Insurance is taken for just compensating the loss.
In life insurance, your family will be protected against the financial loss in case they lose you.
In case of general insurance, you will be compensated the loss due to damage of the item insured like (vehicle, home or health as the insured item)
Aviva Life Insurance
Bajaj Allianz
Birla Sun Life Insurance
HDFC Standard Life Insurance
ICICI Prudential
Kotak Life Insurance
Life Insurance Corporation of India
Max New York Life
MetLife
Reliance Life Insurance
Sahara India Life Insurance
SBI Life InsuranceShriram
Life Insurance Co Ltd.
Tata AIG Life
21 ST CENTURY INSURANCE
ACE
AXA Group
Cathay Financial
Cattolica Assicurazioni
China Life Insurance
CNP Assurances
Corporation Mapfre
Euler Hermes
Fuji Fire & Marine
Hannover Re
Helvetia Patria
Legal & General Group
Lincoln National
Loews
Scor
XL Capital
Zurich Financial Services
WR Berkley
UnumProvident
Bajaj Allianz
Birla Sun Life Insurance
HDFC Standard Life Insurance
ICICI Prudential
Kotak Life Insurance
Life Insurance Corporation of India
Max New York Life
MetLife
Reliance Life Insurance
Sahara India Life Insurance
SBI Life InsuranceShriram
Life Insurance Co Ltd.
Tata AIG Life
21 ST CENTURY INSURANCE
ACE
AXA Group
Cathay Financial
Cattolica Assicurazioni
China Life Insurance
CNP Assurances
Corporation Mapfre
Euler Hermes
Fuji Fire & Marine
Hannover Re
Helvetia Patria
Legal & General Group
Lincoln National
Loews
Scor
XL Capital
Zurich Financial Services
WR Berkley
UnumProvident
1. What do I have to pay?
Premiums are what you pay the insurance company when buying a policy. This could be a one-time or an annual payment. It could be for a few years or for many years.
A friend of mine took a money-back scheme which needed him to pay a very hefty premium for just three years. When he turns a particular age, he will be given a lumpsum.
There are other schemes which require you to pay a premium till you turn 55 years of age. After that, you get a lumpsum returned to you.
Still others may require you to make a payment just once.
Also, check the frequency of premiums. Are you required to pay it every quarter, twice a year or once a year? If you are required to pay it every quarter or twice a year and you miss it and make it once a year, you will have to pay a late payment fee.
Issues to considerAre you taking a scheme that requires you to pay a premium only for a few years? If yes, is it very high? Will you able to service it without struggling to make ends meet?
Are you paying a premium every year? Will you be able to cough up that sum even if you are without employment for a year or two?
I took a policy that requires me to pay around Rs 43,000 every year so that I will get a huge amount when I am 55. The problem is that I was very enamored when I signed the policy. Now I am finding it a huge liability to give that amount every year. Moreover, if I want to take a break from work for a year or two, I will find it a big struggle.
2. What will I get?
What is it you are looking for when you buy insurance?
Are you scouting for an insurance cover to protect your dependents in case you die? Then just a term life will do. Here, you pay a premium every year till the tenure of the plan. If you die during this time, your dependents get the money. If you live, which is what you are hoping will happen, you get nothing.
So let's say you take a 10-year term insurance plan for Rs 10 lakh (Rs 1 million). If you die during this time, your nominee will get Rs 10 lakh. If you live, no one gets anything.
The good news is that term insurance is the cheapest life insurance available.
Are you looking at a retirement plan? Are you looking at supplementing your income after a particular age? Then you should go in for a plan that gives annuities. This is a plan which gives you a fixed amount every month (or at fixed periods) after a particular age.
Or are you looking a lumpsum? Then opt for an endowment plan which will give you a fixed amount on maturity.
DeathHow much will my nominee get if I die?Money-back
If I die, will my nominee get anything? If I live, how much will I get on maturity? What is the sum assured? This is what you are sure of getting. What is the maturity amount? Besides the sum assured, there may be additional bonuses. These bonuses plus the sum assured will give you the maturity amount.
At what age can I expect this amount?
Annuity
How much can I expect? At what age will the payments start?Will they be made every month or every quarter?For how many years will the payments be made?
3. What sort of a bonus can I expect?
First, you need to find out if your scheme provides for a bonus. If it does, you need to determine whether it is a reversionary bonus or just one at the end of the term.
Reversionary bonuses are added to your policy through the term. It may be declared every year or every few years, but it will not be handed over as soon as it is declared. It will be added to your sum assured (the money you are sure of getting at the end of the term).
