#SBI Health Insurance Premium Calculator

[healthinsurancetips22]

[policyidea-blog]

Why One Must Invest in a Good Life Insurance plan?

Life Insurance is an Investment that can help meeting our various financial goals. It also provides life protection in case of any unforeseen circumstances. As a matter of fact, it can secure your family even after your demise. In short life Insurance policy enables the dual benefit of life coverage as well as returns on maturity.

There are many categories of Life Insurance policies. Premium paid in all varies based on their features.

Some Life Insurance policy types are enlisted below.

Life Insurance Policy Plans

Endowment Plans

Pension Plans

Group Plans

Unit Linked Insurance Plans

Rural Plans

Health Insurance Plans

Term Plans

How Rahul Secured his future & family with Life Insurance plans.

Rahul is 35 years old married marketing professional. His wife is a homemaker, they got 2 kids, 5 years and 2 years old respectively. Rahul is earning Rs. 75,000 monthly. He's having few concerns as follows.

1. What will happen to his family if he dies?

2. How will he arrange huge funds for his children's education?

3. How shall he save his tax?

He wanted to go for a plan that can address all his concerns. One day when he was searching for something online he saw in the advertisement. It was related to some Life Insurance. He never paid attention to such flashy messages earlier. But this time he liked the message. Actually, it covered all his pain areas. It was visible on one of the online policy aggregators websites. He immediately got a solution to all his issues. These details on the website were related to Term Plans; endowment and other related policies. With the help of these products, he could safeguard his family. At the same time could build a corpus of funds for his kid's education after 15-20 years. Both these plans were good to save taxes as well.

The best part was the Investment required was not much. However, was good enough to save taxes. He felt on top of the world. His happiness was as good as winning a jackpot. He immediately brought these plans. One was a traditional plan for Investment. Another was the term plan for life cover.

Initially, it was difficult for him to decide which company to choose from. All of them had different products at different prices.

Some of the leading players, he came across were as follows.

Life Insurance Companies

ICICI Life Insurance

PNP Met Life

Aviva Life Insurance

Max New Your Life Insurance

SBI Life Insurance

Life Insurance Corporation of India

Aditya Birla Capital

Birla Sun Life

Aegon Life Insurance

Bajaj Alliance Life Insurance

HDFC Standard Life Insurance

Exide Life Insurance

IDBI Federal Life Insurance

Bharati Axa Life Insurance

He did a quick comparison of the products and plans of these Insurance companies online. Finally selected the one that had the most suitable features.

Salient Features of Life Insurance Companies

Why people choose these Life Insurance companies is because they offer many benefits because of  their features and benefits as follows.

1. Life Coverage

One of the best advantage of these Insurance policies is Life coverage. That means that at the time of the death of policyholder his family is entitled to get the Insured amount. The premium that needs to be paid is very nominal. Policy terms may vary between 10 to 30 years. Even if the Insured person expires at 3rd year of the policy even than his beneficiary will get the complete amount.

2. Maturity Benefits

Life Insurance is not just covering your life for any uncertainty it is a kind of investment as well. The premium that we paid gets accumulated as a fund. After the completion of the policy term, we get an accumulated amount. It is a great investment as funds that we get after maturity is including interest and other bonuses.

3. Financial Goals.

Life Insurance policies help in meeting many financial goals.A few of them are as follows.

Financial Goals

Child Education

Daughters Marriage

Buying a house

Retirement Benefits

Wealth Maximization

We may have many financial goals. All these can be achieved with ease with the help of these Life Insurance policies. We can get in touch with any distribution network or an agent and address our query. Alternatively, we can also check the comparison sites and take decisions accordingly.

5. Income Tax Benefits.

These Life Insurance policies provide many Income Tax benefits as well. As per section 80c, we can plan our tax savings. While choosing the policy we should select the one that can assist in saving maximum tax.

6. Riders Benefits.

All these policies come with more than one riders. There are many riders available with term plans. They help us in managing many ad-hoc risks. Some of the riders are listed below

Sno. Riders

Terminal Illness

Critical Illness

Additional Disability

Additional Coverage

How to select Life Insurance companies?

Since there are so many companies available in the market. It becomes difficult to decide where should we buy the policy.

We can take the decision based on a few factors as follows.

