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What is Term Insurance
Term insurance pays a fixed sum to your nominee if you die during the policy period. You pay an annual premium; if you survive the full term, you receive nothing — this is intentional. Term insurance is income replacement, not investment.
Per IRDAI regulations, the minimum sum assured under an individual term plan is Rs.25 lakh. Tax benefit: premiums qualify for Section 80C deduction up to Rs.1.5 lakh per year. The payout to your nominee is 100% tax-free under Section 10(10D) of the Income Tax Act.
The most important thing to disclose at purchase: your health conditions, smoking status, and all existing policies. Non-disclosure is the single largest cause of term insurance claim rejection.
What is Health Insurance
Health insurance reimburses your hospitalisation expenses up to the sum insured. Three things changed for buyers under IRDAI (Insurance Products) Regulations 2024 (effective 1 April 2024):
1. Pre-existing disease (PED) waiting period is now capped at 36 months maximum. Previously some plans imposed 48 months.
2. Insurers cannot refuse health insurance based on age alone.
3. AYUSH treatment (Ayurveda, Yoga, Unani, Siddha, Homeopathy) must be covered up to the full sum insured.
Tax benefit: Premiums qualify for Section 80D deduction — up to Rs.25,000 for self/spouse/children, and an additional Rs.50,000 if your parents are senior citizens (60+).
How Motor Insurance Works
Under Section 146 of the Motor Vehicles Act, 1988, driving without valid third-party (TP) insurance is a criminal offence — fine of Rs.2,000 for first offence, Rs.4,000 for repeat.
TP premium is fixed annually by IRDAI and is identical across all insurers. Indicative rates: cars under 1000cc approximately Rs.2,000-2,500/year; 1000-1500cc approximately Rs.3,200-3,900/year. These are IRDAI-notified figures — verify current rates at irdai.gov.in.
IDV (Insured Declared Value) is the current market value of your car and the maximum the insurer will pay on theft or total loss. A car is declared Constructive Total Loss when repair costs exceed 75% of IDV.
Claim Settlement Ratio
The Claim Settlement Ratio (CSR) is the percentage of claims an insurance company pays out compared to the number of claims it receives in a financial year.
IRDAI Rules Explained
The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body that protects the interests of insurance policyholders.
Featured Insurance Plans
Handpicked plans from top-rated insurers in India, chosen for their comprehensive coverage and excellent claim settlement history.
LIC New Jeevan Amar
Plan 955 | UIN: 512N350V02
Source: Official LIC brochure, licindia.in
- Type: Non-linked, non-participating, individual, pure term plan.
- Entry age: 18 to 65 years. Maximum maturity age: 80 years.
- Minimum sum assured: Rs.25 lakh. Policy term: 10 to 40 years.
- Death benefit options: (1) Level Sum Assured — fixed throughout term. (2) Increasing Sum Assured — increases by 10% every 5 years from the 6th year, maximum 1.5x the base sum assured.
- Free look period: 30 days.
Care Supreme
UIN: CHIHLIP23128V012223 | IRDAI Reg: 148
Source: Official Care Supreme brochure, careinsurance.com
- Sum insured options: Rs.5L / Rs.7L / Rs.10L / Rs.15L.
- Entry age: 18 years to lifelong (adult), 91 days to 24 years (child).
- No room rent restriction. No co-payment. No disease-wise sub-limits.
- Pre-hospitalisation: 60 days. Post-hospitalisation: 180 days.
- Air ambulance: up to Rs.5 lakh. Cumulative bonus: 50% per claim-free year, max 100%.
- Unlimited auto-recharge of sum insured.
- Waiting periods: 30 days initial, 24 months named ailments.
- Zone 1 (Delhi NCR, Mumbai, Gujarat etc.) and Zone 2 (rest of India) pricing.
ICICI Lombard Health Elite
UIN: ICIHLIP22096V062122 | IRDAI Reg: 115
Source: Key Information Sheet (KIS), icicilombard.com
- Sum insured tiers: Rs.3L/4L/5L | Rs.7L/10L | Rs.15L/20L/25L/50L.
- Hospital daily cash: Rs.1,000 to Rs.3,000 per day depending on tier.
- Maternity (3-year waiting period): Normal delivery Rs.15,000-25,000, C-section Rs.25,000-50,000.
- OPD benefit: Rs.5,000 to Rs.20,000 depending on tier.
- Cashless network: 6,500+ hospitals nationwide. Helpline: 1800 2666.
- Waiting periods: 30 days initial, 24 months PED, 90 days for hypertension/diabetes/cardiac conditions, 36 months maternity.
Insurance Cost Guide
Get an idea of expected annual premiums for various insurance types. Plan your budget effectively for your family's protection.
Term Insurance
Annual premium for ₹1 Crore sum assured (Age 30, non-smoker)
Health Insurance
Annual premium for ₹10 Lakh coverage (Family of 4, eldest age 35)
Motor Insurance
Annual premium for a mid-size SUV (IDV ₹10 Lakhs)
Disclaimer:Premium ranges are approximate estimates and actual premiums depend on underwriting factors such as age, health status, vehicle model, and coverage chosen.
Your Trust is Our Anchor
We operate with complete transparency and adhere to the highest regulatory standards in the Indian insurance industry.
Based on IRDAI Official Data
All claim settlement ratios, regulatory information, and policy data on this site are sourced from IRDAI's official publications — Annual Reports and the Handbook on Indian Insurance Statistics. We cite the source and year for every data point.
Your Consumer Rights Under IRDAI
IRDAI guarantees you: lifelong policy renewability, a 30-day free look period, portability without waiting period loss, claim settlement within 30 days, and free Ombudsman dispute resolution. We explain how to use every one of these rights.
We Don't Sell. We Educate.
Hari Insurance does not sell policies, earn commissions, or have any financial relationship with any insurer. Our advisor connections are to IRDAI-licensed independent advisors. We make money only if you choose to speak with an advisor — never by pushing a particular product.
Compliance & Educational Disclaimer
HariInsurance is an educational platform designed to provide structured information about insurance products and regulations in India. Please note that this website does not directly sell insurance policies nor does it act as an insurance brokerage.The content provided is for informational purposes only and should not be construed as professional financial advice. Always compare plans and read policy documents carefully before making a purchase. Insurance is a subject matter of solicitation.
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