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Insurance Plans in India

Insurance Sector in India is on a constant rise since its inception. The market is flooded with numerous insurance providers offering insurance plans as per the needs and requirements of its customers. The insurance plans are designed by keeping in mind the insurance needs of customers at every stage of life.

Term Insurance

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What is the Insurance Policy?

An insurance policy is a contract between the policyholder and the insurance provider. This contract in the form of insurance policy promises to pay a certain sum of money to the insured or the nominee in the event of a certain loss caused due to certain risks mentioned in the policy terms and conditions. The guarantee to offer financial coverage is given in exchange for payment of a premium over a pre-determined period. All the insurance plans offered by various insurance providers in India are broadly classified under two categories namely:

  1. Life Insurance Plans
  2. Non-Life Insurance Plans

Life Insurance Plans

An insurance policy is a contract between the policyholder and the insurance provider. This contract in the form of insurance policy promises to pay a certain sum of money to the insured on the date of maturity if the insured outlives the policy tenure or guarantees to pay the money to the nominee in the event of the unfortunate demise of the life insured. This financial coverage is offered in exchange for a premium payment. The Indian insurance sector offers various types of life insurance plans as under:

Term Insurance

Term Insurance or Pure protection plan is one of the most common types of life insurance product that offers insurance coverage to the insured for a pre-determined term. A term insurance plan offers comprehensive financial coverage to the entire family in the event of the unfortunate demise of the life insured. In the event of the demise of the life insured the nominee is entitled to receive the death benefit either in a lump sum or as per the condition set out by the insured at the time of purchasing the policy. This financial coverage is offered in exchange for premiums paid by the insured during the policy tenure. Term insurance is paid if the death of the insured occurs during the policy tenure however if the life insured outlives the policy tenure then the death benefit does not apply.

One of the biggest benefits of availing a term insurance plan is that this insurance product is very suitable for those who are planning for safeguarding the finances of the family in their absence.

The following is a list of the most popular term insurance plans in India:

1. Canara iSelect Term Plan

This is a pure protection plan designed to offer insurance coverage for life and terminal illness. Additionally, the plan also offers cover against accidental death or disability caused due to accident and offers the facility to secure your family financially by providing the benefit payout in a lump sum or monthly in the event of your absence. The Canara iSelect Term Plan is a comprehensive pure protection plan to secure you and your loved ones.

2. Edelweiss Tokio Life Zindagi Plus

This is a customizable term insurance plan from Edelweiss Tokio Life. The Better Half Benefit available under the plan offers an additional cover to the spouse in the event of the unfortunate demise of the husband. Insured can also avail the top-up benefit to increase the insurance cover as per the growing needs. The plan also offers the rider facility that makes this insurance plan more robust. The waiver of premium benefit provides financial security in the event of a diagnosis of 35 critical illnesses.

3. Max Life Online Term Plan Plus

This term plan offers financial security to your loved ones in the event of Demise, Disease, and Disability. The plan offers an array of key features and benefits like comprehensive coverage against critical illness, flexibility to choose income payout option, the choice to opt limited premium payment option, etc. choosing max life online term plan plus guarantees peace of mind, tax savings, and insurance coverage at an affordable premium rate.

4. Kotak e-Term Plan Life Option

A pure protection insurance plan that guarantees financial security to your family. Kotak e-Term Plan ensures a secured financial future for your loved ones in your absence. The plan promises higher financial protection at affordable premium rates, flexibility to choose plan option as per your insurance needs, and flexibility to choose pay-out options. The plan also offers the facility to increase or decrease life cover as per your requirement and convenience.

5. HDFC Life Insurance Term Plans

HDFC Life offers term plans at affordable premium rates and ensures that their term plans offer complete protection and financial stability to your family and loved ones in your absence.

HDFC Life presents 3 term insurance plans each designed to best meet your needs like:

5.1. HDFC Life Click 2 Protect 3D Plus Plan

The plan is designed to offer financial protection to you and your family at an affordable premium. The plan offers a 9-plan option offering you easy customization as per your insurance needs. The minimum age at entry is 18 years while the maximum age at entry is 65 years. The advantages offered by the plan includes- Death benefit, terminal illness benefit, Accidental and Total Permanent Disability Benefit, Critical Illness Benefit, Accidental Death Benefit, Maturity Benefit, Life Stage Protection, and top-up option.

