If you are planning for the security of your and your family life and purchasing life insurance online, as life insurance investment is one of the best future security tools, then you are at the right place where I’ll explore the points of precautions to keep in mind while purchasing the life insurance online. Life insurance is the best financial safety tool considered by the masses. It provides financial security for your loved ones at the time of any unfortunate situations, providing them with support mentally also. Due to digital reach almost by everyone, so buying any product such as online car insurance, health insurance, term insurance, small business insurance or life insurance has become easier than ever, which also offers lesser premium due to higher competition in the market.

You can go to the websites of top life insurance companies in your country for the comparison of life insurance policies and plans, ask them the life insurance plan quotes and compare their inclusions and exclusions, premium prices, surrender values in case you surrender your policy early. You can also check and compare the life insurance plans, quotes, premium amount, surrender value, final amount and other features from the life insurance aggregator websites such as PolicyX, InsuranceDekho, PolicyBazaar, Coverfox, GIBIL etc. in India and their governing body is IRDA and PolicyGenius, Progressive, USAA, State Farm in USA and their governing body is NAIC.

Insurance aggregator websites are platforms to help users comparing insurance products gathered from different insurance companies. Aggregator website interface displays policy prices, ratings, premiums etc. They are designed as centralized platform to simplify the process of identifying the right policy for you.

Finally, before you purchasing life insurance online, you should go through these important precautionary points to keep in mind-

1. Evaluate Your Coverage What You Actually Need

Before buying life insurance online, take some time to assess how much coverage you actually need. Consider factors like your debts, income replacement for your family, and any specific financial goals, such as funding your child’s higher education, marriage etc.

2. Understand Different Types of Policies

Life insurance comes in various forms, primarily term life and whole life insurance. Term life provides coverage for a specific period (e.g., 20 years), while whole life provides coverage for your entire life and often includes a savings component. Understand the differences between these types to choose the one that suits your needs.

3. Compare Quotes Before Purchasing Life Insurance Online

One of the significant advantages of buying life insurance online is the ability to compare quotes easily. Obtain quotes from multiple insurance providers to find the best coverage at a price that fits your budget.

4. Check the Reputation Of Life Insurance Company

Services of all insurance companies are are not equal, choose the best company to invest in your hard earned money. Look for insurance providers with a strong reputation for customer service and prompt claims processing. Online reviews can help on it and checking their financial stability can help you make an informed decision. Don’t fall into the cheap life insurance plans, always go with brands for life insurance.

5. Disclose All Relevant Information To Your Life Insurer

When applying for life insurance online, honesty is crucial. Be sure to provide accurate information about your health, lifestyle, and habits. Failing to do so could result in your policy being voided or claims being denied later.

6. Understand The Inclusions And Exclusions

Every life insurance policy has inclusions and exclusions, you should read the policy documents for the inclusions and exclusions. You can contact the customer care executive to understand what is in and what is out. Common exclusions may include suicide within the first two years of the policy or death resulting from illegal activities.

7. Review the Policy Terms Before Purchasing Life Insurance Online

Take the time to read the policy terms and conditions thoroughly. Understand the premium payment schedule, the beneficiaries, and any riders or additional features you’re adding to the policy. Also understand the fines or penalties or late payment charges before purchasing life insurance online.

8. Confirm If Medical Examinations Required

Depending on your age, health, and the coverage amount, the insurer may require a medical examination. Be prepared to complete this step, as it helps determine your premium rate.

9. Know the Grace Period For The Premium Payment

Familiarize yourself with the grace period, which is the time you have to pay your premium after the due date without losing coverage. Missing payments can result in the policy lapsing or penalties for the missing premium payment on time.

10. Keep Your Insurer Updated For Any Changes In Your Life

Life changes, and so should your life insurance policy. Whenever there’s a significant change in your life, such as getting married, having children, or changing jobs, review and update your policy insurer accordingly.

11. Seek Professional Advice Before Purchasing Life Insurance Online

If you find the process confusing or need guidance in selecting the right policy, consider consulting with a financial advisor or insurance agent. They can provide personalized recommendations based on your financial situation and goals. You can also call the customer care for any doubt.

12. Review and Reevaluate Regularly

Life insurance isn’t a one-time decision. Periodically review your policy to ensure it still meets your needs. Changes in your financial situation or family dynamics may necessitate adjustments. Be in contact with your advisor to reevaluate your policy.

13. Consider Riders for Added Protection

Riders are additional features you can add to your life insurance policy for extra protection. Common riders include accidental death, critical illness, and disability income. While they increase the premium slightly, they can provide valuable coverage in specific situations.

14. Check Policy Surrender Value While Purchasing Life Insurance Online

Whole life insurance policies often have a cash value that grows over time. This is known as the surrender value. Understanding how this value accumulates and when you can access it can be crucial for long-term financial planning.

15. Family Needs Analysis Is Required When Purchasing Life Insurance Online

Life insurance isn’t just about replacing your income. Consider what your family’s needs would be in your absence. This might include mortgage payments, college tuition, and healthcare costs. Ensure your policy adequately covers these expenses.

16. Use Online Tools and Calculators While Purchasing Life Insurance Online

Many insurance providers offer online tools and calculators to help you determine your coverage needs and policy premium. These tools take into account your financial situation and goals, making it easier to select an appropriate policy.

17. Premium Payment Options Such As Annually Or Monthly

Understand the various premium payment options available before purchasing life insurance online. Some policies allow for annual, semi-annual, quarterly, or monthly payments. Choose a frequency that aligns with your budget and preferences.

18. Determine Policy Lapse Reasons And Its Prevention

To prevent your policy from lapsing due to missed payments, consider setting up automatic premium payments. This ensures that your coverage remains intact, even if you forget a due date.

19. Check Policy Conversion Feature From The Insurer

Term life insurance policies often come with an option to convert to a whole life policy. This can be beneficial if your needs change, and you want a more permanent form of coverage.

20. Check Policyholder Benefits From The Insurer

Some insurers offer policyholder benefits beyond the coverage itself. These may include access to health and wellness programs or discounts on other insurance products. Explore what additional benefits your chosen insurer offers.

21. Annual Life Insurance Policy Review

Make it a habit to review your life insurance policy annually. This is an excellent time to ensure that it still aligns with your goals and financial situation. Adjustments can be made if needed.

22. Keep Policy Documents And Payment Slips Secure

Once you’ve purchased your life insurance policy, keep all policy related documents in a safe and easily accessible place. Inform your beneficiaries of the policy’s existence and how to access it in case of need.

23. Take Professional Assistance When Purchasing Life Insurance Online

If you encounter complex policy terms or are unsure about specific aspects, don’t hesitate to seek help from a legal or financial professional. They can clarify any doubts and ensure you’re making the right choices.

Conclusion
Purchasing life insurance online can be a convenient and cost-effective way to secure your family’s financial future. However, it’s essential to approach the process thoughtfully. By understanding your needs, comparing quotes, and being diligent in your research, you can make a well-informed decision that provides peace of mind for you and your loved ones. Remember, life insurance isn’t just a policy; it’s a promise to protect the ones you care about most.

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While the working women across the globe are assuming new roles and playing a vital part in the corporate environment, their average pay-scale still doesn’t match their mettle or even align with the average salary of the industry. Here we are especially taking about the women belonging to middle class.

Their salary does help in paying the bills and taking care of other small household expenses but in many cases it is not sufficient to take care of big expenses. That is why it becomes all the more difficult for them to bear the expensive treatments during the case of critical illness. With their average salary it is generally not possible for them to save for such situations. Moreover, the expenses associated with critical illness are generally unpredictable that makes it difficult for them to plan the saving. In such scenario, one needs a scalable financial support that could adequately cushion such situations with the help of ready funds. In such cases the health insurance plans for women can help a great deal.

What is a Woman Health Insurance Plan?

Medical Insurance Plans is an extended term that covers the various costs associated with medical conditions- right from medications charges till hospitalization. In fact when one opts for woman health insurance it covers a number of specific conditions in the life of women like maternity benefits, child care, etc. That is why opting for a reliable women health insurance plan can help you a great way to achieving the financial independence. There are multiple ways in which the healthcare insurance plans can help a woman with required financial aid.

Single women and old parents Health Insurance Plan

Another thing that worries single working women is the health of her aging parents. Due to the advanced age, quick aid is necessary but the financial limitations may prevent you from the quick access to the medical help.

• • The health plans cover your children as well as parents and empower you with the required financial aid during the case of your parent’s illness.
  • The hospitalization charges may be expensive and in many cases even more costly than the medication charges. By covering the hospitalization charges the health insurance plans save you from significant expenses without compromising on the health of your parents.

Special Health Insurance Plan for newly-wed women

One of the major expenses that a newlywed working woman has to spend is the maternity expenses. In fact the condition makes the things even more difficult for middle-class women as they have to take a long maternity leave from the job that makes a significant hole in their income while at the same time they have to borne various costs associated with maternity- right from regular checkups and medication till delivery charges. Special care about the diet, need to hire domestic help and frequent needs to visit the doctor with the husband (requiring him to take leaves) can have a long lasting impact on the financial health. Ultimately the huge costs associated with delivery and the immediate needs of funds make it very important to have ready funds for ensuring quick medical help during such critical situation.

• • However, the medical insurance plans for women offer a number of maternity benefits thus almost eliminating the different charges associated with multiple phases of maternity period.
  • For availing these benefits a woman needs to opt for the health insurance least 2 years prior to conceiving so it is recommendable to go for such a product just after the marriage. This plan covers the woman as well as her husband. 

Health Insurance Plan Working Women living in joint family 

The women living in a joint family often have difficulty in selecting the members that she would include in her insurance policy. As a woman she has a number of responsibilities and the equation of relation might be too complicated for her to decide whom to include.

• • By wisely choosing the ideal medical insurance plans she could enjoy a wider cover that is capable of providing extended coverage to as many as 15 members of her family and includes a number of relations like parents, children, siblings and even son/daughter in law.

Special health condition during advancing age for Health Insurance Plan

One of the major challenges that working women might have to face is to take care of any demanding health conditions during their advanced age. The working women tend to develop health issues during old age due to their highly demanding lifestyle during youth and the middle age.

• • As the woman is not earning during her old age, the lack of funds may prove to be a barrier to respond confidently to her medical needs. By choosing the ideal healthcare policy she cannot only avail of the quick financial help needed for quality medical care but also enjoy the premium hospitalization experience as the hospitalization charges are also borne by the insurance company.

How to buy the best health insurance policy for women?

 It is very important to check the profile of the medical insurance plans provider before you trust them with your and your family’s future. Knowing about the plans and investment process is not enough. One should check the portfolio, track record and trust building features of the insurance company. These features play a crucial role when you need the finance during crucial healthcare stages.

