LIC allows its policy holders to pay their premia online. But as a customer you should know a few important details
- Available for non-ULIP policies only
- Credit card payments not accepted
- Payment accepted from Net banking facility of many banks including ICICI, HDFC, Citi, Axis etc
- One needs to register on the portal first to be able to pay the premium online with the following fields- Policy No. | Installment Premium (Rs.)| Date of Birth |Email Id
- The process generates an instant receipt for the payments made. Also it is a secure process & customers need not worry about their policy/premium details being compromised.
- And this service is FREE.

Secure Dreams plan from Max NewYork Life is designed to
- Protect the money invested through safe investments, but also looking at some growth in the portfolio
- No medical tests involved- this has been pitched as convinience
- Let the policy continue even if the insured passes away- done through premium funding.
- flexibility to choose the period of coverage
Secure Dream Eligibility

Death Benefit
- Incase the life insured dies MNYL will immediately pay the sum assured equal to 10 times of the annual premium.

IRDA, the insurance regulating authority has just approved the ULPs- Universal Life Policies for Bharti Axa Life Insurance and Max New York Life.

Its an interesting development in our opinion because of the inherent nature of ULPs.

Here are few of the salient features

1.Customers have flexibility in premium, sum assured as well as the tenure of the product.

2.Freedom to vary the payment of the premium over the policy’s life- you can start with monthly payments, switch to annual then quarterly and so on. What does not change is the premium quantum.

3. Also the policy is not automatically cancelled even if the customer fails to pay the premium. Even if the lapsed payment is not made , the ULP will be kept in force- what does change is the sum assured at the time of payout.

A retirement policy is basically an Endowment Plan where you get covered for life insurance term and the balance amount of funds are invested. These investments are done in debt and equity securities.

When you opt for a retirement policy, you get organized as you start saving for the future. Nowadays insurance companies offer various schemes under this policy. You can also get add on benefits on a basic insurance policy. Like a double accident benefit where the sum assured is doubled incase of accidental death. Also a joint life benefit where you can cover your loved one too in this policy. And profit plan where you can share the profits made by the company.

We now have various insurance companies which provide a wide range of insurance plans. There are also web site portals which help you with comparison charts of insurance companies giving you an overview of all their products.
An insurance plan helps us to provide the funds in times when we need it the most. It also helps in times when we are unable to get financially covered due to an accident. Such situation would arise when we meet with an unexpected accident. Car insurance is one of those important insurance policies one should be enrolled for. It protects you from unexpected expenses.

Riders:- When you avail of a simple life insurance policy you can add a rider to it. Which means you can get additional benefits attached to your policy. Riders are the additional benefits that you may buy and add to your policy .A rider gives you the benefit of increasing your risk cover in case of any certain events happening. For example, if one has opted for an Accident Death Benefit rider and the policyholder dies in an accident then the beneficiaries can get upto a maximum of twice the sum assured.

For a child’s future we now have insurance plans specially designed for them. The plan is made in such a way that once the child grows up or at a specific target date, he has sufficient funds to either pursue his education or for marriage.

These policies are a mix of life insurance and investment. In child insurance plans a small portion of the premium is goes toward providing the life insurance of the parent and a large portion of the premium goes towards the investments. In an unforeseen event if the parent dies within the premium paying period the policy continues and the future premiums are waived off and the beneficiary that is the child gets the Sum Assured and all other benefits and along with the bonus.

Nowadays insurance companies have introduced plans for every kind of need. They have products available to protect your home, life, health, car and more. One has various options to choose from.
But one has to be careful and make sure you choose the right policy for yourself. The policy which people normally invest are the basic ones like health , to save tax and make savings for the future like ULIP’s ,home and car.These policies benefits and are worth investing in.

The various kind of polices are:-

A life Insurance policy should be a part of every individuals life. It is an important tool for future security and also a financial benefit. People are now getting aware for the need of an insurance cover due to the uncertainties of life and providing for their family in the future. Not only as a security but an insurance cover meets the financial need of an individual like availing of tax rebates.

Nowadays , with various insurance companies springing up , there are many plans and covers which are being offered. Every individual has different needs hence one should avail of a cover only which benefits you.

Following are the most common needs of an individual to apply for an insurance cover.

Security Needs

An insurance policy provides for your needs incase of any disability due to any kind of accident or mishap. Also incase of death of the policyholder it provides an income for the family.

Savings Needs

There are insurance plans which help save up funds for future needs. Like children education, marriage and helps you save tax as well.

Investment Needs

Life Insurance Policies:

Annuities and Pension: There is an increased need for Retirement Plan due to Increase in Life Expectancy & Increase in the Cost of Living (Medical Expenditure). In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The main purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals.
There are two kinds of Pension policies-The Immediate Annuity and The Deferred Annuity. In the former, you have to invest a lump sum and start receiving pensions immediately. In the latter, you start building a corpus at a young age & on retirement; you receive annuities out of this corpus.

