Term Insurance

Best Term Life Insurance Policy For You

How can you find the best term life insurance policy to provide security for your family?

There is not one answer to the question that would be accurate for all people. So many factors go into premiums and policies, so that the choice of the best policy or insurer is individual to each person who is looking for coverage. However, searching for good coverage for you, and your family, does not have to be time consuming or complicated.

How much coverage do you need? One thing to consider is the size of coverage you need. You may want to consider outstanding mortgage payments, income you would need to replace, and setting aside funds for your children’s education. It is very helpful to sit down and analyze ways your family would survive if something took your income and help out of the picture. Even a parent who does not make income probably contributes to the family. If a stay at home parent would die, how would children get cared for, meals get cooked, or the house get cleaned? Consider the income that would be lost, and the extra expenses your family would have.

How much can you afford to pay for premiums? No life insurance policy will help you if you have to terminate it because you cannot afford the premiums. If the size of a policy you think you need just costs too much, you may have to adjust the death benefit so the premiums are cheaper.

Compare top rated insurers with a good record of financial stability and customer service. If you are going to commit to making monthly premium payments, you want to be sure your Best Term Plan has your back. You can compare financial ratings of the top insurers online, and you can usually also find websites with customer service ratings and reviews. Make sure you find a company you will be happy to do business with.

Compare premiums and policies. Make sure you are comparing apples to apples. One company may seem like they have the cheapest term life insurance rates, but they do not guarantee the rates for the full term. Another company may seem more expensive, but they guarantee they will not raise rates for the whole length of your policy. Be sure you understand the rate guarantee, and the type of policy you are buying.

Other features that are common to term policies, may add value even though they cost a bit more. Some have a return of premium rider (option) which means you get your money back if you survive the policy. This could cost more every month, but can provide a great benefit. Imagine spending $50 a month for term insurance over 20 years, and then getting all of that money back at the end. So sometimes value is not all about price.

I promised this would not be too complicated. It doesn't have to be. You can use online life insurance quote forms to compare multiple quotes and plans in your local area. It just takes a moment to fill out the form. You can compare policies at your convenience that way.

Do You Need Help Finding Life Insurance?

We can help you find the best term insurance with our simple and quick online quote forms.   

Source: http://ezinearticles.com/?Best-Term-Life-Insurance-Policy-For-You&id=4281263

Group Insurance Schemes

Employee Benefits typically refers to retirement plans, health insurance, life insurance, accident & disability insurance as far as the contribution of insurance is concerned.

There are several more Employee Benefits that companies offer ranging from vacations, company cars, stock options, education loans support, and so on. However, while such perquisites are manageable by Human Resources and Management in small and medium companies fairly easily, one of the key challenges is in providing Employee Benefits to cover Insurance schemes to employee groups which are small in size. The reason for this is typically as a result of the type of products that are offered to employer groups by Insurance companies in India and much the world over.

Group Insurance Schemes provided by Insurers are what employers in India buy to cover their employee base. In insuring groups, employers get favorable rates bundled with unique services and features which are by and large not available to small groups.  The catch is that most of these schemes can only cover groups exceeding 20-25 persons. As a result small employers end up not covering their employees as they are unable to get covered under traditional group plans,. While the cost variance is marginal for small groups in going for group schemes versus individual plans to cover their employees, typically small employers do not have the bandwidth to keep track and keep seeking insurance covers on a one on one basis for their recruits. Bottom line, the lack of benefits can end up becoming a serious deterrent for hiring and retaining good employees, especially those who come from larger corporates where they have enjoyed great benefits.

Till such time as a strong online solution is presented, the small employer group will always find it a challenge to provide competitive benefits to their employees. While the cost to the company will remain a negligible component to overall costs, the value it can bring in the event of adversity will go a long way in creating a positive image of the company and its promoters and securing the well being of their employees.

The most popular group schemes in the market are as follows:

Group Medical Insurance - covers employees for fixed sums against hospitalization costs and can be extended to cover spouse, children and dependent parents)

Group Term Insurance - covers employees to provide death benefit to employee’s family/nominee for a fixed sum which can be based on salary, graded slabs or a flat sum across employees.

Group Personal Accident Insurance - similar to Group Online Term Insurance Plans In India, this plan also covers employees to provide death benefit but only in the case of Accidental Death. A group accident plan also provides disability benefits as a result of accident.

Group Travel Insurance - As a lot of employers in India especially in the IT sector have frequent travelers to international client locations, such a plan makes it simple for HR to cover their employees with international medical insurance and also makes it very cost effective.

Group Gratuity - As this a fixed sum factored by employers and mandated by the law, the Gratuity scheme also provides for a life cover linked to the amount of money due. In the event of an employee dying, the dependents are due to be paid the Gratuity due even if under 5 years and this can become a serious burden for employers. Hence it is advisable to manage the money as well as life protection from insurers.

Source: http://blogs.rediff.com/terminsuranceplans/2016/07/20/ritikashah11998-3/

How to Get the Best Online Term Insurance Rates

If you're searching the Internet for life insurance your choices can be overwhelming, with literally hundreds of life insurance companies available to choose from. So how do you make sure you get the best online term life insurance rates?

Term life insurance rates have been dropping in recent years because of increased competition in the online world.

Where to Find the Best Term Life Insurance Rates

To find the best online term life insurance rates, begin by visiting an insurance comparison website. These websites match you to insurance providers so you can get the best possible rates and coverages. Such online insurance websites offer many advantages:

* You can get rate quotes any time of the day or night without leaving your home.

* You only need to fill out one simple questionnaire to get fast quotes from multiple companies.

