Mahindra and Manulife Insurance JV Moves Ahead; Gets Approval from Corporate Affairs Ministry

Mahindra and Manulife announced their partnership to create a life insurance business on November 12, 2025. Today, both companies have confirmed the incorporation of the JV company as Mahindra Manulife Insurance Limited (MMIL), following approval from the Ministry of Corporate Affairs. The incorporation of MMIL marks the next step in that journey.

The venture brings together Mahindra’s strong presence in India with Manulife’s global expertise to build a simple, customer-first, AI-native and digitally led life insurer. By combining the extensive distribution reach of Mahindra with Manulife’s strengths in product innovation, underwriting, and agency-led distribution, MMIL will focus on policyholder protection and offer holistic, need-based financial solutions.

MMIL aims to address India’s large protection gap through a range of long-term savings and protection products, with a strong focus on rural and semi-urban markets while building leadership in protection solutions for urban customers. The partnership combines Mahindra’s wide distribution reach with Manulife’s strengths in product innovation, underwriting, and agency-led distribution. Together, the partners are committed to establishing MMIL as a trusted, digital, technology-driven and AI-native insurer aligned with India’s long-term growth and the vision of “Insurance for All.”

Infosys to Build LIC’s New NextGen Digital Platform

Infosys has sign a deal with the Life Insurance Corporation of India (LIC) to drive its digital transformation through the DIVE (Digital Innovation and Value Enhancement) initiative. This collaboration aims to create a NextGen Digital Platform that will deliver seamless omnichannel engagement and hyper-personalized experiences for LIC's customers, agents, and employees.

Infosys was selected by LIC for its extensive experience in executing large-scale digital transformation projects and its deep expertise in the banking, financial and insurance sectors.

Infosys will leverage its AI capabilities from Infosys Topaz and cloud services from Infosys Cobalt to enhance LIC's operational efficiency and customer experience. This initiative marks a significant milestone in LIC's digital journey, aiming to provide innovative and improved offerings to its vast customer base.

LIC’s new NextGen Digital Platform will also serve as an open platform, enabling swift integration with FinTech companies and Bancassurance partners.

Leveraging AI and data analytics, LIC aims to offer personalized services and products tailored to individual customer needs. By implementing Robotic Process Automation (RPA) and advanced data analytics, LIC is streamlining its processes, reducing manual effort, and improving overall efficiency.

Shri Siddhartha Mohanty, CEO & MD, LIC, said, “Our collaboration with Infosys marks a significant milestone in our digital transformation journey. It will not only enhance our operational capabilities, but also enable us to cater to our vast customer, agent and employee base with newer, more personalized experiences. We are committed to leveraging the latest technologies that Infosys has to offer, including Cloud and Enterprise AI, to drive innovation and improve our offerings.”

Salil Parekh, CEO & MD, Infosys, said, “LIC is a name that resonates across generations of Indians and we are delighted to collaborate on their transformation journey. By leveraging Infosys’ extensive experience in digital transformation initiatives and prowess in AI and Cloud, we aim to equip LIC with a robust digital infrastructure that will deliver superior customer engagement, enhance operational efficiency and enable rapid market responsiveness. Through this collaboration, we are confident that LIC will be uniquely positioned to offer unparalleled service and value to their stakeholders.”

Infosys has been involved in several notable projects within the insurance sector, leveraging its expertise in digital transformation and advanced technologies.

Infosys partnered with AXA XL to enhance their digital capabilities, focusing on improving customer experience and operational efficiency through AI and data analytics. Infosys worked with Prudential to modernize their IT infrastructure, implementing cloud solutions and advanced cybersecurity measures to ensure data protection and compliance.

Besides, Infosys collaborated with MetLife to develop a digital platform that integrates various customer touchpoints, providing a seamless and personalized experience for policyholders.

Infosys also assisted Swiss Re in implementing blockchain technology to streamline reinsurance processes, ensuring transparency and reducing administrative overhead.

What is the Easiest Way to Get Life Insurance Coverage?

Getting life insurance is essential—it shouldn’t feel impossible! Plus, we’re taking a look at ways you can get affordable coverage. 

Looking into purchasing a life insurance policy for the first time? Congratulations! You are taking the first step to protecting your family in the future. Life insurance is far from the most simple or interesting subject, which is why we’re going to be going over some of the basics when it comes to finding the right life insurance policy. Since we all lead such busy lives, we’re going to be focusing on the easiest ways to get life insurance coverage. If you need to get insured and want to get approved as soon as possible, you can follow our instructions. Then, later on we’ll be going over how you can get the coverage you need for the absolute best price. Are you ready to take control of your financial future?

Why Do I Need Life Insurance?

Too many people make the mistake of not purchasing life insurance or purchasing a life insurance policy too late

Your loved ones will rely on your insurance policy in the event of your passing.

To the majority of people in their 20s and 30s, life insurance seems like something you can put off until you’re older. Unfortunately, this is an incorrect assumption. If you are young and healthy, the best time to purchase a life insurance policy is as soon as possible. When you take out a life insurance policy, you are taking steps to provide for your loved ones after you’re gone. Again, this seems like a lot to think about when you’re still young, but stick with us! It is also important to purchase a life insurance policy while you’re young because you can get the best price. As you age, the price of your coverage will increase.

