online term plans for someone over 45 yrs

POSTED BY Abhi C ON April 2, 2012 12:34 am COMMENTS (9)

My dad is planning to take a term plan for around 40-50 lakhs.His age is 48 years and his annual income according to his latest ITR is 2.75 lakhs..is he eligible for that cover according to his ITR?

He came across a couple of these online term plans and asked me about them.I was positive and told him that they are as good as any other “offline/LIC” term plan..

I wanted you all to suggest him on how to go about it.He does not have any major health problems as of now.He is ready to take the medical examination if required.

He showed some interest in aviva (premium 16k for 50L) and HDFC(premium 20.5k for 50 L).What do ual suggest?

9 replies on this article “online term plans for someone over 45 yrs”

  1. rmohan80@gmail.com says:

    Hi Abhi,

    Any reasons why there is a 4.5K difference between the 2 policies? Maybe there are some terms and conditions that you’re not reading correctly?

    1. CJ says:

      It can be because of different medical conditions.

  2. Dear Abhi, In general Ins. co. can issue a Term cover of 20 times multiple of yly income with out a problem. So for your father, in my opinion, there should not be an issue to avail that 50L SA. By the way, both the cos. opted out by your father are good & he may opt any of the two.

    Thanks

    Ashal

    1. Abhi C says:

      ASHAL

      Just have one doubt that if aviva i-life covers all possibilities or not like terrorist attacks,natural calamities etc?

      1. Dear Abhi C, Death can happen mainly from following 3 reasons.

        1. Natural
        2. Illness/Decease
        3. Accidental

        Death due to terrorist activity for example say in a bomb explosion is covered by Aviva. I have personally cross checked the same with the Insurer.

        Thanks

        Ashal

        1. Abhi C says:

          ASHAL

          if i may have the liberty to ask you which term plan u have?

          And one dooubt that dad has had ECG done for about 3 times in the past 15 years.every time he had a chest pain and we had done the ECG and each ECG was normal.His BP is also normal.Docs say that the chest pain was due to hyper acidity and once due to stress.Nothing alarming about it.So all questions related to the heart in the policy proposal should be answered negative right? and i suppose i should mention about the ECGs? how and where in the online document do i mention this?is it necessary

          THANKS A TON !!

          1. rmohan80@gmail.com says:

            Hi Abhi,

            ECG is something that is not indicative of any specific medical condition. It is just a test to check ailments of the heart. Even I have undergone ECG when I was 28 years old. So there is no need to specify each and every test he has taken in my opinion. I’m sure other experts can also shed light on this

            Thanks,

            Ram

          2. Dear Abhi C, I recently purchased Aviva’s I-Life for myself. Due to my job profile, the prem. was increased 3.5 times. For some people this may sound negative but for me it was a positive sign. As the insurance co. is ready to underwrite my risk. I accepted the same & now I’m having a 50L term cover from Aviva’s I-Life.

            For your father’s policy, please fill the online form & he ‘ll be prompted to give the details for his health condition. Also as the age is 48Y, a detailed medical check up ‘ll be arranged for him.

            Thanks

            ashal

          3. Abhi C says:

            thank you both of u and ashal especially..will get back if i need sumthng

            CHEERS

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