Posted by meramd
Sat, 14 Jul 2007 09:39:00 GMT
So you have finally heard about what term insurance is and how it is different from the other types of participatory policies.
Skip this paragraph if you know what term insurance is and why you should buy it. In term insurance, you are just paying for the risk cover. In other policies, typically you pay a larger premium for the same sum assured. This is because the premium = risk cover cost + investment funding. Depending on what king of "returns" you expect, the premium will vary. E.g. You have money back policies that return the premiums paid on maturity of the policy. The interest amount on the premium paid through the years takes care of the risk cover. So if you think that you need a risk cover and you are not interested in savings/investments as you are handling that in other ways, then go for a term policy.
MeraMD team has put together information on all the term insurance policies offered by Indian insurance companies. You can see this on the insurance page on MeraMD. This page will help you compare the term insurance policies currently on offer in India. Here are some issues that the MeraMD team ran across when compiling this data:
- Many sites do not prominently inform you about which policy is the term insurance policy. You have to search.
- Many sites do not tell you if the taxes are included in premium calculations or not.
- Almost all sites have an online premium calculator, but they do want you to use it!! They achieve this by hiding the premium calculator in some obscure location on the site instead of providing it with the policy details. So dont give up, look for it.
Let us know if you faced other problems with the insurance company websites.
Posted in meraMD Features, Insurance | Tags compare, insurance, term | no comments
Posted by meramd
Fri, 13 Jul 2007 07:31:00 GMT
This link here talks about new insurance policies launched recently by United India.
The interesting point here is that they provide cover upto 80 years of age in the new policies. Generally senior citizen insurance is what most insurance companies avoid, so this is really good they United India Insurance company is catering to this segment.
Posted in Insurance | Tags citizen, insurance, senior | no comments
Posted by meramd
Sat, 16 Jun 2007 07:45:00 GMT
As a start towards resolving the insurance confusions, MeraMD is starting an insurance center. This will answer all your queries on life and health insurance in India. The center is active at http://www.meramd.com/insurance.html. Expect to see more of useful information to be added regularly over here.
The Outlook Money magazine has a good article on insurance in their recent (May 2007) edition. You can see this article here.
Posted in meraMD Features, Insurance | Tags India, insurance | no comments
Posted by meramd
Mon, 11 Jun 2007 18:45:00 GMT
This is from the Times of India, Delhi Edition, June 12, 2007:
Employees confused over Mediclaim
Madhu T & Arti Sharma | TNN
Mumbai: Agents and development officers of New India Assurance are exasperated over the confusion prevailing among divisional offices regarding Mediclaim policies. They complain that although the regional offices issue a set of guidelines, each divisional office head is giving his own interpretation to those norms.
It was further reported that unmarried people have been denied insurance cover. It seems that there is widespread confusion regarding insurance. We do hope that the regulatory body IRDA wakes up and fixes this. Quoting further from the article:
‘‘There is no uniformity in approach. One divisional office issues Mediclaim policy to unmarried individual, while the other refuses cover to single individual,’’ says an insurance agent. ‘‘This is frustrating because you have to tell your customer to approach another agent if he wants the cover,’’ he adds. Officers have pointed out that these confusions are mainly with New India Assurance, as other three public sector general insurers have already come out with a new version of Mediclaim policy. TOI had reported in January about similar confusion arising at the time of calculating loading for renewals of Mediclaim policies for senior citizens. While some offices have been offering lower loading, others were charging the same person more for the same cover.
Posted in Insurance | Tags confusion, insurance, mediclaim | no comments