Besides the cost considerations, getting insurance coverage is important to protect your loved ones. If you have children or aging parents that depend on your income, it is imperative you get a life insurance policy as soon as possible. In the event of your untimely passing, your children, parents, and spouse could wind up in financial trouble. It is also beneficial to get life insurance if you have any outstanding college debts. Should you pass away before you can pay off your debt completely, your debt will be transferred to your remaining family members. In order to prevent this from happening, you need to take out a life insurance policy to cover any remaining debts.

Now that we’ve established why it is so important to get life insurance, let’s find out the easiest ways to get coverage.

What is the Easiest Way to Purchase a Life Insurance Policy?

If you need coverage right away, we recommend pursuing no medical exam life insurance or hiring an insurance agent

Getting life insurance coverage might be easier than you think.

For those looking for the easiest possible ways to get coverage, there are two paths you can take. To get started, we’re going to be talking about how you can avoid the most difficult step of the application process—the medical exam.

Getting Life Insurance Without a Medical Exam

The first path we’re going to be discussing is getting life insurance without a medical exam. For a standard life insurance policy—either for term life insurance or permanent life insurance—you will have to undergo a medical exam. The issue with the medical exam is that it prolongs the approval process and can be difficult to schedule. If you lead a very busy life as a parent or someone with a demanding job, scheduling time for a medical exam can seem impossible. On top of that, the medical exam can cause unneeded stress during the application process. Because of this, we’ve found that getting no medical exam life insurance is one of the easiest ways to get coverage.

We should mention that while no medical exam life insurance policies are easier to purchase than other types of insurance, it often comes with a slight cost increase. If you are searching for the cheapest possible option, you will probably want to undergo the medical exam.

Getting Life Insurance Through an Agent

The second option for getting a life insurance policy without much hassle is by hiring a life insurance agent. If you don’t have the time or do not feel comfortable finding the right insurance policy on your own, life insurance agents are there to help you demystify the application process. A life insurance agent will help you get the best price possible for your needs and will make sure that the buying process is as easy as possible.

Hiring a professional will also help you save time! You won’t have to spend time comparing quotes or getting into the fine print of each life insurance option, your agent will take care of it all. Once they have completed their research, they’ll present you with a few policies and guide you through the application process. Since the application process can get complicated, many people are happy to get help when applying for a life insurance policy. Not to mention, a lot of people prefer the peace of mind that comes with hiring an insurance agent. If you begin the application process and have not previously done your research about life insurance before, then you are largely going into the process blind. When you have an expert on your side, the whole process is simplified and requires far less effort on your part.

As we mentioned, these are the easiest ways to get life insurance, but are not necessarily the cheapest. In the next section, we’re going to be looking at the ways that you can access affordable life insurance.

What is the Least Expensive Way to Purchase a Life Insurance Policy?

If you’re looking for life insurance on a budget, keep reading to find out how you can get the most coverage for the best price

You don’t need to break the bank to get life insurance coverage.

When you are looking for life insurance policies, the easiest route isn't always the most cost effective. While avoiding a medical exam makes the application process easier, it can lead to higher monthly premiums. And, while an insurance agent can help you get a good deal, the cost to hire them often outweighs your savings. If you are on the market for the least expensive life insurance policy, you should follow our steps.

Getting a Term Life Insurance Policy

To get started, you need to know which insurance policy types to look for. The least expensive policy type for the vast majority of people is a term life insurance policy. A term life insurance policy is a type of life insurance that covers you only for the designated term. Term life insurance is designed to cover you for as long as you need to raise children, pay off your debts, and begin to save money. Usually a term life insurance policy will last anywhere from 20-40 years. These types of policies are the least expensive because they do not guarantee a payout like a permanent life insurance would. By purchasing term life insurance you can get the amount of coverage you need for the time you most need the coverage. Then—if you outlive your policy—you’ll be at a stage in your life when you no longer require life insurance.

Making Health and Lifestyle Changes

There are also health and lifestyle factors that affect the total cost of your insurance premium. For example, if you use tobacco, you will pay a higher premium. Because people who use tobacco are more likely to have chronic health problems, the insurance company takes a higher risk by insuring you. However, if you can provide your healthcare provider and the insurance company with proof that you are tobacco free, you can get your insurance application reevaluated.

You may also want to consider other lifestyle changes. If you have an especially dangerous hobby or profession, you may want to pivot to something safer before you apply for insurance. Often, insurance companies will list jobs and activities that they deem high risk on their website.

Overall, the more the insurance company knows about your health and your lifestyle, the better price you can get. So, if you’re searching for insurance on a budget, you should elect to take the medical exam. On the other hand, if you are searching for the easiest and fastest way to get life insurance, purchasing a no medical exam policy is the way to go. We hope this information gives you a roadmap to get started shopping for life insurance! No matter if you are looking for the easiest or the cheapest way to get life insurance, the important part is that you are getting coverage.

