Your views on best Term/Life plan for my future family.
Hi Folks,
Hope you guys are doing good and keeping safe.
I need your valuable suggestions for the best & reliable Term plan for me. I don’t smoke nor i drink also i have a clean medical record (though was diagnosed with dengue couple of years back but by god’s grace i am ok now). One of the main reasons why i want to opt for it now is the premium at which i am getting these would be comparatively lesser also i want my family to be financially stable even if i am not with them.
HDFC reps are behind me saying sir C2PP plan lelo. Premium for 1cr is around 13.7k, for 75L it is around 11k with gst which includes natural death, 19 critical illness and permanent disability. Icici reps were quoting me way to higher premium.But i have seen a lot of discrepancies with the premium calculated online via PB & offline too don’t know what is the exact reason for this. On the other hand, premium for Bajaj & Aegon life are very low. I really don’t know why the premium is dancing so much for me because i was ideally planning to cover this upto 85 years. I do have cc’s so paying roughly about 700rs-1k/month for my future shouldn’t be an issue for me as of now.
Though i have my health cover still i confused whether to have these additional riders added or not?
Also, is this a good decision to opt for? Shall i really invest in this life/term plan or will Money back plans/ULIP’s be a better option for me?
I guess i have given a rough idea about what i actually need. Awaiting your valuable comments.
Tagging some dimers "@drjpatwa":https://www.desidime.com/users/17253 "@malikcool":https://www.desidime.com/users/184763 "@bikidas2060":https://www.desidime.com/users/399751 "@getready":https://www.desidime.com/users/372924 "@androgame":https://www.desidime.com/users/893351 "@popeyethedimer":https://www.desidime.com/users/1050212
(i really can’t recollect more names now). Please do tag your friends if you feel they can help me out with this.
I am extremely sorry if you guys feel that this tag is irrelevant to you.
#TIA.
#ApkaApnaJJ 
My recomendation
1. Dont select money return plan, it will increase ur premium : select only term and invest other amount in share market will recover ur premium amount.
2. Dont go with additional rider , take a seperate health insurance if not have.
3. Dont go with high premium and also dont go with low premium policy, select based on claim settlement ratio, amount.
Iñfo : after all my basic research i bought tata aia
Recently got a job at the insurance gaint. ( not agent )Here are my suggestions
1. Don’t go for any additions i.e., accident benefit, terminal illness and any other. They are chocolates at the billing counter of super market.
2. Just choose annual mode. No other modes. Every other mode is deigned to help insurance company to get more money in less time from you.
And finally when it comes to choosing the company for term insurance, quoting one of the simple yet great gentleman here
“Choose either cheapest one or the one you are comfortable with”
Think over that line and you’ll have a clear answer without much time waste in choosing the provider.
I choose LIC, because I am comfortable with it. And moreover LIC with it’s Tech Term plan, has come up with competitive rates. The premium rates are almost same as ICICI and HDFC. LIC, ICICI and HDFC are using the same reinsurer. So at the end it doesn’t make much difference. You can easily get premium rates of private cos from coverfox. For lic rates you can dm me age and cover required.
1. Very bad comparison/suggestion. Both terminal illness and personal accident benefit are good to have. In fact, the CI rider is much cheaper in premium compared to stand alone policies.
I will provide best prices for LIC policy / Tech term Insurance .
Had earlier HDFC click to protect 3d plus but recently found so many terms and conditions that the purpose is defeated.
Bro I don,t have knowledge about it my dad generally relly on lic and you can ask any agent who can give advice without self interest.
Thank you @popeyethedimer @Cool07 @neo13 @titamazon @senamit520 for your valuable comments.
Anyone who having a plan with Bajaj/Aegon life please do let me know or any good reliable agents working for them please let me know immediately.
Yes, i am waiting for drji’s views on case as well
If ur family members (Spouce/Children/parents) are dependant on you financially then better to take it earliest.
My Recommendation:
Pure vanilla Term Plan with annual regular pay till 70-75 years
All other riders, plans are to attract customers which are actually not worth.
