Life Insurance

Life Insurance is a financial product, wherein the policy holder and the 'life' insurance company comes to an agreement. A lump sum amount is paid by the insurance company in the form of insurance coverage to the nominee/insured in return for the premium after a specific period or in case of the death of the insured.

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*Tax benefit is subject to changes in tax laws. *Standard T&C Apply

** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines

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What is a Life Insurance Policy?

A life insurance policy offers financial coverage wherein the insurance company guarantees to pay a certain amount to the nominated beneficiary upon the policyholder's demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as premium either regularly or as a single premium. 

life insurance

Under this policy, coverage is also extended for critical illnesses.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Key Features of Life Insurance Policy

Key Features Benefits Offered
Death Benefits Available under whole life insurance, term insurance, endowment plans, and ULIPs.
Investment Component Available under Term, ULIPs, and endowment plans.
Maturity Benefits Available under whole life insurance, ULIPs, and endowment plans.
Tax Benefits Available under all types of life insurance plans.
Riders/ Add-on Covers A number of rider benefits or add-on covers are available for all the life insurance plans.
Coverage Against Various Liabilities Most of the policies provides coverage against various liabilities of the policyholders like mortgage, loans, and other types of debts. 
Buying Process Online and Offline
Claim Assistance Available
Claim Process Easy online and offline claim process
Physical Paperwork Only in case of offline policy purchase
Premium Payment Term Single, Regular, or Limited
Payout Options One Time Payout, One Time Lump-Sum Plus Fixed Monthly Payouts, and One Time Lump Sum Payment Plus Increasing Monthly Payouts

Disclaimer: These are the generic features of life insurance plans and they may vary with insurers. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Benefits of Life Insurance Plans

The perks of buying a life insurance policy go beyond protecting the policyholder's family in tough times. Undoubtedly, it is a necessity for breadwinners to safeguard their dependents in case of their unfortunate demise, accident, or physical disabilities that lead to a loss of income. Having said that, there is a long list of other benefits that make it a must-have.

Sadly, most people are not aware of the many benefits offered by a life plan apart from death and disability benefits. There are plenty of other benefits offered by life policies such as maturity benefits and tax benefits.

Let's look at the benefits:

  • Acts as a Loan Collateral

    Many people are still unaware of the fact that life policies can also be used as loan collateral. Based on the type of life insurance policy and its surrender value, the policyholder can opt for a loan from a bank or NBFC (Non-Banking Financial Company) as per applicable terms and conditions.
    Loan Amount: Generally, the loan amount is a percentage of the surrender value of the life policy and it can go up to 90%. Only a few companies allow for a loan up to 50% of the total premium amount paid by the policyholder.

  • Online Payment Discount

    The payment mode chosen by an individual drastically affects the premium of the policy. Most individuals are unaware of the online payment benefit. The company's administrative costs considerably go down when an individual opts to pay the premiums online.

    This is because no paperwork-related costs are involved. Also, the life insurer saves a significant amount on the commissions paid to its agents for offline life insurance buying and renewing.
    It must be noted that this discount varies for different companies.

  • Discount as per the Opted Payment Periodicity

    Almost every life insurer offers various payment periodicities to its policyholders- annual, half-yearly, quarterly or monthly mode.
    If a policyholder chooses to pay the policy premium on an annual basis, the company can use it for investment purposes that automatically means more profits and benefits for the company.

    Once a policyholder chooses the payment periodicity, this discount is often already included in the premium rate charged by the life insurer.

  • Taking Care of Business

    If the policyholder who owns a business dies within the policy term, their business partners can purchase his/her share without any hassle. 

    The business partner will simply have to sign an agreement with the life insurer and the pay-out received after selling the policyholder's share will be given to their dependents.
    However, it is important to understand that the nominee or the dependents of the policyholder won’t get a stake in the company.

  • Tax Benefits

    For paying a life policy premium, a policyholder is eligible for a tax rebate under Section 80C of the Income Tax Act 1961. Irrespective of self, spouse, or their children, the premium paid for parents and in-laws is exempted.

    This benefit is offered by all the life insurers. Additionally, the maturity benefit of life policies also qualifies for tax deductions under Section 10 (10D) of the Income Tax Act, 1961.

Importance of Life Insurance

  • Secures the Financial Future of your Family

    Life insurance secures you and your loved ones financially. Everyone wants their family to be safe and secure when they are not around. A Life Insurance policy ensures that your family won’t suffer financially in case of your absence. Planning a financial future in taking care of your family’s financial needs and objectives.

  • Long Term Goals

    It helps you generate a significant financial corpus for your long-term financial objectives. And also saves money by offering protection of life cover.

  • Loans and Liabilities

    Always consider a Term insurance plan if you have bought a loan. It makes sure that the financial burden of your availed loan does not hamper your family’s living in case of your absence. Term insurance plans are one of the cost-effective ways to secure the amount of home loan and protect the family of the assured in case of his/her unfortunate death.

  • Planning of your Child’s Education

    It is always better to invest at an early age. For instance, if you invest in a life insurance policy in your 20s, then it is likely the case that the policy will mature when your child attains a certain age. The amount received in the form of maturity benefit can help you meet the financial expenses related to higher education.

  • Save for your Retirement

    Life insurance plans help you build a financial corpus for your golden years so that you can spend your post-retirement years happily and stress-free.

  • Benefit from Add on Riders

    Life insurance plans also provide you an option to add riders to your policy by paying an extra premium. A rider is an additional benefit that enhances and provides additional protective coverage in case of an unfortunate event such as disabilities, accidents, critical illnesses diagnosis, surgery, and others. These riders help assured and his/her family to cope with critical times.

  • Dependent Spouse

    If in case your spouse is financially dependent on you, then it is very important to have a life insurance policy. This will make sure that your spouse lives a financially stress-free life in case of your absence.

Types of Life Insurance Policies in India

Life Insurance Plans Coverage
Term Plans Pure risk cover
ULIPs Insurance + Investment benefits
Endowment Plans Insurance cover + Savings
Money Back Plans Insurance cover with periodic returns
Whole Life Insurance Plans Coverage for a lifetime
Child Plans To create a corpus for child's education, wedding etc.
Retirement Plans Financial cushion aiding financial independence post retirement.
  • Term Insurance Plans

    Term insurance is the most basic form of life coverage. It is affordable life insurance that one can buy easily without any hassles. Simply put, a term insurance plan offers death cover for a stipulated period. 

    In the event of the sudden demise of the insured during the policy tenure, the insurance provider offers a pre-decided death benefit as a lump sum, monthly/ annual pay-out, or combined benefits to the nominee. The best term plan offers comprehensive coverage at a competitive premium.

  • Unit Linked Insurance Plans

    A unit-linked insurance plan or ULIP is a type of life coverage plan that offers a perfect blend of insurance & investment. It comes with a long-term investment opportunity along with valuable investment flexibility.

    The premium paid towards a ULIP is partly used as a risk-cover for life coverage plan and the remainder is invested in market funds such as debts, equities, bonds, market funds, and hybrid funds. 

    The selection of the market funds depends purely on the risk appetite of the insurance buyer, based on which the insurers invest in the capital market.

  • Endowment Plans

    Endowment plans are also known as traditional life insurance plans that come with an element of saving. As compared to other investment products, the risk involved in this plan is lower (so are the returns).

    An endowment policy is a combination of a life coverage plan and savings plan. It invests a particular amount in life coverage and the remaining amount is invested by the provider. In case the policyholder outlives the policy term, the insurance provider offers a maturity benefit to him/her. 

