Term plan insurance company track record check how to and what to?

POSTED BY chandresh ON June 11, 2012 6:29 pm COMMENTS (2)

I am looking to purchase Term Insurance for Myself. I am 30 year old, non smoker and want to purchase term for maximum duration of 35 years. My question is i have got to know online plans for Term Plan and they are selling through online only. But their premium is way cheaper than LIC\\\’s Term Plan. Here for my reference I want to compare all Private Term Plans with LIC alone. How Can I find information regarding Term Plans for each companies and LIC? How to know their claim settlement ratios? What other information to know regarding Company or Plan? As i have come to know that now each company has Profit and Loss report for each Plans. So benefit will goto Policy holder of that Plan and not to another policy holder of that Company.
How to evaluate this things and from what sources?

Thanks Manish for starting this form for Investors! You are doing Nobel Work for citizens like me.

2 replies on this article “Term plan insurance company track record check how to and what to?”

  1. Dear Chandresh, please read some prev. discussion on the queries raised by you. Regarding the difference in prem. for LIC offline plan v/s other insurers’ online – there are 2 reasons for it –

    1. LIC is using old mortality table where.

    2. Being offline plan, the agents’ commission & other frontline office costs are increasing the prem.



  2. Ramz says:

    Hi Chandresh,

    The following link will take you to the annual reports of IRDA where it has details of all the insurance companies, theirs settlement ratios etc. You can compare with previous years.


    May be in some previous posts, you can also get the comparisions done by your fellow investors. Happy research 🙂

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