Looking for good term Insurance

[medpal]

I have applied for home loan and planning to take term cover for both me and my wife.

Till now got online quotes from HDFC / SBI / ICICI / AEGON / BAJAJ / LIC .

HDFC is most cost effective and LIC is most costly. HDFC does not have additional Accidental Death Cover.

There is one refundable option too with HDFC but premium is huge.

Thinking and brain storming going on, will update once i finalise a policy.

 

[rbhasin11]

I have applied for home loan and planning to take term cover for both me and my wife.

Till now got online quotes from HDFC / SBI / ICICI / AEGON / BAJAJ / LIC .

HDFC is most cost effective and LIC is most costly. HDFC does not have additional Accidental Death Cover.

There is one refundable option too with HDFC but premium is huge.

Thinking and brain storming going on, will update once i finalise a policy.

That must be the Return of Premium (ROP) policy, where all premiums paid by you during the term of the policy are returned to you at the end of the term. If I'm correct, premium in case of ROP would be almost 2x of normal premium.

 

[hackernewbie]

Congrats. Do go through the document and compare it with their offer on their website.

Thanks Prasham bhai, I did go though their document once and did not find anything confusing & fishy.
Though the CI riders actually seems pretty useless to me, well almost!

- - - Updated - - -

I have applied for home loan and planning to take term cover for both me and my wife.

Till now got online quotes from HDFC / SBI / ICICI / AEGON / BAJAJ / LIC .

HDFC is most cost effective and LIC is most costly. HDFC does not have additional Accidental Death Cover.

There is one refundable option too with HDFC but premium is huge.

Thinking and brain storming going on, will update once i finalise a policy.

As long as you don't hide anything, I think all of them are equally good.
Choose the one that suits you.

Also, as suggested to me by others, try to split the amount and go for multiple players instead of one big insurance.

 

[medpal]

That must be the Return of Premium (ROP) policy, where all premiums paid by you during the term of the policy are returned to you at the end of the term. If I'm correct, premium in case of ROP would be almost 2x of normal premium.

The difference is huge, more than 10 times, actual premium in routine term plan is 12663 while for ROP plan its 175000/- :O

As the loan amount is big the ROP premium is high.

 

[medpal]

Here is my quote hunting with term insurances

Cover is for 70 Lakhs each and for 20 years term.

Company	Quote for Wife	Quote for self
HDFC	9202	12685
SBI	7756	12766
Aegon	9712	12354
ICICI	14450	20020
Bajaj	8923	14222
LIC	11562	16202

LIC / HDFC and ICICI does not have ADB built in.
Aegon has ADB and CI riders built in.

I personally dont see CI riders benefit as it covers only 4 diseases, while out of which 2 are the same.

If I try and combine LIC and HDFC 50% each the outgo increases a lot.

Confused like hell

Still contemplating what to do.

And yes LIC has started online term plans. here is the link LIC online term plan calculator

 

[knightrider60]

Here is my quote hunting with term insurances

Cover is for 70 Lakhs each and for 20 years term.

Company	Quote for Wife	Quote for self
HDFC	9202	12685
SBI	7756	12766
Aegon	9712	12354
ICICI	14450	20020
Bajaj	8923	14222
LIC	11562	16202

LIC / HDFC and ICICI does not have ADB built in.
Aegon has ADB and CI riders built in.

I personally dont see CI riders benefit as it covers only 4 diseases, while out of which 2 are the same.

If I try and combine LIC and HDFC 50% each the outgo increases a lot.

Confused like hell

Still contemplating what to do.

And yes LIC has started online term plans. here is the link LIC online term plan calculator

Calculate in whatever way you can you will mostly loose to these insurance companies in case of need.Even after paying 14k+ as premium of and a cover of 375000,i was turned down a small bill for 10K
I was guided to have a policy under the govt umbrella (and thanks for the advise sir)and thats the advise what i am going to follow and migrate my policy .

 

[hackernewbie]

..i was turned down a small bill for 10K...

Would you mind throwing some more light on this?
Would like to know which company it was and what went wrong?

 

[knightrider60]

Would you mind throwing some more light on this?
Would like to know which company it was and what went wrong?

There was no transparency on the deseases not ccovered.There were two cases,mine for suspected anaemia and was turnrd down by star health
second kind of complicated to explain,was turned down by max bupa in my brothers case.
Now do we have to have specific problems before we decide on taking these policies.I was unaware of my suspected so called desease,i was just admitted with a low hemoglobin problem and the doctor wanted to do a transfusion And that was not covered as the blood required by a patient should be in case of an accident and not like mine.Quite silly.
Save the accident case and let a poor weak guy die

 

[medpal]

There was no transparency on the deseases not ccovered.There were two cases,mine for suspected anaemia and was turnrd down by star health
second kind of complicated to explain,was turned down by max bupa in my brothers case.
Now do we have to have specific problems before we decide on taking these policies.I was unaware of my suspected so called desease,i was just admitted with a low hemoglobin problem and the doctor wanted to do a transfusion And that was not covered as the blood required by a patient should be in case of an accident and not like mine.Quite silly.
Save the accident case and let a poor weak guy die

I am sorry dear but we are discussing life insurance here and your problem is of health insurance.

Off late health insurance claims rejections have increased a lot because of ignorance of advisors and customers.

Why you anemia problem was not covered is skeptical, more details like when you started the insurance, after how much time the disease was discovered, what was the intended treatment line, and what were the investigations done is needed.

Most likely you were diagnosed as Iron deficiency Anemia, which is a chronic disease and may have been there before your insurance cover started so could be the reason for rejection.

PS : I know about health insurance a bit more cause I am a doctor and have to face many patients who dont know a lot of details and ask for wrong favors.
You can create a new thread for guidance or you can even pm me the documents copy so can guide a bit more.

As this is life insurance thread all these will be OT here.

 

[hackernewbie]

Reviving this thread.

When I started this thread, I purchased AEGON Religare term insurance for 50L.
I have to do another one for 50L and HDFC Click2Protect looks good to me.

Any quick suggestions would be very helpful here.

What's the difference between C2P & C2p Plus?