Prices Increasing soon Prices Increasing Soon

PIL Issued to Insurance firms for offering Savings Plan

Savings and investment plans are illegal as life insurance is a business to compensate the nominees in the event of demise of the policyholder and not on survival.

Gujarat
high court, couple of days ago, demanded explanation from the Centre, IRDA and 19 insurance companies, including the Life Insurance Corporation (LIC) of India, over a PIL suspecting the legality of life insurance products offered by the companies.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

Petitioner Kailash Maheshwari, a city-based chartered accountant, has asked for action against insurance companies for fooling customers and for criminal conspiracy and to try them under provisions of Prize Chits and Money Circulation Scheme (Banning) Act as well as under anti-corruption laws.

The petitioner has urged that the notification allowing the levy of service tax on the savings part of the premium be taken down and that service tax be allowed only on the risk premium part. The PIL also asked for stay on collection of savings as well as investments by the life insurance companies and to make endowment plans as illegal, and refund the premium.

As per Maheshwari, Savings and investment plans are illegal as life insurance is a business to compensate the nominees in the event of demise of the policyholder and not on survival.

The petition says that according to the law, life insurance business is only meant to be a business to pay an amount to the beneficiaries in case of death of the policyholder. Payment on survival is not the offering of life insurance. Therefore, all the savings as well as investment plans are illegal as the insurance companies do not have the rights to gather savings or investments.


Premium By Age

Life insurance articles

  • Recent Article
  • Popular Articles
09 Aug 2023

What High Net Worth Individuals (HNIs) Do To Secure Their...

High net worth individuals often opt for life insurance plans to

Read more
28 Jun 2023

A Review Of ICICI Prudential Life Insurance

“Policy Bazaar insurance clarified the term policy for me, so

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best

Read more
20 Jun 2023

Best Life Insurance Policy in India with High Returns

The best life insurance policy in India is a type of life

Read more
20 Jun 2023

Which Insurance is Best in India?

Insurance is a financial product that transfers the risk to a

Read more
15 Dec 2021

Life Insurance for Parents in India

With the increase in the average life expectancy rate, the older population in India is on the rise. Most of the

Read more
08 Jun 2022

Life Insurance for NRI

Going beyond geographical boundaries to study or pursue a career abroad is a common aspiration for many

Read more
14 Apr 2014

Life Insurance Quotes

Life insurance quotes are the approximate premium rates for the specific life insurance policy. It helps you

Read more
27 Jun 2023

A Review Of HDFC Life Insurance

“I recently bought an HDFC term plan and it is the best decision I have ever made. I feel so good knowing that

Read more
26 Dec 2022

Canara Guaranteed Fortune Plan

Canara HSBC life insurance company introduces a guaranteed fortune plan that provides assured benefits to life

Read more
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL