Category Archives: Insurance

5 Less Known Features of the Health Policy Offered by Your Employer

Health Insurance

A group, health insurance policy, refers to health insurance provided by an employer to its employees. Nowadays, almost all companies offer group health insurance. Two major reasons are behind it:

  • Changing work environment, which is more demanding and often leads to health complications.
  • Increasing healthcare costs. No employer would like their employee to go bankrupt trying to stay healthy.

Group health insurance is a key employee benefit that may provide health cover to the employee and his/her family members. Though companies are not mandated to provide corporate insurance, it is viewed as a necessary perk and adds to the prestige of the enterprise.

Though, pretty much necessary, and standard, group policies do offer certain unique benefits which can be useful for the employees.

Why Offer Group Health to Employees?

You may be wondering why companies take the trouble to provide group cover to their staff it is, after all, an expense to them. Well, there are many reasons:

  • Firstly, employees’ wellbeing is the responsibility of the employer
  • Secondly, it helps them to create a competitive value proposition for prospective employees
  • It also enables them to retain talent, and boost the performance of employees
  • Lastly, companies get tax breaks for offering health insurance policies

A good group health policy can go a long way in creating a loyal workforce. There are times when employees accept better health benefits instead of higher remuneration. Moreover, a group cover makes employees feel taken care of.

Health InsuranceThe Hidden Benefits of Group Health Policy

  • Group Health Insurance Is Cheaper

A group health insurance plan is cheaper than individual health plans, usually by about 30 per cent. Premiums are lower about the sum assured, compared to individual health insurance policies. Therefore, even if you are sharing the premium with your employer, it’s still less than your individual health cover.

  • Low Premiums Does Not Mean Fewer Benefits

Most group health plans offer cover for childbirth and maternity for the employees and spouses, a benefit not usually available with individual health insurance plans. More than that, treatments of certain critical illnesses (again not usually covered by individual health plans) is available under group health insurance.

  • Group Health Covers Pre-Existing Conditions

A group health insurance policy is, by and large, easily available to the employees of a company. In most cases, employees need not go for medical check-ups, and the policy kicks in from the day you join the company. The best thing about group health cover is that it in many cases, it covers pre-existing medical conditions of the employees. In most cases, employees are not denied health coverage based on their age or past medical history.

  • No Co-Pay

The best group health insurance policies do not apply co-payment clause. Meaning employees are eligible for free treatment up to the cover limit of the policy. However, this may increase the premium a little, but if you seek to offer the best to your workforce, this is not at all expensive.

  • Convert Group Plan to Individual Plan

Some insurers offer the feature where, after leaving the company the employee can continue the plan as an individual cover by switching his/her health cover to individual policy. However, this may increase the premium cost, it is still better than going out in the rain without the medical insurance umbrella, especially if you have family members covered under the same policy.

There can be many other things you should know about the health policy you can offer to your employees. For instance, did you know that corporate cover is a master plan provided by companies and it includes all employees in the organization under the same umbrella? You can include dependent parents of the employees under the policy as well (if your workforce values this benefit).

In the end, corporate health insurance is an excellent provision to offer to your staff. However, you’ll need to balance between the benefits and premium payable to make it sustainable over a longer period.

How Can the Employer Select the Best for The Employees?

There are more than 20 insurance companies that specialize in providing corporate health policies. It may not always be possible for the organizations to compare and research about all of them and figure out the best. Online corporate insurance advisors such as SecureNow fill this gap very efficiently. They can help companies in analysing their needs, decide the right cover amount and manage the policies after buying.

Importance of having ­business insurance

Business insurance is­ a must for every typ­e of business. When y­ou are looking for pe­rfect business insura­nce, you need to cons­ider few important fa­ctors and reviewing y­our current insurance­ coverage. Business ­insurance will vary f­rom one business to a­nother. For example, ­a company that produc­es physical goods wil­l need a different ty­pe of insurance than ­a company that offers­ services. In either ­case, it is recommend­ed to consider the fo­llowing types of insu­rances.

Workers’ Compensation­ Insurance – For empl­oyees

As per the state laws­, it is a must for ev­ery business. It will­ provide coverage for­ medical costs and a ­portion of lost wages­ for an employee beca­use of certain injury­ or illness at work. ­This insurance will c­over only injuries or­ illness that occurs ­on the job site. The ­laws for every state are different, so you­ must work with an in­surance professional ­to make sure that you­ are getting the righ­t coverage and accord­ing to the requiremen­ts of your business.

General liability ins­urance

This insurance is des­igned to protect your­ business from a vari­ety of claims includi­ng accidents, injurie­s or claims of neglig­ence. It will pay for­ property damage, med­ical expenses, libel,­ slander, legal costs­, and faulty products­. No one wants to get­ sued, but it’s still­ a possibility. Your ­business should not b­e open to such situat­ions so it’s better t­o have a broader prot­ection.

Professional liabilit­y insurance – ‘Errors­ and omissions’ cover­age.

Professional liabilit­y insurance is also t­ermed as ‘Errors and ­omissions’ insurance,­ or ‘Malpractice insu­rance’. This will pro­tect you from lawsuit­s that allege neglige­nce in providing prof­essional services, pr­oviding shoddy work, ­or making mistakes or­ omissions. If you h­ave a service based b­usiness, then this is­ the right insurance.­

Property Insurance ­

It is important to ca­rry adequate commerci­al property insurance­. Small businesses wi­ll find it very diffi­cult to replace their­ equipment if there i­s any kind of unfores­een damage or destruc­tion. Under this type­ of insurance, buildi­ngs, computers, inven­tory, supplies and eq­uipments will get cov­ered. This insurance ­is of two types. ‘All­-risk’ policies will ­cover just almost eve­rything. This will av­oid duplication or ov­erlap of coverage, as­ well as gaps in tryi­ng to cover your liab­ilities. “Peril-spec­ific” policies will a­pply to specific peri­ls named in the polic­y. They are usually n­eeded when there is a­ high risk in a parti­cular area.

Life insurance – prot­ection and benefit.

When you are looking ­for high quality empl­oyees, life insurance­ is a must. These emp­loyees will be benefi­cial to the running a­nd success of the bus­iness. A business can­ also offer special ‘­Key Person’ policies ­for employees without­ whom the business co­uld not function. The­ business pays the pr­emium, and the insura­nce is considered a b­usiness asset.

All these basic cover­ages can be combined ­as a package policy, ­often referred to as ­a Business Owner’s po­licy. This will save ­your business lots of­ money, as long as yo­u make sure you get t­he proper type of cov­erage.

It is advisable to re­view all your coverag­e on an annual basis ­to make sure that it ­is providing everythi­ng to your business t­hat it needs. Additio­nally be sure to work­ with a reputable, li­censed insurance comp­any like Radius Insurance who has knowledge re­garding business like­ yours.

Be Proactive and Get Insurance

Starting a business is a very enjoyable thing. It does require work and does require sacrifice, but watching as a business grows and becomes profitable brings a lot of satisfaction. One of the realities associated with owning a business is that in modern society a lawsuit could be around the corner. Businesses have to accept that every customer they interact with, every employee they hire, or every client they connect with could be a potential lawsuit.

It doesn’t matter how small the business is and it doesn’t matter what services the business offers, the business is exposed to potential lawsuits. Business insurance is a positive way to protect a company’s assets as well as its owners. There are a lot of reasons why purchasing business insurance is a good idea.

The first reason is that it really just takes one incident to leave a business in financial dire straits. It just takes one broken contract, one frustrated employee, or one unsatisfied customer. And even if a business wins the lawsuit, the cost of defending themselves could be so expensive that it leads to the business needing to close.

The second reason is that time and unforeseen occurrences befall every business. Accidents happen. An employee might fall or a customer might have something fall on them and they are within their legal right to seek compensation. Business insurance, like what is sold by Captive Insurance for example, helps to protect against these unforeseen occurrences.

A third reason is that the protection you get from forming a corporation may not be as airtight as you may think. A lot of small business owners mistakenly believe that if they form a corporation, a corporate shield will protect them. However, there are a lot of circumstances where if a business does not have business insurance, the business owner could still lose everything that they own.

The fourth reason is that you cannot rely on other people’s insurance. Imagine for a moment that you have a nice restaurant that’s on a busy street. An individual driving down that street jumps the curb and careens into your storefront. They may have automobile insurance, but their coverage may not be sufficient to cover the damages you sustained. Your insurance would kick in to make sure that you were completely protected.

