Compare Term Insurance Plans to buy the best Term Life Insurance Policies

Term Insurance is the simplest form of insurance designed to provide a risk cover on the life of the insured for a defined number of years (the “term” of the Policy). There are more than 20 life insurance companies offering term plans in India, making it very important that you Compare Term Insurance Plans before buying, to get the best term plan for your requirement. On i-save.com you can Compare Term Insurance policies of all the leading Life Insurance Company in India.

What is Term Insurance or Term Life Insurance

Term Insurance is the simplest form of Life Insurance, providing you with financial protection for your family in the event of death. There are no survival benefits associated with Term Insurance policies i.e. you do not receive any of the premium back once the policy term expires. Term Insurance is a pure protection life insurance and provides high financial protection at a minimal cost.

Online Term Insurance or Online Life Insurance Policies

In the past years, Online Term Insurance Plans have been introduced by many companies. Online term insurance plans offer the same type of basic life cover as other Term Insurance plans. By online term insurance, one means the availability of buying life insurance online i.e. via the Internet. The key differences are that online term plans are available for purchase in select geographies or cities, depending on the insurer; and are available for purchase only on the internet. Many online life insurance term plans do not offer additional optional Riders, keeping the online purchase process simple and easy to buy. Most online term plans tend to be lower cost than offline term insurance plans as they are available direct from the company and have lower costs. Always compare online term insurance plans to get the best online term plan. At i-save.com, we help you compare online term plans including Aviva i-Life, Aegon Religare i-Term, Bhart Axa e-Protect, ICICI Prudential iCare, India First Life Plan, Kotak e-Term, Kotak e-Preferred and MetLife Met Protect; in addition to all other offline Term Insurance Plans.

Term Insurance with Return of Premium

On the other hand, Term with Return of Premium (TROP) refers to Term Insurance Plans that offer Life Insurance with Maturity benefits. A TROP plan provides that on maturity of the Policy, some or all of the Premiums paid during the life of the policy are paid back. (Note: Policy maturity is only at the end of the term). The premiums paid on Return of Premium policies are invariably significantly higher than pure term insurance policies.

Term Insurance Premiums increase with Age – the older the person, the higher the premium. Once a term insurance policy has been issued, the premiums will not increase over the term. It makes sense to buy a term insurance policy at an early date – since premiums are lower when you are younger, the longer the term the more money you save.

One should consider Term insurance to provide financial support and replace lost income for your dependents and family in the event of your death, especially if you are the primary earner for the family. At the same time, Term Insurance should also be used to ensure that your liabilities (e.g. home or business loans), if any, are paid without imposing an additional financial burden on your dependents if and when you are not around.

Tax Benefits on Term Insurance

Premiums paid on Term Insurance are eligible to tax deduction under section 80C as available for Life Insurance Policies. Please click here for details of tax benefits available.

Why Compare Term Insurance for you

We help you get information, compare term insurance plans and apply online for Term Insurance policies from leading life insurance companies in India to get the best term plans. Use our tools and calculators  for insurance planning and to determine how much insurance is adequate for you.

Compare term insurance on i-save.com, we help you save money and time. Get the best term insurance policy for your requirements. Always do a Term Insurance Plans Comparison in India for all Insurance companies and buy the best term insurance online using our easy to use comparison tools, in just 3 easy steps.

Our term insurance comparisons cover all the leading online term plans including the Aviva i-Life plan, Aegon Religare i-Term, ICICI Prudential i-Care, Bajaj Allianz i-Secure, Kotak e-Term, HDFC Click2Protect, Bhari Axa e-Secure, Met Life MetProtect; as well as all the other term insurance policies available through agents and intermediaries, such as the LIC Anmol Jeevan and the LIC Amulya Jeevan from the Life Insurance Corporation of India; making it easy for you to get all the details and prices you need to make an informed decision.

Read our Life Insurance blogs, Guides and FAQs to get the information you need to understand term insurance benefits and features to make an informed decision.

Remember Term Insurance is a simple, transparent and cheap product to help you secure your family’s future and provide financial protection to your loved ones. Always compare term insurance to get the best term plan!

read more http://www.i-save.com

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How to choose best Term Plan for you ?

