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?
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MintWise has also published Claim Settlement Ratio for Term Insurance by IRDA : 2016-2017 which has the latest data. IRDA has announced the Claim Settlement Ratio for 2015-2016 in Dec 2016. This is valid as most recent till Dec 2017, 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 … [Read more...] about Claim Settlement Ratio for Term Insurance by IRDA : 2015-2016
One cannot afford an error when buying a online term plan. That's because by the time one realizes it was wrong, she/he is already dead and gone and it is the nominee who would go through the pain of getting the claim amount. While most insurance companies will settle without any issues, some others may take a while or have reasons for rejection which one may not have considered significant at the time of buying the online term plan. And it is not worth making that mistake, right? So … [Read more...] about Online Term Plan – The Right Way to Buy
If you have been trying to buy a term insurance plan lately, it is quite possible you've come across many types which offer different types of death claim benefits and are not sure which one is right for you. If that is indeed the case, this article will help you pick the right one from the several types of term insurance plans available in India today. Like ice-creams, term plans have gone beyond just the plain vanilla version. In the last year or so, insurance companies in India … [Read more...] about Types of Term Insurance Plans – How to choose right
It is important to find out not just how good is an insurance company's claim settlement ratio, but also how consistent it has been. Thankfully, the IRDAI publishes this information on a regular basis every year and it is a good metric to rely on when comparing and buying term insurance plans in India. We have compared the claims settlement ratio for all the life insurance companies for the last 6 years. This is based on the latest information that is available as on date. Let us see … [Read more...] about Buying a Term Plan? Check Claims Settlement Ratio Consistency
MintWise has also published Claim Settlement Ratio for Term Insurance by IRDA : 2016-2017 which has the latest data. 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 indicators as of today. Definition / Formula of … [Read more...] about Claim Settlement Ratio for Term Insurance by IRDA : 2014-2015