[diyguy]

I am trying to pay for my LIC insurance policy but this year it is not permitting advance payment and wants me to pay on or after Jan 5th. I have always paid the policy in Dec till date, as it used to permit one month prior payments. Any idea why? Googling did not get me any result.

[ruzbehxyz]

I would like to simply add that do not mix Life Insurance with investment policies.
A Life Insurance should be purely one, Term plan. It should not be mixed with Investment or returns.
Some private companies offer good returns, but I think LIC is still at the top. And so your investments should be a mixed bag, with at least one LIC policy.

[fordday]

I have term insurance from Aviva India from last 10 years. Today when I checked their website it seems they have a fixed page, only asking for premium payment. Nothing more in it. One cannot even login.

Have they closed down their operations in India? My 10 years of premium has gone down the drain in that case

[subraiyr]

Originally Posted by fordday

I have term insurance from Aviva India from last 10 years. Today when I checked their website it seems they have a fixed page, only asking for premium payment. Nothing more in it. One cannot even login.

Have they closed down their operations in India? My 10 years of premium has gone down the drain in that case

No. The website works fine. Just checked it now. Life Insurance firms cannot close down so abruptly. There is a lot at hand for them to do before they close down. Infact Aviva probably broke even only in 2011/12

[fordday]

Originally Posted by subraiyr

No. The website works fine. Just checked it now.

I tried to login as an existing customer just now, it does not proceed. Shows a vague message. I cannot even pay my premium online.

Seems something is not right.

[whitewing]

Originally Posted by fordday

I tried to login as an existing customer just now, it does not proceed. Shows a vague message. I cannot even pay my premium online.

Seems something is not right.

I have a term insurance expiring in a couple of years. While I think it is unlikely that an insurer folds up without a squeak in the media. On a selfish note, I hope they are around till my policy expires.
There are some rumours of a sellout to one of the promoters / ransomware attack etc. No official word though.
Did you try their call centers?

[rayjaycleoful]

Hi all,

I have an on going LIC "The Endowment Assurance Policy (Plan-14)" It's one of those life insurance and savings scheme mixed together. All of us know it is a horrible product and that's why I'm here. Without getting into why it was started or why I have paid premiums till now (I don't know) I want to discontinue with it. I can do much much better returns in equity, crypto, heck even an FD in one year and also don't have the patience to wait till 2030.

• Starting Year - 2013
• Maturity Year - 2030
• All premiums paid till date

From what I could understand online, i have two options;

1. Surrender the policy
This requires a visit to the branch (which I cannot do, it's in another city) and has a HUGE penalty - I get back less than what I paid in premiums. Did not seem feasible to me but happy to be corrected those reading this.

2. Convert the policy in to a "Paid Up Policy"
I am inclined towards this but do not understand it completely. Will the final payout be based on total premiums paid? To do this, should I just stop paying the premiums? There's no official information on this online and the LIC website has limited functions - doesn't allow you to do anything online except pay premiums.

Any inputs appreciated. Not even sure why products like this are allowing to exist in India.

[Ashutosh]

Requesting OP or Admin to Please add a poll to this thread like it exists for Car insurance, where one can view the brands trusted by the community, which in turns helps us first time customers.

Thank you!

https://www.team-bhp.com/forum/india...mpany-why.html (The 2020 thread: Your preferred car insurance company & why)

[austere_sly]

Originally Posted by rayjaycleoful

Hi all,

I have an on going LIC "The Endowment Assurance Policy (Plan-14)" It's one of those life insurance and savings scheme mixed together. All of us know it is a horrible product and that's why I'm here.

I am in similar boat but the Plans are 165 and 145. These were started in 2010 (fresher job) by usual "family friend" who also has other job of LIC Agent. Didn't know much about investment back then but now I seriously doubt usefulness of these LIC endowment plan. I have term plan for life insurance and investment in MF & PPF.

Looking forward to wise advice from members here.

[Hudson]

Folks, has anyone bought Term insurance from Exide-Life, specifically the "Exide life Elite term insurance plan". I was browsing the aggregator website today and came across this. It has the lowest premiums. If I compare it with HDFC Life Click-2-protect, monthly premium is 33 percent lower than HDFC.

Monthly premium for a 10-Cr policy for a 45 year old having cover till age 70 from Exide is around 16K and with HDFC it is around 24K.

[ToThePoint]

Originally Posted by Hudson

If I compare it with HDFC Life Click-2-protect, monthly premium is 33 percent lower than HDFC.

Monthly premium for a 10-Cr policy for a 45 year old having cover till age 70 from Exide is around 16K and with HDFC it is around 24K.

When it comes to insurance, stick to the ones having better settlement ratios and established players. You don't want your family members to run around and be hassled after you are gone just because you tried to save on premiums.

Also, buy only what is required and not what advertisements tell you to, just because you can afford it. A 10/100 cr policy doesn't guarantee any higher living standards for the nominees than say a 1cr policy - just my humble opinion. IMO, it's a sham to make you pay more and fill the company's coffers.

Cheers!

[ghodlur]

Originally Posted by Hudson

Folks, has anyone bought Term insurance from Exide-Life, specifically the "Exide life Elite term insurance plan". I was browsing the aggregator website today and came across this. It has the lowest premiums. If I compare it with HDFC Life Click-2-protect, monthly premium is 33 percent lower than HDFC.

Monthly premium for a 10-Cr policy for a 45 year old having cover till age 70 from Exide is around 16K and with HDFC it is around 24K.

Exide Insurance is now bought by HDFC Life, so shouldnt expect a lower pricing from Exide atleast. Term life insurance premium depends on lot of factors, dont get bogged down by the premium quote part, stick to the ones who have good claims ratio.

[kedar3223]

What would be a good term insurance plan for a 27yo single non smoker with an annual earning of around 7-8L? What should my cover amount be along with the duration. I have investments in NPS and MF from retirement POV.


Currently evaluating these three insurance providers
1. LIC Tech term
2. HDFC Click to Protect
3. Tata AIA Sampoorna Raksha

The premium on all these work out to be more or less the same for a plain vanilla term insurance.

Some queries that i had:
1. LIC provides a increasing sum assured rider. Should i opt for this? If i do not, does LIC have a provision to increase cover amount at a later date?
2. Is it worth going in for accidental death rider over just simply having a higher cover value? What is the settlement process?
2. HDFC and TATA AIA provide riders like critical illness, accidental injuries(all 3 have accidental death), early payout on terminal illness, premium waiver on critical illness etc. Is it worth going in for these?

Kindly advice

[ishan12]

Received this over whatsapp. The insured died in a motorcycle accident and the company denied the claim stating that he was riding a motorcycle more than 150cc and accidental death on such motorcycles (above 150cc) are not covered under the policy.
I was totally surprised to see to what extent these companies can go and stoop so low to deny a claim.
Can any experts comment if this would stand in court? Do most such policies have this clause?
I now need to check with my insurance company. I did a good reading of the clauses when I bought my insurance but don't recall reading anything like this.

[Haste]

Looking to purchase additional 2Cr term insurance (36,m, non-smoker). Compared quotes from different companies, coming in below order of increasing cost

Aditya Birla < HDFC < SBI Life < ICICI

Aditya Birla quote is almost half compared to ICICI. HDFC is close with around 5k difference in the quote.

Mind is going towards HDFC, but thinking ABSLI is also reputed brand, shouldn't be much of problem? Does anyone have any experience with them.

Also, I already have one term policy from PNB Metlife. Do I need to declare it anywhere. They're not asking..