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Old 24th September 2010, 12:55   #166
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@RKG - That gives a good myth buster on the safety aspects with insurance companies. This morning I was more biased towards LIC even though the term insurance with Aegon Religare was low due to safety aspects. But you last post is giving some hope. Thanks.
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Old 24th September 2010, 13:38   #167
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Quote:
Originally Posted by ghodlur View Post
Thats what makes it a little bit scary. The new Insurers bring in their technology and provide options for online policy booking where no questions are asked. Simply pay the premium and get the policy document..
Who says no Questions asked ? You have to fill in a of questioneer take a printout and sign it across and they will pick it from your residence,

The questions related to health are duly cross verified by a medical test and they also sent the medical report. For address you need to provide a copy of address proof and PAN copy.

Rest of the things such as relationship etc. is based on self declaration as is case of any other company.

One more fact you need to fill in if you are smoker or not or if you are passive smoker and they cross verify it with a blood nicotine level test.

The initial premium you pay online is indicative so suppose you fill in your weight such that your BMI= 22 that is ideal and later during medical it comes out to be 32 that is extremely obase then they can alter the final premium based on risk profile of obesity. You have choice to pay the difference and take the policy or refuse and get back your initial indicative premium.

Similarly if you lie about your habits such as smoking and alcohol they can deduce from tests and either deny policy or hike premium based on risk.

So only thing eliminated is the Agent , Anyway in my experience agents are no good and mis sell so better to eliminate and study pros / cons on your own.

Last edited by amitk26 : 24th September 2010 at 13:42.
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Old 24th September 2010, 13:42   #168
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So only thing eliminated is the Agent , Anyway in my experience agents are no good and mis sell so better to eliminate and study pros / cons on your own.
Agreed,
In all proabibility they will try to dump a endowment or ULIP plan which will give them maximum commission.
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Old 25th September 2010, 16:34   #169
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Guys,

During my medical checkup for a new LIC Term insurance policy today, I was found to be colour blind
(they showed some numbers in a coloured book which I could not recognise).

So, how does this affect my policy application? Would they reject it on these grounds or lower the life cover
(I chose 40 lacs as my life cover for 35 years; I am 31 now). Even if they approve the policy, can they reject a
claim done by my nominee in case of my death due to say, an accident while I was driving?

Last edited by NK@Hyd : 25th September 2010 at 16:36. Reason: alignment
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Old 26th September 2010, 14:31   #170
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Originally Posted by NK@Hyd View Post
Guys,

During my medical checkup for a new LIC Term insurance policy today, I was found to be colour blind
(they showed some numbers in a coloured book which I could not recognise).

So, how does this affect my policy application? Would they reject it on these grounds or lower the life cover
(I chose 40 lacs as my life cover for 35 years; I am 31 now). Even if they approve the policy, can they reject a
claim done by my nominee in case of my death due to say, an accident while I was driving?
IF they issue a policy after the medical conducted by them , they have to honor it. Even if it is due to accident. because they knew about the condition beforehand

If you a hide a medical condition and they have issued a policy with out medical( most of the Endowment and moneyback stuff) they can deny using the fine print
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Old 27th September 2010, 14:09   #171
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Came across this particular plan from reliance , it is called Reliance Special Term plan , it is like anyother other term plan ,however on survival at maturity all premiums paid for your basic Policy will be returned to you.

The indicative online premium quote for this plan was RS.48489 for 50Lacs cover for till 55yrs of age for a 34 yr male. How good is this plan compared to other term plans.
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Old 27th September 2010, 14:36   #172
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Quote:
Originally Posted by rm_arjuna View Post
Came across this particular plan from reliance , it is called Reliance Special Term plan , it is like anyother other term plan ,however on survival at maturity all premiums paid for your basic Policy will be returned to you.

The indicative online premium quote for this plan was RS.48489 for 50Lacs cover for till 55yrs of age for a 34 yr male. How good is this plan compared to other term plans.
This is a money back plan.

Pure term plan from Aegon religare with 50 lacs coverage will cost Rs. 6450 annually as premium for 34 yr non smoking male for 20 yrs coverage.

Difference in premium:
Rs. 42039

Now money back after survival:
Rs. 969780 (48489 * 20)

Return on investment of 42039(difference in premium) yearly in 8% yielding product (eg. PPF): 1923787 (at the end of 20 years).

Benefit of term plan over money back plan = 1923787 - 969780 = Rs. 9,54,007

Choice is yours.

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Old 27th September 2010, 15:05   #173
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@Dceite - What's the plan you're talking about in Religare? Is it AEGON Religare Level Term Plan or something else? As I got about 11K+ as annual premium for 20 years for a person who's 34 yrs old at present. Could you show me the calculator's outcome pls?
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Old 27th September 2010, 15:25   #174
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I am referring to Religare iTerm plan - the one that is bought online
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Old 27th September 2010, 17:00   #175
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I have a HDFC Term Assurance Regular premium plan, which I took 2-3 years back. I pay an annual premium of 10092/-. The cover for the same is in the attached image.
What does the Accidental Death Benefit and Critical Illness Benefit mean here and is it really required in the Term Insurance plan.

Would you guys suggest that I cancel this and take up some other plan with a higher cover?

I checked the iTerm plan and it comes to around 10k for a 50L cover.
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Old 28th September 2010, 10:50   #176
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Quote:
Originally Posted by Abeer View Post
I have a HDFC Term Assurance Regular premium plan, which I took 2-3 years back. I pay an annual premium of 10092/-. The cover for the same is in the attached image.
What does the Accidental Death Benefit and Critical Illness Benefit mean here and is it really required in the Term Insurance plan.

Would you guys suggest that I cancel this and take up some other plan with a higher cover?

I checked the iTerm plan and it comes to around 10k for a 50L cover.
Insurance is two types( in broad terminology)
1. Life and 2. General
Auto insurance, accident, household insurance all come under general insurance.

Thumb Rule: Never take riders like accident, disability , medical with Life insurance. they are invariably costlier than what one will pay if same was taken separately.

Take I Term policy from aegon or ICICI (if you are comfortable with them) and dump HDFC . You are paying more for less due to riders
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Old 28th September 2010, 17:39   #177
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I'm sorry Dceite - you're right that the premium is only about 6.5K. I guess I'll go with this one. Also your comparison with Reliance vs Aegon Religare is appreciated. I firmly believe its wise to pay annually than go for a single premium.

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I stumbled across this site - Life Insurance India - Compare Life Insurance, LIC Policy, Guides, Tips - iTrust & was astonished to see Aegon Religare was no where mentioned. Especially when the compare life insurance is used (Life Insurance India - Compare Life Insurance, LIC Policy, Guides, Tips - iTrust), they still don't mention Religare anywhere. Quite surprising!!!

Last edited by aargee : 28th September 2010 at 17:46.
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Old 29th September 2010, 10:54   #178
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Quote:
Originally Posted by aargee View Post
I'm sorry Dceite - you're right that the premium is only about 6.5K. I guess I'll go with this one. Also your comparison with Reliance vs Aegon Religare is appreciated. I firmly believe its wise to pay annually than go for a single premium.

Attachment 431552

I stumbled across this site - Life Insurance India - Compare Life Insurance, LIC Policy, Guides, Tips - iTrust & was astonished to see Aegon Religare was no where mentioned. Especially when the compare life insurance is used (Life Insurance India - Compare Life Insurance, LIC Policy, Guides, Tips - iTrust), they still don't mention Religare anywhere. Quite surprising!!!
Aegon religare site itself gives comparison with competitors. Once it shows the premium go for compare

Insurance Comparison
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Old 29th September 2010, 19:59   #179
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Originally Posted by aargee View Post
I'm sorry Dceite - you're right that the premium is only about 6.5K. I guess I'll go with this one. Also your comparison with Reliance vs Aegon Religare is appreciated. I firmly believe its wise to pay annually than go for a single premium.
You can get the similar premium for the ICICI's online Term plan which they have launched recently.

My comparison was more to highlight the benefit of taking a term plan viz-a-viz a Money back plan.

Even if one buys a term plan with the premium as ~ 11k, i am sure the Term plan + PPF/NSC/5 yr FD/KVP/POTD combo would still better a Money back/Endowment of similar premium (term plan premium + yearly investment of difference amount) by a good margin.

Last edited by DCEite : 29th September 2010 at 20:01.
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Old 29th September 2010, 21:33   #180
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Originally Posted by rkg View Post
Insurance is two types( in broad terminology)
1. Life and 2. General
Auto insurance, accident, household insurance all come under general insurance.

Thumb Rule: Never take riders like accident, disability , medical with Life insurance. they are invariably costlier than what one will pay if same was taken separately.

Take I Term policy from aegon or ICICI (if you are comfortable with them) and dump HDFC . You are paying more for less due to riders
Does anyone know of any health insurance where the premium doesn't go up (or goes up on a pre-determined basis) every year?

Reason I ask is if I take a critical illness rider, at least I can get a lumpsum in the case of 12 illnesses that include the 4 major ones. Major benefit is that the CI premium doesn't keep jumping based on age.

I already have a good health insurance from my employer and am wondering if I should take extra health insurance or life insurance with CI.
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