Online insurance term plan comparison guide,car keys made by vin number uk,vehicle specs by vin number ford sync - 2016 Feature

Manish Chauhan 337 CommentsDo you have any idea how many Insurance companies are providing online term plans in India at the moment ?
Aegon Religare was the first company to come up with their iTerm plan which was the cheapest term plan of that time , after that ICICI came up with iProtect . On the other hand there were customers who didnt face any issue and they got their policies on time . You go online and calculate your premium , then you start the process of buying the policy and submit your name, age ,  tenure , sum assured and medical information which affect your premium . Do you have any policies to recommend as I did come through a couple of them but the claim settlement ratio are below 80%.
Can you suggest based on the claim rate, coverage and till whatever maximum age should i go with Metlife? 3.Is it Mandatory my nominee should be dependent on me ?If my wife is earning ,can I show her as nominee? 5.Is it good to have riders in term Insurence policy ?If yes then which rider like accidental ,Critical illnes etc? I checked quotes from different companies and found that Aviva has 94% good claim settlement ratio, lowest premium, long policy period, good customer service before policy buying.
Compare to that I found HDFC is also second good and it has strong fundamentals in the market but only case is that its premium is approx. And also Thank you very much for sharing such useful information and also your view points for many users.
I want to go with Max life instead of Aviva and HDFC and thinking to have SA of 50lc for now and in future will take another policy based on requirement with another company.
Claim settlement numbers will come on IRDA , but you never know the dates , It should arrive after the year ending for sure ! Got a phone call from the health check up provider for the test and scheduled the check up.
All in all, had a smooth experience and got the policy in two weeks after the online payment.
So, I should go with HDFC online plan first and LIC online plan later once it’s available. With the recent announcement on Aviva selling its stake, does it make sense to go for Aviva?
My age is 28 and i need health insurance for me and my MOM(52) & DAD(57) can you please suggest which plan is better. In this post, let us shortlist and understand some of the best Online Term Insurance Plans in India. Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans.
Quality of service provided to its customers during the online buying process and after issuing the policy (policy life).
All the above premium amounts are for 30 year old male, non-smoker, for Rs 1 Crore Sum Assured. Kotak’s Preferred e-Term online insurance plan is one of the cheapest online term insurance plans. SBI’s e-shield premiums are a bit higher than that of Kotak’s, Max’s, ICICI’s and HDFC’s online term plans. This plan has a special feature wherein you can opt for individual or joint life insurance coverage (for your spouse and yourself).
Though the claim settlement record of Aegon’s is low (at 81%), we need to talk about their online term insurance plan. FAQ 1 – Do I need to check the claim Settlement record of Life Insurance companies before opting for the best online term insurance plan?
Every year IRDA publishes the claim settlement (death claims) details of all the Life Insurance companies. Claim settlement data is important but it should not be the sole criteria for choosing the best online term insurance plan. If you are confident that you may not have any financial obligations, loans and dependents (who are financially dependent on you) when you attain say 50 years, you can consider term plan duration accordingly. FAQ 4 – Should I purchase two Term plans from two different Life Insurance Companies? FAQ 6 – Is it better to take riders separately or can I take along with the Term insurance? You can then buy the selected best term plan directly by visiting that Life insurance Company’s website itself. Online policies are cheaper than offline term plans, because there is no agent’s fee involved and other administrative costs of the insurance company are also lower.
Most companies cite incomplete documentation or concealment of facts as the primary reason for rejecting death claims. 1: I am 27 years, unmarried man,earn 5 lakhs per annum, have 27 lakhs home loan, 5 lakh cover from LIC for more 7 years, 1 each life and accident insurance from prime minister yojna of 2 lakhs each, hence total of 9 lakhs of life insurance.I need to purchase a term plan to cover the loan risk, should I target for 50 lakhs or 75 lakhs of sum assured ,for 40 years? 2: Since I became a ICICI advisor, I get a rebate on the premiums hence I am inclined to buy the the ICICI pru IProtect Smart as the premiums are very low as compared to LIC which is also seated in my heart from childhood ?? Which one to choose? Hello, I am looking for a basic term plan and I will go with one of the companies as per your list. A stand alone CI plan can be considered if in case your family has an history of any major critical illnesses.
My question is I want to buy the eshiel SBI policy of 5000000 with increasing assured money. Online plans which are bought directly from the company are cheaper than the offline ones, as no intermediary is involved. If you are comfortable buying a term plan online, kindly buy it directly from the said Life insurance company. In case of health insurance, they say our premium increases as we move from one age band to another (say 35-40 to 40-45).
Instances like where a policyholder opts for basic cover + say critical illness rider, then the premium rates can change periodically. I want to buy eTerm plan of LIC – I was an occasional smoker but I quit smoking 8 months back. However, I’d want to get converted to the non-smoker category after a few years (substantial difference in the premium). They just direct us to fill in the form online directly in the concerned insurance company’s website. They may assist you while submitting the proposal form, medical tests and also during the time of claim settlement. Personally, I believe that it is better to buy either directly from LI company (online) or through a trusted agent (offline).
Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans .


Premiums in the above table are for a healthy 30 years male,non smoker,Sum Assured of Rs 50 Lakhs and for a term of 30 years.
Opt for riders like Accident Death Benefit if they are available along with the basic sum assured. Whether you are buying your Term policy online or offline, the cover and claim settlement is predominantly determined by the authenticity and accuracy of information that you would be providing. I would like to share my experience with the Companies while purchasing the policies, so that it will be useful for other readers.
1) Apollo Munich’s services are very very good, with one single personal meet at my home, just within 7 working days, I have received Policy document in hand both soft copy by email and hard copy by post. Dear Sreekanth, Thank you for your advises through your blog, which were helpful for so many lakhs of people like me while taking such big decisions. I would like to post the same info in your 2 – 3 relevant articles, which will be helpful for all other readers. It is good to see that you have relocated to Proddatur, so when I visit my native place Kadapa, with your prior confirmation I would like to see you. Thank you so much for sharing your real-life experiences with the financial service companies. I will be going through your articles before making any financial decision from here afterwards.
I want to purchase one term policy to cover my life risk and one more mediclaim health policy, which is believe is necessary these days given high hospital costs. Life insurance – Do you have any family member(s) who is financially dependent on you? So you advice taking a basic online term plan and also take a separate Personal Accident insurance cover (stand alone policy). Generally PA policies do not cover Critical Illnesses, for that you may have to buy CI plan separately.
Dear Sreekanth, I am planning to take a Life insurance of HDFC Life Click2Protect Plus for a Sum assured of Rs 1 crore for a period of 40 years which has a premium of around Rs 8,000 p.a. Suggest you to go with YEARLY mode, so that you will always have the option to discontinue the policies in future.
Any company should be fine in terms of claim settlement (if any), as long as you provide complete and accurate details in the Proposal form. You have stated that SBI Life offers increasing cover option every 5th year, so will there be medical checkup every 5years. Online plans are cheaper than offline ones, as no intermediaries are involved in the buying process. I and my husband are both 27 yrs old (both are earning) and planning to invest in a term life insurance. Yes, premiums paid towards term insurance plans are eligible for tax deductions under section 80c.
Sir plz tell me my age is 28 at present working in bank want to buy online term plan sum assured would be 50 lac to 1 crore best plan for me would be?
Nilanjana – How can one be so sure that no unfortunate event may take place in future? Actually, this is the ONE & ONLY INSURANCE required for every earning individual to take care of the family.
What is Online Term Insurance & How it works ? Menu About Mutual Fund Insurance Stock Mar­ket Home Loan Financial Planning ????? Contact Me Simplifiedfm What is Online Term Insurance & How it works by Sarvajeet Bodas on December 10, 2011 Tanay: Sarvajeet, do you know about online term Plans?
There are total 7 Insurance providers have launched their online term plans and the premiums are highly competitive . There was a huge response for these policies for cheaper premiums , but both the companies didn’t meet the customer service expectations of customers. You will get a mail from company or get a call from company that some representative of company will come to your residence and collect the important documents , the documents are also required for KYC .
They might have less riders than others, but in general all term plans cover exactly same things . After paying the calculated premium online, I had to upload a few docs as id, address and salary proof, etc. What is the difference in bying policy online or from agent, I mean, is there any drawback bying policy online? Term insurance plans are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount). ICICI Prudential’s online term plan is known as ‘iProtect.’ The premium amounts of this term insurance plan are very reasonable and are competitively priced.
Unfortunately this data is not segregated based on type of insurance plans (like term insurance, money-back or endowment).
In future, if IRDA provides claim settlement details separately for Term insurance plans then this can be used as the main yardstick while opting best online term insurance plan.
You may use the below comprehensive calculator to know how much insurance coverage is required. For example – If you decide to buy Rs 1 crore worth insurance coverage, you may consider taking two Rs 50 Lakh worth term insurance plans (preferably from same life insurance company). The NRI can purchase the policy from overseas through written communication with the insurance company in India. I suggest you to use these websites to just compare and calculate premiums of various term plans.
Hence, while buying a life insurance it is of utmost importance that you furnish accurate information.
He is an Independent Certified Financial Planner (CFP), engaged in blogging, financial counseling & property consultancy for the last 6 years through his firm ReLakhs Financial Services . The premium in online SBI portal and when I asked to SBI agent has a drastic change of about 2-3K.
MAX life insurance can not commit also if we buy term plan from MAX that they will issue their policy after medical only. If there is a difference then that’s because the LI company has to bear the commission expenses. Kindly get the confirmation (written or in email) that they will assist your nominee during claim settlement. LIC , ICICI Prudential, SBI Life, HDFC Life, Kotak Life have claim settlement record of over 90%.
