guaranteed monthly income along with a lump sum payment, if the plan allows, at the end of the plan tenure. The companies offer various customisation options to their online money income policies and generally allow customers to choose between various premium payment and payout options.
Bharti AXA Life Monthly Income Plan Plus
The monthly investment plan starts the payouts after the end of the premium payment period. The plan gives the insured the option to choose the monthly payout of their choice, which in turn determines the premium. It offers reversionary bonus that is paid at the end of the policy period. The company provides a premium discount for monthly income plan with a longer term such as 20 or 30 years. Optional riders include accident death benefit, hospital cash and premium waiver.
Canara HSBC Oriental Bank of Commerce Life Insurance Smart Monthly Income Plan
The plan offers a life cover for the policy term of 25 years and a guaranteed monthly income for 15 years. The insured has the option to set off the payout receivable against the premium due from the eleventh to the fifteenth year. The sum assured is 100 times the monthly income opted for by the insured. The plan offers annual bonuses and a final bonus.
Max Life Monthly Income Advantage Plan
The Max Life Monthly Income Advantage Plan offers monthly payouts over a 10 year period with the amounts in the last five years being double the amounts given in the first five. The payments start right after the premium payment period ends in this online money income plan. The policy also offers a guaranteed terminal benefit that is paid at the end of the payout period, and offers the insured party the flexibility to get the whole amount as a lump sum.
MetLife Monthly Income Plan – 10 Pay
The company offers a monthly income plan that pays for 15 years. The plan has a 10 year premium payment tenure. It offers a reversionary bonus in addition to the insurance cover for the individual. The plan can be purchased through an advisor or from the company’s branch and offers a monthly income from Rs. 1,500 to Rs. 1 lakh.
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