Insurance in Chennai

banner

All about Insurance

Health insurance, vehicle insurance, term insurance and ULIPs are the many types of insurance policies that come to your rescue in times of need. See our list of top insurance companies and info on different insurance plans and insurance terms available to help you choose the best insurance policy.

Expert Quotes:

If you are the primary earning member, take insurance that is five times your annual CTC (cost to company), or a term insurance for Rs 25 lakhs (whichever is lower), for a period of 30 years. This will ensure your family is covered in case anything happens to you. And, when you retire, take insurance for yourself and your spouse for a minimum sum of Rs 3 lakhs.  

A V Senthil, Finance Expert, Chennai

FAQ's

What is insurance and how does it help you?

Insurance is a contract between an individual and the insuring company for financial protection or reimbursement against loss of one's life or belongings. An insurance policy helps you in many ways, especially when you go through any crisis in your life. It offers you, your family, and your belongings the much-needed protection with its risk coverage.

What are the benefits of insurance to me and my family?

Insurance offers protection in many ways such as life risk cover, death benefits, medical expenses, vehicle safety and home safety. It helps you and your family manage and overcome a loss.

What are the different types of insurance policies?

Here are the different types of insurance policies:- Life insurance: It protects your family in the event of your passing away, and helps to compensate the financial loss. It includes term insurance, whole life insurance, Unit Linked Insurance Plan, personal accident insurance, money back policy, endowment policy, child insurance plan and pension plan. Health insurance: It offers financial help to cover your health-related expenses like hospital and surgical charges. Vehicle insurance: It includes car insurance and two wheeler insurance (bike insurance) and covers the expenses that might arise due to accidents or other mishaps. Home insurance: It covers your home and household articles within it, against risks like burglary, fire accidents, floods and earthquakes.

How do I choose the right insurance company?

You need to consider the following factors while choosing an insurance company: Reputation, Years in business, Mission, vision and values, Types of policies, Benefits offered to customers, Business ethics, Customer-friendliness

What are the top insurance companies in India?

Here are some of the best insurance companies in India: LIC (Life Insurance Corporation of India), SBI Insurance, HDFC Insurance, ICICI Insurance

What happens if I don't pay my insurance premium?

As a policyholder you need to pay the life insurance premium on the due date. If this is not possible, it should be paid at least by the end of the grace period.If you don't pay the premium for three consecutive years from the date of inception, the policyceaseswith immediate effect.

Can I renew my lapsed insurance policy?

Yes, insurance companies provide an opportunity to pay all the outstanding premium dues and revive your policy.

Can I get a refund for my lapsed policy?

When a policy ceases and you don't want to repay the outstanding premiums, you will be paid a surrender value which equals whatever premium amount you have already paid in the past.

Can I avail any loan based on my insurance policies?

Yes, you can avail a loan against the sum assured of your permanent or whole life insurance. To be eligible for a loan, you should have paid premiums on time for at least 3 years.

What are the tax benefits I will get through insurance policies?

The following are the tax benefits you get from insurance policies: Tax deduction under Section 80C of the Income Tax Act, 1961, which allows an exemption up to Rs1.5 lakhs per annum. Payouts received as a death benefit to the nominee or on maturity as a survival benefit to the insured, are exempted from tax under Section 10 (10D) of the Income Tax Act, 1961. Tax benefits on health insurance premium under Section 80D of the Income Tax Act, 1961

What is term insurance and what are its benefits?

A term insurance plan gives financial protection to the family of the insured person in case he or she passes away. But there are no survival benefits - which means, if the policy holder survives through the period of insurance, no amount is refunded, unlike the regular insurance policies. The biggest benefit of term insurance is its low premium even for high insured amounts. For example, the premium amount for an insurance coverage of Rs 1 crore will be around Rs 12,000 to Rs 25,000 annually.

What are the features of the term insurance policies available?

Here are some features of top term insurance policies: LIC term insurance: Maximum maturity: 65 years, Minimum sum assured: 25 lakhs, Claim settlement: 98%, Premium (for 1 crore cover amount): Rs 1,577 per month. SBI term insurance: Maximum maturity: 60 years, Minimum sum assured: 25 lakhs, Claim settlement: 96%, Premium (for 1 crore cover amount): Rs 2,258 per month. HDFC term insurance: Maximum maturity: 80 years, Minimum sum assured: 25 lakhs, Claim settlement: 97%, Premium (for 1 crore cover amount): Rs 1,258 per month. ICICI term insurance: Maximum maturity: 99 years, Minimum sum assured: 25 lakhs, Claim settlement: 97%, Premium (for 1 crore cover amount): Rs 2,406 per month

Is insurance a form of investment?

An insurance policy, especially a term insurance policy, can be considered as a good investment option. It makes sure your family gets a lump sum amount in return when you are not around. With low premiums and high assured sum, it offers you real value for money.

What are the questions I should ask my life insurance agent or insurance agency before taking a policy?

Before taking a policy from an insurance broker, here are some of the questions you need to ask: Which is the best life insurance policy in India? Which is the best term life insurance policy in India? What are the benefits of a whole life policy? What are the benefits of a life insurance term plan? What are the benefits of a group term life insurance? Which is the best policy for life insurance for children? Can you give me insurance quotes of different policies?

How do I reach out to insurance agents near me or insurance companies near me to get insurance services?

You need to browse through the list of insurance agents or companies and choose the one with the best features and services. You can then call them to fix an appointment for a discussion.

View More

INSURANCE ARTICLES

Read All Articles