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Old 25th November 2009, 20:37   #91
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Default Term insurance

I'm glad I found this thread. I spoke to an LIC agent today. I was pretty clear I wanted only a term policy because I don't believe in insurance for investment. Of course, the agent was hell bent on selling me money back policies. Jeevan Anand sounds attractive, but it still doesn't make sense for me to pay a hefty premium in order to get back some money at the end of the term.

Given that I want a term policy, I have a few questions:

1. How do I arrive at the insured amount? One of the criteria would be my premium paying capability. But my question is more about how much is a good amount.

2. Does it make sense to take one policy with a large sum assured or split the same into several policies of varying terms?

3. Till today I thought LIC claims were quite straight forward. But I learnt that any claim made within 3 years of the policy date are scrutinized heavily. I was particularly told that claims on deaths caused by diseases are difficult to settle. Any thoughts/information on this?
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Old 25th November 2009, 22:56   #92
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It is true. Early claims are scrutinized for anti-fraud teams.

For death caused by disease, insurance companies would play ANY card to show disease was pre-existing and was not disclosed while buying the policy.
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Old 26th November 2009, 09:04   #93
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check out iterm from aegonreligare. I guess they save agent costs since it can be bought online and hence very reasonable. Infact, I found the premiums to be cheapest..(pure term)
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Old 21st December 2009, 12:36   #94
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Default Decision between Birla Dream Plan and Amulya Jeevan

Hi guys,

Me and my friend have narrowed down 2 Life Insurances of which we need to decide by 31st Dec.

1. Birla Sun Life's Dream Plan
2. LIC's Amulya Jeevan

The Dream Plan works exactly as a Term Insurance but also has a returns method which functions like a Mutual fund indirectly.

If applied now, the max age cover in Birla i'm getting is 25 years(I would be age 55) while in LIC, it is 35(I would be age 65).

The premium of Birla Dream Plan is the cheapest compared to any Insurance plans.

The LIC's Amulya Jeevan plan is a pure Term Insurance but its premium is higher thou it gives me additional 10 years than Birla's 25 years limit.

I'm in a dilemma which plan should i go for, the Birla plan which gives me additional returns keeping my Term insurance value but for 25 years only

or

the LIC which gives me Insurance cover till 35 years but no returns.

Experts, please help!
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Old 21st December 2009, 13:08   #95
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Go for LIC, you cant not get bigger cover, age wise, as you grow old but you can always get more & more options to buy an ELSS based scheme like the Birla.
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Old 21st December 2009, 13:16   #96
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Quote:
Originally Posted by CBlazer View Post
I'm glad I found this thread. I spoke to an LIC agent today. I was pretty clear I wanted only a term policy because I don't believe in insurance for investment. Of course, the agent was hell bent on selling me money back policies. Jeevan Anand sounds attractive, but it still doesn't make sense for me to pay a hefty premium in order to get back some money at the end of the term.

Given that I want a term policy, I have a few questions:

1. How do I arrive at the insured amount? One of the criteria would be my premium paying capability. But my question is more about how much is a good amount.

2. Does it make sense to take one policy with a large sum assured or split the same into several policies of varying terms?

3. Till today I thought LIC claims were quite straight forward. But I learnt that any claim made within 3 years of the policy date are scrutinized heavily. I was particularly told that claims on deaths caused by diseases are difficult to settle. Any thoughts/information on this?
Quote:
Originally Posted by rudrah View Post
Hi guys,

Me and my friend have narrowed down 2 Life Insurances of which we need to decide by 31st Dec.

1. Birla Sun Life's Dream Plan
2. LIC's Amulya Jeevan

The Dream Plan works exactly as a Term Insurance but also has a returns method which functions like a Mutual fund indirectly.

If applied now, the max age cover in Birla i'm getting is 25 years(I would be age 55) while in LIC, it is 35(I would be age 65).

The premium of Birla Dream Plan is the cheapest compared to any Insurance plans.

The LIC's Amulya Jeevan plan is a pure Term Insurance but its premium is higher thou it gives me additional 10 years than Birla's 25 years limit.

I'm in a dilemma which plan should i go for, the Birla plan which gives me additional returns keeping my Term insurance value but for 25 years only

or

the LIC which gives me Insurance cover till 35 years but no returns.

Experts, please help!

try Aegon Religare Life iTerm plan , this is available online only []Life Insurance, Retirement Plans, Pension Plan - AEGON Religare Life Insurance Company and its 50 % cheaper than any private insurer , For a 40 year old , if LIC jeevan amulya costs Rs 15000 for 20 year policy of 30 lakhs cover the Aegon Religare Life iTerm plan costs Rs 8000 only as you save paying to agent year on year.
So even if they pay up 70 % of insured amount in case of eventuality it makes sense.
Ideally better to take multiple term plans of 40 lakhs from 3 companies then a cover of 1.2 crore from one as one cannot gaurantee they will honour their commitement

Last edited by YVES : 21st December 2009 at 13:18. Reason: added age
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Old 21st December 2009, 13:53   #97
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I whole heartedly recommend Reliance Life for fat overweight people.

I am one

Above 10L, almost all companies insist on medical test etc. LIC loaded my premium by 50% due to my weight (all test items were perfect!).

