Insurance Companies in India
Insurance Companies in India
India is an exciting market for Insurance. Our population is 1.4bn and about 50% of Indians are from 15-54 years of age bracket. This age group is the prime consumer of Insurance. Post Covid, there is an increased awareness in the relevant sections of the population to have Life and Health Cover.
Insurance penetration in our country is defined as the ratio of Gross Premium to the GDP of the country. Last year’s total Indian Insurance premium was to the tune of 10lac crores. It is about 4.2% of the country’s GDP. In developed markets, this ratio goes as high as 8-10%. So, the path to exponential scale is fairly visible for our sector. One of the key parameters to look at in our sector is Protection Gap. By some estimates, Protection Gap in India is upwards of 90%. What it means in simple terms is that if Rs.100 is what it takes to fight off a calamity for an average Joe, he has only Rs. 10 available. This is an alarming situation, to say the least. Insurance is the answer that works best in this situation.
Selling Insurance is therefore an act of great responsibility and we at Policywings are fully cognizant of this fact. We have tied up with all the leading Insurers of the country and we remain committed to helping our customers throughout their insurance journey. From Insurance purchases to Settling Claims.
There are currently 25 Life Insurance companies, 29 General Insurance Companies and 5 Standalone Health Insurance companies. The esteemed regulator ( IRDAI) is also in the process of granting licenses to 20 more insurance companies in the coming time.
Leading Life Insurance Companies
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Leading Health Insurance Companies
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Leading General Insurance Companies
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Latest Blogs
Types of Insurance Coverage Insurance Coverage: The saying- hope for the best and prepare for the worst is pretty much on point when it comes to practicality in life. We can never be sure of anything life throws at us, but we should keep ourselves ready with our shield in place. It is wise to choose to invest in insurance policies as they provide a safety net for our fall. Insurance plans are legal agreements between you and your insurer where they compensate you in case of loss damage or any other unfortunate suffering. In india there are two types of insurance- life insurance and general insurance LIfe insurance These plans require you to invest a fixed amount and pay a certain premium amount monthly, quarterly or yearly and in return they provide financial safety to you and your loved ones in case of your death or terminal illness. Your listed beneficiaries get to reap the benefits of this insurance plan after you. There are several types of life insurance policies that provide a range of options for your investment and financial stability. Endowment plans Like all insurance policies, the nominee of your life insurance policy reaps the benefits after you, but this plan can also act like a savings tool. The policy provides you with a maturity benefit, an amount you receive if you survive the term of the endowment plan, all including added bonuses. Term insurance As the name suggests, term insurance is similar but only lasts for a few years, a decade or two decades according to what you have chosen. Like a fixed deposit it keeps your invested amount safe and grows it as well and you receive the benefits of the term insurance plan as payout at the end of the term. Whole life insurance plans These plans are a bit expensive in terms of premium payment but the benefit is that they last for a lifetime- a 100 years and you do not have to worry about your policy renewal, which is a weight off your shoulder to start with. Whole life insurance plans are invested in with an angle of family financial coverage after you, so that after your demise your loved ones can claim the policy and look after themselves and your end of life care with the payout UIPLs Again, an insurance policy that covers your life but with twist, the premium you pay is distributed into two parts- savings and investment into the market. Through these types of plans you can be assured to have a safe savings amount but additionally and also an amount that grows with the market and your premiums. Pension plans The private sector is uncertain already, but with this insurance plan we can assure comfortable days in our old age. These plans have a certain tenure till you retire and then you receive a monthly payout out of the amount you have invested through your premiums, just like a pension. General insurance There are several aspects of your life that you can insure through these plans. Briefly, they are : Health insurance plans These insurance plans provide you with financial coverage for your health care and medical expenses. They are generally of two types- reimbursement plans or cashless claims. Both types cover medical expenses as far as the policy rules provide. Motor insurance This insurance plan provides financial coverage for loss incurred in an accident and other mishaps against your vehicle. Home insurance Home insurance as the name suggests is an insurance plan for your home in case of damage to your home be it man made or natural disaster. They provide financial coverage for contents in your house. Travel insurance Travel insurance is essential when it comes to long trips and provides financial coverage for any loss occurring during domestic or international travels, these losses could include flight cancellation, loss and damage of baggage, loss of passport, etc. It is to be kept in mind to always read the terms and conditions of your policy and stay in touch with the policy providers. All in all, investing in insurance plans is always beneficial!
