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POSTED BY ON September 25, 2010 6:32 pm COMMENTS (4)
What does a person look for while going for a Term Insurance??… a) Lower Premium Rates (for that matter does 500-1000 rs matter to go for a cheaper plan) b) Company Reputation c) Ease of Issuance d) Claim Ratio of the company
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In my opinion
premium Rates and Death Claim Ratio must be taken into consideration.
As far as Ease of issuance matter comes co. which investigates teh application prior to issuance doesn’t keep claims pending . but online application are just issued fast and at the time of claim all matter are investigated and it delays claims and might be rejected too. due to any false statements.
Its better to get policy Issued delayed rather than rejection of Claim.
Now if u talk about 500 – 1000/- then of course if u find both co. equal and both gives satisfaction to ur mind then go with lower premium co. as u have to pay for 25 to 30 years not single and within 30 years a thousand rs. Invested would become a lacs of Rs. which u saved.
so
1) Claim Ratio of the company
2) Lower Premium Rates (for that matter does 500-1000 rs matter to go for a cheaper plan)
3) Company Reputation
4) Ease of Issuance
if the difference is only Rs 1000 to 2000, one should go for the company of his choice; be it LIC or ICICI or whatever..But if the difference is huge (I’ll give my example here. I am 35 year old and wants to take 50 lakh SUM ASSURED for a term of 30 years then lowest quote Rs 8600 from ICICI PRUDENTIAL IPROTECT and the costliest is LIC AMULYA JEEVAN 23,350 = Difference of Rs 14,750), then always select the one which is quoting you lowest premium…Ease of claim and reputation of the company is built by people like you and me only…We are sitting in a group of 10 and 7 out of those 10 people have taken policy from METLIFE, then rest 3 will automatically feel like METLIFE is a very reputed company with ease of claim etc (Its a typical indian mindset)…Decide on your own and dont let others influnce you by saying, this company is not good or it did’nt have good reputation etc. because those perceptions are built by their own experiences, good or bad…
First thing that you should consider is Death Claim Settlement Ratio
Lower premium rates is the main thing that people look for these days. However i would advise to go for LIC when compared to new private players. I have had bad experience with AGEON and ICICI, their customer service is pathetic. I don’t mind paying 1000-2000 rupees more and going for LIC. Atleast your family will be rest assured.
Rakesh