Which Term Insurance is best?
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Hi Guys. I’m very thankful to this community for helping all of us by providing brilliant deals(and some loots 
)
Today, i need one help in regard to insurance. I researched about it and came to know about different type of insurance.
I was even contacted by a policybazaar agent asking me to take max-life term-insurance of 1Cr. He said the claim ratio is very high (around 98 percent) and they also give a dedicated manager.
I google about max-life and the reviews were mixed on mouthshut and quora. People mentioned about taking LIC, and when i reviewed LIC, their reviews were also mixed.
I’m now confused, which one should i choose, as there’re plenty of options. Tomorrow is my birthday, so the premium will be increased if policy is taken on Monday.
Could you guys help help me out, and share your experiences with the policies that you have taken, or the ones would you recommend?
Thanks
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Thanks. How’s Max Life different to SBI life/HDFC/ ICICI?
Policy guy recommended me Max Life, mentioned that the settlement ratio is above 98 percent. He also mentioned that this policy competes with LIC. I know he must be saying all this because of his monthly targets.
Are others better than this?
max life is pretty good, i was about to go to max, but heard about hdfc merging with max but now the deal is off… yeah max is good .
Last time I checked, maxlife had the best claim settlement ratio and least premium to be paid. Both HDFC and sbilife also are on par, but it’s very subjective. Sbilife works like a govt company. It’s better to split your term insurance and opt for two policies from different providers. LIC is best in terms of settlement/trust but premium is exhorbitantly high.
And it’s better to not depend on these as the only way of insurance. You never know, these companies are here to make profit and if going gets tough, they may make the claim process strict also. It’s best to plan for a corpus and assets as well while having term insurance. As of now, the field is in infancy and companies playing in huge margins which means claims are very very less as compared to the premiums they are collecting totally.
I would suggest to split it to two insurers or may be max three. First one go for trusted private ones like HDFC/SBI/ICICI, other one look for someone which offers you something additional, may be extended coverage or free rider etc. This way, I have opted for HDFC and Aviva, since Aviva has got the max tenure with more or less similar premium.
All insurance companies are there to loot you 🤣🤣 Max the cover max loot for them.
Take the minimum term insurance cover to cover your liabilities e.g. home loan outstanding RS. 20 lakh, education loan. Once your loan is paid, stop paying term insurance.
Policy is also supposed to take care of needs of family members left behind if you die, not just loan servicing.
compare claim ratio and premium
take simple term plan where if you die you will get xxx amount no other terms or added rider n all…
and take one health plan if you living and something happen your body repair expense cover that’s it
personally icici & hdfc good in private in govt LIC fine but higher premium others don’t have experience
last thing is disclose all condition you have write all truth do not hide anything which they ask
Simple – go to coverfox or policy bazaar and compare term insurance quotes. Assume you need cover till age of 65 and go for the max premium you can afford. You can add another policy later in life if required. Try to go for quarterly or half yearly premiums so that you don’t get a one time hit annually. Do not lie on the application form.
Go for the cheapest policy. No LIC since it is will be the most expensive.
Thanks everyone for the input. I went ahead with max term insurance because of the following:
- claim ratio/percentage is highest - they give you a dedicated person that handles your case in case the unfortunate incident occurs. I like this option the most. - Cover 40 critical illness, highest among other policies.Looks like a gamble, but i guess it’s worth it.
Right decision. But start another plan in lic which gives u return as well, which will turn out to be okayish costs, just that ur capital will be locked- but lic claim will always be honoured unlike privates. So you have a backup as well. For private companies u cant be sure if they will even exist 30 yrs from now
Personally HDFC 3d life option is good with claim settlement and services.
I would suggest take term insurance which covers age till 80/85 years and take 20 times max. Of ur income not more than that.
. There is 100 year also but it’s not needed as per current life style avg age is 70-73 years of everyone, I m in Kotak Life since 2 years but I suggest to take ICICI very smooth process of claim, Even hdfc might be decline but ICICI not… It’s my experience rest do own research once before taking any plan…
you recommend Lombard ICICI on personal (or immediate family) experience or by hearsay from others?
(it’s a genuine query)
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One more fact you should look at, no of claims made along with claim ratio.
I would say go for a private insurer like SBI life/HDFC/ ICICI. All 3 are good brands and are present in the market for a long time.
LIC is very good but the premium is really high. Beware of a lot of riders each company/agent trying to sell you along with the policy.
Think before you choose them.
Happy Birthday in advance! @kanav.kapoor