[Turbanator]

Need Help in choosing something for self , some naive questions

Is there any Policy which gives benefits of Medical , Savings ( retirement Monthly //Lump Sum ) & also secures against untimely Death
Or
Should I buy a Term Policy , pay Premium like what we do on Cars and look some other options for Retirement & Medical individually

[amitk26]

Originally Posted by Turbanator

Need Help in choosing something for self , some naive questions

Is there any Policy which gives benefits of Medical , Savings ( retirement Monthly //Lump Sum ) & also secures against untimely Death
Or
Should I buy a Term Policy , pay Premium like what we do on Cars and look some other options for Retirement & Medical individually

Lets do some quick calculation here for an individual between 30 - 40 years of age lets say he has 1 lakh rupees to spare every year for his insurance + endowment needs

If you take an on-line term plan till age of 65 it would cost 12 - 16K for 1 crore cover. Take an umbrella medical cover ( husband + wife + 2 Children) approx 15K

So he is left with approx 70K rupees change which he can invest in any mutual fund or fixed deposit and earn rate of return between 8% (FD) to 15% ( Long term equity fund)

Now just check how much risk cover do you get for 1 lakh rupees in endowment / money back plan of LIC or any other insurance company and how much money you will get back at age of 65.

Answer is very clear taking one term cover + 1 medical cover + investing remaining in mutual fund gives more coverage and more returns.

[Turbanator]

Answer is very clear taking one term cover + 1 medical cover + investing remaining in mutual fund gives more coverage and more returns.

Thanks AmitK , I am thinking on similar lines , can you recommend any good schemes for these policies .

[driverace]

Turning 30 this month.
I wanted to buy a term plan before that (may be in 10 days time), to get lower premium for a cover of 50~75L.
I am considering HDFC-Click2protect term plan (based on research + reading over here for past few pages).

Could anyone please help with these queries:
1. How much would the premium be for 50~75L cover?
2. What riders I should take (other than accidental death one)?
3. Any other insurance, that I can split the total cover with, if going with 2 term plans is better?

Please consider that, medical/cashless is already covered by my office medical insurance.

Thanks,

Ace.

[sudeep.pandya]

Originally Posted by driverace

Turning 30 this month.
I wanted to buy a term plan before that (may be in 10 days time), to get lower premium for a cover of 50~75L.
I am considering HDFC-Click2protect term plan (based on research + reading over here for past few pages).

Could anyone please help with these queries:
1. How much would the premium be for 50~75L cover?
2. What riders I should take (other than accidental death one)?
3. Any other insurance, that I can split the total cover with, if going with 2 term plans is better?

Please consider that, medical/cashless is already covered by my office medical insurance.

Thanks,

Ace.

I have purchased Bajaj Allianz I-secure plan just 2 days back The sum assured is 60 lakhs with a premium paying term for 30 years (I am 26 now).

Yet to undergo the medical tests though. The final quotation will be applicable after that only.

- The premium amount is around 10.2k under smoker category.
- I would suggest you to keep it a pure term plan only, there are pleathora of other plans in the market for ur specific needs. Also, I don't think there are much riders available with term plans.
- Going with 2 term plans any day gives a better piece of mind.

Medical insurance comes under general insurance and has no connection with life insurance/term plans/endowment plans/Ulip.

[comfortablynumb]

Those evaluating pure term policies can have a look at SBI Life's eShield. It can be bought only online, and from the calculations that I did for myself (Premium for a Non - J & K resident Male, 39 Years old, Non-Smoker, for a Policy Term of 30 Years with Sum Assured of Rs.5000000 (Rs. Fifty Lacs ) is 14394), seems to offer quite competitive premiums.

http://www.sbilife.co.in/sbilife/content/9_6971

Disclaimer: I have nothing to do with SBI Life whatsoever and am posting this only for information sharing

Cheers,
Vikram

[Eddy]

Me (34.xx yrs) and my wife (32.xx yrs) plan to buy term insurance for both of us. The cover will be 2 crores each.

- The top four insurance providers according to the settlement ratio are LIC, ICICI Pru, HDFC & SBI Life.

- Premium for me are
LIC = 45,000
ICICI = 24,000
HDFC = 24,000
SBI = 37,000
I am expecting similar premiums for my wife.

Now,

- Does it make sense to go with LIC, given the premiums are 2x ?
- All eggs in one basket or should both of us purchase two policies of 1cr each instead of one policy of 2cr ?

- I have good banking relations with ICICI and a home loan from HDFC. Will that help me getting better rates ?

