Advice in Choosing Term Insurance Policy

POSTED BY Nandakumar ON September 24, 2012 1:50 pm COMMENTS (9)

To Senior Advisors,

I’m planning to take a term insurance and i dont know which one to go with. i’m going to furnish everything truly as below, i would like to know which one should be the best in my case and also which insurer provides the best claim settlement. Please advice

Below are my Details

Age : 33

Marital Status : Married

Kids : 0

Smoker : Yes

Term Insurance details collected from web.

1. Aviva iLife – 1Cr, Premium 15563

2. Aegon iTerm – 1 Cr + 50 Lakhs Rider, Premium (17,472.00)

3. Bharti Axxa eProtect – 1Cr, Premium 16854

4. ICICI iCare – 1Cr, Premium 16742

Please shed some light, i need to start my insurance.

Regards,

Nandakumar

9 replies on this article “Advice in Choosing Term Insurance Policy”

  1. Dear Sreeram, please opt any online plan. Fill the data correctly & more important honestly. In case your prem. is loaded up, please happily accept it for the fact that Insurer is knowingly covering your life for a high risk & accordingly accepting a higher prem. for the same.

    Thanks

    Ashal

  2. sreeram says:

    Hello Pattu Sir,Ashal,
    I read the article about Term Insurance here and tried to opt for a Term Plan,Most o fthe companies give Maximum Age as 65 and 70,and the Policy settlement rate is also low. Now,I would like to go for an Online Policy with a Medical Check up,

    Can u suggest me some good plan with a medical check up and Max age for Policy Maturity.

    Sreeram

    1. Dear sreeram,

      You need a term plan only until you retire. So 65 should be enough for most people.

      Any term insurance provider is fine as long as you fill in the form yourself and be honest and truthful in all entries you have nothing to worry. You can use a portal like policy baazar to compare and choose plans

  3. sreeram says:

    Thanks FFC Pattu Sir,

  4. sreeram says:

    Life Insurance help
    I have a doubt,

    I am planning to take Icicic icare,the policy says the maximum age at policy is 75 yrs, so if I survive after 75 yrs,what happens to SA?

    1. You get nothing! Term insurance is not an investment but an expense and a safegaurd for your family if you die while you are earning

  5. Dear Nandkumar,

    Its good to know that you wish to buy a term insurance policy. It is one of the most basic and simplest of insurance plans. Its not just the claim performance, but also few things that you need to consider before you choose a term plan like:.

    1. Service reputation of the brand
    2. Convenience offered in terms of medical checkups, online sign up/ payments and services

    You may consider ICICI Pru iCare, a term plan from ICICI Prudential Life Insurance which has a healthy claims record as cited in the following news articles http://bit.ly/HejDZA and http://bit.ly/HTbw7S.

    This plan can easily be purchased online and it allows you to get a cover of upto 1 crore without any medical tests.

    To find out more about this product and to see if it suits you, please visit http://bit.ly/IgvQDe

    Consumers have chosen ICICI Pru iCare as Product of the Year 2012 in the Life Insurance Category based on survey of over 30,000 people by Nielsen.

    Please understand that we only offer suggestions based on your requirements, however choosing a policy most appropriate for you remains at your discretion.

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

  6. Nandakumar says:

    Thanks Ashal

  7. Dear Nandakumar, there is nothing much to differentiate in the insurers opted by you for choice. You may go with any of these.

    Thanks

    Ashal

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