We keep getting lot of questions on how to choose the best term insurance plan or which is the best term plan or which is the cheapest one. So let’s go deep to understand more about it. To know the basics you can read what is term Plan? Let’s begin with understanding the importance of it & later we will see 3 criteria to choose best term plan.

We all know death & taxes are unavoidable – we plan for taxes to avoid trouble but do we plan for other one. NO… most of the Indians don’t. People look so sure that nothing will happen to them. That makes their families life miserable in case of sudden demise of the bread winner.

LIC in Nanital – Insurance means Safety.

Let me share a real example one of my sister’s friend expired due to food poisoning – he was under 30 years of age. He never thought, what will happen if he will not be there?? He left this question unanswered for her wife & 2 year old daughter. No one can fulfill the emotional vacuum but what about finances? If he would have given some importance to this family would have been financially secured. In some cases death occurs at young age when the life deceased has loans to pay. See what happened in Japan. Do you think the banks will not ask for the home loans or personal loans repayments from the families of the deceased?

So don’t delay this & take a term plan today. But which one is still not answered. Simple answer is going for the policy which is having least premium. NO this will be a big mistake. Read a case…

Got a comment/question on term insurance plan (We must appreciate him the way he has researched for his policy):

“I had asked for the quotes for Term Insurance from various Co’s about the sample insurance of Rs. 50 lac for 31 yrs. old. The various quotes have made me more confused than ever.

The rates vary from Rs. 5, 800 to Rs. 15, 450.

read more http://www.tflguide.com

Information regarding pension plans in India

What is Pension Plan?

Pension Plan is a great way of saving your hard earned money, so that you can get some additional fund to keep you financially stable, when you stop working.

Reason why go for Pension Plan ?

It is a unique individual pension plan, which offers total protection and financial security during your old age. This plan provides you the opportunity to enjoy regular income post retirement. It’s main objective is to build a corpus during the policy term so that you can enjoy annuity for life with absolute freedom.

How to buy Pension Plan ?

You can buy Pension Plan online. InsuringIndia facilitates you to compare quotes from various insurers and helps to find the best suited plan for you.

Suitable for all

It is good for everyone because it provides investment opportunity with flexibility and secure financial protection post retirement.

Tax Benefits for you

Avail tax benefits under Section 80C as per Income Tax Act, 1961.

Best Term Insurance plans in India, See Comparison with Charts

Which is the best term insurance plan in India ? Which Insurance company has the best claim settlement Ratio? Online term Insurance or Offline Term Insurance ? These are some of the questions which comes in the mind of every Term Insurance buyer! . So are you looking for Term Insurance comparison at one place ? Do you have all the sufficient information to decide which is the Best Term Plan you can buy? Today I will show you all the data like riders, maximum/minimum tenure, max age till when term plan covers a person and data on the premium, Claim settlement Ratio at one place! . There are many term insurance plans in India, but all of them have different premiums and features which confuses a prospective customer to choose the best term plan for him. If you any question about Term plan you can look at these 9 most asked questions about Term Insurance

Looking at above term insurance comparison chart you would have got a fair idea about the online term plans also, which have recently made its entry in India.

Note : The premiums displayed are indicative and should not be considered as final
premiums as they are taken from online insurance comparision sites. Its only for
illustration purpose and very much correct as on Dec 2010 . They might change in
future, please check the premiums on the respective websites.

Brief overview of Riders

AD (Accidental Death) : The policy pays you additional sum assured in case the death happens due to an accident . Note that even if you don’t take this rider, the sum assured is always paid on death, whether accidental or not !.
CI (Critical Illness) : This rider gives you a lump sum amount if you are diagnosed with an illness which is mentioned in the policy . Generally all the major illnesses are covered in Critical Illness cover.
DR (Accidental Disability Rider) : This rider covers you for disability and pays you Sum assured in 10 installments per year  incase you becomes temporary or permanent disabled person.
WP (Waiver of Premium) : This rider makes sure that incase you are not able to pay future premium due to disability or income loss, the future premiums are waived off , but your policy is still in force like always !

