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POSTED BY ON February 16, 2014 1:56 pm COMMENTS (9)
Hi. I am 24 yrs old. I am planning to buy term insurance of 1 Crore. As i am 24 yrs old so i have limited choice so that i can get cover till 60 yrs of age. Some of my research:
Aegon Religare : 6400 ( 40 yrs term)
Aviva i Life: 7156 ( 35 yrs term)
Bharti Axa: 6300 ( 41 yrs term)
HDFC Life: 8600 ( 30 yrs term)
Max Life: 6200 ( 35 yrs term)
My question is if i am providing the right information to insurer and in future my family need to raise claim if something happens to me does claim settlement ratio really matters? Because if the claim is really genuine and 100% clear still should i consider that?
Please share you suggestions for the insurance companies i mentioned. Do you prefer anyone and if so why? I am planning to buy insurance in next financial year that is in April 2014. Do you think that there is a chance that premiums may go up in next FY?
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Dear Samrat, no issue. You can better judge for yourself. 🙂
Thanks
Ashal
Hi Ashal.. Right now no one is dependent on me as i said earlier but by year end i will be getting married and so my wife will be dependent on me. So there is no risk till April even if something happens to me.
Dear Samrat, the risk from today till your policy is active in April ‘ll be on you. 🙂
Thanks
Ashal
With all the right info at the right place, the claim ratio certainly wouldn’t matter…even if the company were to go bankrupt…
@Akgc2:
I have already considered those facts and thats why i specifically buying the insurance in April 2014. In June i will be 25 Years old and my premium will increase. Also if i buy in next FY i will get tax rebate. If i buy this FY i don’t get benefit as i have already saved the 100000 tax saving amount.
Dear Samrat.
Insurance is to provide the financial security to your dependents. Since you are not married yet and if you think that your parents are not financially dependent on you you can wait for the insurance to start.
Also note that premium changes as the age increases but at the same time the duration for life cover also decreases. In some of the insurance websites where the age calculation option is there you can see that till your birth date has not arrived your age is truncated to the years you have completed. e..g if you are 24 Years 11 months your age still will be considered as 24 Years.
So in my opinion if you don’t have any dependents right now plan to buy insurance considering both your age (Birth Date) and also the marriage date.
Dear Samrat, prem. are not going to increase. There are plenty of positive and negative reviews for all insurers so hard to decide based upon these reviews. For example my personal term cover is from AVIVA and my experience was very nice but at the same time there are plenty of negative reviews for AVIVA. Please do note in my case the prem. was loaded up by 3.5 times but I still opted it.
Above info is just to share my personal experience and I’m not at all promoting AVIVA over others. Please opt the insurer where you are comfortable.
Thanks
Ashal
Hi. Thanks for replying. I am waiting for April 2014 so that i get tax exemption from next financial year. Also i have plans for marriage by year end thats why i thought of taking term insurance. Thats why i asked the question is there any chance of premium shoot up in next financial year.
Also is there any way i can check their customer service before buying policy so that i can decide which one to go for?
Dear Samrat, if all the information is shared correctly and no hiding is there, every genuine claim ‘ll be honored. So no reason to worry for that. Regarding selection of company, opt Aegon as you are getting the age 60 cover with lowest possible prem. Why do you want to wait till April 2014? Any specific reason?
Thanks
Ashal