    Furthermore, some insurance endowment policies may offer bonuses on pre-specified periods. If applicable, the bonuses are paid either to the policyholder at the time of policy maturity or to the nominee in case of a death claim.

  • Money Back Plans

    True to its name, this type of life coverage plan offers a stipulated percentage of the assured sum. It is paid back to the policyholder at pre-decided intervals. This payback benefit is known as a survival benefit.

    Money back Policy is the best insurance policy for individuals who want their investments to be accompanied by an element of liquidity. Furthermore, these plans are eligible for bonuses as declared by the provider (if any).

  • Whole Life Insurance Plans

    whole life insurance plan offers life coverage for as long as the insured lives. There are a few providers that offer life coverage up to 100 years of age. Contrary to the term plans, this plan offers extensive coverage.

    The sum assured is computed while purchasing the life coverage plan and is payable to the nominee after the demise of the insured. Along with the sum assured, bonuses (if any) are also paid to the nominee. It is one of the best policies that offer coverage for whole life at low premiums.

  • Whole Life ULIP

    A variant of whole life is available in the market that clubs the benefits of life insurance plans with ULIPs. A whole life ULIP offers extensive coverage along with high returns.

    It must be noted that in case the policyholder outlives the 100 years of age, the insurer pays the benefit of matured endowment coverage to the policyholder.

  • Child Plans

    A child plan acts as a tool to generate funds for the policyholder’s child. A child plan helps one build a corpus that can be used for the child’s education, wedding, or other life goals. Generally, child plans either provide benefits as instalments on an annual basis or a 1-time payout once the insured child turns 18 years.

    In case of the untimely demise of the policyholder during the policy term, immediate premium payment is made by the insurer. In such cases, some insurers waive off future premiums but the plan continues till the opted policy term.

  • Retirement Plans

    A retirement plan, also known as an annuity or pension plan, helps the insured accumulate a corpus for their retirement. Typically, retirement plans provide benefits in the form of instalments on an annual basis or a 1-time pay-out once the policyholder reaches 60 years of age. 

    In case the insured outlives the policy term, the plan offers a vesting benefit. In case of the insured's demise, it offers the death benefit to the policy nominee.
    Please note that in case of the insured's demise while the policy is active, the life insurer pays a pre-decided amount to the insured's nominee.

Comparison of Different Types of Life Insurance Plans in India

Basis Term Policies Whole Life Insurance Policies Endowment Plans Unit Linked Insurance Plans Money Back Plans Pension/Annuity Plan
Overview Term life insurance plans are the simplest form of life coverage. These plans offer protection till the whole of life and may or may not have an investment component. These plans offer protection along with investment components. The returns have some amount of guaranteed component that could be as high as 100% guaranteed returns.. These plans offer market linked returns along with protection components. The investment returns completely depend on the performance of the fund and are not guaranteed by the insurer. These plans offer protection along with investment components. The returns could be in the form of an income for a fixed period of years. These plans offer income till a person survives. Some plans also have a return of purchase price on death.
Policy Term* Usually range from 5 years to 50 years This policy covers the whole life of life insured. Generally, ranges between 10 years to 35 years. Term ranges from 10 years to 20 years. Generally, it can be up to 25 years. No fixed term.
Maturity Benefits You are not paid any maturity benefit on the survival. You are paid the maturity benefits while you reach a certain age (maybe between 80 to 100 years). You will be paid the maturity benefits if you survive the policy term. You can avail the maturity benefits on your survival at the end of the policy term. You are offered the survival benefits on the maturity of your policy. No maturity benefit is offered. You are entitled to a regular income till you survive.
Death Benefits In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary. In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary. The death benefit is paid to the beneficiary upon demise of the life insured. The death benefit is paid to the beneficiary in case of life insured’s demise while the policy is active. The death benefit is paid to the beneficiary in case of the life insured’s demise while the policy is still active. A few plans provide a provision to return the amount invested in case of life insured’s demise.
Ideal for These plans are ideal for individuals who are seeking to safeguard the financial interest of their loved ones without paying excessive premiums. The whole life insurance plans are ideal for individuals who wish to safeguard the financial interest of their loved ones and want to leave a legacy amount These plans are perfect for individuals who want financial protection along with guaranteed returns from investment. This is a best-suited plan for individuals with a medium-term investment goal to expand their portfolio. Moreover, it is an ideal plan for people with high income and good investment sense. The individuals are looking for securing their life and wanting to earn money at a regular interval of time. Best-suited for individuals seeking protection plus investment benefit. This scheme is an ideal option for individuals who want to secure their retirement by getting a source of regular income after retirement.
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Best Life Insurance Plans in India 2021

Listed below are the best life insurance plans:

Insurance Plan Entry Age (Minimum/Maximum) Policy Term (Minimum/Maximum) Sum Assured (Minimum/Maximum)
Aditya Birla Sun Life Shield Plan 18/65 years 10, 20/30 years Rs.25 lakh/no upper limit
Aegon Life i-Term Plan 18/75 years 5/40 years 10 Lakh/ no upper limit
Aviva Life Shield Advantage Plan 18/55 years 10/30 years Option A - 35 Lakh/ no upper limit Option B- Rs.50 lakh/ no upper limit
Bajaj Allianz i-Secure 18/70 years 10/30 years 20 Lakh/ no upper limit
Bharti AXA Life Premium Protect Plan 18/65 years 10, 15/35 years  25 Lakh/no upper limit
Canara HSBC iSelect + Term Plan 18/65 years 10/30 years Rs.25 lakh/no upper limit
Edelweiss Tokio Life Simply Protect Plan 18/65 years 10/40 years Rs.25 lakh/no upper limit
Exide Life Elite Term 21/60 years 10 to 40 years Min SA: Rs. 50L ; Max SA: Rs. 10 Cr
Future Generali Flexi Online Term Insurance 18/55 years 10/75 years Rs.50 lakh/no upper limit
HDFC Click2Protect Plus 18 /65 years 10/30 years 10 Lakh/10 Crores
HDFC Life Sanchay 30/45 years 15/25 years 1,05,673/ no upper limit
ICICI Pru iProtect 20/75 years 10/30 years 3 Lakh/ no upper limit
IDBI Federal Income Protect Plan 25/60 years 10/30 years N/A
India First Life Plan 18/60 years 5/40 years 1 lakh/ Rs.5 crore
Kotak Life Preferred e-Term 18/75 years 10/40 years 25 Lakh/ no upper limit
LIC Jeevan Amar 18/65 years 10/40 years 25 Lakh/ no upper limit
LIC Tech Term 18/65 years 10/50 years 50 Lakh / no upper limit
Max Life Smart Term Plan 18/60 years 10/50 years 25 Lakh/100 Crores
PNB Metlife Mera Term Plan 18/65 years 10/40 years Rs.10 lakh/no upper limit
Pramerica Life U-Protect 18/55 years 10/30 years Rs.25 lakh/no upper limit
Reliance Nippon Life Protection Plus 18/60 years 10/40 years Rs.25 lakh/no upper limit
SBI eShield Plan 18/70 years 5/30 years 20 Lakh/ no upper limit
SBI Shubh Nivesh Plan 18/60 years 5/30 years 75000/ no upper limit
Sahara Shrestha Nivesh Jeevan Bima 9/60 5/10 years Rs.30,000/ Rs.1 crore
Shriram Life Cashback Term Plan 12/50 years 10,15,20 &25 years Rs.2 lakh/Rs.20 lakh
SUD Life Abhay Plan 18/65 years 15, 20/40 years Rs.50 lakh/---
TATA AIA life Insurance Sampoorna Raksha + 18/70, 65 years 10, 15/40 Rs.50 lakh/no upper limit
See More Plans

Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.

