Which Online Term Insurance ? Please help….

POSTED BY jdkumar ON January 2, 2013 2:17 pm COMMENTS (4)


I am 34 years old working in an IT company and my wife is 30 years old working for a private engg college. I am looking for a pure online term insurance plan for both of us. Currently I have an online term plan of 50 Lakhs for 30 years with ICICI icare in which i pay a premium of 8000 for the past 2 years and my wife does not have a term cover.I want to cover her with 30 lakhs for maximum age or 30 years.I am confused over which company to select for purchasing a term insurance plan based on claim settlement ratio and customer service. Should I continue with Icici or switch over to HDFC life Click2Protect for better claim ratio or Aegon religare for lower premium and maximum age upto 75 years or kotak life ePreferred Term.And should i also consider critical illness rider and Accidental Disability Rider or plain vanilla term plan is enough for us?




4 replies on this article “Which Online Term Insurance ? Please help….”

  1. Kotak Support Team says:

    Dear Sir,

    We request you to provide your contact no. and email ID on clientservicedesk@kotak.com ID for better assistance.

    Kotak Support Team

  2. Dear Dinesh,

    As you rightly pointed out, claims and service are two most important factors to consider before buying Life Insurance. In a recently published annual report for FY12 by the industry regulator IRDA, ICICI Prudential Life Insurance has a healthy claims acceptance ratio of 96.5%. You can access the report by clicking on http://goo.gl/tU6Bt

    To know more about our claims process please visit http://goo.gl/mb85D

    We have also won numerous prestigious awards for our outstanding customer service. For example in 2010 ICICI Prudential Life Insurance was named as ‘India’s Most Customer Responsive Insurance Company’ by AGC Networks – Economic Times at Customer Responsiveness Awards. For more information please visit http://goo.gl/dnHQf

    We are also happy to share that consumers have voted ICICI Pru iCare as Product of the Year 2012 in the Life Insurance Category based on survey of over 30, 000 people by Nielsen.
    ICICI Pru iCare also gives you the option to choose riders for added protection.

    What this means is that if you have opted for an accident rider along with your policy cover of Rs. 1 crore, in the event of death arising as a result of an accident, the nominee gets an additional amount of Rs. 50 lakhs which is over and above Rs. 1 crore. Hence the total claim amount would be Rs. 1.5 crore. To know about different riders click on http://goo.gl/918sy

    Do let us know if you have any further clarifications.

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

  3. jdkumar says:

    Thanks FFC for your suggestions.

  4. If you had filled in your form while applying term insurance accurately and honestly you don’t have to worry about claim settlement ratios and dont have to switch

    Almost all rejections occur because of inaccuracies and concealment of fact while applying.

    Same goes for your wifes application.
    See manishs latest article. Fill the form yourself!
    75 years is not a big issue, You need insurance most likely until your retirement age.(or at least 60) Beyond that it is only an expense for you. Of course this assumes both invest wisely and create a corpus to retire comfortably,

    So go with whomever your comfortable with. Just for the sake of not putting both eggs in the same basket you could go with a second insurer you are comfortable with. But this is not a big deal.

    Accident insurance is pretty cheap to buy as a stand alone product.

    Need to be careful with critical illness riders as term cover may decrease if you make CI claim. Need to read the document carefully. So I would prefer a pure vanilla term insurance with separate accident and CI riders
    Since CI cover is expensive might as well get a separate one with best options.

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