S. S. Gopalarathnam, Managing Director, Chola MS General Insurance, formerly known as Cholamandalam MS, on Thursday said the company wanted to get bigger its presence in the rural health insurance segment by leveraging the reach of the Murugappa Group companies.
At a press conference to announce its new pan-India identity with focus on its association with Mitsui Sumitomo Insurance of Japan, he said Chola MS wanted to use the attendance of Coromandel Fertilisers, EID Parry and Parry Agro to reach out to farmers with a rural health insurance product. Awareness among people in rural areas about insurance too needed to be better, he said.
The focus on the health sector was well-founded, he said, adding that the health insurance segment, that was a vital component of the general insurance segment, was growing at 40(%) per cent.
Whole-time director Tsuyoshi Yamane from Mitsui Sumitomo said being among the top five insurance groups worldwide, they were committed to provide the necessary support and knowledge to increase the business of Chola MS.
Friday, December 31, 2010
Thursday, December 30, 2010
ICICI Pru tops private life insurers in premium group
ICICI Prudential Life Insurance topped private sector life insurers in premium collection in the first 8 months of this financial year between April and November,
According to sales data released by Insurance Regulatory and Development Authority (Irda), ICICI Prudential mopped up Rs 4,053 crore followed by SBI Life, which garnered Rs 3,952 crore.
HDFC Standard Life garnered Rs 2,150 crore, Bajaj Allianz Rs 2,033 crore and Reliance Life Rs 1,791 crore. Insurance behemoth LIC collected a total premium of Rs 55,513 crore throughout the period.
Overall, 23 life insurers in the country together mopped up Rs 76,990 crore in first-year premiums during the period, a 39(%) per cent increase from Rs 55,357 crore in the year-ago period.
The private sector, comprising 22 life insurers, collectively registered Rs 21,476 crore worth of new business during the period.
However, Reliance Life Insurance outperformed its private sector peers in terms of the number of policies sold during this period.
Reliance Life sold 13, 12,389 policies between April and November compared with 12, 61,668 in the corresponding period of previous year.
“Our wide-ranging products, catering to every section of the society, and pan-India presence with quality service helped us notch up this business milestone," Reliance Life Insurance executive director and president Malay Ghosh said.
Bajaj Allianz and ICICI Prudential sold 9, 49,183 and 8, 26,904 policies, respectively, to stand second and third.
Life Insurance Corporation of India continued to lead the pack, notching up 1, 93, 54,765 new customers in the first 8 months, but the number was down 1(%) per cent from 1, 95, 77,088 sold a year ago.
The insurance industry as a whole saw a 6(%) per cent dip in policy sales to 2, 63, 51,967 during the period from 2, 78, 91,082 in the same period last year.
According to sales data released by Insurance Regulatory and Development Authority (Irda), ICICI Prudential mopped up Rs 4,053 crore followed by SBI Life, which garnered Rs 3,952 crore.
HDFC Standard Life garnered Rs 2,150 crore, Bajaj Allianz Rs 2,033 crore and Reliance Life Rs 1,791 crore. Insurance behemoth LIC collected a total premium of Rs 55,513 crore throughout the period.
Overall, 23 life insurers in the country together mopped up Rs 76,990 crore in first-year premiums during the period, a 39(%) per cent increase from Rs 55,357 crore in the year-ago period.
The private sector, comprising 22 life insurers, collectively registered Rs 21,476 crore worth of new business during the period.
However, Reliance Life Insurance outperformed its private sector peers in terms of the number of policies sold during this period.
Reliance Life sold 13, 12,389 policies between April and November compared with 12, 61,668 in the corresponding period of previous year.
“Our wide-ranging products, catering to every section of the society, and pan-India presence with quality service helped us notch up this business milestone," Reliance Life Insurance executive director and president Malay Ghosh said.
Bajaj Allianz and ICICI Prudential sold 9, 49,183 and 8, 26,904 policies, respectively, to stand second and third.
Life Insurance Corporation of India continued to lead the pack, notching up 1, 93, 54,765 new customers in the first 8 months, but the number was down 1(%) per cent from 1, 95, 77,088 sold a year ago.
The insurance industry as a whole saw a 6(%) per cent dip in policy sales to 2, 63, 51,967 during the period from 2, 78, 91,082 in the same period last year.