Let’s Have A Look At Good Life Insurance At An Affordable Premium

Good life insurance at an affordable premium? Here's one

A term life insurance policy is a sort of life insurance that covers your family if you die prematurely. A standard term insurance policy will only cover you for a given period of time, up to a certain age. Traditional insurance will simply end if you outlive the stated coverage period.

Several insurance companies provide various types of term insurance products. The following article concentrates on Canara HSBC Life Insurance's best term life insurance policy, the 'iSelect Smart360 Term Plan.' So, continue reading to learn about the characteristics and advantages of various Canara HSBC Life Insurance term insurance products.

What is the iSelect Smart360 Term Plan?

Canara HSBC Life Insurance’s iSelect Smart360 Term Plan is your financial partner, guaranteeing that in the event of the tragic death of Life Assured. At the covered occurrence of the life guaranteed, the plan would pay a lump payment or recurring income. 

It also provides extra coverage options to ensure that you never fall short of meeting the demands of your loved ones. This is a Non-Linked, Non-Participating, Individual, Pure Risk Premium, Life Insurance Plan that is an all-in-one plan that allows you to take life insurance cover based on your requirements while also guaranteeing that your loved ones' ambitions are not jeopardized.

How does the iSelect Smart360 Term Plan Work?

This term life insurance policy is a straightforward insurance product with several advantages. Understanding how it works will help you appreciate why it is such an important investment for you and your family. Here are the main elements regarding how this term plan works:

• You agree to pay premium costs to the insurer when you purchase this term life insurance policy. 
• This premium may be paid in a flat sum or in installments. 
• If you wish to pay your premiums regularly, you may do so on a monthly, quarterly, semi-annual, or yearly basis, depending on the plan you pick. 
• In exchange, the insurer provides you with life insurance protection. 
• If the policyholder dies within the period of the plan, the insurer must pay an amount guaranteed, generally known as death benefits, to the insured person's beneficiaries. 
• The insurance company pays no benefits if the insured survives the period of the plan.

Key Features and Benefits of iSelect Smart360 Term Plan

Term insurance is associated with protection - a basic life insurance plan with appropriate coverage to safeguard your family's long-term financial security and future. Term insurance is an umbrella that protects policyholders' loved ones. Despite being a specific life insurance policy, the iSelect Smart360 Term Plan is packed with benefits.

1. Wide Coverage of Term Insurance Plan

In this term life insurance policy, coverage refers to the breadth of the policy. For example, coverage under the iSelect Smart360 Term Plan will result in: 

• Large life insurance cover the amount
• Cover for accidental death and disability
• Cover for critical illnesses Longer policy term, i.e., coverage for a long time 
• Affordable premium rates

2. Large Life Insurance Cover Amount

The iSelect Smart360 Term Plan is a pure protection plan, which only applies to the insured event. As a result, the sum assured amount can be large enough to cover all of your family's associated expenses:

• Living costs 
• Ongoing debt 
• Cost of important goals

3. Cover for Accidental Death & Disability

Because the primary purpose of this term life insurance policy is protection, having additional contingencies in the iSelect Smart360 Term Plan makes it logical. One of these options is accidental death and disability. 

This is a significant life insurance cover for many reasons: 

•  Accidental death may incur extra funeral and legal expenses for the family. 
• Disability might have an impact on your earning potential. 
• To accommodate your impairment, you may need to change your living area.

4. Cover for Critical Illness

Critical illnesses are life-threatening disorders that, even with the finest care, may be deadly. For instance, cancer, heart failure, and so on. Your family will be provided with the following benefits if you have critical illness coverage: 

• Household expenditure protection 
• Assistance with treatment expenses

5. Longer Policy Term – Age of Entry

You may get a term life insurance policy as soon as you reach the age of majority, which is 18 years. Not only that, but with plans like Canara HSBC Life Insurance's iSelect Smart360 Term Plan, you may get coverage that lasts until you're 99.

6. Affordable Premium Rates

The iSelect Smart360 Term Plan does not have an investing premium since it has no maturity benefit. With simply protection as a premium, the fee is small enough to fit into your monthly budget.

7. Convenient Pay Out Options

Term insurance payouts may seem little, but after your death, they will be the most crucial aspect for your family. The manner your term life insurance policy pays your candidates will either make their lives more difficult or easier. 

Canara HSBC Life Insurance's iSelect Smart360 Term Plan provides the following options: 

a) Lump sum payment 

b) Lump sum + Regular income 

c) Lump sum + Growing regular income

8. Premium Waiver Option

Another advantage offered with the iSelect Smart360 Term Plan that protects disability risks is a premium waiver. This option allows you to keep your life insurance without paying any extra premiums. The premium waiver is initiated with the permanent disability claim and remains in effect until the insurance expires, or a death claim is made.

9. Tax Savings

Section 80C of the Income Tax Act allows you to deduct the premium you pay for the iSelect Smart360 Term Plan protection. As a result, your term life insurance policy may also help you save money on taxes.

