[Haste]

Originally Posted by ghodlur

With the Insurance section opening up and new players in the fray, Insurance policy premium are at a competitive new. I was browsing the net for a term Insurance in addition to the already existing term plan which I have. I have been paying the premiums in the range of 25K to 30K annually from a new age Insurance co for a Sum assured of 1 cr and 15 yrs tenure in the smoker's category.

I came across a term plan called Mera term plan from PNB Metlife. For the above criteria i.e 44 yrs old, Smoker 15 yr term plan, SA of 2 cr the premium seen online was Rs 36K which was slightly more than the premium I am paying presently for 1 Cr SA. So it makes sense to switch over to the new Insurer. Also the Claim settlement ratio of PNB metlife as per their claims is over 90%.

Highlights:
1) Lowest premium for the said criteria
2) Spouse can be covered for half the SA and slight addition in the premium which again is competitive if done individually
3) In case of death, SA is paid and Spouse's cover will continue with no premiums to be paid
4) Death benefit payout options available - Lumpsum payment, 60% SA + fixed monthly payments for 10 yrs, 50% SA + variable monthly payments @12% increasing, Child benefit payout to the immediate kin.
5) Cover available till 75 yrs of age.

Link attached: http://online.pnbmetlife.com/meratermplan/

Just wanted to know if anyone has bought the term plan from PNB Metlife? I am in the process of getting their brochure, will update once I receive it.

Disclaimer: I have nothing to do with PNB Metlife, just posting for the information purpose only.

Hi,

I'm looking to buy term plan for myself, after reading your post I checked out PNB Metlife's since partner's coverage for half the price seemed attractive, however I found out that they have a wording that:

This unique benefit ensures that life cover for your better half continues even if you are not there. All future premiums for your partner’s cover will be waived off. This option is available if your sum assured is more than 50 lacs. Coverage for partner is limited to 50% of your sum assured (max limit – 50 lacs). If your partner is a homemaker a 25 lac cover is provided

Does it mean that my wife will only get 25 lakh coverage ? The premium for her is coming to be 5200 annually. This coverage seems rather low for price paid. In that case it would be better If she takes the policy and i addon as the partner since then it would be 50 lakhs, and I take some other plan for different company for rest of amount.

[bluevolt]

Please suggest me some good term and endowment policy providers & plans.

LIC is bit expensive with not so great returns with its endowment plans. Also is the interest earned through insurance policy taxable?

[gsurya]

Originally Posted by bluevolt

Please suggest me some good term and endowment policy providers & plans.

LIC is bit expensive with not so great returns with its endowment plans. Also is the interest earned through insurance policy taxable?

Never buy any endowment or money-back policies. Buy the cheapest term online term insurance available from a company you think will be around decades from now.

http://www.relakhs.com/best-online-t...e-plans-india/

[diyguy]

I am noticing a "CD Charge" when trying to may my LIC payment on their portal. This is new and was not there before. Am not able to determine what this charge is for. My policy is due for payment only on the 10th of Dec, so it cannot be a late fee.

[ghodlur]

Originally Posted by diyguy

I am noticing a "CD Charge" when trying to may my LIC payment on their portal. This is new and was not there before. Am not able to determine what this charge is for. My policy is due for payment only on the 10th of Dec, so it cannot be a late fee.

Even I observed it when I tried paying the premium online. Parallelly I have registered LIC as a biller on my Credit card co, where I can pay without any additional charges other than the premium amount. I am yet to receive the intimation from my CC for the bill payment which is usually 1 week before due date.

[greenhorn]

I was trying out different options for Icici term insurance, with a 2Cr base coverage
Adding 50L critical illness insurance doubles the premium(17-> 38K a year) , with the catch being that the 50L paid out is removed from my base cover.
As long as I am earning, i expect to be covered by some sort of coverage by my employer (no taste for entrepreneurship yet)


If the illness is serious and I am no longer able to work, that would be covered by permanent disablity
If it is temporary and i can return to work, my employers insurance should be enough


Just trying to figure out what's the rationale/value for this significantly higher premium?

I understand the risk is higher, but why are they going to deduct it from my base cover?

[TorqueyTechie]

Hello guys,

I was planning to buy term insurance policy for myself and my wife. I already have term plans from LIC and my wife has one from SBI.

I was looking at going for the ICICI prudential smart health cover for my wife and myself so that we can avail tax benefits as well as extra protection for ourselves. When I was going through the policy details I see that this policy has no maturity benefits. So does that mean incase if i take a policy with SA of 10 lpa for 15 years and keep paying the premium for 15 years and if there is no claim or I am not dead during the end of the term period, I will not get any maturity value is it?

Requirement for me is to get health cover until the term expires and then if I am still alive then get the SA back at the end of term period. Looking at this requirement would it be better to go with ICICI pru iProtect Smart or is there any other policies from other insurance providers that I should be looking at?

[vvijay]

Originally Posted by TorqueyTechie

Hello guys,

I was looking at going for the ICICI prudential smart health cover for my wife and myself so that we can avail tax benefits as well as extra protection for ourselves.

IMO, as far as ICICI Prudential Smart Health Cover is concerned, there are no monetary benefits on policy maturity. It's just the cover they offer for the premium we pay and that's it !

[nowwhat?]

One insurance agent many years ago advised me to take 2-3 insurance policies instead of a single policy of more than a crore. His rationale was that in case one provider disbursed money faster, it would reduce some anxiety for the heirs. Also in case one provider disputed a claim while the others disbursed, the heirs are on better legal ground to dispute in court that it is a fault of that provider.