Religare get in-principle nod for insurance JVs, Edelweiss
The Insurance Regulatory and Development Authority (Irda) has given an in-principle approval to the proposed insurance ventures of Religare Enterprises and financial services firm Edelweiss Capital.
Edelweiss has produced a joint venture with Japanese insurer Tokio Marine Holdings to enter the life insurance space.
Two public sector lenders, Corporation Bank and Union Bank of India, have picked up 5(%) per cent and 7(%) per cent, respectively, in Religare’s separate health insurance venture.
Both can perhaps start operation in the next financial year. Irda is likely to approve the other two licences, R2 and R3, in the next six months. R1, R2 and R3 are the different stages of approval granted by Irda, with R3 being the final go-ahead.
Earlier, Religare Enterprises had formed a JV with Switzerland-based Swiss Re to enter the health insurance space. The company, however, parted ways with Swiss Re and decided to seek a licence from Irda after looking for a partner for a couple of months.
Religare already has an attendance in life insurance. In early 2008, it entered into a tie-up with the Netherlands-based insurer, Aegon.
Edelweiss has produced a joint venture with Japanese insurer Tokio Marine Holdings to enter the life insurance space.
Two public sector lenders, Corporation Bank and Union Bank of India, have picked up 5(%) per cent and 7(%) per cent, respectively, in Religare’s separate health insurance venture.
Both can perhaps start operation in the next financial year. Irda is likely to approve the other two licences, R2 and R3, in the next six months. R1, R2 and R3 are the different stages of approval granted by Irda, with R3 being the final go-ahead.
Earlier, Religare Enterprises had formed a JV with Switzerland-based Swiss Re to enter the health insurance space. The company, however, parted ways with Swiss Re and decided to seek a licence from Irda after looking for a partner for a couple of months.
Religare already has an attendance in life insurance. In early 2008, it entered into a tie-up with the Netherlands-based insurer, Aegon.
Wednesday, December 29, 2010
Tips to choose most suitable insurance product
India is a developing country. People have a general idea about Insurance thus majority is unaware of the importance of having an insurance policy.
Firstly, Insurance is important for everyone. Even the Indian Government has planned a postal rural insurance scheme in addition to the many other schemes they are running.
Few Benefits of Insurance:
1. It brings peace of mind as you and your family members are protected.
2. With investment linked policies, insurance becomes a tool to manage future expenses.
3. Medical insurance is a sure cure for any unforeseen medical expenses on account of an illness or an accident.
4. When Insurance is selected as a retirement investment option, it becomes tool for wealth accumulation for retirement.
Questions to be asked while choosing an insurance policy:
Q1. What is the purpose of insurance?
- The possible answers are: Pure risk cover or Investment tool. Based on your of answer you can determine the type of insurance you need.
Q2. How much insurance I need?
- The answer would vary from person to person. You can use various on-line calculators to arrive at your insurance amount.
Q3. Which insurer should I go for?
- Check the references and not advice of salesmen. Compare the quotes, facilities, options to select the best insurance company for you.
While taking an insurance policy you should consider existing policies and the type of policy if this is not your first. Also you should remember your monthly budget, monthly expenses and approximate insurance premium amount as well.
When insurance is taken as an investment tool, it should take into account the future expenses such as buying home, child birth, child education, marriage etc. The term (duration) and type of the policy are affected by insurance need. The term should be flexible enough allowing you to withdraw the money at required time. In case of fund requirement about long term, you may opt for equity linked investment as historically, equity has always given higher return than fixed income.
As mentioned above, one should also compare premium and the coverage of multiple options. There are new insurance plans available in the market which allows customers to buy insurance policies on-line.
After considering all the above mentioned factors, one should take an informed decision by selecting a good insurance company which offers the best insurance plans suiting your individual needs and providing for your entire family as well.
Firstly, Insurance is important for everyone. Even the Indian Government has planned a postal rural insurance scheme in addition to the many other schemes they are running.
Few Benefits of Insurance:
1. It brings peace of mind as you and your family members are protected.
2. With investment linked policies, insurance becomes a tool to manage future expenses.
3. Medical insurance is a sure cure for any unforeseen medical expenses on account of an illness or an accident.
4. When Insurance is selected as a retirement investment option, it becomes tool for wealth accumulation for retirement.
Questions to be asked while choosing an insurance policy:
Q1. What is the purpose of insurance?
