Insurance companies, insurance agent, insurance policies & more ..

Does insurance sound complex & difficult? Presently there are more than 43 insurance companies in India with 1000s of plans all aroud. Bimaworld is an initiative to make insurance easyfor general public to understand.

Our goal - Analyze best insurance company, agent & plans

To simplify: Help common people understand the value of insurance & guide them step by step in simpler language. To help: Connect insurance seekers to the right insurance providers. Work as a community to share knowledge/feedback/experiences, weeding out the bad service providers/policies & more .....

There is one thing common in an insurance policy & a parachute. If it is not there when it is needed the first time round, the possibility of it becoming neccessary again is very little. The graphically explained articles are developed to help consumers in developing their insurance knowledge. Our discussion forums have participation from Insurance consumers (with their real life experiences), Insurance experts (Unbiased and always ready to help) & Insurance company representatives & consultants: (Obviously a little biased, so watch out :) ).

Insurance in simpler terms

Let's take an example to understand insurance. Assume that there are 500 houses in a village. On an average 10 houses are destoyed by the cyclone every year. If the lost for each house is estimated at Rs 50,000, then the total lost because of cyclone is Rs 5,00,000. These 500 villagers can come together and contribute Rs 1000 each year to a common fund (call it Cyclone insurance). Thus, a big amount of loss Rs 5,00,000 for 10 families gets distributed over 500 families at Rs 1000 each, which is easily bearable. This is insurance in common terms. Then there can be variations of these insurances. Overall insurance provides:

Risk protection Tax benefits Investment advantage Wealth creation

Insurance can be categorized as:

Life Insurance General Insurance

Features and comparison of life and general insurance:

Features Life insurance Risks covered 1. Premature death 2. Retirement income 3. Illness expenses General insurance 1. Damange / Loss to Property & Business 2. Legal Liability due to damage caused to third party and its property 3. Accidents leading to death or disability 1. 2. 3. 4. Motor, Fire, House insurance Liability insurance Personal accident insurance Health insurance

Main 1. Whole life products 2. Term insurance 3. Endowment 4. ULIP (investment + protection) 5. Annuity

Visit edu section for more articles are details or visit services to get highly recommended services. What is Life Insurance?
Death is natural but uncertain. So death and long living are termed as risk under the class of life Insurance business. We also look at life insurance as a tool for Investment, Tax Saving, Future Savings and Risk Bearing Mechanism. Insurance is a contract between insured ( Policyholder) and the insurer (Insurance Co.) Insurers bear risk for a price called premium. Life policies are basically mixture of Term & Endowment Plans.

Types of Life Insurance: Term Assurance

Term specifies "Period, Time, Duration". Term assurance means cover only for a specified period. Risk cover under this plan is available only for a specified period say 5, 10, 15, 20 or 30 Yrs etc. In simple words, benefits are payable on the death of the life assured if it occurs before a specified date or event. This plan is highly suitable for all classes of people and available at very less price say for 30-35 age group 25 lacs cover is available for Rs. 8000 for 25 Yrs term. Person having financial liabilities and commitments must have term assurance policy. More Information

Endowment Plan
Endowment policy = Pure Endowment + Term Assurance. Endowment policy is a combination of saving and protection. The benefit are paid on survival of a specific period or on demise of policy holder within a term period. Endowment policies are either participating or non-participating policies. More Information

Whole Life Insurance

Its a life-long protection and premium are paid for certain period of life. Whole life policy is one under which benefits are paid on death of life assured. The money includes sum assured along with bonuses if any. Example- Supose a person take a coverage for 400,000 and starts paying premium for 20 yrs from age of 30 . At the age of 50 he would receive 4lac and then his family would get if he pass away.

Investment Linked Insurance Policy - ULIP

A type of insurance vehicle in which the policyholder purchases units at their net asset values and also makes contributions toward another investment vehicle. Unit linked insurance plans allow for the coverage of an insurance policy, and provide the option to invest in any number of qualified investments, such as stock, bonds or mutual funds.

Pension Plans
Save for your future to enjoy a regular income during your retirement years. More Information

Money Back Policy

Money back policy on the other hand is ideal for married people and those who have short-term financial requirements. This product combines insurance cover and saving. Premium is payable for certain period and portion of suminsured is payable by insurance company in intervals.

Children's Plan
Its important to secure childs future by saving money for his/her higher education.

What is General Insurance?

Insurance other than Life Insurance falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers Motor Third Party Liability Insurance, Workmens Compensation Policy . There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.

Types of General Insurance Health Insurance

Health insurance policy is a reimbursement policy, it is designed to cover medical treatment and surgicial expenses. Some of the companies also provide hospital daily allowance as an add on cover. more information

Home Insurance
Home insurance protect your home and your personal property as well as provides protection against liability for accidents that injure other people or damage there property. more information

Auto Insurance
Auto insurance provide financial protection for your vehicle - Private cars, Two wheelers and Commercial Vehicles. Auto insurance provides two type of coverages. 1. Liability Only Policy 2. Own damage cover more information

Critical Illness Insurance Policy

Critical Illness Insurance pays a lump-sum benefit upon diagnosis of an illness or condition specified in your plan. The benefit you receive can be spent however you wish - there are no restrictions or requirements. more information

Personal accident Insurance

Personal accident insurance is a policy that cover the event of an accident: death, permanent disability or temporary disability. It helps to pay off hospital and medical bills in case of accident, it provides cash benefit to family members in case insured dies in accident. more information

Travel Insurance
A Travel Insurance can be purchased to insure yourslf against travel-related accidents, medical expenses or financial expenses to make your life stress free. more information

Liability Insurance
A Liability insurance protects the insured from the risk that may sue him or make third party file legal case on him . It covers risk like injury to third party, damages to property, malpractice or negligence. Intentional damage and contractual liabilities are not covered under this policy. more information