Insurance – Compare Insurance Quotes Policy Premium – Life,Car,Health,Travel

What is Insurance?

Insurance is a contract between an Individual or a group of individuals and an insurance company. The person who takes insurance is called ‘Insured’ and the person who insures is called ‘Insurer’. The insured agrees to pay a premium to the insurer in exchange for compensation in case of loss of property, illness, death or damage. The premium that is paid assures the insured that he or she is financially protected. There are different types of insurance – Car, Life, Health, travel Insurance.

What is policy?

An insurance policy is a type of contract, whereby an individual gets financial protection or gets insured against any losses of property or other assets from an insurance company.

What is a quote?

A quote is basically an estimate of what you are willing to pay as a premium to get that insurance policy. This quote can change or be negotiated by both the insurer and the insured person. The value they agree to become the ultimate premium of the policy.

What are the types of Insurance ?

Life Insurance – Life Insurance plans pays a certain amount of money (lumpsum or part) to the insured person as per the plan term or to his or her beneficiary in the event of the death of the insured. Term Plans, Income Replacement, Child Plans, Retirement Plans, Tax Saving Plans, Money-Back Plans, Monthly Income Plans, Unit Link Policy; Short Term Guarantee Plans, Systematic Investment Plans etc..–
Health Insurance – Health insurance gives coverage for the insured’s medical or hospital expenses.
This assures you that you and your family will have enough money to pay for expenses if ever you get ill and are hospitalized.Types of Plans: Individual Health Plans; Family Health Plans; Senior Citizen Health Plans; Critical Illness Plans; Preventive Health Plans, Mediclaim Plans etc.
Motor Insurance – Motor Insurance provides financial security to you and your vehicle. In case of an accident involving your vehicle. The Insurance company pays for the repairs; damages to a third party etc It also covers theft or loss of vehicle, depending upon the policy.
Types of Plans: Car Insurance, Two Wheeler Insurance, and Third party Insurance.
General Insurance – General Insurance will protect your movable and immovable assets and investments. It could be your house, your office, your godown, your jewellery etc.
Types of General Insurance: Travel Insurance, Home Insurance, Personal Liability, Property Insurance etc.

How to choose the best Insurance Plan?

Why compare insurance quotes on InsureMile platform?

1. First, you can compare Insurance Premium quotes on our platform without giving your contact details.
2. All our competitors ask for contact details and only then you can find out about Plans.
3. With your contact details, you are flooded with irritating telemarketing.
4. InsureMile not only gives you the Best Premiums, but also the Best Benefits, all simplified.
5. All transactions on InsureMile platform are digital and transparent.
6. InsureMile has the best experts in the business to guide you on Plans.
6. InsureMile respects your time and your investment

Why the need for Insurance in India?

From an individual perspective, it provides financial security, besides other benefits including tax.
From a national perspective, it furthers economic development. So if we as a nation have to accelerate the pace of economic development, then it is necessary for all of us to take one or the other insurance, be it Life, be it Health, be it Vehicle etc.
Presently, India is a highly under-insured and un-insured nation, thus affecting national development. As per a report, over 63 million Indians are paying from their pocket for healthcare services and due to this they are pushed to go below the poverty line (BPL). With rising health care costs, they have had to raise the funds either by selling off their movable and immovable assets; borrow; or take to some other recourse for medical treatment.
A National Survey has indicated that people spend the least portion of their out-of-pocket (OOP) expenses on inpatient treatment. while they spend the most on purchasing drugs. Nearly 72 % of OOP expenditures (74 % in rural areas, 67 % in urban) are drug related.
India accounts for less than 1.5 per cent of the world’s total insurance premiums despite being the second most populous nation.
India needs to increase the spread of Insurance as it:
• Provides safety and security (to individuals, organisations and other entities).
• Generates financial resources (which can be deployed into investments and other development activities).
• Generates large-scale employment.
• Adds fillip to economic growth (mobilizes domestic savings)

Indian Insurance Buying Behavior

In India, insurance is a risk management factor. This is used to manage the uncertainties of a family after a demise, injury or destruction. Insurance provides financial security to an individual after facing major risks in property, health, life and legal liability. The requirement for an insurance is a dynamic factor for every citizen of the country. The government has taken a lot of steps to ensure its highly growing population. Increase in insurance is directly proportional to the growth of the country. This is because people tend to take more risks towards growth and development when they are adequately insured. Eventually, they make way for economic development.

Insurance buying behavior in India

Risk Analysis: In India, there are three major types of insurances:
⦁ Life Insurance
⦁ Health insurance
⦁ General insurance
Insurance generally is considered as a mode of savings or investment. People also buy insurance to escape from the paying of taxes. There are several insurance policies that are given for the benefit of people. They can choose the most suitable policy to protect their families. However, insurance is more like a compulsion by insurance agents. People don’t analyse if the policy would be suitable for them. It is more seen as a means of saving than a risk management tool. The savings made in insurance alone is 19.5% in India. In recent years, the savings via insurance policies has decreased due to increase in share of currency, mutual, provident and pension funds. There should be more savings done along with insurance as our country is exposed to a lot of uncertainties than in developed countries.
Protection Analysis: Although it is important to take insurance policies for a life coverage, it is evident that the end benefit is not very sufficient for an average family. Still, an insurance plays a vital role in stabilizing families to a certain extent. The awareness towards having insurance is reaching the less privileged people nowadays. They get insurances with lower premium rates.
The major factor for people to skip having an insurance is the level of income. Other factors leading to this are:
⦁ Increased costs of living
⦁ Higher rates of interest
⦁ Growing rate of population
In India, insurance is, thus, a tax saving tool that faces a great deal of competition with saving options available. This is also a great tool for hiking the GDP of our country. This summarizes the insurance buying behavior in our country.

