Term insurance

POSTED BY sunilkumar ON February 21, 2012 8:03 pm COMMENTS (5)

I am 40 Yrs old. I want to purchase a term insurance for 1 crore. I visited few insurers and found quote as below :
ICICI prudential, SBI life & India first almost around 25000 for 20 year term policy.
While Aegon, Aviva, HDFC, Bharti AXA range around 13000 to 16000. LIC i am unable to get quote. I presume could be around 25000. Why is the premium almost 50% cheaper for few entrants ? Is it because they they are new and want to gain business. Somebody could advise what is best strategy? Is it to split into 50Lakh each ? Pls advise any other insurer also.

5 replies on this article “Term insurance”

  1. CJ says:

    Hi sunilkumar

    You can go with any insurer as long as you have trust him in.
    ICICI, Aegon, SBI, HDFC, Aviva, etc. all term plans are good.
    You may go with the one which best suites your needs.

  2. Dear Sunil, Instead of saving few Rs. please opt the insurer, where you are comfortable that in case of claim, insurer ‘ll honor it & your family ‘ll get it’s dues.

    Although my statement does not mean, one should go only for high prem. policies. I have taken Aviva I-Life for my own life.



  3. Dear Sunil, The difference in the prem. is for the fact that except ICICI, other cos. that are offering you the cover @ 25K prem. are offering it as an offline policy, where as 13-16K band prem. policies are online.

    Icici’s policy is online but due to non medico policy the prem. is on higher side.

    Please check LIC’s Jeevan Amulya policy’s prem. For your age it’s around 48100 Rs.



    1. sunilkumar says:

      Thanks Ashal. Considering better claim settlement, please guide whether it is better to stick on to ICICI / SBI (High premium) or any insurer is OK because they are governed by IRDA.

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