Is the bonus variable? If the bonus is not fixed but depends on the profits of the company, it is referred to as a with-profit bonus. Are you willing to take the chance that, in some years, the bonus declared may be very low or, if the company does not make much of a profit, it will not declare a bonus?
I know someone who was told he could expect around Rs 20 lakh (Rs 2 million) on maturity. But he later realised the bonus was a with-profit bonus. The sum assured was just Rs 10 lakh (Rs 1 million). The agent calculated an 'expected bonus' for each year and arrived at the amount.
The with-profit bonus is offered purely at the discretion of the insurer and depends on the profits made that year.
As opposed to it, there is a guaranteed bonus. This is part of the sum assured. It will be paid to you on maturity of the policy or to your nominee if death occurs before that.
Once you get a grip of these issues, you will be in a much better position to compare plans from various companies
Premiums are what you pay the insurance company when buying a policy. This could be a one-time or an annual payment. It could be for a few years or for many years.
A friend of mine took a money-back scheme which needed him to pay a very hefty premium for just three years. When he turns a particular age, he will be given a lumpsum.
There are other schemes which require you to pay a premium till you turn 55 years of age. After that, you get a lumpsum returned to you.
Still others may require you to make a payment just once.
Also, check the frequency of premiums. Are you required to pay it every quarter, twice a year or once a year? If you are required to pay it every quarter or twice a year and you miss it and make it once a year, you will have to pay a late payment fee.
Issues to considerAre you taking a scheme that requires you to pay a premium only for a few years? If yes, is it very high? Will you able to service it without struggling to make ends meet?
Are you paying a premium every year? Will you be able to cough up that sum even if you are without employment for a year or two?
I took a policy that requires me to pay around Rs 43,000 every year so that I will get a huge amount when I am 55. The problem is that I was very enamored when I signed the policy. Now I am finding it a huge liability to give that amount every year. Moreover, if I want to take a break from work for a year or two, I will find it a big struggle.
2. What will I get?
What is it you are looking for when you buy insurance?
Are you scouting for an insurance cover to protect your dependents in case you die? Then just a term life will do. Here, you pay a premium every year till the tenure of the plan. If you die during this time, your dependents get the money. If you live, which is what you are hoping will happen, you get nothing.
So let's say you take a 10-year term insurance plan for Rs 10 lakh (Rs 1 million). If you die during this time, your nominee will get Rs 10 lakh. If you live, no one gets anything.
The good news is that term insurance is the cheapest life insurance available.
Are you looking at a retirement plan? Are you looking at supplementing your income after a particular age? Then you should go in for a plan that gives annuities. This is a plan which gives you a fixed amount every month (or at fixed periods) after a particular age.
Or are you looking a lumpsum? Then opt for an endowment plan which will give you a fixed amount on maturity.
DeathHow much will my nominee get if I die?Money-back
If I die, will my nominee get anything? If I live, how much will I get on maturity? What is the sum assured? This is what you are sure of getting. What is the maturity amount? Besides the sum assured, there may be additional bonuses. These bonuses plus the sum assured will give you the maturity amount.
At what age can I expect this amount?
Annuity
How much can I expect? At what age will the payments start?Will they be made every month or every quarter?For how many years will the payments be made?
3. What sort of a bonus can I expect?
First, you need to find out if your scheme provides for a bonus. If it does, you need to determine whether it is a reversionary bonus or just one at the end of the term.
Reversionary bonuses are added to your policy through the term. It may be declared every year or every few years, but it will not be handed over as soon as it is declared. It will be added to your sum assured (the money you are sure of getting at the end of the term).
Is the bonus variable? If the bonus is not fixed but depends on the profits of the company, it is referred to as a with-profit bonus. Are you willing to take the chance that, in some years, the bonus declared may be very low or, if the company does not make much of a profit, it will not declare a bonus?
I know someone who was told he could expect around Rs 20 lakh (Rs 2 million) on maturity. But he later realised the bonus was a with-profit bonus. The sum assured was just Rs 10 lakh (Rs 1 million). The agent calculated an 'expected bonus' for each year and arrived at the amount.
The with-profit bonus is offered purely at the discretion of the insurer and depends on the profits made that year.
As opposed to it, there is a guaranteed bonus. This is part of the sum assured. It will be paid to you on maturity of the policy or to your nominee if death occurs before that.
Once you get a grip of these issues, you will be in a much better position to compare plans from various companies
Insurance Benefits encompass the facilities associated with buying of insurances. Insurance is mainly a instrument used by consumers for hedging the future contingent risks related with life, health and non-life general issues. Insurance benefits help the policy holder or beneficiary in combating with the losses or hazards associated with him/her
.The policy holder buys the insurance to hedge against the future perceived losses by paying a regular amount to he insurance company known as the Premium. Insurance companies ensure financial reimbursement of the insured losses to the policy holders or his/her beneficiary. This is the most coveted Insurance Benefits.
