After the implementation of new IRDA regulations and LIC’s new term plans launch, lot of readers inquired me about recommending the best terms plans. Hence I thought to list them with providing the latest claim settlement ratio data too.
First I thought to once again bring you to the notice of latest claim settlement ratio of all insurers. This will makes you bit easier in selecting or shortlisting the plan. Below is the latest data.
Latest News (Aug 2014) !!!
LIC launched it’s first online term plan. Review will be available here “LIC’s online Term Plan e-Term-Review and Benefit“
Source: IRDA Annual Report 2012-13
You notice that LIC still maintaining the top. But as this data does not differentiate between claims settled of term insurance to other plans, it is difficult to believe which company settled highest term insurance claims. But still the overall picture of this data will be helpful in selecting the plan.
In below sheet, I tried to capture the term insurance plan data of all companies, but due to recent IRDA regulations, few companies still not came up with term plans. Hence they are showing as “NA”. Also almost all private insurers these days offering online term plans which is not the case with LIC. But many insurance buyers have so much faith in LIC. Hence I retained it’s offline Term Plan quote on top. I tried to differentiate the product based on availability like whether the plan is available online or not and whether plans offers any extra riders or not.
But to be frank while you are buying term plans then neglecting the product only because it not offer you other riders will not be a good decision. Because such riders are easily available in market separately with general insurance companies. Hence choose the plan purely on life risk point of view.
Note-Above quotes are for 30 years old, healthy and non smoker.
From above list you notice that LIC Term Plan still costly (after it reduced premium from it’s old term plan). But other insurers are quoting very competitive price. Hope the above information will make your life easier in selecting the plan. But do remember that these are indicative price. Prices may change based on individual.
Woah! Truly an edifying post. I better share this with my friends. They keep sharing such informative posts with me as well. Last week, got all information about gratuity rules as one of my friends shared it with me. This post has good and helpful information.
ReplyDelete