[whitewing]

Originally Posted by na_agrawal

...I have a free look period of 15 days in which I can decide if I want to continue with TATA AIA or not. Your help is highly appreciated.

Better to invest in the term plan and the price differential can be invested in any index tracking mutual fund, your returns most likely will be be on par if not better than if you'd gone the ULIP route.

[Fx14]

Originally Posted by na_agrawal

Now, I have a free look period of 15 days in which I can decide if I want to continue

If your primary objective is risk coverage, stick to a pure term insurance policy. Note that you're paying more than triple the amount for the same risk coverage for a reason.

There are various types of other investments with better returns (adjusted for risk).

[Bhokal]

1. I do not have a term insurance policy. Should I get it now in my 40s?
2. If you outlast the policy, you get nothing. So, better to invest it in some other instrument?

[whitewing]

Originally Posted by Bhokal

1. I do not have a term insurance policy. Should I get it now in my 40s?
2. If you outlast the policy, you get nothing. So, better to invest it in some other instrument?

One usually buys term insurance to offset the loss of life (there by the income) to the family.
Consider taking a cover depending on your estimated future earnings, so that an untimely loss does not cause undue financial pain to your family.

Term insurance are usually much, much cheaper than the ones with money back. Compare and decide.

[Fx14]

Originally Posted by Bhokal

1. I do not have a term insurance policy. Should I get it now in my 40s?
2. If you outlast the policy, you get nothing. So, better to invest it in some other instrument?

Another perspective from your query - first you need to decide whether you need risk coverage or return on investment.

1. Considering your current age, if you are planning to continue working till the normal retirement age and / or have outstanding home loans etc., then term insurance is advisable.

2. Conversely if you are pursuing the "FIRE" approach and free of liabilities, then this is an additional expense without returns as rightly pointed out. In this case go for investments.

[The Rationalist]

Originally Posted by Bhokal

1. I do not have a term insurance policy. Should I get it now in my 40s?
2. If you outlast the policy, you get nothing. So, better to invest it in some other instrument?

If your spouse is working and can sustain current lifestyle in case of anything unfortunate happens, don't bother. Else take a term insurance till age 65, take a cover for 15X annual income of yours. Investing in any other instrument won't give you peace of mind.

[ram.iyer95]

Dear all, has anybody taken LIC's Tech Term plan? If yes, can you please share the experience of enrollment, or some claim experience (if any) in your known circle?

I am looking for a term plan with a life cover of 1.5Cr. Have narrowed down to LIC, HDFC Life (Click2Protect Life) and Max Life (Smart Secure Plus) after some research on various parameters. Not interested in any riders, just need a pure vanilla term plan which covers upto 60 years of age.

LIC's quote is the most expensive of the three, and the annual premium is costlier by 3k compared to HDFC and Max, whose quotes are pretty much similar. I am ok with paying a premium for the LIC brand and the trust factor associated with it (they have the lowest claim repudiation ratio), but at the same time I am wondering whether it is really worth it. How responsive is LIC nowadays for any assistance?

Please help.