Hasty steps can harm, and it is better to invest sincerely with futuristic perspective and employ a 360-degree evaluation to buy the best health insurance policy. Apart from the genuine, uncomplicated payout the policy should be fairly priced and fit well into your budget. Before you finalize any policy it is important to go through plans and terms and conditions. Anything that is not clear can be understood with the help of the instance agent of financial advisor instead of remaining in dark.

Working women have to look after, multiple responsibilities that can result in physical and mental stress. However, the repercussions tangible experienced during the active years. But during the advanced age, the tangible effects of over stress are revealed in the form of frail body and illness. Having a medical insurance plans for women (thebalancemoney[dot]com/top-benefits-of-life-insurance-for-women-4175911) can help them to avail of the best healthcare services and medication during such period. These healthcare plans also offer a number of benefits during eh prime years of he life lie are benefits. By choosing e high type o and helps women can ensure their future and those of their family members too.

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The Life Insurance Corporation of India is the largest insurance provider in the country. Established in the year 1956 and currently having its headquarters in Mumbai, the Government of India is the owner of this public insurance company. The Life Insurance Corporation of India was formed by merging several private insurance corporations into one unified company.

In terms of performance, LIC is the best life insurance company in India. The company sells the greatest number of plans on a yearly basis thus placing them at the table. Life insurance, medical insurance, vehicle insurance, different types of investment plans, retirement plans etc. are some of the common plans that are bought. As of today, LIC India has the largest hold on market shares in insurance. You can also refer the top general insurance companies in India.

LIC at a Glimpse

The Life Insurance Corporation of India has established itself throughout the country. The company has the largest amount of money that is invested in it through customers and also sell the most number of plans in the course of a year.

• • LIC India is located in Mumbai which is the hub for trade and commerce in India.
  • The company has the largest recognition all over India with the greatest number of workers and agents under it’s wings.
  • LIC holds the greatest amount of share in the market.
  • Different policies are present that are based off of a wise spectrum of customer types. The plans and policies are so diverse in order to meet the needs and requirements of every single customer.
  • LIC India has one of the fastest claim settlement times among all other insurance companies that are present in India.
  • Policy and plan holders are exempted from tax in nearly all policies that are offered by the company.

LIC Term Plans

LIC India has term insurance plans for customers. These plans are like regular insurance plans that have a variety of features and inclusions. The premiums of the plans are low as compared to a normal insurance plans. The plan gives special benefits to the nominee of the insurance holder in the case of an unforeseen death. Once the plan matures, no maturity value is given to the insurance holder.

Due to the price of buying the plan and the premium that needs to be payed are all very low while the coverage of the plan is very high, many individuals prefer to buy this plan. The plan allows an individual to not only get a life insurance benefit for himself/herself but also guarantees the financial stability of the insurers family when the insured is no longer present. The plans are cheap which is the most attractive feature of the plan itself.

Why Buy a LIC Term Plan?

LIC term plans have their premiums and amounts decided depending on the age of the individual who is buying the plan. The younger the individual, the cheaper will be the terms insurance plan for him/her. Some reasons why a term insurance plan should be bought include:

• • A term insurance plan saves a lot of money. The term insurance plans are cheap to buy and the premium for the plans also do not hurt the pocket of the insured. Taking into account that there is no maturity value of the plan, the plan includes all the features of a life insurance plan. Term plans guarantee the safety of the individual and the family of the insured for the rest of their days while also being cheap. This is the prime reason why the plans are so popular among many.
  • The term insurance plan premium depends on the age of the individual. Young people are healthier compared to those who have aged. At a young age getting a life insurance cover that is not very expensive and which includes all the features of a health insurance plan is the most appealing feature of the plan. Term insurance plans allow the insured to be worry-free for health insurance throughout their lives.

LIC e-Term Online Plan

In the age of the internet and technology, nearly all insurance plans can be bought on the internet. The premiums for the plan and other payments for maintaining the plan can also be done on an online platform. Similarly, a term insurance plan can also be bought off of the internet from the official LIC website in minutes. An online term insurance plan by LIC is known as an e-Term plan.

Features and Benefits of LIC e-Term Online Plan

The plan has a number of features and benefits such as:

1. 1. The minimum age for any individual to buy this plan is 18 years while the maximum age for the same is 60 years.
   2. The plan can mature in a matter of 10 years or 35 years. The maturity of the plan depends on the age of the individual who is buying the plan.
   3. Depending on the sum that is assured to the insured, the minimum and the maximum annual premium for the plan can be easily calculated.
   4. The plan has a grace period of 30 days after which the plan will lapse.
   5. A lapsed policy can be renewed within 2 years.
   6. This plan can either be taken for a single individual or for a family.
   7. The maximum age for the plan to cover an individual is 75 years.
   8. Trail period for this policy is also available for customers. If customers return the policy then the premium for the policy is returned back to the individual. This trial period is up to 30 days.
   9. The minimum amount of money that is assured from an e-term policy is Rs. 25 lakhs for those who smoke while it is Rs. 50 lakh for non-smoker customers.
   10. At the time of an untimely death of the insured, the entire sum assured is paid to the nominee of the insured.

Since the term insurance plan by LIC is an online plan, the application for the policy and all other necessary details are filled on an online platform. There is no need for the customer to come to a LIC office or go through an agent for the same. On an online basis, customers can also track the progress and know their LIC policy status along with the necessary details for the same.

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SBI Life Insurance is a combined undertaking of BNP Paribas Cardiff and State Bank of India. It was founded in the year 2001 and has its headquarters in Mumbai. SBI holds 74% share of the capital sum of SBI Life whereas BNP Paribas Cardiff holds 26% of the capital sum.

SBI life provides policies under ULIP and traditional plans across all sections and is one of the key players in the insurance domain.

SBI Life Insurance Features

• It is backed by State Bank of India which is one of the strongest banks in India.
• It was awarded the “Life Insurance Company of the Year” in 2016
• Life cover of 1 crore offered at as low premium as Rs. 18*/day.
• 69% claim settlement ratio in the year 2016 – 2017
• In 2016-2017, 99.98% grievances were resolved.
• Has access to more than 100 million accounts across India.
• It has the most productive team with respect to insurance agents and is associated with more than 80000 door-to-door advisors.
• It has wide range of insurance products and financial services.
• Most of the services can be availed online like checking SBI Life Insurance Policy status, buying a new policy, paying the premium etc.

SBI Life Insurance Policy Status

Earlier the checking of SBI Life Insurance Policy status or SBI Life Policy Status was a tedious process. Customers had to visit the SBI Life branch office or an authorized agent and request for the current SBI Life Insurance Policy status.

With the advancement of technology SBI Life launched an e-portal smartcare[dot]sbilife[dot]co[dot]in/SmartCare/onbording[dot]html to ease the process of checking SBI Life Insurance Policy status and Latest Fund Value Online. In fact the e-portal not only provides the facility of checking the SBI Life Insurance policy status but also other features like checking fund value, paying the premium amount, getting premium paid certificate, buying policy online and many more. In short the entire process involving life insurance policies can be done online. This is truly a boon for the customer.

Process to See the SBI Life Insurance Policy Status Online

• Account Set Up/Registration Process

 The process to see SBI Life Insurance policy status online or SBI Life Policy Status and Latest Fund Value Online is very simple. Customers need to do a one time registration process at mypolicy[dot]sbilife[dot]co[dot]in. The process is very simple as the customer has to just key in their Policy Number, Email-ID, Customer ID, and Date of Birth as revealed in the policy document. Once the appropriate details are entered, an email with password reset link will be sent to the customer’s email account. Once the customer clicks on the password reset link, he/she will be automatically re-directed to password reset screen where he/she can set a new password. Once the password is reset, the registration process is complete. Once the account registration is complete, one can add all his/her existing SBI life policies to the account.

• To Check the SBI Life Insurance Policy Status Online

1. Login to e-portal of SBI Life with your login name and password

2. Click on “View Policy”

3. Select the correct policy number

4. The current SBI Life Insurance policy status like renewal date, premium amount, maturity etc will be listed.

• SBI Life Insurance Policy Status SMS Alert

SBI Life also provides the facility to receive policy update on SMS. The SBI Life Insurance policy status can be obtained by

Sending below SMS to 56161 or 9250001848

POLSTATUS<<space>>(Policy Number)

This above activation SMS may be chargeable. Once the customer sends the above SMS, the SBI Life Insurance policy status will be received as SMS in a few minutes of time.

Check Modern Fund Value of SBI Life Policy Online

Most of the policy holders are always eager to find out their fund value. The eagerness is so high that customers end up sharing private information such as policy number or mobile number to complete strangers online who assure to inform about the latest fund value. SBI life has made this process very simple for customers so that they can independently find out their policy’s fund value. In fact the process is exactly similar to the process of checking SBI Life Insurance policy status or SBI Life Policy Status and Latest Fund Value Online.

• Check the Latest Fund Value Online

Firstly the account set up and registration should be complete as described above in the “Process to check SBI Life Insurance policy status online” section. If the registration is already complete, user can login in to the e-portal. Go to “View Policy” and select the correct policy number. Now proceed to see the “Policy Status” and click on “Fund Value” tab. The latest update of the fund value is available.

• Check Fund Value Through SMS Alert

The latest update on investment value can be obtained as a SMS alert too. To activate send below SMS to 56161 or 9250001848 from the registered mobile number:

• Check Fund Value Through Missed Call

One can also receive the latest update of fund value by giving a missed call on 022-27599901

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Health insurance plan can be subscribed to get protection from various kinds of ailments and diseases. Health insurance policies are offered for newborn babies and children by various insurance companies. The life insurance plan covers the death while the health insurance covers the hospitalization. The healthcare costs are increasing in India and a caring parent should choose the best policy to offer best protection for the child. Even though you are covered by a medical insurance offered by your employer, you should go for an additional policy as per your needs.

Purpose of health or medical insurance

Health insurance will cover eventualities such as surgery, hospitalization and medical treatment. There is a difference between Mediclaim policy and health insurance. The Mediclaim is limited to the hospitalization cost. You will want to claim the medical expenses towards the treatment and the insurance company will reimburse the amount.

With the health insurance plan, you will get additional benefits. The health insurance plan will cover the medical consultation fee, medical bills, cost of diagnosis, treatment cost, boarding charges, ambulance charges, pre-hospitalization & post-hospitalization expenses. Hence, it is a comprehensive policy to take care of your health in the best possible way.

There are some life insurance products which offer medical treatment coverage due to accident or sickness. The insurance company will pay lump sum amount and it will be helpful for treatment.

Benefits of health insurance

The following benefits are enjoyed by buying a health insurance policy from a reputed health insurance company which shows Why you need to get your children insured?