We sometimes invest in insurance policies without knowing the benefits of the policy. There are various policies like children's education plans, health insurance policies, life insurance plans with huge death benefits, and accident insurance covers. We do not look at the insurance coverage we are receiving; at times we buy a policy only for an investment or tax saving purpose under section 80C.

There are some points to be considered while purchasing an insurance policy:

One should start investing in a health insurance policy as soon as you start earning. Since health insurance has just picked up in recent years, many of our senior citizens would not have availed of this policy when they were young. Insurance Companies have now come out with medical policies for the senior citizens as well.

But, these exclusive mediclaim covers for senior citizens are a little different than the ones for the younger age group. If it is a fresh policy or renewal the cost is very high. This is cause of the risk factor is higher for senior citizens, hence the premium amounts are high.

The clauses in these policies also differ. One should look out for a clause on co-payment in your policy document, which may differ from one company to another.

Also sub-limits are very common in the policies. Most of these policies cap the room rent at 1% of sum insured a day and the cost of ICU at 2% of the sum assured. The overall limit is capped at 25% of the sum insured for an illness or injury.

Your Life insurance policy can be backed with riders which give you more benefits. You can add a critical illness rider to a basic endowment or a money back plan. Besides this there is an Accidental death benefit rider which one can avail.The benefit of this rider is it gives a sum assured to the survivors of the policyholder in case of death of the policyholder due to an accident However, this benefit is paid to the nominees only if the death occurs to the policyholder within 90 days of the accident.
This kind of cover can take care of the unexpected financial loss caused by an accident of the policyholder. His family members can get help from these funds to take care of their needs or any other kind of liability left behind by the policyholder.

Insurance means a business of insuring persons of property. It is a contract between an individual and company. Where the company undertakes or guarantees the individual against a loss. An individual contributes a certain fixed amount which is called a premium. This amount is collected by a thousand people to make a lump sum amount. So in case if the individual suffers a loss this amount is used as a compensation.

There are three main factors for deciding the premium:-
1.Mortality Tables
All insurance companies refer to different mortality tables. A mortality table shows the probability of a person dying in a particular age group. For instance, in 25-30 years age group, the probability might be just two, but this probability would increase for a higher age group of 45-50 years.

Your Insurance Policy can help you get a tax rebate. Although most of us may not be insured or not even be aware of this benefit. Let us see how the various insurance policy can help us with a tax break

HEALTH INSURANCE
A premium up to Rs 15,000 on a medical insurance policy,you will get rebate from tax under section 80D of the Income Tax Act. And if you pay a premium for an insurance cover for your dependant parents you get an additional tax benefit of up to Rs.15, 000.If parents are senior citizens then the cap increases to Rs20,000.Hence a maximum tax benefit from a health insurance policy for your family is Rs30,000 or Rs35,000 depending on the age of your dependent parents

MEDICAL EXPENSES

The Joint Life Insurance is a Policy which covers two individuals together protecting business partners & married couple. It is similar to Endowment plans which provides maturity benefits to the policyholders, apart from covering the risks.

Features
1. The sum assured is payable on the death of the Insured and again on the death of the survivor during the term of the policy.
2. After the death of the survivor vested bonuses will also be paid to the Family
3. If one or both the individuals survive till the maturity date, the sum assured as well as the bonuses are paid on the maturity date.
4. The family need not to pay the premium on the first death or on the expiry of the selected term, whichever is earlier.

With several insurance companies springing up its now confusing from where to buy your life cover. You need to search intensively for the right one and make sure the policy is meeting your needs. Premium and coverage are the main factors that can really help you to pick up the right life insurance plan. You should also remember that you can choose to cancel any life insurance policy within 15 days of purchased date if you are dissatisfied with it. You need to first analyze your needs and then go ahead and purchase the right policy or else you will land up with a wrong policy.

Those who love speed , driving is a forefront priority. And having an auto insurance is equally important. An Auto insurance helps in times when an unforeseen accident takes place. And the owner needs to pay a huge amount for legal and repairing purposes. Auto insurance compensates for theft and other mishaps too. Now availing of an auto insurance is much easy and simple. You can avail of an insurance policy online.

You can compare insurance quotes as well get the best insurance rate.The benefits also include discovering new discounts and not being locked into a long term relationship with an insurance company. Following are the benefits of applying for an online auto insurance.

Compare Quotes

If you are looking for a pure insurance policy, then a Term plan is the best option. Term plans are basically pure risk cover plans. In a Term plan you get a high cover for a low premium paid. In the event of a death of the policy holder his dependents will get the benefit of the sum assured. This plan helps securing the future of your loved ones. But if the policy holder survives policy tenure then he does not get any maturity benefit.

