Online Term Insurance India

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Best Savings Plan
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How to buy term life insurance online?

• Term life insurance plans in India are available
  in online mode as well as offline mode. In
  todays age people generally prefer online mode
  as it is cheaper than offline term insurance and
  much more convenient. Most of the websites are
  very friendly and it is actually very easy to buy
  term life insurance online. In other words, the
  steps of how to buy online term insurance are
  very easy.
• What is more important is the evaluation
  framework to be used when you compare term
  insurance plan in India and decide the best term
  plan policy to buy. To do that there are 3
  parameters as below.
• Claim Settlement Ratio.
• Solvency Ratio.
• Premium for Comparable Sum Assured.

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Claim Settlement Ratio

• Moneycontrol defines Claim Settlement Ratio as
  below.Claim settlement ratio in the case of
  life insurance refers to the number of claims
  that the insurer has paid following the death of
  policyholders. Thus, if a life insurer has a
  claims settlement ratio of 60 percent, it means
  that the insurer pays 60 out of every 100 claims
  filed when the policyholder dies.
• Claim Settlement Ratio is a very important factor
  while deciding which insurer to choose. If the
  sum assured is not paid to a persons
  beneficiaries when he dies, then the entire
  purpose of Life Insurance is defeated. It is
  especially important, when the beneficiary
  depends on the money for their livelihood in the
  absence of the deceased.
• The higher the claim settlement ratio, the better
  it will be for the insured person. LIC in India
  has one of the highest claim settlement ratios of
  98.14 as per IRDA data for 2014.

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The below table provides a list of 24 Life
Insurance Companies in India along with their
claim settlement ratios.
Please note that the ratios above are for all
life insurance products and not only for term
life insurance plans.
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Online Term Insurance Plans in India

• LIC Online Term Plan
• LIC e-Term Plan is a term life insurance policy.
• Proposal on own life ONLY will be considered.
• If you smoke /use tobacco, your premium will be
  roughly 25-30 higher than that of a non- smoker.
• For details please go through LIC e-Term
  Plan website.
• I have earlier provided a review of LIC e Term
  Plan.

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ICICI Prudential Life Insurance online term plan

• ICICI Prudential Life Insurance Company (ICICI
  Prudential Life) is a joint venture between ICICI
  Bank Ltd., and Prudential plc, a financial
  services group headquartered in the United
  Kingdom.
• ICICI Pru iProtect a non-participating term
  assurance plan.
• Special premium rates for non-tobacco users.
• Additional payout on death due to an accident
  (Option II).
• For more details please go to on ICICI Pru
  iProtect website.

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Bajaj Allianz Online Term Plan

• Bajaj Allianz is a joint venture between Bajaj
  Finserv Limited (recently demerged from Bajaj
  Auto Limited) and Allianz SE.
• Bajaj Allianz iSecure is a non-participating term
  assurance plan.
• Bajaj Allianz iSecure provides separate sets of
  premium rates for sum assured less than 20,00,000
  and for sum assured of 20,00,000 above.
• Special premium rates for non-smokers and for
  medically fit non-smoker.
• Option to take an Individual or a Joint Life
  policy.
• Option to take death benefit in annual
  installments.
• For details please go through the Online Term
  Insurance India

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Best Term Insurance Plan in India based on Model

• Finally I present to you my view of the best term
  insurance plan in India.
• It is Max Life Online Term Plan Basic Life Cover
  with a score of 85 out of 100. Here are the top 5
  companies
• Max Life 85
• Bajaj Allianz 78.5
• ICICI Pru 76
• LIC 72
• Kotak Mahindra 63

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The scores are derived from a proprietary Scoring
Model developed by me, which is based on
5 factors.

• Reliability Factor based on Claim Settlement
  Ratio
• Size Factor based on Asset Under Management
• Cheapness Factor based on Indicative Premium of
  30 year old non-smoker male for 1 Crore Sum
  Assured
• Longevity Factor based on Solvency Ratio
• Customer Focus Factor based on Grievance
  Redressal
• Source http//mkerj.com/best-term-insurance-plan-
  in-india-2015/

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