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
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
This is impressive! But I have to tell you about personal financial planning info I got from a company. He had every information and very happy with the service he offered. Also, I am going to share this post with my friends.
ReplyDeleteTerm plans are such a vital aspect of financial planning that often gets overlooked. It's like a safety net ensuring your loved ones are financially secure even when you're not around. I recently got myself a term plan after realizing its importance, and it's reassuring to know that my family's future is secured. demise.
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