Life Insurance is the best way to tackle the uncertainties of life. A Life Insurance policy is an agreement between the insurer and the insured under which the insurer promises to pay a lump sum in case of the policyholder’s death. The policyholder has to appoint a nominee at the commencement of the policy. The policyholder pays premium(s) in lump sum or regularly through a certain period of time. Within this period (policy tenure) if the life insured dies the nominee will receive the sum assured payable by the insurer.
There are at least 24 life Insurance Companies in India. You can buy life insurance products from them either online or by visiting your nearest branch of the insurance company. With the introduction of online plans buying life insurance has become easier and hassle-free. Nowadays, not only can you buy life insurance plans online, you can also take professional help for choosing the right plan for you. There are a number of Online Insurance Aggregators that offers this kind of professional aid absolutely free of cost.
If you have ever visited the website of an Insurance Aggregator you may have realized the advantages of using a platform like this for buying insurance policies. The most important advantage of an aggregator is that it allows you to make comparison among a number of life insurance plans based on your requirements. If you have a very little knowledge about life insurance, you can gain knowledge by reading a number of informative and educative articles that are available on a web aggregator’s homepage. You can also find detailed overview of a plan as well as useful information about a life insurance company on the site of a web insurance aggregator.
The importance of Web Aggregators is undeniable while you are thinking of buying a life insurance plan. Before buying a life insurance product it is necessary to check the claim settlement ratio of the company you are thinking of buying a policy from. Next you should check the different products offered by the company and also read the features and benefits of the products. Otherwise you can just enter your requirements and the aggregators will suggest the life insurance plans that suit your requirement.
Here is an instance where a 30 years’ old professional (non-smoker) opts for the life coverage of Rs. 1 Crore. After going through the comparative overview of several life insurance plans (as well as companies) shortlisted by policybazaar.com, he chooses three Term insurance plans before making the final selection. Following are the comparative view of the three term plans offered by Bajaj Allianz, Birla Sun Life and Max newyork Life Insurance.
|Plan Name||iSecure Plan||Protect@Ease Income Plan||Max Life Online Term Plan|
|Company Name||Bajaj Allianz Life Insurance||Birla Sun Life Insurance||Max Life Insurance|
|Claim Settlement ratio||91.9 %||95.3%||96.03%|
|Maximum Maturity age||60 years||60years||65 years|
|Premium amount||Rs. 13,754/-||Rs. 9948/-||Rs. 9085/-|
|Riders||N/A||Surgical care, hospi cash, critical illness, accidental death||Accidental Death And Disability Rider, Waiver of premium rider|
The three life Insurance companies mentioned above offer plans with different features and benefits, as you can see in the table. (You can also download the product brochures from the site of the web aggregators in order to know about the plans in detail.)
Bajaj Allianz iSecure Plan is a traditional non-participating term insurance plan. As per the table shown above, if you are 30 years old, you have to pay Rs. 13,754/- yearly for 30 years to avail the benefits offered by the plan. However anybody aged between 18 and 60 years can be eligible to buy this Bajaj Allianz life term Insurance Plan.
Birla Sun Life Protect@Ease Plan is a traditional term insurance plan. You have to be aged between 18 and 55 years to be eligible for the plan. The minimum and maximum amounts that the plan guarantees as the death benefit are Rs. 50,00,000/- and Rs. 500,00,00,000/- respectively. However for the sum assured of Rs. 1 Crore you have to pay Rs. 9948/- yearly for 30 years if you are already 30 years old (as shown in the table). Moreover, the plan offers 4 rider options to strengthen your protection.
Max Life Online Term Plan is a non-linked non-participating pure term plan offered by Max newyork Life Insurance. Max NewYork Life Insurance is now known as Max Life Insurance Company. However both names are alternatively used by the customers. Max newyork life insurance has the highest claim settlement ratio among the three plans as shown above. As per the eligibility criteria of the plan, the permitted entry age is from 18 to 60 years. Unlike the two plans previously mentioned, this plan covers up to 65 years. This plan also allows you to buy additional riders for an enhanced protection.
There are a number life insurance companies that offer various life insurance plans. It is necessary to choose the right plan depending on your financial requirements. Hence, it would be wiser to take help of online insurance aggregators so that you can select the right plan that suits you best.