5.2. HDFC Life Click 2 Protect Plus Plan

The plan is designed to offer protection to your loved ones. The plan offers flexibility to choose the cover option from the available 4 variants. Under this plan, you have the flexibility to choose policy term ranging between 10 years to 40 years as per your financial goals. The plan offers benefits like – death benefit, life option, Extra Life Option (i.e. Accidental Death Benefit), Income Option, and Income plus option. The minimum entry age is 18 years and the maximum entry age is 65 years, Minimum maturity age is 28 years and maximum maturity age is 75 years. The plan also offers flexibility to choose premium paying frequency as per your financial convenience

5.3. HDFC Life Click 2 Protect Health Plan

This plan ensures Protection at an affordable cost. The plan allows the flexibility to customize your plan from the 9 plan options and premium payment terms. Offers an option to increase your insurance cover every year through top-up options. The minimum entry age is 18 years or 25 years depending upon the choice of plan option however the maximum entry age across all plan options is 65 years. In some of the plan options, the minimum policy tenure is 5 years while some plan options offer the whole of the life policy term.  The plan also offers tax benefits under section 80C, 80D and 10D of the Income Tax Act, 1961.

Endowment Plans

An endowment plan is a traditional insurance plan that offers insurance coverage in exchange for premium payments. The plan pays out the death benefit to the nominee in the event of the death of the life insured but in case the insured survives till the end of the policy tenure then the entire accumulated payout is paid to the insured called the maturity benefit.

Annuity or Pension Plans

An Annuity or pension plan is an insurance instrument that can be utilized to receive income post-retirement. A pension plan is the best instrument to plan the golden years of life.

Unit Linked Insurance Plans

Unit Linked Insurance Plans are commonly referred to as ULIP’s are insurance instruments that offer insurance coverage and an opportunity to create wealth through investment. The insurance provider invests the collected premium in various investment schemes and thereby helps customers to grow their money along with insurance protection

Money-Back Plans

As the name suggests the insured receives the entire invested corpus. Under money back plans the insured receives the maturity benefit in a staggered manner i.e. in instalments spread across the policy tenure. In short, we can refer a money-back plan as an endowment plan that offers a return of maturity benefit at regular intervals.

Whole Life Plans

As the name suggests this plan offers insurance coverage throughout the life insured life. The coverage is offered only in the case where the amount of premium is paid. In the event of the death of the life insured the nominee is entitled to receive a certain sum of money as mentioned by the insured.

Non-Life Insurance Plans

Non-Life Insurance Plans are also referred to as General Insurance Plans. The general insurance plans are designed to cover for the losses incurred from a certain financial event. General Insurance is insurance for valuables other than life.

Health Insurance Plans

The most common type of general insurance product is the health insurance plan. Under the health insurance plan, the insured is eligible to claim the payments incurred for medical treatment, surgical expenses, and hospitalization expenses. Usually, all the health insurance providers have tie-ups with leading hospitals due to which cashless treatment can be availed by the insured. Similarly, insurance providers also offer reimbursement facility wherein the insured can claim for the expenses after submitting relevant documents.

Following is a list of the most popular health insurance plans in India.

1. Religare Health Insurance Plan

1.1. Religare Health Insurance Plans

Offer extensive insurance coverage for your life. The company hosts a wide range of health insurance plans and services for your specific needs as under:

1.2. Religare Care Health Insurance Plan 

It is a comprehensive health insurance package designed to satisfy the insurance needs of individuals and family.

1.3. Religare Care Freedom Health Insurance Plan 

This health insurance plan can be availed without any pre-medical check-up.

1.4. Religare Care Joy Health Insurance Plan 

This health insurance plan is designed to offer Maternity cover i.e. to cover expenses related to childbirth.

1.5. Religare Care Enhance Health Insurance Plan 

The plan is used as super top-up health insurance used to add financial support when the basic health insurance plan has reached its limit.

1.6. Religare Group Care Health Insurance Plan

It is a health insurance plan extended to a group of people.

2. Star Health Comprehensive Individual Plan

The Star Health Comprehensive Insurance Policy is complete healthcare protection for your entire family. The plan is available for individual as well as family floater basis. The Plan covers for hospitalization expenses, Maternity Coverage, New Born Coverage, Out-Patient Dental expenses once in three years, covers for ophthalmic treatment once in every 3 years, covers expenses related to organ donation, Hospital Cash Benefit, Bariatric Surgery, Free annual health check-up for every claim-free year, Facility of second medical opinion, AYUSH Treatment, Covers for Accidental Death and Permanent Total Disablement, Star Wellness Program, and option to buyback PED where the waiting period shall be reduced from 36 months to 12 months on payment of extra premium.

