[ghodlur]

Originally Posted by Bapu

somebody recommended that it is better to get it done through a agent rather than online, as then the processing becomes much smoother. Any ideas on that front ?

I had thought on that and contacted PNB's local branch officials who expressed their inability to help as this was a purely an online policy. However the local officials whom I got in touch infact helped to speed up the process by registering a complaint rather than their responsibility. Anyways it did help me to get the policy faster.

In my case due to a few medical cases, the policy approval took time as they wanted old medical records. This I had to ask upfront as they themselves would not ask it. I sent all the documents and within 7 days the policy was issued. Had I known this earlier, I would have sent them before hand itself.

Always a learning curve.

[sumeet007]

Originally Posted by Bapu

That's the part that was holding me back and infact am still as confused as ever ! If in the initial booking phase itself, there is so much of lethargy... god forbid in the event of a claim, what would the hassles be.

The rate is absolutely the lowest and policbazaar also lists their claims settlement ratio higher than more known names.

Max life insurance in another option.

stuck in the dilemma.

somebody recommended that it is better to get it done through a agent rather than online, as then the processing becomes much smoother. Any ideas on that front ?

Had been putting off buying additional term insurance for some time now and did that just now, after seeing these posts.

Earlier had taken aegon religare online about 5 years back and so far there has been no issues, though their claim settlement ratio has fallen drastically since then to around 60%, so decided to take PNB MetLife for a considerable sum.

The term insurance option I took is lump sum payout of half assured and rest at monthly payout to child till she attains 21 years of age.

In the case child attains that age with no claim, lump sum pay out will still be done for whole amount.I also opted for critical illness rider as well as disability rider, with additional premium of course.

Now have to do the medicals and upload all docs, will update after receiving the actual policy few weeks from now.

[nowwhat?]

Originally Posted by sumeet007

Earlier had taken aegon religare online about 5 years back and so far there has been no issues, though their claim settlement ratio has fallen drastically since then to around 60%, so decided to take PNB MetLife for a considerable sum.

Not sure how true this is, but one insurance agent had told me a long time ago that in case you have multiple insurance policies and if one of them pays the claim, it becomes exceedingly difficult for others to repudiate the claim. The claimant simply has to approach IRDA to get a settlement.

Can someone enlighten me with PNB Metlife whether both the primary insured and spouse need to take medicals?

[Bapu]

Just an update :

Applied to PNB Metlife on 4th Jan. Premium paid online on 4th itself.

Got medicals done on 9th Jan.

Till 18th there was no update from their side with me checking the online status daily. Call up a couple of times, am told that reports are received and under observation.

Call up on 21st and am told that a " counter offer " (which means that i have to pay a higher premium with same coverage - due to medical history) has been issued on 18th ! - which they surprisingly have done via a physical letter when the plan is online ( must be something to do with acceptance ) and am advised revised premium. Anyways, i ask for a softcopy of the offer which i get after some time over mail.

The softcopy has a totalling mistake !

Again a few calls to the call center and finally i get a mail confirmation that i need to pay only correct amount. Paid that on 23rd with a assurance that policy would be issued in a few days.

Awaiting policy.

[callvvijay]

Originally Posted by sumeet007

Now have to do the medicals and upload all docs, will update after receiving the actual policy few weeks from now.

Originally Posted by Bapu

The softcopy has a totalling mistake !

Awaiting policy.

Hi sumeet007 & Bapu, Can you please update your experience w.r.t to PNB Metlife? I'm looking out for a term-insurance and considering PNB seriously. However, a couple of reviews I read about the pain to successfully get the policy makes me think a bit more.

Also, to you both as well as to other experts (like ghodlur), any idea how good Max Life is? I see that their Claim Settlement Ratio to be very good (~96%)

Originally Posted by ghodlur

I had thought on that and contacted PNB's local branch officials who expressed their inability to help as this was a purely an online policy.
.................................
Always a learning curve.

Thanks in advance!

[sumeet007]

Originally Posted by callvvijay

Hi sumeet007 & Bapu, Can you please update your experience w.r.t to PNB Metlife? I'm looking out for a term-insurance and considering PNB seriously. However, a couple of reviews I read about the pain to successfully get the policy makes me think a bit more.
Thanks in advance!

The process of buying was smooth, and came after some delay after the medical tests were submitted by the authorised lab directly to PNB.

There is a look in period of 1 month I think during which one can return the policy.

From what could gather info on the net, the claim settlement ration was more than 90%, or more.

As to the actual ease or difficulty in claims, hope fully would not need to test it any time soon.

[callvvijay]

Guys, need some help in choosing a term-insurance.

I've zeroed in on two insurers - Max Life & Bajaj Allianz. The claim-settlement ratio is almost same in these two (both 95+%)

Here is what these two insurers offer:

Max Life - max till 67 years of age
1. Accidental Death + Accidental Disability
2. Waiver of Premium

Bajaj Allianz - max till 62 years of age
1. Accidental Death
2. Critical Illness
3. Hospital Cash (Daily Cash offered if the insured is hospitalized)
4. Surgical Care (Not sure what it is - not interested either)

Just to give a background info - I already have a health insurance (floater) too.

I, personally feel that WoP is useful. Not sure if I have to go for critical illness rider when I already have a health insurance.

TIA!!

[nowwhat?]

