Term Life Insurance
Online Insurance
As we all know that Insurance is an agreement by which the state or a company undertakes to provide a guarantee of cover for death, specified loss, damage or illness in return for payment of a particular installment. Insurance policies help individuals to make things easy in their life. One of the main help that these policies offer to its customers is financial cover and helps them to make their life much better and efficient.
Basically people look for life insurance, property insurance and health insurance. Most common reason to go for these insurance policies is to have another option in case of financial emergency. In modern era as people are facing different type of issues related to their health, property, education and several other problems.
The generation is getting much-much smarter and all thanks to the level of digitization we all are living in. People have become more aware with the safety and security terms. With convenient availability of the internet, everything seems to be available in seconds. From buying a car to insurance policies, everything is available on the tip of finger. Those days are long gone when people use to totally depend on an agent or broker in order to get the insurance services. All the hassles are now gone and thus, there’s no need to book an appointment with the agent, re-schedule your routine, and rush to the insurance offices. Now, you can buy an insurance policy online from the comfort of your home and office at just a click.
Online insurance plans are much cheaper compared to that of the traditional ones. This is because insurance agents or brokers demand whopping fees for processing a single request. This is completely eliminated in online process due to no involvement of any third-party. Thus the cost spent in the form of commission in case of offline medium is not included when you buy online life insurance policy. That’s why online life insurance policies are much cheaper than offline medium.
Basic Steps to Apply for Insurance Policies
To apply online user need to follow steps outlined below:
1. Decide amount that you want to spend for insurance policies.
2. Explore list of insurance facility providing company.
3. Compare plans, offers along with extra benefits.
4. Select best insurance plan providing company.
5. Calculate tax benefits from that policy.
6. Check policy tenure as per your need.
7. Validate information about insurance providing company to avoid any financial trap.
8. Read online feedback of customers regarding respective policy.
9. Check important formalities
10. Fill application with important details including your personal information.
11. Choose your nominee as per your personal preference.
Methods of Insurance
Self-Insurance Where only individual will be responsible for all damages rather than any organization will be responsible for all this.
Co-insuranceAs per provision, both insured and insurer will be responsible for damage.
ReinsuranceIt is kind of situation where some part of risk transferred to another insurer.
Dual InsuranceIt specify to more than one policy for single coverage.
Life Insurance
Life Insurance is all about the financial cover of any person and compensation will only be effective after death of that person. Life Insurance fulfills financial needs of family of policy holder as per policy offers and benefits. Life insurance is beneficial in case you are going die early because of poor health or going to live long.
Always select plan as per your income to avoid any financial complication. This type of insurance policies help policy holder to maintain similar life style in sudden death or accidents of main earning person. Before investing in insurance policies collect information about terms and condition of insurance providing company.
Otherwise in some case policy holder deals with financial trap and company create problems in claim settlement and bonus settlement. A life insurance policy also provides discount benefits in income tax to policy holders. One of the most important and useful tips is that individuals must select plans as per their budget and need.
Top Life Insurance Companies in India
1. Life Insurance Corporation of India (LIC).
2. HDFC Standard Life Insurance.
3. ICICI Prudential Life Insurance.
4. SBI Life Insurance.
5. Bajaj Allianz Life Insurance.
6. Max Life Insurance.
7. Reliance Nippon Life Insurance.
8. Birla Sun Life Insurance.
9. PNB Metlife India Insurance
10. Tata AIA Life Insurance.
11. AEGON Life Insurance.
12. Edelweiss Tokio Life Insurance.
13. Star Union Dai-ichi Life Insurance.
14. Shriram Life Insurance.
15. Sahara Life Insurance.
16. Kotak Life Insurance.
17. IndiaFirst Life Insurance Company Ltd - India First.
18. IDBI Federal Life Insurance.
19. Future Generali India Life Insurance.
20. DHFL Pramerica Life Insurance.
21. Aviva Life Insurance.
Property Insurance
Property insurance provides financial cover for owner of any valuable property. Property insurance consists of renters insurance, flood insurance, earthquake insurance and homeowners insurance. This is also quite important insurance that people buy for safety of their property. In case of natural disaster these types of insurance policies are quite useful.