Amount of premium

We can calculate the amount of premium easily by using online calculators. The premium amount is based on many other factors as well. Some of them are like the amount of Sum Insured, riders, age, etc. If we want to ensure more amount for life than premium will be more and vice versa. Earlier we start investing lesser will be the amount of premium. The rider can increase the amount of our premium too. After adding all these factors such as age, riders we can check the exact amount. We can compare it with different Insurance companies as well. We may select the one that provides the best price.

Financial Targets

Financial goals differ from person to person. Whether our concern is child education or daughter's marriage we will need funds. However, a requirement may be different from person to person. Likewise, we may have many other challenges. Many of them will involve money. Another objective that one may have is wealth maximization. With Life Insurance plans we can solve all our problems and achieve our goals.

Company year of operation

If the company is in operation for a long time than it automatically builds credibility. We must check the year of establishment of the firm. That will give us some idea about their business history.

Kind of Products

Life Insurance Companies have many customized plans. They are designed as per the need of an individual or business. We can choose from any of the categories. Many of them have been listed above.  To summarize they are in the form of various endowments plans, pension plans, specialised health plans, term plans, etc.

Features of the policies

Life insurance policy got numerous products as we know.  Every plan has got different features. For example, If we take Health Plans than they will offer different benefits as compared to Pension. Furthermore, within the same plans, benefits will differ. So first we should decide what plan we want term, endowment or health. Accordingly, compare the features and select the most suitable.

Additional benefits

In this competitive world, every Insurance policy wants to be better than others. To excel they usually offer many benefits better than the competitors. We should consider that before buying any policy. Some of these additional benefits can be in the form of riders or otherwise. There are few policies that offer the benefits of loans against your policy. Whereas others may have the benefit of providing bonuses after locking year. We should analyze and know all these advantages and make our decision accordingly.

With so many variants available, we must select a policy with due diligence. Important is we must make a decision early. As Life Insurance serves as a very good source of Investment.

[everythinaboutcars]

Park Plus for Playstore

The Park+ App is a one-stop solution and 360-degree eco-system for all your needs as a vehicle owner. Our most popular services include: 

Parking - Find, book, and reserve parking spots everywhere you drive. 

FASTag buy and recharge - Buy FASTag, recharge, and view transaction history in one place

Daily car wash - Premium Doorstep Car Wash service for daily car washing

Car Insurance - Get holistic details and overviews on the best car insurance policies and buy or renew your car insurance.

Car Health Checks - Get a thorough and true evaluation of the fitness of your car, and your car’s true condition. 

Car selling - Sell your car for the best price with our Car Listing service. 

Updated Traffic Rules and Regulations - View and use updated real-time information on RTO rules for fines etc. from State wise RTOs

EMI Calculator - Our EMI calculator helps you calculate the EMI requirement when you want to buy a new car and have the car of your dreams. 

RTO e-challan Check - Get your vehicle challan details using the Park+ app. The pending echallan status can be checked against a vehicle’s RC or your DL number and cleared instantly. 

Vahan Registration Details - Helps you find complete RTO vehicle information such as vehicle details, owner name, and address, make, model, pollution, insurance, and much more by just entering the vehicle registration number.

Manage cars and automobiles using services and information on our app, a comprehensive care zone for your vehicles that make us a Super App for Cars.

Buy and recharge FASTag

Register and recharge FASTag on the go with the Park+ easy-to-use comprehensive FASTag app. 

Register for FASTag and fastag app download.

Update your FASTag details and KYC information.

Open or close a FASTag account all in one place. 

Do FASTag balance check. Access FASTag Recharge app. Keep track of your FASTag balance on the Park+ fastag balance check app instead of complicated banking apps and signing in. You can check your FASTag expenditure and history with the fastag download.

Reload FASTag through banking / UPI on Park+.

Park+  answers all FASTag-related queries. 24/7 assistance for FASTag emergencies and help for all customers. 

How to use our Park+ FASTag service: Open the Park+ App > Click on Services > Enter your vehicle / vahan number plate details > Click enter and access FASTag balance. Recharge through Net Banking, Debit /Credit cards, UPI, and online wallets. 

