This is Ashok Suthar from Ahmedabad and currently working in Mumbai (pharma sector). I am married and planning to take Term plan and gone through many insurance plans and finally decided between LIC / Max life / ICICI plan based on your claim settlement article. Max life will be merging to HDFC; so they will be one grp later on.
I heard many negative news claim settlement after death, unnecessary harassment to family, not aware any much information of term plan. Many frnds suggest to go for LIC as it is reliable but it is costly one. Do you really feels complication to opt for PVT insurance company.
- Can you please suggest me whether I shd go for costlier LIC or Maxlife Plan.
- Is there any benefit to opt the plan (increasing or monthly payout option) on normal single payout plan.
There is no guarantee that if you go with LIC, then LIC will accept your claim. It is the myth. Also, if you check the LIC claim settlement ratio’s average sum assured, then you notice that it is around less than Rs.5 lakh. Hence, claiming LIC is best to choose is individual’s claim is wrong.
All companies (including LIC) are here for business purpose and they are not into the social service sector. Hence, choose the one which you feel comfortable. The only thing that is in your control is providing all the details properly, to the best of your knowledge and without hiding anything.
Always select the single payout and make sure and teach your wife about how to manage that money if she receive due to your untimely death. Because many buy Term Life Insurance. But they do not teach to their family members about how to manage that money. It is important to teach equally to them because they receive this money WHEN YOU ARE NOT PRESENT.