Reliance took no medical test, I gave my correct weight on the form, and am paying 4200 bucks for 15L term insurance cover. Their form had no special ugly clauses (in line with LIC mostly) in my ~20 min read of the thing - though ofc, YMMV.
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Old 21st December 2009, 15:28   #98
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Quote:
Originally Posted by YVES View Post
try Aegon Religare Life iTerm plan , this is available online only []Life Insurance, Retirement Plans, Pension Plan - AEGON Religare Life Insurance Company and its 50 % cheaper than any private insurer , For a 40 year old , if LIC jeevan amulya costs Rs 15000 for 20 year policy of 30 lakhs cover the Aegon Religare Life iTerm plan costs Rs 8000 only as you save paying to agent year on year.
So even if they pay up 70 % of insured amount in case of eventuality it makes sense.
Ideally better to take multiple term plans of 40 lakhs from 3 companies then a cover of 1.2 crore from one as one cannot gaurantee they will honour their commitement
I'm age 30 as of now, so for me i would always want to have a maximum age cover which LIC Amulya jeevan gives me, i.e for 35 years means till i'm 65.

LIC Amulya quoted Rs 11xxx for 30Lacs for 35 years. whereas Birla Dream Plan quoted me Rs 7xxx/- for 30Lacs for 25 years
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Old 21st December 2009, 16:14   #99
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Quote:
Originally Posted by YVES View Post
try Aegon Religare Life iTerm plan , this is available online only []Life Insurance, Retirement Plans, Pension Plan - AEGON Religare Life Insurance Company and its 50 % cheaper than any private insurer , For a 40 year old , if LIC jeevan amulya costs Rs 15000 for 20 year policy of 30 lakhs cover the Aegon Religare Life iTerm plan costs Rs 8000 only as you save paying to agent year on year.
So even if they pay up 70 % of insured amount in case of eventuality it makes sense.
Ideally better to take multiple term plans of 40 lakhs from 3 companies then a cover of 1.2 crore from one as one cannot gaurantee they will honour their commitement
+1

This term policy of Aegon Religare is for non smokers I guess..please check the full details before applying for it as it can be applied for online.
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Old 21st December 2009, 18:28   #100
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Quote:
Originally Posted by zen91 View Post
+1

This term policy of Aegon Religare is for non smokers I guess..please check the full details before applying for it as it can be applied for online.

Yes , most of the term plans with lower premium are for non smokers.
There are seperate plans for smokers and non smokers with KOtak.
If one stops smoking for 6 months then they can pass the medical test as non smokers.


Quote:
Originally Posted by rudrah View Post
I'm age 30 as of now, so for me i would always want to have a maximum age cover which LIC Amulya jeevan gives me, i.e for 35 years means till i'm 65.

LIC Amulya quoted Rs 11xxx for 30Lacs for 35 years. whereas Birla Dream Plan quoted me Rs 7xxx/- for 30Lacs for 25 years
Buy both , your need for insurance will be less once you cross 50 depending on your needs which are met at that point.
Birla looks costly , compare both covers for 25 years to see who is cheapest.
Dont forget service tax , its not included with private players

Note from the Team-BHP Support Team : Please use "Multi Quote" option for quoting Multiple posts, instead of creating another back-to-back post.

Last edited by Technocrat : 22nd December 2009 at 15:11. Reason: Please read the note in your post, thanks
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Old 21st December 2009, 19:16   #101
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Quote:
Originally Posted by YVES View Post
Buy both , your need for insurance will be less once you cross 50 depending on your needs which are met at that point.
Birla looks costly , compare both covers for 25 years to see who is cheapest.
Dont forget service tax , its not included with private players
Compared to both, Birla's Dream Plan is cheapest. The agency manager says Service tax or edu tax etc are not present. everythin included!

Question is the risk cover in age, LIC's upto 35 years is tempting me!
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Old 23rd December 2009, 22:07   #102
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Quote:
Originally Posted by YVES View Post
try Aegon Religare Life iTerm plan , this is available online only []Life Insurance, Retirement Plans, Pension Plan - AEGON Religare Life Insurance Company and its 50 % cheaper than any private insurer , For a 40 year old , if LIC jeevan amulya costs Rs 15000 for 20 year policy of 30 lakhs cover the Aegon Religare Life iTerm plan costs Rs 8000 only as you save paying to agent year on year.
So even if they pay up 70 % of insured amount in case of eventuality it makes sense.
Ideally better to take multiple term plans of 40 lakhs from 3 companies then a cover of 1.2 crore from one as one cannot gaurantee they will honour their commitement
This Aegon Religare plan is one of the best plain term plans. Go for it !
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Old 10th June 2010, 19:28   #103
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Kicking this old thread so which is the best insurance company for term plan ?

I am keeping our reliance and ICICI due to negative feedback on various threads.

1. HDFC
2. Bajaj Allianz
3. Birla Sunlife
4. aegon Relegere


Any feedbacks or suggestions I am looking for taking a term cover.
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Old 15th June 2010, 19:32   #104
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Can someone suggest a pure life insurance plan in the LIC that one can take. I mean those which doesnt guarantee money back etc.

I searched the LIC site, but its one of those horrible planned site. Only thing you will find is policy names they have not categorised it well.

Can someone pl help me. I am planning to take a cover for around 15L
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Old 15th June 2010, 20:36   #105
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LIC Term Insurance Plans

Anmol Jeevan - Life Insurance Corporation of India

Amulya Jeevan - Life Insurance Corporation of India

Basic difference is that you can have a longer life coverage in Amulya Jeevan then that of Anmol Jeevan.
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