Which insurance companies have good market share

Manoj Aswani, CEO of MyInsuranceClub.com answers queries on CNBC Awaaz show Your Money

Vaibhav Chaturvedi from Faridabad

Evaluating a term plan of Rs. 50 lakhs for 35 years. His age is 27 years. His objective is ensure that his family does not have to go through trouble for making the insurance claim in case something happens to him. He asks:
Which are the good insurance companies apart from LIC which have been doing good business, have a good market share and claims ratios are good? He also whats to know which term insurance plans are good as there seems to be quite a few exceptions like terrorist attacks, require periodic medical checkups etc.?

Manoj: Companies do not design processes to make the claim process difficult. In fact it has now become much simpler to due technological advances. The insurance companies are very slosely regulated by the government regulator IRDA and hence he need not worry about it. No company denies claims intentionally. Ensure your fill in the application form correctly - disclose all details. Among the private players Bajaj Allianz, ICICI Prudential, Aviva have good market share. In case you want to feel comfortable you can split the risk cover between 2 companies. Most term plans have standard exclusions and hence should not be cause for worry.
Swati adds: Check your income and expenses and take a call as to what amount of cover would be required to maintain the same standard of living. Check for the online term insurance plans which are much cheaper than the offline plans.

Compare premiums of terms plans at : http://www.myinsuranceclub.com/life-insurance/term-insurance

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Education

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• term plans
• term insurance
• manoj aswani
• myinsuranceclub.com