POSTED BY October 7, 2013 7:56 pm COMMENTS (6)ON
I’ve taken a Term Insurance Plan from HDFC, click2protect, for 50L. And wanted to take more and have read somewhere that all your term plans should not be with the same Insurer. So, could you please suggest the second best term insurance plan and the insurance company.
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6 replies on this article “What are the best Term Insurance Plans in India right now ?”
Dear Kunal, you should apply for both covers simultaneously to avoid any gap in cover. Life is full of surprises and we never know, what’s there in future for us. 🙂
Dear Shankary, Yes, it can be implmented.
One couter view i could propose for having multiple term plans is that if your Claim is rejected by one provider and accpeted by other (provided details provided in both the cases are same), than a case can be filed against the company who has rejected the claim by providing accepted claim as a reference.
Another point could be that if you provide all the correct information about yourself than chances of Rejection is very minimal. Although i would propose to take two plans from two different insurance providers.
Insurers who can be considered are AVIVA, HDFC, KOTAK.
Is it better to take two term insurance at a time or should have some a time gap between the two. I am planning to take a term insurance plan from Aviva for Rs. 75000/- as it include a Accidental Death Benefit Rider and wanted to go for a second option with HDFC click to protect. Pls provide your views on the same.
Dear Shankary, w’d you like to cover your family’s financial hardship in your absence or want to add into it? The reason is simple, if you are covered under multiple insurance policies with multiple insurers, your family w’d have to run from here and there for claim settlement. Are you ok with this set up?
Please think over it.
Thanks for your quick response Anshul.
In some Finance related article, it was mentioned that it is always good to have term plans from two different insurers (Instead of having 1 Cr with single insurer, better to have 50L & 50L with two different insurers), reason being if one rejects for any reason, then the other option woud be open. I would accept here that if the denying reason is genuine then obviously other insurer also would rejects the claim.Here am quoting the example where there is no genuine reason to reject then also for silly reasons claims would be avoided always by some insurers for their malpractice. In such case, this may help. What to do you say? Please advise.