POSTED BY February 12, 2011 8:10 pm ONE COMMENTON
After going through the article “Best Term Insurance Policy In India(Comparison with Charts)” on 23rd December,2010 I searched some term plan as I feel I should take a term plan as early as possible.I further enquired some online term plan of different policy,following are the observations for example I took the age as on date 27 years as non tobacco user.
COMPANY SA(LACS) TERM(YRS) ANNUAL PREMIUM(WITH TAX)
METPROTECT(METLIFE) 50 30 6618
OPTION 1 50 30 5901
OPTION 2 50* 30 8714**
**(INCLUDED ACCIDENTAL BENEFIT OF 50 LACS)
*(EFFECTIVELY 1 CRORE IF DEATH DUE TO ACCIDENT)
AEGON RELIGARE 50 25 5350
KOTAK E PREFFERED PLAN(STEP UP) 50# 30 6138
#SA can be as max as 3*50 Lacs=1.5 Crore
|Events||Maximum Increase in Sum Assured|
|1. Marriage||50% of original Sum Assured|
|2. Purchase of house in India after commencement of the policy (subject to maximum of loan amount)|
|3. Birth or legal adoption of a child||25% of original Sum Assured|
|4. On the 1st, 3rd and 5th policy anniversary|
If I don’t account all the benefit then after min 1 year the SA will be min 62.5 Lacs, on marriage the SA will be 87.5 Lacs(hope all of us will be get married soon) after 1st child SA will be 1 Crore with the same premium and so on…..
now my point is Kotak e preffered is comparatively cheaper than others(it’s completely my personal view).Plz correct me if I’m wrong.Manish and all friends plz give your comment on my findings.
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One reply on this article “CHEAP TERM INSURANCE POLICY”
i don’t think that your SA would increase without increase of premium. it is only that you can go for increase of SA in case of the condition fulfillment with the limits , but with increase of premium. in that way it seems not the cheapest . however you should consider other requirements like riders, such as ci etc. and decide whether for online or offline and the insurer.