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 
Pay it in next five years, I think is good for a businessman or someone who got a lumpsum, like in lottery.
1 crore cover is also less.
Max life is a great choice.
Just my opinion
@MrKool_JJ fix your tags, any tag with black at the rate symbol is non-working tag. Probably happened because you didn't give space after each user name tag.
I just opened a word doc and kept on adding names that's it so i don't miss out on any name who's commented on this thread.
Thanks for the post. I am planning to take term insurance from lic tech term plan and this is the plan details. The yearly premium comes to about 30K. Can someone help give their inputs on it ? Thanks
Following this thread for my needs.
I calculated and 7 years was the optimal time considering there was very
little increase in overall cost but my monthly premium got reduced.
Also I opted for monthly than yearly to make use of credit card
cashbacks and it also sets up a routine to keep a part of your income
aside. ----- how are you paying it monthly ?? isnt it a headache to keep track of it ... yearly payments are easier as its once a year ...
I finally opted for Max life – pure vanilla zero cost plan w/o any riders – Teetotaler- 1cr cover – will pay it in the next 5 years – 71.92K/year (Booked it through one of my colleague who will share some benefits as soon as the policy is activated so as a dimer i am happy as well + 1% cb from apay cc
)
This New Year I’ve to focus more and invest in ME and my FLY. Though the premiums are up by atleast 20% now due to price revision and my age but as the saying goes better late than never going for a Term Plan was important to streamline my goals in my upcoming years.
Thank you all the dimers for your valuable suggestions. God bless!!! 😊
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