3. Aditya Birla Health insurance Plans

Aditya Birla Health Insurance Plans are designed to offer a wide range of health benefits to you and your family through their various plans. The various health insurance plans offered by Aditya Birla Health insurance company are as follows:

3.1. Aditya Birla Activ Assure Diamond Health Insurance Plan

This plan is for you if you are looking for wider health insurance coverage as it offers benefits like 150% reload of the sum insured, coverage for 586-day care procedures, No Claim Bonus of 10% of sum insured for every claim-free year and many more amazing benefits.

3.2. Aditya Birla Activ Health Insurance Plan

This plan offers comprehensive health insurance coverage to you and your family. The plan comes in two variants like the Activ Health Enhanced and Activ Health Essential. Both these health insurance plans offer amazing benefits and motivate you and your family to stay fit.

3.3. Aditya Birla Activ Secure Health Insurance Plans

These plans are designed to enhance your basic health insurance coverage. With Activ Secure plans like – Personal Accident, Critical Illness, Hospital Cash and Cancer Secure you can widen the scope and coverage of your health insurance plan.

4. SBI Arogya Plus Policy

This health insurance plan from State Bank of India General Insurance company is designed to cover for the rising cost of medical expenses of OPD and hospitalization expenses. The plan covers for OPD Treatment, Pre- and Post-Hospitalization Expenses, Day Care Expenses, Ambulance Expenses, Maternity Cover, Domiciliary Hospitalization Cover, and offers reimbursement of alternative treatments.

Thus, the above list is a comprehensive detail of the top health insurance plans offered by various leading health insurance providers in India.

Most Popular Insurance Companies in India:

Now let us have a look at the ‘Most popular insurance companies in India’ and the various plans offered by them

1. Manipal Cigna Health Insurance Plan

Manipal Cigna Health Insurance Company is one of the most popular health insurance providers in India. the company offers comprehensive health insurance solutions at an affordable premium. The company offers benefits like cashless hospitalization facility, flexibility in premium payments and

offers access to a wide range of network hospitals.

The following are various types of health insurance plans offered by Manipal Cigna Health Insurance Company:

  1. Manipal Cigna ProHealth Protect Plan
  2. Manipal Cigna ProHealth Plus Plan
  3. Manipal Cigna ProHealth Preferred Plan
  4. Manipal Cigna ProHealth Premier Plan
  5. Manipal Cigna Lifestyle Protection – Critical Care Plan
  6. Manipal Cigna Lifestyle Protection – Accident Care Plan
  7. Manipal Cigna ProHealth Accumulate Plan

All the above mentioned Manipal Cigna Health insurance plans offer a 360 – degree protection against the rising cost of medical expenses as it covers most of the treatments and procedures provided under healthcare facilities.

2. Apollo Health Insurance Plans

Apollo Munich Health Insurance Company is one of the most trusted health insurance providers in India. the company offers a simple yet amazing health insurance solution to cover for the individual as well as family healthcare needs.

The following are the various health insurance plans offered by the Apollo Health Insurance Company.

  1. Apollo Munich Health Wallet Individual Insurance
  2. Apollo Munich Optima Health Restore Insurance Plan
  3. Apollo Munich Easy Health Premium Plan
  4. Apollo Munich Optima Vital Insurance Plan
  5. Apollo Munich Optima Senior Insurance Plan
  6. Apollo Munich Optima Plus Insurance Plan
  7. Apollo Munich Optima Cash Insurance plan
  8. Apollo Munich Easy Health Exclusive Insurance Plan
  9. Apollo Munich Optima Super Insurance Plan
  10. Apollo Munich Dengue Care Plan

3. New India Assurance Company Limited

It is India’s Premier multinational general insurance company. The company operates both in India and Foreign countries. The company is well-known for offering comprehensive general insurance products with amazing features and benefits.

The company offers a wide range of general insurance products as under:

