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POSTED BY ON February 5, 2014 3:58 pm COMMENTS (3)
When we think about term insurance then there are many names came into our mind, like apart from LIC, there are many private players, private players provide much cheaper term plans as compared to LIC. My query is, since i wants to take 75 lakhs of term plan, is it advisable to go with lic considering they are bit costly but at the same time the most reliable?
Regards
Abhishek Rastogi
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Hi. Definitely not. The premium of LIC is too high. If you really concerned about claim settlement record go for HDFC life or ICICI. Their claim settlement ratio is almost more than 95% and they are reliable.
Dear Abhirast, please answer a simple question, Why LIC’s CSR is not 100%?
Thanks
Ashal
It will be unfair for me to answer this question as I am a LIC of India agent myself.
Yes LIC is costly it also pays agents commission from the premium you pay.
However LIC is most reputed and data shows that it is most consumer friendly. LIC will ask you to under go thorough medical tests you may feel unnecessary but it is better to undergo those tests now than an insurance company denying your claim.
Also it is not that other insurance companies reject all the claims but you need to do a good research on why others do not match LIC claim settlement record.