Term Insurance

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Life insurance (Jeevan Bima). Hmare liye  jeevan sbse jyda impotant . Hm log pudi jindgi yhi sochte rhte h hme kuchh ho jayega to mera family , hmare bacche ya hmare parents ka kya hoga. Is sb ka sirf ek solution h aap ek achha Life insurance lo le aur aram se jindgi jio .

kaise kam krta h Life Insurance:- Jo Life insurance leta h wo apne ap ko kuchh years(Term) ke liye khud ko insured krta h. Iska mtlb jinte years ka wo term leta h utne years ke bich m use kuch hota(death, disability,accident, retirement etc..) to insurer company uske faimly ko financial support krti h jitne ka usne sumAsured hota h

IRDA Life Insurance Handbook(English)

IRDA Life Insurance Handbook(Hindi)

Types of Life Insurance Policies in India

The life insurance sector is one of the fastest growing finance related segments in India. There are many different products, each with a variety of offerings. Right from fueling investment needs to meeting different financial goals, they come with many objectives for the investor. Here are a few common types of covers, including whole life and term insurance policy.

1. Term Insurance or Term Plan

These are the most basic and affordable form of Life Insurance. Term plans provide life cover with no profits/ savings component. The premiums are much cheaper in a term insurance than other Life Insurance plans. If the policyholder expires during the policy term, a fixed quantum of money (sum assured) is paid to his/ her beneficiaries. If the policyholder survives the entire policy term, no payout will be provided.

Example:

An individual non-smoker male who is looking for a term life plan of Rs.1 crore cover, will cost him approximately Rs.6, 800 to Rs.10, 500 per year.

AGETERMSUM ASSUREDANNUAL PREMIUM RANGE
25 years40 yearsRs.1 CroreRs.6,800 – Rs.10,500

Best known for: High sum assured (coverage) at a low premium.

Benefit of Term Plan: In case of an untimely death of the breadwinner, family is supported with an enormous amount of money – sum assured, which helps them to replace the loss of the income caused due to the breadwinner’s death. Moreover, the money could be utilized to pay off loan, monthly household expenses, child’s education, child’s marriage, etc.

2. Whole Life Policy

Unlike a term insurance, the policy is not defined in a whole life policy, so the policyholder can enjoy the life cover throughout his/her life. By paying regular premiums, the policyholder gets a complete life cover. The policyholder needs to pay regular premiums until he expires, and upon that total amount, the corpus is paid to his family. The whole life policy expires only when any eventuality occurs as there is no pre-defined tenure.

Example:

PREMIUM PAYING TERMSUM ASSURED (WITH GUARANTEED MATURITY SUM ASSURED)ANNUAL PREMIUM RANGEMATURITY BENEFIT
20 yearsRs.3 lakhRs.10,000- Rs.15,000Guaranteed Sum Assured + non-guaranteed bonus (if any) + non-guaranteed terminal bonus (if any)

Best known for: Life coverage for whole life.

Benefit of Whole Life Plan: Lifelong protection to the insured and an opportunity to leave behind a legacy for heirs.

3. Endowment Plan

An endowment plan is different from a term plan in terms of maturity benefit. Unlike a term plan, an endowment plan pays out the sum assured along with profits in case of an eventuality during the policy term as well as on survival of insured. The profits are the result of investing the premiums in the asset market. Another difference is, endowment plans come with higher fees and premiums for paying out sum assured with profits in both scenarios – death or maturity.

Example:

TERMSUM ASSUREDANNUAL PREMIUM RANGEBONUS
30 yearsRs.10 lakhRs.20,000 – Rs.25,000Depending on the Bonus at the time of maturity.

Best known for: Long-term saving option for people with much lower risk appetite for investment.

Benefit of Endowment Plan: Long-term financial planning and an opportunity to earn returns on maturity.