Control your FASTag registered at multiple banks with a single clink. These include:

SBI FASTag

NCPI FASTag

Airtel FASTag

Axis FAStag

Kotak FASTag

IDFC FASTag

Bank of Baroda FASTag

PNB FASTag

HDFC FASTag

IndusInd FASTag

ICICI FASTag

Airtel FASTag

Know your Vehicle and RTO 

With the easy-to-use,  RTO vehicle information app and mParivahan app stay updated with car info vehicle registration details. Use traffic fine checker RTO fine app and RTO information app to ensure previous fines and challans are paid. Avoid late fees/penalty payments. With a few clicks, license information, or car number plate information, Park+ makes it possible to find details you require from the RTO and get the best e parivahan sewa. 

1: RC Status. Use number plate details to check all vehicle information like insurance, ownership, car age and model, engine model, petrol/diesel, and accident history.

2: Fines and Challans. Feed-in Driver’s Licence or Car Plate numbers and find pending challans.

3: Complete Car model and vehicle info and ownership info like vehicle owner details and Vahan registration details.

4: Insurance details, financier details.

6: Licence details like expiration and renewal and address.

Find parking near you

With Park+, you no longer have to worry about finding car parking. Our app lets you book parking spots anywhere in the country.

To offer suggestions on improving the app or feedback for the Park+ team, reach out to us at support@myparkplus.com. Disclaimer: All information related to Vehicles is retrieved from the website of Parivahan which is publicly available. The information is original and we are displaying the information in Public Interest. We do not have any connection with the RTO authority.

[healthhotspot]

Important Insurance Policies You Need to Consider in India

Indian insurance market is flourishing with different kinds of insurance policies. There are many public and private players offering services in health and life insurance sector, launching new kinds of insurance products for financial needs. Earlier, LIC was the only insurance company that dominated the Indian insurance marker for a good number of years. At present in India, there are 23 life insurers with combined assets of at least Rs.16 trillion. Out of these, Rs.13 trillion assets are under the largest insurance company - LIC.

Because of these increased variety of products, people are facing difficulty in choosing the right insurance products. They often take wrong kind of insurance - not suitable for them as well as not fully covered term insurance calculator .

There are many people who are at risk of being under-insured even after insuring themselves with more than 2-3 kinds of insurance policies. These people are not only facing the risk of being under- insured but also straining their finances due to high premiums that they need to pay.

Hence, considering these risks, we have gathered some important insurance policies that you need to consider in your life to take care of your family's health as well as financial needs at an affordable cost.

Term insurance - for financial needs of your dependants Life is full of uncertainties; we don't know what happens in the next minute. In order to get rid of such kind of insecurity and to live life comfortably with peace of mind, one should consider taking a life insurance policy.

When talking about life insurance, term insurance is the best insurance policy that provides complete protection to the dependants of the insured at low cost. It is the most suitable insurance product for a person who is the sole breadwinner of the family. Term insurance provides income replacement, and helps family to pay rent or home loan EMI, kid's education fee, etc., in case of the death of the insured person.

LIC, HDFC standard, ICICI prudential, ING Vysya, Birla Sunlife, Reliance Life, Bajaj Allianz, Aviva, Kotak, SBI Life, Metlife, Tata AIG, Bharati AXA, IDBI Federal, etc. are some of the best players offering term insurance in India.

Medical insurance - for expensive health care needs With the increasing rate of medical inflation, the cost of health care needs are increasing day-by-day in India. Other reasons such as, increasing number of private players in hospital industry, lack of interest on part of government to design health policies that provide heath care at affordable costs to the common man and the increasing sedentary lifestyle among Indians that lead to various complicated diseases, have lead to the growing health care costs.

In order to help people with this problem, many insurance companies are providing medical/health insurance policies that suit their health care needs. There are two types of health insurance policies available - individual health insurance policy and family floater policy that cover all general and regular medical expenses and hospitalization charges of an individual and the family respectively.

Currently, there are 27 non-life insurance companies in India, of these, 4 are public sector companies contributing major services in health insurance segment. National Insurance, New India Assurance, United India, ICICI Lombard, Tata AIG, Royal Sundaram, Star Allied, Cholamandalam DBS, Bajaj Allianz etc are some of the major health insurance companies in India.

Accidental Insurance - for covering risk of accidents As we all know, accidents are uncertain and are most common in India. They can create serious financial hardships for you and your family in case the accidents. A term plan can only help in providing financial security to your dependants in case of your death, but does not cover the loss of income or medical expenses in case the accident disables the person to earn his income. Here comes the role of accident insurance policy.

