We can't conclude the best term policy in terms of any single parameter. We need to check multiple parameters which suitable for us as individual.
As per standards, Below 4 are the best selling policies in term insurance category. So i'm comparing these 4 insurance policies with multliple parameters.
This comparison is for HNI Clients i.e whose annual income is more than 5 Lakhs, I assume policy holder age is 30yrs and non smoking category.
For smoking category, the premium price will increase.
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Some Common Misconceptions:
1. Is it safe to take the Insurance from Other players than LIC.
Ans: Let me clear this first, This is the top most common question most people have.
All insurance companies must follow IRDAI guidelines including LIC. They must deposit 60% of our premium in IRDAI accounts, and follow other IRDAI guidelines.
If any insurance company will delay your payment on time, They have to pay you with interest.
If you check the Claim settlement ratio from above table, All other players have more settlement ratio than LIC.
To correctly articulate this, Let suppose SBI offering 6% interset rate for FD and ICICI is offering 8.5 for the same.
which one you opt for?
Did you go with SBI, just because it is old and public sector? Its upto you.
2. How to take the term policy?
Ans: First decide yourself, Then call the corresponding agents. Because most agents are allowed to sell only one insurance company policies, they try to manipulate you to take their company policy.
Even they will try to sell unnecessary addons which are not really required for you, just because of their targets and commission.
Be clear on what you want and then call agent.
You want trusted agents, Just drop me a whatsapp message(8801 64 8801). I will forward you contacts.
3. How to Redeem your policy in case something happen to you?
Ans: Once your insurance policy Approved, You will get one booklet which includes your policy number.
Your nominee need to submit policy number with death certificate, all by themself or with the help of agent.
Its as easy as withdraw amount from bank, No worries, anyone can do this.
Any Help Needed?
Not able to choose suitable policy for yourself, or want my second opinion, Feel free to comment here or you can drop a message on my whatsapp (Expect some delay for replies).
If you have any queries on term insurance or MutualFund investments or looking for gaining knowledge. Feel free to get in touch with me on my whatsapp number 8801 64 8801.
As per standards, Below 4 are the best selling policies in term insurance category. So i'm comparing these 4 insurance policies with multliple parameters.
This comparison is for HNI Clients i.e whose annual income is more than 5 Lakhs, I assume policy holder age is 30yrs and non smoking category.
For smoking category, the premium price will increase.
Insurance
Company
|
LIC
|
MaxLife
|
ICICI
Prudential
|
HDFC
Life
|
Sum
Assured
|
1Cr
|
1Cr
|
1Cr
|
1Cr
|
Age
|
30Yrs
–Non Smoking category
|
30Yrs
–Non Smoking category
|
30Yrs
–Non Smoking category
|
30Yrs
–Non Smoking category
|
Premium/Year
|
18,672
|
13,216
|
14,697
|
19,146
|
Policy
Term
|
Need
to pay premium till 65Yrs (Person Age), Policy also applicable
till 65Yrs.
After
he enters 66Yrs, Policy will not applicable.
|
Need
to pay premium till 60Yrs, Policy applicable till 80Yrs.
No
need to pay any premium between 61Yrs -80Yrs
|
Need
to pay premium till 80Yrs, Policy also applicable till 80Yrs.
|
Need
to pay premium till 60Yrs, Policy applicable till 80Yrs.
No
need to pay any premium between 61Yrs -80Yrs
|
Critical
Illness Option
|
Not
Available
|
Available
|
Available
|
Available
|
Claim
Settlement Ratio
|
98%
|
98.7%
|
98.6%
|
98%
|
Premium
Return After policy ends
|
No,
We don’t get any amount after policy ends.
|
We
will get all the premium we pay at the end of the policy term.
|
We
will get all the premium we pay at the end of the policy term.
|
No,
We don’t get any amount after policy ends.
|
Some Common Misconceptions:
1. Is it safe to take the Insurance from Other players than LIC.
Ans: Let me clear this first, This is the top most common question most people have.
All insurance companies must follow IRDAI guidelines including LIC. They must deposit 60% of our premium in IRDAI accounts, and follow other IRDAI guidelines.
If any insurance company will delay your payment on time, They have to pay you with interest.
If you check the Claim settlement ratio from above table, All other players have more settlement ratio than LIC.
To correctly articulate this, Let suppose SBI offering 6% interset rate for FD and ICICI is offering 8.5 for the same.
which one you opt for?
Did you go with SBI, just because it is old and public sector? Its upto you.
2. How to take the term policy?
Ans: First decide yourself, Then call the corresponding agents. Because most agents are allowed to sell only one insurance company policies, they try to manipulate you to take their company policy.
Even they will try to sell unnecessary addons which are not really required for you, just because of their targets and commission.
Be clear on what you want and then call agent.
You want trusted agents, Just drop me a whatsapp message(8801 64 8801). I will forward you contacts.
3. How to Redeem your policy in case something happen to you?
Ans: Once your insurance policy Approved, You will get one booklet which includes your policy number.
Your nominee need to submit policy number with death certificate, all by themself or with the help of agent.
Its as easy as withdraw amount from bank, No worries, anyone can do this.
Any Help Needed?
Not able to choose suitable policy for yourself, or want my second opinion, Feel free to comment here or you can drop a message on my whatsapp (Expect some delay for replies).
If you have any queries on term insurance or MutualFund investments or looking for gaining knowledge. Feel free to get in touch with me on my whatsapp number 8801 64 8801.