4. Unit Linked Insurance Plan

Unit Linked Insurance Plan (ULIP) is linked to markets and thus, it is a form of the traditional endowment plan in which the sum assured is paid on death/maturity. However, in ULIP, you have the liberty to choose the investments’ allocation in stock/debt markets and its value is captured by the net asset value (NAV). Also, ULIP is a combination of insurance and investment, whereas mutual fund is a pure investment avenue.

Example:

TERMSUM ASSUREDANNUAL PREMIUMFUND VALUE
20 yearsRs.2 lakhRs.20,000Depending on the fund value at the time of maturity.

Best known for: Long-term investment option with much more flexibility to invest.

Benefit of ULIP: Invest money as per your risk appetite. You have the option to invest either in equity, debt or in hybrid funds through the life insurance company with complete transparency.

5. Money Back Policy

This policy too is a form of the endowment plan, however, it gives periodic payments to the beneficiary over the policy term. The insurer pays a portion of the sum assured at regular intervals. In case of policyholder’s death over the term of the policy, the full sum assured is given to the beneficiary. If the policyholder survives the policy term, he/ she receives the balance sum assured.

Example:

TERMSUM ASSUREDANNUAL PREMIUM RANGEPERIODIC RETURNSMATURITY BENEFIT
20 yearsRs.5 lakhRs.20,000 – Rs.25,000A percentage of Sum Assured paid on regular intervalsAccrued bonuses/Guaranteed Money Back + Coverage

Best known for: Short-term investment product to meet short-term financial goals.

Benefit of Money Back Plan: Short-term financial planning and an opportunity to earn returns on maturity.

6. Children’s Policy

These policies can be obtained in the name of the policyholder’s child. It is beneficial only for the child and provides a financial assistance to the parents when their child reaches a particular age of his/ her life.

Example:

TERMSUM ASSUREDANNUAL PREMIUM RANGEPERIODIC RETURNSMATURITY BENEFIT
20 yearsRs.18 lakhRs.1 lakhLump sum payouts on regular intervalMaturity benefit + guaranteed returns + non-guaranteed accumulated bonus (if any)

Best known for: Building funds for your child’s future.

Benefit of Child Plan: Helps in fulfilling your child’s dream.

 7. Annuity Plan

It is similar to a term insurance policy and aims at covering policyholder’s income loss. Post-retirement, the regular income source ceases to exist for an individual (mainly for private job holders) and it doesn’t take long to exhaust benefits like gratuity or provident funds. At that time, annuity plan provides regular income in the form of pension to the policyholder for safeguarding his/ her retirement. To enjoy financial freedom post-retirement, it is best to get an annuity plan.

Example:

In case of an unfortunate event, life assured passes away during the policy term – immediate payment is payable to the nominee by the insurance company. Death benefit will be higher of coverage or fund value or 105% of premiums paid. Vesting Benefit will be payable if the life assured survives the maturity age. In which case, payout will be fund value which has to be utilized for buying an annuity.

Best known for: Long-term savings and retirement planning.

Benefit of Retirement Plan: Helps in building corpus for retirement.

List of Life Insurers

S.No. NAME OF THE COMPANY NAME OF PRINCIPAL OFFICER NAME OF APPOINTED ACTUARY TELEPHONE NO./FAX No./ E-MAIL
1Bajaj Allianz Life Insurance Co. Ltd. Mr. Tarun ChughMr. Dhulipala Saisrinivas Tel : 020-66026773
 GE Plaza, Airport Road , Yerawada                Pune 411 006MD & CEO Fax : 020 -66026789
     
2Aditya Birla Sun Life Insurance Co. Ltd Mr. Pankaj RazdanMr. Anil Kumar SinghTel: 022-43569000
 Reg. Office: One India Bulls Centre, Tower 1, 16th Floor, Jupiter Mill MD & CEO Fax:022-56783377
 Compound, 841 , Senapati Bapat Marg, Elphinstone Road,Mumbai-400013.  Toll Free:1-800-270-7000
     
3HDFC Standard Life Insurance Co. Ltd Mr. Amitabh ChoudharyMr. Srinivasan ParthasarathyTel : 022-67516666
 19th Floor, Lodha Excelus,Apollo Mills Compound,  Fax:022-6751 6550
 N.M. Joshi Road,Mahalaxmi,Mumbai – 400 011    
     
4ICICI Prudential Life Insurance Co. Ltd Mr. Sandeep BakhshiMs. Asha MuraliTel : (022) 40391992
 ICICIPrulifeTowers , 1089, Appasaheb Marathe Marg,   Fax no.: (022) 66622031
 Prabhadevi, Mumbai 400 025.   
     