Property insurance is the best option to get financial cover for the safety of your valuable property. Always choose insurance plans as per your need and offers provided by insurance providing company. Apart from covering the value of your home or diverse property, a few protection strategies also grasp an imperative arrangement for obligation scope.
You will not assume this can be crucial, being the watchful individual who you're, in any case, there region unit various enthusiastic legal advisors in every town watching out high and low for claims against people like yourself. Risk scope is recognize to house proprietors of vehicles, however could likewise be lesser-known to householders.
In India basically buy property insurance to protect their property from Bursting or overflowing of tanks, Impact damage, Missile testing operations, fire, Subsidence, landslide, Bush fire, lightning, Storm, cyclone, typhoon, tempest, hurricane, tornado, flood & inundation, Explosion, implosion, Riot, strike, aircrafts damage and some other disaster.
Health Insurance
Health insurance is one of the important insurance policies that individual must buy to get financial cover in case of major and serious disease. An insurance policy not only provides benefits for policy holder, but their family members too. In country like India it becomes even more important to avoid lack of money to pay hospital bills. In India several renowned insurance facility providing organization are providing its services to individuals as per their requirements.
Before choosing health insurance policy, like aware individual explore all popular health insurance policies, compare their benefits, offers, fees and other features to avoid any future complication. Health insurance not only provides financial cover, but at the same time helps policyholders in income tax saving.
Never go with company marketing and promotions validate all details then choose policy as per your budget and interest. In India customers plenty of companies offer health insurance facilities in lowest monthly fees. Some popular health insurance plans are:-
1. Short term health insurance.
2. Catastrophic Plans (Primarily Available to People Under Age 30).
3. Gap insurance like critical illness, accidental and others.
4. Employer based health insurance plans.
Top Health Insurance Companies in India
1. National Insurance Company Limited.
2. Max Bupa Health Insurance Company Limited.
3. SBI Health Insurance Company Limited.
4. Star Health & Allied Insurance Company Limited.
5. Apollo Munich Health Insurance Company Limited.
6. Bajaj Allianz General Insurance Company Limited.
7. New India Assurance Company Limited.
8. Religare Health Insurance Company Limited.
9. Oriental Insurance Company Limited.
10. Cigna TTK Health Insurance Company Limited.
11. ICICI Lombard General Insurance Company Limited.
12. HDFC ERGO Health Insurance.
Car Insurance
As trend of car is continuously growing up not only in India but in abroad too. It is quite necessary to buy best and cheap insurance policy according to your budget and financial condition. Before taking any final decision regarding policy purchasing, always compare most impressive features and add on bonus not only for car but for driver of vehicle too.
Know Your Coverage Types
Before heading further, it is important to know what your car insurance policy actually covers? Although even if you are buying a single insurance policy covering a specific vehicle, several factors contribute make up the final cost such as bodily injury liability, property damage liability, medical payments, uninsured motorist protection, and collision coverage.Your Vehicle Type
Whether you have a SUV or a luxurious car, insurance premiums are partly based on the cost of the vehicle. Several factors are considered before finalizing the premium amount such as how much will it cost to repair a vehicle (including repair parts cost and labour charges).Know Who You Are
Yes, you read it right. You need to know yourself before buying auto insurance. Customer’s age, gender, and driving history are key factors that have an effect on the insurance premium. For instance, unmarried males under 25 years have to pay higher premium because the statistics show that the young men are more prone to road accidents.Decide Your Coverage Preferences
While it is dangerous to be underinsured, it is equally expensive to go over-budget for an insurance policy. While not getting the property insured is a risky game, the minimum amount of insurance required is seldom enough.Top Car Insurance Companies in India
1. Universal Sompo Car Insurance.
2. United India Car Insurance.
3. Tata Aig Car Insurance.
4. Shriram Car Insurance.
5. Sbi Car Insurance.
6. Royal Sundaram Car Insurance.
7. Reliance Car Insurance.
8. Oriental Car Insurance.
9. New India Car Insurance.
10. National Car Insurance.
11. L & T Car Insurance.
12. Iffco Tokio Car Insurance.
13. Hdfc Ergo Car Insurance.
14. Future Generali Car Insurance.
15. Cholamandalam Ms Car Insurance.
16. Bharti Axa Car Insurance.
17. Bajaj Allianz Car Insurance.
Travel Insurance
These days travelling and exploring new destination becomes habit of individuals and entire human being. It helps to grow our knowledge towards respective things and area. There are several companies that avails the interesting policies and schemes that offers cover in case of theft, document loss, medical emergency especially in overseas location.