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Medical Insurance In today’s stress inducing environment there is a visible spike in severe and critical health problems in the country’s population. We can never be sure of our health and safety but we should be sure of the preparation for the worst. It is necessary that we know in case life gives us lemons and we end up in a hospital, how we can make such a situation better by using health insurance policies. Just knowing that your money is growing in an insurance policy is not nearly enough to ensure our financial and mental stability when our physical health is not doing the best. It is essential that we reap the benefits of the policy we have invested our hard earned money in, in case of an actual emergency, like a possible hospitalisation. There two types of claims according your chosen policy, it either be a cashless claim or a reimbursement claim For reimbursement claims, Initially, the insured person pays the required bills to the hospital, so that they can reimburse the amount later through a medical insurance claim. There are a few tidbits to know- some hospitals are on the policy network and some aren’t , so make sure to enquire about that beforehand. It is suggested that you enquire about your policy coverage as well so you know the limits the policy insures you health as well as waiting periods for reimbursements, so you can file the claim in the specific time limit. Accurate documentation is absolutely necessary while trying to file the claim so, make sure to have a record of the following A duly filled claim form provided by your policy provider. A record of ALL the medical reports, bills, and payment receipt that to be attached with the form. Your diagnostic test reports are extremely essential for the company to ensure that the treatment is covered within the policy bounds. Your discharge summary is also to be provided to your policy prover. Lastly, your policy membership details, document and your id proof is essential to complete the documentation process Proceeding, you should keep a track of your claim review, you would usually get a notification from your policy provider if your claim is eligible for reimbursement ornot, and they may ask you for additional details. If in case the claim is accepted you receive the claimed amount in your registered bank account. For cashless claims, make sure the hospital is on the network- or panel- of your policy provider. Inform your insurer company of the hospitalisation in advance so they can initiate your claim process. As you proceed with the hospitalisation process keep submitting the necessary documents to your policy provider or as the policy rules require you to. Filing for health insurance claims is a tedious and meticulous process but it is important to keep a record of every aspect as you proceed with your claim. Make sure to read your policy details thoroughly to be able to claim your insurance benefits in a smooth and hassle free manner. For better effectiveness, keep in mind to keep the communication clear and timely with your policy provider and don’t be afraid to reach out to your service provider.
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There is uncertainty at every step of the way in our lives. Now more than ever, Life insurance is a need. We have been able to cope and manage the stressors of life in various ways, and one of them is having a back up plan. You need a back up plan for your life as well, to ensure that the people you leave behind are cared for and safe. Life insurance policies provide full proof insurance of financial support in case of sudden demise of family members. Life insurance proves to be a safety net to save you from the hit your family and loved ones might take in case of death or disability of a family member. Life insurance not only covers the above stated, but also unforeseen circumstances like critical illness or permanent disability. When you’re insured you are assured that there will always be a shoulder to support your family, and that will be your insurer! There are few things life insurance helps us achieve, that is, protection of the family, investment for your future financial goals and most of all savings for your retirement plans and more. What is life insurance? It is a legally binding contract that promises benefit to the policy owner in case the insured person dies. The beneficiaries of the life insurance policy get the benefit, the insured sum, subsequent to the death of the person insured. It is structurally pretty easy to get a hold of. There is an assured amount that you pay to your insurer , a minimum basic amount you pay to get your life insurance policy started off. Now on that you pay the premium monthly or quarterly or annually depending on the type of insurance you have opted for. However there are some contingencies to keep in mind so that you know what you’re getting into. Firstly, life insurance depends on a few factors like age, gender, smoking habits, and the policy term. All of these factors your insurance premium amount varies according to the plausibility and probability of any unfortunate event happening. At the very basics, life insurance can be specified into two main classifications- term life insurance and whole life insurance. Apart from those two categories there are also- endowment plans, unit linked insurance plans, child plans, pension plans. Term insurance It is an insurance policy designed to last a certain number of years and then come to term and end. Usually the common terms are 10 years or 20 or 30 years. Term life insurance is a great tool to improve your financial stability as it gives a return at the end of the tenure. There are different types of term insurance as well. Increasing term life insurance helps your insurance as well as premium amount grow and is a great tool for investment purposes. Level term stays constant throughout the term, including your premium