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How Much Life Insurance Cover Do I Need?

The market has many insurance products such as term plans, endowment plans, money back plans, and ULIPS. The tax saving instruments are also opulent and people take insurance for Rs 25 lakh, Rs 1 crore and so on. However, simply picking a random figure is not the way to buy an insurance policy.

Primarily, it depends upon the age of the person, the number of dependents, liabilities, and similar factors. Let us just assume that an unmarried person falls between the age bracket of 18-24 years of age. It means that he does not have many responsibilities. The financial liability could be a loan or his parents depending upon him. 

Under such a situation, a small insurance plan can be purchased. In case the person has a good source of income, then he could also opt for large cover as the liabilities and responsibilities tend to increase once married.

If a person falls between the age bracket of 24-33 years of age, the person may ideally be married and needs to protect the interest of his life partner. Such a person should buy the life insurance plan immediately and avoid further delay. The insurance cover differs across various stages of life. 

The life insurance coverage should be such that it covers all outstanding liabilities, provides money to your spouse, and covers the expenses of children’s education, marriage, and life goals. 

While choosing the coverage amount, make sure to calculate the yearly family expenses and liabilities. Now multiply the sum by the number of years you are looking forward to supporting the family.

The cover should be enough at any point in time to take care of the family today and tomorrow.

Who Should Buy Life Insurance? 

Life Insurance offers financial protection and stability to the family members or other dependents after the death of the life assured. So, who all requires life insurance policies depends on different parameters such as financial goals, future objectives, etc. Here is a list of people who may need it: 

  • Young Individuals and Single Adults 

    Young individuals rarely need life insurance because they are single and have no one depending on them for their finances. But one of the major reasons, they go for buying a plan at an early age is that the premiums rates are low even when he/she needs it after few years. The premium amount requires to pay increases with the age, so does the chances of diseases or illnesses leading to serious problems in the future during a medical examination. Young individuals sometimes opt insurance policy to support his/her parents in their debts and loans after their death. 

  • New Families 

    People who are going to get married should consider life insurance first because after starting a family there is surely someone who is going to be financially dependent on you, even if both the partners are working too. Your future children can also receive benefits from your life insurance policy. The major advantage of buying premiums just before getting married is the lesser premium charges. 

  • People with Children or Adult Children with Special Needs

    If you are the sole earning member of the family, then it becomes your responsibility to take care of all the financial requirements of your family members. With your monthly income, you are required to manage the day-to-day expenses, rent, EMI’s, loans, so, for financial stability is important these days. Moreover, life insurance policies also help your children to achieve their goals if you were not there with them. If your child is suspected of any diseases/illnesses that might be going to affect him/her in the future then getting insurance is a good idea. This will help them in passing the medical analysis. In case if both partners are insured, then you can easily pay for the people working inside your home such as child takers, people doing home cleaning. Children with special needs require lifetime care, life insurance ensures that the requirement will be met after the death of their parents. 

  • People Having Loans 

    Purchasing a home using a home loan or education loan for your children is a big expense and if you pass away, then your family will not be able to pay installments of your loans. Life insurance ensures the safety of your home because, after your death, the death benefit will be paid to your family that can be used to pay loans or EMIs. There is a monthly option available to pay the death benefit. 

  • Senior Citizens and Retired Persons 

    Most senior citizens and retired people do not require life insurance because they do not have any financial dependents and the cost of premiums at this age will also be high. But if a senior citizen or retired person wants to leave some money for his/her loved ones or their family, then they can go for a life insurance policy as a backup saving scheme. They are required to pass a medical examination and have to pay higher premium charges. 

  • Business Owners 

    If you own a business or are a partner in a business, then possibly you have people depending on you. If anything happens to you, they will be in an uncertain position. So a separate life insurance policy is important to take care of business responsibilities is a smart decision. 

Tax Benefits of Life Insurance (Section 80C and Section 10(10D))

Life insurance provides financial protection to you and your family by offering a lump sum amount to meet all the uncertainties of life. The insurance company takes care of all your financial requirements, medical and other related expenses. However, apart from offering a life cover, insurers also offer tax benefits on premiums paid under sections 80C and 10(10D) of the Income Tax Act, 1961. 

As per section 80C, the premium that is paid for a life insurance plan be eligible for a deduction of Rs. 1.5 lakhs. In Section 80C, the paid premiums are eligible for tax deductions up to a maximum limit of Rs. 1.5 lakhs and these deductions are also valid if the premium amount that is paid in an FY is 20% of the sum assured of the plan, whereas in section 10(10D), there is tax-free income at the time of maturity if in case the premium amount is not higher than the 10 % of sum assured /or the sum assured is minimally the 10% of the premium. Policies that are issued after April 1, 2012, are applicable for the tax deductions on the premium amount paid that is of 10 percent of the sum assured. 

In case the sum assured is lesser than 10X of the premium. For example: If you pay Rs. 1 lakh premium for Rs. 5 lakhs of sum assured, then a deduction will be made on the premium up to 10% of sum assured. So, Rs. 50,000 will be your total deductions. And in event of the policyholder’s demise, the sum assured payable to the beneficiary/nominee is free of taxes. At the time of maturity, the policy does not meet the specified criterion for the benefit of income tax and the tax will be applied at the minimal rates.

What is a Life Insurance Premium?

A life insurance premium is a payment made to enjoy the policy benefits. The premium can be paid on a monthly, half-yearly, or annual basis. This premium also helps to grow the cash value of the insurance.

The insurance company determines the premium payable by the policyholder against the chosen sum assured. Having said that, the buyer can also select the policy term and coverage amount.

To calculate the sum assured, the insurer takes various factors such as your lifestyle, occupation, number of dependents, and current financial situations into consideration.

Note- No premium calculator can determine the worth of human life.

Conversion Privilege

It is an insurance policy in which the policyholder needs to update or renew the policy irrespective of the assured’s health. The Insurance company provides an option to the policyholder to switch to a different kind of policy without submitting any physical tests or examinations.

An insurance policy with this type of provision also guarantees life coverage and fixed premium payments for a certain number of years. Assured can convert their group life insurance policy into an individual one. The process is quite smooth and hassle-free and does not require another medical examination or approval process. In some cases, a person continues to receive a group discount even if they are not a part of that group. In order to apply for this process, the policyholder is required to inform the respective life insurance company within 31 days of the employment termination with the group policyholder. If someone does not apply within 31 days, then they are required to go through a whole new procedure to get an individual life insurance policy. The process might require a new medical test even if you are working for the same company. 

Document Required for Buying Life Insurance Policy

While applying for a policy, the life insurer will ask for the below-mentioned KYC documents:

  • Income Certificate

    This is necessary to estimate the sum assured or coverage amount that would be offered to the insured. In most cases, the life insurers offer a cover up to 20 times the proposer's annual income. The standard income proofs include:

    • Salary slips of last 3 to 6 months (depending on the insurer)
    • Income Tax Returns (ITR) of the last 2 to 3 years
    • Last 6 months bank statements with continuous entries of 3 months credited salary
    • A certificate issued by CA for self-employed person
    • Latest Form 16
  • Address Proof

    Insurance companies also ask for address details of the applicant. The following documents can be used as address proof:

    • Voter ID card
    • Aadhaar Card
    • Saving account bank statement
    • Passbook with latest 6 months entries
    • Latest 3 months Credit Card Statement
    • Driving License
    • 3 months Utility Bills
    • Passport
    • Ration Card
  • Identity Proof

    One can provide the following documents as ID proof:

    • Passport
    • PAN Card
    • Aadhaar Card
    • Voter Id card
  • Age Proof

    Some of the aforementioned documents can also be considered as age proof. However, below is a comprehensive list of documents that can be used as age proof:

    • PAN Card
    • Aadhaar Card
    • Voter Id card
    • Driving License
    • Passport
    • Ration card
    • Marriage certificate
    • School/College leaving certificate
    • Birth certificate
  • Additional Documents

    Here are some other documents that an applicant would have to submit at the time of buying the policy:

    • Insurance application or proposal form
    • Policy declaration - necessary if someone other than the insured has filled the policy proposal form
    • A final declaration stating that provided information is true and that if anything is found untrue, the insurer has the right to reject the application. Subsequently, the contract would be rendered null and void and the premium paid would be surrendered. Thus, once declared by the proposer, the entire process is completed with utmost faith.
    • In case the policy is required to be registered under the Married Women's Property Act, a separate form needs to be filled and submitted to the insurer, mentioning the nominee.
    • Policy proposal also includes a personal statement, which is attached to the declaration form. Any incorrect statement may lead to your application rejection.

