Term policy suggestions

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please suggest a best term policy for my mother(43) and father(46) non smoker.. includes accidental benifit..

where to take health check up and charges for that..

is critical illness option is necessary? and what us the use of this?

what documents are needed? persons should be educated? (My parents are uneducated)

Most of the term policies are only for graduated, any option for uneducated peoples?

please need complete suggestions from experienced people.. very new phase for me to choose..

please help.. thanks in advance

@Roushh

29 Comments  |  
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Read this…

How to choose a term life insurance provider in 30 minutes!
https://freefincal.com/how-to-choose-a-term-lif...

And also this…
https://www.basunivesh.com/2018/02/20/top-5-bes...

That being said, there is no such thing as best term policy. No term policy works for everyone. All insurance companies are equally good or bad.

Go with any one of the common/popular ones, if you are comfortable with their premium, and customer service throughout the medical process, policy issuing etc.

Also, I think there’s always the 30 day free look period. You can cancel the policy in 30 days if you like.

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Roushh wrote:

Read this…

How to choose a term life insurance provider in 30 minutes!
https://freefincal.com/how-to-choose-a-term-lif...

And also this…
https://www.basunivesh.com/2018/02/20/top-5-bes...

That being said, there is no such thing as best term policy. No term policy works for everyone. All insurance companies are equally good or bad.

Go with any one of the common/popular ones, if you are comfortable with their premium, and customer service throughout the medical process, policy issuing etc.

Also, I think there’s always the 30 day free look period. You can cancel the policy in 30 days if you like.

Should we buy policy from Policy bazaar, coverfox etc.?
If yes, then which website is better?

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rohan8397 wrote:

Should we buy policy from Policy bazaar, coverfox etc.?
If yes, then which website is better?

If you have decided on a plan then it’s your choice how you want to buy it. Term insurance premium will remain the same unless you change something.

I don’t have any experience buying online so can’t say which portal is the best. Regardless of where you buy, they are going to get the commission for your sale. So you will need to know who will give you better service if you are earning them commission.

I bought it from a local agent who I knew personally. He came to my home for all the documentation and even he went to the local stationary store for photocopy and everything. Then he came back next week to deliver the policy document. I like the personal touch instead of earning money for some corporation which doesn’t give a f*ck a second after I make online payment.

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First determine what is the amount of cover that your would like to take. Then break it up in 3 to 4 equal parts. Then make an analysis of the available insurers and opt for different insurers for each part.
The bank which is your primary bank may give you a better deal than other online or offline options. So explore that option also.

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Roushh wrote:

Read this…

How to choose a term life insurance provider in 30 minutes!
https://freefincal.com/how-to-choose-a-term-lif...

And also this…
https://www.basunivesh.com/2018/02/20/top-5-bes...

That being said, there is no such thing as best term policy. No term policy works for everyone. All insurance companies are equally good or bad.

Go with any one of the common/popular ones, if you are comfortable with their premium, and customer service throughout the medical process, policy issuing etc.

Also, I think there’s always the 30 day free look period. You can cancel the policy in 30 days if you like.

Thanks for your valuable comments @Roushh

But for term policy person should graduated, seems doesn’t work my parents..

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jaggu123 wrote:

Thanks for your valuable comments @Roushh

But for term policy person should graduated, seems doesn’t work my parents..

I did not know about education qualification requirements. If LIC has no such requirement then you can go with LIC term insurance policy.

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Roushh wrote:

I did not know about education qualification requirements. If LIC has no such requirement then you can go with LIC term insurance policy.

If you don’t mind, can i know which company term policy you have taken?

LIC vs private company term policies have so much premium changes.. LIC premium was high when compared to Private companies..

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jaggu123 wrote:

If you don’t mind, can i know which company term policy you have taken?

LIC vs private company term policies have so much premium changes.. LIC premium was high when compared to Private companies..