* You have the assurance that the companies you're looking at are A-rated or higher, which means they are reliable, stable, and financially sound.

* On the best insurance websites, you can talk with an insurance professional online and ask questions about how to get the best Online Term Insurance.

Insurance Tips

As you search for the best online term life insurance rates, follow these tips:

* Complete the online questionnaire fully and accurately. If you don't understand a question, open a chat with the online insurance professional and ask him or her for help.

* Be honest . If you say you don't smoke but later die of a smoking-related illness, the insurance company may not pay on your policy.

* If you do smoke, quit. Term life insurance companies offer the best rates to non-smokers, but you can improve your rate if you quit smoking. The more years that pass without you smoking, the better your rate will be.

* Schedule any required physicals for the morning, when your blood pressure and cholesterol levels are lower.

* Ask if you can get a lower rate by paying your premium annually rather than monthly.

For more details visits : https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

how to buy term life insurance

Click here : https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp  For more details about Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Safely Shopping For Term Life Insurance Online

lot of money to have an insurance agent help with, you can now do on your own right from home. But everything comes with a price. While it is extremely easy, there are some things to keep in mind when going online to look for any type of life insurance.

When you see a great deal, it's tempting to jump right in. But with like with anything online, it's all too easy to put your identity at risk. Luckily it's entirely possible to protect yourself through some common sense and searching. Knowing both what you're looking for any what you can get yourself into will keep you in check when searching.

Putting "term life insurance" into Google yields over 25 million results. That's a lot of web pages. So how do you weed out the bad sites from the good ones? Not jumping into signing up for "free quotes" is a good first step.

Take a look at several websites to get an idea of what you're going to be looking at and to get a rudimentary idea of which sites are good or bad. But simply looking at the layout of the site isn't going to tell you if it's safe to type in your information and click 'Submit.' Noticing subtle signs is the key to success in safely shopping for term insurance online .

Any site that does not have an address or phone number on display is a risk, but checking out both of those types of contact ensures that it is legitimate. A phone call for the number and quick search engine check for the address should suffice.

If you are still worried, searching for the site's URL plus the word scam will also give you some information on the site.

While shopping for term life insurance online is convenient, getting assistance from an insurance agent is the most effective and safe method to find the plan you need. You will also get additional information on different types of policies from the insurers that you qualify for. Using an agent isn't free, but it is effective.

Keep the above in mind when starting your search for term life insurance online. It could save you a lot more than money: It could save your identity and your family's sense of security.

Source:  http://ezinearticles.com/?Safely-Shopping-For-Term-Life-Insurance-Online&id=2980256  

Compare Term Plans, Buy the Best

You are working so hard to meet the needs and desires of your family. You have high hopes for their future. All your efforts are sincerely driven so that they lead a good life and occupy respectable positions in the family. But as we all know about the uncertainty of life in this mortal world, things don't seem that bright once we are not there with them. They would miss our care, our guidance and of course the money that we bring in to sustain them. There comes the role of life insurance, specifically term insurance. Term plans are designed with the intension to replace your income and make your loss to your family easier to some extent. A fixed sum is agreed to be paid by the insurer at the commencement of the plan, which is in fact a considerable amount of money and proportionately very huge compared to the premium paid.

Why compare term plans? This question is very important. The answer is not just difference in premium or different claim settlement ratios of companies. But different companies provide various other features that add to the basic term plan. Be it monthly income or extra coverage for some critical diseases, some companies hire a specialist team to provide claim assistance to the nominee etc. Thus, when purchasing a Term Insurance Online one must be aware of the different features or riders (added benefits) provided by the insurer. Each person has a different type of requirement. Thus, one must be clear which company provides those features in their term plans that suit their requirements best. Thus, comparing term plans before just buying is a wise thing to do and all experts recommend it.

Now another question comes, how to compare? This is a very relevant question because nowadays you find insurance companies in every nook and corner. With so many companies offering term plans with different features, it is havoc to even dare to think of comparing. These agents would do anything in their capacity to make you believe that only their company's plan is the best. So, you don't get the right information. We cannot expect you to study websites of all the insurance companies and chart out the best plan for yourself.

That problem is now addressed to a great extent by the rising capacity these insurance web aggregators are assuming in the insurance space. They intend to provide unbiased comparison in a very consumer friendly way. Thus, it is a good initiative taken by IRDA to promote Insurance Web Aggregators that provide healthy comparison in the best interest of the consumer.

Akanksha is expert in insurance sector. She has 10 year experience in insurance as well as investment field. Currently she is working with a reputed company and shares her experience through the blog and article. And she is very helping nature, so you can ask /put the questions regarding insurance and investment. She will definitely provide solution of all questions regarding compare term insurance or investment.

Source:  http://ezinearticles.com/?Compare-Term-Plans,-Buy-the-Best&id=9240011

Term Insurance Policies Applied To Your Needs

Term insurance is known as temporary insurance. If the correct policy is applied to the correct temporary need it will work well for policy owners. Some needs are short term and some long term but temporary just the same. On the other hand there are permanent needs for life insurance which will be there for the rest of your life. If you have a permanent need you need to buy a permanent policy like universal life, variable universal life, variable life or whole life insurance. There are many types of term insurance policies. Let us look at the need and which policy to apply to that need.

You’re Mortgage

If you have a mortgage on your house you need insurance. You need a homeowner’s policy that would provide sufficient cash to repair or rebuild your home in the event of destruction by fire, flood, a hurricane or any other natural disaster. It is also important to own a disability insurance policy that would provide a portion of your income in the event you should become disabled. You certainly would want to have your mortgage paid off in the event of premature death...wouldn't you...?

