September 25, 2010 1:11 pm
My age is 49 years. Now I want buy one term insurance plan for 10years with a value of Rs.20.00 Lakhs. Will kindly suggest the best term insurance policy.
TERM PLAN is basically PURE INSURANCE..Unlike ULIPs, where you can compare ULIPs from different companies by comparing their CHARGES, RETURNs, or other features…there is no such distinguisher between TERM PLAN of different companies..So the two options for you is IPROTECT from ICICI PRUDENTIAL (as it is the cheapest TERM PLAN but avilable in ONLINE mode only) or PREFERRED TERM PLAN from KOTAK (Its the cheapest option avilable OFFLINE, i.e. through AGENT)..My advice would be that you divide your requirement of 20 lakhs in two parts and take two different policies, one from ICICI PRUDENTIAL and another one from KOTAK..This way you’ll have distributed your risk and as the age progress and your offsprings become independent and your financial responsibilities lessen, you can discontinue one policy and continue with another…
When I was searching for Term insurance, the cheapest plans were ICICI I protect, Kotak Preffered Term Plan and SBI Life in that order.
It may be wiser to split the term insurance with two or more providers. You should probably consider taking two 10 Lakh policies with different providers. I assume you have done the calculations to determine 20Lakh is enough for you.
You are 49 years. And I would recommend you to go for more than 10 years plan instead of having it for just 10 years. Then, split it against two plans and let your family about the plans. Because you will not be there during the claims!
Say, I would recommend to take a 15L from LIC (Backed by the best claim rate in the industry) and 10L by ICICI IProtect plan (good claim rate and cheap product)
Stay healthy and live happy 🙂
Please don’t take these policies blindly because of lower premium. I have worst experience with both the above companies and have cancelled them. I had to go through various hardships while taking these policy, cannot imagine what my family will have to go incase of claims in future. Stick to government companies, LIC is best, yes premiums are high but atleast you will have a peace of mind.
Go for ICICI IProtect plan or Ageon Religare iTerm. Both the plans are good, offers very low premium rates & can be purchased ONLY online.
There is a complete article and good discussion on this topic on this website. And if you need contact details of either of these 2 companies, check out at
Hope it will you.
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