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Old 11th September 2012, 11:40   #301
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Default Re: Best Life Insurance provider

I tried searching for term plans for my wife with different vendors but it seems term plans for housewife's are not given out.
What would be the reason for the same. Or is there any insurance company which does offer a term plan?
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Old 8th November 2012, 14:42   #302
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I tried searching for term plans for my wife with different vendors but it seems term plans for housewife's are not given out.
What would be the reason for the same. Or is there any insurance company which does offer a term plan?
Term insurance is a huge cover at a very small cost (comparatively!). The primary purpose of the cover is to protect the earning of the insured life in the event of it being no more. For some one who does not have an earning, an insurer may not want to cover them. ULIPs, etc are a different game because risk to insurer is far far lesser so housewives may get that easily.
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Old 8th November 2012, 15:12   #303
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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.
I am keen to read about the reliability of Aegon Religare as I am on the verge of letting my LIC term plan lapse and sign up with a private insurer. Is Aegon Religare safe to commit to for a lifetime?
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Old 8th November 2012, 16:13   #304
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Is Aegon Religare safe to commit to for a lifetime?
I don't think anyone can bet on any insurance company.
It is difficult to predict what happens 15-20 years from now in the insurance market.

I have still taken the risk and bought 50% of the cover from Aegon and another 50% from HDFC (perhaps safer as of today).
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Old 8th November 2012, 20:00   #305
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I have still taken the risk and bought 50% of the cover from Aegon and another 50% from HDFC (perhaps safer as of today).
That's a wonderful idea to split. My only issue is that HDFC offers till the age of 65 only & term in multiples of 5 yrs. So in my case, it will cover me only till 62 yrs of age. Aegon does it till 75 yrs of age & term is flexible, ie no fixed multiples. Given my life situation, I shall have liabilities till a little longer so Aegon suits me, albeit the claim-settlement ratio worry that many keep throwing in.
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Old 8th November 2012, 23:21   #306
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Default Re: Best Life Insurance provider

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Originally Posted by anujatwork View Post
I am keen to read about the reliability of Aegon Religare as I am on the verge of letting my LIC term plan lapse and sign up with a private insurer. Is Aegon Religare safe to commit to for a lifetime?
like mentioned by someone, no one knows what happens 15-20 yrs from now. LIC will be safer for sure, but the premium amount are more than 3x of what private players are charging.

i guess its worth going with reputed players in domestic market who have tied up with global biggies who have deep pockets to withstand an adverse condition.

i have committed to Aviva.
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Old 20th December 2012, 17:56   #307
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Default Re: Best Life Insurance provider

Hi Guys,
I am looking for Pure Life Term Plan for say 1Cr or 2 Cr for 25/30 years.
Need your expert opinion on which is the good/preffered company I should look out for.
As per the current findings:
HDFC is good but only offers for 25 years.
SBI is a bit expensive.
LIC is very very expensive, just a bit less than 2 times of SBI.

Looking forward to your recommendations.

Last edited by RemingtonSteele : 20th December 2012 at 17:58.
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Old 20th May 2013, 23:34   #308
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Hi guys, I am sure this question has been asked already, but wanted an up to date recommendation so will ask again.

I am looking for a life insurance policy with maturity benefit. Can someone please recommend me a specific plan. I have been searching for a few days now and it sure is very very confusing. Any help will be greatly appreciated. The main criteria should be life insurance WITH maturity benefit.

Thanks in advance guys
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Old 22nd May 2013, 00:23   #309
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Quote:
Originally Posted by RemingtonSteele View Post
Hi Guys,
I am looking for Pure Life Term Plan for say 1Cr or 2 Cr for 25/30 years.
Need your expert opinion on which is the good/preffered company I should look out for.
As per the current findings:
HDFC is good but only offers for 25 years.
SBI is a bit expensive.
LIC is very very expensive, just a bit less than 2 times of SBI.

Looking forward to your recommendations.
I have spent a significant amount of time over the past couple of months comparing online term plans of almost all the 24 insurance providers in India.

Long story short, I'm going with Aegon Religare iTerm. Am 31 (32 in a couple of days), and an getting a 44 year term policy. Underwent the medical tests and helping them out with whatever additional documentation they need.

Aviva, Bharti AXA and TATA AIG iRaksha are cheaper, but don't feature waiver of premium on critical illness and/or total and permanent disability due to accident. To me these are the two most important riders, followed by the accidental death benefit. This is because at our age, death due to accident has a higher probability than death due to illnesses or age-related stuff. So ADB is a cheap way to get additional cover at dirt-cheap cost.

Combine a term plan with ADB and WoP (or release of partial cover in installments) on CI/TAPD with a health plan to insure against CI-related expenses and you'll be fine.

If anyone would like to see the ghetto sheet I prepared comparing then all, please PM me and I shall send it to you.