- The possible answers are: Pure risk cover or Investment tool. Based on your of answer you can determine the type of insurance you need.
Q2. How much insurance I need?
- The answer would vary from person to person. You can use various on-line calculators to arrive at your insurance amount.
Q3. Which insurer should I go for?
- Check the references and not advice of salesmen. Compare the quotes, facilities, options to select the best insurance company for you.
While taking an insurance policy you should consider existing policies and the type of policy if this is not your first. Also you should remember your monthly budget, monthly expenses and approximate insurance premium amount as well.
When insurance is taken as an investment tool, it should take into account the future expenses such as buying home, child birth, child education, marriage etc. The term (duration) and type of the policy are affected by insurance need. The term should be flexible enough allowing you to withdraw the money at required time. In case of fund requirement about long term, you may opt for equity linked investment as historically, equity has always given higher return than fixed income.
As mentioned above, one should also compare premium and the coverage of multiple options. There are new insurance plans available in the market which allows customers to buy insurance policies on-line.
After considering all the above mentioned factors, one should take an informed decision by selecting a good insurance company which offers the best insurance plans suiting your individual needs and providing for your entire family as well.
Tuesday, December 28, 2010
Auto Insurance - Overview
Auto Insurance is mandatory and thus it will help if one can find cheap auto insurance. Besides being compulsory it is one of the most important types of insurance these days, after health insurance, life insurance, and home insurance.
Automotive or Motor insurance is required by law and one should be purchased as soon as the vehicle is purchased if it is the first vehicle owned by the person.
If you already have automotive insurance then you can transfer your policy from one car to another without any problem so long as the car title is in the name of the insurance holder. Auto insurance can be costly for some people, especially if they have a poor driving record or a bad credit score, but most people without traffic tickets or accidents will pay considerably less than other drivers.
One of the major benefits of acquiring a cheap auto insurance policy is
• the ability to pay the premiums on time, every time, without worrying where the money for the payments will come from.
Paying your insurance premium on time can get challenging for few. One should be careful not to miss even one payment of a premium, as this can cause the policy to become null and void, which means you will be driving without a valid auto insurance policy. Some auto insurance companies will provide their customers with the chance to pay their premiums in blocks, divided up into four payments every six months, so that they do not have to pay the entire premium at once. Make use of the competitive market situation to get the policy most suitable to you as an individual.
Automotive or Motor insurance is required by law and one should be purchased as soon as the vehicle is purchased if it is the first vehicle owned by the person.
If you already have automotive insurance then you can transfer your policy from one car to another without any problem so long as the car title is in the name of the insurance holder. Auto insurance can be costly for some people, especially if they have a poor driving record or a bad credit score, but most people without traffic tickets or accidents will pay considerably less than other drivers.
One of the major benefits of acquiring a cheap auto insurance policy is
• the ability to pay the premiums on time, every time, without worrying where the money for the payments will come from.
Paying your insurance premium on time can get challenging for few. One should be careful not to miss even one payment of a premium, as this can cause the policy to become null and void, which means you will be driving without a valid auto insurance policy. Some auto insurance companies will provide their customers with the chance to pay their premiums in blocks, divided up into four payments every six months, so that they do not have to pay the entire premium at once. Make use of the competitive market situation to get the policy most suitable to you as an individual.
Monday, December 27, 2010
Ulips | Regulatory changes
In India, minority are insured; out of which about 50% people buy insurance for the income-tax remission on insurance premiums in the annual tax statement and the exemption of maturity value of insurance policies from tax
Unit-linked insurance plans (Ulips) have gained enormous popularity in life insurance segment in the current decade. According to statistics, the total new business premium generated from Ulip sales for the year ended March 2009 was Rs447 billion, or 55% of total new business, as per reports of the Insurance Regulatory and Development Authority (Irda). This has grown to about Rs60, 000 crore in the latest year. Private life companies generate over 90% of their business from single and regular premium Ulips.
Irda has brought vast changes concerning Ulips since June’10 forcing life insurance companies to completely rework their Ulip strategies. Since September’10, Insurance companies have been required to re-launch their Ulips.
Reasons for regulatory changes
Three main reasons for application of several restrictions on Ulips:
1. Due to the tax benefits discussed above customers have bought Ulips as short-term investment without serious intention to continue the policy until the final maturity date.