Strict No to ULIP, Moneyback plans. Only agent & company will benefit more from such plans.
I am personally holding Aegon Life insurance but that is individual choice. If u want to go for reputed one then go with Tata, HDFC, Max, Icici or LIC’s Tech Term plan.
In some company (Like HDFC, ICICI) prices of Online & Offline channel is different while Tata, Aegon have same rate for both channel. That’s why u r getting different quotations for some company. Also do check some hidden rider, T&C if price difference is abnormal.
If more queries, let me know. Also do read all posts of above posted link of my thread, It will be very useful to understand many things.
Thankyou doctorji for your review.
Sooner or later this would be a great help for me in my future. Tata, Aegon and Bajaj are the ones who are quoting best price as of now. Also, I did go through your thread and got a fair idea now. If you have any references for the above mentioned companies please let me know so that I can directly call them and ask for quotes for me. Thankyou once again drji 
Don’t buy just because rep are pushing you for it. Explore all cos and their products.
Research for each and every term , understand it and decide whether you need that add-on or not.
Also do read all tncs of policy docs thoroughly. Though this may take time but remember you gonna buy this once in lifetime.
search in google instead of asking rep who mostly lie.
Buy pure term policy only. Don’t mix investment and insurance.
That’s what I am not in a hurry to get one but anyways which in the next few years I’ll get one so why not start at this very age that too with lesser premium. I’ll have think about the rider part too. Anyways, thankyou for your suggestion 
Money in hand , is the money you have …. hard lesson learned .
Period.
No pingpong bro haha 
Term insurance is must if you are breadearner of family!
1.While selecting term insurance, do check claim settlement ratio and ease of settlement.
2.Do not fall for additional benifits and increase premium.
3.Take annual premium plan(preferably)
4.Don’t go for premium return plan.(After 40years valuation of that amount will be meagre)
5.Earlier you opt for, lesser is premium (After every Bday premium increases.
6. Decide insurance amount as per your annual income and outstanding loan.
I have opted for TATA AIA/ Annual premium plan!
Go for Pure Term plan without any return of premium, with no additional rider.
Set target age of 60-65. By that time, your other investments would more than adequately cover for your liabilities. Setting hgher target age would increase premium without any real benefit.
The earlier you opt, the higher coverage you will get for the same amount of premium. Decide upon the premium you can now comfortably pay, then evaluate different companies to decide which one will give you maximum coverage for that money.
Always consider the time value of money. 1 crore may seem a very high amount today, but 25 years down the line, it may not be that great.
If you have a salary account, check if there are any linked discount offers from that Bank. I got 5% discount on premium from ICICI as a salary account holder.
Online policies are generally cheaper than offline policies as there is no agent commission involved.
was icici good? I have already two policies with icici, one with returns (going to expire) and another on health. thinking of opting icici again what do you suggest bro
1. Pure term plan without extra for riders. 2. Take till the time you feel your dependents will be on their own. 3. For Life insurance policies, no one can refute claims after 3 years if all health history , preexisting, family
History, policies holding currently etc. are filled up correctly while applying, so choose top 5 based on claim settlement ratio and go with the lowest. 4. Personally I don’t prefer LIC , as at that price others are giving 2X cover. My friend had to chase them for 3+ months to get his Tech Term policy from them, YMMV.
Even for Tech Term? I think ICICI and HDFC rates are similar to Tech Term.
Whats cons for LIC,
Can someone please tell me how to add links in deal wiki ?
Worth watching videos!
@mrKool_JJ
I Haven’t seen those videos.
But I think they are saying same, what I have suggested in single line – Pure vanilla term plan without riders with regular pay till ur cover (Not limited pay) till 70-75 age.
If anything is not matching with my view, let me know. I will be interested to know other side story…
I would like to ask one more thing, if in case I start drinking or smoking few years down the line (just an example folks 
) then do these companies have the right to reject my claim for this reason?
