Looking for good term Insurance

[Prasham]

What's the difference between C2P & C2p Plus?

C2P gives some fixed income every month as death benefit while C2P Plus gives 10% Annual Increment to the fixed income they give as death benefit. Its given in addition of the fixed sum assured.

IMO its better to go for plain term plan and invest the extra money in stocks / FDs / PPF etc. The reason why I say this is that if the Insured doesn't die during the policy tenure there is no advantage of the above plan. Instead save 30-50% extra (depending on the plan you choose) and save in other instruments.

BTW I too am planning to buy a Term Plan. I will probably go with Max or HDFC.

 

[rahi]

Even, i am going for 50L cover in addition to existing 50L cover with Aviva.. Shall be watching this thread more closely...

 

[hackernewbie]

C2P gives some fixed income every month as death benefit while C2P Plus gives 10% Annual Increment to the fixed income they give as death benefit. Its given in addition of the fixed sum assured.

IMO its better to go for plain term plan and invest the extra money in stocks / FDs / PPF etc. The reason why I say this is that if the Insured doesn't die during the policy tenure there is no advantage of the above plan. Instead save 30-50% extra (depending on the plan you choose) and save in other instruments.

BTW I too am planning to buy a Term Plan. I will probably go with Max or HDFC.

Thanks Prasham bhai, as you say, the plain Term Insurance seems better to me as well. Will be going for that.
HDFC doesn't have medicals for insurances upto 50L, what do you say, is it okay to not get the medicals done or go for 51L insurance instead of 50L so that the medicals become compulsory?

Even, i am going for 50L cover in addition to existing 50L cover with Aviva.. Shall be watching this thread more closely...

Same here as well, I have one from Aegon Religare.

 

[Prasham]

....HDFC doesn't have medicals for insurances upto 50L, what do you say, is it okay to not get the medicals done or go for 51L insurance instead of 50L so that the medicals become compulsory?

Do go for higher sum assured and get medicals done as it will be safer in the long run.

 

[hackernewbie]

Do go for higher sum assured and get medicals done as it will be safer in the long run.

Great, thanks!
That's what I am going to do

- - - Updated - - -

Do go for higher sum assured and get medicals done as it will be safer in the long run.

Yesterday, the HDFC guys over the phone, informed that medicals are done if the SA is more than 50L and hence suggested me to take a policy with SA of 51L but now their online chat support says the following:

Medical test will not be conducted if all the below 3 criteria is met :-

1. The age of the life assured is less than or equal to 45 years
2. The Sum Assured is below 75 lakhs
3. The person does not have any Negative medical history.

If any of the above points are not fulfilled then the life assured (LA) would have to go for the medicals.

What should I do now? Take the policy for 50L-51L without medicals (I would prefer medicals to be done)? Anything else?

 

[ashish0712]

Missed this Interesting Little Thread, Had Bought the HDFC Life Click 2 Protect Online Term Plan Close to 4 Months Back. Overall a Very Good Experience.

~Make sure you are not tempted with Extra Life and Additional Income Options
~ Go for Term Cover which is at-least 10 times your Annual Salary.

And Most importantly never Buy an Insurance Product for Returns. Never Mix Insurance and Investments.

 

[hackernewbie]

Missed this Interesting Little Thread, Had Bought the HDFC Life Click 2 Protect Online Term Plan Close to 4 Months Back. Overall a Very Good Experience.

~Make sure you are not tempted with Extra Life and Additional Income Options
~ Go for Term Cover which is at-least 10 times your Annual Salary.

And Most importantly never Buy an Insurance Product for Returns. Never Mix Insurance and Investments.

Thanks for the inputs Asish!
I went for HDFC Life Click 2 Protect Online Term Plus with no bells & whistles (went for the Plus because I wanted the medicals to be done, not compulsory in the C2P for upto 75L).

I think once this policy is issued, I will have a cover of more than that

And yes, I don't mix insurance & investments.

 

[ankitsr]

I've read that you need to disclose all your existing policies clearly to avoid chances of any claim rejections later. Does it include disclosure on on-term insurance policies as well? (Like couple of ULIP plans from LIC, SBI Life and Birla Sunlife done primarily for tax saving)

 

[hackernewbie]

I've read that you need to disclose all your existing policies clearly to avoid chances of any claim rejections later. Does it include disclosure on on-term insurance policies as well? (Like couple of ULIP plans from LIC, SBI Life and Birla Sunlife done primarily for tax saving)

I had to declare my existing Term Insurance, not sure about others.

I don't think, insurance for tax saving is not a very great option. Just saying.

 

[ankitsr]

I don't think, insurance for tax saving is not a very great option. Just saying.

I'm aware of that ,need to exit couple of those which I took in the initial years into the job..moving to ELSS now. But I'm also looking to buy a term insurance and was wondering if these need to be disclosed.

Also Max life has a pretty good settlement ratio and is considerably cheaper than HDFC ,SBI , ICICI etc . It it a reliable option or should I go for HDFC C2P?