Regards,
spadix
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Old 29th May 2013, 17:13   #310
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Long story short, I'm going with Aegon Religare iTerm. Am 31 (32 in a couple of days), and an getting a 44 year term policy. Underwent the medical tests and helping them out with whatever additional documentation they need.
Please ensure you go through the IRDA data sheets on claim settlement ratios etc for all insurers. Aegon Religare has one of the lowest CSR currently. I concede that this can be influenced by the relatively small base of policy holders as compared to other established insurance companies; but still it is very relevant to know that the company you are getting into an insurance contract is less likely to pay up or find loopholes in your application, etc to avoid paying the claim if the situation ever arises (God forbid)!!

Had the same situation last year. Was running an HDFC Life term plan since 2009 which was obviously very expensive when compared to rates now. So decided to explore and found out that Aegon and Aviva were the cheapest of the lot. Aegon's data on claim settlements etc didn't sound too promising and well Aviva was another story altogether - less said the better!! Bought a new online term plan from HDFC only, which was slightly expensive that the other two but still a substantial saving on my earlier premiums.

Last edited by nkapoor777 : 29th May 2013 at 17:16.
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Old 29th May 2013, 17:51   #311
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Originally Posted by nkapoor777 View Post
Please ensure you go through the IRDA data sheets on claim settlement ratios etc for all insurers. Aegon Religare has one of the lowest CSR currently. I concede that this can be influenced by the relatively small base of policy holders as compared to other established insurance companies; but still it is very relevant to know that the company you are getting into an insurance contract is less likely to pay up or find loopholes in your application, etc to avoid paying the claim if the situation ever arises (God forbid)!!
You are very right. This was a worrying factor for me as well.

One of my ex-colleagues and a good friend was with Aegon Religare India at a very senior position. I consulted with him before buying this policy, as well as with a current colleague who's spent donkey's years in the insurance industry.

Both of them had the same thing to say - be *absolutely* honest in your declarations. Do not hide anything. If that is done, then the company is bound to settle your claim without issues, else they are in big trouble. The IRDA also stipulates that after 2 years of a policy being in force, the company will have to actually prove that the declarations submitted by the claimant were wrong, if they are to reject the claim on technicalities.

However, as with anything else in life, this is a punt, no doubt.

I would've willingly bought HDFC, but they don't have the options that I was looking for, viz. -
  • either waiver of premium, or staggered payments of sum assured, on critical illness and/or total/partial permanent disability due to accident
  • accidental death benefit

At our age, the chances of death due to accident are far higher than due to age or illness. Accidental death benefit is a very cheap way to get a higher sum assured, and I thought that this rider is an absolute must. The next most important thing was either WoP or release of SA on permanent disability (either total or partial) due to accident. This is obvious. Term plans are meant to cover for the inability to earn income. HDFC C2P doesn't have any of these features. Neither does AVIVA or Bharti AXA, which was why I didn't choose them despite them featuring lower premia than Aegon.

What I would really love is for LIC to update their mortality data and start offering ADB and TPADB with their Amulya Jeevan plan. I wouldn't even look at anyone else then.

Regards,
spadix
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Old 29th May 2013, 20:17   #312
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which is the best online term plan provider who has a good settlement rate.
Premium on higher side is fine , would not like to consider Aegon Religare due the high rejection on claim settlement and governance issues of Promotors.
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Old 29th May 2013, 21:52   #313
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which is the best online term plan provider who has a good settlement rate.
IRDA handbook will have the claim settlement ratio. Not sure if they they split up policies based on type like term, money-back or endowment. This blog has the figures for past 2 years.

3 years back when I was looking for pure term policy, I had shortlisted these policies. Not sure how they are faring now.
1) ICICI iProtect
2) Kotak eTerm
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Old 29th May 2013, 23:40   #314
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which is the best online term plan provider who has a good settlement rate.
Premium on higher side is fine , would not like to consider Aegon Religare due the high rejection on claim settlement and governance issues of Promotors.
I wouldn't worry about the rejection rates, but thanks for the heads-up on promoters' governance. Religare is a Ranbaxy promoter group company, it seems. So now I'm beginning to seriously doubt the firm. The 30-day free look period is still on, so it might be best to quit.

As for your question on the best online term plan keeping only the settlement ratio in mind, it has to be LIC's Amulya Jeevan. However the premium is more than 3x of that of HDFC Click2Protect, which has the exact same product features. HDFC Life's claims settlement ratio is almost as good as LIC's.

Regards,
spadix
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Old 19th July 2013, 14:19   #315
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I have been doing some research in finding the best policy. I need a 25yr cover for 1cr and want to split it over 2 policies. I have noticed that the premiums are only slightly different for twice the cover, so might go with 2 x 75L or something like that.

Claim settlement is very important to me, especially since there is no face to face interaction here, no friendly agent etc. Also, the amount of time allowed to claim after death is very limited in some policies.

I am inclined towards HDFC Click2protect but there is no waiver of premium option. Accidental death option is already covered in my firms group policy.

spadix: can you upload the sheet you mentioned or send it to me please?
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