Want to take my 1st life insurance. ———-HELP ME ASAP….

POSTED BY chetan ON August 14, 2013 7:45 pm COMMENTS (11)

Hi Sir,


I an chetan from Mumbai. my DOB is 12/05/1988 (25 yrs). i want to take my 1st life insurance.


After reading ur side & watching all video i understood that, we have to take at least 1 TERM insurance.

so i go to my friend he is LIC agent. (My 1 st reference to LIC only compare to any PRIVATE LIFE insurance provider). 

so he suggest me that, take 2-3 mix LIC policy in your portfolio.  plan details as follows,


Inline image 1

so per above plan he told me that, after completing 1st jeevan saral policy (25 yrs) u will get 59249 rs per annum. so from this money u can pay ur rest of premium for other policy.



Can you please guide//help me to take this plan. If u say no then pls pls tell why i don’t go for this plan or suggest me other plan..


1 more thing, my friend told me that, while health test don’t tell that i am not smoker. i smoke cigarette in college days in 2009 only. so can u tell me that should i hidden this thing from LIC. this will effect on my policy or they me treated as smkoer person..


Last thing, LIC policy also applicable for service tax. from when it will starting. MY agent told me that if i take policy in this month only then i never i have to pay service tax to my whole LIFE…


I know that, i ask lots of que, to you but i dint have proper guidance. i hope yu will understand my concern.



I desperately waiting 4 ur reply…

11 replies on this article “Want to take my 1st life insurance. ———-HELP ME ASAP….”

  1. Dear Chetan, why did you not opted Aviva or Kotak or Aegon or Metlife?



  2. chetan says:


    Thanks to all reply…

    After ur all comment i will go with private term insurance provider.

    But I got confused bet HDFC & ICICI. both are best term insurance plan provider I looking 4 50 lakh for 30 years. their premium also all most same.

    But I WANT BEST….

    please help me to find out the BEST.

    If u chose one then pls explain why its good compare with other…

  3. Dear Chetan, based upon the info provided by you, there is no need of life insurance for you. Once you are getting married, you may purchase one depending upon the need & loan liabilities at that time. yes you should purchase health, critical illnes & accident insurance now.



  4. Muthu Krishnan V says:

    Though you do not have dependents and liabilities, over the next few years you are bound to get married and have children. My advise is to go for an online term insurance from private insurers like hdfc life/aviva/aegon for 50Lakhs or above (you might be able to obtain insurance upto 70Lakhs) for a term of 30 or 33years (till you reach 55y or 58y). In case you delay, god forbid any medical conditions develop, insurance will be denied which is my personal experience. do not worry about service tax as the premiums would be much much lower compared to LIC. Think about it. Also disclose each and every thing, your smoking history, any medical conditions you had or have, medical history of parents/siblings etc.perfectly and accurately. go through the form 3 or 4 times before submitting and ensure that everything is covered. ask you parents also about the questions. (you could add the smoking at the end before submitting 🙂 ).

  5. chetan says:

    Hi Ashal,

    Thanks 4 reply…

    Year Income :- 3.70 L per annum
    Family Size :- Only 3 member (mom dad & me).
    Married : Single.
    number of dependents: Till date ZERO.
    loan liabilities : NONE.


  6. Dear Chetan, may i know your yly income, family size, number of dependents, loan liabilities?



  7. chetan says:


    Thanks 4 your valuable suggestion.

    As per ur provided link, If i take Amulya Jeevan policy for 30 yrs for amount 25 L. i don’t want to pay any service tax to GOVT for next 30 years. my premium will be constant for next 30 years it is 7350 per annum. OR for this year premium only i got service tax exemption & from next years onward i have to pay premium amount (7350 rs) + service tax.

    I confused between this 2 thing please explain this issue.

    I asked this Que becoz if i go with PRIVATE INSURANCE COMPANY. then in 7350 rs premium (include service tax) I got upto 50 lac term insurance. but if GOVT increase the service tax then premium again increase every year & I have main problem here only.

    Many thanks for clear suggestion on SMOKER point….

    please add ur valuable suggestion. it help me lot to understand this thing.

    1. Mohit Pandey says:

      Yes you need to pay the service tax…….btw if you don’t have any dependent and any other liabilities which your family needs to pay after you (i.e. education loan or any other loan) than you do not required any insurance….use term insurance as a cover not a money generating tool….

  8. chetan says:


    Thanks for reply…

    Means as per ur suggestion i have to go only LIC Amulya jeevan plan.

    But i have query, if i take LIC plan then i didn’t have to pay any service tax to GOVT. so my premium will be same for my whole TERM. but i take any other Private insurance provided then i have to pay service as GOVT policy. IS IT TRUE????????????

    LAST THING , As i already mentioned i smoke cigarette in college days in 2009 only. Now i QUIT the smoking so can u tell me that should i hidden this thing from LIC


    1. Mohit Pandey says:

      If you are comfortable with LIC than go for LIC Amulya Jeevan.
      From Oct you have to pay the service tax. Read this http://www.thehindubusinessline.com/industry-and-economy/banking/from-oct-service-tax-to-make-lic-policies-pricier/article4877994.ece

      You should not hide anything while purchasing policy and since you were a smoker in 2009 than you have to purchase a policy as a smoker.

  9. Mohit Pandey says:

    Chetan, choose only pure term insurance be it from LIC or private insurer. Please read the following post for more information:-


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