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Old 17th April 2011, 14:33   #271
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Default Re: Best Life Insurance provider

Term policies are like car insurance - they are "useful" only if the insured event happens.

Surrender value is a term applied only to "endowment" policies, which also double up as savings instruments.
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Old 14th June 2011, 18:22   #272
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Default Aviva Life Insurance

Bought a term plan from Aviva online.
Plan Name: Aviva i-Life
Term: 35 y
Age: 29 y
Sum Assured: 1 CR.

Annual Premium: Rs.7861/- (Though the policy has not been issued yet, I am through with the medical tests). The guy from Aviva will be coming tomorrow, hopefully (they have already missed two appointments with me to pick up the docs, the only sour point in customer care till now), to collect the required documents.

As far as I know, this is the cheapest term insurance you could buy as of today. Really wanted to go with LIC, but their premium was 36.**k's Agreed that they are the oldest and most trust worthy, but almost 5 times the premium doesn't make any sense at all.

I hope I have done the right thing to choose Aviva out of all.
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Old 14th June 2011, 18:59   #273
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Default

Quote:
Originally Posted by ScorpMan
Bought a term plan from Aviva online.
Plan Name: Aviva i-Life
Term: 35 y
Age: 29 y
Sum Assured: 1 CR.
Annual Premium: Rs.7861/- (Though the policy has not been issued yet, I am through with the medical tests). The guy from Aviva will be coming tomorrow, hopefully (they have already missed two appointments with me to pick up the docs, the only sour point in customer care till now), to collect the required documents.

As far as I know, this is the cheapest term insurance you could buy as of today. Really wanted to go with LIC, but their premium was 36.**k's Agreed that they are the oldest and most trust worthy, but almost 5 times the premium doesn't make any sense at all.

I hope I have done the right thing to choose Aviva out of all.
What also matters here is the riders that have been agreed upon. Aviva may charge you extra for riders like critical illness, disabilities etc. Please ensure that you opt for the riders that you require
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Old 14th June 2011, 19:11   #274
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Default Re: Best Life Insurance provider

Nope. No riders available in this plan. Not even as options.
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Old 14th June 2011, 19:16   #275
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Smile Re: Aviva Life Insurance

Quote:
Originally Posted by ScorpMan View Post
As far as I know, this is the cheapest term insurance you could buy as of today. Really wanted to go with LIC, but their premium was 36.**k's Agreed that they are the oldest and most trust worthy, but almost 5 times the premium doesn't make any sense at all.
I hope I have done the right thing to choose Aviva out of all.
I guess thats where LIC is losing its business with ther advent of private insurers who are making sure that they get their business from the younger generation by making the Insurance premium really mouthwatering. It all depends upon how the after sales service would be in which i think LIC scores big.
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Old 14th June 2011, 19:29   #276
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Default Re: Best Life Insurance provider

Exactly. And, In my opinion LIC should act really fast, especially in the pure term insurance. The kind of goodwill they have, they can get away with even 20-25% higher premiums. But something like 3-5 times of its competitors is completely unjustified.
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Old 2nd July 2011, 20:46   #277
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Default Re: Aviva Life Insurance

Quote:
Originally Posted by ScorpMan View Post
As far as I know, this is the cheapest term insurance you could buy as of today. Really wanted to go with LIC, but their premium was 36.**k's Agreed that they are the oldest and most trust worthy, but almost 5 times the premium doesn't make any sense at all.

I hope I have done the right thing to choose Aviva out of all.
I'm in the same boat as you are, almost. 30 years of age, and looking for a 1 cr term plan with a digestible premium. I know LIC is great when it comes to claims and all that, but the quoted premium is 38800 per year (slightly higher than what you were quoted because I'm into my 4th decade now).

Birla Sunlife quotes around 20-22k which could reduce by a bit depending on the outcome of the medicals.

So what I plan to do is to diversify and buy policies from 2 or 3 different players. One would be LIC for sure for the peace of mind. The "boost" will come from the private players.

By the way, I'm in the process of checking out the IRDA documents to see which companies are in the red and which in the black and how their assets/corpuses are doing.

Regards,
spadix
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Old 3rd July 2011, 13:03   #278
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Default Re: Best Life Insurance provider

Got my policy doc on email from Aviva on 30thJune, so in all it took around 25 days to issue the policy. Sum assured of 1cr has been approved, and to my surprise the annual premium has been reduced to 6.9k from the initial charge of 7.9k. Excess will be refunded soon. Apart from the deficiency in picking up th docs from my home, rest of their service has been good. Will give them 8/10. Hope to receive the printed policy docs within a week.
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Old 19th September 2011, 13:48   #279
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Default Re: Best Life Insurance provider

I wanted to buy term life insurance for myself.
When I checked the icici website. The online portal asks if I consume tobacco.

I quit on Sept 2, 2008. Have not touched any tobacco products since then.
Should I enter NO or YES for this question.

