Policybazaar customer care confused me on Mortality Rates

POSTED BY transhem ON January 28, 2014 4:39 pm COMMENTS (5)

I wanted to buy a term plan, There are a quite a lot of companies who provide them. I thought since this is a pure death benefit, why not go for the term plan with the least premium.  I am 27 & a non-smoker.

Many sites talk about claim settlement ratio, i’m hoping when we give our details to the best of our knowledge, there should be no hassles in claims.

Secondly, when i wanted to buy it online, i happened to go policy bazaar{PB}, and when i compared the policies, a personal called me from PB and mentioned to buy the term plan soon as possible,

The reason he gave me was

-> The insurance companies have asked IRDA for higher premiums, and it will be made effective after Jan 31st.
Reason for higher premiums being increase in mortality rates.

I am really confused about this, i have also read from quite a few sites that IRDA would be making the term plans customer friendly in some time from now.

Kindly let me know your thoughts on this.

5 replies on this article “Policybazaar customer care confused me on Mortality Rates”

  1. transhem says:

    Thanks Ashal.

  2. ashalanshu says:

    Dear Transhem, that PB guy is saying plain lie. Mort. table is not going up. Relax. Shut the lead from PB and purchase the policy from the insurer of your choice as per your need.

    Thanks

    Ashal

  3. divya.advisor says:

    I hope by this time you know you were being missold. There are not regulations kicking in 31-JAN. New IRDA regulations have come into force 01-JAN-2014 and mortality rates have dropped there.
    Here is one article I had written some time back on new IRDA guidelines should it help you: http://www.divyaadvisor.com/irda-guidelines-2013—divya-chaturvedi.html
    Claim settlement ratio is also very important.
    Here is my advice
    1. Do not go back to broker that tried to cheat you.
    2. Be truthful while filling in the form
    3. Be aware of companies that say no health checkup needed for large sums. You do not want to skip medical tests as it adds risk to the claim later. Do you want your kins to fight a battle like you did not have a liver issue at the time of taking the policy.
    4. Put in correct information on your existing insurance policies, family history and income levels.
    Wish you the best in choosing the right product.

    voluntary Disclaimer: I am a LIC of India Agent

  4. akgc2 says:

    Do not get worry about what the PB guy told you. This was the case with me 2 months ago when PG guy called me. Also do check PB ratings at mouthshut (http://www.mouthshut.com/websites/policybazaar-com-reviews-925111541).

    They might sell your details to insurance companies. Also you may find the settlement ratio from IRDA reports on various sites however those are not just for Term insurance policies but the overall insurance policies a company has in market.

    For least premium you can choose between Aegon Religare i-Term plan (33 settles out of 36 for term insurance) or Aviva i-Life. Others company you may consider are Bajaj Alianze, HDFC etc.

    At personal level I have taken Aegon Religare ( one I took in 2011) and 1 I bought recently. Policy documents were delivered within 5 days of my Medical test which was conducted at my home itself.

    1. transhem says:

      Thanks for the response 🙂

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