But with time, more and more insurance companies have cropped up and consequently the competition among them has increased. Every company is trying to woo all the customers into its fold and in a way offering more and more innovative Insurance Benefits to the consumers.
Affordability of InsuranceThe foremost insurance benefit in todays world is the low insurance rate and premium one has to pay. While choosing a insurance policy, every customer looks at this rate first and then to the other associated benefits. The lesser the insurance rate, the more affordable the insurance becomes. Thus, among all the insurance benefits, low insurance rate and premium is the most coveted one.
Accessibility Of InsuranceThe easy accessibility of a insurance is the next most coveted Insurance Benefits that the customers look for. The online access to insurance companies and their policies has made them more lucrative to the customers. Now-a-days, customers can search, compare and select their insurance coverage through the click of a mouse from their own residence. This has been observed that through online services, the insurance companies have been able to reach more number of customers and consequently their customer base has also mopped up significantly.
Some of the other Insurance Benefits are :-
Basic benefits of the insurance policy. That is, the person enrolling for the policy is entitled to receive the financial compensation in case of actual occurrence of the loss/hazard/damage.
Optional Insurance Benefits are also given by the companies to their policy holders in order to entice them to access their insurance package. These optional benefits include
health and dental insurance of the family, life insurance of the spouse and the child,
accidental death policy for the policy holder in addition to the actual insurance for which he/she has enrolled for,
long term and short term insurance plans against disability of the policy holder
unit linked insurance schemes meant for appreciation of the accumulated capital during the life span of the same, managed by an experienced and well-learned fund manager
health and dental insurance of the family, life insurance of the spouse and the child,
accidental death policy for the policy holder in addition to the actual insurance for which he/she has enrolled for,
long term and short term insurance plans against disability of the policy holder
unit linked insurance schemes meant for appreciation of the accumulated capital during the life span of the same, managed by an experienced and well-learned fund manager
In insurance, Accidental death and dismemberment (also known as AD&D) is a term used to describe a policy that pays additional benefits to the beneficiary if the cause of death is due to a non-work-related accident. Fractional amounts of the policy will be paid out if the covered employee loses a bodily appendage or sight because of an accident. In the event of accidental death, this insurance will pay benefits in addition to any life insurance held. Death by illness, suicide, or natural causes is generally not covered by AD&D. Additionally, AD&D generally pays benefits for the loss of limbs, fingers, sight and permanent paralysis. The types of injuries covered and the amount paid vary by insurer and package, and are explicitly enumerated in the insurance policy.
There are four common types of group AD&D plans offered in the United States:
Group Life Supplement - the AD&D benefit is included as part of a group life insurance contract, and the benefit amount is usually the same as that of the group life benefit;
Voluntary - the AD&D is offered to members of a group as a separate, elective benefit, and premiums are generally paid as a payroll deduction;
Travel Accident (Business Trip) - the AD&D benefit is provided through an employee benefit plan and provides supplemental accident protection to workers while they are traveling on company business (the entire premium is usually paid by the employer);
Dependents - Some group AD&D plans also provide coverage for dependents.[
There are four common types of group AD&D plans offered in the United States:
Group Life Supplement - the AD&D benefit is included as part of a group life insurance contract, and the benefit amount is usually the same as that of the group life benefit;
Voluntary - the AD&D is offered to members of a group as a separate, elective benefit, and premiums are generally paid as a payroll deduction;
Travel Accident (Business Trip) - the AD&D benefit is provided through an employee benefit plan and provides supplemental accident protection to workers while they are traveling on company business (the entire premium is usually paid by the employer);
Dependents - Some group AD&D plans also provide coverage for dependents.[
Crop insurance is purchased by agricultural producers, including farmers, ranchers, and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities. The two general categories of crop insurance are called crop-yield insurance and crop-revenue insurance.
Crop-yield insurance: There are two main classes of crop-yield insurance:
Crop-hail insurance is generally available from private insurers (in countries with private sectors) because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. The earliest crop-hail programs were begun by farmers cooperatives in France and Germany in the 1820s.
Multi-peril crop insurance (MPCI): covers the broad perils of drought, flood, insects, disease, etc., which may affect many insureds at the same time and present the insurer with excessive losses. To make this class of insurance, the perils are often bundled together in a single policy, called a multi-peril crop insurance (MPCI) policy. MPCI coverage is usually offered by a government insurer and premiums are usually partially subsidized by the government. The earliest MPCI program was first implemented by the Federal Crop Insurance Corporation (FCIC), an agency of the U.S. Department of Agriculture, in 1938. The FCIC program has been managed by the Risk Management Agency (RMA), also a U.S. Department of Agriculture agency, since 1996.