Purchasing business insurance is a positive proactive step that all smart business owners make. They don’t wait until an accident happens and then try to figure something out. They prepare for success.

Careers You Can Start Right Now

One of the most difficult things about finding a job is finding something that you can enjoy and that you are qualified for. Most people also want to find a job that can develop into a rewarding career that they can use to challenge themselves to improve. It takes years of education and experience to be a professional, but there are plenty of other careers that you can consider right now.

Insurance Claims:

The rapid growth in the insurance industry means that there are plenty of jobs for people who want to work hard and work towards a career. Insurance claims adjusting is a job that requires very little experience, but can pay very well. Most companies are willing to pay new adjusters who show the aptitude to get the job done, and these types of jobs can blossom into very rewarding careers.

Inside Sales:

The idea of working a retail sales floor or going door to door to sell products is not for everyone, but that does not mean that you cannot enjoy a successful career in sales. The rise of Internet commerce has caused more people to turn to buying products online and over the phone, and there is a growing human support component to that part of the industry that is opening up a wide variety of opportunity to people who can work well with customers.


If you want to help others, then you may want to consider a career in nursing. Contrary to popular belief, you do not need to be a medical expert to be a nurse. The growing need for nurses has prompted many healthcare organizations to offer to pay for all of your required training and certifications, just to help you get your career started.

Transportation And Logistics:

One of the direct results of more goods being shipped directly to consumers thanks to an increase in online retail sales is the need for more transportation and logistics personnel. These are also careers you can start out of high school, and most of these fields offer on-the-job training.

If you have been chasing a great career but have had no luck, you should not give up hope. The changes in the global economy have created entire new industries that all need people who are willing to learn and take on the responsibilities that come with a new job and career.

Health Tips with insurance guide

health tipsImage source:

Financial Responsibility and California Auto Insurance

Like all states across the nation, California has regulations and laws regarding car insurance that relate to drivers and the insurance companies that insure them. California has minimum coverage laws regarding driver liability and property and casualty damage.

California’s car insurance laws are outlined in the California Insurance Code. These laws include requirements for drivers’ financial responsibility. Drivers are required to register their vehicles and provide proof of insurance coverage under California law. Drivers looking for auto insurance Downey CA can get same day insurance when they need it.

Driver Financial Responsibility

California’s financial responsibilities laws require that drivers on California roads have auto insurance. If a traffic accident happens, the driver must provide necessary financial responsibility.

Minimum responsibility is established with car insurance policy coverage or a deposit of $35,000 in cash to the Department of Motor Vehicles in California. The driver can also provide a surety bond of this amount and/or offer a self-insurance certificate to meet these requirements.

Drivers are most likely to offer an insurance certificate as proof of financial responsibility in California. The certificate may be requested on demand in certain conditions, such as when the police request the driver’s registration in a traffic accident. An authorized letter provided by California’s Department of Motor Vehicles is sufficient if the driver is self-insured.

Driver Liability

California requires minimum liability coverage of all drivers. Drivers in California frequently use car insurance to meet these minimum liability coverage amounts of $15,000 for a single person or $30,000 for two or more people. Liability and bodily injury cover pay for injuries or death that occur when one or more people are involved in an accident with the insured driver.

Property and Casualty Coverage

California law also requires minimum coverage amounts for property and casualty damage. This provision covers damages caused to other persons’ property when the insured driver is involved in an accident. California’s minimum property damage coverage per vehicle is $5,000.

Uninsured Driver Insurance

Uninsured drivers are a problem in California. The state does not require insured drivers to carry uninsured motorist coverage (UM) but certain limits must be observed when it is applied. Uninsured coverage amounts must be equal to bodily injury or liability limits carried by the insured. When an insured driver elects UM cover, California’s insurers limit amounts to $30,000 per person or $60,000 for two or more people injured by an uninsured motorist in an accident.

Under-insured Driver Coverage

Underinsured motorist (UIM) coverage must be purchased when the California driver purchases uninsured motorist insurance. Car insurers in the state of California must offer an equal amount of UIM insurance. The insurer may also offer UIM coverage that is higher than the insured’s uninsured motorist cover.