Wrapping It Up

Canara HSBC Life Insurance’s iSelect Smart360 Term Plan is an excellent plan that can assist you in overcoming life's uncertainties. The iSelect Smart360 Term Plan is an individual non-linked non-par pure risk premium life insurance plan that may be purchased online at low premium prices. 

This flexible term life insurance policy allows you to tailor it to your individual lifestyle demands by providing several alternatives for coverage, premium payment, and benefit distributions. 

The iSelect Smart360 Term Plan includes full life coverage, but the policyholder may also select range for a set time. One crucial point is that the plan has three coverage options: Life, Life with Return of Premium, and Life Plus.

Can I Buy Life Insurance for My Parents?

You may have your own way of expressing love and concern for your parents! Everyone has.

Just the way your parents never thought much when it came to buying valuable things for you, you must do the same. When old the active income for your parents might stop, but for you, it can grow fast. So it is when you can create a source of income for them. There could be ways in which you can do it. Out of those, the wisest way to create safety and wealth is to buy life insurance for parents. 

Yes, you read it right!

If a child, a spouse, a life partner or a parent depends on you and your income, you need life insurance.

Suze Orman.

Table of Content

1. Can I purchase life insurance for my parents?
2. How can a life insurance policy for parents help?
3. Best life insurance policies you can purchase for parents.
4. How to buy life insurance for parents?
5. Things to keep in mind before purchasing life insurance for my parents.
6. Conclusion

Can I purchase life insurance for my parents?

Yes, you can buy life insurance for your parents.

The average life expectancy rates have increased, which has resulted in the rise in the older population in India. As a result, lifestyles have changed along with the rising inflation. Overall, the living cost is higher, requiring you to arrange for funds.

Buying life insurance is arranging funds for unexpected emergencies. It provides financial security to the policyholder. Your parents might feel financially distressed in old age; they can have a sense of security with life insurance.

Parents' life insurance policy can help them replace their income and offer them financial help.

In case of the unfortunate demise of either of the parents, the spouse gets back-up to bear with the financial difficulties.

With a life insurance policy, you can manage outstanding debts.

How can a life insurance policy for parents help?

Sudheer purchased a life insurance policy for his parents. He lived with his wife, 2 kids and dependent parents. Sudheer and his wife were both working, but the expenses, especially the house rent and the kids' tuition fees, were sky-rocketing. This led both of them to think about creating wealth and financial securities.

10 years after buying the life insurance policies for parents, the procedure started paying back the returns. Finally, the parents had a source of income. For 5 years, when Sudheer's father died, his mother felt confident because the life insurance policy occasionally paid her.

When his elder son was about to get into college, the fees were high. The life insurance policy helped the family manage their expenses. In addition, it offered monetary help to both Sudheer and his mother.

Best life insurance policies you can purchase for parents.

There are different types of life insurance policies you can purchase for parents. These policies include :

1. Term Life Insurance Policy: Term insurance is a life insurance policy that offers financial security for a specified period. The premium for the policy term is the same for any individual. If anything happens to the life insured during the policy term, the dependents or the family members get the sum assured as the death benefit. The term life insurance is a pure protection plan for which the premium is low for higher choices. You can buy a term insurance plan from here.

2. Retirement Plan: Retirement plan or pension plan are savings cum investment plans. This insurance policy helps your parents earn when they are not employed. After years of paying the premium, your parents can withdraw all the amount saved. With a pension plan, partial withdrawals are allowed. The amount of money on maturity helps your parents maintain a standard of living. 

3. Savings Plan: The savings or endowment plan will help you build a corpus of money. You can save money for different goals or dreams that your parents might have. The savings plan provides financial protection to the family in case of any unfortunate events.

4. Health Plan: Medical inflation and the probability of contracting a critical illness rise. You may not always have funds to manage expenses. This is why you can have a health plan for your parents. The plan will enable you to manage a sudden financial crunch, especially when your parents are diagnosed with a critical illness.

How to buy life insurance for parents?

Before buying the life insurance policy for parents, you will have to follow these:

1. Evaluate and analyse all your financial requirements, especially living with a family. Consider the monthly monetary flow like fees, bills, loan EMIs, etc.
2. Understand the age of your parents and their financial status. Compare the plan you want to choose with their style of living at present. For the best and affordable insurance plan, you can visit https://lifeinsurance.adityabirlacapital.com/.
3. After deciding the requirements, find out which life insurance plans you can buy. Then analyse your premium paying capacity and the policy tenure you would want.
4. Choose the insurance plan online and see the affordable life insurance for parents.
5. Visit the website online, click buy and then pay the premium.

If you cannot pick a life insurance product, you can also consult your financial advisor.

Benefits of the life insurance policy purchased for my parents.

Affordable life insurance policies that you purchase for your parents will offer you these benefits:

• Your parents will feel protected, confident, and respected in old age.
• Investing in life insurance policies for parents will avert financial uncertainties in the future.
• With a life insurance policy, if either of the parents passes away, the other has a feeling of security.
• All the premiums of life insurance policy provide you tax benefit under Section 80C of Income Tax Act, 1961. The maturity amount on the death of the life insured is also tax exempted under Section 10(10D).

Things to keep in mind before purchasing life insurance for my parents.