According to Irda, the lapse rate on Ulips was 26% in FY06 (which continued to increase), and the 13-month persistency level of Ulips has significantly trailed the traditional plans. The low level of life cover embedded in Ulips and the ease of exit had contributed to an unhealthy growth in lapsation.
2. The regulator considered that the low persistency has been encouraged by the insurers because they gained from surrender charges, which have been as high as 70-90%. Thus the “profits” earned by shareholders from the surrender charges have fuelled aggressive distribution of Ulips, forming a vicious circle.
3. Ulip distributors have not made honest effort to develop a long-term relationship with customers or make a needs-based analysis of their insurance needs. This has not made customers recognize that insurance policy is an instrument of long-term protection and growth.
In August’09, the securities market regulator issued a directive requiring asset management companies not to deduct any distribution and other charges from the investment amount of customers on mutual fund schemes with a view to encouraging retail participation. This “no entry load structure” has led to a drastic reduction in the commission earning of mutual fund distributors, thus these agents promoted sale of Ulips which fetched attractive commission.
Unit-linked insurance plans (Ulips) have gained enormous popularity in life insurance segment in the current decade. According to statistics, the total new business premium generated from Ulip sales for the year ended March 2009 was Rs447 billion, or 55% of total new business, as per reports of the Insurance Regulatory and Development Authority (Irda). This has grown to about Rs60, 000 crore in the latest year. Private life companies generate over 90% of their business from single and regular premium Ulips.
Irda has brought vast changes concerning Ulips since June’10 forcing life insurance companies to completely rework their Ulip strategies. Since September’10, Insurance companies have been required to re-launch their Ulips.
Reasons for regulatory changes
Three main reasons for application of several restrictions on Ulips:
1. Due to the tax benefits discussed above customers have bought Ulips as short-term investment without serious intention to continue the policy until the final maturity date.
According to Irda, the lapse rate on Ulips was 26% in FY06 (which continued to increase), and the 13-month persistency level of Ulips has significantly trailed the traditional plans. The low level of life cover embedded in Ulips and the ease of exit had contributed to an unhealthy growth in lapsation.
2. The regulator considered that the low persistency has been encouraged by the insurers because they gained from surrender charges, which have been as high as 70-90%. Thus the “profits” earned by shareholders from the surrender charges have fuelled aggressive distribution of Ulips, forming a vicious circle.
3. Ulip distributors have not made honest effort to develop a long-term relationship with customers or make a needs-based analysis of their insurance needs. This has not made customers recognize that insurance policy is an instrument of long-term protection and growth.
In August’09, the securities market regulator issued a directive requiring asset management companies not to deduct any distribution and other charges from the investment amount of customers on mutual fund schemes with a view to encouraging retail participation. This “no entry load structure” has led to a drastic reduction in the commission earning of mutual fund distributors, thus these agents promoted sale of Ulips which fetched attractive commission.
Friday, December 24, 2010
Guaranteed returns only for traditional
Returns on NAV-guaranteed plans are higher than debt products
Last week, Pankaj Ramnath got a call from an insurance executive offering him a highest net asset value (NAV)-guaranteed unit-linked insurance plan (Ulip). Given the volatility in the equity markets, Ramnath felt a guaranteed plan was the perfect investment option.
Ramnath had various options to choose from. Birla Sun Life Insurance has launched Platinum Advantage Plan; ICICI Prudential has Pinnacle II; HDFC Standard Life Insurance has Crest, and the latest offering is from ING Vysya Life Insurance — Market Shield.
Investors expect to get returns based on the highest NAV in these funds. Suppose the NAV in the first, second and third year is 20, 30 and 40, respectively, the company will offer returns at 40 per cent even if the equity markets undergo a correction thereafter.
AT A GLANCE
Majority investments made in debt instruments, restricting returns
Suitable for conservative investors, uncomfortable with volatility of equity markets
An additional charge of 0.1-0.5% levied for guaranteed returns
Mostly returns given based on highest NAV only if the person stays until maturity
In most plans, nominee receives either sum assured or fund value, in case of policyholder’s death
Ramnath’s financial advisor, however, ruled against his investing in the product. Reason: the returns from such products are slightly higher than debt products or at best comparable to balanced funds. “Guaranteed return products are for investors who have a conservative approach and do not mind sacrificing the upside in lieu of downside protection,” says Rahul Aggarwal, CEO, Optima Insurance.
Like Ramnath, many investors think that in NAV-guaranteed funds, the insurance company will invest money just like any other Ulip (say 100 per cent in equities) and give back returns based on the highest NAV it achieves during the policy tenure.
In reality, NAV-guaranteed plans are not pure equity products such as other Ulips, which use different funds for wealth creation. To give the returns based on the highest NAV; these funds use an investing strategy where the majority of investments are in debt, and a minority portion in equity. “Fund managers of such plans have a free mandate and can move the entire portion of the fund to debt instruments at any given point of time, bringing down the overall return of the fund.”
Insurance companies keep increasing the debt allocation to lock the highest NAV. In the last few years, usually seventh to tenth year, the entire allocation is debt. A lower equity allocation restricts their returns.
In the last six months, Tata AIG’s Ulip — Tata AIG Individual Life Equity fund — gave 14.9 per cent returns, while its NAV-guaranteed fund, Tata Apex Pension 10-year Return Lock-in Fund, has given 11.1 per cent returns.
Charges for these products are the same as the other Ulips, after the regulatory changes, except that some companies levy an additional charge for providing the guarantee. This annual charge can vary between 0.1 per cent and 0.5 per cent (ING Market Shield) each year.
Except for ING’s Market Shield, most products give returns based on the highest NAV only if the person stays until maturity. If the policyholder exits midway, he/she would get the prevailing returns based on the prevailing NAV.
Most insurance companies had this product even before the Insurance Regulatory and Development Authority, or Irda, changed the structure and charges on all Ulips. In many of the earlier products, if the policyholder passed away, the nominee would get either the fund value or the sum assured depending on which of the two was higher. This feature exists in the new products, as well. Out of the products mentioned earlier, only ICICI Pru Pinnacle II provides sum assured and fund value, if the policyholder passes away.
The structure of this product category allows the fund to protect the capital, while capturing the small upside in the equity market. Someone looking for market-linked returns can look at the regular Ulip policy.
Last week, Pankaj Ramnath got a call from an insurance executive offering him a highest net asset value (NAV)-guaranteed unit-linked insurance plan (Ulip). Given the volatility in the equity markets, Ramnath felt a guaranteed plan was the perfect investment option.
Ramnath had various options to choose from. Birla Sun Life Insurance has launched Platinum Advantage Plan; ICICI Prudential has Pinnacle II; HDFC Standard Life Insurance has Crest, and the latest offering is from ING Vysya Life Insurance — Market Shield.
Investors expect to get returns based on the highest NAV in these funds. Suppose the NAV in the first, second and third year is 20, 30 and 40, respectively, the company will offer returns at 40 per cent even if the equity markets undergo a correction thereafter.
AT A GLANCE
Majority investments made in debt instruments, restricting returns
Suitable for conservative investors, uncomfortable with volatility of equity markets
An additional charge of 0.1-0.5% levied for guaranteed returns
Mostly returns given based on highest NAV only if the person stays until maturity
In most plans, nominee receives either sum assured or fund value, in case of policyholder’s death
Ramnath’s financial advisor, however, ruled against his investing in the product. Reason: the returns from such products are slightly higher than debt products or at best comparable to balanced funds. “Guaranteed return products are for investors who have a conservative approach and do not mind sacrificing the upside in lieu of downside protection,” says Rahul Aggarwal, CEO, Optima Insurance.
Like Ramnath, many investors think that in NAV-guaranteed funds, the insurance company will invest money just like any other Ulip (say 100 per cent in equities) and give back returns based on the highest NAV it achieves during the policy tenure.
In reality, NAV-guaranteed plans are not pure equity products such as other Ulips, which use different funds for wealth creation. To give the returns based on the highest NAV; these funds use an investing strategy where the majority of investments are in debt, and a minority portion in equity. “Fund managers of such plans have a free mandate and can move the entire portion of the fund to debt instruments at any given point of time, bringing down the overall return of the fund.”
Insurance companies keep increasing the debt allocation to lock the highest NAV. In the last few years, usually seventh to tenth year, the entire allocation is debt. A lower equity allocation restricts their returns.
In the last six months, Tata AIG’s Ulip — Tata AIG Individual Life Equity fund — gave 14.9 per cent returns, while its NAV-guaranteed fund, Tata Apex Pension 10-year Return Lock-in Fund, has given 11.1 per cent returns.