If you opt for this then the sum assured will automatically increase by 10% after every 5th policy without increasing your premium. If you choose this then you will have the flexibility to include your spouse to the policy. Because, you would be completing all the formalities by yourself while applying and also in future.
Do not hide any facts regarding medical condition, pre-existing diseases etc., Also, make sure you inform your policy details to your dependents or spouse or nominee.


Check if the total sum assured amount is sufficient enough to meet your family’s financial needs in case of any unfortunate event. For each and every email communication, they took 3-5 working days to respond, acknowledge or confirmation whatever the communication is. Can you please provide more information about Personal Accident insurance covers (stand alone policies)? I would like to know if the premiums paid for any term insurance can be considered under 80C or are there specific life insurance plans whose premiums are considered under 80C?
The rain did not happen at all, w’d you go back to shopkeeper to return the umbrella and get back the money spent on Umbrella?
A lot of readers even on this blog bought policies from Aegon Religare and ICICI , but faced horrible service when it came to getting policies on time , communication with customer care and its officials , mess of documents etc . Most of the people take the premium amount very seriously and believe that its final premium , where as it’s not the case . As per your age and given information , the insurer can decide if you will have to appear for medical test or not . Found two policies Religae and PNB metlife, both cover till the age of 75, I selected PNB metlife and added accidental and illness, it routed me to PNBmetlife site. After that, within 1 or 2 days, I got a call from Bharti Axa that a medical was scheduled for me and that would be done through a home visit. If your child, life partner or your parent(s) depend on your income then you need to have Life Insurance plan. They have changed the rules of the game by offering the cheapest online term insurance plans.
If you analyze the latest data, the average claim amount settled by LIC is very small, which is around Rs 1.14 Lakh per policy. In any unfortunate event, your nominee has to submit multiple death claims which may be a challenging task. The main advantage of splitting is, you can stop paying the premiums on one policy, in-case if you think that you do not require so much insurance coverage. I believe most of these online term plans do not provide “Total Permanent Disability rider” which I think is a very essential one. You may just pick any one of the above best online term insurance plans as per your requirements and comfort level. But health insurance company will inform you about the hike in premium rates (if any) well in advance. IF a child, a life partner or a parent depends on you and your income then you need Life Insurance.
Low premium rates make some people feel that there is a catch in the policy terms and claims might not be honored. The sum Assured for the rider will be the basic sum assured or Rs 50 Lakhs whichever is lower in case of ICICI and SBI Life. If you are single now then you can include your spouse to the existing policy at a later date. Do they provide critical illness and permanent disability benefit which are missing from most online term plans? The problem with Indian thinking is that when they pay something for, they expect returns on that. Many companies are coming up with online insurance and they are offering term plans at very cheap rates. Bad customer service is not desirable by any customer , but I think we can see it improving over time with increased competition and with more better processes . If there is anything wrong in medical examination which can affect the premium (increase companies risk of insuring you) , then they can increase the premium (loading) . If the insured dies during the time period specified in the policy and the policy is active – or in force – then a death benefit will be paid. HDFC Life offers advanced version of this basic online term plan, which is known as HDFC Click2protect plus. However, when you compare the premiums of LIC’s e-term plan with private insurance players’ online products, you may find it very costly.
For instance, if you purchase the policy from abroad, you would have to do the medical examination and send the report to the insurance company in India. 1 reason why I am holding onto Icici is that it offers a WOP in case of permanent disability.
Right now seven companies have come up with online term insurance plans and I am sure more companies are in process of launching it soon .
You can then decide to continue with them by paying the additional premium or cancel the policy . On diagnosis of any critical illnesses (as mentioned in the policy document) the future premiums are waived off.
On death of any one life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. So i now want to make direct purchase of cheap, realiable term policy which are hassle free to claim on maturity (God Forbid!). However if you purchase the policy in India, you would not have to bear this cost as it would be inbuilt in the cost of your policy.
The insurance policy purchased in India will cover death that occurs anywhere in the world.
You can go to websites such as policybazaar, paisabazaar or Bimadeal where you have to fill basic details such as How much insurance cover you need, annual income, name, Date of birth, email ID and you will get premium quotes of various insurance companies and you can compare Insurance policy features and you can apply for insurance from these online platforms. Otherwise you can directly go respective website of insurance companies and follow same procedure and apply for insurance.
Step 3: Fill Health related details Ensure you accurately fill in the health declaration section. Details pertaining to your life style, height, weight, and details of previous ailment, medications, pre- existing conditions etc… need to be given. A word of caution, your policy is liable to get rejected, if there is any wrong or inconsistent information provided. Step 5: Medical Test and document submission After you have paid the premium, there are few things which are yet to be completed the offline bit involves a medical test and submission of documents.
However, depending on the general medical condition of the individual and the value of the sum insured, a medical test may be called upon. For the collection of documents, a representative from the company would assist you to complete KYC norms and collect proofs for identity, address and income.
If you are planning to buy an online term plan, keep in mind that the risk cover offered by the company and claim settlement depend on the authenticity of the information you provide.



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