Good evening sir.
I am a state govt employee in Andhra Pradesh. My annual income is 5 lacks. My age is 33 years. My wife age is 26 Yrs. I want to take a term insurance policy for 50 lacks( for a long period )to give security to my wife even after my retirement. For every 5 years, I want to take a new term policy in addition to the first 50 lacks as my salary increases for every 5 years. Is my plan correct sir? Please guide me in this aspect sir. Moreover please show me the recent claim settlement ratio report (by IRDA). Which company is better for my term policy?
Balu-It is good idea that you planned to go for term insurance and at the same time an intelligent idea of increasing your insurance coverage once in a 5 year to match your income and financial responsibilities. Below are two of my blog posts, which will help you to short list the term insurance and to get an idea about IRDA’s latest report.
- Best online Term Insurance Plans in India for 2015-A comparative list
- IRDA Claim Settlement Ratio 2013-2014-Which is best Life Insurance Company?
thank you for your kind help sir. you spent your valuable time for me. I want to choose kotak life insurance pure term plan. is my decision correct sir?
ok sir. once again thank you for your help sir.
thank you for your kind help sir. you spent your valuable time for me. I
want to choose kotak life insurance pure term plan. is my decision correct
good evening sir. what are the precautions to be considered in giving declaration to an on line term policy? I have seen 15 pages information on that. it is very difficult to me to understand that(as I am not having much command on English) call center executive also did not help in this aspect( they were telling that it was a legal contact) .why this companies are publishing in English only. why don’t they publish the rules and regulations in regional languages? does it happen any thing wrong if I agree to the contract with out knowing the gist of it?
Balu-English is common language in India. Hence, they do it. If you are unable to understand few words then go to Google Translate and you can translate the words in your local language