Suggest me a best term plan?

POSTED BY Anand Y ON January 29, 2013 12:13 am COMMENTS (9)

Hi,

I am 28year old, unmarried working as a software Engineer in a MNC in Banglore. 

I want to take my frist term policy for 50lacs.

I am ok with either online or offline, but not able to decide which one to buy.

Can you please suggest me good term policy?

And also I have some questions on riders.

we have riders like Accidental, Criticle illness riders addition to term policy. Why to take those riders? If death occurs due these(Accident or Criticle illness) will not the sum assuered paid? Why do we need them? Can you please explain me.

 

Thanks,

Anand.

9 replies on this article “Suggest me a best term plan?”

  1. Dear Anand, surrender ‘ll be a better choice as you can deposit the surrender amount as per your own needs & choice.

    Thanks

    Ashal

  2. Dear Anand, as the mathematics is clear. Please go ahead with your term plan purchase. 🙂

    Please opt online term plans.

    Thanks

    Ashal

    1. Anand Y says:

      Hi Ashal,

      Thanks :).
      But I am not able to finalize the best online term policy which suits me.
      Can you please suggest me on this.

      Thanks,
      Anand.

      1. Dear Anand, ‘ll SKY fall on you tomorrow if you opt for next to the best or next to next to the best? Instead of chasing this perfection, please purchase a term cover from the insurer you are comfortable with.

        Time is running out for you. The sand is slipping very fast from your hand my dear friend.

        Thanks

        Ashal

        1. Anand Y says:

          Hi Ashal,

          I have applied for HDFC Click 2 protect policy and it is issued also. So, now I am a term policy holder. Thanks to you and Jagoinvestor.

          I have a question now :). I have taken LIC – Jeevan Anandh for 5lacs in 2009 for 21years. Paying half yearly premium 12720. Till now 9 premiums(9*12720), means 4 and half years has been paid for the policy.

          Should I paid up or surrender this policy?
          Can you please suggest me what to do with this policy?

          Thanks,
          Anand.

  3. Dear Anand, how did you come to the figure of 50L? Any mathematical calculation was done or just as random figure?

    Thanks

    Ashal

    1. Anand Y says:

      Hi Ashal,

      As of now, I m single, dont have any loans and dependents(my father retired but he will get pension). I am investing in MF as SIP and my current portfolio worth including all savings is 5lacs, My company is providing 30lac insurance to me.

      Considering all these facts, I felt to take 50L insurance.

      Thanks,
      Anand.

  4. Anand says:

    Go for online term plan of aviva india. (avivaindia.com)

  5. First decide on the insurance needed. It needs to be at least 15 times annual income. If you have a family later on you will need to increase the cover so please keep that in mind.

    Offline or online the primary requirement is to be honest and disclose all relevant information while filling up the form. Then it should not matter who you get the policy from.
    That said choose an insurer whom you are comfortable with. Someone who insists on medicals tests.

    Riders pay not only on death but also in the case of disabilities due to accident and critical illness both of which could lead to loss of income. A term insurance only pay on death.

    Best not to take riders and get them as individual,policies.

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