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.

Benefits of Choosing Bajaj Allianz Life Insurance Policy for Securing Your Life

Bajaj Allianz Life Insurance Company limited is one of the leading life insurance companies in India. The company is a joint venture of Allianz SE and Bajaj Finserv Limited, both of which enjoy reputations of strength, stability, and expertise.

One of the main benefits of choosing a life insurance policy from Bajaj Allianz is you can find many options. Whether you want a term insurance plan, ULIP or unit linked endowment plan, savings solutions, or investment solutions, Bajaj Allianz has a product that will suit your needs.

To help you figure out the cover you require, Bajaj Allianz’s website has need calculators. Sales and customer service are also available along with insurance tools. All of the information you will need—like what kinds and types of life insurance plans are offered, how plans work, key features, policy benefits and features, and even sample illustrations—are offered by Bajaj Allianz. An informed decision is highly needed when buying a life insurance policy. Here are some of your options from Bajaj Allianz:

• Term insurance – A term life insurance policy is the purest form of insurance available. During a particular term, a policy holder will pay fixed premiums and should the insured die, a sum assured or guaranteed amount of money will be given to the beneficiaries. iSecure, iSecure More, and iSecure Loan are Bajaj Allianz’s term insurance plans.
  
  
• Savings plan – This type of life insurance can do more than just provide protection for your family against financial dangers due to unforeseen death. The growth of insurance and protection of life are combined in Bajaj Allianz’s savings plan. Products include Save Assure, Guarantee Assure, Cash Assure, and Super Life Assure.

ULIP – Gives you the best of both worlds: Life insurance policy and market linked instrument for financial growth. Your premium will be divided between buying life insurance cover and investing in asset class investments. Bajaj Allianz offers Future Gain, Fortune Gain, and Principal Gain ULIP.

Compare Insurance Policies: Get the Best Policyat Lowest Price

Some people do not bother to obtain multiple quotes from different insurance companies because the process is time-consuming. Do not make this same mistake. If you want to get the best deals on insurance policies, then you must absolutely do some comparison shopping prior to purchasing a plan.The good news is that you can now use an online life insurance quotation tool--a quick way to obtain quotes from multiple reputable insurers all at once. 

Life insurance plans are complicated products that are extremely difficult to compare and evaluate. Policies are made up of varying financial, legal, and probabilistic elements that are difficult to reduce to a unitary measure. Don’t attempt to compare insurance policies all by yourself, as doing so can easily take you days and even weeks. Online life insurance comparison tools are much easier to use. 

Even better, use a website that offers online consultations on insurance and investment solutions. The best websites go beyond just providing a calculator or a comparison chart—they also provide consultations and advice from experienced, enthusiastic, and qualified professionals who can cater to your every financial need, from term insurance to motor insurance to investment plans.

The best insurance comparison sites have tied-up with all major insurance providers so you can be sure that no stone is left unturned in providing the best insurance product as per your need. Simply leave your detailsand their experts can assess your needs and contact you with personalized solutions.

A good comparison site can help you weed out unsuitable plans and pick right policy for your specific concerns. You will clearly see the key features and benefits of different types of plans, eligibility requirements, premium costs, exclusions, and other such factors. 

Most importantly, the best insurance company comparison consultants are unbiased. Their advisors are certified professionals who put your needs—not their commission—first. They can give you personalized solutions that you can afford.

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