How can you choose the best Health Insurance Plan at an affordable price? (1)

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Why should you Compare Term Insurance Policy
before buying it?
BimaKaro.in
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online term insurance plan.

•  Acceptance of insurance as a life coverage
  product is now more than ever before. Earlier,
  people contributed to life insurance because of
  fear, but now they do this to enjoy peace of
  mind. People are done with the fear of death, and
  they are motivated to explore life.
• In this changing environment, web aggregators and
  online insurance brokers have also played a
  significant role in increasing insurance
  awareness. Online players have also created ease
  for insurance buyers to compare different
  features of life insurance policies online.
  However, many people do not still know about
  comparison process and choosing a term plan.
•  
• Let us start with a basic understanding of the
  term insurance plan. Term insurance is a pure
  life product that provides you with the death
  cover at a low cost. As the name suggests, it is
  for the specified term. If you buy a basic term
  plan, it offers a cover for a predefined period
  like 75 years, 85 years, 100 years, etc. Based on
  your requirement, you can choose to contribute to
  it.

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Term Plans
Level Term Plans The most basic form of term
insurance is a level term plan. This is the most
cost-effective term plan, as the premium decided
at the inception remains fixed or levelled for
the entire tenure. Ideally, your life insurance
cover should address your two primary objectives
after you first, your familys lifestyle and
second, your debts repayments. Level term plan
simply does that by providing you enough cover at
a low price.     TROP (Term Plan with Return of
Premiums) Term Insurance Plan offers the option
of return of premiums. This simply means that an
individual will get contributions back if he/she
outlives the policy tenure. Many buyers are
apprehensive about starting a term policy just
because they think their contributions will not
yield anything if they survived the tenure. But
this is not a concern anymore with TROP
option.     
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Best Term Plan
Increasing Term Plan Increasing term plan gives
you an option of increasing cover with the
increasing age. This plan provides you with the
benefits of increased sum assured to fulfil your
financial goals or to have your cover amount
adjusted against inflation. Increasing term plan
helps you to adjust cover as per your life
stages. For example, an unmarried individual
would be okay with less sum assured, but after
getting married and with children, he /she would
need high cover to ensure their dependents are
safeguarded.   Decreasing Term Decreasing term
plans offer a reduction of the life cover with
the increasing age. The contributions to this
plan are mainly made to cover the liability of a
home mortgage. For example, if an individual has
a mortgage or debt with a tenure of 20 years or
more. He/she can buy a decreasing term plan. With
the reducing debt over the years, the sum assured
of term insurance reduces coherently. Therefore,
this plan helps you ensure that your family is
protected against your mortgage or a long-term
debt, even when you are not there. 
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Online term Insurance Plan
Convertible Term Plans Convertible plans offer
you an option to convert a term plan into any
other like an endowment at a future date. Terms
and conditions are also dependent on the
insurance product that you buy. The convertible
plan is helpful if you need a life cover for some
years and later want to switch to a plan with
maturity benefits.       How to compare term
insurance policy? When you plan to buy term life
insurance, you need to do a bit of research to
understand. You need to compare term insurance
policy to know which product best suits you. You
can log on to www.BimaKaro.in, enter details like
name, gender, life stage, date of birth, mobile
no, education, habits (smoking, alcohol, etc.)
and income to see the list of plans available for
you.  A comparison will clearly show the
difference between the plans. This feature offers
you the contrast between the terms, pricing,
tenure, and coverage amount. Many different
online platforms also provide details of
different riders available with the plans.
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Buy Term Insurance
  Claim Settlement Ratio One of the most critical
points you should consider while buying a term
insurance plan is the claim settlement ratio. The
claim settlement ratio is a percentage of claims
approved by an insurance company against the
specified periods total request. Below are the
claim settlement ratios of some of the best term
insurance plans

Sourcewww.Bimakaro.in
Term Insurance Plan Name Claim Settlement Ratio
HDFC Life C2P Plus Life Plan 99.07
MaxLife Smart Term Plan 99.22
ICICI Pru iProtect Smart plan 98.60
PNB Metlife 97.12
Canara OBC 98.12
Aegon Life iTerm Dual Protect 96.50
Kotak Mahindra 97.40
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Term Plan

• Solvency Ratio
• Another critical aspect to consider while
  comparing a term life insurance plan is the
  solvency ratios of different life insurance
  companies. The solvency ratio measures a life
  insurance companys ability to meet its debt
  obligation if it faces insolvency. In simple
  terms, if the solvency ratio of a company is
  lower, there is a high risk of default on
  obligations, if the company is under stress. The
  solvency ratio calculation is provided below
• Solvency Ratio (Net Income Depreciation) /
  Liabilities
• 
  Source www.Bimakaro.in

Company Solvency Ratio
HDFC Life 2.52
MaxLife 2.75
ICICI Prudential 2.10
PNB Metlife 2.52
Canara OBC 3.65
Kotak Mahindra 2.60
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compare term insurance policy online

• Premium Costs
• It is always all about money! This matters when
  you buy a term plan. When you compare term
  insurance policy online, you must see what
  premiums are offered by different insurance
  companies. You must choose a plan that suits your
  pocket. Also, consider the frequency of the
  premiums as per your paying capacity. Some people
  feel comfortable paying monthly premiums, and
  others feel comfortable paying quarterly,
  half-yearly, or annually. Premium frequency
  options may differ with insurance providers.
  Therefore, you should assess and choose an
  affordable plan. 
•  
• Eligibility Criteria and Policy Issuance Process
• It is further imperative to understand if you are
  eligible to buy a term policy or not and what
  documents are required to buy a policy. Term
  insurance underwriting is done based on your
  income, education, your medical condition and
  age. When you compare term insurance
  policy online, you should ensure that your
  coverage is as per your requirement. Many term
  policies offer telephone medical check-up, but
  this is based on the declarations that you have
  made about your health. In some cases, insurers
  will demand your medical tests.  
• Necessary documentation and KYC requirements
  include PAN Card, aadhar card, address proof,
  three-month salary slips / ITR 6 months bank
  statements, etc. 

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Term Insurance Plans in India

•  Best Term Insurance Plans in India
• To compare the best term life insurances
  available in India, you can simply log on to the
  website www.BimaKaro.in and provide the necessary
  details to compare the plans available. 
• Below is the comparison of the top three
  insurance plans

Plan Name Maturity Age Annual Premium Claim Settlement Ratio Solvency Payment Options Payment Frequency
Max Life Smart Term Plan 85 24,437 99.22 2.75 Single Pay Regular Pay Limited Pay up to 60 years Monthly Yearly
HDFC Life C2P Plus Life Option 85 36,903 99.07 2.52   Single Pay Regular Pay Limited Pay     Single Monthly Quarterly Half Yearly Yearly
ICICI iProtect Smart 85 33,500 98.60 2.10 Single Pay Regular Pay Limited Pay   Single MonthlyHalf Yearly Yearly
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Bimakaro
This comparison has been done assuming Geder
Male, Age 39 years, Non Smoker, Income of 15
lakhs Comparing and buying a term insurance plan
is easy. You just have to log on to the websites
like www.BimaKaro.in, compare and complete the
journey for purchase. It is easy and matter of a
few minutes.