Every now and then we all travel, be it for personal or professional matters; and no one can deny this fact. Also, the days are gone long when air tickets were hardly affordable. Today, air tickets are as cheaper as train tickets. Travel insurance is designed to provide financial security to its clients from unexpected events/loss or life loss.
Apart from this, best travel insurance also provides coverage for travel delays, flight cancellations, medical emergency, and loss of luggage. Let's have a brief on it:
Travel delays or flight cancellation - Suppose you have an urgent business meeting and you need to reach the destination right on time, but the flight got delayed or cancelled and you missed that meeting. What would you do now? Just sit and regret? No, you don’t need to because this is when travel insurance comes to your rescue. Whatever loss you have had suffered, the insurance company covers the loss.
Medical emergency - Medical emergency can occur anytime and what if you're in some unknown city or country and have no clue to get the best medical assistance? Finance is another concern in the process. Most travel policies cover short-term and major medical coverage. This gives you mental as well as financial security at times of an unforeseen emergency.
Loss of baggage - This provides coverage against lost, stolen, or damaged belongings during a trip. Most carriers reimburse travellers if the baggage is lost or damaged due to their system error. Thus, it can be said that this coverage provides an additional layer of protection to the policy holder.
Top Travel Insurance Companies in India
1. Digit Travel Insurance.
2. SBI Travel Insurance.
3. Reliance Travel Insurance.
4. Religare Travel Insurance.
5. Tata AIG Travel Insurance.
6. Bharti AXA Travel Insurance.
7. Apollo Munich Travel Insurance Plan.
8. HDFC ERGO Travel Insurance Plan.
9. Bajaj Allianz Travel Insurance.
10. Royal Sundaram Travel Insurance.
11. Future Generali Travel Suraksha Plan.
12. Chola MS business/ leisure travel insurance plan.
13. New India Assurance Travel Insurance.
Two Wheeler Insurance
Youth of India are equally crazy for bikes as they are for four wheelers. Pick the best and economical insurance policy to get extra protection of your vehicle. Some popular insurance companies offers add on protection for vehicle and its accessories or spare part. It is customers responsibility to pick the best policy for vehicle and enjoy your riding with your friends and family members.
Undoubtedly, in a country like India, two-wheeler is the most used transportation mode. In fact, it won't be a surprise to see more than one vehicle in a middle-class family. Scooters or bikes are much affordable and convenient compared to that of a car or four-wheeler. Meanwhile, it is important to note that two wheelers are most prone to road accidents, theft, and damages. Thus, buying vehicle insurance is mandatory and its timely renewal is crucial as well.
According to motor vehicle act, it is mandatory to have at least third-party insurance. Bike insurance gives protection coverage against personal accident, theft, and damage of the vehicle. It also provides coverage for third-party liabilities.
Types of two wheeler insurance policy:
Third-party liability - The policy provides coverage to third-party in case of sustaining fatal or non-fatal injuries or property damage from the policyholder’s vehicle. However, if the policyholder suffers injuries or property damages, the insurance company doesn’t cover the loss.
Comprehensive insurance policy - It can also be said as full-fledged insurance policy due to the damages and losses it covers. Apart from third-party liability cover, the policy also covers personal accident or death and loss or damage to the insured vehicle due to man-made or natural calamities such as thefts, malicious acts, collision, fire, landslides, earthquake, explosions, etc.