Claim settlement Ratio of Insurance Companies

While deciding on a term insurance plan, the biggest point which a person concentrates is the Claim settlement ratio (read this comment) . So here is the list of all the Insurance companies in India with the claim settlement ratio . The data are from the recent IRDA report for 2009-2010. One important detail you should note down is that 8 out of 23 life Insurance companies have reported profits , which are LIC, ICICI Prudential, Kotak Mahindra, SBI, MetLife, Bajaj Allianz, Sahara India and Aegon Religare . Are you one of those who do not beleive in Term Plans

Online Term Insurance vs Offline Term Insurance

With online term plans coming in market, two things has happened. First, Customers have really got excited seeing very low premiums which insure them at throw away prices, however low premiums does not appear on the top wish list of customers and what everyone needs is very high claim settlement ratio and excellent customer service. This is where online term plans have disappointed customers, there has been huge disappointment from ICICI iProtect and Aegon Religare  iTerm Plan in terms of customer service. There have been cases where customers bought the online term plan and after that, they had horrifying experiences starting from increase of premium once they bought it, No-response from the company for long duration and Long & frustrating delays in medical tests. This is what pisses off customers most and they get a feel that If situation is bad at the time of buying the policy, then what will be the response when their families for claim settlement .
Another important point which comes to a persons mind is Are private Insurance companies safe ? and what is the claim settlement ratio of the company. From last year IRDA report, we came to know that Aegon Religare did not settle even a single claim out of total 7-8 claims they got . However, this years IRDA report (2009-2010) shows that its better at 48% settlement ratio for Aegon Religare, but Life Insurance is not a maths exam where 90-91% marks will make people happy. We all need 100% or 99% at least !. Because most of the companies are very new, the trust factor is missing from public. Note that not everyone who bought online term plans had bad experience, there are many buyers who got very good response and good customer service, but it was a smaller section .
So if you a kind of buyer who understand Insurance very well and how things work in this area and you also have trust in online term plans then you can go for online plans. But if you are not comfortable with it, then you should try the old way of buying insurance through an agent. However it would cost more than online term insurance, which many are comfortable with! .
If you concentrate on the claim settlement and trust factor then the only option is LIC of India Term Insurance (Jeevan Amulya). However if you are fine with the pvt Insurance, but still want the best features, I personally see Kotak-preffered Plan as a good option. The premium for Kotak-Preffered is the lowest in the offline term plans and this plan has good riders along with other good options. Term Plan from LIC is obviously the best option if you do not believe in the pvt companies and insist on high claim ratio, but premium for LIC term plan is too high . So I think you can consider a mix of the LIC term insurance and any one from Pvt insurer. Soon you will also see LIC online term plan

Special Features in Some Term Insurance Policies

There are some term plans with very different set of features. Lets have a look at some of the those. These features can help you further in your decision.
Which term plan do you have currently and incase you planning to have one, which one those the above will you buy ? Will it be LIC Term Insurance or some one else and why ? Also share, If you need any other factor before choosing the term plan ? Which one do you think makes sense out of online and offline term plan ? Give your suggestions .
read more http://www.jagoinvestor.com

LIC Jeevan Vriddhi Guaranteed returns to compete with bank fixed deposits March 2012

Jeevan Vriddhi is designed to attract money from the tax-savers who are desperately seeking avenues to park up to Rs1 lakh. While there are other similar plans in the market, it is LIC’s product that will command attention because of its muscle power

Life Insurance Corporation of India (LIC) has launched Jeevan Vriddhi, a single premium traditional plan offering guaranteed maturity sum assured (SA) along with loyalty addition (if any) after completion of policy term which is 10 years. The guaranteed maturity SA will depend on the age of policyholder from eight to 50 years; it reduces with age.

The insurance component is fixed at five times the premium excluding extra premium (based on one’s health) and service tax. In short, the plans works like bank fixed deposits along with insurance thrown in to make it an insurance product. For younger persons, it would almost double your money in 10 years. With interest rates at its peak today, LIC is willing to offer good returns, but it is for the exact same reason the plan is available only for a maximum of 120 days.