I think lic doesn’t have term plans

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you can look for icici/max life
dont go for lic

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Majestic wrote:

you can look for icici/max life
dont go for lic

Max need to have person graduation. . So we have excluded..

Is icici needed graduation, any pay slips etc?

https://cdn0.desidime.com/attachments/photos/594587/original/Screenshot_2019-11-11-03-13-27-079_com.android.chrome.png?1573489718

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jaggu123 wrote:

Max need to have person graduation. . So we have excluded..

Is icici needed graduation, any pay slips etc?

https://cdn0.desidime.com/attachments/photos/594587/original/Screenshot_2019-11-11-03-13-27-079_com.android.chrome.png?1573489718

yes income proof they ask for,
you can try calling their helpline and check for alternative

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First decide that both mother and father need term plan?

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rohan8397 wrote:

I think lic doesn’t have term plans

They sure have. But no LIC agent will tell that because their commission is very less in term plans. Check LIC website for details of term plans.
Presently there are Anmol Jeevan (II), Jeevan Amaar and Tech term.

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panchabhut wrote:

They sure have. But no LIC agent will tell that because their commission is very less in term plans. Check LIC website for details of term plans.
Presently there are Anmol Jeevan (II), Jeevan Amaar and Tech term.

Yes..  Your correct..

Jeevan amar looks good.. 

Do you know, we need income proof for lic term policy?

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jaggu123 wrote:

Yes..  Your correct..

Jeevan amar looks good.. 

Do you know, we need income proof for lic term policy?

all term plans require income proof

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iamshashikant wrote:

How’s that Lic term plan . Are you done medical test as they required? I too to opt . Buy too confused. My brother said Mostly they won’t deny the claim .

Yes, there will be medical tests…. Yeah, me too have opted it because of that brand LIC…..

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MSDfan wrote:

Yes, there will be medical tests…. Yeah, me too have opted it because of that brand LIC…..

Which test they conduct? U can DM also.

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LIC CSR is around 98% it means they are giving claim to endowment policies we can’t figure it out whether it is for endowment or term plan

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int86 wrote:

Why not online policy.

So that you & your LIC agent both get sms remiders to pay due premiums. If you forget anyhow, he will remind you 😜

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jaggu123 wrote:

Yes..  Your correct..

Jeevan amar looks good.. 

Do you know, we need income proof for lic term policy?

So what u had opted finally??

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For any insurance plan term or otherwise, there are few basic points:
1.Non earning members need not be covered bcos the coverage is required to ensure well being of the dependents in case of demise of earning member.
2. Insurance products are to be chosen for the customer’s need. Not for the Agents. Always take agents advise with a pinch of salt. J
Also just bcos one has purchased a policy through an agent dosent mean agent is obligated to unconditionally serve him entire term and to the customers demands better than online self purchases.
3. Online term plans are cheaper not just because there is no agent visiting your home, but also because one who can purchase the policy himself/herself is assumed to be better knowledgeable and can take better care of his own health – thus reducing his risk profile.
4.Income proof is asked but not always because the insurer needs to know that there is an insurable interest to continue the policy and that there is no foul play involved. All insurers policy proposal form is different and there is no rule for educational qualification by IRDA.
5. Just because your pseudo expert friend or uncle/aunt says LIC is oldest and their claim settlement ratio is better, so they are better. Bcos LIC is oldest and they have millions of small SAs maturing everyday(₹1000-₹10000) their claim settlement will be better anyday than private insurers who entered late. Personally I do not recommend LIC because of their very high premium factor and mass misselling by agents. It is foolish to assume LIC will honour a materially dishonourable policy when a private insurer will not.
6. Always be truthful in declaring all facts and never hide any facts, additional risk factors etc. in proposal form. If you did so, then you are throwing your premium money in waste bins.
7. Lastly, this is not a proper forum to find all facts for choosing a term policy. Do your own research. There are many online selling platform and their service, explanation, guidance in choosing a policy is highly professional. Whatever your doubts and queries they are there to help for no extra charges.

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