As you will have that mortgage for a specific period of time that can be categorized as a temporary need. Most people buy decreasing term life insurance to fulfill this need. If you have, for example, a 20 year mortgage you would buy a 20 year decreasing term insurance policy. As the mortgage balance decreases the death benefit decreases as well. Upon death the mortgage balance will be paid off by the term insurance policy proceeds.

Paying Off a Loan

Suppose you buy a new car. You put down a small down payment and you will pay this off in about 5 years. If you suddenly died that money is still owed to the bank and they will likely come and repossess that car. If it is your desire that a relative or friend should own that car and you include that in your "last will and testament" it would make sense to buy a 5 year term insurance policy in the amount owed on the car. Upon your death the amount owed will be paid off. If there is any money over and above the amount owed coming from the policy your beneficiary will receive the balance.

Protecting a Young Family

One of the most devastating experiences a young family can go through is the death of the breadwinner. You are in your mid-twenties and married. Your wife is about the same age and you have two children ages 3 and 1. Although your wife graduated college you both came to the decision that she would stay at home for a while and look after the children. Through the carelessness of a drunk driver you are killed in an automobile accident...

Try to imagine the situation the family will be in. There are final expenses to be paid. Court costs and attorney’s fees, burial costs have to be paid while your wife and children have to continue living. Rent or mortgage payments have to be made as well as utility payments. The biggest bill will be the maintenance of the family until they can fend for themselves. All these things can be taken care of with a well thought out 20 year or 25 year term policy.

This term insurance policy can be designed to pay a small lump sum up front to cover the immediate needs. The balance would pay an income equal to your present income for a specific period of time. This income coming from your term insurance would last until your children graduate college. It could even be set up to pay an income for as long as your wife would live.

Source: http://blogs.rediff.com/terminsuranceplans/2016/07/11/ritikashah11998-2/

Shop For the Best Short Online Term Insurance Plan

It helps to be covered for any type of emergency that may arise in life, short or long term. In the event of a loss of job, until you get lucky again, you can still continue to enjoy cover under a short coverage specially designed for such situations.

How to search and shop:

* It is very easy to shop for these packages. When you go online it is easy to identify directories. If not tap on the potential of the online resources dedicated to the endeavor for lucrative term health insurance quotes. They also provide assistance with comparison shopping and applying online.

* You should essentially garner details on what a term health insurance means and generate a list of companies offering short term insurance.

* If you are already covered, your existing insurance provider could also provide you with short term add-on coverage with a special discount!

* Many types of ailments and health set backs are covered by short term health insurance. So when hunting for the right provider, get a questionnaire ready and shoot questions. After all it is you who will be paying premiums and you whose life is to be covered!

Never be in a hurry to sign on the dotted line. There are many online resources that even do the comparison shopping for you, so take advantage. It helps to keep all the garnered support on short term health insurance quotes in mind, as well as the dos and don'ts suggested.

How do you compare

A short term health insurance plan available commercially is usually limited by short Online Term Insurance  providers for a six month term. Many benefits are provided so shop for them. To assist you in gaining from health insurance, almost every state has its own fine print for the term health insurance. All the plans are bound by law to address health benefits that usually spring surprises, like a dental casualty or a sudden injury that incapacitates you from working for a while. The policies address groups, individuals and retirees. Insurance is a right that you pay very little towards. Make the most of the coverage offered.

There is no denying that considering how fragile life is today, insurance even of the short kind is a necessity you cannot and should not ignore. This is mores so if you are the head of a family. A right step forward can made medical emergencies bearable. The premium amounts and deductibles amount to nothing when you file for claim and get instant fiscal relief. Protect yourself and your financial interests with the right insurance policy. A little research goes a long way. Get on with life with the right attitude - insured and safe!

If you are looking out for a short term insurance plan, then you should know where to shop. Short term setbacks could happen - a job lost or a disability. With the right insurance coverage you can beat the situation.

Source:   http://ezinearticles.com/?Shop-For-the-Best-Short-Term-Insurance-Plan&id=4633436  

10 Factors to Keep in Mind Before Buying a Term Insurance Plan

 A term insurance plan is the purest form of a life insurance policy. Here, the sum insured is paid to the nominee if death occurs to the insured person during the term of the policy. In the happy situation that the insured survives the term of the policy, nothing is payable in most cases. In that sense, a term insurance is conceptually similar to a long term motor insurance policy. There are certain term insurance products where the premium is returned to the policyholder if he (s) survives the policy period. These policies are called Term With Premium Back policies, and would obviously cost more than a pure term for the same level of life insured.

The basic objective behind a term insurance policy is that it should substitute the financial loss that the death of a person creates for his family members. Thus by definition, a term insurance policy is crucial for a young man married with young children, whereas it might be less important for a man on the verge of retirement with a significant pool of savings and children well settled. There are ten important factors that one should look at before purchasing a term insurance policy

1. Level of sum insured: A broad rule of thumb is 15 times the annual income if one is less than 40 years of age, 10 times the annual income if one is between 40 and 45, and 5 times the annual income if one is 45 or more. If you have a significant housing loan, you should have that loan covered through an additional credit life insurance plan, where the insurance company would settle the loan outstanding with your bank if there is a death. Another approach is Sum Insured = (total loans outstanding+ amount required for children's education and wedding) + (average annual consumption related expenditure ) *10. One should also bear in mind that one's earning potential and expenses are likely to increase through the years, and that we have a high rate of inflation which will continuously erode value. Rs 50 lakhs today might look like a tidy sum, but twenty years later it might not be significant at all.