Top Two Wheeler Insurance Companies in India
1. Bharti AXA Two Wheeler Insurance.
2. HDFC Ergo Two Wheeler Insurance.
3. Bajaj Allianz Two Wheeler Insurance.
4. Tata AIG Two Wheeler Insurance.
5. Reliance Two Wheeler Insurance.
6. Max Life Insurance.
7. SBI Two Wheeler Insurance.
8. IFFCO Tokio Two Wheeler Insurance.
9. L and T Two Wheeler Insurance.
10. National Two Wheeler Insurance.
11. New India Two Wheeler Insurance.
12. Royal sundaram Two Wheeler Insurance.
13. Oriental Two Wheeler Insurance.
14. United India Two Wheeler Insurance.
Money Back Plan
Money back plans are subset of endowment plans and this offer is basically used to get survival benefits and financial cover for instant needs. Policy offers several benefits as avails benefits as per needs and its terms and conditions. As offers different benefit in case of death and survival benefits along with applicable privilege.
Most of us put our hard-earned money in a traditional insurance plan and only few are aware of money back plan insurance policies. In a traditional plan, a policyholder needs to wait for a certain period to enjoy the perks of lump sum maturity amount. But if financial crisis strike during the policy term? Opting for a loan would not be the answer as it will only raise the financial burden. So what to do now?
Therefore, money-back policy plan is designed to cater specific needs of every individual by offering financial assistance at regular intervals. A percentage of the sum assured is paid during the plan tenure. These pay outs are called survival benefits. On maturity, the remaining amount of sum assured is paid in lump-sum with vested bonuses. This is what makes this money back policy a unique and out of the box.
Benefits of money-back policy:
Death benefits - In case the policyholder passes away during the policy term, death benefits or sum assured on death along with vested simple reversionary bonuses and final additional bonus are payable. Also to be noted that the sum assured on death is higher of 1255 of the basic sum assured or simply 10 times of annual premium.
Survival benefits - These benefits are paid at regular intervals, though every plan has different payout structure. Thus, the policyholder has the freedom to choose the plan that suits best to their needs.
Endowment Policy
Endowment Plan is suitable for multiple financial needs and offer privilege and benefits along with that is also offers options to save amount including tax benefits for policyholder. According to provision of this policy maturity tenure can be rescheduled even after maturity of respective policy.
In today’s fast moving world, it is important to have insurance and savings plan for better financial security at times of emergency. But, following premium due dates for individual plans seem a little hectic, so what’s the mid-way solution to this? Well, endowment plan is a life insurance plan that functions as both insurance cover as well as savings plan.
Being a savings oriented plan, the insured is also liable to avail the life insurance benefits. If the insured survives the policy terms, they are authorized to get a lump sum maturity amount. This gives you financially secured future in long run. Also, if the insured passes away during the policy term, the deceased’s family or nominee is liable to get sum assured plus bonuses.
Unit Linked Insurance Policy (ULIP)
This policy will help to policy holder when is suffering with any major deceases or operations. Someone who is looking for better return along with protection then must look for unit linked insurance policy as these policies are basically associated or linked with stocks, mutual funds, bonds etc. one major concerning issue with this policy is that all applicable benefits rely on current market value and bonus amount may vary with market scenario.
Unit Linked Insurance Plan or ULIP is a combined plan of insurance and investment. The key objective to introduce this plan was to provide wealth creation along with uncertainty coverage. Out of the total premium paid towards the policy, a portion of it goes to the life insurance and the rest into an investment based on equity and/or debt in order to march with long-term financial goals. A ULIP plan can be preferred for a variety of reasons such as retirement, children’s wedding, education, and more.
Benefits of Unit Linked Insurance Plan:
a. Freedom to choose investment mix – On the basis of the risk appetite and financial goals, one has the freedom to choose insurance and investment mix. Opting for debt investment is preferred for a low risk taker, balanced fund investment for moderate risk taker and equity funds for a high risk taker. ULIP plan offers a variety of investment options under the same policy, so that you don’t have to buy individual policies or plans b. Transparency – Often, policy buyers have a common complaint that the companies don’t follow transparent fee structure. But, this is not the case with the ULIP plan as the entire structure is transparent and easy to understand. It is really important to thoroughly understand the policy or plan you are putting your hard-earned money in. In order to make the experience even better, the company sends the annual account statement and quarterly investment portfolio, which makes it easy to get a brief knowledge about your investment status. c. Highly liquid – One cannot deny the fact that life is full of uncertain events and it is hard to predict what will come next. Therefore, in case of any emergency, Unit Linked Insurance Policy lets the holder to withdraw a partial sum of the investment. This gives you mental and financial relief in case of unforeseen events. d. Tax benefits – Since ULIP is also a life insurance, the premiums paid are exempted and avails tax benefits under Section 80 C of Income Tax Act.Term Insurance Plan
Term insurance policies offer complete life cover for certain tenure and individual will be free to choose long and short term policies according to their financial status and other considerable facts. As longest tenure is 60 years and smallest tenure is 5 years. If policy holder dies after the maturity tenure then no protection will be offered by the company.