The minimum premium is Rs30,000, for an SA of Rs150,000. If the policyholder dies during the term, the nominee will get Rs150,000. If the policyholder survives till maturity, the guaranteed benefit will depend on the policyholder’s age at the time of taking the policy.

For example, if the policyholder would have paid single premium of Rs30,000 (excluding service tax), for a child of eight the maturity amount will be Rs59,538. If the person is aged 35, the maturity amount will be Rs57,385. The return on investment (excluding mortality charges) will be approximately 7% p.a. in this case. If someone is 50 at the time of entry, the plan will give Rs47,467 after 10 years.

Advantages of Jeevan Vriddhi

•  Rate of return – For a 10 year policy term LIC’s endowment plan gives about 5% return on investment (excluding mortality charges). Jeevan Vriddhi plan will give approximately 7% (age 35 years) and hence a good option.
•  Loan – The product offers loan after completion of one policy year, which will be 70% of the surrender value. Unfortunately, the rate of interest will be 10.25% p.a. instead of 9% p.a., which LIC is offering for most of the other plans.
•  Surrender value – The guaranteed surrender value will be available after completion of one policy year; it will be 90% of single premium excluding any extra premium. LIC may pay special surrender value which will be discounted value of the guaranteed maturity SA as on the date of surrender.
•  Loyalty addition – Depending upon the company experience the policy may pay loyalty addition. This is non-guaranteed and considering the decent guaranteed returns offered by the plan, it will be prudent to not have high expectations of the loyalty addition.
•  Rebates for higher single premium – For single premium of Rs50,000 to Rs99,000, the increase in guaranteed maturity SA will be 1.25%; premium of Rs1 lakh and above, the increase will be 3%.

Disadvantages of Jeevan Vriddhi

•  While the plan will offer surrender value after one year, the special surrender value is not guaranteed to be paid. The guaranteed surrender value will be much less than what a person can get from premature withdrawal of bank fixed deposits.
•  The policy term is fixed and so is SA. This is not a product for someone looking for high insurance cover or longer policy term.
•  The death benefit is five times the premium excluding extra premium that may be payable if the person is not in good health. This could lead to issues with tax exemption. The product is better suited for those who are considered as ‘standard’ health.
• read more http://www.moneylife.in

LIC Jeevan Vriddhi Review for you

We are in the last month of Financial Year 2012, and once again LIC has come up with a new plan with name LIC Jeevan Vriddhi. And once again just with the announcement of launch queries are raining.

• “I want to know your opinion (merits and demerits) on Jeevan Vriddhi launched by LIC. I will be really grateful to you for your reply.” Mayank
• “What about LIC Jeevan Vridhi, can I invest some amount in that?” Vishal

I don’t understand that why people get so curious about products launched by LIC. Even if the product with different name and with different company is already there in the market, but if LIC has come up with it then people feel “there must be something special”. And moreover when a product by LIC comes up with a word called “GUARANTEED”, excitement gets doubled – limited period offer always excites people so this will LIC Jeevan Vriddhi will be closed before 31st May 2012. Let’s see how this plan looks like & should you put your hard earned money in it. Read – What is Insurance?

LIC Jeevan Vriddhi Plan – Review

LIC Jeevan vraddhi is a single premium payment plan which offers a guaranteed maturity amount plus Loyalty additions if any at the time of maturity. The insurance cover would be 5 times of the premium amount. (Review of LIC Jeevan Ankur)

Basic Features of LIC Jeevan Vriddhi

• Person between age group of 8-50 years can apply for this plan.
• Minimum Premium Rs 30,000/- thus minimum sum assured would be Rs 1,50,000/-
• There’s no cap on maximum premium payment.
• Policy term is 10 years , but this policy can be surrendered after 1 year.

Other benefits of Jeevan Vriddhi

The major feature of this policy is that it offers guaranteed maturity benefit which depends on the age at the entry and premium paid at the time of purchasing the policy plus

The loyalty additions if any which depends on the corporations experience with the policy. Also the rate and terms will be declared by the corporation, that too at the time of maturity.

