There are lots of things which comes in your mind when you want to choose the best for your loved ones. It becomes more complicated when you know that you might not be around if the same were to be given to them. That is the problem in choosing the best possible Term Insurance for yourself.
There are many term insurance plans in India, but all of them have different premiums and features which confuses a prospective customer to choose the best term plan for him.
I belong the financial industry and enjoy a senior position as a VP with a leading Advisory firm. The best thing I can do professionally is research and select the best possible financial instrument.
The below mentioned are term insurance offered by insurance companies, which I studied:
Company Name Policy Name Mode Riders Available Premium(1 crore SA)
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Aegon Religare iTerm Online Yes 7,300 -------------------------------------------------------------------------------------------------------------------------------------
Bharti Axa e-Protect Online No 7,300 -------------------------------------------------------------------------------------------------------------------------------------
Aviva i-Life Online No 7,368 -------------------------------------------------------------------------------------------------------------------------------------
HDFC Life Click2Protect Online No 10600 --------------------------------------------------------------------------------------------------------------------------------------
Kotak e-Preffered Online No 10825 --------------------------------------------------------------------------------------------------------------------------------------
Edelweiss Tokio Life Protection Plan Online Yes 11,500 --------------------------------------------------------------------------------------------------------------------------------------
Metlife Met-Protect Online No 11,600 --------------------------------------------------------------------------------------------------------------------------------------
ING Vyasa My Term Insurance Offline NA 11,891 --------------------------------------------------------------------------------------------------------------------------------------
ICICI Prudential i-Care Online Yes 13000 --------------------------------------------------------------------------------------------------------------------------------------
DLF Pramerica U-Protect Online Yes 13,400 --------------------------------------------------------------------------------------------------------------------------------------
SBI life Smart Shield Offline Yes 16,798 --------------------------------------------------------------------------------------------------------------------------------------
Bajaj Allianz iSecure Online Yes 18400 --------------------------------------------------------------------------------------------------------------------------------------
Max NewYork Platinum Protect Offline Yes 23,500 --------------------------------------------------------------------------------------------------------------------------------------
IDBI Fedral Termassurance Online No 25,350 --------------------------------------------------------------------------------------------------------------------------------------
LIC Amulya Jeevan Offline No 33,600 --------------------------------------------------------------------------------------------------------------------------------------
Future Generali Smart Life Online No NA --------------------------------------------------------------------------------------------------------------------------------------
Birla Sun Life Protector Plus Offline Yes NA --------------------------------------------------------------------------------------------------------------------------------------
Tata Aig Maha Raksha NA NA NA --------------------------------------------------------------------------------------------------------------------------------------
Reliance Term Insurance Offline NA NA --------------------------------------------------------------------------------------------------------------------------------------
Canara HSBC Life Pure NA NA NA --------------------------------------------------------------------------------------------------------------------------------------
India First AnyTime Plan Online NA NA --------------------------------------------------------------------------------------------------------------------------------------
Sahara Life Insurance Kavach NA NA NA --------------------------------------------------------------------------------------------------------------------------------------
Star-Union Dai-ichi Term Plan NA NA NA
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The premium are for a 30year old, 30 years policy.
Before I proceed, there are few things which I would want to discuss about myself.
I am 33 years of age and a smoker. Not actually something to be announced to the world but a light occasional one. Around 1-2 on a daily basis. In such a situation, what would a normal person do? Avoid telling the same to the insurer. Don’t! The intention should be right. I declared more than what I normally smoke. Why? Because I wanted everything to be covered. Anyways there could be an additional test which could declare you a liar! Save yourself of that embarrassment.
I also quoted my income correctly. Usually the value of your life is 18x of your annual income or 50-your age x Annual Income. So know how much your cover is.
Share everything about your health with your insurer. Everything. Past (if any), Present and possible future. Dad, Mom, brothers, sisters everyone’s health. All close blood relation. This helps an actuary (A person who compiles and analyzes statistics and uses them to calculate insurance risks and premiums) to understand the risk component in insuring you. Be frank and open. Its like the 4 commandments of a happy man. Never hide anything from 4 people: Doctor, Lawyer, Insurer and your wife!
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