Well, we don’t need any more introductions to what is a life insurance. Everyone is well aware of the term. However, there are different plans and policies under life insurance category, about which not everyone is aware of. So, let’s shed some light over one such policy – term insurance plan.
Basically, term insurance policy is a type of life cover providing coverage against unforeseen events for defined period of time. Also, if in case the insured passes away during the policy term, then death benefits are availed to nominee. The plan is specifically designed to provide financial security to the insured and their family.
Benefits of term insurance policy plan:
a. Simplicity – Term insurance plans are much easier to understand compared to other complicated plans. This insurance policy plan provides risk cover along with savings in long run. b. Higher sum assured – Another key reason to buy a term plan is that it assures maximum sum assured and greater coverage benefits. Individuals can choose the sum assured according to their financial appetite, so whether you want Rs.50 lakh or Rs.5 crore coverage, you have got the options to choose from. c. Highly liquid – One cannot deny the fact that life is full of uncertain events and it is hard to predict what will come next. Therefore, in case of any emergency, Unit Linked Insurance Policy lets the holder to withdraw a partial sum of the investment. This gives you mental and financial relief in case of unforeseen events. d. benefits – Yes, even a term insurance plan is covered under tax benefits of Section 80 C of the Income Tax Act. Also, the plan provides tax free sum when the maturity claim is paid.Top Term Insurance Plans in India
1. Max Online Term Plan Plus.
2. HDFC Click 2 Protect Plus.
3. ICICI Pru iProtect Smart.
4. SBI Smart Shield.
5. LIC e-Term Insurance Plan.
6. SBI Life eShield Plan.
7. Bajaj Allianz eTouch Lumpsum.
8. Aegon Life iterm Plan.
9. PNB MetLife Mera Term plan.
10. Aviva iLife Plan.
Whole Life Policies
Insurance companies offer life cover for entire life of an individual. Policy maturity tenure may vary as per criteria specified by the service offering company. Companies also offer investment option along with applicable death benefits to nominee decided by the policyholder. Policyholder will be liable for receiving maturity rewards.
A whole life insurance policy provides life coverage against a variety of uncertain events. The policy remains in force throughout the insured person’s life. The sum assured is based on the size on the premiums paid.
Whole life plans are quite different from those traditional life insurance plans. Once you understand how the plan actually works, it would help you decide whether to buy a plan or not. So, let’s understand the two basic types of whole life insurance policies.
a. Non-participating – This type has a level premium and face amount throughout the entire policy term. The key benefit of such plan is that they are relatively low on premium payments. Since the plan is non-participating, there is no dividend paid to the policyholders.
b. Participating – The key feature that differentiates it from non-participating plan is that it pays dividend to the insured. However, there is no surety that insured will receive dividends. Payment of dividend completely depends on how much the company is accumulating via investments, savings, and favourable mortality of the organization.
Benefits of whole life term plan:
a. Permanent coverage – This insurance plan is meant to provide coverage throughout the insured’s life. Even if the policy is purchased at the age of 25, the insurance plan guarantees to provide financial assistance through their life. Even if the insured passes away at 80 years of age, the policy assures financial protection to the nominee. b. Rising cash value component – Not does the plan only offer term benefits, but it also provides benefits in the name of a cash value account. The cash value can be used as a great source of savings or investing in short-term plans. The benefit can be obtained as cash withdrawal even if the policyholder discontinues the plan term or surrenders the policy. c. Tax benefits – The cash value of a whole life insurance policy grows tax-deferred, making it a good savings vehicle with some significant tax benefits, especially for people who do not qualify for other tax-deferred investments, or who have exceeded the contribution limits on their tax-deferred retirement savings accounts.Pension Plans
Money can be concerning issue in post retirement life. In field of insurance, sometime this scheme is known as annuity plans and these plans offers financial security benefits for post retirement life. As these policies are part of one time premium payment based policy and insurer demand for lump sum amount.