2. Duration of the policy: The younger you are, the longer should be the duration of the policy that you purchase, synchronizing it with retirement age or the age at which one's financial liabilities would most probably reduce. A rule of thumb that can be used is that the term of the policy should be equal to Desired Retirement age - Current age.

3. When should I buy: The best time to buy a term insurance plan is NOW. This is because term plans get more expensive as one gets older. The biggest risk is that one might contract certain diseases with time which makes entry into a term plan more complicated. The insurer might refuse to underwrite the risk or bump up the premiums if you have reported any medical condition. Future is uncertain while the financial liabilities are predictable, and leaving behind a set of crippling financial liabilities for one's dependants is irresponsible and avoidable.

4. Should I buy additional protection through Riders: Riders for an insurance policy are similar to the extra toppings on a pizza. A pure insurance policy pays out only on death. But there can be situations such as a critical illness or a severe accident which can completely eliminate one's earning power. Riders such as Critical Illness riders or Permanent Total Disability riders come to the rescue here. These riders ensure that the sum insured is paid out to the policyholder in case any of these unfortunate situations occur.

5. Who should I buy from: At the end of the day, an insurance contract is a contract of trust between the life insured and the insurance company? You should buy your policy from someone who you feel will honour the contract the best at the time of the claim. You can have a look at the IRDA site for the claim payment ratios of the life insurance companies. Estimates show that in 2011, about 16000 life insurance claims will be rejected. Price is also a very important variable. Term insurance rates have come down significantly over the last two years because of price competition and increased life expectancy. Thus, you have a wide choice of 20+ insurers from whom you can buy. Look around aggressively for the company offering among the lowest prices.

6. Where should I buy from: Given that term insurance rates can vary by more than 50% between different companies, it is important that you do a thorough research before buying. Your friendly neighborhood agent might not be the best person to rely on for advice due to two reasons- the plan he recommends might be way too expensive, and it is most likely that he will try and push you towards buying some other product where his commission is higher. Term products have low commissions for the agents. Over the last two years, term insurance rates have com down by 40%-50% due to increased competition and lower mortality rates. In our view, the best place to buy a  Online Term Insurance Plans In India product is online because of the following reasons:

You can easily compare the features and price of the different term insurance plans

It is fast and simple- would not take more than 10 minutes.

Medical tests and all other documentation would be arranged for by the insurance company at home itself

Online products will progressively get cheaper than offline products as the buyer profile of online policies will have a lower risk rating

You can easily pay the premium through credit card or through net banking

7.What information should I disclose: It is imperative that you disclose all the relevant information truthfully. Even a small half-truth might be enough ground for the insurance company to reject the claim later. You should keep the following factors in mind while completing the proposal form:

a. Disclose your medical history in detail: Don't hide anything. If you have a pre-existing disease, mention it clearly. In case of a death which the insurance company thinks is due to a non-disclosed preexisting disease, the claim will be rejected. This is especially true in non- medical cases

b. Disclose your family medical history too

c. If you smoke or drink, state that clearly. Also state your physical parameters accurately- height, weight etc

d. State your income and occupation accurately. If your occupation exposes you to higher risk (eg armed forces, mining etc), do state it clearly

e. Mention clearly any other insurance policies that you might have

f. Make sure that you submit genuine copies of PAN Card details, birth certificate, income proof etc

g. Try and fill up the proposal form yourself and do not leave it to the agent

8. Multiple insurance policies: It is better to have two insurance policies of say Rs 25 lakhs each than to have one policy of Rs 50 lakhs. In this way, you can have the option of continuing with a lower cover if at some point you have a reduced term insurance need

9. Who should be the policy beneficiary(s): The family members who would be the most affected in case of your demise should be the beneficiaries. In most cases, it would be the spouse, children or parents. You could also allocate different percentages of the sum insured to the beneficiaries e.g 50% to the spouse and 50% to the parents

10. Pure Term insurance or savings related insurance products: The primary objective of life insurance is to provide financial protection to the nominees. It is only after the protection angle has been completed covered through a term insurance plan that one needs to look at building up savings or investment through a life insurance policy.

Source: http://ezinearticles.com/?10-Factors-to-Keep-in-Mind-Before-Buying-a-Term-Insurance-Plan&id=6281634   

Term Insurance Online

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp  For more details  Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

An Online Term Insurance Rate is a Great Way to Save Money

The internet is the best thing that has ever happened to people who need life insurance. The ability to get an online term insurance rate quickly and easily has made it very simple to compare rates from one insurance company to another. This has forced companies to lower their rates since it is now much easier to some comparison shopping before you buy. This has forced the insurance companies to compete with each other on price, which is great news for the consumer.

If you decide that you need life insurance you will almost certainly want to get a term life policy. The insurance companies put a lot of effort into selling whole life insurance because this is how they make the most money but it really is not in your best interest. The problem with whole life is that it covers you for far longer than you need to be covered. Most people really only need life insurance coverage when they have children, once your children are grown and moved out of the house it usually is not necessary to have insurance coverage. This is where term life insurance comes in, by getting coverage for a specified time frame you will save money by not paying for insurance that you do not need. The premiums will also be much lower for a term policy than for a whole life policy. There are plenty of websites that offer online term insurance rates so that you can find the best deal possible.

The internet has turned out to be the insurance agents worst nightmare; it has forced them to dramatically reduce rates. In the old days before you could get an online term insurance rate the insurance company could charge pretty much whatever they wanted. They knew that you could not possibly know how much the other insurance companies were charging. They used the fact that they controlled the information to keep prices high. Then along came the internet and all of a sudden you could go online and compare insurance rates. This has resulted in a dramatic reduction in term insurance rates in the last fifteen years.

