Life Insurance Suggestions.

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Royal Challengers Bangalore
Santhu4444

I took quotations for HDFC Click 2 Protect Life Policy with or without Return of Premium benefit. Please share your experiences with policy you have taken and also please suggest best Life insurance policy. Any other suggestions are welcome too. 

PS: My Age is 30 and am looking at cover of 1 crore. Also I intend to pay premium for 5 – 10 years and looking for benefit till 65 or 70 years. Thanks in advance. 

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Deal Subedar Deal Subedar
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take it from reputed company, or if you’re a working professional, you may get cheaper quotes by the institutions like for CAs and CS, institutes provide concessional term and health insurances

Deal Subedar Deal Subedar
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Check max life. It’s cheaper than peers and has additional benefits. Always go for pure term plan. Bought it recently.

Chennai Super Kings Chennai Super Kings
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can you share the premium amounts?

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prem4998 wrote:

Check max life. It’s cheaper than peers and has additional benefits. Always go for pure term plan. Bought it recently.

can you please share more details about the policy, premium amount etc.

Deal Subedar Deal Subedar
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BBal wrote:

can you please share more details about the policy, premium amount etc.

Please Visit
https://ddime.i...Bp

Answers for your questions are in that thread. Let me know if you want to know more.

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prem4998 wrote:

Please Visit
https://ddime.i...Bp

Answers for your questions are in that thread. Let me know if you want to know more.

Thank you, referring to that thread.

Deal Subedar Deal Subedar
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Hmmm look at pure risk / term insurance without any returns since you need insurance & not investment if I can suggest. Instead of paying a huge premium, invest the same into MF/stocks for a long term which surely will give you better returns.

Royal Challengers Bangalore Royal Challengers Bangalore
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prem4998 wrote:

Please Visit
https://ddime.i...Bp

Answers for your questions are in that thread. Let me know if you want to know more.

Thanks brother. I have heard HDFC is better than Max. What trigerred you in selecting Max over other companies. Is it just Premium Amount and Early Payout option or any thing else?

Royal Challengers Bangalore Royal Challengers Bangalore
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santosh_blr wrote:

Hmmm look at pure risk / term insurance without any returns since you need insurance & not investment if I can suggest. Instead of paying a huge premium, invest the same into MF/stocks for a long term which surely will give you better returns.

Thats the plan bro. Planning to pay the amount for 5 years and then concentrate on investing MF/Stocks. 

Royal Challengers Bangalore Royal Challengers Bangalore
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Tjs15 wrote:

take it from reputed company, or if you’re a working professional, you may get cheaper quotes by the institutions like for CAs and CS, institutes provide concessional term and health insurances

My cousin is CA nd he checked for specific policies but he could not find any health insurances. Please DM if you know any such Life Policies for CA’s. 

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Santhu4444 wrote:

My cousin is CA nd he checked for specific policies but he could not find any health insurances. Please DM if you know any such Life Policies for CA’s. 

there is this site for all the benefits to the members

https://cmpbenefits.ica...g/

and they keep adding new things

Deal Newbie Deal Newbie
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Santhu4444 wrote:

Thats the plan bro. Planning to pay the amount for 5 years and then concentrate on investing MF/Stocks. 

not a good strategy. When you choose limited pay option, the insurance company is being immensely benefited. You end up paying high premium initially whose purchasing power is also high. Think for eg. A premium of 15k per annum might seem a lot right now. But 15 years later it will be equal to maybe 6-7k of today. Also, by postponing your investment strategy/mf, you are reducing the magical timeline for compounding to take place. All the best smile

Royal Challengers Bangalore Royal Challengers Bangalore
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rahul.garg1232377 wrote:

not a good strategy. When you choose limited pay option, the insurance company is being immensely benefited. You end up paying high premium initially whose purchasing power is also high. Think for eg. A premium of 15k per annum might seem a lot right now. But 15 years later it will be equal to maybe 6-7k of today. Also, by postponing your investment strategy/mf, you are reducing the magical timeline for compounding to take place. All the best smile

Thanks. Very logical. 

I thought I have earning power now, I will clear off premiums headache now. After family and kids, savings will be very meagre and that 15k which is equal to 6- 7k may seem more. That was my perspective but I completely agree with your point on compounding. 

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Tjs15 wrote:

there is this site for all the benefits to the members

https://cmpbenefits.ica...g/

and they keep adding new things

Thanks bro. He says he started paying from last year and this is for 15 lakhs sum assured. 

Deal Subedar Deal Subedar
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Santhu4444 wrote:

Thanks brother. I have heard HDFC is better than Max. What trigerred you in selecting Max over other companies. Is it just Premium Amount and Early Payout option or any thing else?

1. Pre-approved for 1C cover (No existing relationship with Max)
2. CSR is 99.35 (No. 1 in India as of 2021)
3. Premium is only 10k for 1C
4. Early exit option at the age of 52
5. Voluntary top-up available

These are my reasons to pick Max life over others.

Deal Subedar Deal Subedar
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rahul.garg1232377 wrote:

not a good strategy. When you choose limited pay option, the insurance company is being immensely benefited. You end up paying high premium initially whose purchasing power is also high. Think for eg. A premium of 15k per annum might seem a lot right now. But 15 years later it will be equal to maybe 6-7k of today. Also, by postponing your investment strategy/mf, you are reducing the magical timeline for compounding to take place. All the best smile

+1. Either choose till 60 or till maturity.

Deal Cadet Deal Cadet
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Santhu4444 wrote:

Thats the plan bro. Planning to pay the amount for 5 years and then concentrate on investing MF/Stocks. 

Very bad planning, you will end up paying more if you pay for 5-10 years vs normal till maturity. I will suggest you to look about this in some YouTube video, you will understand.

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prem4998 wrote:

1. Pre-approved for 1C cover (No existing relationship with Max)
2. CSR is 99.35 (No. 1 in India as of 2021)
3. Premium is only 10k for 1C
4. Early exit option at the age of 52
5. Voluntary top-up available

These are my reasons to pick Max life over others.

Thanks for this. 

Royal Challengers Bangalore Royal Challengers Bangalore
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prem4998 wrote:

+1. Either choose till 60 or till maturity.

Yes. Decided to follow this. 

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bhopali91355 wrote:

Very bad planning, you will end up paying more if you pay for 5-10 years vs normal till maturity. I will suggest you to look about this in some YouTube video, you will understand.

Correct bro. I have now decided to not select 5/10 years option.

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Santhu4444 wrote:

Correct bro. I have now decided to not select 5/10 years option.

It’s not always the case. You have to do future money calculation, because when you select 5/10 years option, companies gives you 40-60 % discount on premium which has to be compared with future time value of money. Don’t go for 60 years blindly. Calculate and then decide

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