Originally Posted by greenhorn

I was trying out different options for Icici term insurance, with a 2Cr base coverage
Adding 50L critical illness insurance doubles the premium(17-> 38K a year) , with the catch being that the 50L paid out is removed from my base cover.
As long as I am earning, i expect to be covered by some sort of coverage by my employer (no taste for entrepreneurship yet)

Yes, Critical Illness (CI) rider price is high -- Roughly the same as term cover for 1/4th or 1/5th the value. So your quote seems about right.

The CI rider has evolved over the years. The one I took many years ago covers only 6 illnesses and you got the money on diagnosis, now they cover 20-odd (sometimes 30+) and you get the money only after you survive the illness for 30 days. The earlier 6 illnesses covered all cancer, all types of stroke, etc., now you need to get a specific type of cancer to get the money. Honestly the CI rider no longer makes any sense to me and I suspect it is there so that the life insurance providers can make some extra on the side.

You can also get CI with your health cover or as a standalone, but those premiums go up with age unlike the rider on a term policy. I don't think this makes any sense either.

Originally Posted by greenhorn

If the illness is serious and I am no longer able to work, that would be covered by permanent disablity
If it is temporary and i can return to work, my employers insurance should be enough

Don't think you will be able to return to work with the kind of critical illnesses they mention.

Permanent disability I think only covers accidents.

Originally Posted by greenhorn

I understand the risk is higher, but why are they going to deduct it from my base cover?

The rationale seems to be that after they paid the CI rider money up front, the CI rider ceases to exist and you no longer pay it. However as the insured's mortality has increased, they need the same life insurance premium for the decreased sum assured.

[dass]

Question on top up Health insurance.

My parents (retired) are insured through dad's central govt establishment for 2.7L PA. I wish to purchase a top up coverage for them since they already have the base cover. All these years, I was also taking a base cover through my company, but realized that I was just donating the money to the insurance company without any benefit, since I cannot make two claims on the base cover. What options do I have?

[diyguy]

Originally Posted by dass

All these years, I was also taking a base cover through my company, but realized that I was just donating the money to the insurance company without any benefit, since I cannot make two claims on the base cover. What options do I have?

I think due to age they may not get their own top up. You should take too up from your employer's service provider and include them as your dependents. This is what I do every year for my mom. You can ignore their existing base cover insurance and only claim under yours for any unfortunate expenses that do come up.

[Mohan Mathew A]

Does anyone have any information as to how the 8/10% discount that the government declared for paying premium electronically works.

[digitalnirvana]

I am going to turn 33 tomorrow and need to buy a term insurance today. I do not have a term insurance (due to being misguided I have 4 insurance cum money back policies with total SA of 20 odd Lacs but a huge premium of 1.2L per year). Yes, I am that fool who has maxed his 80C with insurance policies at the prodding of bank RMs.

Please advise of a term insurance plan which can be bought online, within the next 5.5 hours or so.

I am looking for a plan with 2.5 Cr of sum assured. Please advise what should be the age limit selected (is 65 enough?) Also what are critical illness, accidental insurance etc add ons that should be selected.

Help please.

[shipnil]

Originally Posted by digitalnirvana

I am going to turn 33 tomorrow and need to buy a term insurance today. I do not have a term insurance (due to being misguided I have 4 insurance cum money back policies with total SA of 20 odd Lacs but a huge premium of 1.2L per year). Yes, I am that fool who has maxed his 80C with insurance policies at the prodding of bank RMs.

Please advise of a term insurance plan which can be bought online, within the next 5.5 hours or so.

I am looking for a plan with 2.5 Cr of sum assured. Please advise what should be the age limit selected (is 65 enough?) Also what are critical illness, accidental insurance etc add ons that should be selected.

Help please.

5 hrs will let you pay the premium but then there are tests involved for such a large policy. I think all the private providers have online term plans. 65 is good enough assuming your dependents would be self sufficient by that time. Riders, up to you, they all increase the premium amount.

[hothatchaway]

Originally Posted by digitalnirvana

I am going to turn 33 tomorrow and need to buy a term insurance today. I do not have a term insurance (due to being misguided I have 4 insurance cum money back policies with total SA of 20 odd Lacs but a huge premium of 1.2L per year). Yes, I am that fool who has maxed his 80C with insurance policies at the prodding of bank RMs.

Please advise of a term insurance plan which can be bought online, within the next 5.5 hours or so.

I am looking for a plan with 2.5 Cr of sum assured. Please advise what should be the age limit selected (is 65 enough?) Also what are critical illness, accidental insurance etc add ons that should be selected.

Help please.

Hi
Not able to understand your desperation of somehow buying a term policy before your 33th birthday; it is good that you have realized you have been saddled with too many money back policies or their ilk and now want to buy a pure insurance product, but a month or so of research on what suits you best (and another 14 odd day which at a bare minimum would be needed with the medical test and policy issuance) will do you no harm. AFAIK term insurance premiums are based on age calculated in multiples of five, so a couple of months should not queer the pitch for you with regard to age, however your medical condition per the tests will definitely have an impact on the final premium amount. Since you have already determined the sum assured and are figuring out the term, ask yourself this: depending on your family situation, are you likely to have members dependant on your income beyond the age of 65 or any other age that you determine. Ideally life insurance is to secure your income for your dependants once you are no longer there and should the dependancy cease or you stop earning the need for a life cover ceases. Since it may not be possible to forecast this in the relatively young age of 33, I suggest you take the maximum possible term (most offer until the age of 75 with riders and until 80 without riders) this will add a nominal amount to your premium but also afford you the flexibility of not renewing the policy when no longer needed. Evaluate the riders, eventually its a life cover and one can add riders to mitigate risks, but insurance is a hedge and is limited by your willingness to extend the additional premium you want to pay. You can choose to buy an accident insurance cover for a nominal amount (general insurance companies provide this) in the interim to have some cover for the month or so that it will take to get a life cover