Every single day we keep running to strengthen the financial stability and in the process, we forget to live our own life as well. And, when we reach to the retirement stage, we realize the life has gone and we don’t have enough savings to enjoy the remaining life. So, what’s the solution to it?
Basically, pension plans are designed to provide financial assistance, in order to live every moment and enjoy life tension free. Undoubtedly, it is essential to have a particular pension or retirement plan to ensure enough savings post retirement to sustain lifestyle with ease and most importantly, without being dependent on anyone.
In pension plans, you invest a certain portion of your income into the premiums. It is a type of saving or investment plan, which ensures a standard of living even post retirement. The premiums paid towards the selected plan provide financial assistance in terms of regular income after the retirement. Considering the constantly inflating market prices, these plans have become a necessary, even if you have a sustainable savings.
The best part is that the market is flooded with a variety of retirement plans, so that you can get one depending on your individual needs and future plans. It is suggested to start the policy term at the young age as it assures a large corpus on maturity with only a small portion being invested towards it.
Types of pension plans:
a. Immediate Annuity Plans. b. Deferred Annuity Plans. c. Life Annuity Plans. d. Guaranteed Period Annuity Plans. e. Traditional Pension Plans. f. Unit Linked Pension Plans. g. With/Without Cover Pension Plans.Steps to Choose Insurance Plans from ApplyKaroo
Step 1. Go to URL https://www.applykaroo.com/insurances and following window will appear on screen.
Step 2. Enter name of your city, your monthly income, insurance type and click on the search button.
Step 3. Then, as per user detail relevant insurance facility providing companies list will appear on screen.
Step 4. Then, select insurance plan as per your interest and click on the APPLY NOW button.Step 5. Enter your valid details in the application form.
Step 6. After successful submission of application, you will receive confirmation from respective company of successfully buying an insurance policy.
Why Insurance Is Important?
There are numerous reason that makes insurance policies equally valuable and worthy than other assets. In modern days it is important to buy these safety guard or policies in early state of life to manage plenty of financial need and cover in case of sudden accidental death of insured person.
It is known that these days several reputed companies are offering facility of life insurance and other valuable policies to protect not only life but other valuable assets. As far as security related matter is concern for senior citizen of families to give them extra protection not only financially but from their health point of view too.
As it is quite obvious that these days insurance policies not only avails protection for respective person but also open plenty of safe option of investment that allow users to save their income tax as per provision of Indian income tax act, section 80D. Before finalizing the policy always ensure that you know your requirements, your financial condition, needs and other vital factor that will pay major contribution in deciding of maximum worthiness of policy.
Why People Should Buy Insurance Policies Online?
1. As per reports of latest survey, this sector is going to get minimum 5 percent boost of its current status.
2. Currently Indian insurance sector is most valuable and worthy sector that avails more than 360 million policies for different motives and needs.
It is growing with rate of 12 percent and covering maximum population across the country.
3. Current market value of Indian insurance sector is around 60 million USD and it is expected that in next one decade in will grow four
times than its current status.
4. Growth rate of health insurance sector is 17 percent and in Indian market current worthiness of business is around INR 78000
crore(Approx. 11.7 billion USD).
Above specified directory refers to growth and success rate in this versatile sector. As far as infrastructure in concern industry is relying on solid base and will avails maximum return not only for investors but to all service providers. To fulfill all request of customers, companies go through structured polices and regulations.
Online request and queries resolving approach is one of the versatile processing of making this sector interesting reliable for customers. Apart from buying polices online, some follow the traditional footsteps and prefer to buy in offline mode, means either by contacting to agency of respective company or by visiting to nearest company.