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Top 5 Best Term Insurance Plans in India 2018

February 20, 2018by Basavaraj Tonagatti

Which are the online Top 5 Best Term Insurance Plans in India 2018? What is the claim settlement ratio of these best term insurance plans? Let us choose the best term insurance plans in India by comparison with charts.

We have around 24 Life Insurance Companies and as of now, all insurance companies offer online term insurance plans. Hence, it is hard to shortlist the BEST among them. This post will help you in shortlisting the Top 5 Best Term Insurance Plans in India 2018.

What is Term Life Insurance?

Term Insurance is the type of Life Insurance. If death occurs of the policyholder during the policy period, then his/her nominee will receive the Sum Assured selected. If policyholder survives till the end of the policy period, then he/she will not receive any maturity amount.

This is the reason, these policies cost you very less and cover a large amount of life risk. This is the PURE LIFE INSURANCE. Hence, anyone who has financial dependents must buy this product immediately.

However, nowadays there are so many variants in Term Life Insurance. For example, the return of premium, Term Life Insurance up to 100 years of age, a variety of riders and variety of claim payable option.

But instead of complicating your dependents, buy a simple plain term life insurance. Why you complicate your dependents when you are buying this is that this product’s benefit will come into picture when you are not here.

What are the advantages of online Term Insurance Plans?

Nowadays all Life Insurance companies offer you online term insurance plans. The advantages of online term plans are as below.

# It is convenient to buy as with the click of a button you can buy it.

# As there will not be any middlemen involved, the price is cheap than offline term insurance plans.

# You fill the proposal form on your own. Hence, an error of margin is LESS.

# Undue influence by agents is not there.

# Along with the discount of DIRECT purchase, if you buy through online then now life insurance companies will give you 8% on your FIRST YEAR PREMIUM. This is to promote cashless online transactions.

Top 5 Best Term Insurance Plans in India 2018

Now let us shortlist the Top 5 Best Term Insurance Plans in India 2018. How I selected the Top 5 Best Term Insurance Plans in India 2018?

# How old are the companies

# Claim Settlement Ratio

# Premium Cost

# Plan Features.

How old are our Life Insurance Companies?

Below is the chart which explains the age of all life insurance companies. I am comfortable with the company which is at least 10 years old.

Indian Life Insurance Companies age

You notice that among 24 Life Insurance Companies, only 17 companies completed 10 years or more. Therefore, my target is among these 17 companies only.

The reason behind this criteria is that Life Insurance is a long-term contract between you and insurance company. Hence, the older the company the more comfortable I feel.

IRDA Claim Settlement Ratio for 2016-17

I have already written a detailed post on this at “IRDA Claim Settlement Ratio 2016-17 | Best Life Insurance Company in 2018“.

However, for the better understanding purpose, I am putting the data again in this post.

IRDA Claim Settlement Report 2016-17 Data

You notice that among total 24 Life Insurance Companies, around 8 companies are in GREEN (Claim Settlement Ratio above 95%). Total 11 companies are in YELLOW (Claim Settlement ratio between 90% to 95%). Total 5 companies are in RED (Claim Settlement Ratio below 90%).

As usual, LIC tops the list. But don’t feel happy. Let us see the claim amount settled by individual companies to arrive at best companies.

Average Claim Settlement Amount of Life Insurance Companies in 2016-17

As I said above, the claim settlement ratio will not give you the clear picture about which type of products the insurance companies settled. However, we can assume the types of products they settled by looking at the average claim settlement amount of Life Insurance Companies in 2016-17.

IRDA Claim Settlement Ratio 2016-17 Average Claim Amount

Here come the results !! LIC stands in lowest with red in colour along with Life Insurance Companies like Sahara, Reliance Life, Exide and Future Generali. What is it indicating?

It shows that, even though LIC settled the highest number of claims, the majority of such claims are less than Rs.2,00,000 Sum Assured. Hence, it is indicating indirectly that LIC’s claim settlement is mainly in the category of Endowment Plans but not Term Insurance.

Hence, the moral of the story is that DON”T RELY TOO MUCH ON CLAIM SETTLEMENT RATIO ALONE!!

Premium Cost of Term Insurance Plans

Now I will consider these 5 Life Insurance Companies premium only to arrive at best. The Insurance Companies which I shortlisted are as below

  1. LIC (Why? Because the oldest and Government backed mammoth)
  2. ICICI
  3. HDFC
  4. Max Life
  5. Aegon Life (Why even though it is less than 10 years-Because of its claim settlement ratio and average claim amount it settled).

Last year I recommended SBI Life’s Term Life Insurance. However, this time I excluded that by including Aegon Life.

Now I will consider an example of a person whose age is 30 years, Term of Plan as 30 years, Non-Smoker and healthy, Sum Assured Rs.1 Cr and yearly premium payment. I selected plain vanilla product without any riders or add-on features.

Top 5 Best Term Insurance Plans in India 2018 Comparison List

Now let us look at the plan features and decide which are the Top 5 Best Term Insurance Plans in India 2018.