If you are going to use the internet to find an online term insurance rate you need to make sure that you know what you are looking at when you compare prices. There are a lot of factors that go into determining the price of a term life insurance policy. Because policies cover different amounts of coverage as well as different time periods it can be hard to make an accurate comparison. There are also factors like whether the amount your premiums increase each year or remain the same or whether your coverage decreases each year or remains fixed. There are also questions like your right to renew without a medical exam or not and we have not even talked about your risk factors yet.

Source:   http://ezinearticles.com/?An-Online-Term-Insurance-Rate-is-a-Great-Way-to-Save-Money&id=4481384    

Follow These Strategies, When You Are Buying Online Insurance!

Gone are the days when you had to only depend on your trusted neighborhood insurance agent to find time for you and explain you about various insurance policies and then sell you the one most profitable for him only! With the advancement in technology and e-commerce becoming huge as a business proposition, now you can fulfil all your insurance needs while sitting at home with the click of a button. Buying insurance has never been so easy with every major insurance player offering their service online and making it easier for you to buy.

However, there are certain things to consider before you click on the BUY option. You got to act smart and think before you choose an insurance plan for you.

Let’s help you with the following strategies so you can take a smart and well-informed decision:

1) Comparing Products

The first step while choosing an insurance product for you is to compare various options. It is not difficult to do so as there are various websites that act as a platform offering detailed information on all insurance products offered by all the players in the market. This way you can check out various deals and then choose the one that best suits your needs. Go in details, find out everything about the different products on offer and then only decide.

2) Company’s Profile

Once you have chosen the product, check out the company’s background that’s offering the product. The company should be reputable, should have a long-standing in the market for credibility and shouldn’t be too new to the business. Your association with the company will be on a long time basis as insurance is a long-term investment. Hence, knowing about company’s profile is an absolute must even if you have to pay a little extra as a premium compared to paying less with a relatively new or less-known insurance provider.

3) Your information

Most of these online sites ask you to fill a questionnaire with your details so they can calculate the premium amount for you. Make sure that you don’t hide any information that is relevant like details about your health, diseases, habits, etc. so that there is no confusion at the time of processing your claims later on. At the same time, no need to give out extremely personal information at the first stage itself to save you from getting that information misused! That includes your phone number or address too early in the dealing stage.

4) Terms And Conditions

Once you have shortlisted the product and the company, the next step is to study their terms and conditions. It sounds boring, but do understand that devil is in the details and so is God! You got to know what kind of agreement you’re entering into with the Term Insurance Policy provider and are your benefits being taken care of or not rather than the agreement being lopsided in the company’s favour. While signing the papers we feel all is hunky dory, but when it comes to filing for the claims, a lot of unpleasant truths tumble out of the closet that we lazily overlooked in the first place. Read between the lines, take an expert’s help if you don’t understand anything, but do your homework thoroughly!

5) Handling Claims

Another important thing to be considered is how is the insurance provider’s claim settlement ratio? What percentage of claims filed with them are actually settled and how many are denied? Also, how much time does it take to settle a claim? You can find these figures easily on the company’s websites and various other platforms. You don’t want your near and dear ones to run from pillar to post for settling the claims in case of an unforeseen tragedy.

6) Talk With The Insurance Provider

This is the last and most important step before you click on buy. You might be buying a policy online, but in future, you will have to deal with their representatives mostly on phone for any queries or sorting out any issues with them. Talking with their back office before making your decision will give you a good idea of how they are while dealing with their customers, what is the response time, how easy or difficult it is to deal with them etc. This gives you a better understanding of what you’re getting into!

Source: (http://blog.easypolicy.com/follow-these-strategies-when-you-are-buying-online-insurance/) 

Online Term Insurance India

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

For more details Presenting the iSecure Insurance Plan; a level cover term plans that secures your family's financial needs by giving you a high sum assured at a low cost Online Term Insurance Plans In India.

Online Term Insurance India

Click here : https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp For more details Presenting the iSecure Insurance Plan; a level cover Term Insurance Comparison that secures your family's financial needs by giving you a high sum assured at a low cost.

Online Term Plan

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

 For more details about Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Best Online Term Plans In India

Are you planning to buy an online term life insurance policy? Do you want to know the best term insurance plan in India after the -term plan? Do you want to know the cheapest online term plans? Are you searching for the updated premium of online term insurance plans at one place? Do you want to objectively compare the entire available online term plan in the market?

This article will help you to select the best term life insurance plans in India. A premium comparison chart is also there to tell you about the best and the cheapest term insurance plan. After reading this article you get to know about the insurer with best claim settlement ratio. You will have the idea about the financial strength of the insurance companies.

In the next few minutes you will be able to judge the best online term insurance plan. But do you know the features of term plan? Do you know, the importance of the term plan? Do want to know why I recommend a term life insurance plan vigorously. Do you also want to avoid the greedy insurance agent ? If your answer is yes, then please go ahead to choose the best term life insurance. Else, You should first read the Term Insurance Plan Guide.

Parameters For Selection Of Best Online Term Insurance Plan

To compare the online term plan of insurance companies, I would go through these criteria.

·         Premium

·         Company Reputation

·         Claim Settlement Ratio

·         Solvency Ratio

·         Riders

1- Online Term Plans- Compare The Premiums

I know you care most for bargains. Hence, I will first talk about the premium of term plans. Indeed, the biggest benefit of online term insurance plan is the low-cost. The premium of online term insurance is 30-50% less than offline term insurance. This discount in premium is possible because of the many benefits of an online sale. Insurance companies save on agents commission and administration charge.