How to Choose the Best Life Insurance Policy?

Different plans are offered by various life insurance companies in India. It sometimes becomes a task to select the best plan from multiple options and avail the same at best coverage and a pocket-friendly premium.

Listed below are some key pointers that will help you choose the best life insurance policy:

  • Reputation of the Provider

    Today the market is flooded with insurance companies providing different life insurance plans. It means that the insurance sector also has providers that may not be up to the mark or are new in the business. Therefore, go with the renowned insurer who has earned goodwill in the market and most importantly fulfil your insurance requirements.

  • Claim Settlement Ratio

    The intent to buy the life insurance policy is to obtain a claim at the time of need. But what if the filed claim goes nowhere? Before selecting the insurance company, make sure that you check the claims settlement ratio of the company. This essentially gives you a better idea of the number of claims received and settled by the company in a year. The company with the highest number claim ratio is the safest bet.

  • Evaluation of Sum Assured

    Before you initiate knocking on the doors of the insurance companies it is advisable to calculate the expected sum assured. Besides, it will also get you an insight into the premium calculation that is done by the insurance companies. To know which company is suitable for you, combine both the factors and you will have the answer to make an informed decision.

  • Customer Reviews

    Last and not least. Make it a habit of reading customer reviews online. Today you can easily buy a life insurance policy online. Moreover, for any question, dilemma or clarification required, simply get in touch with the customer support of the insurance company. This will also help you to better understand the efficiency of a certain company in dealing with its customers.

How to File a Life Insurance Claim?

Filing a claim and getting the assured amount can be a cakewalk if all the necessary steps are taken care of in advance. It is important to have the right approach to file a claim. 

Here's how nominees of the policyholder or policyholders themselves can file a claim in India under the following scenarios:

  • Upon the demise of the policyholder
  • Upon maturity of the policy
  • How to File a Claim in Case of Death?

    1. Inform the Insurance Company

      Contact the insurer as soon as possible on their toll-free number or over email. It is always preferable to inform the insurer directly over a call to instantly initiate the process.

    2. Share Important Details

      The beneficiary or the claimant while lodging a claim with the life insurer needs to share all the important details like:

      • Policy Number
      • Name of the policyholder
      • Place of death
      • Name of the claimant

      If the policy has been purchased offline, then the insurer would have provided a claim intimation form at the time of the policy purchase.
      If it is an online policy, simply apply for the claim settlement through claim forms online.

    3. Claim Processing

      In case of accidental or natural death, the beneficiary or the nominee must submit all the supporting documents to the life insurer as a part of the claim process.
      The claim support team will verify the insurance documents and claim declaration. In some cases, the insurer might ask the beneficiary to submit a few other documents.

      Documents to be submitted:

      • Original copy of the policy
      • Duly filled claim form
      • Death certificate of the policyholder
      • Deeds of assignment, if any
      • Discharge form signed by the witnesses
      • Supplementary documents like post-mortem reports, hospital certificates, and doctor’s certificates (if required)
      • Investigation report in case of police inquiries

      Note- If someone other than the nominee files the claim, the insurance company can ask for the legal title of succession.

    4. Approval and Pay-out

      Once all the documents have been submitted and the life insurer has verified them, the claim will be settled by the insurer.

      The life insurer can ask for the beneficiary's bank details - a cancelled cheque or a copy of the bank account passbook, which must be attested by the bank authorities.

      For the nominee's identity proof, a copy of passport, voter identity card, PAN card, Aadhaar card etc. needs to be submitted.

      Generally, the claim settlement process takes 30 days. Once approved, the insurer immediately makes the payout.

      Some insurers make the payments through the Electronic Clearance Service or ECS, which is an alternative method to make bulk payments.

      Aforementioned are the basic set of documents that are required to process a claim.
      Here are a few other documents that the insurer can ask for (if need be):

      • Employer's certificate
      • Other forms or reports to support the verification
  • How to File a Claim for Maturity?

    If the insured outlives the policy term, he/she will be eligible to avail of policy maturity benefits. However, the insured must make sure the policy is ongoing and all the premiums have been duly paid.

    Here is a simple process to file a maturity claim with minimal paperwork.
    When the policy is about to mature, the life insurer generally intimates the policyholder at least 1-2 months in advance. All the details regarding the maturity date, maturity amount, and discharge voucher are provided to the insured.

    The discharge voucher (similar to a receipt) has to be signed by the policyholder in the presence of the witnesses. The voucher is then sent back to the insurer along with the original policy bond, based on which the policy maturity benefits are provided.

    In case the policyholder has nominated another individual or entity for the policy, then the nominee must sign the discharge voucher to the insurer, to receive the claim amount.
    Points to Remember:

    • This process applies only to the life plans eligible for maturity benefits like additional bonuses and survival benefits.
    • In the event of the policyholder’s demise after the date of policy maturity but during the policy discharge procedures, it will be considered as a maturity claim. The claim amount will be paid out to the nominees of the deceased policyholder.
    • At the time of buying a new life plan, the applicant must mention the details of the previously purchased policy (if any). The insurance provider must be aware of the existing policy. Additionally, it can help the insurance buyer choose the right policy as per his/her needs. Otherwise, misrepresentation can become a reason for the rejection of a death claim.

Life Insurance Riders & Their Importance

  • What are Riders?

    Riders provide add-on benefits offered by the insurers that help to enhance the base coverage. However, without knowing the types of riders available in the market, one shouldn't randomly opt for the same just for the sake of increasing the cover amount of the life plan.

    Choosing the right rider is as crucial as buying a life insurance plan. After all, no one wants to regret an insurance decision. That's why one must take time and expert advice before opting for a rider.

  • Types of Riders

    Here are some of the rider options available for policyholders:

    1. Critical Illness Rider

      This rider benefit covers major critical ailments like cancer, heart attack, kidney failure, stroke, coma, and paralysis. As the coverage may differ from insurer to insurer, it is important to check the list of illnesses covered by the company.

      The life insurer offers the rider benefits upon the diagnosis of the covered critical illness. Though many of the above listed critical illnesses may not cause immediate death, the treatment could cost a bomb. 

      Under this rider, the insured can use the sum assured to pay for the treatment expenses. The only condition is that the policyholder will have to survive the waiting period.
      As no one can ensure a 100 percent guarantee against a critical illness, this rider can be opted by:

      • Top-level officers working under extreme work stress
      • Chain-smokers
      • Someone leading an unhealthy lifestyle
    2. Waiver of Premium Rider

      If the insured is unable to pay the premium due to any disability that leaves him/her with no income, the life insurance policy is terminated and the insured wouldn't be offered any compensation. In such a situation, how will their family manage their finances without a regular source of income?

