All you should know about Term Insurance (Life Insurance) before buying
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Company has sole right whom to give policy & whom to reject. Usually other private players refund full amount (Including Gst & test charges). So, u can ask for full refund.
For policy issue decision I don’t think IRDA will interfere. But still u can try…
VU for valuable information
nice
Very nice info. VU + KG
Vu + kg for your efforts
I have ‘Max Life Online Term Plan Plus’ since last 4 years. I am paying almost 13k premium per year for 1.5 cr cover.
nominee kisko bana rakha hai jijaji
Excellent post, thanks for taking out time and posting in detail. Karma given!
I have 85 lakh term insurance from LIC
35 Lakh in traditional term plan & 50 lakh in tech term of Lic
Nice post
I believe ICICI term plan with critical illness rider is very good. Crtical illness is paid on detection of listed illness with no survival clause. Ideally 70 years of policy would be good. Given the cost of medical facility, critical illness rider should be 35L-50L.
I am in this sector for past 15 years. NEVER ever opt for a private company while buying any insurance. God forbid, if you truly need a real substantial claim, you will repent immensely. Also, when you really need to renew insurance, you will face significant challenges in case of earlier claims, forget 70 years. It will defeat the whole purpose.
Please go for PSUs only – National Insurance Company, United India etc. For Life, LIC.
Are all the insurers ask for medical test at start of term plan ? I have googled and found companies that provide without medical. @drjpatwa
Also I went ahead took Bajaj Allianz term life for my wife but I got a call from an their employee saying it not not be fulfilled as she is self employed and has below 5L income. Still have medical tests in couple of days .
If they reject, what private companies are providing term insurance without medical ? Please name a few.
Currently because of lockdown, if u go for offline purchase Bajaj Allianz is doing upto 50 lac SI & Tata is doing upto 1-1.5 cr. SI without medical.
But it might vary for online purchase. So do check that…
Based on the input from the Dimer who made this post, which says :
My preference companies: Hdfc, Tata, Icici, Max, Bajaj (currently cheapest among well-known brand), LIC (best but higher premium)
When we don’t compromise on our Health and standard of living, why should we compromise on Quality when it comes to Life Insurance?
No doubt one should prefer LIC of India as they are best in the field for claim settlements. Atleast one has the best assurance of getting claim settled for his family.
PS: Not saying because I am an LIC agent, I am saying based on the market outside and how private players are fooling around. I have multiple examples where many are duped and now their family and relatives come to me for converting there policy from Private to LIC of India.
Please provide some examples how private company are duping people so that everyone should know what you want to say
And i personally Have taken Tata aia policy in 20 March policy issued on 15 april without medicals so that i and all can know the difference by the way
i am working in general insurance company since 13 years.
I am 25 years old an I am planning to buy term insurance of 1.5 cr to 2cr.
My preference based on my research are ICICI, MAX and TATA AIG or LIC.
I didn’t prefer LIC coz it is giving upto max 40 years term. Considering my age LIC term plan will cover till 65 years of age.
As per historic data average life of Indian male is 70 years to 75 years. And this very reason I don’t want to go for LIC.
So I am considering ICICI, MAX or TATA. If any expert then pls throw some light on which is better.
By the time we attain 65, none of our family members will be dependent on us
If you are a smoker and have quit some time back should you state that you are a smoker?
thy clearly ask you if u have smoked in last 2 years??
but trchnically if u havent smoked since 3 months.. u r good as non smoker in lab results..
VU
is there any plan available which gives money back if you survive till the maturity of term plan ??
I think all gives, right ??
@Darknet_India
Dear Dimers take term plan of any company Lic,tata,hdfc,sbi etc But dont take riders(for example critical illness and accidental death and accidental disablity rider Etc) from life insurance company as Mostly they charge you very high premium,less coverage ,and no, Cumulative bonus and no life long renewal option for example if you opt term plan for 70 to 80 years riders will be covered only till 65 in most company SBI general insurance is offering lowest premium of 1200 to 1500 for 50 lakhs cover(Option choosen rest of india)
Table A Normal premium of other company is around 2500 to 3000 rs.
Table A – Accidental death TableB – Accidental death + Permanent Total Disability (PTD)
Table C – Accidental death + Permanent Total Disability (PTD) + Permanent Partial Disability (PPD)
Table D – Accidental death + Permanent Total Disability (PTD)+ Permanent Partial Disability (PPD) + Temporary Total Disability (TTD)
all policy rate will increase from June 1st ??
good
@drjpatwa can clam be rejected after death so will insurance company refund the total paying tenture amount given till that date?
@drjpatwa sir, what about liquor and smoking affect on term insurance? I beleive most of people declare non-liquor and non-smoker while taking term insurance. How does those are treated by company at time of disbursement?
Also anyone has practical cases you have seen around you ? Where claims has been denied or approved because or ignoring this.
I already hinted some part of it in my main post.
As I said, first 3 years are crucial. If claim arise in that time, they will try dig out all hidden facts.
If later then try to keep it simple – no record on hospital case paper nor family member should declare it that kabhi kabhi lete the.
Baki problem nhi hoga. Unless person is extreme bevda or chain smoker…
Those who r worrying extremely about claim rejection should read about Section 45 of Insurance Act – This act has empowered customer immensely. It says that company has no right to reject claim after 3 years even if fraud is detected. Read more about it on
https://www.upwardly.in/blog/life-insurance-cla...
https://economictimes.indiatimes.com/wealth/ins...
https://www.personalfinanceplan.in/life-insuran...
@admin @bumblefoot @anthrax.ut Any way to edit 1st post of this thread? looks like people are extremely scared (Or some people Have created such environment) about claim settlement. For Them above information is very vital & better to add it in 1st post itself.
If anyone willing for Bharti Axa term insurancen plan …do let me know. Can provide good discount on first premium.
There are some plans where you need to pay only for 10 year for fulll life coverage till 75.
I knew that some people will come here to defend LIC at extreme level. That’s why I already placed its name in preferred list, however LIC is never my personal preferred company.
Like my other thread on health insurance, here again, I don’t want to repeat one to one argument with anyone. Else I can write a lot about LIC, why not to choose it…
Very helpful post.
Your post is for information. Please elaborate the reasons not to go for LIC.
Critics will be there but you can opt to not answer or argue.
Now that u hv motivated people to take insurance, it becomes more important to tell us about LIC.
It will help many in making the decision.
I’m a doctor too and also had AML in 2012. Now no routine blood test can show it. Do u recommend any good policy for me. Age 34.
Firstly, thank you OP for this post. VU. Secondly, I have a query. Do term insurance premiums fluctuate both ways depending upon world situation? I mean can they decrease in future just as they’re about to increase now?
Welcome.
Very Less possibility as per me. However others can comment on it if they have any such past experience…
Anyone looking. For a policy in mumbai pm Me, know for Tata aia or star health.
Thanks
Is Bajaj Allianz good in term insurance? It is new in this and I think that’s why offering lowest premium. If anyone can provide IRDA data of last year 2019-20 then it would be great.
You can go with bajaj, all companies raised premium in last 2 to 3 months.
Bajaj also will do that soon
Thank you so much ,very helpfull
I had Applied for Lic tech term plan and in mail they said without commitment we are postponing my term plan and dedcuting Lab test fees and will pay rest . They are denying . I think they denying on fact of Corona virus going on . So they want to play smart ! . Can I go for Irdai because they denied me for wrong reason ? Or should I mail or call to confirm what is reason ? How they want to postponed without a reason .?