loknath028
KF Rookie
Kindly suggest which is best Term Insurance plan
Best Term Insurance
- Thread starter loknath028
- Start date
Pahulpreet Kaur
KF Mentor
In my research I came across these three HDFC, TATA AIA, LIC...HDFC premium is little high, Lic doesn't have a tie up with policy bazaar and I dont want in times of need family to be bothered in government procedures so I proceeded with TATA AIA
Best term insurance is not to take it, its a fear based insurance and you should never buy anything that is based on fear..i know i sound different than others ,
but understand -
* ONCE THIS BODY IS GONE ALL RELATIONS DESOLVE...
* YOU YOURSELF CAN NEVER USE THE TERM INSURANCE MONEY, AND THE RELATIONS ARE ONLY UNTIL YOU ARE ALIVE...AFTER THAT THERE WILL BE NO RELATION FOR YOU..( plz try to undersyand the meaning behind my words carefully)..in one of the servey done in India, its found that the person (mostly male, since they are the majority if earners in Indian household even today..) who dies has left 75% of his earning behind ....means he has only used 25% of what he has earned and most of it has been spent on family...He himself has only spent only 7-8 % on himself....SHOCKING BUT SAD TRUTH..
HENCE, PLZ invest that money on yourself, learn new skill,buy new things for yourself, spend on yourself, do what you like, rather than investing in term insurance
Bharatiya Nagrik
KF Mentor
It is not like that for everyone buddy. Some people have loving families. So for their sake people tend to be protective and want to ensure a safe and secure future in case something untoward happens to the person.
In a modern nuclear family if husband is the only earning member and he is no more due to some accident or illness who will take care of wife and kids financially? That is why term insurance is important.
Here are some good ones - HDFC Click 2 Protect, Max Smart Secure Plus, Tata Sampoorna Rakhsa, ICICI iProtect Smart.
Pahulpreet Kaur
KF Mentor
If I share from a parent's perspective, they spend all their youth time and money just to raise their kids and give them a good life & education who usually become their emotional & financial support in their old age but due to some reason if the kids pass away they are broken emotionally and what about finance who would you expect to give back the returns of the investment they did on their kid's life & education? This happened with my close friend who passed away last month and she was the only child to her parents.
How is your experience so far with TATA AIA? And which plan did you select from TATA AIA? I am planning to get one for myself.
Pahulpreet Kaur
KF Mentor
I have Sampoorna Raksha Supreme Plan. Experience wise plan is good but the free annual health check up is very very basic it just covers only cholesterol, sugar, and basic stuff like BP, height, weight, etc. and also they offer vitality app in which you basically get discount in premium by walking but this reward is bare minimum type Rs 100, 200 type for walking whole year. Additionally, there is hassle of opening their app and syncing steps daily as it doesn't happen automatically (I have stopped this because the discount I got last year for this was Rs 100 so I didn't find it this unnecessary hassle worth). But yea the trust on company is there so I would still continue with them as my other two options were HDFC (premium comparatively higher) and LIC (good but was not on policy bazaar and I didn't want my family to go around their govt office again and again for claim if needed) so I will continue with TATA AIA .
Thanks for your response. How did you choose this specific plan (Sampoorna Raksha Supreme Plan)? When I am checking on Policybazar now, it shows me different plan names like SRS Vitality Protect, maha raksha supreme etc. Do these plans come in effect based on the life cover amount we set? And, did the company ask you to perform Medical test and based on that the Premium amount was finalized?
zacobite
KF Mentor
All plain term insurance products are the same.. exactly same.. you die and claim is paid!! so any company is great for genuine claims.. All the differences come up in the riders and additional coverages that are offered.. Premiums vary co to co..
PROTIP : Apply for odd coverage for better premium instead of standard 10/20/50/1cr apply for 24/60/1.1cr etc and premium rates will surprise you
)..Tryyy it.. LIC is BEST for low coverage policy like 5-10 L. Anything above ICICI / MAX / HDFC v reliable.. AEGON has good rates. Kotak is flexible on criteria a little bit.. TATA/ BAJAJ are still growing...Buy directly.. no agent, no policybazaar etc..
