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POSTED BY ON May 8, 2012 5:56 pm COMMENTS (6)
Hello All,
I was thinking to take HDFC click2protect plan. I calculated the premium for me (37 years) for 50 lakhs on the site and it was 9494 per year. Coincidently one HDFC person approached me at the same time. The calculations he showed me with his agent code was ~350 more. He put his code and premium he showed for the same conditions was ~9850. I was surprised to see this. I can understand that if I am taking any insurance from any broker he can take commission. But in this case even though I am taking insurance from company employee the premium was at higher than what was shown on site. ( I have considered service charges for both calculations. ) when I asked HDFC person why the premium is high in case if I take insurance from you. He told me that because of service ! He told me that if I take online insurance then I need to do follow-up for everything like sending form/documents, medical tests, policy hardcopy. He also told me that if a person is taking insurance through them then it will take min 1 month to finish entire process. In fact he showed me few cases where the insurance was not approved even after 1 month.
I would like to know the views on this from this forum and the experience of the members who have purchased online term insurance.
Regards,
– Yogesh
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We all want ‘free’ advice and ‘free’ consultation but companies do spend money on these. Companies are trying to offer on-line policies with lower premium for those who do not want such services. Those who want service from agent or employee will have to pay more, I think it is pretty clear.
The person was not agent but employee of HDFC Life. I had called customer care of HDFC and asked the person why the charges are more and I got the same asnwer..if you go through us then we will make the process smooth. Our representative will fill form, will collect documents, arrange for medical test and will help family members in case of claim (?). So they were saying that you will get good service and that is why they will charge ~350 more. And if I purchase directly then I need to do follow-up for all ( I need to do track for all dates and they will not send reminder for anything).
Dear Yogesh, the difference comes in the prem. from that fact that in case of online policy, there ‘ll be a centralized team sitting some where in India where as for that 350 extra bucks, the local office of HDFC ‘ll do the same work.
Choice lies with you.
Disclosure – I personally purchased an online term cover from Aviva recently & although it took more than 1 month (the reason for this long time taken was double medical tests done due to my job profile as well as current health condition) to get the policy after all the in between work, I’m still at ease with this. I can’t comment for HDFC’s team (read online policy dealing team) but in case of Aviva, the team was really very good.
Thanks
Ashal
We (myself, wife and a colleague) have bought online term plan from Aegon. The process was very smooth.
Yes, you will have to scan the documents required and mail them. That should not be a problem.
For medical tests, the doctor came home and tests were done smoothly.
After 15 days of policy application, we recieved the hard copy.
Really good service from Aegon.
My advice: Fill in the form correctly, mention all previous policies, and do it directly without the agent.
Rgds,
Jassi
I had a very similar experience with ICICI IProtect. Agent was making up things that you had mentioned, eg speedy processing, less hassles while claim etc. But, I didn’t buy any of the stuff he was saying and went ahead without the agent.
I would say the process of issuing the policy (which included medical as well) was smooth. The policy was issued to me in 15-18 days after I had filled the online application form.
Just make sure that you hide nothing while filling up the form and provide each and every minute detail, which will ensure hassle-less claim procedure, if need arises. God forbids.
I had heard things like this when aegon religare an iprotect from ICICI came .. seems like this is something hidden and not very much known .. I suggest talking to their customer care and first talk to them .. just ask them that one employee offered to help , how will it be different procedure in that case and costing ?
Dont tell them the answer ,see that they give you the exact answer which you are expecting