Top 5 Best Term Insurance Plans in India 2018 Features

Few points to consider while buying term insurance

# Never rely on Claim Settlement Ratio

Claim Settlement Ratio is raw data. This data will not give you enough picture of what type of products the insurance companies settled. Hence, relying too much on this single data and selecting a product is not a good idea.

# Quantum of Life Cover

Ideally one must have at least 15-20 times of your yearly income. This is the basic calculation.

# Fill the data properly

Sharing data especially materialistic information must be accurate. If you are unable to understand anything, then immediately contact Life Insurer for the help. Understand the questions and fill only when you know what you are filling.

# Never allow someone to take over your decision

Never budge on the decision which is against your wish. If you are fully comfortable, then only go ahead and buy.

# Term of the policy

Ideally, it should be up to your retirement age. Because you retire when you are financially free. Hence, Life Insurance is not required during your retirement age.

# Splitting of Term Insurance

There are few who are apprehensive of relying on a single insurer. Hence, they try to split among few. But in reality, there is no logic in splitting. What is the guarantee that the all insurer will accept or reject the claim?

# Stay away from riders

Never combine Life Insurance with General Insurance requirement. You will get better-featured covers from general insurers regarding accidental and critical illness covers. Hence, simply avoid riders.

# Never heed the aggregators choice

Nowadays there are so many online aggregators. You may not know that they act exactly like insurance agents. Hence, never rely on their claim. Do your own research. If you are satisfied, then only go ahead and buy. Refer my post about the same “Beware of Insurance Comparison portals in India“.

# Know about Sec.45 of Insurance Act

After the recent clarification about Sec.45 of Insurance Act, the customer became king. It states “No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.”

Refer the complete post at “Term Insurance-Claim Settlement Ratio no more a big criteria“.

# Review your life insurance cover

Buying Life Insurance of Rs.1 Cr or Rs.3 Cr is not a one-time affair. You must review your life insurance requirement at least once in the 5 years. If required, then you must increase the sum assured.

# Be cautious with premium payment

In case of term insurance, you have to be very cautious when it comes to premium payment. It is always better to opt for yearly premium payment and also if possible make it automated by the way of ECS. If policy lapses due to your negligence, then you have to undergo medical tests and all kinds of stuff once again. If there are any health issues, then the insurer may reject to renew the policy.

# Never go for Telemedical Examination

Recently one of my blog readers pointed that few Life Insurance companies insisting just Telemedical Examination by questioning about your health details in the phone (Refer-Can I buy Term Life Insurance with Telemedical Verification?).

It may be the easiest process for you and for life insurance companies. However, I feel suspicious of such kind of medical examination. Because in future insurance companies may find 100000 reasons to reject the claim on health ground.

Instead, I suggest you to go for medical examination. This will really clear the dust or doubt in your mind about future claim settlement.

Final Note:-The list of “Top 5 Best Term Insurance Plans in India 2018” is my personal choice and comfort with insurance companies and by verifying features. However, it does not mean that my selection will be the UNIVERSAL selection.

Hence, if you have a different opinion from my selection, then it does not mean you are buying a wrong product. My only concern here is not to shortlist “Top 5 Best Term Insurance Plans in India 2018”, but to give the gyaan which you must take into consideration before you shortlist your term life insurance.

Category: Insurance PlanningTag: Top 5 Best Term Insurance Plans in India 2018

About Basavaraj Tonagatti

Basavaraj Tonagatti is the man behind this blog. He is SEBI Registered Investment Adviser who is practicing Fee-Only Financial Planning Process and also an Independent Certified Financial Planner (CFP), engaged in blogging since 7 years. BasuNivesh blog is ranked as one among India's Top 10 Personal Finance Blog. He is not associated with any Financial product/service provider. The purpose of this blog is to "Spread personal finance awareness and make them to take informed financial decisions." Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. These should not be construed as investment advice or legal opinion."

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Reader Interactions

Comments

  1. DEEPAK SUMAN

    December 6, 2019 at 10:22 PM

    HDFC standard life wale Mera claim settled nahin kar rahe hain

    Reply
    • Basavaraj Tonagatti

      December 7, 2019 at 6:56 AM

      Dear Deepak,
      Knock IRDA.

      Reply
  2. Niranjan

    October 12, 2019 at 4:13 PM

    Hi Basvaraj,
    My insurance advisor says to invest in because it pays 10% interest: https://www.iciciprulife.com/money-back-endowment-plans/assured-savings-plan.html

    Few years back, my parents purchased a similar plan, but it only pays 3.3% because it is pegged to 50% of G-sec. Do you think this is a similar scam? Or is it legit?

    Reply
    • Basavaraj Tonagatti

      October 13, 2019 at 10:09 AM

      Dear Niranjan,
      After your parent’s experience, if you still believe your adviser, then only god can protect your money.

      Reply
  3. Joe A

    September 10, 2019 at 11:05 AM

    I have chosen ICICI Term plan, even before issuing the policy they are pushing other medical products. Now I have requested for the cancellation of my policy. Can I choose Max life or HDFC? Confused with my desicion please help

    Reply
    • Basavaraj Tonagatti

      September 11, 2019 at 7:19 AM

      Dear Joe,
      Both HDFC and Max are good. You can go ahead.