Also, The target group of the online term plan, the white-collar people, is considered more healthy hence less risky. Surprised? They are healthy not because, they do more exercise or physical labor. But they can afford better medical care of themselves. Like you, I am also not very much convinced, But insurance companies consider this. So, online term plans are most cost-effective. But like you and me everyone wants to save more. By taking some precaution you can keep insurance premium in control. You can also do this by comparing the online term insurance premium of different companies. A chart is given below.

2- Choose Reputed Insurance Company

You take Life Insurance for a long duration. Particularly, term insurance is taken for 20-35 years. The financial security of your family lies with the insurance company. In this scenario, the insurance company should be reliable and reputed. Definitely LIC scores on this front. LIC has backup of the government of India. It has been in the country for more than 50 years. Online Term Insurance Plans In India of these companies are professional. In my opinion, these two insurers are also in ‘A’ grade. Bajaj,SBI and also have better corporate governance record.  Rest life insurer falls in C grade. Please keep in mind, this grading is subjective.

3- Choose An Insurance Company Which Has Better Claim Settlement Ratio

The claim settlement ratio shows the professionalism of the company. This ratio is the number of claims honored by the company out of the hundred claims. Suppose in a year a company receives 100 insurance claims. But out of these 100 only 90 people get the claim amount. Remaining 10 claim is rejected for some reason. These reasons may be genuine, but it shows the probability of a claim being dishonored. I will never take insurance cover from a company which rejects the claims of the most people. Neither, you would select a company which can give a harrowing experience to your family. IRDA publishes claim ratio of every life and general insurance company in its annual report.

4- Know the Financial Strength of Insurer Through Solvency Ratio

The criteria of solvency ratio is a bit technical. Let us learn about the solvency ratio.

Insurance companies take premium from us and give the insurance cover.

Through actuarial calculation the companies know the number of claims can arise in a particular year.

The total assumed claim amount is considered a liability.

Besides this, companies has provision of the guaranteed maturity amount. It has to always maintain the maturity amount to be given.

5- Add value to online term insurance with The Riders

Term insurance gives you the basic cover. But you need more than basic cover. There may be some other risks linked to your life. You may also like to take insurance cover other than the death cover. Insurance riders are there to give you such cover.  Riders give value addition to the term cover. However, many insurance companies don’t give riders with an online term plan. Few of them give useful riders and you should consider them.

Online Insurance- Setting New Trends In The Insurance Sector

The fast growing Indian online insurance market is characterized by numerous opportunities for the aggregator websites as well as Insurance companies to capitalize and grow their business. Almost every other day, there’s an introduction of new insurance products for online buyers by the insurance companies aiming to explore the possibility of innovative technologies which are simple to use and cost-effective. With growing awareness towards insurance, the number of people demanding better insurance products with excellent features of premium, cover and claim returns, technological advancements and cost effectiveness is rapidly increasing. The new IRDA compliances which provide comparison between the insurance products with unbiased information and are cost effective due to rising competition have become a key concern for Web Aggregators in India. The high internet penetration in India has helped in improving the online insurance penetration with plans for Health, Travel, Motor and Term insurance being in a constant high demand.

However, things were not as smooth as they are currently for the insurance sector. A few years ago, there were hardly any players in the segment and online insurance was almost unheard of. It was bewildering that for a country boasting of over 300 million internet users and an e-commerce business volume of over US$ 16 billion, there were no companies in the online insurance segment till a few years back. Whatever was there was present across the other popular B2C segments like, gadgets, travel and tourism, music, books and fashion goods and accessories.

The growth story for online insurance has been on an upward trend. The online insurance market is already in excess of Rs. 700 crores with life insurance sales leading the way followed by motor, health and travel. The reason for this growth can be attributed to the fast growth of online players, complemented by increasing trust within the customer community buying insurance policies online. Savings, in terms of reduction of premiums and easy availability and access to policy related details have also acted as major growth boosters for the sector.

The online Insurance market witnesses a healthy mix of customers from lower income to higher income segments. Majority of customers are from the low-mid income segment which include mainly those earning under Rs 5 lakh per annum. People who earn between 5 to 10 lakh make up for 21% of online customers. Customers whose earnings are above 25 lakh account for 5 % of online customers.

Apart from this, the age profile of online insurance customers, not unexpectedly, is made up of persons between 26 to 35 years of age. They form 55% of the overall online buyers, followed by 36-45-years groups, which accounts for 19%. Moreover, it has been found that youngsters in the age group of 25 years and above prefer online services more as compared to senior citizens.

Of all the metro cities, Bangalore is at the top in the list of online insurance customers followed by Delhi, Mumbai, and Hyderabad. In the non-metros, Pune, Thane, Ahmedabad, Gurgaon, Ghaziabad, Lucknow and Jaipur collectively contribute to 27% of the online customers.

An online term plan is much more cost-effective as it works on the principle that the person making a decision to buy a plan is literate, have researched and made an informed choice and the personal information provided is completely accurate. Also, the final purchase cost is negligible as the product is available directly from the company website.

It has been observed that a term plan, when bought from an online insurance aggregator costs around 50-60% less than offline plans from the same companies having similar features.

However, a very important thing that should be kept in mind while purchasing a plan is that the cover and claim settlement depends on the authenticity and accuracy of the information given. Withholding information about any medical condition or other critical condition in an effort to lower the annual premium may result in complications or rejection of claims in future.

Hence, it is best to reveal things like pre-existing disease, habits, like consumption of alcohol and tobacco, etc, to ensure quick processing. An important point should be kept in mind that since the insurance plan has been developed keeping the online platform in mind, it may not be accessible for customers in all places except those residing in urban cities with good internet connections.