Accidental insurance covers the risk of injury/disablement/death arising from an accident that can be caused by external, violent and visible means. One must consider taking accident insurance so as to provide financial assistance to the family if such a devastating situation occurs in future. It is the cheap insurance product available in India, that covers both death and disablement.

Adequate insurance gives peace of mind You must take care of your and your family's financial needs by insuring yourself at the best. The purpose of insurance is to cover risks of unexpected and unfavourable mishaps. It helps you maintain a good standard of living even in worse conditions. Hence, it can be concluded that, by having insurance you can live your life with peace of mind.

It is not important to take many insurance policies for all your risks. But, it is essential to have adequate insurance to cover all your risks.

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Note:-Refer our latest mutual fund recommendations also at “Top 10 Best SIP Mutual Funds to invest in India in 2020“.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Health Insurance Plans in India 2020

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[bestinsuranceideas-blog]

What Kind Of SBI Health Insurance Plans Are Best?

An company will profile any risk based on it's previous experience. Factors such as those below are those factored in when pricing that risk, also in order to as calculatingthe premium and terms. Pardon me of appears like basic stuff! Bear with me as it's all regulated leading somewhere in finding out how the insurance businessworks and how by understanding it you will get the best type of cover at the best price for your Lambretta. Assume 'cheapest' think best affordable! Think of it utilising this way - For anyone who is choosing an accessory to customise your scooter supply it those special finishing touches you don't go for that cheapest.Precisely should request for your bike insurance.

What kind of health strategy should you buy when you are self made use of? Take your choose up. You can buy a personal plan, group plan, short term insurance plans, and 100 % possible even self-insure with any adverse health savings decide. To get a ball park figure of the items you can afford, use the internet to obtain a health insurance quote. SBI health insurance Recommended plug in information the calculator asks for, an individual also will receive an associated with insurance companies with includes. You will see very affordable prices on some insurance packages, while the numbers of very expensive on persons. What's the variation? The difference will be the deductible that you just will be careful for.

Do you have a secret fishing hole," I asked. Jerry had told me most fishermen, who knew the river, had favourite places they fished and rarely shared these secret places. Pat just chuckled. The twilight was ending and darkness coming around. The premium can be paid site your speed. You can enroll for monthly, quarterly, half yearly or annual payments depending upon your cash. The insurers usually prefer annual payment prepare a person who is using the insurance, that the lowest price for them. This is that most belonging to the companies produce a reduction inside your agree to pay annually.

It could be very easy to look for short term insurance online especially that the world wide web is trusted. Many insurance companies have their websites. Money-making niches also some websites provide quotes many companies. Utilised choose them if you need not have adequate time or patience to fill up several acquire quotes designs. Such kind of websites also provides assistance by providing tips, advice and links to reliable insurance company websites. Try to be able to a want you to cosign your motorcycle financial loan. This will help in the case the lender will not let an individual a loan in your name alone. Consider save up as much money as possible for a bharti AXA general insurance deposit. Try to look for a couple of dealers focusing on working with bad credit loans. This will give merely few options if critical. Remember that most lenders and dealers will demand that you have your motorcycle guaranteed. Credit can play an element here, a person's rates. This is particularly true a person's need sport bike insurance plans, by which rates are notoriously significant.

If include custom paintwork or handlebars, extended forks or some other personal inclusions in your beautiful machine you'll want to ensure the insurer understandsthis and covers you upon their. This is where talking with a broker, and one with specialist knowledge of insuring bikes, scooters and mopeds comes into it's personally own.Visit Insurance plan online and uncover the best insurance quote that suits your travelling needs. Check out their webpage and click on the button for precise product that you prefer. You is required to fill up a quote engine which will process facts in just a few additional minutes. Then, an extensive involving quotes in order to be presented you. You choose the quote which fits your needs, and we suggest that you take the long-term travel insurance plan. Long-term coverage end up being the a bit expensive than short-term ones, but it can do help it can save a larger amount of cash in your immediate future. Being wise in your travel insurances hopping may give you a venture to within the most involving your coverage plan.

