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POSTED BY ON February 4, 2014 9:21 pm COMMENTS (4)
I have 2 Jeevan Anand Policies from LIC, completed 5 years tenure. I am planning to surrender them and go for a term insurance. Can anyone suggest me the best term insurance plan with good claim settlement ratio and covers major possibilities of Death(like Death due to Disease, Accident etc).
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Dear Haritha, I was expecting this reply from you. So in the end, it’s our personal comfort level and the truthful disclosure that ‘ll matter to decide the insurer. No one is the best here. Hope now you can understand it. So opt the insurer of your choice.
Thanks
Ashal
Dear Ashalanshu,
Can you guarantee that so called insurer whom you suggest will provide claim on my Death?
That is the reason I am looking to take around 50 L for Term insurance and another 20 L for PA Policy.
I have decided to go Bajaj Allianz for PA, but unable to decide on Term insurance.
Thanks,
Haritha
Dear Haritha, what ‘ll your family do if the so called the best insurer fails to honor claim on your death?
Thanks
Ashal
There are many in the market like Aegon Religare, Aviva, Bajaj Alianze, HDFC, ICICI, LIC etc.
LIC has the highest premium and the highest CSR. Aegon has the least premium.
About CSR do remember that the ratio published by the IRDA in its annual reports are for overall insurance policies offered by a company and not only term insurance. You can always ask a company the CSR of Term Insurance policies. Also do not worry too much about CSR. A CSR of 90% or more can be considered good.
What is more important here is that when you bu a Term insurance declare everything correctly. Do not hide any important information which may cause a problem latter while coming to settle the claim.
Once you are sure that all the relevant information (like medical history of yourself and your family, Your Income, Your Job, Your Habits: Drinking Smoking etc if any) are declared correctly no company can stop the settlement of claim.
Coming to last part of your queries, all term insurance policies cover all types of deaths whether its due to disease or accident or even suicide (After one year from policy date).