Decreasing term insurance is a type of renewable term life insurance with coverage decreasing over the life of the policy at a predetermined rate. Premiums are usually constant throughout the contract, and reductions in coverage typically occur monthly or annually.... read more ›
|S.No.||Plan||Claim settlement Ratio(2020-2021)|
|1.||HDFC Life Click 2 Protect Life||98.01%|
|2.||ICICI Pru iProtect Smart||97.90%|
|3.||Max Life Smart Secure Plus Plan||99.35%|
|4.||Tata AIA Life Insurance Sampoorna Raksha Supreme||98.02%|
|Plan Name||Sum Assured (Minimum)||Policy Term (in years)|
|ICICI Prudential iProtect Smart Term Plan||₹ 50 lakhs||30|
|Bajaj Allianz Smart Protect Goal Term Plan||₹ 50 lakhs||30|
|PNB MetLife Mera Term Plan Plus||₹ 10 lakhs||75|
|Kotak e-Term Plan||₹ 25 lakhs||30|
If you have a Life Insurance Plan with decreasing cover, the cover amount decreases over time, broadly in line with the repayment mortgage or long-term loan that you're repaying. Your premiums stay the same during the term of the policy, unless you make changes to the cover.... see details ›
Sum assured in term life insurance policies cannot be generally changed mid-term. If you are looking for an enhanced sum assured, you will have to either buy a new policy altogether or buy a supplementary cover. You should get quotes for a new policy for Rs1 crore cover.... see more ›
- SBI Life-eShield.
- Tata AIA Maha Raksha Supreme.
- ICICI Prudential iProtect Smart Term Plan.
- Bajaj Allianz Smart Protect Goal Term Plan.
- Canara HSBC OBC iSelect Star Term Plan.
- PNB MetLife Mera Term Plan Plus.
- Kotak e-Term Plan.
- Aditya Birla Sun Life Insurance Life Shield Plan.
Tata AIA Life offers comprehensive protection at affordable rates. One can choose a term insurance plan according to their requirements and budget. 2. Financial Security: Tata AIA term insurance plan offers financial protection to your family in case of an unforeseen event.... see details ›
It is possible that LIC's administration costs are high because its sales channel is dominated by agents, and the commissions paid to them is charged on the policyholder as higher premium. But even in its online term policy where the cost is low, LIC's plan is pricier to those of peers.... see more ›
- Consider Your Life Stage and Dependents. ...
- Assess Current Lifestyle. ...
- Analyze Your Income. ...
- Analyze Your Income. ...
- Look at the Existing Liabilities. ...
- Add Riders to the Plan. ...
- Check Claim Settlement Ratio of the Insurer.
Yes, you can buy multiple term insurance plans from same or different insurance companies. Know the Risks, Benefits and Coverage of the plans.... see more ›
Decreasing term life vs. level term life.
|Decreasing term life||Level term life|
|Usually costs less than level term||May cost more than decreasing term life policies|
|Level term||Decreasing term|
|Pay out sum remains fixed throughout the lifetime of policy||Pay out sum reduces over the policy term|
|Best suited to paying off an interest-only mortgage||Best suited to paying off a repayment mortgage|
Yes. If your whole of life insurance policy is defined as 'non-profit', then it is as a 'pure protection' product and has no investment element. You are free to cancel it at any time by cancelling your direct debit and the plan will simply lapse.... view details ›
The policyholder can decide the duration of the plan. Although the risk of the plan reduces even then the premium of the plan mostly remains unchanged. The premium rates for the plans are also low when compared to any term insurance plan wherein the sum assured of the plan remains equivalent.... read more ›
- Analyze Future Working Years. ...
- Chart Out Regular Annual Expenses. ...
- Consider Major Life Goals. ...
- Assess Your Investments, Savings, and Liabilities. ...
- Insurer's Claim Settlement Ratio. ...
- Inclusions and Exclusions of Chosen Term Plan. ...
- Medical process and filling proposal form.