  1. Motor Insurance:
    Offers a wide range of motor insurance plans to cover for the damages or theft of your motor vehicle namely two-wheeler, four-wheeler, etc.
  2. Health Insurance:
    The various health insurance plan offered cover for the medical, surgical and hospitalization expenses incurred during treatment and procedures.
  3. Travel Insurance:
    The various travel insurance plans offer freedom to commute anywhere across the globe stress-free. The Travel Insurance plans cover for all your trips abroad. The travel insurance offers coverage for loss or theft of valuables including documents occurring during travel.
  4. Rural Insurance:
    Rural Insurance products offer comprehensive cover against expenses incurred in rural life. The rural insurance includes plans like – Animal Driven Cart Insurance, Cattle Insurance, Farmers package Insurance, Honeybee, Duck Insurance, Gobar Gas Insurance, etc.
  5. Marine Insurance:
    This insurance offers to cover cargo expenses and hull. The two products offered under Marine Insurance are Marine Cargo policy and Marine Hull Policy.
  6. Miscellaneous Insurance:
    The New India Assurance Company Limited is the largest and most popular public sector general insurance company. The company offers an extensive range of general insurance plans covering every valuable item. The miscellaneous insurance group offers plans for numerous products apart from the ones listed above. The list of miscellaneous insurance products is inexhaustive as the company has an insurance plan for every general insurance need. Thus, it is recommended to visit the nearest branch office or official website to know more about these products.

4. United India Insurance Company Limited

The company is one of the most preferred insurance partners as it offers insurance solutions at affordable premium rates. Health insurance plans are the most preferred products from its extensive product catalogue. The health insurance plans offered by United India Insurance Company are affordable and offer extensive coverage to meet all the healthcare needs.

The following are the various health insurance plans offered by the company:

  1. United India Insurance Family Medicare Policy
  2. United India Insurance Family Medicare 2014 Policy
  3. United India Insurance Gold Policy
  4. United India Insurance Individual Mediclaim Policy
  5. United India Insurance Platinum Policy
  6. United India Insurance Senior Citizen Plan
  7. United India Insurance Super Top-up Policy
  8. United India Insurance Top-up Plan
  9. United India UNI Criticare Health Insurance
  10. United India Insurance Personal Accident Policy

5. Oriental Insurance

Oriental Insurance is your one-stop-shop for all your insurance needs. The company offers a wide range of general insurance solutions and covers for every insurance need. The wide range of products include:

  1. Oriental Motor Insurance Policy – offers comprehensive protection to your car
  2. Oriental Fire Insurance Policy – to cover for the damages caused by fire
  3. Oriental Happy Family Floater Policy – Covers the entire family under one single policy
  4. Oriental Overseas Mediclaim Policy – Travel Insurance to cover for your medical expenses while on trips abroad
  5. Oriental Personal Accident Policy – Secures your savings in the event of an accident
  6. Oriental Shopkeeper Policy – covers for the risk and damages that shopkeeper face
  7. Oriental Mediclaim Insurance Policy – Offers health insurance coverage for medical and hospitalization expenses
  8. Oriental Householder policy – covers for your house and its contents
  9. Oriental Janata Personal Accident Policy – Personal accident cover at the lowest premium
  10. Oriental Happy Cash – Hospitalization cash to be stress-free
  11. Oriental Nagarik Suraksha Policy – a novel plan to cover for accidents
  12. Oriental Super Health Top-Up policy – A top-up plan when your basic limits get exhausted or when your insurance needs grow.
  13. Oriental Marine Single Voyage Inland Policy – to cover expenses of Marine insurance.

6. HDFC Ergo General Insurance Company

HDFC ERGO is a leading and most trusted general insurance provider in India. the company offers a wide range of general insurance plans to cover for your valuables.

The extensive product catalogue includes general insurance plans for:

6.1. HDFC ERGO Two-Wheeler Insurance Plans:

This insurance plan covers for the vehicle and its rider against unforeseen events like accident, natural calamities, riots, civil unrest, etc. the various two-wheeler insurance plans offered by the company are:

  1. Single Year Comprehensive Insurance Plan
  2. Standalone Motor own Damage Cover Plan
  3. Long Term Comprehensive Insurance Plan
  4. Two-Wheeler Liability Only Insurance Plan

6.2. HDFC ERGO Motor Insurance Plans:

The motor insurance plan secures your vehicle against unforeseen events. The company offers long-term insurance for your motor that includes – Private Car and Commercial Vehicle Insurance.

6.3. HDFC ERGO Health Insurance Plans

HDFC ERGO offers the best health insurance plans. The health insurance policies provide with an extensive range of features and benefits to cover for the healthcare needs of you and your family.

The following are various health insurance plans offered by HDFC ERGO:

  1. HDFC ERGO Medisure Classic Insurance Plan
  2. HDFC ERGO Health Suraksha Silver Plan
  3. HDFC ERGO Health Suraksha Silver with Regain & ECB Plan
  4. HDFC ERGO Health Suraksha Gold Plan
  5. HDFC ERGO Health Suraksha Gold with Regain & ECB Plan
  6. HDFC ERGO Critical Illness Silver Plan
  7. HDFC ERGO Critical Illness Platinum Plan