• Sufficient health cover – The health insurance cover offered by the corporate health cover will be insufficient to meet your children’s needs. The insurance plan offered by the employer will cease to exist as soon as you quit the job. Hence, you should want to buy a comprehensive health insurance plan.
• Ability to deal with life-threatening diseases – The number of children being treated for life-threatening diseases is increasing at a constant pace. The risk to various kinds of diseases such as anthrax, dengue, measles, rubella, viral hepatitis, mumps and acute diarrhea disease has increased in the past few years. The health insurance is a great option to fight deadly diseases. Even though the medical facilities are available, they are very expensive. With the help of a comprehensive medical insurance policy, you will get treatment and it is possible to save your child. The family will survive the financial hardship as the medical treatment cost will be borne by the insurance company.
• Healthcare planning – Your child’s health may be spoiled due to accident or injuries. If there is medical emergency, it will be borne by the health insurance company when you subscribe to the best plan. The health care planning and financial planning is essential so that you can live with great peace of mind.
• Income tax benefits – The premium paid towards the child health insurance plan will be exempted under the Section 80D of the income tax act. If you subscribe to a health insurance plan, you will get tax exemption up to Rs. 25,000 in a financial year.
• Additional benefits – In addition to the cost of treatment, you will also get additional benefits with the subscription of medical insurance plans in India. The additional benefits include daily cash allowance, recovery expense, and domiciliary treatment. You can also get additional benefits by customizing the plan as per your needs. Some insurance companies offer attendant benefit, alternative treatment and domiciliary hospitalization.
• Lifelong renewal – some health insurance plans are offered with lifelong renewal option. If you do not claim the policy in the previous year, you will get no-claim bonus.

Individual health insurance plan

You can buy an individual health insurance plan as per the needs of your child. If there are some hereditary health risks, you can choose a plan to include those risks. The sum assured will be in between Rs. 1.5 lakh to Rs. 50 lakhs. The individual health insurance plan covers the pre-hospitalization and post-hospitalization expenses.

Most of the insurance companies cover 60-days pre-hospitalization and 90-day post-hospitalization expenses.

You will get access to a network of hospitals managed by the insurance company. You can choose the policy term for 1, 2 or 3 years with a lifelong renewal option. When you buy an insurance policy at a young age, the premium will be very low.

Family floater insurance plan

The family floater plan is an affordable health insurance option. It is possible to cover all the family members with the help of the family floater plan. The insurance premium will be very low. The sum assured can be utilized by one or all the family members. Hence, one or more children plus parents are accommodated in the health plan. You can also include your parents in the family floater plan. However, the insurance premium will be high for senior citizens. Hence, instead of including parents who are above 60 years of age under your family floater plan, you can buy a separate policy to get your children insured.

Top up insurance plans

It is possible to subscribe top up plans so that the insurance coverage will be enhanced. Instead of buying another insurance policy, you can choose a top-up plan. Terminal illnesses such as cancer and AIDS are not covered by a basic health insurance policy. By choosing top up plans, you can get additional benefits. You can also subscribe to super top-up plans to make the most of your health insurance plan.

You should buy the health insurance plan by offering correct information to the insurance company so that your claim will not be rejected by the insurance company. You should also choose the most appropriate policy as per your child’s needs.

Conclusion

You can go through the various kinds of health insurance plans offered different insurance companies. The insurance plan that offers best features at a low premium can be selected so that you can cover various kinds of health-related risks very easily. A health insurance plan can be subscribed online and you will get assistance with claim reimbursement and 24/7 assistance so get your children insured.

Please refer other financial news in Newskart at Business & Finance section, also know top 20 General Insurance and Life Insurance companies in India.

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Market is full of insurance players and its tough to choose the best term plan so let us evaluate the benefits of SBI term plan in India.

Anything can happen from the time we are born to the moment we die. Unfortunate situations are not uncommon in the world. This is the core-reason why people turn to insurance to help keep them secure in case something terrible were to happen; especially to the breadwinner of a family.

One of the policies that people look forward to being SBI term insurance plans.

• Also called Life Insurance, these particular investments are designed to provide for your family in case you pass away from unforeseen or unavoidable circumstances.
• Premium rates vary between all major term insurers because the companies are intentionally not competing with one another where this package is concerned.
• While they are all similar to each other, premiums vary depending on your age and how much risk the insurer is willing to take with you.

Here are some of the salient points to keep in mind when you go into the policy market and try to choose best SBI Term Plan in India.

Key Points To Know When Buying SBI Life Term Insurance or Choose Best SBI Term Plan in India

1. Low Premiums of SBI Life Term Insurance Plans

This is one of the first factors that interested customers will be on the lookout for while shopping for SBI term insurance. However, it is NOT as important as you think.

• The other two points on our list highlight your priority-points, after which you can readily sort through premium options.
• While this may come as a surprise to some people, it is nevertheless an important piece of advice, which is not designed to make you pay any premium under the sun, but to help you get your priorities straight.

This mode of approach will definitely serve you in the long run, which is essentially what term insurance is all about.

2. SBI Company Repute

Take the time to do your homework and learn about a company’s financial health and societal standing.

• Do NOT base your judgment on television advertisements or because a famous celebrity endorsed this or that insurer.
• If you have prior experience with, say, SBI term insurance deals, then you will know which one is best suited to you. Otherwise, it is best to do your own research, much like you are now while reading this.
• The State Bank of India is being covered in this article because it has repute and good standing, with tens of millions of customers. Regardless of that, it is advisable that you double-check everything about your preferred SBI life term insurance policy before stamping paid to the investment.

3. Claim Settlement Ratio of SBI Term Plan in India

This is the primary point you need to put under the microscope. Remember, in case something were to happen to you, your family will receive a sum assured and gain financial security from term insurance plans. This is the foundation of all SBI term plans; as well as that from other insurers.

• There is every chance that your claim will be rejected by the insurer. This can happen for several valid reasons. You can learn more about that by simply searching under the broad topic of ‘claim settlement ratios’.
• Do not fully trust agents/agencies who promise to take out a term plan on your behalf. Nobody is out there to help you make money, they are in it for themselves; pardon the harsh revelation.
• Agents aim to pocket their commission and be on their way. They will certainly help get you a competent SBI term insurance policy but will hasten while filling out forms. Any hurried mistakes made on their part can potentially injure your financial capabilities.
• Do not be shy to reveal other insurance plans that you are probably currently paying premiums for. They can be with other insurers, doesn’t matter, mention them. Even if it is endowments or ULIPs, mention them.
• Whatever personal or medical setbacks might be troubling you – alcoholism, drug use, general medical conditions – make note of them in your application form. You do not want omissions coming back to haunt you later.

By following these (and other) points, you increase your chances of having a claim accepted. Let’s look at some of the leading term plans from SBI available today.

Best SBI Term Insurance Plans 2017-2018

• SBI Life Smart Power – This non-participating unit-linked insurance plan is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years.
• SBI Life Smart Humsafar – This joint life insurance traditional plan is open to individuals in the age range of 18-46. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years.
• SBI Life eShield – This online SBI term plan is open to individuals in the age range of 18-60 or 18-65. Its maximum maturity age is 70 years, and the policy term is anywhere from 5-30 or 10-30 years.
• SBI Life Saral Sanchay CSC – This participating traditional endowment plan is open to individuals in the age range of 18-55 or 18-60. Its maximum maturity age is 70 years, and the policy term is set at 10 or 15 years.
• SBI Life Smart Money Planner – This traditional participating money-back endowment plan is open to individuals in the age range of 18-50, 18-55, or 18-60. Its maximum maturity age is 75 years, and the policy term is set at 15, 20, or 25 years.

Best SBI Term Insurance Plans 2018-2019

• SBI Life eShield – This is an individual, non-linked, non-participating pure online term plan of SBI which is open to individuals in the age range of 18-60 or 18-65. Its maximum maturity age is 70 years, and the policy term is anywhere from 5-30 or 10-30 years. This eases the way to choose best SBI Term Plan in India.
• SBI Life Smart Money Planner – This traditional (non linked) participating money-back endowment plan is open to individuals in the age range of 18-50, 18-55, or 18-60. Its maximum maturity age is 75 years, and the policy term is set at 15, 20, or 25 years. If you need to choose best SBI Term Plan in India with money back, then you can go with this term plan.
• SBI Life Smart Humsafar – This joint (for married couples) life insurance traditional plan is open to individuals in the age range of 18-46. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years. If you are married and need to choose best SBI Term Plan in India, then you can go with this term plan.
• SBI Life Saral Sanchay CSC – This traditional, joint life, non-linked, participating endowment plan with benefits of savings and life insurance cover plan is open to individuals in the age range of 18-55 or 18-60. Its maximum maturity age is 70 years, and the policy term is set at 10 or 15 years. If you need to choose best SBI Term Plan in India with the benefits of savings as well as life insurance cover, then you can go with this term plan.
• SBI Life Smart Power – This is simple, low premium, non-participating unit-linked insurance plan which is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years. If you need to choose best SBI Term Plan in India with low premium and unit linked, then you can go with this term plan.

Best SBI Term Insurance Plans 2019-2020

• SBI Life eShield – It’s an online term plan which can be opted by any individual of age from 18 to 65 years. Its maximum maturity age is 70 years and policy term is 5 to 30 years.
• SBI Life Smart Money Planner – It’s traditional participating money back endowment plan which can be opted by any individual of age from 18 to 60 years. Its maximum maturity age is 75 years and policy term is 15/20/25 years.
• SBI Life Smart Humsafar –It’s traditional joint life insurance plan which can be opted by any individual of age from 18 to 46 years. Its maximum maturity age is 65 years and policy term is 10 to 30 years.
• SBI Life Saral Sanchay CSC – This traditional, joint life, non-linked, participating endowment plan which can be opted by any individual of age from 18 to 60 years. Its maximum maturity age is 70 years and policy term is 10/15 years.
• SBI Life Smart Power – This is simple, low premium, non-participating unit-linked insurance plan which is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years.

Conclusion

You have options! You merely need to sit down and explore them in detail. The concept of SBI term insurance is to grant you long-term peace of mind and is easy to choose best SBI Term Plan in India based on above. You can go on paying premiums and work until retirement knowing that your family is safe under these schemes, in the occurrence of your death or permanent disability. As you can imagine, this is no laughing matter. If you are looking for short-term options, those are also available from SBI.

An important point that you must follow, go for medical examinations rather than Tele-medical examination in which Life Insurance companies question about your health details in the phone and during claim settlements, in future, they take this report as a base to reject your claim.

This will really clear the doubts arising in your mind about future claim settlements and in future, insurance companies can’t find any reasons to reject the claim on health ground which is not based on Tele-medical examinations.

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Proper Tax Planning not only reduces the amount of Income Tax that you are liable to pay but it also encourages you to save and invest your money so that you can fulfill your financial goals. There are a number of ways by which you can minimize the burden of Income Tax on you.  Here you will find the best five investment options for saving tax.