These are the things that you can keep in mind before purchasing life insurance for my parents:

• Understand the current lifestyle of your parents: Understand the current lifestyle of your parents before choosing life insurance. The life insurance policy should offer financial help to your parents, especially when they are in need.
• Buy the right product for a financial goal: Suppose your parents have taken a loan for building the house you live in. You can buy a term plan for the specified period. If anything happens to the life insured, the policy will pay the death benefit. The amount of sum assured received will help you get rid of loan liabilities if any.
• Check your premium paying capacity: You can know the premium paying capacity for a specified policy term. Compared to other monthly expenses, you can decide the premium and the policy term. Remember that if you are invested for the longest possible term, the power of compounding pays you more.
• Find out the Claim Settlement Ratio: Check the claim settlement ratio of a company. It indicates the claim settled by the company against the total number of claims received by the insurer. If the claim settlement ratio is high, the company has a good image, showing the customer-centric approach.
• Explore the services offered by the insurance company: You must explore the services provided by the insurance company. The company must provide service on digital platforms to speed up the process.

Conclusion:

You can gift as many things to your parents as you want. But buying a life insurance policy for your parents would be the best solution. A life insurance policy will support them for sudden financial crises in the future. Purchasing a policy for your parents becomes essential when you have dependent children to take care of. Though you would never wish that anything happens to your parents, a life insurance policy will reduce financial troubles.

Term Insurance Vs Life Insurance Which Is Better

Confused between term insurance and life insurance? Read this to know about the benefits of term and life insurance

Term Insurance Vs. Life Insurance! Which One's Better?

The basis of insurance is to cover unforeseen risks that may affect you and your family. Among the several insurance products available in the market, life insurance and term insurance are two of the most popular ones around, but they differ a lot in several ways.

Term life insurance is usually the better option for young people and it can fit easily into your budget. Choose term insurance if you're concerned about uncertainties of life such as illnesses or financial problems that could occur in the future.

Life insurance, on the other hand, is an investment tool and a form of financial planning for you and your family. It ensures that your family has enough finances to deal with any sort of crisis in times of need. In this article, you will learn about both types of insurance, key factors that differentiate term vs life insurance, and how to choose between the two.

What is Term Insurance?

As the name suggests, term insurance refers to the payment of a premium for a fixed period. In case of the policyholder's untimely death during this period, the insurance provider is liable to pay the death benefit amount to the beneficiary or the nominee.

The maturity amount will be provided in case the policyholder survives during the term of this plan if you choose the “Return of premium” option with your plan.

What Is Whole Life Insurance?

Whole life insurance is an investment program that acts as a protection policy for the entire life of the insured. These plans generally come with an upper age limit of 100 years, and a cash accumulation aspect that builds throughout the plan.

It’s also worth mentioning that having both protection and benefits can often be considered more flexible than other types of contracts due to there not being a limited time frame involved with this agreement. You are always in control to determine when you might sell it or opt-out of using it.

Term Insurance Vs Life Insurance – A Comparison of Their Benefits

1. Death Benefit

The two types of insurance differ in that a life insurance policy guarantees that the insured will be paid out in case of the demise of the insured within a specific time, for example, before retirement age. A term insurance plan is different because it only provides the insured with a death benefit if the insured passes away during their term, or named duration.

The amount provided as the death benefit in term life insurance plans is much higher than the death benefit offered by life insurance policies. The fact that you can use some of your investments to make up for premiums paid also makes them a great choice.

2. Risk Coverage

Term insurance plans are relatively cheaper than life insurance plans and tend to have a fixed premium regardless of the age at which the person who’s insured purchases term insurance. Term insurance policies on other hand are essentially coverage for a certain amount of time (e.g. 10 years) and in case something happens during that time to the insured, their families will be compensated for any loss incurred as opposed to life insurance plans which provide total coverage for life till death for the people named in their plan so there will be no chance of any family's lives being affected by lack of resources provided that they're still alive and healthy enough to carry on with daily tasks, etc. Unlike the typical life insurance policies, this type of policy does not offer any survival benefits or maturity returns.

3. Flexibility Characteristics

Life insurance policies often put a lot of pressure on their policyholders in terms of fulfilling certain requirements to be eligible for policy benefits. You know how life insurance is all about making sure the family is taken care of financially, and that's what makes it so difficult to justify quitting or compromising a policy when you're faced with pressure or trouble paying premiums.

Life insurance policies make promise funds available only if you fulfil the entire tenure of the policy. If you want to surrender a term insurance policy, there are fewer formalities involved than if you want to surrender a life insurance policy. With term insurance plans, once you stop paying premiums at all, the benefits of the policy terminate.

If you surrender your policy, the entire amount of money that you invested through your paychecks will not be returned to you. The only thing that is recouped by the insurance company upon a policy surrender is what they called a premium and that too after any applicable or specified deductions.

Moreover, most term life insurance policies are indeed renewable and flexible as they give the consumer(s) an option to convert the policy into an endowment plan with a renewal payment thus increasing both their protection and value, but not without an immediate increase in the premium cost.

