Term Insurance

POSTED BY Chandrashekhar Subramanian ON August 22, 2012 1:23 pm COMMENTS (4)

I am planning to take a term insurance plan for myself, i am 34. Below are my thoughts

i analyzed the IRDA claim ratio for the last 5 years and below are the best insurance companies with respect to claim ratio

1. LIC – 97%
2. HDFC – 95%
3. Birla SunLIfe – 94%
4. ICICI – 94%
6. Kotak – 89%

Need to check with the riders from each of these insurance companies. I would like to know

1. Can i go with mix of companies ie. may be LIC and HDFC or LIC and Kotak ?
2. Is there any risk in taking online policies ?

4 replies on this article “Term Insurance”

  1. Chandrashekhar Subramanian says:

    Thanks Ashal, yes i am planning to go for HDFC now and will take a new one later. Thanks for taking time and replying to my queries.

  2. Chandrashekhar Subramanian says:

    @ Ashal – Thanks for your reply

    I read some previous post and i am leaning towards HDFC one click for now
    Yes i know LIC prem is costly compared to other, may be wait till LIC online and may be would go for another policy later ? Any thoughts ?

    I don’t know much about the online plans hence asked the question, some reasons i can think of why online is cheaper are :

    1. There is no agents and hence no commissions
    2. Less paper work

    May be i am wrong

    1. Dear Chandrasekhar, you are right for the reasons of online plan being cheaper. Now My next question is – Who ‘ll pay to your family if you are not covered today & die with out a term cover as you want to wait for online term cover of LIC?

      Be it HDFC or any other insurer, purchase now, later on if you get any better option either in terms of prem. or in terms of comfort (Brand LIC with online plan), you may switch over to the new insurer.

      Thanks

      Ashal

  3. Dear Chandrasekhar, instead of answering directly to your query, I w’d ask you to please read so many prev. posts on the same matter.

    By the way, May I know your fear for online plans?

    As per your research, the best claim ratio is LIC. Are you ready to pay the prem. of LIC for the same amount of cover?

    Thanks

    Ashal

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