Originally Posted by callvvijay

Max Life - max till 67 years of age
1. Accidental Death + Accidental Disability
2. Waiver of Premium

Bajaj Allianz - max till 62 years of age
1. Accidental Death
2. Critical Illness
3. Hospital Cash (Daily Cash offered if the insured is hospitalized)
4. Surgical Care (Not sure what it is - not interested either)

Accidental Death, it may be better to take from one of the government insurance companies as they cover Permanent or Temporary Disability/Dismemberment and don't cost much.

Critical Illness rider on Life Insurance these days isn't what it used to be. Nowadays there is a survival clause which means you can only apply 90 days after surviving the illness. And unlike the 5/6/7 major illnesses it used to cover earlier -- cancer, heart attack, stroke, etc. -- these days the number of illnesses has increased to 30+ but the illnesses are highly specific. For instance, most critical illness riders will only cover certain types of cancer, but not others.

I have a Life Insurance policy from many years ago with a Critical Illness rider that covers only 7 major illnesses, but the payout is made immediately after the illness is diagnosed. That way, this money can also be used for treatment.

67 years may or may not be required based on the individual. Once your earnings become zero, hopefully you would have saved enough that your dependents can live on it. Any insurance that covers up to 60+ should be fine.

Insurance is a long term contract and not all contracts are the same, hence you must go through the fine print (usually available on websites, if not you can request for the policy wordings). Once you go through the fine print, you will get some sense of which policy is better.

[comfortablynumb]

Hi All,

I'm considering a pure term plan from HDFC Life (Click2Protect Plus), and have got the following online quotes for a sum assured of 1 crore (age = 40 years, non smoker):

term = 20
premium = 15861
premium for accidental death with twice the sum assured = 21605

term = 25
premium = 18087
premium for accidental death with twice the sum assured = 23830

A few questions about this:

1. Is a 20 year term enough (till I am 60), or should I choose the 25 year term?
2. Is the accidental death cover worth it, with an increase in premium of approx. Rs.6000 in both cases?

Any other opinions/comments for guidance are also welcome

Cheers,
Vikram

[ghodlur]

Originally Posted by comfortablynumb

A few questions about this:

1. Is a 20 year term enough (till I am 60), or should I choose the 25 year term?
2. Is the accidental death cover worth it, with an increase in premium of approx. Rs.6000 in both cases?

The term should be till the earning age. Ideally look out for Insurance co which provide life cover till maximum years for eg say 75 yrs. So in future if you would want to continue life cover for another few years you should be able to.

If you are a regular on the roads for a longer duration of the day, then accident death cover is a must. But I would check if doubling the life cover is an alternate for the same premium.

[comfortablynumb]

Originally Posted by ghodlur

But I would check if doubling the life cover is an alternate for the same premium.

Thanks for the reply Ghodlur.

I didn't quite get the part quoted above - do you mean an independent quote of sum assured = 2 crore would be cheaper, instead of (sum assured = 1 crore + accidental death benefit = 1 crore)?

Cheers,
Vikram

[nowwhat?]

Originally Posted by comfortablynumb

A few questions about this:

1. Is a 20 year term enough (till I am 60), or should I choose the 25 year term?
2. Is the accidental death cover worth it, with an increase in premium of approx. Rs.6000 in both cases?

25 would be better to give some cushion to your family a few years into your retirement.

Accidental death is not a problem, your family would any way be covered by the life insurance policy. The problem is "disability or dismemberment", paralysis or losing a limb from an accident is worse than death because not only would earnings diminish or become zero, but there may be expenses for treatment or upkeep. Government insurers are better as they provide Accidental Death, Disability (Total/Partial) and Dismemberment insurance that are cheap and standalone.

[srishiva]

I have two LIC policies, one is Jeevan Anand and the other I dont remember the name. Both are insured for 5 lakhs and I have been paying premium for 12 years. Now I have been thinking of terminating the policies since I need some cash.

I am building a house and the loan is insured. My thinking is that the loan amount insured is very much more than the 5 lakh insured in LIC.

Is it fine to terminate the LIC policies (atleast the non Jeevan Anand policy).

[comfortablynumb]

Originally Posted by nowwhat?

Government insurers are better as they provide Accidental Death, Disability (Total/Partial) and Dismemberment insurance that are cheap and standalone.

Thanks nowwhat?, even I was leaning towards 25

LICs e-term plan is giving a quote of almost 34k for the same term and sum assured. Hence, tried HDFC Life. Also, their claim ratio isn't too less than LIC/ICICI/SBI Life, at least from the info I got on the net.

Cheers,
Vikram

[nowwhat?]

Originally Posted by comfortablynumb

LICs e-term plan is giving a quote of almost 34k for the same term and sum assured. Hence, tried HDFC Life. Also, their claim ratio isn't too less than LIC/ICICI/SBI Life, at least from the info I got on the net.

LIC is always more expensive than anyone else because their selling costs are sky high; they shell out a lot on agent commissions. I usually try one of the online multi-brand insurance portals like PolicyBazaar to get the best quote, some of their people are knowledgeable and willing to guide.

Regarding accidental death, etc., I meant government-owned General Insurance Companies like National, Oriental, etc. not LIC.

If you do not have pre-existing diseases, instead of going for a 1 crore or higher policy, better to split among two or more. That way even if one insurer declines a claim while others honor theirs, your heirs can go to IRDA or court to fight it out and get the full amount as they are on much more stronger ground. Usually multiple insurers use the same local diagnostic facility, so only one medical test may be required if you apply simultaneously.