CHEAP TERM INSURANCE POLICY

POSTED BY Sandip Das ON February 12, 2011 8:10 pm ONE COMMENT

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

ICICI PRUDENTIAL

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 

conditions are

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.

 

One reply on this article “CHEAP TERM INSURANCE POLICY”

  1. bharat shah says:

    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.

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