Term Insurance

Term Insurance

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Deal Subedar
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I want to go for term insurances for 5 persons (4 employed out of 5) (age from 20 to 35). Please guide the best available online.

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A2z1
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thinktank wrote:

Aegon Life, best plans till now. @desidealer

@desidealer

Considering early entry age it’s perfect time to go for term insurance. Ideal for 25-30 as If you take cover of 30 years you cover your all your working years.

Term policies if bought online directly will get you best rates.

You may try via policybazaar also, they provide good comparison

Hdfc life, Aviva are good & cheap options

Try getting maximum cover as possible as with increasing mortality rates, premium rates go up in later years, now you may get fixed annual premium at lower rates

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A2Zdeals wrote:

@desidealer

Considering early entry age it’s perfect time to go for term insurance. Ideal for 25-30 as If you take cover of 30 years you cover your all your working years.

Term policies if bought online directly will get you best rates.

You may try via policybazaar also, they provide good comparison

Hdfc life, Aviva are good & cheap options

Try getting maximum cover as possible as with increasing mortality rates, premium rates go up in later years, now you may get fixed annual premium at lower rates

FYI Aegon Life covers human life till 75 years of age(which no plan does, most plans give cover only for 30 years) irrespective of entry age and while I purchased life insurance there was no plan in market to beat Aegon.

With every year at the later age adds a huge premium to life cover, consider this very thoroughly as per your requirements. @desidealer

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Deal Cadet
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The number of people does not impact premiums. Also, the rules prevent 3rd party to pay premium for someone else. You would need to transfer money to the non earning member and he/she would need to pay from their account.

Do not go for an agent, it will increase costs. Get it online and get the cheapest possible policy and the highest premium you can afford. Keep in mind that this policy is for a long period and you would pay much more at a later stage.

DO NOT go for any fancy stuff, buy only plain vanilla term insurance. Be truthful in filling out the form to avoid any issues during claims (hopefully not required).

You can stagger the policies so that all premiums are not falling due at the same time and your cash flow is not hit.

Mr bean
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How about HDFC’s Click2Protect term plan. Where do i get this leading comparisons. Do they offer riders too ?

A2z1
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Mr.Bean wrote:

How about HDFC’s Click2Protect term plan. Where do i get this leading comparisons. Do they offer riders too ?

I guess critical illness rider is there

A2z1
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thinktank wrote:

FYI Aegon Life covers human life till 75 years of age(which no plan does, most plans give cover only for 30 years) irrespective of entry age and while I purchased life insurance there was no plan in market to beat Aegon.

With every year at the later age adds a huge premium to life cover, consider this very thoroughly as per your requirements. @desidealer

@xpankaj357

Policy start at early age is the best thing
Once premium is fixed it doesn’t change unlike health insurance, only service tax component changes

Pure term is best thing as investment one should do directly not through insurance / money back policies

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psinghal wrote:

The number of people does not impact premiums. Also, the rules prevent 3rd party to pay premium for someone else. You would need to transfer money to the non earning member and he/she would need to pay from their account.

Do not go for an agent, it will increase costs. Get it online and get the cheapest possible policy and the highest premium you can afford. Keep in mind that this policy is for a long period and you would pay much more at a later stage.

DO NOT go for any fancy stuff, buy only plain vanilla term insurance. Be truthful in filling out the form to avoid any issues during claims (hopefully not required).

You can stagger the policies so that all premiums are not falling due at the same time and your cash flow is not hit.

Dude this is what I learnt from past mistakes:

1. Every term plan should have an inclusion of accidental insurance as it will become something you will never miss.
2. Cancer and other critical illness clause is a must without these policy is not complete.
3. It is necessary to look for the additional waiver in case of any mishap.
4. There are cetain waiver which might be useful for females.

So in short policy should have everything all fancy things if you need them otherwise skip them.

Adding @A2Zdeals

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thinktank wrote:

Dude this is what I learnt from past mistakes:

1. Every term plan should have an inclusion of accidental insurance as it is something you will never miss.
2. Cancer and other critical illness clause is a must without these policy is not complete.
3. It is necessary to look for the additional waiver in case of any mishap.
4. There are cetain waiver which might be useful for females.

So in short policy should have everything all fancy things if you need them otherwise skip them.

What I meant with plain vanilla was that you should avoid return of premium etc such kind of fundas. They increase premiums without adding any value.

Your points are all valid, though I have separate policies for each component, I now feel that I have made a mistake.

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psinghal wrote:

What I meant with plain vanilla was that you should avoid return of premium etc such kind of fundas. They increase premiums without adding any value.

Your points are all valid, though I have separate policies for each component, I now feel that I have made a mistake.

My 2cents if you will like to take.

Take a new policy with all those inclusions and cancel the one’s which are useless and hard to maintain as it is easier to maintain 1 or 2 policies rather than to maintain several.

If you see the link share by a dimer above go from the top 10 agencies issuing such policies. My fav still is Aegon Life https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

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thinktank wrote:

My 2cents if you will like to take.

Take a new policy with all those inclusions and cancel the one’s which are useless and hard to maintain as it is easier to maintain 1 or 2 policies rather than to maintain several.

If you see the link share by a dimer above go from the top 10 agencies issuing such policies. My fav still is Aegon Life https://cdn1.desidime.com/assets/textile-editor/icon_smile.gif

I have a challenge with both age and weight. Smoking as well. New policy will cost a bomb.

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Deal Subedar
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psinghal wrote:

What I meant with plain vanilla was that you should avoid return of premium etc such kind of fundas. They increase premiums without adding any value.

Your points are all valid, though I have separate policies for each component, I now feel that I have made a mistake.

@anilenggworks77964 Any example of such policy will be helpful.

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Deal Cadet
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Guys what about max life term insuranc? Premium is less.my age is 31 wanted to do the term insurance. Any suggestions ?

Dealfinder
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does aegon life need medical verification for buying their term plans??

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