Need to Buy TERM PLAN - Help Needed

Need to Buy TERM PLAN - Help Needed

Vote up smileyx5
Score: 4 Votes: 4
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Deal Subedar
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HI Guys…
How r u al… Posting after so many months…:-D

1st of all Happy fndship to all Guys..
well, i want to buy Term Plan for me can anyone suggest good and chepest plan ?
My current age is 24…
TIA !!

30 Comments  |  
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Xpgozhudfikom
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@Blindthoko. First tell what is a Term plan? I don’t know about this.

Happy Friendship Sunday!

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Plato wrote:

@Blindthoko. First tell what is a Term plan? I don’t know about this.

Happy Friendship Sunday!

Let it be then bro.. enjoy sunday https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

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BliNdThOkO_10 wrote:

Let it be then bro.. enjoy sunday https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

A very good step. compare term plans on any portal like policybazaar and buy.
things to keep in mind:
- buy direct, do not involve any agent
- don’t buy useless riders along with term insurance. For example critical illness, accident benefit etc. They are normally cheaper if u buy standalone
- look at the Claim settlement ratio

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Deal Lieutenant
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@BliNdThOkO_10

Good decision.

In addition to @gotrajk points,

1. Fill proper information. Dont lie in the form. 2. If you drink / smoke mention it. 3. I love adventure sports so had mentioned that, underwriter team took some time to issue policy to me. 4. Go with any decent Insurer eg HDFC , LIC (if you can afford), ICICI. (Secret : They all have same re insurer:-} )
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BliNdThOkO_10 wrote:

Let it be then bro.. enjoy sunday https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

Buy the cheapest you can find online, for the max amount you can and for the longest period possible.

Look for an old insurance company, not the newer ones opened in the last 2-3 years.

Some good ones are Aviva, ICICI, Aegon.

Don’t lie on the form.

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Deal Subedar
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Thanks & kg too all for Info… can any one suggest some of good company ? and benfit..

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Deal Subedar
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psinghal wrote:

Buy the cheapest you can find online, for the max amount you can and for the longest period possible.

Look for an old insurance company, not the newer ones opened in the last 2-3 years.

Some good ones are Aviva, ICICI, Aegon.

Don’t lie on the form.

What about medical

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OnlineBewda wrote:

What about medical

There are some secret plans that few people are aware of.

Open an account in Oriental Bank of Commerce or Punjab National Bank (if you don’t have already). They have special mediclaim policies for their customers. Premium is same regardless of age.

For PNB, see this:
https://orientalinsurance.org.in/pnb-oriental-r...
https://orientalinsurance.org.in/documents/1018...

for OBC:
https://www.obcindia.co.in/obcnew/site/inner.as...

A family floater scheme covering 4 family members (Proposer + Spouse + 2 dependent Children aged 3 months to 26 years).
Age group covered – 3 months to 79 years.
No Pre – medical examination required, only declaration.
Cash less facility available at network hospitals.
Cover available for Minimum Sum Insured of Rs.1 Lac, up to Rs. 5 Lac, in multiple of Rs.1.00 Lac. The Premium Structure (Inclusive of Service Tax) is as under:

Sum-Insured Premium(Including S. Tax)
w.e.f. 1st June 2017

Rs1 Lac Rs 1837.00
Rs 2 Lac Rs 3487.00
Rs 3 Lac Rs 4852.00
Rs 4 Lac Rs 6070.00
Rs 5 Lac Rs 7173.00

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Deal Subedar
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Thoko Bhaii… Kem cho? Happy friendship day!! #Nachoo https://cdn2.desidime.com/assets/textile-editor/icon_wink.gif

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psinghal wrote:

There are some secret plans that few people are aware of.

Open an account in Oriental Bank of Commerce or Punjab National Bank (if you don’t have already). They have special mediclaim policies for their customers. Premium is same regardless of age.

For PNB, see this:
https://orientalinsurance.org.in/pnb-oriental-r...
https://orientalinsurance.org.in/documents/1018...

for OBC:
https://www.obcindia.co.in/obcnew/site/inner.as...