4. Premium Payments

If a customer wants higher coverage with their life insurance policy, they can purchase it but be ready to pay a higher premium. Due to a high premium amount, most individuals don't take advantage of all of the benefits that are available to them in a particular life insurance policy. On top of that, some plans provide low returns compared to what may be available in other investment mediums or based on specific market conditions.

The Takeaway

Life insurance and term life insurance are both important types of coverage. But there are many differences between the two as well, which you need to know before purchasing a policy. Life insurance, such as whole and universal life, can be used to support dependents after a person passes away.

Term insurance is more economical, but it only covers someone during the term of their policy. So while life insurance is more beneficial to your family should you pass away, term insurance is better for preventing financial loss due to illness or a death-by-natural-causes that could happen long after the policy expires.

Liberty General Insurance Launches #Liberty365

Quick, hassle free settlement of claims

Value-add for partners like Motor Garages, Hospitals & our Intermediary partners

Mumbai, July 07, 2021: Liberty General Insurance Ltd, one of the leading general insurance companies in India, today introduced #Liberty365 - 365 days claims service including on weekends and holidays. This is a one of its kind customer focused initiative in India in which Liberty General Insurance (LGI) will process its policyholders claims on all days of the week, unlike other insurance companies who offer this support only from Monday to Friday.

Ever since it started its operations in 2013, Liberty General Insurance has been recognized in the Indian market for its superior claim servicing. With this industry-first initiative, the company strives to take its commitment to its customers a notch higher. Motor, Health, and Travel insurance customers of LGI will be able to avail this service at no extra premium cost. This facility will be available for claims processed in-house by LGI’s teams comprising of automobile and health insurance experts, ensuring claimants don’t have to wait for weekend to pass to avail of LGI’s claim service. For motor insurance customers, this service is available for vehicle inspections and cashless repair approvals upon filing a claim as well as for post repair approvals for timely delivery of the vehicle at the participating workshops for claims up to INR 50,000/- for Private Cars, and up to INR 10,000/- for Two Wheelers.

Speaking on the development, Mr. Roopam Asthana, CEO & Whole Time Director, Liberty General Insurance said, “Customer centricity is at the heart of all endeavors that Liberty General Insurance undertakes. We care for our customers and want them to live safer and more secure lives. At the same time, we want to ensure that we are accessible to our customers when they need us – any day of the week. This initiative is a strong reaffirmation of our long-term commitment to our customers and to the growing general insurance industry in India."

About Liberty General Insurance

Liberty General Insurance Ltd. (LGI) is a joint venture between Liberty City-state holdings PTE Ltd—a group company of Liberty Mutual Insurance Group, a diversified global insurer with over 900 offices across the world, headquartered in the U.S. —Enam Securities, and Diamond Dealtrade. LGI commenced operations in 2013 with the aim of providing comprehensive retail, commercial, and industrial insurance solutions. The company has an employee strength of 1100+ with presence across 100+ locations in 28 states. Its partner network consists of about 5100+ hospitals and more than 4300 auto service centres. The company offers health and personal accident insurance, car and two-wheeler insurance, employee compensation insurance, commercial insurance, fire and engineering insurance, marine insurance and other miscellaneous insurance products in India.

Life Insurance In The Age Of Epidemics

Life insurance is an essential protection coverage that every individual must buy. It not only provides protection coverage for you but for your loved ones as well. Have you ever thought of the fact that what will your loved ones do in the event of your untimely demise? Will they be able to cope with the financial pressure looming over them? What about their education? So, it is critically important to plan ahead and buy the best investment plan, especially during this global pandemic. If you are applying for life insurance that covers epidemics like coronavirus, among other diseases, then you can rest assured that your family will be paid the benefit in case you die due to a pandemic illness. 

With that said, in this post, we will discuss the importance of having life insurance in the age of epidemics. Let’s get started. 

#1 Meet your family’s needs 

First things first, you would not do anything without thinking about your family. While epidemics are considered once in a century kind of events, you would not want to be unprepared when the next epidemic strikes. You would want your family to stay protected financially, no matter what. So, investing in life insurance that covers for pandemic as well, will ensure that your family’s financial needs are met even if you are not there. If you have children who are totally dependent on you, it can be difficult for them to take care of themselves in the event of your demise. Investing in the best investment plan can provide your family with death benefits. 

#2 Protect your business 

We already know how much the novel coronavirus pandemic has affected the global economy. Businesses have shut down, people are unemployed, and there is no source of income. Life insurance policy not only protects your family but also takes care of things you own like your business. Choosing the right life insurance that covers your business is important. Seeing the epidemic, there have been some new life insurance policies devised that look at the business aspect as well. You would want to protect your business when you are not there.   

#3 Settle the debts 

You might have availed a loan for your children’s higher education, to purchase a home or a car. Now, in the event of your demise, the burden of the loan will directly fall into the hands of your family members. Now, even if someone from your family is employed, it will not be easy for them to manage the debt. Having life insurance will make sure that your family can pay off the debt without any hassle and live a financially independent life. 

