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POSTED BY ON March 24, 2012 3:44 pm COMMENTS (17)
Hi,
I have to select between hdfc (online ) and kotak preferred for a term plan of 50 lacs . Now i am a most impressed by HDFC as a brand all these years purely for their service. Also hdfc stands 1st in pvt. sector in terms of claim settlement ratio.For Kotak , again its a decent brand with decent claim settlement ratio. Point is that premium for hdfc click 2 protect is 7135 and for kotak it is 8135. But in kotak its offline so i can expect a dedicated person for me from kotak which i think is important during claims process.
How do i decide between the two ?
Hitesh
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Ashal, I agree with you. For most of the cases term cover is not required at age 65
I think for HDFC max age is 65 while for Kotak it is 70 (max age till you can continue the term insurance). One of the other important factor is checj where the insurance office is located. I feel if it is in/near to your residence it is better as in case of claim it will ne easy for family members to handle the situation.
Dear Yogesh, except some specific cases, do you really feel that a person needs Term cover at age 65 or 70?
Thanks
Ashal
Dear Hitesh, there is every possibility that no matter which company you prefer, at the time of actual need – claim – your family may find in the wrong side of the list i.e. non settlement of claim. What your family ‘ll do in such cases?
In my opinion, chose the insurer you are most comfortable with. Then provide all the details related to your health, job profile, eating & drinking habits, hobbies (if it involves adventurous sports)…… This is one part. On the other part. Educate at least 1 member from your family & one from your friend circle for the claim procedure & related paper work. Why a friend? Because my dear friend, there may be a case, that your wife is not in a position to file claim & this where that friend comes in to the picture to help your family out.
Thanks
Ashal
Ashal,
I am pretty impressed with your reply and finalised to go for hdfc click2protect . Also what i have planned is that i will do the whole process of purchasing the policy in presence of my wife and if possible my friend, so even they will be aware of it. And of course i will be very much honest while filling up the details for policy, mentioning everything correct.
Also i have asked the employee from hdfc to be present during filling the form as i think so that i might get confused when it comes to replying for medical terms mentioned, which are very complex and i should not misread it.
Hitesh
Dear Hitesh, Thanks that we are able to help you. This forum is for all of you. Please keep asking. 🙂
Thanks
Ashal
Dear Ashal jauhari,
I am finally going to get the copy of policy documents tomorrow from HDFC. As you rightly said, its a matter of comfort which we feel with a particular company, that matters. I actually did as suggested and it was a smooth process and also now i am very much satisfied and relaxed, as i have provided everything correct.
Once again thanks a lot.
Hitesh
Dear Hitesh, glad to know that you are comfortable with your decision. Please keep asking.
Thanks
Ashal
Personally I like HDFC bank because I’ve been their bank customer for many years and their customer service is excellent. I would go in for that.
Claim Ratio
07-08 08-09 09-10 10-11 Average
Kotak mahindra 58.89 77.08 86.97 89.3 78.06
HDFC 80.75 87.96 91.14 95.41 88.82
nice article posted by cpdhutadmal@yahoo.com which answer all our queries.
Regards
Abhishek
Abhishek,
Thanks for sharing the details of claim settlement ratio. Also i have finalised on hdfc click2protect.
Hi,
Your question is genuine for which there is no single best answer. Why am i saying this ..?There is very good article by Mr. P. V. Subramiam at http://www.subramoney.com/2012/03/insurance-claims-settlement/.
Regards
Abhishek,
I dont think one would be able to see the image. The path you have provided in local to your desktop. Can you provide the numbers for both.
I am trying look out details on IRDA. If i get to know i would furnish here.
Dear Hitesh,
Even i was struck between the two whether to opt for hdfc or kotak. Then i came across some data which clearly shows that claim ratio of hdfc is better than kotak.
source: Jago investor.
This is based on the data of IRDA.
file:///C:/Documents%20and%20Settings/Abhishek/Desktop/PILICYCLAIMRATIO.jpg
Regards
Abhishek
Nice Points Engineer…
Additional Points : Provide all the details correctly. Dont hide , stuffs like smoker, Drinking habbits etc. If all the details are right, chances or regections are less.
Inspite of all this, i will still choose the company that has better settlement rate. This is very important, easy settlement is good for our spouse.
Between HDFC and Kotak, i thought Kotak had better settlement Rate.
Other Punters who have recent IRDA data should be able to give the exact details.
Dear Hitesh,
“a dedicated person for me from kotak which i think is important during claims process.” ~ Is this really good idea?
Personally I feel, it is a better option to educate your spouse (if you have), your siblings or your parents supported by your cousin/very close friends ~ to tackle claim settlement scenario. If you educate yourself and them about what to do in case of claim ~ concept of Insurance Ombudsman, RTI, taking the insurance company to court (if necessary). That can be the best thing, a insurance agent will not do these for you~ for sure.
Your suggestion is appreciated