Best Way to Evaluate & Compare Insurance Policies in India

There is no shortage of insurance policies in India. In fact, there are dozens of insurance companies offering comprehensive policies for different needs. The biggest trouble for consumers is choosing the right one. Most policies in India seem confusingly similar to each other, so how do you find out which one if best for you? The best way to evaluate and compare insurance policies is to seek help from a professional advisor.

Buying an insurance policy is a huge decision because it will cover your beneficiaries’ needs should you pass away, and can also be an investment. Making the wrong decision can cost you a lot of money. Here are some points you need to compare when choosing from among different insurance policies:

• The term – This refers to the period of time during which you will be paying premiums. Make sure to compare policies that are at the same level. For example, don’t compare a 5-year term with a 10-year term policy.
• Your age – As people grow older, the premiums increase. Each insurance company may compute for your age in a different way. The price of the premium is highly reliant on your age, so this computation is important.
• Your health condition – Some insurance companies offer benefits or better rates for those with healthy lifestyles (non-smokers). You should check if riders for certain illnesses, such as cancer, can be added to the insurance policy.
• Coverage – See what is included in the death benefit. Different insurance companies may also offer different payout options.
• The insurance company – You can’t really predict what will happen in the future. The best thing to do is to learn more about the insurance company you will purchase a policy from. Is the financial strength of the company solid? Are their revenues and stock prices plummeting?

Make things easier by visiting an online insurance consultation site. You just need to provide information such as your age and the cover you will need, and the financial advisor will propose insurance policies that are suitable for you.

Bajaj Life Insurance Makes Your Life Easy and Comfortable

One of the leading insurance companies in India, Bajaj Allianz Life Insurance Co. offers a wide range of insurance policies fit for different kinds of people. Are you interested in buying a policy from this insurer? Here are some of the Bajaj insurance products you can choose from:

1. Term insurance Plans – When you have a term insurance plan, you can rest well knowing that your family will be protected financially should the unfortunate happen. You can choose an annual renewable term insurance plan, which offers yearly coverage with rising premiums every renewal, or a level premium term insurance plan, which offers a multiyear period coverage with a locked in premium. Several types of term insurance plans are available from Bajaj Life to suit your needs.
2. ULIP – A unit linked insurance plan can help you hit two birds with one stone. Aside from having life coverage, this type of insurance plan from Bajaj Life Insurance comes with an investment feature.
3. Savings Plan – Life insurance usually only pays out when the insurer dies, but with Bajaj Allianz Life Insurance savings plan you can enjoy up to 115% of the sum assured upon maturity of the term.
4. Investment Plan – Maybe you have big dreams for your child, and you want to save up for his or her university tuition fee. Perhaps you want your own home one day. An investment plan from Bajaj Life Insurance can help you achieve these goals while also keeping you protected.
5. Retirement Plans – It’s important to plan the future, even if you are just in your 20’s. You can give yourself as well as your significant other a better life with a retirement plan from Bajaj Life Insurance.

For even more protection, check out the riders offering additional protection from Bajaj Life Insurance.

Health Insurance Plan – The Big Objective of Insurance Companies

Healthcare costs continue to rise with each passing year. In fact, the yearly increase in healthcare costs outpaces inflation significantly. This leads to significant cash crunch in times of medical emergencies and people have to ask for loans from family and friends to pay for their treatment. However, the situation can be easily avoided with a health insurance policy.

Health insurance allows you to pay for all your healthcare expenses. And some policies provide health cover not only for the insured individual but also for his or her family members. Depending on the type of policy and insurance cover, expenses incurred are either reimbursed or paid for directly to the healthcare provider. Like in the case of other insurance, one has to pay regular premiums for health insurance. In return, the insurance company covers a portion of the medical costs. Health insurance is an important component of an employee benefits package and is used to attract quality talent by employers.

There are various types of health insurance plans available in the market today. Essentially, there are three kinds of health insurance covers:

Individual Health Insurance or Individual Mediclaim
This is the simplest and most popular type of health insurance plan available in the market. It offers risk cover to an individual towards medical and hospitalisation expenses to the extent of the sum assured.

Family Floater Plan
These plans are improved form of healthcare policies and are cheaper than individual policies. The term ‘floater’ means that a single sum insured covers all members of a family and is available to one or more members in case of an eventuality.

Unit Linked Health Plan (ULHP)
These are similar to unit linked insurance plans (ULIPs), they offer a mix of health insurance and investment. A part of the premium is invested, and the rest is available for health cover, providing a safety net as well as returns.

Benefits of Health Insurance
• Peace of mind since you don’t have to worry about medical expenses
• Reimbursement of pre- and post-hospitalisation expenses
• Income tax benefits under section 80D
• Flexible insurance cover
• Benefit of lifelong renewal – avail facilities up to old age
• No need to carry cash – avail cashless treatment in case of hospitalisation