      Waiver of premium rider acts as life saviour as all the future premiums of the policy will be waived off and the policy remains in force.
      In case the premiums are not paid due to the death or accidental disability of the policyholder, the premium for the base policy and riders will be waived off and the policy will continue.

      While this rider can be opted along with critical illness and accidental total and permanent disability rider, the insured can opt for it separately. As uncertainties can't be predicted, one should consider buying this rider if they are a daily commuter or work on on-site civil work that involves physical work.

    3. Accidental Death Benefit Rider

      With this rider, in case of the accidental death of the insured, the nominee will receive the basic sum assured amount along with the additional accidental death benefit. In many cases, the policyholder doesn’t pass away on the spot, so most of the insurance companies set a period after the incident to extend the offered coverage.

      Let’s say, if the policyholder passes away after 100 days of the accident, the nominee will still receive the sum assured. That's why it is imperative to check the life insurance policy clause carefully at the time of opting for a rider.

      As accidents can happen anywhere, anytime, everyone should ensure the financial future of their family. While anybody can opt for this rider, it is a must-buy for those who:

      • Commute and travel by car, bike, public or commercial vehicles, daily
      • Frequently take business trips or the job involves physical work in a factory or on-site civil work
    4. Accidental Total and Permanent Disability Rider

      If the insured is unable to earn a daily income due to total temporary or permanent disability arising due to an accident, this rider provides financial assistance to their family in the form of a monthly income. The rider benefit may vary from plan to plan and is offered for a pre-decided period.

      For instance, some companies offer rider benefits for 5 years to 10 years from the occurrence of the accident. In case of the death of the insured during the policy term, the beneficiary would receive the outstanding sum assured amount.

      This rider is important to buy for the individuals who:

      • Commute and travel daily by bike, car, public transport, train, or commercial vehicle
      • Do physical work in on-site civil work or factories or travel frequently for business
      • Term Rider: This rider offers a monthly income or lump sum to the beneficiary in the event of the premature death of the insured. The term rider offers extra coverage for death in addition to the base sum assured which is predetermined by the insurer.
      • Hospital Cash Rider: Under this rider, a fixed amount is paid in case of emergency/planned hospitalization. The benefit amount, terms and conditions, and sum assured may vary for different insurers. This rider benefit is offered by life insurers for those policyholders who want coverage for expenses related to emergency hospitalization.
      • Surgical Care Rider: Under this rider, a lump sum amount is paid if the insured undergoes an unavoidable surgery in India. However, the rider benefit may vary from plan to plan or severity of the surgery. Anyone who wants to cover the expenses for surgery in case of any eventualities can opt for this rider. This helps in avoiding any out-of-pocket expenses that may burn a hole in one's pocket.

Claim Settlement Ratio of Life Insurance Companies

The figures in the below table are as per the annual report of IRDAI 2019-2020:

Insurer Total Number of Claims Claims Paid Claims Repudiated Claims Rejected Claims Unclaimed Death Claim Settlement Ratio
Aditya Birla Sun Life Insurance 5162 5035 108 0 0 97.54%
Aegon Life Insurance 351 344 7 0 0 98.01%
Aviva Life Insurance 810 790 11 4 0 97.53%
Bajaj Allianz Life Insurance 12127 11887 237 0 1 98.02%
Bharti AXA Life Insurance 1320 1285 33 0 0 97.35%
Canara HSBC OBC Life Insurance 1276 1252 22 0 0 98.12%
Edelweiss Tokio Life Insurance 326 272 54 0 0 83.44%
Exide Life Insurance 5052 4978 11 0 - 98.54%
Future Generali India Life Insurance 1143 1089 51 0 0 95.28%
HDFC Life Insurance 12626 12509 54 15 13 99.07%
ICICI Prudential Life Insurance 11460 11212 153 0 0 97.84%
IDBI Federal Life Insurance 1416 1366 45 0 0 96.47%
IndiaFirst Life Insurance 2241 2166 66 0 0 96.65%
Kotak Mahindra Life Insurance 3346 3225 112 0 0 96.38%
Life Insurance Corporation of India 758916 733809 6124 2172 10936 96.69%
Max Life Insurance 15643 15342 120 0 0 99.22%
PNB MetLife India Insurance 4364 4241 123 0 0 97.18%
Pramerica Life Insurance Limited 569 560 7 0 0 98.42%
Reliance Nippon Life Insurance 8017 7866 149 0 0 98.12%
Sahara India Life Insurance 654 585 10 13 0 89.45%
SBI Life Insurance 22490 21257 1157 0 40 94.52%
Shriram Life Insurance 3074 2816 195 58 0 91.61%
Star Union Dai-ichi Life Insurance 1248 1210 35 0 0 96.96%
Tata AIA Life Insurance 2982 2954 28 0 0 99.06%

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Things You Must Know About Life Insurance

  • Importance

    • Secures the Financial Future of your Family
      Life insurance secures you and your loved ones financially. Everyone wants their family to be safe and secure when they are not around. It ensures that your family won’t suffer financially in case of your absence. Planning a financial future with life insurance plans helps in taking care of your family’s financial needs and objectives. 
    • Long Term Goals
      Life insurance plans help you generate a significant financial corpus for your long-term financial objectives. And also saves money by offering protection of life cover. 
    • Loans and Liabilities
      Always consider a Term insurance plan if you have bought a loan. It makes sure that the financial burden of your availed loan does not hamper your family’s living in case of your absence. Term insurance plans are one of the cost-effective ways to secure the amount of home loan and protect the family of the assured in case of his/her unfortunate death.
    • Planning of your Child’s Education
      It is always better to invest at an early age. For instance, if you invest in a life insurance policy in your 20s, then it is likely the case that the policy will mature when your child attains a certain age. The amount received in the form of maturity benefit can help you meet the financial expenses related to higher education. 
    • Save for your Retirement
      Life insurance plans help you build a financial corpus for your golden years so that you can spend your post-retirement years happily and stress-free. 
    • Benefit from Add on Riders
      Life insurance plans also provide you an option to add riders to your policy by paying an extra premium. A rider is an additional benefit that enhances and provides additional protective coverage in case of an unfortunate event such as disabilities, accidents, critical illnesses diagnosis, surgery, and others. These riders help assured and his/her family to cope with critical times. 
    • Dependent Spouse
      If in case your spouse is financially dependent on you, then it is very important to have a life insurance policy. This will make sure that your spouse lives a financially stress-free life in case of your absence.
    • Tax Benefits
      You can claim an income tax deduction on your paid premiums u/s 80C of the Income Tax Act, 1961. The pay-outs for the death claims are free of taxes u/s 10(10D) of the Income Tax Act, 1961.
  • Conversion Privilege

    It is an insurance policy in which the policyholder needs to update or renew the policy irrespective of the assured’s health. The Insurance company provides an option to the policyholder to switch to a different kind of policy without submitting any physical tests or examinations. 

    An insurance policy with this type of provision also guarantees life coverage and fixed premium payments for a certain number of years. Assured can convert their group life insurance policy into an individual one. The process is quite smooth and hassle-free and does not require another medical examination or approval process. In some cases, a person continues to receive a group discount even if they are not a part of that group. In order to apply for this process, the policyholder is required to inform the respective life insurance company within 31 days of the employment termination with the group policyholder. If someone does not apply within 31 days, then they are required to go through a whole new procedure to get an individual life insurance policy. The process might require a new medical test even if you are working for the same company.

Important Life Insurance Terms You Should Know

To understand life insurance completely it is important to know the basic terminologies that are often used within the plan. Sometimes, you may not be aware of certain terms and refrain from buying the plan.