If yes, then what is the use of getting a term plan now 
Can someone please throw some light on this. Tagging drji @drjpatwa
@mrKool_JJ
By rule, if ur habit changes ideally u have to inform company about it. Then company might charge u smoker rate (Smoker rate is obviously higher than non-smoker rate).
But practically, even many current smokers & drinkers are hiding these details, forget about the future start. So, if company get to know about it at the time of claim then its problematic.
I told in my thread, if u haven’t done any fraud or hiding any details then even bad company have to give u claim (That’s why I have taken Aegon for me & not other well-known brands). If u want to hide/ manipulate something then u require smart advise so that u can’t be caught easily (Still it’s not 100% sure & not advisable too) & If u want to hide something then better to go with LIC or other better ones….
Most have given great advice already.
Remember term plan pays your near & dear ones once you are dead or critically ill.
For yourself It’s of no use (almost) just feeling of fulfilling your responsibility.
Better to opt for min. 1 Crore Sum assured for till 65 years from LIC, HDFC, ICICI (in that order).
Inflation will will drastically reduce value of 1 Crore but something is better than nothing.
Well said. Its for near and dear ones. So that time only you will understand that u have made right decision or not by saving those little pennies.
IMO only LIC tech term is worth. All others are junk.
Who all are saying that pvt providers are equally good. They should know that now most of us are opting for term plans and there would be fund shortage when those many claims would be given.
Calculate how much money is 1 crore and how much premium is getting generated
3 years ago, i took Tata Aia Term Plan which provides cover upto 99 years.
Term plan pays you back to your nominee only after your death. So taking upto 60 is not worth at all.
80 / 85 / 99 seems to be worth since 99% chance that you are someone on your behalf are gonna get the funds back.
Dont go on premium only, compare pros and cons. , what rider they are offering and so on.
You need to see Claim settlement ratio before taking any insurance & see the fundamentals of an organization
Claim settlement – Your family should gets the fund easily instead of running from one door to other
Fundaments – You are taking insurance today for next – 40 / 50 years or so. So by that time the insurance firm should be a going concern.
What I follow: I have all my endowment insurance with LIC but term with TATA AIA, so diverse but at same time LIC seems safer investment when compared to other. Rest your call.
Yes, i too have my endowment policy with LIC (though the SI is not quite high but this is still running) and i was planning to cover this upto 80/85 years. TATA/HDFC are premium brands with high AUM no’s so that shouldn’t bother me much. Appreciate your valuable suggestion.
Choose proper term of insurance. (Ideally it should cover the time you earn ). No point having coverage till 85(By this age you will have zero liability). That way you will save lot on premium (can invest that to build retirement Corpus).
Look at settlement ratio and decide for yourself.(premium, features are almost same ). ..also go for yearly payment till the policy year. (U save premium that way).
What should be the ideal term which should be chosen for term plan ?
Anyone has any idea about Religare care critical illness cover. Looks great to me though.
What i have come through just watching 2 videos from YouTube.
Must avoid all these insurance companies except
HDFC , LIC, TATA AIA
Don’t take any additional cover / riders
Take pure term plan
Best case scenario split your term plan into 2
One pure term plan of hdfc/lic
another smaller plan 20% of first plan along with any riders that u see necessary as per your case .
Also having two different policies has its own advantages from two different companies
Invest your money in china
@drjpatwa @panchabhut and other dimers
My father is the age of 55, and he doesn’t have any term insurance, althrough has star life health insurance. In the next year, probably i will start earning and in next 2-3 my younger brother will start earning. So is it wise to take term insurance of dad now?
@MrKool_JJ
Kaunsa plan liya bhai?
Kharche bahut hai so hold kiya hai plan.
Konsa plan liya phir @MrKool_JJ ??
Term life insurance is a must especially in this day&age. Never mix investment & insurance. Go for term insurance + investment in mutual funds or other avenues without any medical insurance components. Go for reputable companies with high claim settlement like maxlife, hdfc, icici, lic etc. I have term insurance with maxlife for my wife & me. Have taken term plan till retirement only, after that my investment portion should take care, hopefully
. This in turn should drive down the cost of term plan even more.