One invests in an insurance policy mainly because of the tax benefit , investment returns and of course the life cover it offers. And around beginning of the year, one would invest in an insurance policy only for the tax exemption benefit. Insurance policies do give you the above benefits and more but it is important to know where your funds are getting invested and how is the premium structured.

Taking a life insurance policy is basically securing your nominee future in case of any mishap of death of the insured.It does this by paying a 'sum assured' to the nominees. The sum assured is decided at the time the individual buys the insurance plan and the premium is paid accordingly.

Endowment Insurance plans at one time were the most popular and in demand policies in India. Endowment plans are very popular as they serve two purposes life cover and savings. Since the private players came in the market , ULIP 's seemed more attractive and were taken over by the other policies. Last year, of the new insurance policies sold by private insurance companies Ulips accounted for around 90% of the policies. Although ULIPS are hot cakes at the moment,yet for Life Insurance Corporation of India (LIC),their endowment policies are the main policies being sold in today's scenario.

Following are certain things that individuals should consider about endowment policies:-

Find attached a comparison of ULIPs plans from BimaDeals.
If for some reason, you cannot see this image- please view the attached file

BimaDeals has now come up with a Comparison Chart in ULIP Products which will help you to check out the Eligibility differences, Premium Allocation Charges & other Features across Life Insurance Players.

Some years back Insurance was bought primarily as a saving and to lower the tax burden. Even today people buy Life Insurance for the purpose of saving tax without understanding the logic of Insurance. The proof lies in the fact that maximum number of policies are sold between December and March just before the financial year end. Just because buying Life Insurance lowers your tax burden it is understood by the most people that it is the best form of Investment. But the basic logic of Life Insurance is to provide security to your family from an unfortunate event.

Life Insurance serves the following basic purposes:

• Providing Financial Security to your Family in case of an unfortunate event
• Inculcate the habit of saving for the future

As the stock market has been showing signs of weakness. Should this be a worry to investors in equity unit-linked insurance plans (Ulip)? The product is best for generating wealth over periods not less than 10 years. There is also enough evidence to show that equity out performs other assets over the long term and can give annualized returns of 15-20 per cent.

The volatility that equity markets are experiencing now is not unusual for this asset market. For Ulips, which target consistent long-term performance, the time horizon of the investment portfolio plays a significant role. Since the portfolio is managed with a long-term perspective, the hindrance of short-term swings in the market is countered to a great extent.

Health insurance is a contract between you and the insurers. It is intended to protect you and your dependents against any financial constraints that may take place because of a medical emergency. You should keep in mind some aspects while purchasing for an insurance cover.

While conventionally life insurance products have been bought for the tax sops (under Section 80C) they offer, there is much more to life insurance. Purchasing a life insurance policy is a very important exercise for all individuals. A life insurance policy helps the nominees in indemnifying the financial loss in case of an eventuality. Besides, the policy can also act as a savings product and help in accumulating a corpus over a period of time. Before purchasing an insurance policy, one should be cautious about:-

1. Focus on your needs and your risk profile

With March approaching, tax payers will have to ensure they buy adequate insurance to claim benefits under Section 80C and 80D. But it does not necessarily mean that the entire limit should be used up, just to take tax advantage.Medical insurance premiums up to Rs 15,000 come under Section 80D. And life insurance premiums up to Rs l00,000 get benefits under Section 80C.

A proper mix of cover that gets tax advantage is essential to ensure that there is adequate insurance. But first, you need to identify the needs. And they will keep on changing, according to your age, dependents and other factors. Here's some help:

Between 25 and 35 years: A person who is just starting his career may not have many dependents. So, often, there is no need to have a really big life insurance cover.

Once you are enrolled for an insurance policy it is also then important that you(insured) and the nominee should know the insurance claim settlement’s process. A wrong step can lead to denial of the benefit for which life cover is bought. A life insurance policy is a contract between the insurance company and the policy holder.

What does a travel insurance cover? As we are aware that travel insurance covers loss of baggage and passports, unforeseen medical expenses (read a broken hip, or a sprained ankle), theft, etc. It also covers you for delay or cancellation of journey.

There is no doubt that this is an absolute must if you are traveling overseas. It is worth spending a few thousand rupees; if it means you won't be burdening your family or friends with thousands of dollars of medical bills to pay off. So here are a few things you should know about your travel insurance.

Health insurance, is just not an insurance cover but also provides valuable service and savings to many people. Though there are literally thousands of variations in the types and quality of insurance offered, the basic principle stays the same; an individual or company pays a monthly premium so that in the event of a health care need, the insurance company will pay all or part of the health care costs.