Need suggestion for Term insurance
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Hello Dimers, I am looking into taking term insurance plans for myself and if possible cover my family as well. I can pay yearly or monthly, though one time lump sum payment also is possible but last choice. Please help me chose a best term insurance provider to go for ?
What are the things that I should look into before buying the plans and what I should avoid and select mandatorily. Please guide me 
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Term insurance is only for earning members of family not for everyone. The ones if lost or unable to work could set back family financially. Also not needed for people almost near retirement.
1. Buy online
2. Be specific about time and coverage
3. Don’t mix insurance with investment
4. Try to go for limited pay options (5y, for ex). Instead of annual pay options.
This will result in paying way lesser premium amount compared to annual pay option
I am not inclined towards limited premiums
for regular/yearly premiums –
You pay fixed amount every year, that will be lesser than the amount for limited premiums
- That amount utilisation is not considered in above calculation
- In case of any unwanted event, remaining premiums get waived off, so you save there
Also one can invest the difference of the limited and fixed amont in other instruments to build the corpus that generate more returns and can be left for the family
I read somewhere that term plan rates will increase next month by 30% so search accordingly.
Plane vanila term plan of 20*your per year salary, if 10lakh than 2cr
Choose yearly premium option
If you smoking add cancer rider with it
And than take one health insurance for u and ur family
Prefer hdfc or icici online mode don’t buy via ur bank rm or agent…
Plane vanila term plan of 20*your per year salary, if 10lakh than 2cr
Choose yearly premium option
If you smoking add cancer rider with it
And than take one health insurance for u and ur family
Prefer hdfc or icici online mode don’t buy via ur bank rm or agent…
Go with a term plan till 65 years. Retirement age being 60. Term plan is basically an income replacement in case the policy holder dies. So buy a term plan till your working age.
Never pay the entire amount in one shot or in let’s say 5 years. Pay it annually. Income tax benefits and also you can better invest the amount yourself. Also if anyone excercises the policy then the extra premium paid is also lost.
For payout opt from lump sum payment. Not for regular monthly payment.
Sum assured should be around 20 times your annual salary. So let’s say your gross salary is 10 lakhs. Policy should be for 2 crores. As and when the salary increases increase the sum assured. Better increment the sum assured rather buy another policy to cover the short fall.
Personally I prefer hdfc and ICICI. I also prefer splitting that 2 crores policy into 2. 1 crore with one and the other 1 crore with the other insurance company.
I would also recommend policy Bazaar.
Forgot to add do NOT lie on the insurance form. Even if you have somked a single cigarette in the last year you are a smoker. For other things as well never lie on the form.
Thank you for a comprehensive write-up.. How is Max life ? My pre medical condition is covered only by them. Also I am a smoker and I am going to mention it there too. What’s the reasoning behind splitting in two ? Like safety if one fails ?? Is there any guarantee if the insurance company goes under ? Was planning to go for 10 year paying term with 65 years as coverage plus 39 critical illness covered. What do you mean by excercising policy ? I wanted to see if I can go for increase in cover plus monthly guranteed income. Benefit of paying annually instead of monthly ? Thanks in advance bro for your help 
HDFC life it’s cheaper if you login to netbanking and you will get around 16% discount for all the years
Do you need to be existing customer of hdfc bank for this?
Hdfc life click2 protect 3D plus
Is one of the best term plan insurance..take disability rider or critical illness as per requirement
Any difference if policy is bought on policybazaar and directly from hdfc site?
Any benefits from policybazaar?
Policy price is same if you buy it on policy Bazaar website or a hdfc website. Going via some agent might cost you a bit more.
Hava some queries… Plz advise…
1. Is it good to go to private players rather than LIC
2. If any bankruptcy (I don’t wish to obviously) what will be the clause as per irda
3. Can we any where get reasons for claim rejection ( towards claim settlement ratio against respective insurance provider)?
Thanks in advance 
LIC was super costly last when I checked them. Neither were they providing any extra benefits. I would not recommend them if the prices are same.
For claim rejection I doubt ant company would provide the reason to a third party. As it should be confidential between the company and the policy holder.
Don’t really know what happens in case of bankruptcy.
In term plans off late they are not concerned abt alcohol consumption.. Any reason
Just 2 cents, Claims will be denied in case of mishap under alcohol consumption. That’s my understanding.
What did you go for finally?
Still undecided bro on which insurer to chose.
What u opted finally
Waiting still bro..
@A.M.A.Z.O Anything finalised bro?
No bro, because of this covid situation, have put things on hold for now.
Bought TATA AIA, believe me its bets among all.
U can check in policybazaar also
Yeah it’s the best I feel.
But I want to add one rider as well and I confused with all insurance companies.
Can anyone help me out ?
Heard that prices increases from 19th April.Good time to buy now
Tata has good settlement ratio at 99.1%. It doesnt require medicals also, of course varies from person to person. Hdfc ergo also has good ratio and even has 24 hr claim settlement promise.
Check on Policy bazaar for rough idea. Dont give your mobile number or else you will be bombarded with calls. I heard that premiums getting costlier by 20% from 1st April.