How does this impact my policy.
Thanks
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Old 19th September 2011, 14:09   #280
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Default Re: Best Life Insurance provider

Quote:
Originally Posted by spadix View Post
I'm in the same boat as you are, almost. 30 years of age, and looking for a 1 cr term plan with a digestible premium. I know LIC is great when it comes to claims and all that, but the quoted premium is 38800 per year (slightly higher than what you were quoted because I'm into my 4th decade now).

Birla Sunlife quotes around 20-22k which could reduce by a bit depending on the outcome of the medicals.
As per my understanding, The reason why Aviva i-life (also in the league is Ageon religare iTerm) is so cheap is primarily because its an online only scheme and removes all agent commissions. Also it a plain jane life cover policy with no riders/accident benefits etc.

Quote:
Originally Posted by ScorpMan View Post
Got my policy doc on email from Aviva on 30thJune, so in all it took around 25 days to issue the policy. Sum assured of 1cr has been approved, and to my surprise the annual premium has been reduced to 6.9k from the initial charge of 7.9k. Excess will be refunded soon. Apart from the deficiency in picking up th docs from my home, rest of their service has been good. Will give them 8/10. Hope to receive the printed policy docs within a week.
i have also applied for an i-life policy today. hopefully the process with be smooth. in fact, i got my policy issues with religare iTerm, but have cancelled it due to premium difference between the same policy with aviva is over 2k! and they offer only a 25yr term which is not sufficient.

Quote:
Originally Posted by bblost View Post
I wanted to buy term life insurance for myself.
When I checked the icici website. The online portal asks if I consume tobacco.

I quit on Sept 2, 2008. Have not touched any tobacco products since then.
Should I enter NO or YES for this question.

How does this impact my policy.
Thanks
As per my understanding, the questions usually asked is have you 'ever' consumed tobacco products. Its better to check with the customer care to be sure.

For people who use tobacoo products, the premium is bound to be higher. How much higher, i am not sure. you can get two quotes one for smoker one for non-smoker to see the impact.

i would also recommend to take a look at the aviva/religare site for their ilife/iterm term policies. they are the easiest on the pocket in terms of premium.
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Old 19th September 2011, 14:13   #281
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Default Re: Best Life Insurance provider

Quote:
Originally Posted by bblost View Post
How does this impact my policy.
Thanks
I am not sure what you should chose here.

But I can say that typically, answering yes means slightly higher premium.
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Old 19th September 2011, 14:28   #282
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Default Re: Best Life Insurance provider

Quote:
Originally Posted by bblost View Post
I wanted to buy term life insurance for myself.
When I checked the icici website. The online portal asks if I consume tobacco.

I quit on Sept 2, 2008. Have not touched any tobacco products since then.
Should I enter NO or YES for this question.

How does this impact my policy.
Thanks
Nicotine in tobacco is cause for some of the life threatening illness like cancer etc. Hence the question. blood Nicotine test will be done to check whether it is with in the permissible limits
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Old 2nd January 2012, 14:47   #283
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Cool Re: Best Life Insurance provider

I got this information from a friend who works for an Insurance co (Non LIC). As per the list LIC has the best statistics. This is not an ad fror LIC nor am I benefitting from this, this is just for information to BHPians. I tried searching the IRDA website for validating the info but could not find it.

Mods - if you feel this is against BHP rules please feel free to delete it.
Attached Files
File Type: docx Insurance Cos Claim rejection and Pending ratio.docx (13.3 KB, 414 views)
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Old 18th January 2012, 09:07   #284
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Red face Re: Best Life Insurance provider

Guys,

Need Expert advice on Term Insurance policies. I have term insurance policy from LIC for which I am paying a premium of 31K per annum for SA of 75L(taken about 4 years back). Now with the Insurance companies providing online term insurance policies with higher SA and lower premiums, would it be prudent to shift to the new age Insurance companies from the grand old daddy i.e LIC. The only fear here is that the new age insurance companies dont have a good track record as far as the Claim acceptance is concerned. If anyone has read my above post #268 will understand what I mean by this.

I got a quote of 17K for a SA of 1cr from HDFC Click2protect, which means half the premium for the almost same SA. Would this be a good choice?
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Old 18th January 2012, 09:20   #285
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Default Re: Best Life Insurance provider

Quote:
Originally Posted by ghodlur View Post
Guys,
\would it be prudent to shift to the new age Insurance companies from the grand old daddy i.e LIC. The only fear here is that the new age insurance companies dont have a good track record as far as the Claim acceptance is concerned.
As I said somewhere before also on the forum, stick with LIC.
My friend works for NIC (National Insurance Corp) and this is what he told me:
"It might take a little bit more of time and efforts to get money out of a govt agency but in the end you do get full money."

Nothing is free. If private companies are quoting rediculous low premiums then I will suggest you go through the fine print. I am 100% sure it will be different from that of LIC in a negative way.

Also can I suggest you watch the documentary "Sicko"?
Although it has sections which deal with medical insurance companies, but overall it gives an inside view of the way these private insurance companies work.

Last edited by download2live : 18th January 2012 at 09:22.
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