Need Suggestion on Buying Term Plan

POSTED BY Siva ON January 22, 2013 10:37 pm COMMENTS (11)

Dear All,

I am planning to buy a term insurance for me as well as my spouse. I am confused whether to go with Online or Offline. Please clarify me on the differences between these two and suggest some good products where I can really look for the investment.

Thanks

Siva

11 replies on this article “Need Suggestion on Buying Term Plan”

  1. Dear Siva, please answer, how did the figure of 50L come & not 40L or 75L?

    Thanks

    Ashal

  2. Siva says:

    Ashal, Considering the current inflation and the same in next 30 years and the day to day expenses.

  3. Dear Siva, how did you reach to the figure of 50L? Any calculation or just your imagination?

    Please sharre.

    Thanks

    Ashal

  4. Siva says:

    Ashal, I have a figure of 50 Lakhs in my mind. Where the premium from ICICI is 12000 (including riders) and HDFC Life is around 7000

  5. Dear Siva, if she is a homemaker, what’s the financial risk involved for your family in her absence? In simple words, where’s the need to purchase a term cover on her life? I’m sorry for my crude words but the matter should be discussed to understand your thought process.

    Thanks

    Ashal

    1. Siva says:

      Ashal, What you have said is correct, which i have not thought. Thanks

      1. Dear Siva, now comes the next question – How much is too much?

        I.e. how much sum assured term cover you should purchase?

        Do you have any figure in your mind? If yes please share.

        Thanks

        Ashal

  6. Dear Siva, what’s the income of your wife? Do your family depends partially upon your wife’s income? Please clarify.

    Thanks

    Ashal

    1. Siva says:

      Dear Ashal, My wife is a home-maker and I am the only earner in my family.

  7. radhevajrakaya@gmail.com says:

    Online or Offline term plan: The latest buzz in term plan industry is the online term plans. You can simply provide the data online and subscribe to your term plan instantly with a lower premium and a higher rate. But the problem here is, most of the term plans do not involve proper procedure to check individual’s health condition and other factors. Due to that it is very risky to subscribe a term plan although the premium is lowest. Your family might be in trouble in future. So it’s better to pay some more premium and subscribe the same term plan through an agent by following every procedure clearly. Companies can have a better and clear record about your insurance to track in future.

    Choose between HDFC and ICICI.

    And I think, HDFC Life Click 2 Protect Plan annual premium Rs. 5,562 and ICICI Prudential iCare annual premium Rs. 6,629 are good because,,,, You should go with the company who has a better Claim settlement Ratio and a good reputation. So that after your death your family do not have to face much trouble to get the money.

    I hope my data is sufficient enough to help you.

    Jai Hind.

    1. Siva says:

      Thanks Radhevajrakaya for your information. One factor where you elaborate on the medical checkups is really more valid.

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