- Are there any other differences in the policy terms and conditions of various policy providers. E.g. do all of them start coverage from day 1 for any existing health issue or an accidental death ?

[fine69]

So I quit smoking on 10 Aug 2006, didn't touch it for several years and then smoked from Dec'13 to Mar'14 (4 months) and have again quit for good.

While opting for a term insurance policy now, should I mark myself as a Smoker or Non-smoker? Is there a way I can ask this question to the insurer and if yes, should I?

[Eddy]

One of the insurers that I checked with was very specific in asking - Have you smoked in the last five years ?

I guess you'll have to say yes.

[fine69]

Originally Posted by Eddy

One of the insurers that I checked with was very specific in asking - Have you smoked in the last five years ?

I guess you'll have to say yes.

Well I really regret having picked up the stick then, for however small time it was!

I'm also in process of finalizing a term insurance for myself and have similar questions as you, waiting for inputs.

[ghodlur]

With the Insurance section opening up and new players in the fray, Insurance policy premium are at a competitive new. I was browsing the net for a term Insurance in addition to the already existing term plan which I have. I have been paying the premiums in the range of 25K to 30K annually from a new age Insurance co for a Sum assured of 1 cr and 15 yrs tenure in the smoker's category.

I came across a term plan called Mera term plan from PNB Metlife. For the above criteria i.e 44 yrs old, Smoker 15 yr term plan, SA of 2 cr the premium seen online was Rs 36K which was slightly more than the premium I am paying presently for 1 Cr SA. So it makes sense to switch over to the new Insurer. Also the Claim settlement ratio of PNB metlife as per their claims is over 90%.

Highlights:
1) Lowest premium for the said criteria
2) Spouse can be covered for half the SA and slight addition in the premium which again is competitive if done individually
3) In case of death, SA is paid and Spouse's cover will continue with no premiums to be paid
4) Death benefit payout options available - Lumpsum payment, 60% SA + fixed monthly payments for 10 yrs, 50% SA + variable monthly payments @12% increasing, Child benefit payout to the immediate kin.
5) Cover available till 75 yrs of age.

Link attached: http://online.pnbmetlife.com/meratermplan/

Just wanted to know if anyone has bought the term plan from PNB Metlife? I am in the process of getting their brochure, will update once I receive it.

Disclaimer: I have nothing to do with PNB Metlife, just posting for the information purpose only.

[Bapu]

Originally Posted by ghodlur

I came across a term plan called Mera term plan from PNB Metlife.....Also the Claim settlement ratio of PNB metlife as per their claims is over 90%.

Just wanted to know if anyone has bought the term plan from PNB Metlife? I am in the process of getting their brochure, will update once I receive it.

Hi,

In the same scenario as yours and was actually paying the premium but thought of checking tbhp for any feedback on PNB Metlife.

Did you finally go for it ? What is your feedback about the company ? How has your experience been ?

I did a comparo of plans and they worked out amongst the lowest with high claim payout ratio.

[Rahulk76]

Originally Posted by ghodlur

Highlights:
1) Lowest premium for the said criteria
2) Spouse can be covered for half the SA and slight addition in the premium which again is competitive if done individually
3) In case of death, SA is paid and Spouse's cover will continue with no premiums to be paid
4) Death benefit payout options available - Lumpsum payment, 60% SA + fixed monthly payments for 10 yrs, 50% SA + variable monthly payments @12% increasing, Child benefit payout to the immediate kin.
5) Cover available till 75 yrs of age.

Link attached: http://online.pnbmetlife.com/meratermplan/

Just wanted to know if anyone has bought the term plan from PNB Metlife? I am in the process of getting their brochure, will update once I receive it.

Disclaimer: I have nothing to do with PNB Metlife, just posting for the information purpose only.

Very interesting and low premium..http://online.pnbmetlife.com/meratermplan/
Have you taken it already ?
I was thinking on LIC, however this is gamechanger

[ghodlur]

Originally Posted by Bapu

Did you finally go for it ? What is your feedback about the company ? How has your experience been ?

Originally Posted by Rahulk76

Have you taken it already ?

Yes, I have got the policy. But the buying process was a royal pain. After the medicals were done, the status on the website did not change for weeks together. After repeated calling their customer care, I was able to get the policy document. That's the negative part for the lowest premium in the market, ineffective customer care. I guess they will improve over the time (like others did).

[Bapu]

Originally Posted by ghodlur

Yes, I have got the policy. But the buying process was a royal pain.....After repeated calling their customer care, I was able to get the policy document. .....ineffective customer care. I guess they will improve over the time (like others did).

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 ?