Private Company or PSU company for term plan ?

POSTED BY dvseema ON February 7, 2014 9:37 am COMMENTS (4)

I am a govt. employee aged 48 years 6 months having family consisting of wife (housewife with little income) and a daughter aged 13 years student, earning 7-8 lakhs a year, non smoker wants to have one or two term plan for atleast 15 years with yearly total premium of Rs. 20000-25000/- for a cover of Rs. 50,00,000.

The purpose is to cover life risk only. Very confused whether to go for Govt sector like SBI life, LIC etc. or private sector like Kotak Mahindra, HDFC life, Max etc and which of the policy of which company etc. My job is pensionable, having own small house in small city like to convert it into a small house in bigger city with bank loan etc. in near future. Please suggest which policies will suit me and why? Thanks in anticipation.

4 replies on this article “Private Company or PSU company for term plan ?”

  1. Kotak Support Team says:

    Dear Customer,

    Thank you for choosing Kotak Life Insurance as your preferred insurance provider.

    We request you to kindly provide us your contact number and write to us at to be able to assist you at the earliest.

    Alternatively you may contact on our customer care number 1800 209 8800

    Kotak Support Team

  2. VinManHBK007 says:

    HDFC Click2 protect from HDFC is having good claim settlement ratio.

  3. ashalanshu says:

    Dear Dvseema, how do you reach to figure of 50L Rs. is OK for your family in your absence?



  4. kramkiran says:

    Dear Sir,

    As you posted your query here on online forum, I assume you would be able to purchase online term policy as well.

    For 50lacs, I don’t suggest you to take two term insurance policies. I encourage you to take only one policy to reduce the hassle of claim in case of unfortunate event.

    As long as you give all the details correct without hiding any information, chances of rejecting claim are very less. You can go with either PSU or private company. Pls make sure you take it from reputed company.

    I recently opted for Max Life insurance considering their claim settlement ration, total coverage being covered by them and importantly, their premium amount. Their premium is much less than SBI or LIC or HDFC.


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