1. Equity Linked Savings Scheme

Equity Linked Savings Scheme or ELSS is considered as one of the best Tax saving options in terms of returns, liquidity, transparency, and taxability of income. The average returns from the ELSS category in last three years have been around 17.8%.

There is quite a high amount of risk involved with ELSS funds. But if you look at the long-term picture of 3 to 5 years of investment, you will find that ELSS funds have outperformed any other investment instruments in the market.

ELSS, however, is not the best option for everyone. Retired taxpayers, for instance, should prefer other tax saving instruments over ELSS. The best option for them is to invest in senior citizen saving’s scheme or in immediate Annuity Pension plans as there is less risk involved with them.

2. Unit-Linked Insurance Plans

Unit-Linked Insurance plans or ULIPs are the second best Tax saving options after ELSS. It has given 9.8% returns in the past three years. ULIPs are insurance cum investment products offered by Life Insurance Companies. They are cheap and offer greater flexibility to switch between funds.

All reputed Life Insurance providers in India offer ULIP products. The best part of ULIP products is that it offers life coverage. In case of the policyholder’s death, a ULIP pays out the sum assured to the nominee chosen by the Life insured.

Being market-linked products, ULIPs also involve certain amounts of risk. But if you have a good understanding of market timing, you can switch fund from equity to debt or vice versa. Moreover, you can enjoy absolute tax exemption under section 10(10d).

3. National Pension Scheme

National Pension Scheme or NPS is the third best tax saving options in our list.  NPS has become more attractive among taxpayers after the budget 2017-18 as it has offered an additional tax deduction of Rs. 50,000/- . Moreover, the fund managers are now allowed to invest more and more in stock which is expected to give better returns.

In the last three years, the NPS returns have been 9.5% which is quite an attractive number for encouraging more investment in this scheme.

The only downside of NPS is that the annuities you receive after the maturity of the scheme are taxable. However, requests have been made and the Government is considering income tax exemption for NPS annuity income.

4. Pension Plans

Retirement plans are the best tax saving options for you if you are on the verge of retirement. Pension plans allow you to save for your post-retirement life.  It allows you to maintain a regular flow of income while providing comprehensive life cover.

Pension plans are good investment option as shows the last three years’ return rates. Pension plans can get you 7% returns, if not more. Moreover, you can enjoy tax benefits and other benefits by investing in a pension plan.

The only problem with Pension schemes is that they are expensive. So if you want a cheaper option, go for mutual funds. Pension plans launched by mutual funds are cheaper than those offered by Insurance companies.

5. Child Education Plans

If you are concerned about your child’s higher education, you should invest in a child plan. Child education plans offer risk coverage on the life of the child while bearing the cost of his or her higher education.

Child education plans guarantee that your child’s education never gets hampered in case of any unfortunate event in the future. If you die before the completion of the policy, the insurer will pay all future premiums on your behalf till the date of maturity.

Child education plans are offered by most of the life insurance providers in India. Though many people are of the opinion that insurance plans are not good investment options in terms of returns, but child education plans are worth investing because of the benefits they provide.

There are a lot of other options where you can invest your hard earned money. But in our opinion, the ones discussed above are the best investment options that you can consider for growing wealth as well as for saving tax.

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Life insurance plans are a great way to save tax. They are the most sought-after tax-saving instruments that also guarantee insurance. There are seven different kinds of life insurance plans in India.

Of them, the most preferred ones are term insurance plans, money back plans, and endowment plans. These life insurance policies come with certain guarantees. These plans are always a hit amongst those preferring tax benefits because they come with a guarantee.

Most life insurance companies endorse their best life insurance plans with guarantees. Unlike the regular policies that offer a declaring bonus that differs based on the profits made by the insurers, the plans with guarantees offer a specific amount as returns instead of the bonus. There are guaranteed returns at every stage of the policy however there are myths about the investments. The basic returns that are guaranteed include:

• A specific amount upon maturity
• Monthly payouts

Understanding Guarantees of Life Insurance Plans

Guarantees are offered as a part of certain life insurance plans and term insurance plans. They include the payment of a certain percentage of premiums per annum or a payout of a certain percentage of the annual premium each year.

The percentage of premium payments that are promised per annum vary between 7 to 10% per annum. Some insurance companies also offer maturity benefits and/or death benefits that are more than 100 of the sum assured. Certain insurance companies also offer cash benefits every month that range anywhere between 1 to 3% of the overall maturity benefit that is guaranteed.

Be it endowment plans or term insurance plans or any other kind of life insurance plans, the guarantees offered are not the same across plans. These vary from one insurance company to another. Some companies offer guarantees based on the premium the customer pays every month while some offer the guarantees based on the overall sum assured.

Some of the aspects in which the guarantees vary are:

• • The policies of the insurance company
  • The overall policy term
  • The term of premium payment (monthly/quarterly/half-yearly/annual)
  • The year in which the guarantees get added to the scheme
  • Method of payment of guarantees (monthly or lump sum)

In some plans, the guaranteed amount gets added to the plan as returns from the second year of policy induction whereas in some plans it may take a few years to receive guaranteed returns. In some plans, the returns are added to the term insurance plan or life insurance plan monthly or every quarter like a regular income whereas in some plans the guaranteed amount is paid as a lump sum only after maturity.

How Do Returns Work in Life Insurance Plans?

The guaranteed amount that is offered as benefits accumulates only on maturity. The actual returns are not what the customer perceives by calculating promised percentages. What is commonly not understood by the customer is that be it any form of life insurance like a term insurance or a money back plan, the guaranteed amount comes at a cost. The returns that a customer receives after the costs are adjusted are pretty low.

Here are some of the factors that influence the guaranteed returns:

• • Age of the customer
  • Term of the plan
  • The premium amount paid through the period of the plan
  • The mean average of the internal rate of return

For most life insurance plans including the term insurance plans, the calculated internal rate of return falls in between 4% to 6% per annum. The plans that offer exclusive guarantees offer even a lesser percentage of this return.

A Look At Life Insurance Plans That Offer Guarantees

The life insurance environment including plans like term insurance has undergone a sea of change in the last few decades. The terms that govern the plan are explained with jargon and terms that a common man may not be able to comprehend.

The following is an example of how a life insurance plan with guarantees typically works. Suppose if there is a plan with guarantees with a ten-year term in which the customer has to pay premiums for eight years. If the plan were to offer guarantees of 150% of the premium after maturity every year for a total time-frame of eight years, a customer paying a premium of Rs 10,000 for the first eight years will receive a payout of Rs 15,000 from the tenth year of the policy to the 17^th year.  In such a scenario, the internal rate of return for the above plan comes only to about 2.9% per annum.

While customers always believe in the percentage stated by the insurance company, in this case, 150%, they forget to count the number of maturity years and the internal rate of return.

Conclusion:

Choosing the right plan for you should ideally depend on the way the payouts are made. If you are someone who is looking for a regular income, choose a plan that makes payments regularly after maturity and don’t fall on the guaranteed life insurance plans rather look and go through the documents carefully. If you are not in need of such an income, choose a plan that hands out the payment as a lump sum on maturity from these life insurance companies.

Some tips to remember while choosing guaranteed plans:

• Choose it if you are looking for fixed returns
• Choose this if you have financial targets for the future
• Choosing guaranteed plans only to save tax is a bad idea
• Do not forget to calculate your ideal returns in the long term and decide if the plan is worth it
• A financial adviser would be able to offer you the best-guaranteed plans while considering your needs

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Life Insurance is an indispensable part of everyone’s life now. It is very important to have a good life insurance from a renowned insurance brand. Having a life insurance means you have complete protection for your family and home in the event of any unforeseen mishap.

Who Needs to Be Covered with A Life Insurance?

Whether you are single, married or parents, life insurance policy is a must for everyone. People should not be swayed away from making their individual life insurance policies thinking that what is provided by the employer is good enough. Employers usually get you an insurance policy equal to double or triple of your salary. This amount naturally cannot be enough to serve your family’s needs in the future in your absence, when the earning of the family is not there anymore, if you happen to be the sole bread earner of the family.

What Family Needs Can Be Met with Life Insurance?

The insurance money can be used by your family to pay off important liabilities and meet other important expenses of your family, like:

• • Mortgage
  • Medical Expenses
  • Education Expenses
  • Loans etc.

Why Should You Buy Life Insurance from a Brand?

When you buy life insurance policy from a brand, you gain the trust of the insurance company and feel safe and secured for your family. You get a peace of mind knowing that your money is safely deposited as a tool for savings which your loved ones can make use of when the time comes. Moreover, this big financial instrument stays with your family forever.

What Are the Benefits of Buying Life Insurance from Good Companies?

Good Insurance companies provide with multiple life insurance policy choices to fit every individual’s needs and pocket. Depending on your family’s requirements in the future and based on the amount that you can plan to save for your family, you can choose a policy.

Why Should You Buy Life Insurance Policy at an Early Age?

You can save some amount on your premium if you plan to buy a life insurance policy at an early age in life, before the medical complications arise. You also get more insurance choices at a younger age. However, if you already have an old life insurance, you might think about reviewing it and buying more insurance with added coverage to meet the new requirements of your upgraded family life and size.

How to Analyze Life Insurance Coverage Amount?

Deciding on how much coverage should your life insurance policy be, might sound confusing to some individuals. But this can be calculated based on the following of the individual:

• • Family size
  • Financial situation
  • Future financial requirements of your family

What Are the Varied Life Insurance Options You Can Expect from Brands?

Good life insurance companies usually have varied life insurance plans. You may choose from one of the following based on your requirement:

• • Term plan
  • Health plan
  • Savings plan
  • Child plan etc.

What Should You Research On Before Buying Your Life Insurance Policy?

Every company will offer you different life insurance plans. It is very important for an individual to research on the benefits and conditions before investing in your life insurance policy. Remember, you are buying this life insurance policy to secure your family and their needs when you are not around them anymore. So, a careful study is advisable to understand the benefits of the policy better.

1. Calculating The Premium for Your Life Insurance

It is a wise step to calculate the premium for your life insurance carefully and not just buy a life insurance cover of any amount. You are the best person to know the standard of your family and the needs of your family. No one wishes to see their loved ones in trouble when they are not around anymore.

So, try to foresee their future and anticipate their needs. As everyone knows, money can never go unwanted and no money is huge enough to meet people’s needs, so it is better to plan for a premium that should be good enough for your family, keeping in mind that future is always more expensive.

2. Understanding The Offer Document Provided By Your Insurance Company

Once you have decided where to buy your life insurance from and which plan to choose, it is time to understand the offer document provided by your insurance company. You should take time and clarify your queries regarding the policy. This is a crucial step as once you are satisfied with your life insurance policy, you really feel safe, secure and happy.