A family floater scheme covering 4 family members (Proposer + Spouse + 2 dependent Children aged 3 months to 26 years).
Age group covered – 3 months to 79 years.
No Pre – medical examination required, only declaration.
Cash less facility available at network hospitals.
Cover available for Minimum Sum Insured of Rs.1 Lac, up to Rs. 5 Lac, in multiple of Rs.1.00 Lac. The Premium Structure (Inclusive of Service Tax) is as under:

Sum-Insured Premium(Including S. Tax)
w.e.f. 1st June 2017

Rs1 Lac Rs 1837.00
Rs 2 Lac Rs 3487.00
Rs 3 Lac Rs 4852.00
Rs 4 Lac Rs 6070.00
Rs 5 Lac Rs 7173.00

imo, never go for bundled product like this.
This is only good for the bank not for customer.

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gotrajk wrote:

imo, never go for bundled product like this.
This is only good for the bank not for customer.

How?

A2z1
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BliNdThOkO_10 wrote:

tagging some of my fnds… @A2Zdeals @DealSeeker @kanz @Plato forgot my fnds username… https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif after so many month i came to online.. !

My dear friend now you are 24/7 under vigilance
Be alert be safe https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif
Just kidding
.
Very good considering your age, marriage etc.
Keep nominee 50/50 mataji & biwiji or different ratio depending on balancing https://cdn2.desidime.com/assets/textile-editor/icon_wink.gif
Go for hdfc click 2 protect, with critical illness rider

A2z1
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gotrajk wrote:

imo, never go for bundled product like this.
This is only good for the bank not for customer.

1. What’s bundled here?
5 lacs cover is really good for this price plus tax benefit

2. Why no critical illness rider, it’s sometimes better with main policy
And seeing today’s world environment & country conditions, one must cover these things also
Pure term would be benefiting the survivors but riders are too handy if one himself is survivor but with severity

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Deal Subedar
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psinghal wrote:

There are some secret plans that few people are aware of.

Open an account in Oriental Bank of Commerce or Punjab National Bank (if you don’t have already). They have special mediclaim policies for their customers. Premium is same regardless of age.

For PNB, see this:
https://orientalinsurance.org.in/pnb-oriental-r...
https://orientalinsurance.org.in/documents/1018...

for OBC:
https://www.obcindia.co.in/obcnew/site/inner.as...

A family floater scheme covering 4 family members (Proposer + Spouse + 2 dependent Children aged 3 months to 26 years).
Age group covered – 3 months to 79 years.
No Pre – medical examination required, only declaration.
Cash less facility available at network hospitals.
Cover available for Minimum Sum Insured of Rs.1 Lac, up to Rs. 5 Lac, in multiple of Rs.1.00 Lac. The Premium Structure (Inclusive of Service Tax) is as under:

Sum-Insured Premium(Including S. Tax)
w.e.f. 1st June 2017

Rs1 Lac Rs 1837.00
Rs 2 Lac Rs 3487.00
Rs 3 Lac Rs 4852.00
Rs 4 Lac Rs 6070.00
Rs 5 Lac Rs 7173.00

I meant medical check up for term policy buying online bt tx

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OnlineBewda wrote:

I meant medical check up for term policy buying online bt tx

Depends on the age and the data filled in the form. It usually happens at the insurance company’s cost.

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psinghal wrote:

Depends on the age and the data filled in the form. It usually happens at the insurance company’s cost.

Good to know

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A2Zdeals wrote:

1. What’s bundled here?
5 lacs cover is really good for this price plus tax benefit

2. Why no critical illness rider, it’s sometimes better with main policy
And seeing today’s world environment & country conditions, one must cover these things also
Pure term would be benefiting the survivors but riders are too handy if one himself is survivor but with severity

1) bundled product: bank trying to sell you insurance since you are their customer.
One should buy a product for its merits and it should satisfy all requirements
2) at least what I have found is if I go and take critical illness policy separately I get better coverage and with less premium.

A2z1
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gotrajk wrote:

1) bundled product: bank trying to sell you insurance since you are their customer.
One should buy a product for its merits and it should satisfy all requirements
2) at least what I have found is if I go and take critical illness policy separately I get better coverage and with less premium.

1. If you get free shipping, video, preferred service with amazon prime
Don’t you subscribe, Few really shop a lot so they don’t mind paying for it, few still dont want it
Bank’s requirement of having account isn’t that tough as those are mostly negligible balance
And IOB Health Care Plus offered by Universal Sompo is one of those policies for which I actually opened account in IOB (@Socrates)

2. One must think for Riders as these are really good add-on
Ya one should weigh all his options

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A2Zdeals wrote:

1. If you get free shipping, video, preferred service with amazon prime
Don’t you subscribe, Few really shop a lot so they don’t mind paying for it, few still dont want it
Bank’s requirement of having account isn’t that tough as those are mostly negligible balance
And IOB Health Care Plus offered by Universal Sompo is one of those policies for which I actually opened account in IOB (@Socrates)

2. One must think for Riders as these are really good add-on
Ya one should weigh all his options

1) not a fair comparison. anyways personally I took Amazon prime not becoz of video content but for free shipping.

anyways now I am more interested in knowing about IOB Health Care Plus. Could you explain benefits and unique features that prompted you to go for it.