as well as assured amount Decreasing terms makes assured amounts of money decrease over time however the premium you pay remains constant. Whole life insurance This is probably the best policy to go for if you’re looking for the actual purpose of life insurance, meaning safety and coverage of your loved ones financial stability after you. You are required to pay the premium throughout your life starting at the time you started the policy. There are a few types of whole insurance as well ULIPs : These are different from the traditional whole life insurance but useful nonetheless, the premium amount you pay throughout your life is used for two things within this policy, mainly: firstly your savings and secondly investment in the market for the amount to grow. The traditional plan: when your policy reaches the end, you get its promised benefits These plans can be further divided into non-participating and participating categories. In the former case, the insured does not get any bonuses or dividends from the corporation. Benefits can be taken in one lump sum or as recurring payments. Endowment policy Within this plan if the insured person lives through the maturity period they get an added bonus or benefit. Just like the whole life insurance policies they can also be participating and non participating but here in you can get the benefits of investment in the market like ULIPs Money back policy This is probably on the more expensive side, however still absolutely worth is as the beneficiaries get the exact amount that you have invested in the policy Child care policies You can think of this policy like a safety net for your child. It helps you save for the future and provides the usual coverage, however they can be like endowment plans or UILPs the added advantage is that there is no bar on the age limit RETIREMENT PLANS This plan is , as the name suggests, a retirement plan. In such an economy and with the financial uncertainty we live with, it is only a valid concern that our old age shall be comfortable years to live through. These plans somewhat work like a pension, the policies you have invested in, their benefits you reap as monthly payouts to you after your retirement. These benefits can also be transferred to the nominee of your policy.
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We are always a bit unsure of what to invest in and what not to invest in, or how to go about doing exactly that. Credit this factor to the lack of awareness and knowledge or general uncertainty, irrespective, we are here to provide you with a clear view of how to manage such a situation, and how to go about choosing and investing in your very own life insurance policy. There are multiple coverage options for life insurance and choosing the right one for you is a task, come lets make it easier for you! But first let us look at what are the benefits of investing in an insurance policy. Since we already know life insurance policy is a great tool for investment, not only because it provides a range of options where you can choose what to do with your investec money, but also that it’s a burden off your shoulder once you’ve opted for it. They provide you with the financial coverage if you go through a terminal illness Since they’re long term you do not have to worry about choosing what to invest in constantly so you can live your precious years worry free. They obviously act as a money doubling strategy where as you grow your money grows with you. As the name suggests, not only you but your loved one reap the benefits later on as these plans reach maturity. Life policies are not taxable, so you get tax free financial returns and benefit These policies make up for lost time and income and provide help with end of life care. Now we have made it pretty clear why investing in a life insurance plan is logically and financially the wisest decision you can make. But these benefits only reach you once you decide and with a little leap of faith- and money. Step 1 Your first step should be to research the ideal insurance company you want to go for. Policywings provides an overview on the types of insurance policies as well, once you have a clearer picture of what kind of benefits you want to reap based on your age and number of members in the family, we move on to the next step. Step 2 Platforms like Policywings and policybazaar give you a clear picture with respect to various companies and their insurances, of different coverage amounts. Usually life insurance company have a detailed description of how your investment plan will work, and what percentage of the money you invest will reap you what percentage of benefits. Now choosing the right option is your decision to make. Step 3 A comparative analysis of the life insurance policy is essential, such platforms will also do that for you. It will give you a comparative analysis and all you have to do is look at other companies’ plans, and decide. Not just life insurance policy but life advice- keep your options open! Step 4 Now once you have chosen for a specific plan, you can go ahead and put all the necessary information the company asks you, birth date, gender, contact, nominee names and details, beneficiary names and details, aadhar details etc. Step 5 Lastly you make the payment online through net banking or whatever payment method you choose. Consequently you will receive the policy document on your registered email address. This document is extremely essential so keep it safe! Alternatively, there are other methods to go about buying a life insurance policy like you can go about it through a policy agent, or most banks offer life insurance policies as well, so talk to your banker just in case you discover new developments or improved plans. Always make sure to be thoroughly decisive and don’t be afraid to reach out to the company’s customer service providers in case you find yourself at an impasse.
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