3. Free Look Period – An Advantage of Buying Life Insurance from Brands

Although you analyze, research, understand and then buy a life insurance, if it happens that you are not contented with your life insurance policy, you can return your policy to the insurance company and safely back off, provided you buy the policy from a good insurance company. Brands usually have a Free Look Period during which time policy holders can return the policy if they want so.

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SBI constitutes to be one of the largest financial institutions in the country. In the third quarter of the year 2017-18, SBI Life Insurance Co. Ltd witnessed a substantial growth of around 41.9% in the new business premium. However, now that the growth engine is in full swing, SBI now needs to focus on the quality part. Scroll down to know more…

1. Propellants of the Growth Engine

SBI is also the largest insurance provider in India. As reported by SBI, this substantial growth in the premiums has been largely fostered by the retail individual business. Not just fresh premiums but renewal premiums have also contributed to the reported growth.

2. Growth in Assets under Management

Owing to the growth in premiums, SBI Life has also undergone an impressive growth in assets under management. The growth in assets under management was around 17.6% in 2016-17 until the end of nine months in December. However, in this financial year, by the end of December, the growth was reported to be 23%.

3. New Business Acquisitions

New business acquisitions refer to an increment in costs. Although marginal, SBI has shown an increment in the percentage corresponding to the new business premiums.  Earlier, the percentage was 12.3%, which has now gone up to 12.6%.

4. Persistence Ratios

Improvement in persistence ratios has been another vital aspect. It indicates that SBI Life continues to leverage on the incomparable reach of its parent distribution network. It also indicates that SBI Life products are not just sold in the market but also are held on to.  However, this is quite natural given that the sale of insurance products contributes to more than 65% of the entity’s business.

5. Featuring on the Stock Exchanges

Lately, insurance companies have started to feature on the stock exchange. According to investors, this calls for potential growth, and therefore investors look at these events in a positive manner. In the past five years, SBI life’s market share has grown from 13% to around 20%.  No wonder, analysts have given SBI Life Stock the ‘buy’ rating. Further, December figures indicate that the Profitability of SBI Life has increased.

6. Future Prospects of SBI Life

The current picture appears to be positive and promising. Similarly, future prospects also appear to be positive and secure. An improvement in the persistence ratios has been indicating the safety of the future prospects. Now, if you take a look at SBI Life’s persistence ratios, there have been a lot of changes. For instance, persistence ratio for the thirteenth month was at 79.81%. However, it increased to around 81.51% in the last year. Similarly, the persistence ratio, which was around 67.48%, increased to around 68.81% in the 37^th month.

But surprisingly, the ratio for the 61^st month considerably fell down to 59.48% from 69.59%.

7. Traditional Policy Options Still Continue to Lead the Race

Strong equity markets have in turn strengthened the sales of market-associated products for most of the insurance companies, including SBI. Despite this, it is the traditional policy options, especially the protection plans that earn long-term profits. It is not surprising that the traditional policy options offered by SBI still lead the product portfolio. This fact is supported by the 18% growth exhibited by SBI.

8. SBI Life Focusing on Quality

For any business entity, small or large, local or global, what matters the most is quality! With the growth patterns that have appeared last year, SBI appears to be on a growth spree. However, now that the growth wagon is running steadily, SBI should now focus on the quality of business, and that is the protection plans. As mentioned earlier, protection plans have been traditional, tried and tested profit tools for SBI. Hence, it is necessary for them to further strengthen this area quantitatively as well as qualitatively.

No doubt, SBI has struck the right chords when it comes to business profitability. SBI has shown substantial growth in almost all the areas. However, what lies ahead are more challenges, and therefore, it is imperative for the organization to concentrate on quality by focusing on its protection plans.

Refer our section to read about other Life Insurance Companies in India.

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Kotak Life insurance is a private life insurance company in India. At the present date, the company caters to more than fourteen million customers. Also, the company has 232 branches across various cities in the subcontinent. Kotak Life has an agency potency of over ninety thousand agents.

Benefits of the Kotak Mahindra Life Insurance

As far as the customer benefits of Kotak life is concerned, it is important to note that it is one of the quickest growing organizations in the insurance sector today. At present, Kotak life has a total of more than three million policyholders across the Indian subcontinent.

A very significant feature of the Kotak life is that its portfolio is facilitated to be able usher the customer to the most lucid and comprehensive insurance policy. According to the range of subjective investments, Kotak life ensures efficient solutions for both individuals and group entities.

Apart from the aforesaid features, the company also has the best claim settlement ratio in the industry. The company offers assistance in a number of fields that include savings and investments instruments, protection plans, child plans, or even superannuation policies. Therefore, it is due to the fact that Kotak Life is the most comprehensive outlet pitched to provide for long term goals, the proficiency of the company can be assured.

Kotak Mahindra Protection Plans

So far as the Kotak Mahindra Protection Plans are concerned, following are the various significant plans offered by the company:

• Kotak Saral Suraksha: The said plan, it is important to note, is valid for a tenor of five years or ten years. It is a quintessential term plan with premiums that are considerably affordable.
• Kotak Preferred Term Plan: So far as this plan is concerned, it chiefly offers two death benefit payout options. One is popularly known as the Recurring Payout and the other, Immediate Payout. Apart from this, it also offers rates for female customers and non-smokers.
• Kotak Preferred e-Term Plan: It is chiefly a protection plan that offers a significant standard of protection for a price of Rs. 6975 per annum.
• Kotak Term Plan: So far as Kotak term plan is concerned, it also caters to female customers while offering them a significant standard of protection at prices that are considerably feasible.
• Kotak Income Protection Plan: Chiefly it offers a monthly income that augments at six percent per annum. Apart from this, the plan also offers a lump sum amount to guarantee the family of the insurer has enough funds to use even in the absence of the concerned insurer.

Kotak Mahindra Savings and Investments Plans

One of the more popular plans offered by the insurance company, it is in vogue due to the fact that it provides affordable plans and policies that let customers earn and also save their money. Following are some of the major important plans under this policy:

• Kotak Assured Income Accelerator: This plan promises guaranteed maturity along with hefty death benefits. Apart from this, the plan also promises incremental definite income during the payout period.
• Kotak Gramin Yojana Bima: It offers a single premium product with maturity along with subsequent death benefits. It is chiefly concerned with the rural sector of customers.
• Kotak Premier Money back Plan: This plan chiefly shells out lump sums at regular intervals.
• Kotak Classic Endowment Plan: So far as the Kotak Classic Endowment Plan is concerned, it is important to note, it offers considerable protection benefits to the customers along with bonus in the policy tenor.
• Kotak Platinum: Chiefly concerned with providing protection benefits to the customers, it also offers opportunities of wealth accumulation. Also, it offers guaranteed maturity benefits to the customers.
• Kotak Single Invest Advantage: It is important to note that this plan offers good returns and is one of the more popular single premium life and investment plan.
• Kotak Ace Investment: It is interesting to note that the said plan offers a choice of seven funds to choose from along with the ability to switching between the funds.

How Can One Claim Insurance with Kotak Life?  

In case of the decease of a life insured, the concerned nominee must insinuate the company about the claim by sending a precise letter to the Claims Department.

What are the Documents Needed to Claim Insurance with Kotak Life?

Before claiming the insurance, it is necessary to be detailed about the important dossiers needs to be accompanied by the concerned insurer. They include:

• Death claim intimation form (the form should be carefully and precisely filled)
• Original policy documents
• Original death certificate
• A photograph, photo ID proof and current address proof of the claimant concerned.
• A copy of the bank passbook
• Medical questionnaire
• Settlement option form
• A copy of driving license (in case)

Please refer other Life Insurance companies in India.

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Income tax is a tax that governments levy on the financial income generated by the different establishments in their jurisdiction. The funds thus obtained are used to finance its various functions. There are two types of taxes-Direct and Indirect. Income tax is a direct tax and other taxes like VAT, Service tax, Goods and Service tax are indirect taxes.

Taxes provide financial stability that is helpful in even distribution of wealth among the people of the country. Taxes play an important part in withstanding the upheavals of the economic cycles. The guidelines for the payment of income tax are based on the guidelines of the Income Tax Act.

As per this act, income from these sources can be taxed-

• Salaries
• Capital gains
• Income from house/property
• Profits from profession or business
• Income from other sources

Sum of income from all these sources is estimated as per the Income Tax Act. The tax rates are based on the earnings of a person and are termed as Income Tax Slabs. The Income Tax rates are revised every year during the budget.
Income tax is calculated yearly. Financial year begins on the 1st of April in a given year and ends on the 31st March the following year. Tax is imposed on the income earned in the previous year which is called as Assessment year.

The income tax deadlines for the financial years are-

• 31st July- The last date of filing returns for non-audit cases
• 30th September –The last date of filing returns for audit cases.

Filing of Income Tax for Salaried Persons

People earning income can file the income tax returns as per Form 16. The details of income are mentioned in Form 16 issued by their employers.

Income Tax Returns (ITR)

Tax Returns are a statement of earnings from different sources of income and these include tax liability, details of tax paid and other refunds that they should get from the government.

Late Filing of Income Tax Return

Income Tax Returns should be filed before the deadline to avoid the penalty for non-filing of tax returns.

The clause ‘losing relief in case return not filed within due date’, was apparently not completely and clearly understood by the people and they concluded that complete Chapter VI A deduction is covered. The general public seems to have understood that deduction u/s 80C (payment of School Fee/LIC/PPF), 80G (Donations), 80D Mediclaim, 80TTB & 80TTA (interest from the bank) will no longer be allowed if the filing of the Income Tax Return is done after the due date. This is not true as only Part C of Chapter VIA is included in the budget proposal.

There are chances of loss of relief in case of some incomes mentioned in Part C and this is when the ITR is filed after the due date. The relief permitted under the other four parts will remain undisturbed by the proposed amendment. The Chapter VIA of the Income Tax Act 1961 covers the “Deductions to be made in Computation of Total Income”.

There are five parts to this chapter.

• • Part A is General and covers Sections 80A, 80 AB, 80AC, and 80B.
  • Part B covers deductions in respect of some payments (containing Sections 80C to 80GGC)
  • Part C includes deductions in respect of some incomes (this includes Sections 80H to 80TT)
  • Part CA covers deductions with respect to other incomes (covering Sections 80TTA and projected 80TTB)
  • Part D includes other deductions (covering Sections 80U).

Payments of Life Insurance Premiums, investing in school fee, provident fund, health insurance, medical treatment, preventive health check-up, interest for loans taken for house property/education, charity given to some institutions, rent paid, and political parties etc. are included in Part B of Chapter VIA and will remain unaffected by the proposed amendment. This amendment will not affect the deductions of Bank interest u/s 80TTA and proposed 80TTB and person with disability u/s 80U will remain unaffected by this amendment.

As per this proposed amendment, the people who are eligible to claim deductions covered in these sections only will not get deductions under Part C of Chapter VIA if their IT return is filed after the due date. This includes Section -80-IAC, Section 80-IBA, Section -80JJA, Section 80LA, Section 80P, Section 80 QQB, Section 80 RRB.

