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Increase in term insurance premiums delayed by 10-15 days; buy now to avail lower prices

According to Indraneel Chatterjee, Co-Founder, RenewBuy Insurance, the renewed contracts of term policies need to be approved by the Insurance Regulatory Development Authority of India (IRDAI) and are expected to get implemented in the next few days. This means that consumers still have the window to buy term insurance policy at lower rates and can save 10-15 percent increase in premiums before the revised rates get implemented.

April 12, 2021

How Saral Jeevan Bima fares among term plans

According to Inderaneel Chatterjee, Co-Founder and Principal Officer, RenewBuy, "The premium for the standard product appears relatively high because the other terms plans cater to individuals usually in higher income brackets, for whom insurers will be in a position to absorb the underwriting costs and risks, given the higher coverage." The minimum coverage offered by most term policies in the market is over 25 lakh, whereas, for the standard products, the maximum coverage is itself only 25 lakh. For instance, in SBI Life's eShield plan, the minimum cover is 35 lakh, with no limit of maximum cover.

April 10, 2021

Tweak your portfolio to help it meet challenges of the new financial year

Above, we said that if your current expense is Rs 10 lakh a year, you should aim for a retirement corpus of Rs 3 crore by 60. Suppose you are 40 and have a corpus of Rs 1 crore. Then you should have life insurance worth Rs 2 crore to cover the shortfall. Alternatively, buy life insurance equal to 15-20 times your annual salary and reduce it as you move closer to retirement. "As age increases, the number of years of work-life that a person can lose due to untimely death reduces," says Indraneel Chatterjee, co-founder and principal officer, Renewbuy.com.

April 9, 2021

All you need to know about term insurance premiums increase

Term insurance plans are the simplest form of insurance in which the beneficiaries of the policy receive the sum assured in case of the demise of the policyholder during the tenure of the policy. Unlike endowment plans and ULIPs, there are no survival or maturity benefits under this policy.

April 6, 2021

Cancellation of a policy is different from non-renewal

Did you know that there is a difference between an insurer cancelling a policy and choosing not to renew it? Cancellation means termination of the policy. It can be done either by the insurer or the insured before the end of the policy period. However, the non-renewal case arises after a policy has served a period of a year or so. Here, it is up to the insured or the insurer to decide whether the policy could be renewed or not while it expires.

March 31, 2021

Term insurance set to become costlier by up to 15% post April 1 – Here’s what you can do

Premiums for term insurance plans are likely to increase between the range of 10 per cent to 15 per cent soon. While some insurers have already increased the premiums in recent months, some others are expected to follow suit by April 2021.

March 31, 2021

RenewBuy to provide insurance for electric vehicles

Technology is playing a vital role in disrupting the insurance industry in India and is helping create differentiation in consumer experience and service as well as enhancing geographical access, especially to smaller towns and rural India. Using technology, RenewBuy Insurance is simplifying and digitising motor, life and health insurance. Balachander Sekhar, CEO, RenewBuy tells Telangana Today, the future insurance offerings and major trends in the sector.

March 18, 2021

How to pick an insurance policy to cut losses caused by natural calamities

Natural disasters cause the loss of life and property in India almost every year. In case of natural disaster, home insurance is one of the most important insurance which can help people from tackling losses.

March 16, 2021

Insurtech Gets a Boost in India Amid Rising Digital Adoption

Fundamental shifts in consumer preferences, favourable regulation, and rising interest from investors are stimulating the growth of insurtech in India. Results of a survey conducted by the Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce and Industry (FICCI) found that 65% of general insurance customers in India had a digital footprint in the purchase journey, and 30% got influenced during the journey. The digital trend is expected to grow moving forward with 88% of Indian customers expressing willingness to purchase through digital channels.

March 12, 2021

Mitigating Insurance Risk During Natural Calamities

While the world has gone through a series of catastrophic events due to climatic changes; India has also been a victim of the same. Added to Covid 19, the country lost over 1,56,000 lives in less than a year, and 2021 began with the Uttarakhand calamity causing a plethora of damage and destruction.

March 9, 2021

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