Check out more information ?

Tata AIG Two Wheeler Insurance
TATA AIG Medi Prime Health Insurance By TATA AIG
Health Insurance may become more consumer friendly: IRDAI panel calls for removing these exclusions – Financial Express – 12th November 2018
Australia: Private health insurance changes need to address gap policy reforms – Asia Insurance Review
Exclusions in health policies: IRDAI panel to submit report by year-end – The Hindu Business Line – 17th October 2018
How To Make a Claim – Health
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What Health Insurance to Buy
India: Insurance industry forecast to cross US$100bn mark in FY2019 – Asia Insurance Review
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Motor insurance for the coverage of most unusual causes
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Dynamic coverage associated with Asset insurance Plans and policies
General Insurance will give protection from all the unforeseen events
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Get benefits at the affordable premium with short term insurance plans
Protect unnecessary expenses with a personal accident insurance

Why should you compare quotes?

As we discussed, quotes can of different prices and nature. Hence, it is not okay to blindly go for a single quote. Match different quotes and see from which quote you get the optimal benefit. Some might be better than others depending on the price. Others might be better with respect to the security they cover

Why should you buy policy online?

Buying policy online is easy and smart. You can search as many policies online without the manipulation of unnecessary agents. Once you have got the policies you like, you can compare among them and choose the best policy.

What are the benefits of Insurance?

The benefits of Insurance are many, depending upon the terms and conditions of the Plan, whether it is for Life, Motor, Health or General. Let us give you an example of Health Insurance.
Rahul takes a Family Health Insurance Plan from X company, paying an annual premium of Rs. 5,000. The Plan covers Rahul, his wife and two children, below 18 years. The sum assured is Rs. 5 lakhs for each of the family members. In the unfortunate event of one of the family members getting hospitalized. the Health Insurance Plan takes care of the hospital bills as per the Plan Terms and Conditions. Please carefully read the Plan Terms and Conditions.
The benefits are:
1. Rahul pays a small premium every month or year.
2. Rahul’s family is covered with insurance.
3. He can choose the doctor / hospital where he wants to get treated.
4. He can use other benefits such as ambulance service; nursing etc.
5. Importantly, the family need not worry about raising money for medical treatment, instead the family can provide emotional and other support.

What is Insurance Premium and what is Risk Covered?

An insurance policy’s premium is the amount of money that you have to pay if you are planning on getting insured. You can pay this fee monthly, quarterly, or yearly, depending on your agreement with the insurer. The premium is calculated based on how much risk there is if the insurer insures you or your property.
There are a lot of factors that should be considered when calculating the risk point of your insurance. Some of these factors include age, location, gender, and health conditions and in case of vehicles. the condition of the vehicle, age, model etc. If you are a high-risk candidate, then the insurance company will increase the premium to cover for the cost in case of losses.

How to choose an Insurance company to buy your insurance?

Buying an insurance policy is a serious commitment. It is a long-term investment that you need to carefully think about. It will serve as a security for you and your loved ones which is why you should explore all the options before you finally decide the policy that you want to buy.
Here are some of the things that you need to consider before choosing an insurance plan:
1. Is it the right type for your needs?.
2. Compare the benefits and coverage?.
3. The reputation of the insurance company.
4. What is the claims settlement ratio.
5. Terms and Conditions of policy?.
6. Policy servicing and claims serving (are they prompt and efficient).
7. If you are ready to explore your options, then let InsureMile assist you.!

What is the major differentiator of InsureMile in the sector?

For every policy you buy on InsureMile.com, InsureMile will contribute, on your behalf, 25 meals to children. This is social cause is done without charging you any extra premium or donation.
We are in a Mission-Mode to increase the growth of Insurance in India. At the same time, we are working towards eliminating malnutrition among children.
We have tied up with Plan India. a non-governmental organization, and also Akshaya Patra to launch the ‘Buy A Policy, Feed A Child’ programme.
Your policy will not only protect your financial interests, but also go a long way in economic development. We look forward to your support in this critical social cause. You will be eligible for tax benefits for your charitable deed.

What is claims settlement ration and why compare the claims ration?

Claims settlement ration is key parameter to understand the insurers effectiveness and efficiency to serve the policy holder. event of claims settlement or any other services lower the claims ratio. the insurer is in best position to server the policy holder to deliver the committed services. for more details you can check at IRDA website to understand stats for the financial year

A brief history of Indian insurance

The first introduction of insurance in India happened in the 19th century. This was regulated to meet the losses of businesses in those days. The Indian insurance industry was primarily under the control of the Life Insurance Corporation (LIC). To make it feasible to the lower sections of the society, the industry was nationalized in 1950. This aimed at increasing the insurance penetration in India which in turn is a cause for the growth of GDP.
Need Analysis: The nationalization, however, did not lead to expected results. Most of the population (almost 75%) then too remained uninsured. In 1999, the concentration of public sector was shifted to the private sector. Insurance Regulatory and Development Authority (IRDA) Act in 1999 led to the emergence of private insurance companies. Today there are 24 private insurance companies certified by IRDA along with LIC. This has increased Insurance density to provide positive development in the country.

Why InsureMile

Insuremile is India’s first financial protection marketplace, founded with the intent to change the dynamics of the insurance sector in India. As an insurance web aggregator, Insuremile enables financial protection to 96% of Indians who are under risk, providing simple, fast and reliable services. The primary aim of the platform is to enhance the user experience by letting customers compare multiple policies at a time before making a choice based on their individual needs..