Looking for the best Term insurance

POSTED BY Geet ON September 18, 2011 12:49 pm COMMENTS (5)


Let me first congratulate you for such a great blog. Since I have come across it,never missed a single article.

Now coming back to my query, I am IT Professional 27 yrs married lady with no kids.I am currently holding no term plan yet but planning to buy one.

My requirement is to have term insurance cover worth INR 1.3 Cr with term of 30 yrs.

After reading several articles on the blog & some calculation, I came to the conclusion that Aegon Religare is the best to suit my requirement.However it offers the max term as 25 yrs whereas ICICI I Protect II offers for 30 yrs with the difference of abt INR 1000 approx.ICICI also offers the accidental rider seperately in the premium stated before.

I am now confussed as to which plan shall I go for, ICICI or Religare? Is there any other cheap plan that will suit to my requirements better than these two?

A help in clearing my confussion will be greatly appreciated.

Thanks in advance for your response.


5 replies on this article “Looking for the best Term insurance”

  1. Viswa says:

    Hi Goel

    Although i wanted to take, I being above 45 am not entitled to any riders. So left with only the additional accident cover. If you want to read more about permanent disability rider, etc., there are many posts in this forum, for you to catch up.

    It was all online. After I went ahead with online Registration, application filing and (online) payment, i received confirmatory mails. A local rep called to collect docs such as Application, Photo, ID proof, PAN, address proof, education and income proof in the form of IT records.

    Considering the cover, medical and financial info would normally be mandatory.

    I was given the addresses of labs about 4-5 km from my residence in Chennai. I selected one and received a confirmatory SMS from both ICICI and the lab. Rep called up and fixed up date and time for medics, including fasting blood, urine and treadmill.

    And Voila !… in about a week i received a mail containing online welcome kit followed by the physical policy doc.

    Once the application is filed, it can be tracked at every stage at https://www.iciciprulife.com/ipru/AppTracker.jsp

    I am also considering Kotak e-term for my additional cover, at a later date…

    A personal advice.. (for the nth time in the forum…)

    I dont ever give wrong / incorrect details in the application. Since, although there is no possibility of one “living to regret the mistake”, it will simply defeat the purpose of taking life cover, by possible denial of sum assured.

    Take care and all the best. If your birthday is approaching, act fast to save on premium…


  2. kapi.goel says:

    Hi Viswa,

    you have talked about iprotect from ICICI, can you please give some more details about it.

    If you have taken any Rider with it like Critical Illness (If 10-12 listed illness happened, then you will get basic Sum assured as a lump sum amount) or Permanent Disability Rider

    Was it a online purchase or offline? Have you submited any document or declaration?

    I am also looking for 50Lakh term insurance for 30 yrs.

    Please suggest.

  3. Viswa says:


    May i chip in here, with my first post.

    Today, I received my 50 lac iprotect policy (with 50 lac accident rider) document from ICICI, without any glitch. My earlier experience (18 months back) with AR was horrible, they reduced cover by 30%, increased premium, etc. after accepting the initial premium thus making it a regrettable experience. Although i went ahead then and still keep the AR iterm policy current, i feel cheated.

    Almost after two years (increased age and consequently risk) ICICIpru is able to offer higher cover on the basis of (mandatory) medical and financial record (albeit with slightly higher premium than AR), without haggling, which AR could not do two years back.

    Just to put things in perspective, i am 47 yr old professional, male, fit, non-smoker, non-alcoholic, etc. with good income record.

    For me, the main reasons for choosing ICICI iprotect were good pedigree, higher claim settlement ratio of 90%+, and near no-nonsense processing. Tips from Jagoinvestor helped me in taking this decision.

    Hope this would work for you also…

    All the very best.


  4. Geet says:

    Hi Manish,

    It would be great if you could suggest me which one shall I go for? ICICI term plan?? Looking for cheap premium with good benifits ( Riders if any) for 1.3 Cr sum assured..

    Thanks in advance.

  5. Geet

    there are many options .. you can go for ICICI , Kotak or Aviva or metlife .. all of them have online term plan , you can go with AR also , but consider them after these options which I gave you .


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