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POSTED BY ON August 9, 2011 12:00 pm COMMENTS (3)
I am 32 and contemplating to have a term insurance of 1crore for 30years.I have shortlisted
SBI Life Smart Shield(without any riders) with Annual Premium of Rs21452/-
and
LIC Amulya Jeevan with Annual Premium of Rs.38000/-.
I did not choose Iprotect or iterm or other popular online term policies intentionally.I live in a small town and the feedback I get about their services and claim settlement is not very encouraging.Yes I know all policies are regulated by IRDA but I do not want my family to run from pillar to post when I am not there.
Hence the costly policies.
I know lic is reliable but sbilife has a cheaper option,is it as reliable?I mean the ease and speed of claim settlement.
Please guide and advise me. Yes I woke up late but it is better late than never.
Regards,
Trishit Ray
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Even I have the same question, some more reply from other experts will really help while Deciding.
Dear Trishit Ray. Thaks for posting your exact needs & reasoning for selection of these 2 term plans. If you are comfortable with SBI, you may go with SBI Smart Shield, no problem is there if you are comfortable with it.
Regarding LIC, there is no guarantee of claim settlement although people think as LIC ‘ll settle claim in any case. Please note that LIC is also doing business not charity & whenever there is a claim, LIC ‘ll also check all the info & ‘ll also try to deny the claim like any other insurer.
On our part as an informed customer, we can do one thing – First of all declare all the facts related to you to the Insurer (LIC, SBI or any one else). In case the prem. is loaded due to any medical problem or family history or job profile, accept that prem. hike & pay it. Contact the staff of your chosen insurer & get a complete demo at your house in presence of your Spouse & at least one more person either your relative or close friend for proper claim filing, related documentation & follow up there on.
Why am I asking one more person apart from your spouse? The reason is simple – In case you & your spouse are met with an accident together & your spouse either not in position to file claim or S/he is also no more, in this case, there should be another person to protect the financial interest of your family.
During family demo, ask as many questions as you may ask & clear all your doubts. Even if you think a question is silly to ask, ask it – any silly question may turn important one at the time of real need.
Thanks
Ashal
Thanks ashal for your detail and clear answer.It will certainly help.
I would like to hear from others who have sbi life.So folks what are your experiences?
Regards,
Trishit Ray