Which term insurance to buy Aviva iLife or HDFC Click 2 Protect

POSTED BY Darsh Khan ON April 30, 2013 11:01 pm COMMENTS (7)

Hi,
 
I want an advice to choose right term insurance plan. My details are M, 35, Non smoker. I want term plan for 30-35years. Following are the plans that I have selected : Aviva and HDFC.
Aviva iLife Annual Premium 11,153 Term:35 years
HDFC Click 2 Protect Annual Premium 14157 Term: 30 years.
Claims settlement ratio:
 
Company Name 
Claim Settlement Ratio (2011-12) 
Solvency Ratio 
LIC
97.4%
1.54
ICICI Prudential
96.5%
3.27
HDFC Life
96.2%
1.72
SBI life
95.5%
2.04
Kotak
92.1%
2.67
Birla Sun Life
90.9%
2.89
Bajaj Allianz
90.6%
2.86
Max NewYork
89.8%
3.65
Aviva
89.6%
5.4
ING Vyasa
88.8%
3
Bharti Axa
87.7%
2.14
Star-Union Dai-ichi
86.2%
6.7
Reliance
84.6%
1.66
Tata Aig
83.9%
2.16
 

 

 

7 replies on this article “Which term insurance to buy Aviva iLife or HDFC Click 2 Protect”

  1. Dear Darsh, only after your death, your family can justify the CSR of Aviva or HDFC or anyother insurer. if you have declared your details, health condition, habits (smoking, drinking), family health history, job profile honestly, there is no reason to worry to you.

    Relax & purchase the insurance from the insurer of your choice.

    Thanks

    Ashal

  2. Darsh Khan says:

    Dear Anshal, 11.5K annual premium at that stage (after 25years) will mean nothing. But still if something happens and my family gets 1Cr, then its not a bad deal. Of course 1Cr at that stage will also reduce its value. Keeping term period to 35 from 25 years just increases my annual premium by 200Rs only. Perhaps this can be thought of a plus point in comparing from Aviva as compared to HDFC.
    Still my concern is that the company should be authentic. It should not be the case that they will just find excuses to not to give the claim or by that time company vanishes. At present I dont know both the companies – Aviva and HDFC in terms how they treat consumer in case they need to pay to consumer (instead of having money from consumer)
    Any thoughts on this?

  3. Gaurav Doshi says:

    Hi Darsh,

    I have recently applied for term from Aviva, policy still to come to me.
    But til now atleast the buying experience has been good. When you purchase their policy online and also speaking to their representative over phone – the good thing is you can request Aviva to send the voice recording CD copy of the entire discussion of yours with Aviva. Ensure you get it from them and save it with your policy document.

    Even the fear I had was the claim settlement ratio – but then if you are buying online and also speaking to their representative the key is provide all the correct information do not provide wrong information. Then get a copy of your telephonic discussion with the aviva team. This has helped me in getting confidence and I can handover and explain this to my family how to use the CD as verbal proof of our discussion.

    Also keep ensure you make all the declaration while filling the form online + keep printed email proof of your communication with aviva along with the policy.
    If everything is correct then no need to worry.

    Thanks,
    Gaurav

  4. Dear Darsh, 25Y means your age 60, so by that time, all your financial liabilities towards your family ‘ll be over. So where is the need to continue your term cover after this age?

    thanks

    Ashal

  5. Darsh Khan says:

    Anshal, Till what age you suggest that we should have term insurance? Getting a term insurance at age 50-60 will be hard. My wife and kid will have dependency for next 25 years.

  6. Prasanna Kottapalli says:

    Darsh,

    Look for their settlement ratios. ThE more the better and smooth. Aviva is cheap but not sure of their settlements.

    A min of 1.5 solvency is reqd which both the companies shortlisted by you maintain.

  7. Dear Darsh, @ age 35, whay do you need term cover till age 65 or 70? Please explain.

    Thanks

    Ashal

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