Types of Insurance

Any risk can be insured for a price. Hence there are many types of insurance such as Automobile Insurance, Business Insurance, Health Insurance, Life Insurance, Pet Insurance, Travel Insurance, Property Insurance, etc. This webpage will focus on health and life related insurance policies in India.  

There are following types of Life insurance policies
  • Endowment Policy
  • Group Insurance
  • Joint Life Insurance Policy
  • Loan Cover Term Policy
  • Money Back Policy
  • Pension Plan
  • Term Life Insurance Policy
  • Unit Linked Insurance Plans
  • Whole Life Insurance Policy   
Other health related policies are
  • Medical Insurance (Mediclaim)
  • Travel Insurance

Insurance Companies in India

The following are the insurance companies in India.
  1. Aviva Life Insurance
  2. Bajaj Allianz
  3. Bharti AXA Life Insurance Co Ltd
  4. Birla Sunlife
  5. HDFC Standard Life
  6. ICICI Prudential Life Insurance
  7. ICICI Lombard
  8. IFFCO-Tokio General Insurance Co. Ltd.
  9. ING Vysya Life Insurance
  10. Kotak Mahindra Old Mutual Life Insurance
  11. Life Insurance Corporation of India
  12. Max Newyork Life Insurance
  13. Metlife India Life Insurance
  14. Reliance Life Insurance Company Limited (Formarly AMP Sanmar LIC)
  15. SBI Life Insurance
  16. Shriram Life Insurance
  17. Tata AIG Life

Comparison of term insurance plans

Generally insurance agents shy away from recommending Term Insurance plans. This is because the term insurance plans have a very low margin for the insurance agents. MeraMD is the first site to provide detailed comparison of term insurance plans for your benefit.

The advantage of term insurance is that you are not paying the insurance companies to invest on your behalf, the downside is that you need to be disciplined enough to make good investments yourself. Term insurance gives you a much larger Sum Assured than other plans, for the same amount of premium, because its a pure risk cover.

The method used to compare the term plans costs across the insurance companies was this. We took the following parameters across all plans:

  • Healthy male life, 30 years age
  • Term of 25 years, with regular premium
  • Premium paid annually
  • Sum Assured of Rs 10 Lakh
The table below shows the premiums for different plans. Note that the plans have different limits with respect to entry age, maximum term, etc. So choose whatever suits you best.

  Policy Name Min entry Max entry Max Age Min term Max term Min SA Max SA Cost (Rs.)
Aviva LifeShield 18 55 65 5 40 500,000 NA 3530
Bajaj Allianz New Risk Cover 18 60 65 5 40 400,000 50 Cr 3730
Bharti AXA Secure Confident 18 55 60 5 25 500,000 NA 2940
Birla Term Plan 18 55 70 5 25 200,000 NA 3551
HDFC  Term Plan 18 60 65 10 30 NA NA 3050
ICICI Prudential LifeGuard 18 55 65 5 30 500,000 NA 3025
Kotak Term 18 60 70 5 30 250,000 5 Cr 4602
Kotak Term Prefered 18 55 60 5 30 250,000 5 Cr 3143
Max New York Level Term 18 55 60 5 25 250,000 5 Cr 3050
LIC Anmol Jeevan 18 55 65 5 25 500,000 3 Cr 3821
Metlife Suraksha TA 60 18 60 65 5 25 50,000 None 3600
Reliance Term Plan 21 60 65 5 25 250,000 None 3070
SBI Life Shield -Level 18 60 65 5 25 300,000 25 Cr 2964
Tata AIG Raksha 18 50 60 10 25 NA None 2640

Additional notes for the above table:

  • Most companies mention that taxes are extra. Some dont. Its been assumed that quotes are exclusive of taxes whereever the official website did not specify.
  • Most companies provide additional riders, typically Accidental Death Benefit, Permanent Disability Benefit and Critical Illness Benefit. Some companies have other innovative riders like Waiver of Payment, etc.
  • ICICI provides online purchase of risk cover for upto Rs 10 Lakhs if the life covered is in the 20-40 age bracket.
  • Most companies have lower premiums for female life covers.
  • The sum assured can typically be increased in increments of Rs 1 Lakh, while the term can be incremented typically in blocks of 5 years.

DISCLAIMER: is not connected to any of the insurance companies listed above and does not recommend any specific insurance company. All rates and information given above is taken from the respective company websites, as of July 2007. is not responsible in case this information is outdated or no longer applicable.

Frequently Asked Questions will provide answers to all your insurance queries through the qualified Insurance Agents on the meraMD panel. Please send your query to .