Term Insurance

POSTED BY I S RAMESH ON May 25, 2012 2:07 pm COMMENTS (6)

Hi, This is my first post in the forum.

I am 43 years and looking to get a term insurance for 20 years. Looking for a cover of about 1 crore. When searching for the online insurance options, I am getting two choices – cover the homeloan and income cover. The provider is saying that when you opt to cover the homeloan, there will be lower premium or like that.

What is the difference, I could not understand. If I choose to cover the homeloan, in the case of a claim, does it mean that only the homeloan outstanding is paid, or is it just a technical term.

Hope to get an answer soon.
Thanks in advance
Ramesh

6 replies on this article “Term Insurance”

  1. LifeInsuranceHelp says:
    June 6, 2012 at 12:00 pm

    Dear Ramesh,

    You may consider ICICI Pru iCare, a term plan from ICICI Prudential Life Insurance which can easily be purchased online and allows you to get a cover of upto 1 crore without any medical tests. This makes it very easy and quick to get protected.

    ICICI Prudential Life Insurance has a healthy claims record as cited in the following news articles http://bit.ly/HejDZA and http://bit.ly/HTbw7S

    To find out more about this product and to see if it suits you, please visit http://bit.ly/IgvQDe

    Consumers have chosen ICICI Pru iCare as Product of the Year 2012 in the Life Insurance Category based on survey of over 30,000 people by Nielsen.

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

    Reply
  2. I S RAMESH says:
    May 26, 2012 at 9:42 am

    To be frank I have not selected icipru. I was considering it among others (hdfc, lic, etc) and I wanted to know the details and exploring it.
    Thanks, ramesh

    Reply
    1. Ashal Jauhari says:
      May 26, 2012 at 11:56 pm

      Dear I S Ramesh, following insurers are offering online term covers & do remember online term covers are very cheap than regular offline covers.

      Aegon Religare
      Aviva
      Kotak
      ICICI Prudential
      HDFC
      Metlife
      Bharti Axa

      LIC does not has any online term cover as on date, hence it’s name is not in the list. The above list is merely for providing the names & not the order of preference.

      Please do not any rider along with your term cover while comparing from the above list.

      Thanks

      Ashal

      Reply
  3. I S RAMESH says:
    May 25, 2012 at 5:45 pm

    As on date the loan amount is about 10 lakhs – duration 10 y. I have been searching online for a suitable policy.
    When I was checking the Icici pru Icare policy – it is giving me two options To cover home loan / income protection. It is saying that if I chose to cover home loan then I will be eligible for higher cover.
    My question is if I chose to opt for this, will it be valid only for the term of the home loan and cover only for that amount or will it be covering normally for the full term and full insured value.
    Thanks once again.
    Ramesh

    Reply
    1. Ashal Jauhari says:
      May 25, 2012 at 7:42 pm

      Dear Ramesh, on what parameters, have you opted for IPru’s Icare? Can you explain in details for your choice of insurer?

      Thanks

      Ashal

      Reply
  4. Ashal Jauhari says:
    May 25, 2012 at 5:15 pm

    Dear Ramesh, may I know the as on date, loan amount as well as the policy in question you are referring to?

    Thanks

    Ashal

    Reply

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