The following sections under Part C of the chapter VIA have been in force under section 80A I case of filing IT Return after the due date. These are Section 80IA, Section -80-IAB, Section 80-IB, Section -80-IC, Section-80-ID, and Section-80-IE.

A study of Part C shows that even though this part had 41 sections only 14 are applicable in the present context. Thus the general public should not feel anxious about losing the deductions available to them under Part B, CA and D even if they file the Income Tax Returns after the due date but prior to the relevant Assessment year or before completion of the assessment whichever takes place earlier.

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If you are thinking of providing the utmost level of security to your family members and yourself, nothing can beat the contribution of insurance policies. Every living person on earth has different needs and requirements and in order to fulfill each demand, it is always safe to have a financial backup from Life Insurance Corporation of India. Moreover, for continuing to receive the service throughout your life, you need to need to know all about LIC premium payments.

Established in 1956, LIC has the most popular and largest insurance company in India as the estimated value of the organization is approximately US$250 billion. Due to the effective and efficient policies, the organization is able to dominate the Indian market on a large scale. Spreading all across the country, the company has acquired over 2000 branches that have around 14 lakh insurance agents helping every interested person regarding LIC premium payments online.

Know about LIC and its Services

The Life Insurance Corporation of India has gained its fame due to the unbelievable services and easy LIC online premium payment. After getting the policy, you can inquire about the policy status and its unpaid premium, policy schedule and its due date, bonus status and loan status. Easing people’s lives each passing day, the policyholders can make payments through UPI, BHIM, Credit Card, Debit Card and Net banking.

Register Yourself First for LIC Premium Payment

If you are not a registered LIC member, you have to register yourself first by following few steps. You need to get the registration form from LIC premium payment at first and then create an account following certain guidelines.

• For making LIC premium payment in future, you have to choose a proper username that will have alpha and numeric with special characters including and score.
• Create a strong password for easy LIC premium payment options with 8-30 characters.
• Chosen pin code must not exceed the limit of six digits. For averting fraudulent cases regarding password hacks, you must not share your password with anyone. In this way, you can have a smooth experience on LIC premium payment portal.
• By entering a valid email ID, you can enable the services regarding LIC premium payment offers.

If you want to proceed with LIC premium payment, you have to know the status of the LIC policy first. After going through the guidelines and policy related information and registering yourself for LIC premium payment online payment, you have to log in to the online portal.

How to check LIC Policy Status?

After being done with the registration and login stages, you will have to undertake the easy process of knowing LIC premium payment details including the status.

• At first, you are required to visit the official web portal LIC premium payment and entering username and password.
• Then choose the option that indicates policy status and fill out certain details.
• The details include LIC policy number, your date of birth, amount of the LIC premium payment and registered email ID.
• After providing details, you will be redirected to a new page where you will be shown all the policies that you have enrolled.
• On the page showing enrolled policies, you will see the dates of LIC premium payment and the amount of vested bonus.
• Only by clicking on the policy number then, you are shown LIC premium payment status.

Know Status of the Policy without Having Registration

 For future use of LIC premium payment, knowing the status is essentially required and if you are not a registered user, you might face certain constraints. You can opt for a phone call or SMS service for enjoying the best of the policies continuously. Moreover, everyone is not gifted with an internet connection, for them, the phone call or SMS service can be a great option for staying updated with the due dates of LIC premium payments.

• If you have to go for LIC premium payment, you need to send message writing ASKLIC STAT for inquiring about the IPP policy status.
• In order to know about annuity amount, you will be advised to send a text message mentioning the code ASKLIC AMOUNT.
• If you are keen to know whether you are gifted with bonus, you need to send a text writing ASKLIC BONUS and pay the LIC premium payment accordingly.
• For LIC premium payment without registration, the policyholders can give a call to 12151. If you have any query regarding LIC premium payment, the phone call service can help you out on a large scale as it offers 24×7 customer support.

Using advent technology, for LIC, the sky is now the limit as it is the only one organization that has been able to capture the market growth guiding every policyholder from LIC premium statement to LIC premium payments online. The convenient service lives to make people more secure and efficient through its service.

Check top Life and General insurance companies in Newskart.

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If you are thinking to buy life insurance policy then wait and read this article where I’ve compiled top life insurance companies in India. You can go to respective life insurance companies website and find the best suitable life insurance plan for yourself and your family. In this article, you can refer top 20 Life Insurance Companies in India which are offering various life insurance individual and group/family policies. Among these top life insurance companies, some are Government insurance companies and some are private players. IRDA is an autonomous apex statutory body which controls general and life insurance companies and their plans. Life insurance companies in India are regulated by IRDA (Insurance Regulatory and Development Authority), an autonomous apex statutory body which regulates and develops the general and life insurances in India.

Apart from the life insurance companies in India, you can also check out Top 20 General Insurance companies in India.

We’ve selected these life insurance companies in India, let’s have a look

1. Life Insurance Corporation of India

Life Insurance Corporation of India (LIC) is one of the the largest insurance groups and investment companies in India. It was founded in 1956 (with the merger of 243 insurance companies and provident societies). This is amongst the Best 20 Life Insurance Companies in India.

Ownership: Government of India

Headquarter: Mumbai, India

Assets of LIC: 8 zonal Offices 113 divisional offices 3500 servicing offices 2048 branches 54 Customer Zones 25 Metro Area Service Hubs

These assets and credibility among the rural and urban India, make it one of the most reliable Life insurance companies in India with maximum number of claims accommodated.

LIC slogan: “Yogakshemam Vahamyaham” i.e. “Your welfare is our responsibility”, derived from, The Bhagavad Gita’s 9th Chapter, 22nd verse.

LIC India customer care number, SMS Help and email

• • • Toll Free – 022 6827 6827, 18004259876
    • Send SMS – LICHELP <policy no> to 9222492224 or SMS LICHELP <policy no> to 56767877
    • Email – You can send them email after login into their portal and directly through customerzone_delhi@licindia[dot]com (You can replace Delhi with your Zone city name)

2. ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, United Kingdom which was started in December 2000.

ICICI Prudential Life’s Shareholding: ICICI Bank and Prudential plc holding 74% and 26% stake respectively

ICICI Prudential’s life insurance products: Life Plans (Term Plans and Wealth Plans), Child Plans, Retirement Plans and Health Plans

This company serves one of the most award winning term plan and makes it one of the most reliable Life insurance companies in Indian private sector and keeps it amongst the Best 20 Life Insurance Companies in India.

ICICI Prudential customer care number, SMS Help and email

• • • Customer care number – 1860 266 7766 (from India), +91 22 6193 0777 (from outside India)
    • Send SMS – SMA to 56767
    • Email – You can send them email after login into their portal and directly through lifeline@iciciprulife[dot]com

3. Bajaj Allianz Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited is a joint venture between Allianz AG Germany and Bajaj Auto India.

Ownership: Bajaj Auto (India) and Allianz AG (Germany)

Headquarter: Pune

Chairman: Mr. Rahul Bajaj

Bajaj Allianz is one of the fastest growing private Life Insurance Company in India. This has more than 1,200 branches across country and deals in primarily unit linked, traditional, health, child and pension policies.

An ISO 27001:2005 Certified Company and one of the most recognized Life insurance companies in India and one of the Best 20 Life Insurance Companies in India.

Bajaj Allianz customer care number, SMS Help and email

• • • Customer care number – 1800-209-4040 (Sales), 1800-209-7272 (Service), (+91 020) 66026777, (+91 020) 66026789
    • Send SMS – SUPPORT to 9225850101
    • Email – You can send them email after login into their portal and directly through customercare@bajajallianz[dot]co[dot]in. For anything related to fraudulent or unauthorized sales material cyber.cell@bajajallianz[dot]co[dot]in and for online policy issuance and renewal websaleslife@bajajallianz[dot]co[dot]in

4. Tata AIA Life Insurance Company Limited

Tata AIA Life Insurance is an Indian insurance company, a joint venture between Tata Sons and AIA.

Products: Insurance for individual and corporate, insurance for automobile, home, personal accident, travel, energy, marine, property and casualty as well as several specialized financial lines

Tata AIA Life Insurance Company Limited (Tata AIA Life) is a joint venture company, formed by Tata Sons and AIA Group Limited (AIA). Tata AIA Life combines Tata’s preeminent leadership position in India and AIA’s presence as the largest, independent listed pan-Asian life insurance group in the world spanning 15 markets in Asia Pacific. Tata Sons holds a majority stake (74%) in the company and AIA holds 26% through an AIA Group company. Tata AIA Life Insurance Company Limited was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001 and it is one of the most trusted Life Insurance Companies in India.

Ownership: Tata AIG General Insurance Company Limited

Venture between: Tata Group (74%) and American International Group (AIG) (26%)

Founded in: January 22, 2001

Tata AIA customer care number, SMS Help and email

• • • Customer care number – 1-860-266-9966 (From India), +91-80- 67603700 (From outside India)
    • WhatsApp – 7045118888
    • Send SMS – SERVICE to 58888
    • Email – You can send them email after login into their portal and directly through life[dot]complaints@tataaia[dot]com

5. Aviva Life Insurance Company India Limited

Aviva Life Insurance is a private owned Insurance and Investment company “Aviva Life Insurance Company India Limited” is a Joint Venture between Dabur Invest Corp and Aviva International Holding Limited. This is one of the first Life insurance companies in India to introduce modern unit-linked and unitized with-profit policies.

Headquarter: Gurgaon, Haryana

Products: Protection, Investment, Savings & Retirement

About: Aviva India is a joint venture between Aviva and Dabur Group. Aviva plc has a 26% stake and Dabur has a 74% stake in the JV partnership.

Founded in:  July 2002

Strength: Aviva India employs close to 3900 people, over 25,000 Financial Advisers with 139 branches across the country. Aviva has also partnered with more than 72 insurance brokers

Strategy: Bancassurance, Direct Sales Force and online products

Online products: Aviva i-Life and Aviva Health Secure

Aviva India has also been expanding its distribution through online products. Aviva i-Life, an online fixed term protection plan and Aviva Health Secure, an online health insurance plan were launched to cater to the fast developing online insurance market.

Aviva promotes its brands and products a variety of advertisements in various mediums, featuring Sachin Tendulkar, Aviva India’s brand ambassador since 2007.

Corporate social responsibility (CSR)

Aviva India is involved with education of underprivileged children, under the Street to School programme, the international corporate social responsibility programme of Aviva plc. Within India, it works with NGOs in various parts of India to enable education for street and slum children, and helps them with funds for setting up and running outreach centers.