Let us help you to understand the given below key important life insurance terms with brief explanations of each:

  • Policyholder

    Anyone who buys the life insurance plan and pays the premium is referred to as the policyholder. An individual might own the policy but may or may not be the life assured.

  • Life Assured

    In simple words, the individual who is protected or insured is known as a life assured. In case of demise of the life assured, the beneficiary will receive the insurance sum. For example, when a husband buys the life insurance policy for his wife then he is the policyholder and the wife is the life assured.

  • Nominee

    The person nominated by the policyholder is known as a nominee. The nominee will receive the life insurance payouts along with other benefits in case of any eventuality. The nominee is also referred to as the beneficiary. 

    A nominee is declared when the policy is being bought. Generally, the policyholders’ immediate family members such as the spouse, children and parents are declared as a nominee who is financially dependent upon them.

  • Policy Tenure

    The duration for which the life insurance plan provides coverage is known as the policy tenure (also known as policy term). On the premise of the type of life insurance policy and the terms and conditions of the insurance provider, the policy tenure differs.

  • Premium

    It is the amount you pay to keep the life insurance plan active. In case you are unable to pay the premium sum either before the due date or under the grace period, the policy lapses. The premium sum depends on factors such as the policy term, the age of the life assured, and lifestyle habits.

  • Sum Assured

    It is the guaranteed sum the beneficiary or nominee will receive when the life assured has passed away. Most of the time, the choice to arrive at a sum assured is upon the premise of the financial loss that might incur due to the death of the life assured. 

    At the time of buying the life insurance plan, the policyholder chooses this sum, which is then paid to the nominee if the life assured passes away during the policy term.

  • Death Benefit

    The death benefit is the sum paid to a nominee when the life assured has passed away during the policy tenure. It is to be noted that sum assured and death benefits are two different terms. This implies that the death benefit could be equivalent or higher than a sum assured as it could involve the rider benefit too.

  • Maturity Benefit

    The sum paid to the policyholder when the policy tenure is completed is known as the maturity benefit.

  • Lapsed Policy

    When the policy gets terminated because of non-payment of the premium amount even after the grace period is known as a lapsed policy. There are life insurance companies that offer the facility to revive a lapsed policy only when the outstanding premiums are duly paid by the policyholder.

  • Grace Period

    It is essentially the extension given by the insurance provider to the policyholder after the due date of the premium payment. When the policyholder pays the premium sum then the cover of the plan continues.

  • Revival Period

    When the premiums are not paid during the grace period the policy gets lapsed. 

    In case you wish to continue the plan, then you are provided with an option of re-activating the lapsed plan. However, it should be completed within a certain period after the end of the grace period. It is known as the revival period.

  • Free-look Period

    In case you are not comfortable with the terms and conditions of the plan it can be returned within a certain timeframe mentioned in the policy documents. This is known as a free-look period. After deducting stamp duty charges, medical examination, proportionate risk premium, the premium sum will be refunded.

  • Rider

    The riders are an additional benefit that enhances the overall coverage of the plan. These rider benefits are optional and enhance financial safety to secure the family against any unforeseen event by paying an additional premium sum.

  • Claim Process

    When the life assured passes away during the policy term, the nominee will file a claim to receive the death benefit. This process is known as the claim process.

  • Exclusions

    Certain situations remain uncovered within a life insurance plan. In case the claim is made on such exclusions then no benefit is provided by the insurance company.

Steps to Buy Life Insurance Plan Online from Policybazaar

To get insured from the comfort of home, an individual can buy life insurance online from Policybazaar Insurance Brokers Private Limited. 

Follow these simple steps to buy life insurance online:

Step 1- Choose your gender and enter details like your full name and date of birth

Step 2- Enter your active phone number and click on view plan

Step 3- Answer 4 simple questions to get accurate quotes

  • Do you smoke or chew tobacco? Yes or No
  • Select your annual income 
  • Select the occupation type
  • Choose the educational qualification 

Step 4- Select the best life insurance plan from the displayed options. For suggestions and help, the insurance buyers can choose ‘get free advice’. 

Step 5- Choose and compare different life insurance plans on Policybazaar Insurance Brokers Private Limited. You can choose the personalised plan option as well. 

Step6- After selecting the plan, you can pay the premium or speak to the customer care representative to make an informed choice. 

Step 8- Finally you will have to pay the premium. 

Once all the steps are completed, the policy documents will be emailed to you on the registered mail ID.

FAQs About Life Insurance Policy

Latest News on Life Insurance

LIC picks 4% equity stakes in Bank of India

Published on 9th September 2021

Bank of India, a state-owned bank, claims that the Life Insurance Corporation of India (LIC) has picked nearly 3.9 percent (15,90,07,791) equity shares of Bank of India through the open market transaction.

LIC’s stake in the Bank of India has increased from 3.17 percent to 7.05 percent, which is equivalent to 28,92,87,324 equity shares. As per the Securities and Exchange Board of India (SEBI), any company has to inform stock exchanges when they hold more than 5 percent shares in any listed company.
As per Qualified Institutional Placement (QIP), Life Insurance Corporation of India acquired nearly 39.22 percent (15,90,07,791) equity shares offered in the issue of August, 30. Through QIP, government shareholdings in the State Bank of India came down from 90.34 percent to 82.50 percent.

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UPI Autopay is Now Available on ICICI Prudential Life Insurance Premium Payments

Published on 19th August 2021

ICICI Prudential Life Insurance has collaborated with the National Payments Corporation of India (NPCI) to offer customers the option of Unified Payments Interface(UPI). Customers will be able to purchase insurance policies online and pay premiums from home. This is a significant development in the context of the COVID-19 pandemic.

After this collaboration, ICICI Prudential Life has become the first life insurance provider to offer the UPI auto-pay facility which simplifies payments.
People can connect their bank accounts to UPI Auto payments to pay premiums for buying life insurance plans. Customers can also set up UPI Autopay online on their phones to pay for regular renewal payments online. This facility will ensure that premium payments are made on time. This implies that customers can enjoy the benefits of their policies with no interruption.
The statement states that customers can enable UPI Autopay on any of their favorite UPI apps, such as Paytm or BHIM. This feature can be enabled by e-mandate for the ICICI Bank as well as other major banks. Customers can also choose the frequency at which premium payments are made, whether monthly, quarterly, half-yearly, or one-time.

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SBI Life: CA Emerald Exits SBI Life Insurance Company By Selling its Stake

Published on 17th August 2021

Carlyle Group, private equity has withdrawn SBI Life Insurance Company Ltd. by trading its share through the open market transactions. SBI Life Insurance June 2021 quarter data represents 1.9% of the stake in the company’s shareholding. The deal hoisted at Rs 2,147 Crores.

On Thursday, according to the deal data of BSE, CA Emerald- Investments, a unit of Carlyle Group, sold scripts of Rs. 1.9 Crores at an average rate of Rs 1,130 for one script. The shares of the company were elected separately by other insurers such as Max Life Insurance Company Ltd, HDFC Standard Life Insurance, Morgan Stanley Asia Singapore, Bofa Securities Europe, Integrated Core Strategies Pte Ltd. Some mutual funds have also picked the shares such as SBI Mutual Fund, ICICI Prudential, Kotak Mahindra, Nippon Indian Mutual Fund, Pioneer Investment Fund, and Franklin Templeton Mutual Fund. On Friday, the BSE counter of SBI Life Insurance Company Ltd opened at Rs. 1,147 and closed at Rs. 1,134.85.