Who Needs To Buy Personal Accident Insurance

A Personal Accident Insurance plan safeguards you and your family’s finances in the event of an accidental death or disablement, leading to loss of income. Your savings might face a blow in the event of such tragedies when you have to incur hospital expenses and medical bills, so it helps a lot to stay prepared.

Minor injury inducing accidents such as falling off a bicycle or slipping on a wet floor are valid enough reasons to claim financial support from your insurance company. You can buy a personal accident policy for any of your family members (spouse, children or parents) if they fall under the age range of 18-80 years.

  • The Ideal Personal Accident Insurance Candidate

A report by NCRB (National Crime Reports Bureau) illustrates that there’s been a staggering jump in accidental death statistics—from 13.6% in 2002 to 51.8% in 2012. Considering the significant population growth of India, it’s not difficult to imagine that a person dies in an accident every minute.

Kapil, an engineer at a major IT firm in Delhi recollects how his wife pushed him to insure his entire family against accidents. He says,

“I’d signed-up for all insurance plans except the Personal Accident Insurance, thinking that any medical bills would be covered by my health and life insurance policies. I was wrong.”

On his way to work, he remembers colliding head-on with a speeding car that left him hospitalized for weeks.

His wife’s idea of getting a Personal Accident Insurance helped in paying the medical bills, and also provided a steady source of income for the entire duration that he was hospitalized.

InsuranceYou can take a few things away from Kapil’s personal experience:

  • The Personal Accident Insurance gave leverage in ways other policies couldn’t
  • The financial burden on Kapil’s family was considerably reduced
  • Money was always at hand while Kapil missed work
  • If Kapil had faced disablement, his family would not face a financial crisis

Remember, even a bump on the head is enough to potentially cause death or disablement. It’s always better to be prepared—financially and emotionally— to deal with the situation no matter what the scenario is.

  • Personal Accident Insurance Coverage

The financial benefit covered under the Personal Accident Insurance policy can be availed by the beneficiary in case of any disability that prevents them from being able to work. In situations where the beneficiary passes away, the nominee receives the assured amount as benefit. Rediff suggests some concrete reasons to get a personal accident policy

Here are the conditions for welfare entitlement provided under the accidental insurance scheme:

  • In the event of an accident causing death, the Personal Accident Insurance provides 100% returns of the sum insured to the beneficiary or the nominee
  • Accidents such as loss of eyesight or loss of limbs that cause permanent disability to the policy-holder. In such cases, the entire sum insured is provided to the beneficiary
  • Accidents that include loss of eyesight in one eye or loss of one limb. Usually, a percentage of the entire insured amount is provided as financial support
  • Accidents that are temporary in nature, restricting the policy-holder from working and earning money, fall under this category. The total sum insured isn’t provided in such circumstances, but only a fraction of it is provided as one-time payment or as weekly/monthly instalments
  • Expenses paid as a result of hospitalization due to an accident
  • A fixed amount of money is paid as daily allowance to the insured individual to cover expenses of the medical aid provided at the hospital

As the beneficiary, you must always explore the technicality behind the term ‘disability’ before you sign the papers. Total permanent disability means losing eyesight in both eyes or losing both your arms and legs. Permanent partial disability, on the other hand, refers to losing a limb or an eye. Sit down with the insurance experts and ask them to explain everything detail before you decide to buy a policy.

  • Personal Accident Insurance Disqualification

Although the Personal Accident Insurance protects against deaths or disabilities caused due to accidents, not all deaths and disabilities make the cut for the insurance eligibility.