Pahulpreet Kaur
KF Mentor
@zacobite before buying from policy bazaar I checked the TATA AIA official website and verified the premium being offered by policy bazaar and on their own website is coming out to be same so isn't it a additional benefit to keep policy bazaar in between so that time of need they can help with claim process?
zacobite
KF Mentor
I have always preferred direct insurance co contact vs middle agents.. Policybazaar is a company no face.. *Its just my opinion*.. You can take your decision.. i never use middle agent's.. In times of claim ( you are not there) so its all about the insurance co and its process and how much info your nominee has.. Ensure the nominee has all information and original policy.. rest is only procedure
Pahulpreet Kaur
KF Mentor
I dont remember this exactly...when I took the policy that time i was getting two plans of TATA AIA on policy bazaar there was one in which i had the option to get the whole premium back at the time of maturity but they were charging additional premium for the same...I didn't find it worth so I choose their normal plan. Also, they policy bazaar agent may call to sell you various plans like they called me to sell some policy and even I found it lucrative but when I did my research I got to know it was a ULIP plan and they have no where mentioned its a ULIP plan so beware of such calls. Read online about the plan you are choosing from them.
Regarding medical test they do for free they come to your house to do so, first time they did many tests including ecg but second time only cholesterol and sugar tests were done. Since I was totally fit so my quoted premium didn't change after test so I dont know if it is based on that
rj charlie1995
KF Rookie
Could i buy any term plan my age is 29
And my monthly salary is 15k
And my monthly salary is 15k
zacobite
KF Mentor
yes u can.. basis your salary the amount will be low so go for LIC.maybe 5L . for higher amounts you can look at pvt insurance later.. enroll for pmjjy via your bank.. its cheap and gd
I joined this community today only. I would suggest ULIP TERM PLAN. It has it's own benefits. In regular term plan you don't get anything post servival but in ULIP TERM PLANS you would get market linked returns even if no claims. Doesn't it sounds interesting
? You can check TATA AIA PARAM RAKSHAK or ICICI PROTECT N GAIN.The best part of these plans is that you can pay for 5-6 years from your pocket and it continues after that in upcoming years with invested money.
Suppose you chose 10PPT,12 PPT& 40 POLICY TERM or regular 40 PPT then either you can pay whole amount from your POCKET else you can pay 6 Premiums and the remaining premiums can be paid from your fund value itself.
Next interesting part is that you can withdraw some part of it in case of your need without affecting policy . It's called partial withdrawal.
Premium in this policy is slightly higher side but the benefits are much more than normal term plan.
Let's take an example of A. He is 35 and chose 12 PPT and 40 POLICY TERM. Let's take his annual premium 1 lakh/anum for 1 crore sum assured with accidental death and tpd riders.
Let's say he paid 6 premiums and now onwards he has some financial issue and can't pay. He paid 6 lakhs till now. Now he can withdraw some money from this investment also. Let's say he withdraws 3 lakhs. The rest amount will be in his fund as per market and he can pay renewal premium 1 lakh and keep 2 lakh with him. The rest amount grows with market linked returns. After 1 year he can withdraw the premium amount and deposit the same premium and so on. Suppose anything mishappens , then the nominee gets the SUM ASSURED.
What if he luckily he survives whole term ?
In normal plan he wouldn't get anything after survival . All the investment would be zero in normal term plan post survival. No maturity value. But here he will get fund value which would be much much more than his investment.
I hope it helps
You can check TATA PARAM RAKSHAK. It's ULIP TERM PLAN with market linked returns post survival also
Go with TATA AIA PARAM RAKSHAK . It's a combo plan . ULIP + TERM. It's the best
mahmood.nasir.ansari
KF Rookie
BAJAJ ALLIANZ LIFE ETOUCH PLAN,
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