5Exide Life Insurance Co. Ltd.Mr.Kshitij JainMr. B.N.RangarajanTel:080-25328000
 3rd Floor, JP Techno Park,No.3/1, Millers Road, Bengaluru – 560 001.MD & CEO Fax:080-25559764
     
6Life Insurance Corporation of India Mr. V.K SharmaMr. Dinesh PantTel : 022- 66598000
 Yogakshema, Jeeva Bima Marg,   Fax:022-22028600 
 Post Box No. 19953 Mumbai 400 021    
     
7Max Life Insurance Co. Ltd Shri Rajesh SudMr. Jose Chathuparambil JohnTel : 0124-2561717
 11th Floor, DLF Square , Jacaranda Marg, DLFCity ,  Ext-1321
  Phase-II,  GURGAON 122 002.    
      
8PNB Metlife India Insurance Co. Ltd.Mr.Ashish Kumar SrivastavaMr. P.K.DinakarTel : 080-6630982
 Unit No. 101, 1st Floor,Techniplex-1,  MD & CEO Fax: 080-26521970
 Techniplex Complex,Veer Savarkar Flyover  Toll Free No. 1800-425-6969
 Off S V Road Goregaon (West),   
 Maharashtra- 400062.   
9Kotak Mahindra Life Insurance Company Ltd Mr. G. MurlidharMr. Sunil SharmaTel:022- 66057652/6605777
 2nd Floor, Plot No: C – 12, G- Block,MD & CEO Fax: 022 6742 5650
 Bandra Kurla Complex, Bandra (East),   
 Mumbai – 400 051   
     
10SBI Life Insurance Co. Ltd Mr. Sanjeev NautiyalMr. Subhendu BalTel : 022-61910000
 Natraj, M.V.Road & Western Express Highway Junction,MD & CEO  Fax: 022 61910012
  Andheri (East), Mumbai-400069    
      
11Tata AIA Life Insurance Co. Ltd. Mr. Naveen TahilyaniMr. Prithesh Chaubey Tel :022-66479000
 14th Floor, TOWER – A, Peninsula Business ParkMD & CEO  Fax : 022-66550711
 Senapati Bapat Marg Mumbai 400013   
     
12Reliance Nippon Life Insurance Co. Ltd.Mr. Ashish Vohra Tel: 022 3000 2000
 9th floor & 10th floor, Building No. 2, R-Tech Park, Nirlon Compound, ED & CEO Fax: 022 3000 2222
 Next to Hub Mall, Behind I – Flex Building, Goregaon (East), Mumbai – 400 063   
     
13Aviva Life Insurance Company India LimitedMr.Trevor Bull Mr. Sanjeeb KumarTel: 0124-2709000/01
 AvivaTower, Sector Road, Opposit Golf Course,MD & CEO Fax: 0124-270 9007.
 DLF-Phase V, Sector-43,Gurgaon – 122 003   
     
14Sahara India Life Insurance Co. Ltd.Mr. Sanjay Agarwal,Mr. Dhiraj GoelTel:0522-2337777
 #1, SaharaIndia Bhawan,Kopoorthala Complex, Lucknow 226024CEO & WTD Fax:0522-2378200
     
     
15Shriram Life Insurance Co. Ltd.Mr. Casparus Jacobus Hendrik KromhoutMr. I Sambasiva RaoTel:040-23434466-72 
 Ramky Selenium, Plot No 31 & 32 Beside Andhra Bank Training Centre,MD & CEO Fax: 040-23434488
 Financial District, Gachibowli,Hyderabad – 500032   
     