Following are the types of mishaps causing death/disability that disqualify your insurance candidacy:

  • A self-inflicted act such as an attempt to take your own life resulting in death or total/temporary disability
  • An injury/illness existing before the signing of policy papers
  • A disability or death as a result of consumption of liquor or use of drugs
  • Death or disability as a result of engaging into aerial adventure sport such as hot air ballooning or aviation other than as a passenger
  • A disease affecting the mental cognitive functionalities of an individual thereby causing death or disability or venereal diseases resulting in same
  • Any act articulated as a criminal offence against the law
  • A war, rebellion, insurrection, revolution, civil war, invasion, mutiny, arrests, restraints causing death/disability.
  • Use of radioactive material for diagnosis or treatment of diseases
  • Death/disability as a consequence of childbirth or pregnancy

You and your loved ones are surrounded by a dangerous environment, and the only thing you can do is be financially prepared, so that there’s always a continuous flow of money to pay for any situation that poses a threat to your or a loved one’s life. ICICI Lombard Personal Protect Plan provides customized coverage of INR 3 lakhs to INR 25 lakhs as insured amount, to help you and your family financially when you need it the most.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)


Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – for Life Insurance:

  • Eligibility: Available to all the people in the age group of 18 to 50 and must have a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  • Premium:  Rs 330 per annum.
  • Payment Mode:  The premium will be auto-debited by the bank from the subscribers account.
  • Risk Coverage: Rs. 2 Lakh in case of death for any reason. The amount will be paid to the Nominee.
  • Terms of Risk Coverage: A person has to opt for the scheme every year.
  • Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurance company who are willing to join the scheme and tie-up with banks for this purpose.

Termination of assurance:

  • At the time of attaining the age of 55 years.
  • Closure of account with the Bank or insufficiency of balance for debiting premium.
  • In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.

Application and claim FORM:




Pradhan Mantri Suraksha Bima Yojana


In his budget speech on 1 Mar 2015, Finance Minister Shri Arun Jaitley said,

A large proportion of India’s population is without insurance of any kind, health, accidental or life. Worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana (PMJDY), I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age,”.

The Schemes were launched by Prime minister on 9 May 2015.

In this article we are discussing the details of the scheme named Pradhan Mantri Suraksha Bima Yojana.

  • Eligibility: The scheme is available to people in the age group of 18 to 70 years holding a bank account.
  • Premium: Rs 12 per annum.
  • Policy period:The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated Savings Bank account on the prescribed forms will be required to be given by May 31, 2015 – extendable up to August 31, 2015. For the saving A/c holder joining after May 31, 2015 and on or before August 31, 2015 the cover shall end on May 31, 2016.
  • Payment Mode:The premium will be deducted by the bank from the subscribers account through auto-debit process. There is no alternative mode avaiable.
  • Risk Coverage:  Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.
Sl. No Conditions Sum Insured
I) Death Rs. 2 Lakh
II) Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot Rs. 2 Lakh
III) Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 1 Lakh
  • Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • Tax Benefit: The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer.
  • Exclusions: Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.

Application Forms and Claim Forms can be found here:





  •  Resources:

Official website of the scheme: National Toll-Free – 1800-180-1111 / 1800-110-001

Should I use a PPI calculator?

payment protection insurance

Many people who have been mis-sold payment protection insurance (PPI) policies are unaware that they can claim back the premiums they have paid. Millions of PPI policies were sold alongside loans, mortgages and credit cards. A High Court ruling means that banks and other lenders who have breached the regulations are obliged to pay back all fees – plus compensation – on such policies. It is now known that billions of pounds have been set aside to cover the costs of this scandal, and with an industry average payout of just under £3000 per policy, it is well worth seeing if you are one among the millions who are owed money back from the banks.

  • How Do I Know I Can Claim Back PPI?

You can claim back PPI costs if you can prove you were mis sold the policy in the first place. When you took out the loan concerned you should have been given a full explanation of your rights regarding PPI, including the right to look for the best deal. In many cases the lender implied that their own PPI policy was necessary, and in some the borrower was not even told they were paying into a PPI policy and it was just added on to the repayments.

  • PPIShould I use a PPI calculator?

The use of a free PPI calculator will give you a fair idea of the amount you may be owed. Details needed to give a more accurate figure include the name of the lender, the type of credit, the duration of the loan and its interest rate. It will only be an estimate though will be a good indication of the money you should expect back. The compensation amount will be the PPI premium, interest you paid on that premium, and a certain percentage in compensation too.

Remember, you may have more than one PPI policy on which you are owed a refund, so be sure to check all the paperwork you have relating to credit agreements past and present, and do a separate PPI calculation for each one.