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Life Insurance Companies Record a Drop of 11% YoY For July Business Premiums

Published on 13th August 2021

After a slight YoY increase in new business premiums in June (following a dip in May because of the second wave of the Covid-19 pandemic), the NBP for the life insurance industry has dropped again in July.

This is mainly due to India's insurance giant, Life Insurance Corporation (LIC), which saw a contraction in business. In July, life insurers, 24 total, earned an NBP of Rs 20,434.72 million, a decrease of 11 percent YoY over last year. Private insurers reported a 7.53% increase in NBP in July compared to last year. However, LIC's NBP contracted almost 21% YoY to Rs 12,030.93 million.
Life insurers experienced a weak first quarter (Q1) due to the second wave. However, the business has picked up private insurers. Supply-side restrictions remain, and they are expected to decrease as soon as restrictions are lifted. Due to the second wave, the life insurance industry saw a significant increase in death claims during Q1FY22.
Companies had to take a big hit in profitability and set aside funds to offset the effects of higher claims. Although the claims burden has decreased since Q1, insurers are still concerned about the possibility of a third wave.

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Burman Family To Sell 25% Stakes In Aviva Life

Published on 12th August 2021

Burmans plan to sell their 25% stakes in Aviva Life. The deal will see the Burman family stake drop to 26% from the current 51% in Aviva Life Insurance Co.

The billionaire family, rated amongst the top 20 richest in India, with an estimated net worth of around $10 billion according to Forbes rich list, is set to pare its stakes as part of a strategy to raise capital for the core consumer goods business.
Founded 137 years ago, the Burman-family owned Dabur is known for brands, including Vatika hair oil, Real fruit juices, and Hajmola digestive candy, among other fast-moving consumer goods (FMCG). The family’s private holdings range from restaurants to home healthcare to life insurance.
Discussions and negotiations between the Burmans and Aviva Life are going on for a year but no conclusion has been taken out yet. Insiders claim that if all goes well this time, then the deal is likely to be announced within two months.

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Pramerica Life Insurance simplifies death claim settlement by setting up a helpdesk for families impacted due to floods in Maharashtra

Published on 11th August 2021

Pramerica life insurance is a joint venture of Prudential international insurance holdings ltd. and DHFL Investments Limited. It is committed to cater to its customer’s financial requirements such as protecting their child’s future, savings and retirement planning, and creation of wealth goals. Pramerica life insurance has a PAN India presence through several distribution channels that address the needs of a customer.

The company headquartered at Gurugram, India, has set up a different ‘Claims helpdesk’ to provide pro-active services to the policyholder’s beneficiaries affected due to the flood in Maharashtra. With 2500 employees, the insurer is dedicated to offering support to grieving families by providing a hassle-free claim settlement process. To ease the process for the bereaved families, the company has also simplified the process of claim documentation in case of death claim settlement. Some of the documents are required by the company such as death certificate by any local government authority, or by Government hospital, death claim form, an ID of a claimant, policy documents (if available), address proof, and bank account details to make sure that claims are paid to the correct recipient. The company helps its customers to make an informed decision that helps in meeting their short- and long-term future objectives. You can also reach out at or Toll-free number: 1800 102 7070 in case of any queries.

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40,000 Agent Advisors To Be Hired Digitally This Fiscal: Says Max Life

Published on 10th August 2021

As the world is moving towards digitalization rapidly, so is the private life insurance companies. Max Life recently announced that the company has recently digitized its entire recruitment process. Also that they are planning to hire around 40,000 agent advisors online in the current fiscal.

Launched last year, this new digital process was introduced to enable quick, seamless identification, verification, and onboarding of prospects. Max Life claims that this digitalized process of recruiting has not only helped bring in top-quality talent to the business but also ensured greater agility, speed, and effectiveness in the entire onboarding journey.
The company has also launched its channel named “Max Life Ace Talk”. It aims to showcase inspirational stories of existing Max life agent advisors to the new joining advisors. The main aim is to make the new joiners aware of the advisor’s journey in the company and take inspiration from it.

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New Business Premium Of 3,345 Crores: SBI Life Insurance Registers

Published on 9th August 2021

SBI Life insurance has registered a New Business Premium of 3,345 crores for the quarter ended on June 30, 2021. From 3,059 crores for the quarter ended June 30, 2020, the regular premium has increased by 29% since the last year.
If we discuss SBI’s standing from June 30, 2020, to June 30, 2021,

SBI Life’s protection new business premium stood at 428 crores for the quarter ended June 30, 2021, marking a growth of 46%.
SBI Life’s protection individual new business premium stood at 132 crores for the quarter ended June 30, 2021, marking a growth of 75%.
SBI Life’s profit after tax stands at 223 crores for the quarter ended June 30, 2021.
SBI Life’s AUM also continued to grow at 32% to 2,31,559 crores as of June 30, 2021, from 1,75,355 crores as of June 30, 2020.
The company has a diversified distribution network of 2,12,821 trained insurance professionals and a wide presence with 947 offices across the country. SBI Life Insurance is one of the leading life insurers in the country and shows promising growth in the future.

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Edelweiss Tokio Life Insurance Company Launches Total Protect Plus

Published on 6th August 2021

Edelweiss Tokio Life Insurance Company launched a new plan Total Protection Plus on 03rd August 2021. It is a comprehensive life insurance plan that provides additional benefits that can help you achieve your financial goals.
In its additional benefits, the plan offers Live Long and Child’s Future Protect benefits.

While the Live Long benefit is a survival benefit scheme that provides policyholders protection and income benefits that begin during their non-working years. A person can choose to start at 60 or 65 years old, after which he/she will receive income equal to a percentage of the base amount assured.
On the other hand, through Child's Future Protect benefit, a parent can choose to have his/her child's coverage increased during the kid's growing years. The nominee receives an additional payout if the parent passes away when the child turns 25.
Some of the Key Features of this Plan

  • A policyholder can avail Return of Premium benefit (optional) that lets them take 100% of complete premiums paid at the time of policy maturity. 
  • Protects for 100 years. This allows the policyholder to leave their legacy behind. 
  • You can avail of a 6% discount on premiums you will pay for the first year. This is only applicable if the medical checkups are done within seven days of buying the policy. 
  • You can opt for limited or regular premium payments for 5, 7, 10, 15, or 20 years. 
  • A policyholder can also opt for an optional Better Half Benefit, which covers the spouse in case the policyholder dies.
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SBI Life Insurance Quarter 1: Decline of 43% in net profit for COVID claims

Published on 5th August 2021

SBI Life, one of the leading life insurance companies in India has reported a decline of 43% year-on-year basis for the quarter March in its net profit i.e., Rs 223 Crores. The strident decrease in the company’s core was on account of Rs. 440 crores additional reserves created by the life insurance companies towards the claims related to COVID that might be observed in the future quarters.

As per the life insurers, 1.28 times increase is observed in the claims from the last quarter of FY to the June end quarter that shows the distressing effect of COVID on the country. Now the company has reported a strong come back after the second COVID wave on business at the quarter as 9 % year-on-year growth is observed in their new business premium to Rs.3,350 Crore. After April and May 2021, some states removed COVID restrictions because cases and deaths started to fall, and at that time assets of SBI life rises 32% to Rs. 1.75 lakh Crore on 30th June.

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HDFC life adopts calibrated approach on term policy sales!

Published on 4th August 2021

HDFC Life CEO Vibha Padalkar has recently announced that HDFC is taking a calibrated approach on issuing term policies to keep costs under control and price risk better. She also said that the company will provide adequately for a possible third wave and is monitoring the situation closely.