Aviva India also conducts the Aviva Great Wall of Education in various cities each year, which collects books for underprivileged children. The Great Wall of Education collected over 1.1 million books in 2011 alone. In 2011, Aviva Great Wall of Education was listed in the Limca Book of Records for being the ‘largest wall of books’. It has received multiple awards, including Gold at Spikes Asia 2010, a Bronze at Effies 2010 and a Silver at the Effies in 2011. It also won an Indy’s award in the ‘Community and Social Welfare’ category in 2011, and was awarded ‘Out of the box PR idea’ award at India PR & Corporate Communications Awards in 2012.

Aviva India employees volunteer time to conduct workshops with children enrolled with its partner NGOs as well.

Aviva Life customer care number, SMS Help and email

• • • Customer care number – 1800-103-7766
    • Send SMS – ‘ASK AVIVA‘ to 56767
    • Email – You can send them email after login into their portal and directly through customerservices@avivaindia[dot]com, complaints@avivaindia[dot]com

6. PNB MetLife India Insurance Company Limited

PNB MetLife is an investment and Insurance company “PNB MetLife India Insurance Company Limited” with a joint venture between MetLife International Holdings Inc.(MIHL) and its Indian partners including Punjab National Bank (PNB), J&K Bank, M. Pallonji and Co, Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, Bonanza Insurance (Pvt) Ltd. and Mini Muthoot and other private players. MIHL and PNB are the majority shareholders. Reputation of Indian banks with this life insurance company makes it one of the most trusted life insurance companies in India and one of the Best 20 Life Insurance Companies in India.

Started in India: 2001

International rank: 88th on the “FORTUNE 500 companies” list

Laurels:

MetLife as ‘Best Managed Insurance Company for 2008’ by Forbs magazine

MetLife found its place in Fortunes ‘Best Admired Companies’ from 2008 to 2010

MetLife was awarded as one of the “100 Best Companies for Working Mothers” by ‘Working Mother’ magazine from 1999 to 2009

PNB MetLife customer care number, SMS Help and email

• • • Customer care number – 18004256969 (from India), 022-41790106/226 (from outside India)
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through indiaservice@pnbmetlife[dot]co[dot]in

7. Max New York Life Insurance Company Ltd.

Max New York Life Insurance is an investment and insurance company with an ownership of Max New York Life Insurance Company Limited and under partnership between Max India Limited and New York Life International.

Founder: Analjit Singh

Started in India in: 2001

Headquarter: Delhi, India

It is one of the first life insurance companies in India to be awarded the IS0 9001:2000 certification and becomes one of the most trusted life insurance companies in India.

Max NewYork Life customer care number, SMS Help and email

• • • Customer care number – 18601205577
    • Send SMS – PR <policy number> to 5616188 to get premium receipt
    • Email – You can send them email after login into their portal and directly through service.helpdesk@maxlifeinsurance[dot]com

8. Exide Life Insurance Company Limited (Earlier ING Vysya)

Exide life is a life insurance company. Now this company is taken over by HDFC life who has acquired 100% stakes of Exide life in January, 2022. Existing customers can visit the link given at the beginning for their issues.

Ownership: ING Vysya Life Insurance Company Limited, now Exide Life Insurance Company Limited, Now HDFC Life

Established in India: September 2001

Partnership: ING group (26% equity), a global financial institution of Dutch origin that offers banking, insurance and asset management to clients across the world with Exide Industries Limited (50% equity), India’s largest producer of automotive and industrial batteries and others (24% equity)

Headquarter: Bangalore, India

Assets: ING Life India has over 250 branches present in more than 225 cities across India. ING Vysya Life Insurance Co. has around 7000 employees with over 1 million policy holders spread across the country

Distribution channel: The company distributes its products through two channels, Tied Agency and Alternate Channel. The Tied Agency Channel comprises over 30,000 ING Life Insurance Advisors, spread across the country. The Alternate Channel is a fast growing distribution channel, and includes Bancassurance partner (ING Vysya Bank), Cooperative Banks, Corporate Agents and Brokers. This is one of the most acceptable life insurance companies in India.

ExideLife (ING Vysya) customer care number, SMS Help and email

• • • Customer care number (toll free) – 1800 419 0808 (to buy policy online), +91 80 4134 5444, 1800 419 8228 (for policy servicing)
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through care@exidelife[dot]in, websales@exidelife[dot]in

9. Birla Sun Life Insurance Co. Ltd.

Birla Sun Life is an insurance cum investment company.

Ownership: Birla Sun Life Insurance Co. Ltd. (BSLI)

Partnership: A joint venture between Aditya Birla Group, an Indian multinational corporation, and Sun Life Financial Inc, a leading global insurance company.

Birla Sunlife is one of the trusted and the oldest life insurance companies in India.

Established in: 2000

Birla SunLife customer care number, SMS Help and email

• • • Customer care number – 1800 270 7000 
    • Send SMS – NA
    • Email – You can send them email after login into their portal

10. Bharti AXA Life Insurance Company Limited

Bharti AXA Life Insurance Company Limited is an Insurance and Investment company

Ownership: Bharti-AXA General Insurance Co. Ltd., Bharti Enterprises (A leading telecommunication giant of India and also caters to finance, agri and retail-businesses)

Partnership: Bharti (74% stake), leading Indian business group, and AXA (26% stake), world leader in finance and wealth management

Founded in: 13th July 2007

Bharti AxaLife customer care number, SMS Help and email

• • • Customer care number – 1800-102-4444
    • Send SMS – SERVICE at 56677
    • Email – You can send them email after login into their portal and directly through Service@bharti-axalife[dot]com 

11. HDFC Life Insurance Company Limited

HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) is an investment and insurance company

Ownership: HDFC Standard Life Insurance Co. Ltd.

Partnership: Housing Development Finance Corporation Limited (HDFC Limited) (Holds about 72.43% of the equity) -India’s leading housing finance institution – and a Group Company of the Standard Life Plc (Holds 26% equity), UK that is a world-renowned provider of financial services and rest of the shares are owned by other players

Founded in: 14th August 2000

Headquarter: Mumbai, India

HDFC Standard Life has about 568 branches and is present in over 700 cities and towns. It has almost 2,00,000 financial consultants that meet various customer needs such as protection, pension, savings, investments and health. The company has 32 retail and 4 group products along with 5 rider benefits. Customizing plans have also been added to make lives better. Read more to get an idea about the HDFC Life Insurance schemes and policies. Plans from this insurance player are most acceptable and makes it one of the most competitive life insurance companies in India.

HDFC Life customer care number, SMS Help and email

• • • Customer care number – 1800 266 9777, 1860 267 9999 (from India), +91 89166 53100 (from outside India)
    • Send SMS – LIFE to 56161
    • Email – You can send them email after login into their portal and directly through buyonline@hdfclife[dot]in, service@hdfclife[dot]com

12. Kotak Mahindra Life Insurance Company Ltd.

Kotak Mahindra Life Insurance Company Limited is an insurance and Investment company

Ownership: Kotak Mahindra Old Mutual Life Insurance Ltd.

Partnership: Kotak Mahindra Bank Ltd. – financial institution which offers a range of financial services ranging from commercial banking, stock broking to mutual funds, life insurance and investment banking (and its affiliates) (holds 74% stakes) and Old Mutual plc – An international insurance and investment management company which has its roots in South Africa, South Africa (holds 26% stakes)

Founded in: 2001

Headquarter: Mumbai, India

Kotak Mahindra customer care number, SMS Help and email

• • • Customer care number – 1800 209 8800
    • Send SMS – NA
    • Email – send email to clientservicedesk@kotak[dot]com, beware of spurious emails with fictitious/fraudulent offers. Persons receiving such emails mentioning Kotak Life are requested to highlight the same immediately to kli.riskcontrol@kotak[dot]com with “Spurious Email” in the subject line.

13. SBI Life Insurance Company Limited

SBI Life Life Insurance is a leading government enterprise in Banking sector, now in investment and insurance company as SBI Life and becomes one of the most popular life insurance companies in India and placed amongst the Best 20 Life Insurance Companies in India.

Ownership: SBI Life insurance comp Ltd.

Partnership: State Bank of India and BNP Paribas assurance-a French company ranked the 5th largest banking company worldwide

Headquarter: Mumbai, India

SBI Life customer care number, SMS Help and email

• • • Customer care number – 1800 22 90 90 (from India), 022-6191 0000 (from outside India)
    • Send SMS – CELEBRATE to 56161, POLSTATUS Policy Number to 56161
    • Email – You can send them email after login into their portal and directly through info@sbilife[dot]co[dot]in

14. Reliance Nippon Life Insurance Company Ltd.

Reliance Nippon Life Insurance is an investment and insurance company.

Ownership: Reliance Life Insurance Company Limited, An Anil Dhirubhai Ambani Group (ADAG) company, part of Reliance Capital Ltd.

Headquarter: Mumbai, India

Partnership: Reliance ventured into the life insurance business in October 2005 by acquiring AMP Sanmar and in 2009-2010, it became the largest private insurer of India with largest number of policy count, Nippon Life Insurance Company acquired 26% interest in equity share capital of the Company effective October 7, 2011 subsequent to receipt of all regulatory approval. Nippon Life Insurance, also called Nissay, is Japan’s largest private life insurer with revenues of Rs 346,834 crore (US$ 80 Billion) and profits of over Rs 12,199 crore (US$ 3 billion). The Company has over 14 million policies in Japan, offers a wide range of products, including individual and group life and annuity policies through various distribution channels and mainly uses face-to-face sales channel for its traditional insurance products. The company primarily operated in North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked 81st in Global Fortune 500 firms in 2011.

Assets: RLIC has a huge network of around 1145 branches covering a wide geographical area. It is one of the ISO 9001:2000 certified life insurance companies of India and has been awarded the “Jamnalal Bajaj Uchit Vyavahar Puraskar 2007 – Ceritificate of Merit” in the Financial Services category by Council for Fair Business Practices (CFBP)

This company also won the DL Shah Quality Council of India Commendation award in February 2008.

Reliance Life customer care number, SMS Help and email

• • • Customer care number – 1800 102 1010 (from India), (+91) 022 4882 7000 (from outside India), 1800 102 3330, 022 3000 2700 (for claims related queries)
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through rnlife.customerservice@relianceada[dot]com

15. Future Generali India Life Insurance Co. Ltd.

Future Generali India Life Insurance is an investment and insurance joint venture.

Ownership: Future Generali India Life Insurance Co. Ltd.

Partnership: It’s a joint venture between the India-based Future Group and the Italy-based Generali Group. Future Generali group is present in both the life and general insurance businesses in India as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

Headquarter: Mumbai, India

Other areas of group: Retail as the main business activity, consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics etc.

Future Generali customer care number, SMS Help and email

• • • Customer care number – 1800 102 2355
    • WhatsApp – +91-8108198633, +91-8828613211, +91-8108198610, +91-9594872657, +91-9594784147, +91-8425960197
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through care@futuregenerali[dot]in

16. Shriram Life Insurance Company Limited

Shriram Life Insurance Company Limited is an investment and insurance company

Ownership: Shriram Group of India

Partnership: Shriram Life Insurance is a joint venture of the Shriram Group of India and SANLAM of South Africa.