INCENTIVE FOR HIGHER PREMIUM in LIC Jeevan Vriddhi

Incentive for higher single premium by way of increase in the Guaranteed Maturity Sum Assured is as under:

Tax benefits on Jeevan Vriddhi LIC

As the sum assured is 5 times the annual premium , so right away as per current income tax laws the policy gets eligible for Section 80C benefit and also the maturity will be tax free as per Section 10(10)d. (Read Year End Tax Planning Guide)

Let’s do some MATHS – LIC Jeevan Vriddhi Policy?

Certainly on the face of it LIC Jeevan Vriddhi looks quite attractive, but when it’s a question of finances one should be double careful. Let’s see what guarantee they are actually offering. I am sure that you are interested in guaranteed maturity benefit and not in the loyalty additions which may or may not be declared. Below is the illustrative chart as on the website of LIC which clearly shows the guaranteed maturity value one will get by investing Rs 1000/- in this plan. I have added 2 more columns just to get the actual premium outgo after adding Service tax and what would be the annualised yield at the time of Maturity.

The above table clearly shows that like any other endowment policy, this plan also is generating return in the range of 4%-7%.

Now let’s look at the illustration which shows the variable part also, i.e. loyalty additions

The above illustration is exclusive of tax, but your premium will be inclusive of tax. So we need to calculate returns on with tax premium which comes out to be Rs 30463/- ( @1.545% service Tax). Thus with the guaranteed maturity value of Rs 58665/- the annualised return comes to 6.77% , and  with assumed variable return maturity benefit of  Rs 65998/- the annualised return coms to 8.03%.

In this case your Premium inclusive of tax will be Rs 101545. And annualised returns will be 6.85% Guaranteed and @ 8.12% NON Guaranteed.

Should you invest in LIC Jeevan Vriddhi

We are always of the opinion that whatever financial decision you make should support the overall financial goals and thus for the betterment of Finances. You should always keep 3 points in mind before  zeroing onto any policy

1. There should be a proper reason attached to any of your financial product purchase.

You may want to attach reason for doing tax saving or investment with this product. If you invest in this for tax saving then the annualised return will improve as the net outflow from your side will be less, but this product is not looking suitable for investment purpose as the returns are just at par with average inflation rate. Even if talk about insurance it’s just 5 times of premium.

2. Besides return you should also be aware of the risks associated.

• Inflation risk. As this product is not offering that much return which can beat inflation.
• Taxation risk: Pls keep in mind that the proposed Direct tax code provisions of taking  sum assured equals to at least 20 times the annual premium , only then that policy will be non-taxable at the time of maturity. As the DTC is yet to be announced and this policy has 10 years term so ambiguity is still there.
• Opportunity Risk: 10 years is a very long time. You may get very good returns if you invest in equity related instruments for this much time frame. If you or your advisor knows how to invest in duration funds then you can take advantage of debt funds also. (Read – Types of Risk)

3. You should be aware of all the alternatives to decide better

There is alternative for everything like for tax saving there are many other options available like ELSS, 5 year fixed deposit, National savings certificate etc., for investments also there are many options and even in this policy category (guaranteed maturity benefit) there are many options like ICICI I Assure single plan, Birla sun life Rainbow fund, Bajaj Allianz guaranteed maturity investment etc. My advice is not to mix investment with insurance.

I hope I have empowered you with enough calculations, reasons to invest or reject LIC Jeevan Vriddhi. Now better take informed decision and that too for the betterment of your finances.

read more http://www.tflguide.com

Insurance Review for LIC Jeevan Vriddhi

Product Details LIC's Jeevan Vriddhi is a single premium policy with a 10-year term that offers guaranteed returns on maturity. The guaranteed additions are determined by the age of the policyholder and the amount of single premium paid. The death benefit in this scheme is equivalent to five times the amount of premium paid

Key Features

The guaranteed maturity benefit ranges from 4.70% to 7.09% CAGR (compounded annual growth rate) for a period of 10 years. The same is determined by the age of the policyholder at the time of investing from 8 years to 50 years. However, in the case of single premium payments above `1 lakh, there is an increase of about 0.46% CAGR in the guaranteed maturity benefit. For single premium payments between `50,000 and up to `1 lakh, the increase in guaranteed maturity benefit is about 0.20% CAGR for a period of 10 years.

