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term Insurance Policy
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rrang438
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Post: #1   PostPosted: Wed Oct 24, 2012 4:17 pm    Post subject: term Insurance Policy Reply with quote

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.
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chetan83
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Post: #2   PostPosted: Wed Oct 24, 2012 4:25 pm    Post subject: Re: term Insurance Policy Reply with quote

rrang438 wrote:
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.


Better go for online Term policy, they are good and cheapest.
AVIVA is cheapest among private life insurers, then Metlife>>>>>
I-Pru and HDFC is bit costly.

Check their website, for more information.
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apka
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Post: #3   PostPosted: Wed Oct 24, 2012 4:47 pm    Post subject: Reply with quote

LIC

You can also avail bank loan against it in future.
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chetan83
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Post: #4   PostPosted: Wed Oct 24, 2012 5:02 pm    Post subject: Reply with quote

apka wrote:
LIC

You can also avail bank loan against it in future.


Term insurance is not an investment product, so no loan is given by Bank, it should be either Money back, ULIP aur Endowment plan. (Because there is no surrender value in Term policy).

Loan taken by bank (Home loan or Car/2 wheeler loan) and Term insurance taken against such loans is totally different, as that amount (Sum assured) is a collateral for bank IF insured dies and is not for Insured family. And such policy comes inbuilt with these types of loans offered by bank.
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apka
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Post: #5   PostPosted: Wed Oct 24, 2012 5:24 pm    Post subject: Reply with quote

chetan83 wrote:
apka wrote:
LIC

You can also avail bank loan against it in future.


Term insurance is not an investment product, so no loan is given by Bank, it should be either Money back, ULIP aur Endowment plan. (Because there is no surrender value in Term policy).

Loan taken by bank (Home loan or Car/2 wheeler loan) and Term insurance taken against such loans is totally different, as that amount (Sum assured) is a collateral for bank IF insured dies and is not for Insured family. And such policy comes inbuilt with these types of loans offered by bank.


Are you sure Chetan? I know that you can avail 90% amount loan on your Insurance Surrender Value. Do term insurance policy not allow surrender?

In my family since 80s we are having multiple small and different amounts of LIC policies. (not checked which type of insurance). After completion of each of the policies, we are getting money back we paid as premium and in almost all policies we have received a bonus amount accumulated over years (also notified) which so far I think only LIC has been giving to its policy holders.

Quote:

http://www.axisbank.com/personal/loans/loan-against-security/loan-against-security-features.aspx

Says: Overdraft facility can be availed against pledge of: Life Insurance Policies issued by LIC
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chetan83
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Post: #6   PostPosted: Wed Oct 24, 2012 5:35 pm    Post subject: Reply with quote

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
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apka
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Post: #7   PostPosted: Wed Oct 24, 2012 5:39 pm    Post subject: Reply with quote

chetan83 wrote:
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


You are right, I checked on LIC website also. Thanks for sharing this knowledge, helps me to avoid buying term insurance policy in future thinking loan can be availed from it Smile
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doctorshah
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Post: #8   PostPosted: Wed Oct 24, 2012 9:41 pm    Post subject: Reply with quote

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
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apka
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Post: #9   PostPosted: Wed Oct 24, 2012 9:48 pm    Post subject: Reply with quote

doctorshah wrote:
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


Yes, you mean ULIP, have experienced with HDFC and Bajaj Allianz. Five years and value is same as I paid. Took long time to come up.
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ssortee
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Post: #10   PostPosted: Wed Oct 24, 2012 10:21 pm    Post subject: Reply with quote

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
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nareshusv
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Post: #11   PostPosted: Wed Oct 24, 2012 11:16 pm    Post subject: Reply with quote

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
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ProTrader
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Post: #12   PostPosted: Thu Oct 25, 2012 7:04 am    Post subject: Reply with quote

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
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amolvpatankar
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Post: #13   PostPosted: Thu Oct 25, 2012 8:56 am    Post subject: Reply with quote

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.
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pkholla
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Post: #14   PostPosted: Thu Oct 25, 2012 10:22 am    Post subject: Reply with quote

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
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chetan83
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Post: #15   PostPosted: Thu Oct 25, 2012 12:26 pm    Post subject: Reply with quote

pkholla wrote:
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


Thats the reason, that after taking any policy, there is a minimum waiting period of 60 days.......that is IF any hazard takes place within 60 days after taking the policy.....case is sent to RCU (risk control unit)...chances are that claim amount will not be settled, IF case is found negative. Moreover, if a person dies within 2 years of taking a policy, case is still investigated by RCU team of Insurance company.
I have been watching this type of activity...and I too was asked by RCU team to investigate the matter in local level....these people doing such fraud Dont get Sum Assured, ONLY THEY GET BACK THEIR SURRENDER VALUE OF PREMIUM or Fund Value (not in Term Insurance)
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