[ghodlur]

Originally Posted by download2live

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"?

Agreed that fine print can make or break your decision but with IRDA becoming an alert regulator will the new Age insurance companies will go scott free in case of any issue. Also the terms and conditions for Insurance plan - why would they differ from one co to other.

I am interested to see the documentary, where can I view it?

[yosbert]

Originally Posted by ghodlur

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).
============
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?

I went through a similar dilemma recently and finally decided to break my target SA in half and took one policy for LIC and the other from a private insurer.
Disclaimer: I am no expert on insurance policies. Just letting you know the solution I came up with.

[slicvic]

I'm looking to buy Term Insurance, does anyone have any links to the Claims Ratio of different Insurance providers?

[ghodlur]

Originally Posted by slicvic

I'm looking to buy Term Insurance, does anyone have any links to the Claims Ratio of different Insurance providers?

I had earlier put on the consolidated statistics which was forwarded to me by one of my friends. Hope the documents helps you.

http://www.team-bhp.com/forum/shifti...ml#post2629392

[Fordmanchau]

Originally Posted by ScorpMan

Bought a term plan from Aviva online.
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
I hope I have done the right thing to choose Aviva out of all.

I think Aviva offers the cheapest term Insurance plan.
Yes LIC's premium are the highes, but please check the fine prints. LIC has two type of term insurance product. One where premium is returned back after the expiry of term,, if the insured doesn't die and the other is usual where you don't get anything back.
Generally, the premium's for the Policy where you get your premium back is almost more than double the normal premium.

And please stop worrying about the Private Vs Public insurer debate. There are adequate security measures put in place to safeguard your money.

Originally Posted by spadix

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.

Spadix anna, check out Metlife, ICICI Pru and Aviva, their premiums are very competitive.

Originally Posted by bblost

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

Imran, I hope you have bought your policy by now. If you have quit tobacco,then confidently enter NO in the answer. During medical test, they don't check for it and if you have quit for so long, the blood samples will also not show any trace of it. The premium will be little lower as everyone said.

[rkg]

Originally Posted by Fordmanchau

I think Aviva offers the cheapest term Insurance plan.

Aegon religare reduced their premium's . now ther are cheaper than Aviva

Of ocurse one has to check each every insurer to find out who is cheaper for his/her age, tenure for a specific insured sum

[ghodlur]

Add HDFC new Click2protect in the list of cheap premiums for the term life insurance. Although one must seriously read the fine print instead of just comparing the low premiums, I would love to see LIC too going this way of offering the term life insurance with premiums at par with the new age Insurers.

It disheartens to read in newspaper almost everyday of Insurance co acting pricey when it comes to claims settlement and then getting ordered byu the consumer courts to pay the insured.

[slicvic]

Just found this link with the Claims ratio. Best Term Insurance plans in India – Comparison with Charts

This seems to be one good blog for insurance matters.

Hope everyone finds it useful

[mayankjha1806]

I found HDFC Life to be very promising in terms of low premiums and higher claim settlement ratio, considering they have been in the market for over 10 years. Apart form the settlement ratio i believe some of the insurers issue policy documents online without putting you through a medical test. Its better to choose an insurer which makes you go through mandatory medicals.

Compared to last year HDFC premiums have halved with the same conditions and same cover.

[S_U_N]

Does anyone know why HDFC is asking for details of other policies that I may have proposed or revived?
I am trying to follow the onscreen steps to buy Click2Protect and there are lot of details which do not seem very relevant to me.
Will it matter to HDFC, if I buy another term insurance from someone else in the future (say for additional cover)?
Will it matter if I have already bought term insurance from another company and now I want a second one from HDFC?
If yes, how does it matter? e.g. will they lower the premium/ reject a claim in future/ can my nominee make multiple claims in case of my death?
e.g. one to HDFC and one to Aviva in case I have two term insurance policies?

[nkapoor777]

Originally Posted by S_U_N

Does anyone know why HDFC is asking for details of other policies that I may have proposed or revived?
I am trying to follow the onscreen steps to buy Click2Protect and there are lot of details which do not seem very relevant to me.
Will it matter to HDFC, if I buy another term insurance from someone else in the future (say for additional cover)?
Will it matter if I have already bought term insurance from another company and now I want a second one from HDFC?
If yes, how does it matter? e.g. will they lower the premium/ reject a claim in future/ can my nominee make multiple claims in case of my death?
e.g. one to HDFC and one to Aviva in case I have two term insurance policies?

There are various things that the insurer seeks such disclosures for. It is considered good if you already have a term cover running from another insurer. It also helps them decide how much risk cover to offer to an individual. You can hold any number of covers and claims will be accepted.

[alto99]

Originally Posted by S_U_N

Does anyone know why HDFC is asking for details of other policies that I may have proposed or revived?
I am trying to follow the onscreen steps to buy Click2Protect and there are lot of details which do not seem very relevant to me.
Will it matter to HDFC, if I buy another term insurance from someone else in the future (say for additional cover)?
Will it matter if I have already bought term insurance from another company and now I want a second one from HDFC?
If yes, how does it matter? e.g. will they lower the premium/ reject a claim in future/ can my nominee make multiple claims in case of my death?
e.g. one to HDFC and one to Aviva in case I have two term insurance policies?

Insurers buy reinsurance from reinsurers based on certain criteria. For every new life insurance you buy it is necessary to provide correct details of all policies you already have so that the insurer/reinsurer can access the risk appropriately for the insured individual. It is necessary to mention all policies irrespective of insurer because the reinsurer could be same.

[ghodlur]

Guys, Need some serious advice here.

Was in the process of evaluating the Insurance policies I had, as the second half of the year goes in paying the premiums. Once of the policy I hold for Life insurance is the Jeevan Amulya paying a premium of 31K for a cover of 75L. Should I continue this one? I can save around 11K and get an addtional 25L cover if I go for an online term policy. Is it advisable to move from LIC knowing their claims settlement record? I was told that if I surrender a policy, no policy will be issued for the next 5 years or so? Is this true?
Although I have been advocating LIC as the best on the forum, but high premiums are pinching me hard, hence the query.

[S_U_N]

^I took HDFC C2P a few days ago (yet to receive the actual policy document).
One thing which I was not told is that if the HDFC personnel comes over to help you with the policy formalities (he will come over to your house to help you with the online formalities and then the offline formalities), then the premium would be up by at least 250 Rupees compared to the scenario where you would do the whole process on your own.
This was not disclosed to me (and I realized after comparing the figures at my end).

Also note this additional amount needs to be paid per year for the rest of the term.

[ani_meher]

I purchased Aviva online term policy few days ago, and had very pleasent experience so far. Uploaded all the required docs by email, a person visited my house in morning to collect morning stuff and blood, did ECG, BP and other tests right in my home, and few days later, I got the policy by courier. Best part, 1 crore policy for 35 years for about 8000 per year. That's the cheapest I have ever seen!