With the rapid proliferation of the online market, social media and various customer forums and sites, a buyer can get a lot of information and collective experience of other people and can check the company’s records including its financial information, customer satisfaction levels, etc.before taking a decision of going ahead and buying a policy.

To sum up, the online market is an enormous platform for you to get the best insurance deals even when buying a simple insurance cover. So start surfing, not just to plan your vacation but also for various insurance deals available through web aggregators.

Know More about Single Premium Term Insurance

Single premium term insurance policy is designed for those who want to buy a policy at one go. As compared to traditional insurance products, policyholders have to pay premium at periodic intervals for these policies.

It is a onetime payment solution for those who don’t want to go through the trouble of periodic payments. When the premium payment has been done, buyer becomes the policy owner with certain death benefits.

For single premium term insurance policy, policyholders don’t have to worry about paying any further premium payments or the lapse of your insurance if insured forget to make any payments.

All leading insurance companies in India offer this insurance for the benefit of their clients and customers can access some policy aggregator portals online to know which one is suitable for your needs. If you have a lump sum fund with you, then it is advisable to opt for a single premium term insurance policy.

Under this plan, policyholders get financial security against taxes. When person invests in this insurance product, he or she is given exemption of up to Rs 1.5 lakh. In case something happens to policyholder, his or her beneficiary would get the insurance money which is absolutely tax free.

But, insured is eligible to avail the tax exemption benefit only once for this policy because policyholder is investing in this insurance for one time only. As you paid up in full upfront for this policy, so you don’t have to worry about the plan getting lapsed if you forget to pay the premium amount.

Your policy is completely valid till the entire policy term and reduces the sum assured when the policy period comes to an end. It generates cash value. Person is building a financial asset for himself or herself when he or she makes the premium payment for single premium term insurance. It comes in handy if you want to apply for loan and can be used as collateral against loan.

TERM INSURANCE

Click here https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp  For more details about Presenting the iSecure Insurance Plan; a level cover term assurance plan that secures your family's financial needs by giving you a high sum assured at a low cost.

Insurers want to have assistance model for buying insurance online

Insurance companies have requested the Insurance Regulatory and Development Authority (IRDA) to have an assistance model in buying insurance online. This model will not only increase web traffic but also improve quality of business.

At present, direct business done through the online channel contributes less than 5% of the total business of the insurance companies.

Now not just term insurance plans, but all types of products are available online. However, all customers are not comfortable buying it online since product structures are difficult to understand. To resolve this problem, insurers want to have an assistance structure.

This model will have assistance services to individuals who require help during purchase of an insurance policy online. Dedicated personnel will be appointed who will take care of all queries arising during an online purchase. This model would be distinct from the call-centre individuals who assist customers in grievance redressal and claims processing.

At present, Online Term Insurance Plans In India  purchased online has a much lesser premium due to the lower distribution costs and absence of any third party in the transaction. Hence, products are custom-made for this segment and are much simpler than offline products. Payments are done online and the policy documents are sent to the policyholder. With digital signature acceptance in insurance policies also being discussed, policy purchase will fully go online.

For small ticket policies with premiums in the range of Rs 5,000-15,000, customers are comfortable paying online. However, in large ticket size policies with a premium of Rs 25,000 and above, individuals are reluctant to pay online. Therefore, an assistance model would be helpful, wherein the customer could be assured of the security features and inscription or in some cases, these persons could be deployed to collect the premium.

Indians Consider Term Insurance As a Waste Of Money Survey

Term insurance, the most effective and cheapest instrument for meeting an individual’s financial goals, is considered a waste of money by most Indians.

According to a report from Espirito Santo Securities, term insurance policies have the highest lapsation rate.

The lapse rate in terms of premium was 19% for term insurance policies, 11% for Unit-Linked Insurance Plan (ULIPs), 6% for par-whole life, par-endowment, 4% for non-par endowment, and around 2% for pension plans.

Term insurance policies are low ticket policies that offer protection for a specific period of time. It pays a benefit to nominee only if the policyholder dies but in case the policyholder survives the tenure of the policy, nothing is paid to him or to the nominee.

Contrary to the conventional wisdom, people want returns from their insurance a policies and see term insurance as a waste of premium, said the report titled a Life Insurance Thematic: Lets not give up on life yet.

The study said that there is a direct correlation between lapsation of insurance policies and the age of the policyholder. Young people (18-27 years of age) uncertain of their cash flows were seen lapsing their policies more than people between 43-57 years of age. Also, lapsation decreased as the size of the policy increased.

Almost 50% of the term insurance policies bought lapses in the initial two years. This is largely because individuals see life insurance as savings tool rather than a protection tool.

Another reason is that the agents earn low commission in case of term insurance plans, compared with traditional plans and ULIPs. So the follow up from agents is low leading to high lapses.

Agents earn 15% of the premium as first year commission on term insurance plans (which are low ticket sized) compared with 35-40% first year commission in case of ULIPs and endowment plans, which have a higher ticket size.

Online Term Insurance for Senior Citizen

Old age should not be a burden rather; it should be that stage in life where you reap the benefits of all the hard work and financial planning that you did in young age. With many insurance companies coming out with specific plans for the senior citizens, including term plans, old age no more has the uncertainties associated with it that it used to have earlier. All you need to check your eligibility and apply. Today, an old person can secure his/her future easily by getting financial coverage with the help of a term insurance plan. Basically, term insurance plans do not look for medical checkups from the applicant. Numerous plans are there in the markets which have a simple application process where you can easily apply. All you need to do is to fill a simple form related to health, in which you need to provide your medical conditions and take care of some minor documentation work.