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Note:-Refer our latest mutual fund recommendations also at “Top 10 Best SIP Mutual Funds to invest in India in 2020“.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Note:-Refer our latest mutual fund recommendations also at “Top 10 Best SIP Mutual Funds to invest in India in 2020“.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Note:-Refer our latest mutual fund recommendations also at “Top 10 Best SIP Mutual Funds to invest in India in 2020“.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Note:-Refer our latest mutual fund recommendations also at “Top 10 Best SIP Mutual Funds to invest in India in 2020“.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Read our latest posts:-

Top 5 Best Online Term Insurance Plans in India 2020

Motilal Oswal S&P 500 Index Fund NFO – Should you invest?

Sovereign Gold Bond Scheme FY 2020-21 – A complete calendar

FY 2019-20 deposit in PPF and SSY extended up to 30th June 2020

EPF Subscriber – Govt credit 3 months contribution to EPF account

Sec.194K – TDS on Mutual Fund Income – How to avoid TDS?

The post Top 5 Best Online Term Insurance Plans in India 2020 appeared first on BasuNivesh.

Top 5 Best Online Term Insurance Plans in India 2020 published first on https://mbploans.tumblr.com/

[sunshineweb]

Top 5 Best Online Term Insurance Plans in India 2020

Which are the Top 5 Best Online Term Insurance Plans in India 2020? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Online Term Insurance Plans in India 2020.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and a variety of claim payable options.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Online Term Insurance Plans in India 2020

Now let us shortlist the Top 5 Best Online Term Insurance Plans in India 2020. How I selected the Top 5 Best Online Term Insurance Plans in India 2020?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 15 years old.

You noticed that among 24 companies, around 14 companeis are around 15 years old. Hence, let us concentrate on these 14 companies. It does not mean that those who are less than 15 years are not trustworthy. However, I feel comfortable with the well eshtablished companies than exploring with new companies. After all Life Insurance is a long term contract.

IRDA Claim Settlement Ratio for 2018-19

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2018-19 | Best Life Insurance Company in 2020“.

However, for the better understanding purpose, I am putting the data again in this post.

You notice that among total 24 Life Insurance Companies, around 20 companies are in GREEN (Claim Settlement Ratio above 95%). Earlier it was 11 companies. Only three companies are in yellow (claim settlement ratio above 90% but below 95%) and one is in red (Less than 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2018-19

As I said above, the claim settlement ratio will not give you a clear picture of which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2018-19.

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Bajaj Allianz, Exide, Future Genereli, IDBI Federal, India First, Max Life, Reliance, Sahara, SBI Life, Shriram, Star Union. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Average Claim Rejection Amount of Life Insurers in 2018-19

Now let us go deeper into IRDA Claim Settlement Ratio 2018-19 and try to analyze the how much amount of claims they rejected. Here, I calculated average amount as I don’t have data to check the maximum and minimum amount.

The results are as below.

You notice that Sahara’s claim rejection amount is ZERO. The reason is that IRDA Annual Report itself mentioning it as ZERO. Then comes the LIC. LIC’s claim rejection is less because the quantum of claims it handles is HIGH but value is less. So no need to say that LIC done a great job here along with other players. However, you notice that as usual HDFC and ICICI tops the list.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Top 5 Best Online Term Insurance Plans in India 2020

Based on the IRDA Claim Settlement Ratio 2018-19, which are the Top and Best Life Insurance Company in 2020? I select a few based on the above data. You may differ in my view and come up with a different set of ideas. But these are my choices.

LIC

HDFC Standard Life

ICICI Pru Life

Max Life

Aegon

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

LIC (Why? Because the oldest and Government backed mammoth)

ICICI

HDFC

Max Life

Aegon Life

Even you can consider companies like Bharti Axa or Tata AIA Life. However, I have to choose only five among 24 Life Insurance Companies. Hence, I have selected these 5 as per my choice and comfort with the companies.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla products without any riders or add-on features.

Many of you may be aware that last year LIC launched the new Term Plan by closing it’s old plan. I have written a complete details about this plan earlier and refer the same at “LIC’s Tech-Term (No.854) – Online Term Life Insurance Review“.

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2020.

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your working life. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Online Term Insurance Plans in India 2020” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying the wrong product. My only concern here is not to shortlist “Top 5 Best Online Term Insurance Plans in India 2020”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

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