[ramki067]

Hi Guys,
Planning to buy a term insurance myself for covering my home loan(56k emi/month) which is until 58 years for Rs.60 lakh. According to latest IRDAI report(2019-20), Bajaj Alliance has 99.82% claims paid percentage and an amount of Rs.904.3 crore has been paid(Attached screenshot). Is it worth to with this company? Kindly advise.

Thanks,
Ramki

[anandhsub]

Originally Posted by ramki067

Hi Guys,
Planning to buy a term insurance myself for covering my home loan(56k emi/month) which is until 58 years for Rs.60 lakh.
Thanks,
Ramki

If it is only for the purposes of covering the home loan I am sure the bank would have already taken a term insurance when the loan was processed.

[ramki067]

Originally Posted by anandhsub

If it is only for the purposes of covering the home loan I am sure the bank would have already taken a term insurance when the loan was processed.

No, i opted for emi excluding the insurance as it was Rs.6K/month more.

[DigitalOne]

An LIC policy I had taken is maturing this month end. Is it possible to submit the maturity documents at any LIC branch or does it need to be submitted only at the Servicing branch? As per multiple news reports, it should be possible to service it any branch, but it also says that this facility was available on trial basis only till 31-Mar-2021.

[sagarpadaki]

Originally Posted by DigitalOne

An LIC policy I had taken is maturing this month end. Is it possible to submit the maturity documents at any LIC branch or does it need to be submitted only at the Servicing branch? As per multiple news reports, it should be possible to service it any branch, but it also says that this facility was available on trial basis only till 31-Mar-2021.

You need to get and fill the discharge form from any local LIC branch. Attach the discharge form, policy bond, ID proof and a cancelled cheque and post/courier it to the home branch. That will initiate the claim process

[DigitalOne]

Originally Posted by sagarpadaki

Attach the discharge form, policy bond, ID proof and a cancelled cheque and post/courier it to the home branch. That will initiate the claim process

I couriered the documents as suggested. The policy got matured on 28-Jan but got the maturity proceeds yesterday.

For those who are interested, the policy was "Jeevan Shree" which was very popular (among agents ) during 2002. Premiums were to be paid for 12 years with maturity after 20 years.

The IRR calculation shows a healthy 9.88% . God bless the LIC agent

Caution: Please do not go by past performance of LIC endowment products.

[raksrules]

Can anyone suggest which company term insurance to go for, for 38M, non smoker? I intend to take 1cr term insurance. I see max life as best claim settlement ratio as per policybazaar.
Also, can anyone explain me tele medical and physical medical works for term insurance?

[midazolam]

How is Bajaj Allianz for term insurance? They have significantly less rates compared to icici or HDFC Life for 2Cr, 34, non smoking male.
Should we opt payment for 5/10 years option or go for payment till maturity?

[d.w.w.]

Can somebody shed light on how change in employment affects term insurance. For eg: a salaried employee earning x/annum leaves his salaried job and takes up self employment earning much less than his salary income, will it affect the insurance?

[Fx14]

Originally Posted by d.w.w.

Can somebody shed light on how change in employment affects term insurance. For eg: a salaried employee earning x/annum leaves his salaried job and takes up self employment earning much less than his salary income, will it affect the insurance?

Generally speaking, term insurance or life insurance for that matter considers just the age of the proposer while fixing the premium for a specific sum assured amount. So there should not be any issue.

However, things are different in case of a Personal Accident Insurance policy where the premium is based on the nature of occupation of the proposer.

If you already have a policy, you may be better off checking with the insurance provider to the specific T&C's.

[d.w.w.]

Originally Posted by Fx14

Generally speaking, term insurance or life insurance for that matter considers just the age of the proposer while fixing the premium for a specific sum assured amount. So there should not be any issue.

However, things are different in case of a Personal Accident Insurance policy where the premium is based on the nature of occupation of the proposer.

If you already have a policy, you may be better off checking with the insurance provider to the specific T&C's.

Thanks! I don't have an existing policy, thought it will be wise to ask here rather than asking some agent who would be willing to provide false data to get business.

[whitewing]

Originally Posted by d.w.w.

Can somebody shed light on how change in employment affects term insurance. For eg: a salaried employee earning x/annum leaves his salaried job and takes up self employment earning much less than his salary income, will it affect the insurance?

If the nature of your work changes ex: from a office job to say a hiking guide, then there may be grounds to reject the claim.
AFIK, change in annual income does not affect the cover.

[Guna]

A friend of mine (agent) is persuading me to take Reliance Nippon life insurance policy. Considering the history of this Insurance provider and the prevailing Macro economic conditions (banks going down), is it advisable to go for this?
Personally I am more inclined towards LIC but if there are no major issues, I may go with is as it would help him as well.