With the help of a good term insurance plan, you can secure your family financially, irrespective of the fact if you are present for them or not. Life or term insurance plan permits old age people to keep something aside for their funeral arrangement as well, apart from helping their near and dear ones at the time of any necessity.

As Term Plans are available at low prices, it becomes vital to compare quotes and choose the best plan which suits your need suitably. By comparing, you ensure that what you get is what you wanted and it just takes a few minutes to make an informed choice. The online medium offers quick access to all kinds of term insurance plans from the comfort of your home.

It may be possible that in due course of time; the term insurance plan bought by you may require certain changes. Buy an insurance plan at an early age which can provide you the required protection at a low cost. With a term insurance plan, you need not worry about putting aside your savings for taking care of essential requirements.

There are many companies who are offering affordable term insurance plans to choose from. Some companies are selling plans to the people of age group 50 and above whereas there are few who have specific term insurance plans for senior citizens in the age group of up to 85 years. Apart from term insurance, there are two other forms of plans namely, Whole life insurance and guaranteed life insurance.

Under the former, there is no fixed policy period and benefits are provided to the insured till the time of his/her death. Upon death, the payments get transferred to the designated nominee.

Guaranteed life insurance allows the senior citizens to buy a policy regardless of their age and it does not require prior health related investigations. Generally, high risk individuals are covered under this plan who have had health issues and are not covered by any other plan.

Nowadays, it’s easy to find plans as per one’s requirement as a number of private players have emerged in the segment who want to make their presence felt. Seeking online quotes is the best way to move forward and enjoy peace of mind in your old age by saving on both time and money.

Source: http://blogterminsurance.tumblr.com/post/144901307771/online-term-insurance-for-senior-citizen

Online Term Insurance

https://www.bajajallianzlife.com/term-insurance/isecure-insurance-plan.jsp

Best Term Life Insurance Plans-Online Policy in India 2015-2016 -Comparative review

I often get asked “what is the one decision which affects or improves a person’s financial life”. My reply “Term Life Insurance” .This will be the best investment or financial decision one can make in your life.

Have you have just started earning or have a family? You should spend your first salary on the best term life insurance policy you can find. Agreed you can’t enjoy the benefits of your term plan. But it secures the financial requirements of your family when you’re gone.

I don’t want my daughter’s education or my mother’s medical treatment to be unavailable because of lack of money. I also don’t want to burden/thrust my wife with these responsibilities.

Considering how important family is to me (and I assume same for you), a term plan becomes inevitable. To have peace of mind that the claim will be paid, you need to choose the best. So which is the best term life insurance plan in India ?.Let us try to brainstorm that.None of us knows what might happen even the next minute. If your child, life partner or your parent(s) depend on your income then you need to have Life Insurance plan.

In this post, let us shortlist and understand some of the best Online Term Insurance Plans in India. These best Term Life Insurance plans can be purchased through online.

What is “Term Life Insurance Plan?”

Term insurance is the simplest and most fundamental insurance product. Best Term Insurance Plan are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount). Term plan provides risk coverage for a certain period of time (policy term/duration). 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. It is the cheapest form of Life insurance in terms of premium.

Online Term insurance Plans are,

Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans. Online term insurance plans are roughly 30-40% cheaper than the offline plans.

The entire application submission process happens online through the company’s website. So, it is hassle free.

You may not be influenced by an agent/advisor during the buying process.

Source: http://blogterminsurance.tumblr.com/post/144852594836/best-term-life-insurance-plans-online-policy-in

Does Cheapest Online Term Insurance Policy Available For All

People are becoming financially literate and now understand the need of having a term insurance plan. Online term insurance plans have become more attractive as their prices have fallen by 40-50% due to demand from consumers and rise in competition among insurance companies.

You can either buy an online term insurance policy from insurer’s website or from online comparison sites (web aggregators).

But biggest question is that on which factors your decision should be based on, whether you should go for the cheapest term insurance plan or with the insurance company having highest claim settlement ratio.

The term insurance policies are similar despite the attempts to create features such as deferment of policy proceeds (periodic payments instead of lump sum payment) or some riders that provides for additional covers on payments of additional premiums.

In recent times, almost every large insurer has a comparable claim rejection ratio. Besides, new amendment to Insurance Act, life insurance companies cannot reject any claim after three years on any grounds. And if you are making full and complete disclosures in your proposal form, insurer can’t reject even early claim. So, low claim rejection ratio as a parameter is for choosing an insurance company is no longer very relevant.

Some insurers have dropped their premiums very low but now have very tough norm for those who will be eligible for these premiums. So, the cheapest Online Term Insurance Plans In India policy is not necessarily available for you.

In most cases, customers would actually end up paying higher than the standard premiums so the lowest published premiums are just illusory. After medical test, customers are asked to pay higher premiums for issuing policy or their proposals are rejected.

If you refuse to pay additional premiums then you have to go through the whole proposal and medical examination again and have to disclose the fact that his proposal was rejected in the past.

Rejection of proposals will further increase as insurers have become extra careful in issuing life insurance policies because of recent amendments that disallow rejection of claims on any ground after three years of policy issuance.

This problem is more acute in the critical illness policies where outright rejections are wide spread and where it is even more of a challenge to motivate the consumer to persist with the process of getting this policy.

No data is available on the proposal rejection percentages or the percentage of proposals in which a particular insurance company has proposed an increase in premium over and above the normal premium. Hence, there is a need that Insurance Regulatory and Development Authority of India (IrdaI) should collect and disseminate this kind of data so that consumers can make an objective decision on their insurance provider.

Till then, consumers can look forward for online web aggregators as they make money on actual issuance of the policy and they will work harder for a company that is actually interested in issuing policies.