Insurance Information
| 1. Types of Insurance 2. Insurance Companies in India 3. Web Resources 4. Comparison of term insurance plans 5. Frequently Asked Questions |
Types of Insurance
Any risk can be insured for a price. Hence there are many types of insurance such as Automobile Insurance, Business Insurance, Health Insurance, Life Insurance, Pet Insurance, Travel Insurance, Property Insurance, etc. This webpage will focus on health and life related insurance policies in India.
There are following types of Life insurance policies- Endowment Policy
- Group Insurance
- Joint Life Insurance Policy
- Loan Cover Term Policy
- Money Back Policy
- Pension Plan
- Term Life Insurance Policy
- Unit Linked Insurance Plans
- Whole Life Insurance Policy
- Medical Insurance (Mediclaim)
- Travel Insurance
Insurance Companies in India
The following are the insurance companies in India.- Aviva Life Insurance
- Bajaj Allianz
- Bharti AXA Life Insurance Co Ltd
- Birla Sunlife
- HDFC Standard Life
- ICICI Prudential Life Insurance
- ICICI Lombard
- IFFCO-Tokio General Insurance Co. Ltd.
- ING Vysya Life Insurance
- Kotak Mahindra Old Mutual Life Insurance
- Life Insurance Corporation of India
- Max Newyork Life Insurance
- Metlife India Life Insurance
- Reliance Life Insurance Company Limited (Formarly AMP Sanmar LIC)
- SBI Life Insurance
- Shriram Life Insurance
- Tata AIG Life
Web Resources
These are the best sites for health insurance information in India.
http://www.bimaonline.com/http://www.insuremagic.com/
http://www.insurancemall.in/
Comparison of term insurance plans
Generally insurance agents shy away from recommending Term Insurance plans. This is because the term insurance plans have a very low margin for the insurance agents. MeraMD is the first site to provide detailed comparison of term insurance plans for your benefit.
The advantage of term insurance is that you are not paying the insurance companies to invest on your behalf, the downside is that you need to be disciplined enough to make good investments yourself. Term insurance gives you a much larger Sum Assured than other plans, for the same amount of premium, because its a pure risk cover.
The method used to compare the term plans costs across the insurance companies was this. We took the following parameters across all plans:
- Healthy male life, 30 years age
- Term of 25 years, with regular premium
- Premium paid annually
- Sum Assured of Rs 10 Lakh
| Policy Name | Min entry | Max entry | Max Age | Min term | Max term | Min SA | Max SA | Cost (Rs.) | |
| Aviva | LifeShield | 18 | 55 | 65 | 5 | 40 | 500,000 | NA | 3530 |
| Bajaj Allianz | New Risk Cover | 18 | 60 | 65 | 5 | 40 | 400,000 | 50 Cr | 3730 |
| Bharti AXA | Secure Confident | 18 | 55 | 60 | 5 | 25 | 500,000 | NA | 2940 |
| Birla | Term Plan | 18 | 55 | 70 | 5 | 25 | 200,000 | NA | 3551 |
| HDFC | Term Plan | 18 | 60 | 65 | 10 | 30 | NA | NA | 3050 |
| ICICI Prudential | LifeGuard | 18 | 55 | 65 | 5 | 30 | 500,000 | NA | 3025 |
| Kotak | Term | 18 | 60 | 70 | 5 | 30 | 250,000 | 5 Cr | 4602 |
| Kotak | Term Prefered | 18 | 55 | 60 | 5 | 30 | 250,000 | 5 Cr | 3143 |
| Max New York | Level Term | 18 | 55 | 60 | 5 | 25 | 250,000 | 5 Cr | 3050 |
| LIC | Anmol Jeevan | 18 | 55 | 65 | 5 | 25 | 500,000 | 3 Cr | 3821 |
| Metlife | Suraksha TA 60 | 18 | 60 | 65 | 5 | 25 | 50,000 | None | 3600 |
| Reliance | Term Plan | 21 | 60 | 65 | 5 | 25 | 250,000 | None | 3070 |
| SBI Life | Shield -Level | 18 | 60 | 65 | 5 | 25 | 300,000 | 25 Cr | 2964 |
| Tata AIG | Raksha | 18 | 50 | 60 | 10 | 25 | NA | None | 2640 |
Additional notes for the above table:
- Most companies mention that taxes are extra. Some dont. Its been assumed that quotes are exclusive of taxes whereever the official website did not specify.
- Most companies provide additional riders, typically Accidental Death Benefit, Permanent Disability Benefit and Critical Illness Benefit. Some companies have other innovative riders like Waiver of Payment, etc.
- ICICI provides online purchase of risk cover for upto Rs 10 Lakhs if the life covered is in the 20-40 age bracket.
- Most companies have lower premiums for female life covers.
- The sum assured can typically be increased in increments of Rs 1 Lakh, while the term can be incremented typically in blocks of 5 years.
Frequently Asked Questions
MeraMD.com will provide answers to all your insurance queries
through the qualified Insurance Agents on the meraMD panel. Please send
your query to .
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