iCharts Discussions

rrang438 · White Belt Joined: 17 Sep 2008 Posts: 40

I would like to take pure term insurance policy for 30 years. I did not know which insurer will give good premium rate and better claim. Please help me if any one already spends time & money in it. Thanks.

chetan83 · Brown Belt Joined: 19 Feb 2010 Posts: 2036

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

LIC

You can also avail bank loan against it in future.

chetan83 · Brown Belt Joined: 19 Feb 2010 Posts: 2036

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

chetan83 · Brown Belt Joined: 19 Feb 2010 Posts: 2036

Hi Apka,

I worked for Life insurance company (operations)....there is no surrender value in term insurance....
u may further check google if they have any..

http://answers.yahoo.com/question/index?qid=20080609211943AAVVm38

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

doctorshah · White Belt Joined: 24 Jul 2011 Posts: 95

Apka donot mix insurance with investment. Term insurance is the cheapest form and the money you get back from other policies and return they give is peanuts

apka · Black Belt Joined: 13 Dec 2011 Posts: 6137

ssortee · White Belt Joined: 17 Sep 2007 Posts: 9

Term insurance policy is like the motor insurance policy wherein at the end of the term if the insurer survives then he will not get money in return. Term insurance policy is best if you want to insure for large amount at low premium. In my opinion everybody should have one term policy which should be equivalent to 10 times your monthly expenses so that your family can keep the money in FD and on the interest they can run the monthly expenses. Every individual should take the term policy as soon as he or she attains 18 yrs of age. The premium at young age is low. The best term for the term insurance is till the age of 70. You may buy the insurance online which is cheapest as insurance company do not have to pay the commission to the agents. For a medium income group i suggest a policy of 50 lakh, so that if that is kept in bank you can earn around 40,000 per month which is sufficient to run the household. In this case the principal is kept as such in case of emergencies

Hope this will clear all your queries

nareshusv · White Belt Joined: 20 Sep 2009 Posts: 65

Term insurance, Better take it from AVIVA or Bajaj allianz as they charge around Rs.6750 for 50 lacks for a 35 year old person.
LIC becomes expensive they charge around Rs.25000 for the same.
Term insurance is the best form of insurance,
Let me explain
if somebody paying LIC life insurance of Rs.20000/per year, They may get a life coverage around of Rs.250000, which is very less and the returns you are getting on the premiums is around 4-5%/year.
It is around Rs.1000 interest on premium of Rs.20000.
Now you take this example below
you pay Rs.7000 for term insurance and remaining Rs.13000(Your amount towards insurance) in bank FD of 9% interest the amount you get as interest is Rs.1170 and your insurance coverage is Rs.500000.
so decide which is better.
I do not comment on ULIP's as I dont like the product.

So my conclusion is better take term insurance
regards,
Naresh Smile

ProTrader · Site Admin Joined: 06 Jul 2008 Posts: 433

Cheapest is not always the best (everything is not like iCharts Mr. Green

).
The policy is not for you but you are buying it for the protection of your family. So ensure you read the terms and conditions clearly for no catches.

--PT

amolvpatankar · White Belt Joined: 23 Jun 2011 Posts: 104

DO NOT EVER MIX INSURANCE and INVESTMENTS...TERM INSURANCE IS A MUST FOR EVERY OF A FAMILY WHO IS HAVING DEPENDANTS...THHUMB RULE FOR HOW MUCH SUM ASSURED SHOULD BE...

(ANNULAL INCOME * 12)+ LOANS OR DEBTS IF ANY= SUM ASSURED AMOUNT

For eg. if Mr. A is earning Rs. 10000 per month i.e. Rs. 120000 per annum with no Loans

His sum assured should be 1,20,000 x 12 = 14,40,000

So in case of any mishap, his nominee will have Rs. 14,40,000 without any Tax cut.
Even if that amount is deposited in back via FD or in Liquid Fund, which can offer interest rate of 9% pa. then Interest amount would be 1,29,600

So the idea should be not to suffer any financial loss for family of the deceased who was earning Rs. 120,000 p.a.

Also note that the TDS on FD will get set off against the expenses which the deceased Mr. A would have incurred.

pkholla · Black Belt Joined: 04 Nov 2010 Posts: 2890

Friends: Let me share my experience with you. On my elder daughter turning 18, 5 years ago, I wanted to take a term ins in her name. For 6 months I tried with 4 cos., no result. When I forcibly told the 4th agent that I will catch your throat if u dont tell me what is the problem:
In UP people are having 4-5 daughters in trying for a son (elsewhere also but main prob UP, Bihar). What to do with excess production? Shaadi ka kharcha, dowry, hai Raam, hamne pahele nahi socha!
Buy a term policy for eldest daughter: Rs 7500 annual premium = Term Policy Rs 50 lakhs. Agent knows a good goonda who will take away the daughter, and kill her on 3rd/ 4th day by tossing in front of train/ lorry. All 3 share the returns. Mainly affected LIC which is active even in rural areas.
This is called MORAL HAZARD by insurance cos. That's why no one incl you and me can take out a term policy in name of daughter anywhere in India. Jai Hind, Prakash Holla

chetan83 · Brown Belt Joined: 19 Feb 2010 Posts: 2036