Dd
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A2Zdeals wrote:


Keep nominee 50/50 mataji & biwiji or different ratio depending on balancing https://cdn2.desidime.com/assets/textile-editor/icon_wink.gif
Go for hdfc click 2 protect, with critical illness rider

Jaroori! https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif

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You are mixing up various policies. This is health insurance, not life, not critical illness.

As far as bundled product goes, this is the least promoted by the bank. The bank has taken a group mediclaim for its customers and negotiated a special price. This is similar to group mediclaim taken by corporates.

Before rejecting outright, look at the various options and you will realise the benefits.

@A2Zdeals @OnlineBewda

A2z1
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psinghal wrote:

You are mixing up various policies. This is health insurance, not life, not critical illness.

As far as bundled product goes, this is the least promoted by the bank. The bank has taken a group mediclaim for its customers and negotiated a special price. This is similar to group mediclaim taken by corporates.

Before rejecting outright, look at the various options and you will realise the benefits.

@A2Zdeals @OnlineBewda

@BliNdThOkO_10 too mixes up his queries, problems https://cdn2.desidime.com/assets/textile-editor/icon_toungueout.gif
So we started from Term Plan to Riders to Health Insurance
But one need both policies anyhow so discussion can go parallel

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Deal Lieutenant
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Good Topic & Good decision,

First , Why did you choose to get a term plan?
Do you have any liabilities right now? As you are 25 i think you may have to answer few questions about your future

  1. How many dependents you have ? Today and May be in next 5-10 years.
  2. What kind of lifestyle you are currently and want to provide for your family ?
  3. How much you need for your children’s education ( considering the inflation )
  4. What your investment needs are ( You planning to buy/build a house )
  5. What your affordability is policy term?

The general thumb rule is

  • Minimum Sum Assured = Your Annual Income x 10 times + Loans/Liabilities ( Current)

Insurance is not a method of saving , hence do not club it as a saving instrument.

You can also think to have two policies ,

  1. If you plan for 2 Cr then 1 Cr from a one Provider and 1 Cr from another
  2. You can also take one more policy latter if your liabilities increase

Note : I am no expert in insurance domain , its just what i have read and practice.

Dd
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sagarr wrote:

Good Topic & Good decision,

First , Why did you choose to get a term plan?
Do you have any liabilities right now? As you are 25 i think you may have to answer few questions about your future

  1. How many dependents you have ? Today and May be in next 5-10 years.
  2. What kind of lifestyle you are currently and want to provide for your family ?
  3. How much you need for your children’s education ( considering the inflation )
  4. What your investment needs are ( You planning to buy/build a house )
  5. What your affordability is policy term?

The general thumb rule is

  • Minimum Sum Assured = Your Annual Income x 10 times + Loans/Liabilities ( Current)

Insurance is not a method of saving , hence do not club it as a saving instrument.

You can also think to have two policies ,

  1. If you plan for 2 Cr then 1 Cr from a one Provider and 1 Cr from another
  2. You can also take one more policy latter if your liabilities increase

Note : I am no expert in insurance domain , its just what i have read and practice.

Wow! Should one think on these questions? I am 30 now but have never thought of any of these so far. https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

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Socrates wrote:

Wow! Should one think on these questions? I am 30 now but have never thought of any of these so far. https://cdn3.desidime.com/assets/textile-editor/icon_lol.gif

then you should think asap!
the cost of term insurance is fixed it doesn’t vary with age so as early u take its beneficial

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psinghal wrote:

You are mixing up various policies. This is health insurance, not life, not critical illness.

As far as bundled product goes, this is the least promoted by the bank. The bank has taken a group mediclaim for its customers and negotiated a special price. This is similar to group mediclaim taken by corporates.

Before rejecting outright, look at the various options and you will realise the benefits.

@A2Zdeals @OnlineBewda

nobody is rejecting outrightly.
i guess everybody is just saying look around before making a decision.

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