Headquarter: Hyderabad, India

The group offers several policies catering to various needs of the policyholders. Along with life insurance, distinct policies cover subjects like child education, retirement funds, marriage of children, expectation of high returns etc. The Group has a customer base of 30 lakhs chit subscribers and investors and operates through a network of 630 offices all over the country. The Group has the largest agency force in the private sector consisting of more than 75,000 loyal and dedicated agents.

ShriRam Life Insurance customer care number, SMS Help and email

• • • Customer care number – Service Helpdesk – 1800-3000-6116, Buy Policy – 1800-103-7401, Indore Call Centre – 1800-103-5319, SureBuddy Helpline – 1800-102-2234, Phone from outside India – +91-40-2300-9400
    • Send SMS – Premium Dues- DUES policy number to 9246033344 / Policy Status- STAT policy number to 9246033344 / Last Premium Received- LPRT policy number to 9246033344 / Premium Due Date- DDAT policy number to 9246033344
    • Email – You can send them email after login into their portal and directly through customercare@shriramlife[dot]in

17. Ageas Federal Life Insurance Co Ltd. (earlier it was IDBI Federal Life Insurance Co Ltd.)

IDBI Federal Life Insurance Co Ltd. is an investment and insurance company which is now Ageas Federal Life Insurance Co Ltd.

Ownership: IDBI Federal Life Insurance Co. Ltd.

Founded in: March 2008

Headquarter: Mumbai, India

Partnership: Three organizations are jointly partnered as IDBI Bank, a premier commercial bank of India as a major player with 48% equity, Federal Bank, India’s leading private sector bank with 26% equity and Ageas, a Europe based insurance multinational giant with 26% equity

IDBI Fortis Life becomes IDBI Federal Life Insurance

IDBI Fortis Life Insurance has changed its name to IDBI Federal Life Insurance Co, following rechristening of its foreign partner Fortis.

IDBI Fortis is a joint venture of IDBI Bank, Federal Bank and Fortis Insurance International, with shareholding of 48 per cent, 26 per cent and 26 per cent, respectively.

There will be no change in the shareholding pattern of the company, IDBI Federal Life Insurance Co said in a statement.

Fortis has decided to change its name to Ageas in April 2010, it said.

At the same time, as IDBI Bank and Federal Bank are joint venture shareholders and bancassurance partners of the company, it was felt that including both their names in the insurance company name would establish a better brand connect with the over ten million customers of both banks, it said.

The shareholders unanimously decided to change the name of the joint venture to IDBI Federal Life Insurance Company, it said.

IDBI Bank Chairman and Managing Director R M Malla said: “IDBI Fortis has rapidly grown in reach and size over the last 2 years. As we tread onto a journey of increased productivity and growth, this change will help IDBI Federal tap into markets that are known to be Federal Bank strongholds.”

Started in March 2008, the company has sold over 2 lakh policies with a sum assured of over Rs 9,160 crore as of June 20, 2010.

IDBI Federal Life customer care number, SMS Help and email

• • • Customer care number – 1800 209 0502 (customer service)( Customer Service ) , 1800 102 6166 (for online products)( For Online Products )
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through support@idbifederal[dot]com

18. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd.

Canara HSBC Oriental Bank of Commerce Life – is an investment and insurance company

Ownership: Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd (Canara HSBC OBC Co. Ltd.)

Partnership: Canara Bank, HSBC Insurance (Asia-Pacific) Holdings Limited and Oriental Bank of Commerce (OBC), Canara Bank holds 51% of equity while HSBC and OBC hold 26% and 23% respectively

Founded in: March 2007 and operation started on 16th June 2008, after receiving approvals by IRDA

Headquarter: Gurgaon, India

There are almost 530 branches of Canara HSBC OBC networked all over the country, in order to cater to its customers. The company operates a bancassurance model that is exclusive to almost 60 million customers.

Canara HSBC Life customer care number, SMS Help and email

• • • Customer care number – Toll Free – 1800-103-0003, 1800-180-0003 (MTNL/BSNL from India), +91-124-4315200 (from outside India) SMS – 97790-30003
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through customerservice@canarahsbclife[dot]in (for Indian customers) customercare.NRI@Canarahsbclife[dot]in (for NRI customers)

19. Aegon Life Insurance Company Limited

Aegon Life Insurance Company Limited (formerly Aegon Religare Life Insurance Company Limited) launched its pan-India operations in July, 2008 following a multi-channel distribution strategy with a vision to help people plan their life better. The fulfillment of this vision is based upon having a complete product suite, providing customized advice and enhancing the overall customer experience. Aegon, an international provider of life insurance, pensions and asset management and Bennett, Coleman & Company, India’s leading media conglomerate, have come together to launch Aegon Life Insurance. This joint venture adopts a local approach with the power of global expertise to launch products that are focused on providing customers with the means to meeting their long-term financial goals. The company is headquartered in Mumbai serving over 4.4 lakh customers across India and is amongst the Best 20 Life Insurance Companies in India.

An investment and insurance company

Ownership: AEGON and Times Group

Partnership: AEGON (A Dutch insurance major)– the 5th largest life insurance company in the world by revenues, Religare – one of India’s largest diversified financial services groups and Bennett, Coleman & company – India’s largest media house, have come together to form AEGON Religare Life Insurance Company Limited. The company is committed to building a quality business based on both scale and sustainability with a vision of ‘To Help People Plan Their Life Better’.

AEGON holds 26 per cent stake in Mumbai-based AEGON Religare Life Insurance, established in 2007. Religare holds 44 per cent in the venture, with Bennett, Coleman & Company Ltd holding the remaining 30 per cent.

Founded in: 2007

Started in: August, 2008

Headquarter: Mumbai, India

Aegon Life customer care number, SMS Help and email

• • • Customer care number – 1800-209-9090 (from India), +91 22 6193 0777 (from outside India)
    • Send SMS – SMS to 9221010101 with the codes (MENU – Menu for all the below mentioned servicing options / RENEW – Premium Due Details / CALL – Request for a call back / TPIN – Generate Your TPIN / PROD – Details on New Product / FUND – Details about Fund Value / STATUS – Current status of your Policy / RECEIPT – Request Premium Receipt / US – Unit Statement)
    • Email – You can send them email after login into their portal and directly through customer.care@aegonlife[dot]com

20. Star Union Dai-ichi Life Insurance Company Ltd.

Star Union Dai-ichi Life: Star Union Dai-ichi Life Insurance Company Limited is a joint venture of Bank of India, Union Bank of India and Dai-ichi Life a leading life insurance company of Japan. Dai-ichi Life is the second largest life insurance company of Japan and is one of the top ten life insurers in the world. Dai-ichi Life was established in 1902 and is a recognized brand name across the globe. Dai-ichi Life is renowned for sound product knowledge, superior asset management skills, and strong operational capabilities to manage life insurance businesses globally.

Sudlife is an investment and insurance site

Ownership: Star Union Dai-ichi Life Insurance (SUD Life)

Partnership: Bank of India and Union Bank of India (India) and Dai-ichi Mutual Life Insurance Company (Japan)

Founded in: September 25 2007 and achieved Licence from IRDA on December 26, 2008

Headquarter: Mumbai, India

Star Union Dai Ichi customer care number, SMS Help and email

• • • Customer care number – 1800 266 8833 (from India), +91 22 3954 6200 (from outside India)
    • Send SMS – SUD to 56677888
    • Email – You can send them email after login into their portal and directly through customercare@sudlife[dot]in

21. Pramerica Life Insurance Limited

Pramerica Life Insurance Limited (Erstwhile DHFL Pramerica Life Insurance Company Limited) DPLI Limited is one of the fastest growing life insurance companies in India headquartered in Gurgaon, India. They provide a wide range of life insurance solutions for individuals as well as groups taking care of our customers’ various financial protection needs such as securing their child’s future, retirement planning, savings and wealth creation.

With 126 branches and approx. 4000 employees across the nation, this is one of the most progressive life insurance companies in India.

DHFL Pramerica customer care number, SMS Help and email

• • • Customer care number – 1800 102 7070 (from India), 1800 102 7986 (give missed call to get call back)
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through contactus@dhflpramerica[dot]com

22. India First Life Insurance Company Limited

India First Life Insurance Company is promoted by Bank of Baroda, Andhra Bank, and UK-based, Legal & General. Their products are exclusively designed to help you realize your current and future life goals.

Launched in 2010 by the then Finance Minister of India, Mr. Pranab Mukherjee, IndiaFirst Life Insurance is one of India’s youngest life insurance companies.

The joint venture between Bank of Baroda (44% stake), Andhra Bank (30% stake) and UK’s leading risk, wealth and investment brand Legal & General group (26% stake) constitutes India First Life Insurance Company Limited.

India First customer care number, SMS Help and email

• • • Customer care number – 1800 209 8700 (from India), +91 22 62749898 (outside India)
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through customer[dot]first@indiafirstlife[dot]com, claims[dot]support@indiafirstlife[dot]com

23. Edelweiss Tokio Life Insurance Company Ltd.

Edelweiss Tokio Life Insurance Company Ltd., is a joint venture between Edelweiss Financial Services Ltd. and Tokio Marine Holding, Inc., one of the oldest (130 years) and biggest life insurance companies in Japan. It was established in 2011 with customer centric approach and simple claim settlement process makes it one of the most looked life insurance companies in India and amongst the Best 20 Life Insurance Companies in India.

Edelweiss Tokio customer care number, SMS Help and email

• • • Customer care number – Through online form as per your location
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through care@edelweisstokio[dot]in

24. Sahara India Life Insurance Company Ltd.

The Sahara Pariwar’s latest foray is in the field of Life Insurance, Sahara India Life Insurance Company Ltd., it is the first wholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurance market.

This has been granted licence by the insurance regulator – the IRDA on 6th February 2004, with an initial paid up capital of 157 crores. Shri Subrata Roy Sahara is the Chairman of Sahara Pariwar.

Sahara provides wide range of competitive products to meet the insurance requirements of people of all the ages and all parts of India either rural or urban, this makes it one of the most known life insurance companies in India and keeps it amongst the Best 20 Life Insurance Companies in India.

Sahara India customer care number, SMS Help and email

• • • Customer care number – 1800-180-9000 (toll free)
    • Send SMS – NA
    • Email – You can send them email after login into their portal and directly through sahara[dot]life@sahara[dot]in

As per India Brand Equity Foundation (IBEF), Insurance industry with strong growth cycle has reached a total industry size of ~USD 280 Billion in 2020. Out of total 57 insurance companies, 24 are in the life insurance business and 33 are non-life insurers.

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