Charges for these products are the same as the other Ulips, after the regulatory changes, except that some companies levy an additional charge for providing the guarantee. This annual charge can vary between 0.1 per cent and 0.5 per cent (ING Market Shield) each year.
Except for ING’s Market Shield, most products give returns based on the highest NAV only if the person stays until maturity. If the policyholder exits midway, he/she would get the prevailing returns based on the prevailing NAV.
Most insurance companies had this product even before the Insurance Regulatory and Development Authority, or Irda, changed the structure and charges on all Ulips. In many of the earlier products, if the policyholder passed away, the nominee would get either the fund value or the sum assured depending on which of the two was higher. This feature exists in the new products, as well. Out of the products mentioned earlier, only ICICI Pru Pinnacle II provides sum assured and fund value, if the policyholder passes away.
The structure of this product category allows the fund to protect the capital, while capturing the small upside in the equity market. Someone looking for market-linked returns can look at the regular Ulip policy.
Thursday, December 23, 2010
Need for Life Insurance Policy
Why do I need a Life Insurance Policy?
Everyone will ask this question before buying a Life Insurance. The answer is also very basic. Insurance is an integral part of our lives and primarily assists the intention to financially ensure the lives of our dependants after our death. With increasing uncertainty it has become imperative for people to invest in life insurance policies.
In simple terms insurance is a policy that individuals buy from a company that basically offers protection and of course financial stableness after the dying of the policy possessor. There are numerous companies offering various policies which are completely dependant on your needs (that is what kind of insurance policy you will require).
The few types of policies available are -
1. Term life insurance policy,
2. Whole life insurance,
3. Endowment Policy
4. Unit linked insurance policy etc.
Depending on your financial plans and demands you can select the one that fits you the best. Depending on how much of coverage you like to provide to your dear ones after your dying, you can decide which insurance policy you would like to go for.
Now which ever policy you choose, the monthly premium of the insurance policy always depends on the basics like the age, sum insured and also the medical history. Those with the ‘impaired risk’- the people who have critical health problem face difficulty in getting a suitable insurance policy for themselves and that, which will insure all their needs. The face amount or the sum that is insured and the total tenure of the policy decide the value of the life insurance policy.
At the time of purchasing the insurance policy, you will need to submit all-important papers supporting your application process and everything will be on pen and paper. You may even have to go through a thorough medical examination depending on the sum you are insuring.
But this does not mean that even if you know which plan is ideal for you, you just go and buy it. It is recommended that you do proper research online and compare various deals online. Then you can always equate the prices and decide best plan to suit your purpose and demands. Also, before signing on the policy, always ask your agent to make everything clear, including the lawful conditions, as the policy is a legal document.
Everyone will ask this question before buying a Life Insurance. The answer is also very basic. Insurance is an integral part of our lives and primarily assists the intention to financially ensure the lives of our dependants after our death. With increasing uncertainty it has become imperative for people to invest in life insurance policies.
In simple terms insurance is a policy that individuals buy from a company that basically offers protection and of course financial stableness after the dying of the policy possessor. There are numerous companies offering various policies which are completely dependant on your needs (that is what kind of insurance policy you will require).
The few types of policies available are -
1. Term life insurance policy,
2. Whole life insurance,
3. Endowment Policy
4. Unit linked insurance policy etc.
Depending on your financial plans and demands you can select the one that fits you the best. Depending on how much of coverage you like to provide to your dear ones after your dying, you can decide which insurance policy you would like to go for.
Now which ever policy you choose, the monthly premium of the insurance policy always depends on the basics like the age, sum insured and also the medical history. Those with the ‘impaired risk’- the people who have critical health problem face difficulty in getting a suitable insurance policy for themselves and that, which will insure all their needs. The face amount or the sum that is insured and the total tenure of the policy decide the value of the life insurance policy.
At the time of purchasing the insurance policy, you will need to submit all-important papers supporting your application process and everything will be on pen and paper. You may even have to go through a thorough medical examination depending on the sum you are insuring.
But this does not mean that even if you know which plan is ideal for you, you just go and buy it. It is recommended that you do proper research online and compare various deals online. Then you can always equate the prices and decide best plan to suit your purpose and demands. Also, before signing on the policy, always ask your agent to make everything clear, including the lawful conditions, as the policy is a legal document.
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