Under the calibrated approach, HDFC Life has come up with the plan that they will continue to write business in customer profile they are comfortable with. However, categories where medical tests are not possible or have factors like comorbidities, then they will stay cautious and adopt a calibrated approach.
HDFC Life claims that as the risk factor involved is on the higher side when it comes to health zone, growing term is not difficult but it has to be the amount of risk they are comfortable taking.
HDFC Life’s standalone profit fell 33 percent to Rs 302 crore in the first quarter of FY22 from a year earlier after an increase in COVID-19-related provisions. Hence, to overcome the dip, HDFC Life has decided to follow a calibrated approach on term policy sales.

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COVID – 19 Deaths: As Per IRDAI, Only 14% Life Insurance Claims Made

Published on 2nd August 2021

The Insurance Regulatory and Development Authority of India (IRDAI) has mentioned that claims against Life Insurance have been made just for 14% of deaths because of COVID-19.

In the second wave of COVID-19, India recorded approximately 3.91 lakh deaths due to COVID-19. Out of these COVID-19 related deaths, only 55,276 life insurance claims were received, according to the apex regulatory body of the insurance industry of India.
As per a report of Indian Express, IRDAI said that out of these 55,276 claims made against deaths due to COVID-19, 88% or 48,484 claims were settled by the insurance companies.

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Future Generali Life Insurance Company is Now Associated with DigiLocker

Published on 2nd August 2021

Future Generali Life Insurance Company is now associated with ‘DigiLocker’. This is a facility of the digital locker. It is provided by the Government and enables all Indian citizens to store their documents in scanned and digital format. In other words, it is a digital platform under the Digital India initiative. The main aim of this initiative is to go paperless and offer a digital account over the cloud to every Aadhar cardholder.

This account makes one access their documents on a digital platform.
Here are the key features:

  • To quickly access the policy details offered by Future Generali Life Insurance Company, download ‘DigiLocker’ app.
  • This app provides access to authentic virtual documents. 
  • It is a wallet for digital documents wherein one can store his/her crucial documents like PAN card, driving license, insurance policy documents, voter ID, etc. 
  • One can also upload the documents and keep them safe after signing up for a DigiLocker account. 

Key Features of DigiLocker:

  • One can upload and access Future Generali policy documents anytime, anywhere.
  • Authentic documents are legally at par with original documents.

  • One can sign-up using the phone number and validate with the help of an Aadhar card.

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Pay 29 Rupees A Day And Get 4 Lakh Rupees: LICs New Scheme For Women

Published on 12th July 2021

From the several investment schemes introduced by LIC over the period, the recently announced woman-oriented scheme is attracting attention of all.

Aadhar Shila scheme is an exclusive plan for women aged between 8 to 55 years old. The investors need to invest just 29 rupees per day to get an amount of 4 lakh rupees at the time of maturity. A guaranteed return endowment plan, it offers a minimum amount of 75,000 rupees and a maximum amount of 3,00,000 rupees as per the premium payments.
Interested women can invest in the scheme for a minimum term of 10 years and the maximum term is 20 years. They also have the choice to pay their premiums on a monthly, quarterly or half-yearly basis.

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Declare Nominees/Beneficiary While Purchasing Life Insurance

Published on 7th July 2021

It is very important to appoint a beneficiary/nominee for all the assets, insurance and investment policy. Choosing the right nominee in a life insurance policy ensures that the proceeds go to the rightful heir, in case of unfortunate demise of the life assured during the policy tenure.

As per the industry experts, generally child below the age of 18 years is not considered eligible to handle the claim amount. Thus, the policyholder needs to assign a custodian. It is wise to appoint the spouse or parents as a nominee for the life insurance policy.

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Standard Life Decided To Sell OFF 3.46% Stake Held In HDFC Life

Published on 30th June 2021

The UK-based firm Standard life has decided to sell off its 70 million shares through a block deal. The sale price has been fixed at ₹658-₹678 per share. The decision

was made to raise approximately ₹4606 crores in the near future. JP Morgan India and BoFA Securities India issued a term sheet to disclose the update.

Read more
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Life Insurance Reviews & Ratings
4.5 / 5 (Based on 517 Reviews)
(Showing Newest 15 reviews)
Tajpur, September 16, 2021
Good plan
" I took 2 life insurance policies with policy bazaar. The customer service was good. The policy coverage is okay and they have explained me about the policy. It was taken through agent before one year. I am paying 24K per year through cheque. The sum assured value is 5L for both policies. "
Pakur, September 16, 2021
Savings and Security
I bought life insurance policy 3 years ago from policybazaar. It was really amazing and best for me and my family. I got the sense of safety and security. I found it good and affordable according to me and my family. Thanks a lot team.
Nagpur, September 15, 2021
Online Discount available
When i bought the life insurace policy from policy bazaar online i got some discount also. It was a good thing in the policybazaar that when you make the payment online then you get the discounts too. Good and amazing plans at one place. Thank you so much team policybazaar
Shillong, September 15, 2021
Pocket friendly plans
The plan of life insurance which I have bought from the policybazaar was in my budget. I bought the plan for the safety and the security of my family. I am really happy with the plan of the policybazaar. I have compare many plans and choose the best one for me. Good team work of policy bazaar.
Ajmer, September 13, 2021
Trust worthy company
I have been the customer of policybazaar from last 1 year and It has been amazing thing for me. The brand value of the policybazaar is really very good and the customer care team is understanding too. Thanks to the team.
Raipur, September 13, 2021
Renewing was easy
I have bought life insurance policy from policy bazaar two years ago and i have to renew the plan which was too easy. I renewed it online very easily. I found the working of the team quite impressive. Happy to be their customer.
Gandhinagar, September 10, 2021
Claim easily done
I have recently got the claim for the life insurance policy which my mother took few years back. The claim was settled in less than 2-3 days and it was quite simple process. I am happy that the company helped me in getting and settling the claim. Thanks to the policybazaar team.
Hissar, September 10, 2021
Query Quickly Resolved
I have bought life insurance policy two months ago from policy bazaar. In my documents name of my nominee was missing so i contacted customer team they resolved my problem so quickly. Impressed with the services.
Haladia, September 09, 2021
Crictical iilness recover
I was searching for best life insurance plan frrom the website policy bazaar. I found various covers under the same so that I can enhance my life cover. I bought the critical illness coverage for me. Thanks a lot policybazaar.
J. P. Nagar, September 09, 2021
Good interaction
My friend suggested me to buy policy from policy bazaar. Interaction with the representative was very good. He helped me providing the information of queries raised by me and assisted me in every stage.
Lakhanpur, September 08, 2021
Satisfactory Service
The customer service and response was average. I have purchased term plan for myself. The sum assured value is 50L, I got good service and premium was low. I have received the document. I need to pay premium monthly 734 rupees through online, sometimes I face issues while making the payment.
Nadigaon, September 08, 2021
Tax Benefit
Buying life insurance policy from policy bazaar was my best decision. It gives me two benefits. First it secured my family future and second i got tax benefits under section 80C of Income tax 1961 on the premium amount which i have to pay regularly.
Yamunanagar, September 07, 2021
Awesome Experience
My personal expirence while purchasing life insurance policy from policy bazaar was quite awesome. Everything was smooth and effortless. Happy to be the part of policy bazaar looking forward to buy more policy.
Ahwa, September 07, 2021
Hassle free
My friend suggested me to buy policy from policy bazaar. If the first few steps of taking insurance are smooth, it gives confidence that the insurer is in the safe hand. My experience was hassle free and smooth.
Mumbai, September 03, 2021
Easily solved the query
Thankyou to the policy bazaar team for solving my query about the term plan. I purchase the policy online for the very first time to secure my family. I was having so many query related to the policy and the customer care associative helped me the lot.
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