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Online Term Insurance India


Click on For more details Presenting the Bajaj Allianz iSecure Insurance Plan; a level Best Term Insurance Plan that secures your family's financial needs by giving you a high sum assured at a low cost. – PowerPoint PPT presentation

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Title: Online Term Insurance India

Best Savings Plan
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.

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.

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.
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

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
  • 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.

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
  • Option to take death benefit in annual
  • For details please go through the Online Term
    Insurance India

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
  • Max Life 85
  • Bajaj Allianz 78.5
  • ICICI Pru 76
  • LIC 72
  • Kotak Mahindra 63

The scores are derived from a proprietary Scoring
Model developed by me, which is based on
5 factors.
  • Reliability Factor based on Claim Settlement
  • Size Factor based on Asset Under Management
  • Cheapness Factor based on Indicative Premium of
    30 year old non-smoker male for 1 Crore Sum
  • Longevity Factor based on Solvency Ratio
  • Customer Focus Factor based on Grievance
  • Source http//

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