Crucial Advice

Our tools include some essential insurance calculators. As we all understand importance of having insurance. But have many questions like

which all insurances to take

when is the right time to take

how much cover to take

how much to invest

how long to invest

returns on Insurance

Risk free or market linked policies

Our calculators will help you figure answers to these questions.

Motor Insurance - premiums are evaluated by the insurance company based on vehicle you drive and person driving the vehicle. Age, model of car. Age, driving experience etc of driver are few factors. Third party cover and comprehensive cover are 2 cover types to choose from. – more

Home Insurance – Building cover and Content cover to choose from. Premium is based on value of house in case of building cover and cost or evaluation of contents in contents cover. – more ( hyperlink – links to home insurance page)

Life Insurance – Includes Termlife & Investment Insurance – more ( hyperlink – links to life insurance page)

Termlife Insurance – When to invest, how much cover to take, type of cover death & survival benefit, types of additional riders to take with termlife policy i.e extension of cover based on types of risks etc are explained in our termlife page. Termlife premium depends on age, gender, annual income, profession, health profile of individual. Less the age, better the health condition, less price is the premium. And premium doesn’t alter all through the policy term. So, taking term policy between 35-40 years is recommended. Our termlife insurance calculator will help you understand amount of termlife insurance you need – more ( hyperlink – links to termlife page)

Investment Insurance – Child plan, Pension plan, endowment plan, money back plan, ULIP plans to choose from. These are goal based investment or saving plans. Set your goal you want to save money for based on it choose the plan. Based on returns you have market linked plans and guaranteed returns plans. Now following questions will become crucial

How much to invest

How frequently to invest

How long to invest

What is the amount you need to fulfil your goals

Guaranteed returns plans or market linked plans

To answer this questions we formulated below calculators

Child Insurance – Child insurance plan for education or marriage of the child. Please check our Education expenses and insurance calculator. Child insurance is better taken early on, while the kid still young, you have years to invest and plan. Minimum of 10-15 years of policy term. Invest in small amounts. It’s crucial to know how much amount you would need to fulfil the goal, education or marriage. Consider deflation and future scenario while calculating end amount. Once that is figured, you will know how much to invest monthly, quarterly, half yearly or annually. Guaranteed policies offer 6-8% returns. Market linked offer 8-14% ( can even go down or up, there is no guarantee, no minimum and maximum can be estimated. – more ( hyperlink – links to child plan page)

Pension Plan – Pension / retirement plan are savings or investment insurance for accumulating corpus for retirement income. Here understanding following elements become crucial - like how much corpus you need for retirement. What would be your monthly or annual expense after retirement etc. Our retirement corpus calculator helps you find out how much corpus you require. Its recommended to take a senior health insurance plan along with pension plan – more ( hyperlink – links to pension plan page)

Endowment / money back plans - These are short term investment plans for generic goals like buying house, car, bike etc. They yield you 6-8% returns and different types available based on types of periodic returns – more ( hyperlink – links to endowment / money back plan page)

ULIP Plans – These are market based plans. This is ideal to experience the equity market before taking the plunge into share market. You are given an online account to manage your funds, you can spread your amount between debt, equity & balanced funds online without switching charges*(depends on insurer few of them offer only few limited free switches) These have many more features like loan against policy, partial withdrawals etc. But do understand charges like fund allocation charges, admin charges, mortality charges, fund management charges. However the aggregate amount upto less than or equal to 2%. They are market linked, fluctuation in markets affect them. Hence you need to manage your account by investing in right type of fund at right time. Fund management and allocation is done by fund managers appointed by insurer hence the respective charges are applied. Mortality charge is for providing life cover. 2nd generation and newer ULIPs have only 2 charges fund management and mortality. Your investments are reflected as units you have accumulated. Growth of fund, % of returns can be checked in your online accounts. NAV is the Net Asset Value which is declared by insurer. It’s the value of each unit in your profile. – more ( hyperlink – links to ULIP page)

Health Insurance – Individual cover, family cover, corporate cover, critical illness cover, senior citizen cover are types of health insurance. Corporate cover is given to you by your employer. It’s always suggested to take individual or family cover along with corporate cover because they are customized for your needs. That could be critical illness cover if one is affected by critical illness or prone to these diseases. Senior citizen cover is ideal for people between 60-80 years. Health insurance teamed with termlife insurance is good to take. Health care prices are at ever so growing because of fast growth in medical science and deteriorating health conditions – more ( hyperlink – links to health insurance page)

Cancer cover – If you have history of cancer in family, prone to get it, it’s good cover to take as its affordable and covers all expenses of cancer treatment. People with stage 1& 2 cancer can take this policy, however this depends on insurer so check with your policy provider for confirmation – more ( hyperlink – links to cancer cover page)

Disclaimer: Please note that the information provided is collected from insurers online sources and other publicly available resources & which we believe to be reliable. Compare4cover doesn't warrant the accuracy, reliability & absoluteness of information provided on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.