Applying for life insurance during the epidemic 

While nobody knows the long-term ramifications of a pandemic, its spread across the globe can have many on high alert. There are certain factors to bear in mind when applying for life insurance in the age of epidemics. Your policy provider will help you go through the latest details of the policy designed, keeping in mind the epidemic. 

HDFC Life Launches Voice Assistant on Alexa for On-The-Go Policy Servicing

• HDFC Life’s Alexa bot can respond to 200+ unique policy-related queries


• With Alexa bot, HDFC Life reinforces presence in all major social media channels including WhatsApp, Twitter, and Facebook

HDFC Life, one of India’s leading private life insurance companies, has been at the forefront when it comes to technology and technology-based offerings. The latest addition to the long line of digital assistants by HDFC Life has been announced today.

Elsa, HDFC Life’s Alexa-based smart service voice assistant, is now available for policyholders. Through this offering, HDFC Life aims to continue supporting policyholders during the lockdown. The life insurer’s digital platform and tech-based solutions are enabling policyholders to service their policies without having to step out of their homes.

Elsa, the Alexa bot, is powered by natural language processing (NLP) software and offers intelligent services like handling of dynamic requests and offering insights into policies. In its first rollout, Elsa can successfully answer than 200+ queries.

To initiate and configure Elsa on Alexa devices, customers need to download the Alexa app and link their HDFC Life account through a secure authentication process. Once the account is linked, the customer can ask their queries to Alexa to get various policy related information including requesting services such as fund statement, premium receipt or policy soft copy.

For example, the customer can ask “Alexa, when is my next premium due?” On receiving the request, HDFC Life will send the requested information securely via an SMS to the policyholder’s registered mobile number.

Speaking on the launch, Mr. Parvez Mulla, Chief Operating Officer, HDFC Life, said: “Every year, HDFC Life records more than 40 lac customer queries and service requests and processes them digitally. A growing number of Indian customers are moving towards smart digital solutions for quicker and more simplified services.

Through Elsa, as well as other AI service bots, we aim to offer intelligent and personalised query processing for our policyholders. We are making resilient AI offerings which will add value to customer experience.”

HDFC Life’s technology journey started a few years ago when HDFC Life’s leaders saw promise in emerging technologies and creating digital solutions across its value chain. As a leader in the life insurance sector, HDFC Life has bolstered a strong digital presence in major social media and communication channels through voice and chat assistants.

In earlier releases, HDFC Life has announced Elle, a website chatbot; NEO, a Twitter bot; and a 24-hour service bot for WhatsApp, named Etty. The company has successfully launched 210 bots that offer a seamless experience to employees as well as customers.

About HDFC Life:

HDFC Life Insurance Company Limited (formerly HDFC Standard Life Insurance Company Limited) ('HDFC Life' / ‘Company’) is a joint venture between HDFC Ltd., India’s leading housing finance institution and Standard Life Aberdeen, a global investment company.

Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity and Health. As on March 31, 2020, the Company had 37 individual and 11 group products in its portfolio, along with 6 optional rider benefits, catering to a diverse range of customer needs.

HDFC Life continues to benefit from its increased presence across the country having a wide reach with 421 branches and additional distribution touch-points through several new tie-ups and partnerships. The count of our partnerships is in excess of 270, comprising traditional partners such as NBFCs, MFIs and SFBs, and includes more than 40 new-ecosystem partners. The Company has a strong base of financial consultants.

How To Choose The Best Term Insurance Plan?

While looking for a term insurance plan, people generally compare the price offered by various insurance companies. Price is, after all, a highly important deciding factor. One tip to decrease the cost is choosing an online term plan, which is cheaper, as there is no involvement of an agent whose commission adds up to the entire plan.

But if you only consider the price and ignore other essential factors, you may end up comprising the financial security of your family. To ensure that the future of your family is not affected, there is a list of some crucial features to help you in selecting the best term insurance plan or the right online term plan

1. Solvency Ratio 

It tells you whether an insurer is financially capable to settle the claim in case the need arises. IRDAI makes it compulsory for every life insurance company to maintain the solvency ratio of a minimum of 1.5. This is important because when the insurer will obtain huge number of claims in short time span, such as in case of natural disaster, an insurer with low solvency ratio would not be able to settle claims quickly.

 So, if you do not want your family to suffer in case of an emergency, consider the solvency ratio. Yes, the likelihood of a natural disaster ruining everything is highly unlikely, but doing so is important considering the uncertainties climate change brings along.

2. Claim Settlement Ratio 

It shows the proportion of claims settled out of the complete filed cases in a year. A higher ratio implies that it will be easier for your survivors to claim the insurance amount in your absence and lead on their lives comfortably. You should also consider the total number of cases an insurer has solved. 

The aim of investing in term plan is to make sure that your loved ones do not suffer in your absence. A high claim settlement ratio means your family’s financial future is more secured. Also, you should disclose all your health comditions, lifestyle, income, etc. while investing in the policy so that when the company cannot deny to settle your claim. 

3. Additional Covers 

Every life insurance plan will offer a basic life cover but if you want complete financial security for your loved ones, you should choose a term plan with comprehensive benefits and cover. The added benefits to look for are – 

• Accidental death – This benefit raises the sum assured in case the death takes place due to an accident. 


