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Old 12th June 2009, 12:45   #76
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Default HDFC - Saving Assurance Plan

Hi I am writing as my own personal experience.
I went to HDFC Bank looking for some investment plans.
the executive there presented me with a SAP Plan with the following criteria:-
  • Plan period is of 5 years - Clearly mentioned by them
  • The investment made will be 1lac per year (my plan was of 5 lac rs)
  • Tax benefits on Interest Amount as well.
what I was not presented were the "Terms and conditions" which i had asked for earlier. Executive and everyone who were present that day said the Plan was of 5 years. Until I made the discovery in the terms and conditions also online that it was actually of 10 years but the amount can be withdrawn after 5 years with 50% the amount to be given after maturity of the plan.
this was NOT told to me by anyone.
Anyway, i have lodged a complaint with the HDFC life insurance and have canceled my policy.
I am writing this just as FYI to others who are planning to invest in HDFC Life insurance.
Highly unsatisfactory - MY experience

with regards,

JaXy
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Old 12th June 2009, 17:40   #77
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Originally Posted by ashthedivx View Post
Thanks, Can you confirm if Accidental benefit is available in Amulaya Jeewan ?? I.e. Insured amount will be paid even death is caused due to an accident.
No, accidental death is not covered by Amulya Jeewan.
See the link below:
Term Vs ULIP/Moneyback/Endowment Policy::Shardul Bhatt in Baroda : Personal Finance blog at Rediff iLand
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Old 12th June 2009, 18:05   #78
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Originally Posted by ashthedivx View Post
Thanks, Can you confirm if Accidental benefit is available in Amulaya Jeewan ?? I.e. Insured amount will be paid even death is caused due to an accident.
The insured amount will always be paid on the death of the insured, irrespective of the cause of death. However, some insurance companies do offer accidental death and permanent disablity riders. Here, if the company offers both, i.e. accidental death and permanent disablity, it is advised to go for it if the pro-rata increase is lesser. However some companies offer only accidental death rider, which in my opinion is not worth it because it only covers death similar to the main insurance policy. Now unless this rider comes at a very cheap price, it is not worth it. You can take a personal accident policy instead which comes dirt cheap.

PS: I just signed up with HDFC Standard Life's Term Assurance plan. It is the cheapest in the market currently.

Last edited by nkapoor777 : 12th June 2009 at 18:06.
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Old 12th June 2009, 18:23   #79
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Quote:
permanent disablity riders
I have LIC's term plan (forgot the exact policy name) & on inquiry I was informed that all term plans have disability clause built in at no extra charge. If one suffers from permanent disability then what happens is that he/she gets 10% of the sum insured every year till the end of the term.
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Old 13th June 2009, 17:08   #80
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Quote:
Originally Posted by nkapoor777 View Post
The insured amount will always be paid on the death of the insured, irrespective of the cause of death. However, some insurance companies do offer accidental death and permanent disablity riders. ....

PS: I just signed up with HDFC Standard Life's Term Assurance plan. It is the cheapest in the market currently.
Nitin, That's what my query is does policy have such rider available or it is inbuilt ??

PS: I suppose it is something 12K for a sum assured cover of 50 Lakhs. Care to share the details ??
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Old 13th June 2009, 18:22   #81
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Originally Posted by ashthedivx View Post
Nitin, That's what my query is does policy have such rider available or it is inbuilt ??

PS: I suppose it is something 12K for a sum assured cover of 50 Lakhs. Care to share the details ??
If you are asking about Amulya Jeevan from LIC specifically, I don't know. Almost all companies offer riders separately and these are mentioned on the policy document and illustration.

HDFC Standard Life Term Cover rates are as follows:

For Male aged 28 years,
50 lakhs - 11,176
60 lakhs - 12,911
70 lakhs - 14,647
80 lakhs - 16,381
90 lakhs - 18,116
1 crore - 19,851
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Old 15th June 2009, 10:57   #82
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Nope, i was asking for HDFC only.

Thanks for quotes, any idea what amount they are quoting for 25 Lakh insurance. Are the provided quotes with any specific riders or are a simple plain insurance cover.
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Old 15th June 2009, 21:53   #83
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The rates qouted above are plain vanilla term cover rates (inclusive of service tax). You can take riders separately. But HDFC SL doesn't offer permanent disability rider, its only accidental death. Not worth it IMHO. Check the website for online premium calculator and add the service tax to it.
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Old 10th September 2009, 17:06   #84
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Reviving an old thread,

Can anyone confirm me if the term policy of LIC covers any type of death ?

Thanks a lot
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Old 10th September 2009, 17:43   #85
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Suicide within 1 year of issuance of any policy I guess is not eligible for the sum assured to be paid by any LI company.
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Old 10th September 2009, 18:19   #86
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Quote:
Originally Posted by lambuhere1 View Post
Reviving an old thread,

Can anyone confirm me if the term policy of LIC covers any type of death ?

Thanks a lot

I think there are some exclusions.

Like any sport (Bungie jumping etc), most motorsports.

War, Nuclear attack and such things.
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Old 10th October 2009, 13:09   #87
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Default Which is best term insurance?

Hi Gurus
I want to go for a term insurance and I am told that Kotak Mahindra's non-smokers policy is the best in the industry. can somone validate this?
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Old 11th October 2009, 18:07   #88
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Quote:
Originally Posted by NetfreakBombay View Post
I think there are some exclusions.

Like any sport (Bungie jumping etc), most motorsports.

War, Nuclear attack and such things.
Quote:
Originally Posted by zen91 View Post
Suicide within 1 year of issuance of any policy I guess is not eligible for the sum assured to be paid by any LI company.

Thanks a ton for all your replies. Basically, I was looking for if Term Pilicy covers death by accident [ either natural causes like floods, or by train/rail/road accident ], or death by health related issues.
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Old 11th October 2009, 18:59   #89
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Quote:
Originally Posted by Guna View Post
Hi Gurus
I want to go for a term insurance and I am told that Kotak Mahindra's non-smokers policy is the best in the industry. can somone validate this?
It's is the cheapest available for non-smokers. If you haven't smoked even once in the last 10yrs, and if your blood nicotine levels confirm that, then you get a preferred term insurance at very low rate.

Quote:
Originally Posted by lambuhere1 View Post
Thanks a ton for all your replies. Basically, I was looking for if Term Pilicy covers death by accident [ either natural causes like floods, or by train/rail/road accident ], or death by health related issues.
Yes it does. Additionally if you have puirchased ADB rider (it's an add-n for Accidental Death Benefit), then you get double the sum assured in the event of death due to non-natural causes.
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Old 2nd November 2009, 14:29   #90
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I Am looking for LIC policy for my kid to safeguard against my life and provide handsome money for his educations etc. I explored many option from their site but was not able to draw any conclusion. Anyone has taken some LIC policy for their kid kindly discuss your experiences.
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