What is the meaning of sum assured? A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder's demise. The insurance company pays this money as per the sum chosen by you at the time of purchasing the policy.... read more ›
A term insurance plan will help the family to meet their day to day expenses and accomplish the long-term financial goals too. Yes, it is worth buying a term insurance policy no matter what year it is. When compared to other types of life insurance products, a term insurance policy is much beneficial.... see more ›
A thorough health check-up enables the insurer to take into account the risk of unknown associated medical conditions and offer you suitable coverage. But all term plans do not require a medical test. However, such plans usually charge higher premiums and offer lower coverage.... continue reading ›
Deductions under Section 80C - The premiums you pay towards your term insurance plan can help you save money in the present as a tax benefit. You can get deductions of up to ₹ 1.5 lakh under Section 80C. Benefit under Section 10 (10D) - The tax benefits are also extended to the death benefit given to the nominee.... continue reading ›
HDFC Life Insurance is a life insurance company that offers a wide range of coverage to its customers. On the other hand, TATA AIA Life Insurance provides more comprehensive coverage options with lower premiums. There are many other differences between these two companies in terms of features offered by them.... continue reading ›
|Compensation and benefits||3.5||3.5|
|Job security and advancement||3.8||3.6|
Yes, TATA AIA Life Insurance is Safe. The TATA AIA Life Insurance Company provides the best life insurance policy at reasonable premiums. The Company offers life insurance cover and an excellent claim settlement ratio to secure your family and it will help to protect your loved ones even after death.... continue reading ›
You can buy double the sum assured under LIC Tech Term Plan by paying around 25% - 30% higher premium than the premium under LIC Jeevan Amar. Both the plans allow an applicant to choose from three premium payment options- Single, regular and limited payment.... see details ›
|LIC Policies||Plan Type||Policy Term|
|LIC Bima Jyoti Plan||Endowment Plan||15-20 years|
|LIC Jeevan Labh||Traditional savings plan||16, 21, or 25 years|
|LIC Jeevan Umang||Whole Life Insurance||100 years minus(-) the age at entry|
|LIC Bima Ratna||Money Back Policy||15, 20, or 25 years|
While LIC premiums are higher, it also has a higher commission ratio as it mainly sells through an army of agents. Private players rely on bancassurance and online channels to keep costs low. LIC, which has nearly two-thirds of market share, fares well in agent productivity and in cost-to-premium ratio.... see details ›
Accidental death due to intoxication or drugs or if the insured is involved in criminal activity is not entitled to any payouts. Also, accidental deaths when during adventure sports like skydiving, paragliding, bungee jumping, among others too are not covered by term plans.... see details ›
Generally, the insurance experts suggest following the rule of thumb, i.e., your term insurance coverage must be at least 15 to 20 times your current annual income. So, if your current annual income is Rs. 10 lakhs per annum, it would be prudent to purchase a term plan with a sum assured of Rs. 2 crores.... continue reading ›
It is possible to claim two or more life insurance policies, it is completely up to the policyholder/insured to figure out the insurance needs and which plan he/she should buy. Insurance companies have certain underwriting guidelines, which depend on the insured's annual income, age, and premium paying potential.... view details ›
There is no limit to the number of life insurance policies that one can adopt, as long as they can pay the premium. The insurer will access the premium payment capacity of the insured, and the status of their health, before processing their request for multiple policies.... see more ›
Term insurance for housewife is a type of life insurance product that offers a guaranteed payout to the housewife's family in an instance of unfortunate event with the housewife This guaranteed*# payout is provided against premium payment made by the policyholder.... read more ›
You can purchase as many term insurance plans as you want, depending upon your requirement and premium paying capacity, provided you disclose all your previous term insurance plans when opting for the next one. This is the only clause that needs to be fulfilled when you opt for a fresh term insurance plan.... see details ›
A term insurance plan will help the family to meet their day to day expenses and accomplish the long-term financial goals too. Yes, it is worth buying a term insurance policy no matter what year it is. When compared to other types of life insurance products, a term insurance policy is much beneficial.... continue reading ›
LIC's best policies are LIC SIIP PLAN, LIC Bima Jyoti Plan, LIC New Jeevan Anand, LIC Jeevan Umang, LIC Saral Jeevan Bima, and LIC Bima Shree. LIC's best policies are LIC SIIP PLAN, LIC Bima Jyoti Plan, LIC New Jeevan Anand, LIC Jeevan Umang, LIC Saral Jeevan Bima, and LIC Bima Shree.... read more ›
- Independent agent vs. insurance company. ...
- Company history/reputation. Research the insurance companies you're interested in. ...
- Understand the insurance company's financial strength. ...
- Coverage. ...
- Price. ...
- Ease of doing business. ...
- Available discounts. ...
- The power of referrals.
1. Age: The duration available to you for your term insurance plan depends on your age. The Max Life Online Term Plan Plus, for example, offers a 30 year old a tenure of up to 50 years, while a 50 year old is offered only 35 years. Therefore, the younger you are, the longer the tenure available.... view details ›