Poll: Shall i opt for it?
20 days left

Hot Deal Your views on best Term/Life plan for my future family.

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Deal Lieutenant
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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 @malikcool @bikidas2060 @getready @androgame @popeyethedimer
(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 smile

80 Comments  |  
23 Dimers
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Deal Cadet
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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 grinning. This in turn should drive down the cost of term plan even more.

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Deal Subedar
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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

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Deal Cadet
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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.

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Deal Cadet
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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.

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Deal Lieutenant
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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.

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Deal Lieutenant
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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.

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Deal Subedar
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@mrKool_JJ

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.

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Deal Lieutenant
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drjpatwa wrote:

@mrKool_JJ

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 smile

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Deal Cadet
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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.

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Deal Subedar
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MrKool_JJ wrote:

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 smile

Pm me for quotes.

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Deal Lieutenant
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jambui wrote:

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 smile

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Deal Cadet
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Money in hand , is the money you have …. hard lesson learned .

Period.

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Deal Subedar
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That all is secondary. Main thing is bro has written future family 😉
Meaning gf has proposed! 💖 🙃

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Deal Subedar
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MrKool_JJ wrote:

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 smile

are you sure for Tata? Check online rates on policybazaar also

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Deal Newbie
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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!

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Critic
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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.

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Deal Cadet
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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.

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Deal Lieutenant
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pingpong wrote:

That all is secondary. Main thing is bro has written future family 😉
Meaning gf has proposed! 💖 🙃

No pingpong bro haha stuck_out_tongue

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Deal Cadet
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Whats cons for LIC,

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Deal Cadet
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At the time of claim, one gets to know how tough is to get from hdfc/tata/bajaj etc.
Think about LIC, they have best claim settlement ratio.

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Deal Cadet
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peekaydeals wrote:

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.

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Deal Cadet
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panchabhut wrote:

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

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Critic
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kaviarasu wrote:

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

ICICI is one of the top 3 right now. As an account holder, they gave me special rate which also influenced my decision. The process of taking the policy was smooth. It required medical but they sent their technician to my home for that.

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Deal Lieutenant
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Can someone please tell me how to add links in deal wiki ?

Worth watching videos!

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