• Waiver of premium – Here, life insurance cover will not cease if you are unable to pay the premium due to permanent disability.


• Income benefit – Some plans let your family members receive a regular income instead of a lump sum amount. If you wish that your loved ones get a monthly income in your absence, you should look for this feature. 

Apart from these, there are several other benefits to consider, such as terminal illness benefit, increasing monthly income benefit, and flexibility to raise sum assured at certain milestones. 

4. Critical Illness Cover 

Death is not the only major event where the bread-winner’s family needs money. Fighting a critical illness like brain surgery or cancer can drain your finances and cripple the overall financial situation of your family. In critical illness cover, the cover amount is paid immediately on diagnosis upon submission of medical documents proving the same. 

The amount can be used to cover high costs of the treatment and make sure your family has sufficient amount of money to sustain their regular everyday life. The premiums paid against cricital illness cover are eligble for rebate under u/s 80D. 

5. Term 

The term of the plan is an important aspect while choosing a policy. Ideally, you should buy a policy until the age you plan to work. Earlier the retirement age used to be 60 years but now people prefer to work till 65 years because they get married late, they have kids late, and their financial requiements are more.

 The idea to choose the tenure of the policy upto your retirement age is that by the time you retire, your financial responsibilities reduce, your loans are paid off, and so, you do not require as much money after a certain age. However, you should invest in the policy at a young age because during your youth, you are healthier. And if you are healthier, your premiums would cost lesser. Premium and age have a direct relationship. The more is your age, the more will be the premium. 

6. Sum  

Term insurance should be able to cover your outstanding loans as well as income. The general rule of thumb is to choose the sum that is 8-10 times your yearly income plus your outstanding debts. This is important because, in case of demise, an insufficient sum assured would mean the family has to struggle to pay off the debt and maintain their lifestyle like it was before the demise. 

7. Premiums

You will be offered varying premiums bt different insurance companies for the total cover your require. However, you must know that low premiums do not guarantee the liability of the insurer and your plan’s efficinety. It is better to pay higher premiums to reputed insurance companies with higher claim settlement ratio. You may be quoted higher premium prices because of additional benefits the company is offering. 

New companies tend to charge lower premiums to build customer base. But they cannot be relied upon. However, this does not mean such companies will not function efficiently. So, while choosing a policy, consider the premium amount. If the company is charging higher premiums, know the reason behind it and then decide for yourself. Avoid going for the policy with lowest premiums. 

Conclusion 

Once you have analyzed term insurance plans on the basis of the above-mentioned parameters and narrowed down your choices to a few, then you should look at the cost to make the final decision. However, you must not compromise on any of these parameters just due to cost. Also, you must know that you receive tax deductions for term insurance premiums. 

Tips for Choosing The Best Life Insurance

Death is not an option. It’s only that time isn’t ripe. However, death shouldn’t scare you. It’s a natural happening. It was designed to happen. But where will you leave your family after death? How are you going to leave your family? Will they go to school? What about those bills you left behind? Hard questions, right? Well, don’t leave your family suffering when you are gone. Take a life insurance cover and leave your family with peace. Choose the best policy and cushion your family from future expenses. Here is how to get the best policy.

Duration

Do you need a short-term or a long-term policy? If you need a medium period policy of about five to 30 years, consider investing in term insurance. As compared to other policies, term insurance is less expensive. However, it doesn’t work for those who want lifetime coverage. People who’ve higher obligations and regular income often prefer term insurance. And this is mainly because of the cash value feature that somehow works as a retirement fund.

Affordability

It’s always advisable to choose a plan with affordable premiums. Should you need coverage for a longer period of time, life insurance gives you the flexibility to change to your preferred policy.

If you want to have comprehensive coverage for your entire life, then purchase permanent life insurance. Of course, you’ll pay a higher annual premium, but in the long run, the total cost will be considerably lower.

Investment

Most life insurance proceeds are usually free from taxes. However, there are certain cases where the accumulated money value is on a deferred basis. Thus, if you’ve enough funds to invest, consider purchasing a permanent policy with cash value. Of course, you’ll have to pay more in terms of premiums but while insured, you’ll be able to build up an investment account within your policy.

Cash Value

Do you want a policy that will help you invest and reap benefits? Well, if so, invest in UL policy. With UL policy, you have a coverage that comes with an investment option. This means you get covered while investing. With time, you gain cash value from your investment.

Term Life Insurance

Term insurance is a popular option when purchasing life insurance. Normally, this is a policy that provides you with coverage for a certain period of time. For instance, if you want your kids to be assured of going to college, you can build a college fund through term insurance cover.

Lower Premiums

Term insurance is for those who are looking for large insurance coverage but have a limited amount of budget. The beneficially can only access the funds of the insured passes on during the life of the policy. However, if you don’t die after the expiry of the policy, the coverage is voided.

The Bottom-Line

It’s not all about getting any insurance policy. The deal is in purchasing the right type of coverage. Compare life insurance packages here and get coverage with the features that fit into your explicit needs. The above article will help you choose a policy you can be proud of.