  • How Best to Claim Back PPI

You are able to lodge a complaint for compensation directly against the bank yourself, or you can appoint a professional PPI claims company to do the claims process on your behalf. FreePPICalculator operate on a no win no fee basis, meaning it won’t cost you any money at all if you don’t win your compensation case. It is well worth using the PPI calculator and speaking to an advisor to see if you may have a case; they help hundreds of people win their money back from the banks, in a swift and hassle-free way.

Buying a term plan? Know it properly before moving futher

Many people often realized that when they were buying a certain term plan, they often got confused with certain terms and conditions, hence they ended up buying another plan that often did not suit to the best of their requirements. Some people delay buying it, thinking that will get enough time later, compare and study various features offered by other plans.

Term planKeep in mind that uncertainties and unexpected situations come all of a sudden. So instead of delaying it, being proactive is always helpful. If you know what you exactly need, buying the right online term plan is not at all difficult.

Whenever you are looking to buy an online term plan, understand your needs and do a thorough comparison and make the right decision. Here we will compare the different products of four major insurance companies, i-Life secure of Aviva, Online Term Option III of Max Life, Reliance Life’s Online Term and Bharti AXA’s eProtect.

For example, a non-smoker of 30 years of age needs a term plan of Rs. 1 crore. When you are 30 years old, you often have many responsibilities to take care of. Till the time you are 55 years old, you might have taken care of many of these responsibilities. So, coverage of 25 years is ideal for a 30 year old person.

Maximum entry age: It is important for those people who have not bought any life insurance products till the age of even 40 or 60. Your age is a very important factor for any insurance company to calculate the premium. I-Life term plan can be bought till the age of 50 years. Max life offers this plan till 60 years. Reliance Life’s online term plan is available till 55 years and Bharti AXA offers this plan from 45 to 65 years.

Maturity age: A plan with the maximum maturity age is ideal for any individual. i-Life and Online Term Option III have maturity age of 70 years and Reliance Life and Bharti AXA have maximum maturity age of 75. If the insured dies with the maturity period, his nominee to entitled to get the sum insured and other benefits.

Premium payment: Online term plans are usually available at a cheaper price, but there can be difference in rates due to an applicant’s medical condition. For a 30 year old non-smoker with no disease in his family history, premium will be lesser than someone having some kind of disease in him. Premium payment for Aviva i-Life Secure can be done half yearly or annually. For the other three plans, premium can be paid only once in a year.

Policy term: Generally term plans are bought for period ranging from 10 to 30 years, but each company has its different feature structure. Premium for eProtect and Online Term Plan is on the higher side, and if you compare the policy term, these plans offer longer period for coverage. One will easily get tempted to buy Aviva’s i-Life Secure but if your preference is highest maturity age or longer period of coverage, you can buy any of the other three policies with the lowest premium. Insurance

Death benefit: At the event of death of the insured, every company will pay the sum insured. But every company has its own way of paying the sum insured. i-Life Secure pays a lump sum of 10% of the sum insured at the time of death and the rest of the amount is given by paying 6% of the sum insured at the end of every year for 15 years. Online Term Option III provides the chosen sum insured as benefit and the rest of the sum insured is received by the nominee at the end of every month for 10 years. Reliance and Bharti AXA provide a lump sum benefit at once.

If you want to receive the benefits in monthly installments, the second plan is most suitable. If someone has alternate source of earning, then he can receive the sum insured annually.

Free Look period: All the four policies come with a 30 day grace period, but there is a difference in the free look period. It is the time period when you can study the details of the policy after acquiring it, and if you are not happy with this product, then you can return it within this specified period. I-Life Secure and Online Term Option III offers this free look period for 30 days. Reliance Life and Bharti AXA offers 15 days free lock period whereas Max Life offers 30 days free lock period.

Availability of riders: This is an additional option one can choose to have or not. Some companies will give you the choice while others will add the riders to make the plan more useful. Keep in mind, when the riders are added, premium amount will increase. Max Life’s Online Term Plan III comes with Accidental benefit rider. It is a good option as the premium amount is not that high as it would be after having another separate accidental plan.

Conclusion: When you buy a plan with any company, make sure that you have a fair idea about the company, its brand, market share of the company. Read the reviews and ratings on websites like ICRA. Choosing the right plan is a tedious task, but if you really care about your family and their future, take out some time from your busy schedule and take this sensible decision.