Surrender Value

The minimum guaranteed surrender value is 90% of the amount of the single premium.

Comparative Analysis

Assuming a single premium payment of `1,00,000 for a policy term of 10 years, the comparative analysis of the maturity proceeds that will accrue to various age groups from LIC Jeevan Vriddhi vis-a-vis a similar investment made in a bank fixed deposit (net of term premium to ensure life cover & taxes) is illustrated herewith:

Notes:

- Bank FD rate of 9.25% is in accordance with the interest rate currently provided by the State Bank of India for a 10-year tenure. The bank interest in the above illustration is compounded quarterly.

- We have assumed the highest tax-slab of 30.9% for post tax calculations.

- We have considered LIC's Anmol Jeevan -single premium for 10 years, for term plan premium consideration. The final outcome may vary if one were to consider term plans offered by other insurance players at lower premiums.

- LIC may also pay loyalty additions to the policyholder at the end of the policy term of 10 years. However, these are not assured and are subject to company's discretion then. 

read more http://economictimes.indiatimes.com

TATA AIG Secured Income Plan

Secured Income insurance Plan

You are responsible for your family’s needs and financial security. However, in these uncertain times, one does not know when, what might happen. Therefore, it becomes your responsibility to ensure your family’s future.
Tata AIG Secure Income Plan is helpful in such times.

 

Key Features of plan

 

• Guaranteed acceptance and no individual underwriting.
• The insured person is covered against accidental death and disability resulting from an accident.
• After the initial AD&D lump sum benefit the beneficiaries will receive regular monthly instalments for the next 5 years.
• The hospital indemnity portion pays out a daily benefit for a maximum of five days if the insured person is hospitalised as a result of an accident. The daily benefit pays out after an initial waiting period of three days has expired.
• Benefits are paid regardless of whether any other benefits are received.
• Coverage provided anywhere in the world, 365 days a year and 24 hours a day.
• The insured person does not have to remember to pay his premium every month as with one single premium payment he can enjoy cover for the whole year.
• read more http://www.tataaiginsurance.in

TATA AIG Health and Accident Insurance

Today health is not just an old age issue. Misfortunes also never announce their arrivals. With our new age lifestyles, our susceptibility to risks has increased more than ever. Some of these risks can often bring in unforeseen hospitalization causing a financial burden on you and your family. With the escalating medical costs the charges like Surgeon's fees, diagnostic tests etc may turn out to be very expensive.

Tata AIG realizes your needs arising from such unforeseen situations and offers a range of solutions that will help you preserve your savings.

Types of Health and Accident Insurance Solutions

You can choose from a host of personal accident and hospitalization insurance options.

  Wellsurance Executive         Wellsurance Family         Wellsurance Woman       
  Accident Guard         Income Guard         Secured Income Plan   

  Secured Future Plan     Maharaksha Personal Injury Plan  

  Individual Accident & Sickness Hospital Cash     Criticare - Critical Illness Cover

 

 Why Tata AIG Health Insurance Solutions?

• No medical examination
• Double claim benefit
• Renewal benefit
• Daily Cash Benefit

• Renew Online

Renew your Accident Guard, Secured Future Plan, Hospital Care insurance policies online.

Pay using Credit Card/Debit Card/Netbanking.

read more http://www.tataaiginsurance.in

Tata AIG customer care number and services

Policy Renewal Options

Renew your policy online or on phone. Pay using your Credit Card/Debit Card/Net Banking.

Policy Renewal Reminder

Get reminded of your policy renewal. Our customer service team ensures that you enjoy uninterrupted coverage.

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Benefit from our convenient Claims Service. To know more about our claims process visit this section.

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The Company is committed to extend the best possible services to its customers. Please refer to our customer grievance redressal policy if you are not satisfied with our services.