Term Insurance!

POSTED BY Ramkumar ON February 27, 2012 10:57 pm COMMENTS (3)

Hi All,

I am 32 years of old and my wife is 28. Both are working. We have an year old kid. After joining JagoInvestor first thing(Now many other things) I learnt was how important Term Insurance was.

We have now zeroed in on 2 policies(Offcourse from this very forum only). One for me(HDFC Life) and one for my wife(Birla Sunlife Protector).

I have couple of queries:

1. I am from “state1” but working in “state2”. In HDFC Click2Protect, there is a “state” column which we need to select(Not in the address part but in general product details part). Not sure whether to give “state1/state2” Or it doesn’t matter?

2. In the “Past policy details”, there is a query
“Do you have any existing insurance cover of premium paying and/or paid up policies(excluding group term insurance plan taken by your employer)? : *
What does the above query really mean? I had an LIC policy which I cancelled as soon as I joined this forum :). Do i need to mention this cancelled policy details for the above query?

3. Have an ULIP on my wife’s name for which the 3 years is over last week and we are waiting for the right time to surrender it(will do it in a week or two). Do i need to mention this detail too when she buys the Birla protector plan?

Hoping someone would help me as they do for others’ queries :). Thanks in advance.


3 replies on this article “Term Insurance!”

  1. Ramkumar says:

    Thank you “Joker” and Ashal. Appreciate it.

  2. Dear Ram, please state as per your current residential address so in a sense state 2.

    As there is no paid value from your older policies, no need to quote those cancelled policies as you are not getting any cover or benefit from those policies.

    If at the time of applying the new policy for your wife, the ULIP in question is active, please quote the same in the proposal form.



  3. Joker says:

    Hi Ram,

    Please find my answers
    1. The state must be the one from where you take the policy. For instance, if you are from State 1 but you take the policy from state 2 then specify state 2.
    2. You have to specify the existing one. Since you say you have cancelled the LIC policy, I dont think you need to specify that. They just had asked for the policies that are in-force while taking the current one.
    3. Better specify the ULIP details as its still effective and you havent surrendered yet.


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