Term Insurance Plan Advice

POSTED BY shashank ON June 22, 2012 9:14 pm COMMENTS (6)

Hi

Recently I booked 2 term insurance plans,
1) iTerm from Aegon Religare 2) hdfc click2Protect

details of which are as follows :

Plan PolicyTerm Premium Sum Assured
iTerm 48 4812 5,000,000
click2Protect 30 6011 5,000,000

My current age : 27 (single)

Please comment whether above insurance plan is fine or it needs some readjustment
Note : tomorrow i have to undergo medical test fixed by aegon religare

6 replies on this article “Term Insurance Plan Advice”

  1. Deepak says:

    1.The charges obviously are more, and the reason would be shashank has taken it offline.

    2. The word “Investigate” used in my second point meant for investiagation in finding out any possiblity/excuse for denying the claim, not for investigation which is done for confirmation on the declaration of any diesease.or illness.

    3. yes, the efforts would be more, but the procedure would almost be the same, so the efforts would not more than 1.3X(x is the effort for one claim).
    But my point meant that, it may be that one company can take too long to give the claim amount may be due to their services or any other reason.
    and if this is the case, the waiting period for getting the claimed amount would be longer.

  2. deepak jaswani says:

    Hi Shashank,
    Its Good to have two term insurance. (For Example in your case, you have splitted your sum assured money..1 Crore to 50 + 50)., Below is the reason.

    1. In case of unfortunate of insured person, providing a One crore to the nominee is a very big headache , and they will forcefully find out any of reason so that they can deny the claim.

    2. But For 50L, they will not investigate and try to deny the claim as compared to processing the claim of 1 Crore.

    3. It may be that the processing time length for the claim in one of the company is too much.

    1. Ramesh says:

      All of your reasons are unjustified.

      1. In case of unfortunate demise. Term insurance is for that specific and lone purpose only and not for any other. And they are correspondingly charging more for a 1C insurance than for a 50L insurance.

      2. If you have provided wrong data or kept undeclared data which was important in the underwriting process, they will investigate whether the amount is 50L or 1C or 2C.

      3. By going for 2 co with 50L, the nominee will have to double the efforts of getting money, as compared to a single 1C policy.

  3. shashank says:

    Hi Ashal

    You guessed it right. I have gone for the split considering claim settlement ratio.

    Can you plz explain how to go about 1C cover + 5L cover split between 2 insurers ?
    I mean which insurer to choose for 1C cover and which one to choose for 5L cover.

    regards
    shashank

  4. Dear Shashank, why are you going for a 50+50L split? any reason? If the claim settlement ratio is your answer. My take ‘ll be to opt for a 1C cover + 5L cover split between these 2 insurers.

    Thanks

    Ashal

  5. Durga Prasad says:

    Hi Shashank,

    What is the motive behind choosing these plans? Is it less premium?
    Many people asked similar questions on this topic and answered by this forum experts, please spend some time to search and read those threads which will definitely help you to understand the subject , gain knowledge as well as help you in making decision.

    Regards,
    Durga

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