Many of us in India are now getting aware that a Term Plan is important, but do not know what really is the extent to which we need to protect our family financially. So we end up postponing our buying decision, or sometimes not buying at all, putting our families to very high risk financially. There are 2 things that you need to protect financially through a term plan. 1. Your Future Income This is what you will contribute to your family over time. In case you … [Read more...] about Term Plan – Know What to Cover Before you Buy
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Term Insurance – Benefits and Importance in India
You will be surprised how contradictory our logic can be when you read about buying of term insurance plans in our country! I bet there is hardly any earning spouse or parent who will deny the fact that they love their spouse, parents, siblings and children, and own up the responsibility to make sure they are all taken care of as long as required. But here is an analysis that will surprise you. If I were to do a survey in India, among those families with an annual income of at … [Read more...] about Term Insurance – Benefits and Importance in India
Claim Settlement Ratio for Term Insurance by IRDA : 2017-2018
IRDA has announced the Claim Settlement Ratio for 2017-2018 in Dec 2018. This is valid as most recent till Dec 2019, when the next year’s data will be published by the Regulator. If you are looking for a term insurance plan, you MUST know the IRDA Claim Settlement Ratio (CSR) before making the decision. At this point, we must tell you that in spite of the fact that overall CSR is NOT the best way to decide on your term insurance plan, you cannot ignore it because it is one of the best available … [Read more...] about Claim Settlement Ratio for Term Insurance by IRDA : 2017-2018
The Best Term Plans of 2019
Now the question was to identify the right companies that my family could rely on when I was no longer there. I was considering purchasing more term insurance. I had a cover of 2 Crore but had realized that it was too less. The first thing I did was to go to mintwise.com to check out the products with the lowest premium for my age profile. Unsurprisingly, smaller or newer companies offered products with lower premium. Names like HSBC Canara, Edelweiss Tokio Life, Future Generali were visible on … [Read more...] about The Best Term Plans of 2019
Claim Settlement Ratio for Term Insurance by IRDA : 2016-2017
IRDA has announced the Claim Settlement Ratio for 2016-2017 in Dec 2017. This is valid as most recent till Dec 2018, when the next year’s data will be published by the Regulator. If you are looking for a term insurance plan, you MUST know the IRDA Claim Settlement Ratio (CSR) before making the decision. At this point, we must tell you that in spite of the fact that overall CSR is NOT the best way to decide on your term insurance plan, you cannot ignore it because it is one of the best available … [Read more...] about Claim Settlement Ratio for Term Insurance by IRDA : 2016-2017
WHAT IS TERM INSURANCE?
Term Insurance is a product for risk coverage. In other words, it’s a product to mitigate risk for a term, generally a year. Now the question is - risk of what? Risk is everywhere and for everything in our whole existence. The essential risks that common people try to cover through insurance are: Risks related to Loss of Life; Health Issues; Loss of Assets like moveable or immoveable Property; Running Vehicle; Overseas Travel; and Trade. Of these, some of the insurances are compulsory in … [Read more...] about WHAT IS TERM INSURANCE?