16Bharti AXA Life Insurance Co. Ltd.Mr. Vikas SethMr. Mudit KumarTel: 022 – 40306300/6301
 Unit No. 1904, 19th Floor,Parinee Crescenzo, ‘G’ Block,Bandra Kurla Complex, BKC Road,MD & CEO Fax: 022 – 40306347 
 Behind MCA Ground, Bandra East, Mumbai – 400051.   
     
17Future Generali India Life Insurance Co. Ltd.Mr. Munish ShardaMr. Bikash ChoudharyTel: 022-40976666
 6th Floor, Tower – 3, Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Eliphinstone Road(W),MD & CEO Fax:022-40976600
 Mumbai – 400013.   
     
18IDBI Federal Life Insurance Co. Ltd.Mr. Vighnesh ShahaneMr. Shivank ChandraTel.022-24908109/10
 22nd Floor, A Wing, Marathon Futurex, MD & CEO Fax.022-24941016
 , N M joshi Marg, Lower Parel – East   
 Mumbai – 400013   
19Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd.Mr. Anuj MathurMr. Akshay  DhandTel:0124-4535500
 Unit No.208, 2nd Floor, Kanchenjunga Building, 18 Barakhamba Road,MD & CEO Fax:0124-4535999
 New Delhi – 110 001   
     
20AEGON  Life Insurance Co. Ltd. Mr. Vineet AroraMr. Souvik JashTel:022 6729 2929
 Building No 3, Third floor, Unit No.1 Nesco IT Park, MD & CEO  Fax:022 672 9333
 Western Express Highway, Goregaon(E), Mumbai – 400063   
     
21DHFL Pramerica Life Insurance Co. Ltd.Mr. Anoop Kumar PabbyMr. Ajay Chaturvedi Tel.0124-4697000
 4th Floor Tower B, Building No.-9, DLFCyberCity, Phase-III, Gurgaon-122002.MD & CEOFax.0124-4697100/200
    
22Star Union Dai-ichi Life Insurance Co. Ltd.Mr. Girish Pandurang KulkarniMr. Abhay TewariTel: 022-39546200
 11th Floor, Raghuleela Arcade, IT Park, MD & CEO Fax:022-39546311
 Sector-30A, Opp. Vashi Railway Station, Vashi, Navi   
 Mumbai 400703   
     
23IndiaFirst Life Insurance Co. Ltd.Ms. R. M. VishakhaMs. Peuli DasPhone: 022 39418700
 301, ‘B’ Wing, The Qube, Infinity Park, Dindoshi – Film City Road, MD & CEO  Fax: 022 33259500
 Malad (East), Mumbai – 400 097.   
     
24Edelweiss Tokio Life Insurance Co. Ltd.Mr. Deepak MittalMr. Subhrajit MukhopadhyayTel: 022-4063 5599
 Edelweiss House, off C.S.T. Road, Kalina, Mumbai : 400 098MD & CEO Fax: 022-4227 3838

IRDA Claim Settlement Ratio 2016-17

IRDA-Claim-Settlement-Report-2016-17-Data

IRDA-Claim-Settlement-Ratio-2016-17-Bar-Chart

Green-Claim Settlement Ratio from 95% to 100%
Yellow-Claim Settlement Ratio from 90% below 95%
Red-Claims below 90%.

IRDA-Claim-Settlement-Ratio-2016-17-Bar-Chart

Average Claim Settlement Amount of Life Insurance Companies in 2016-17

IRDA-Claim-Settlement-Ratio-2016-17-Average-Claim-Amount

Average Claim Rejection Amount of Life Insurers in 2016-17

Average-Claim-Rejection-Amount-2016-17

Claim Pending Status of Life Insurance Companies in 2016-17

IRDA-Claim-Pending-Status-2016-17

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