Crop-revenue insurance: is a combination of crop-yield insurance and price insurance. For example, RMA establishes crop-revenue insurance guarantees on corn by multiplying each farmer's corn-yield guarantee, which is based on the farmer's own production history, times the harvest-time futures price discovered at a commodity exchange before the policy is sold and the crop planted. There is a single guarantee for a certain number of dollars. The policy pays an indemnity if the combination of the actual yield and the cash settlement price in the futures market is less than the guarantee. In the United States, the program is called Crop Revenue Coverage.
Crop-revenue insurance covers the decline in price that occurs during the crop's growing season. It does not cover declines that may occur from one growing season to another. That would be called "price support," and would raise a series of complex agricultural-policy and international-trade issues.
Crop-yield insurance: There are two main classes of crop-yield insurance:
Crop-hail insurance is generally available from private insurers (in countries with private sectors) because hail is a narrow peril that occurs in a limited place and its accumulated losses tend not to overwhelm the capital reserves of private insurers. The earliest crop-hail programs were begun by farmers cooperatives in France and Germany in the 1820s.
Multi-peril crop insurance (MPCI): covers the broad perils of drought, flood, insects, disease, etc., which may affect many insureds at the same time and present the insurer with excessive losses. To make this class of insurance, the perils are often bundled together in a single policy, called a multi-peril crop insurance (MPCI) policy. MPCI coverage is usually offered by a government insurer and premiums are usually partially subsidized by the government. The earliest MPCI program was first implemented by the Federal Crop Insurance Corporation (FCIC), an agency of the U.S. Department of Agriculture, in 1938. The FCIC program has been managed by the Risk Management Agency (RMA), also a U.S. Department of Agriculture agency, since 1996.
Crop-revenue insurance: is a combination of crop-yield insurance and price insurance. For example, RMA establishes crop-revenue insurance guarantees on corn by multiplying each farmer's corn-yield guarantee, which is based on the farmer's own production history, times the harvest-time futures price discovered at a commodity exchange before the policy is sold and the crop planted. There is a single guarantee for a certain number of dollars. The policy pays an indemnity if the combination of the actual yield and the cash settlement price in the futures market is less than the guarantee. In the United States, the program is called Crop Revenue Coverage.
Crop-revenue insurance covers the decline in price that occurs during the crop's growing season. It does not cover declines that may occur from one growing season to another. That would be called "price support," and would raise a series of complex agricultural-policy and international-trade issues.
Workers compensation (colloquially known as workers' comp in North America or compo in Australia) is a form of insurance that provides compensation medical care for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain." While plans differ between jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance). General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in worker compensation plans.
Employees' compensation laws are usually a feature of highly developed industrial societies, implemented after long and hard-fought struggles by trade unions. Supporters of such programs believe they improve working conditions and provide an economic safety net for employees. Conversely, these programs are often criticised for removing or restricting workers' common-law rights (such as suit in tort for negligence) in order to reduce governments' or insurance companies' financial liability. These laws were first enacted in Europe and Oceania, with the United States following shortly thereafter
Employees' compensation laws are usually a feature of highly developed industrial societies, implemented after long and hard-fought struggles by trade unions. Supporters of such programs believe they improve working conditions and provide an economic safety net for employees. Conversely, these programs are often criticised for removing or restricting workers' common-law rights (such as suit in tort for negligence) in order to reduce governments' or insurance companies' financial liability. These laws were first enacted in Europe and Oceania, with the United States following shortly thereafter
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- why people thake insurance policy?
- insurance companyes
- Buying insurance? Ask these questions
- Insurance Benefits
- Accidental death and dismemberment insurance
- Crop insurance
- Workers' compensation
- Group insurance
- Wage insurance
- Insurance Underwriting
- Classic Insurance
- Umbrella Liability Insurance
- Mandated Health Insurance
- DISABILITY INSURANCE
- CAR RENTAL INSURANCE
- FLIGHT ACCIDENT insurance
- Variable universal life insurance
- Permanent life insurance
- Universal life insurance
- Term Insurance
- Expatriate personal property insurance
- Landlords insurance
- Captive insurance
- Social insurance
- Retrospectively Rated Insurance
- Title insurance
- Kidnap and ransom insurance
- Locked Funds Insurance
- Self insurance
- No-fault insurance
- Professional liability insurance
- Directors and Officers Liability Insurance
- Political risk insurance
- Earthquake insurance
- Principles of insurance
- Auto Insurance
- LIFE Insurance
- Health Insurance
- HOME Insurance
- Travel Insurance
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