      Reply
  4. Rajit

    August 29, 2019 at 1:40 PM

    Sir a Query :
    Lic tech term or Hdfc 3d protect

    Lic : pros it’s Govt backed
    : cons : it’s Govt and you know how govt offices work.

    Hdfc : Pros : Private player so good services
    : cons : Not Govt backed . Risk

    So in your view what to do ??

    Reply
    • Basavaraj Tonagatti

      August 29, 2019 at 5:56 PM

      Dear Rajit,
      For me both are equally good and bad 🙂

      Reply
  5. Sashi

    May 22, 2019 at 7:11 AM

    Dear sir plz suggest Between hdfc click 2 protect and icici i smart term plan for 1 CR sum assured.Hdfc is covering upto 82 yrs nad icici upto 85 yrs. I prefer maximum term . Plz guide on the plan on the basis of services, financial strongness of company and customer relationship .i m very confused which plan i have to choose. Premium of icici is little higher than hdfc. Now i m 32 yrs opd. According to your post both plan are good still as per your knowledge and research help me to choose best one for me.

    Reply
    • Basavaraj Tonagatti

      May 22, 2019 at 8:37 AM

      Dear Sashi,
      Do you need life insurance up to the age of 80+?

      Reply
      • Sashi

        May 22, 2019 at 9:23 AM

        Yes sir i want cover upto 80 + as i calculate my family will be depend on me upto 70 yrs on me

        Reply
        • Basavaraj Tonagatti

          May 22, 2019 at 9:56 AM

          Dear Sashi,
          So you will not retire up to your age of 70 years as they are depending on your income? If your family depends on 70 years of age, then why life insurance beyond 70 years of age?

          Reply
      • Sashi

        May 22, 2019 at 9:27 AM

        Sir as i think if my death occurrs after 80 and if i have taken plan upto 70 to 75 age then only for 5 yrs my all premium will be waste of money. So benefit will be given to NOMINEE .so i thought i should go maximum term cover .plz guide

        Reply
        • Basavaraj Tonagatti

          May 22, 2019 at 9:57 AM

          Dear Sashi,
          Great idea 🙂 But what will be the value of the sum assured you are opting today to when you turn 70 years of age?

          Reply
          • Sashi

            May 22, 2019 at 10:14 AM

            Ok sir i m clear about your thought so plz suggest me which company i should select for plan icici or hdfc and upto which age i should take plan

            Reply
            • Basavaraj Tonagatti

              May 22, 2019 at 1:35 PM

              Dear Sahi,
              If the age up to which you cover matters, then go ahead with the one which offers you at maximum age.

              Reply
  6. Vaibhav Karley

    May 16, 2019 at 5:59 AM

    Dear Sir ,
    I have two question plz advise i want to purchase HDFC LIFE CLICK 2 PLAN FOR 1 CR THEY HAVE OPTION FOR PREMIUM PAYMENT IF I PAY SOME MORE PREMIUM TO NEXT 28 YRS (UPTO 60YRS OF MY AGE)THEN AFTER IT REMAINING 22 YRS(From age60 to Aage 82) OF MY COVER I WILL NOT HAVE TO PAY ANY PREMIUM AND MY COVER WILL WE CONTINUE. SO PLZ SUGGEST THIS OPTION OF PRIMIUM PMT IA GOOD FOR POLIC
    Regular prem is – 16807 of i pay upto 82 yes
    Limited premium is – 22925 if i pay upto 28 YRS
    Plz suggest according to time value of money.

    Reply
    • Basavaraj Tonagatti

      May 16, 2019 at 8:44 AM

      Dear Vaibhav,
      Do you need the LIFE INSURANCE up to your 82 years of age? Also, what benefit they are giving you? Go for simple yearly premium payment.

      Reply
      • Vaibhav Karley

        May 16, 2019 at 4:24 PM

        Sir My age is 32 yrs and hdfc providing coverage upto next 50 yrs that is upto 82 yrs of my age. Benefit is if i pay premium upto 82 yrs of my age then i have to pay regularly Rs 16807 yearly
        But if i pay upto 60 yrs of age then i have to pay Rs 20925 yearly and REMAINING 22 YRS upto 82 yrs of my age no premium i will have to pay. So PLZ suggest which option is suitable accordingly to time value of money

        Reply
        • Basavaraj Tonagatti

          May 16, 2019 at 7:15 PM

          Dear Vaibhav,
          Whether the premium for both the options are SAME? NO right? Then it is up to you which one to choose. But for me, I choose the regular yearly premium rather than limited premium payment. Again asking you, do you need Life Insurance up to the age of 82?

          Reply
          • Vaibhav Karley

            May 17, 2019 at 6:37 AM

            Yes sir i want to cover upto 82 yrs. Because i think after age of 60-70yrs chances of death is more. So i want to cover myself upto maximum age. Please suggest me am i right for this decision.
            Next is i show you premium calculation
            Regular prm- 16807*50=840305
            20925*28=585900
            So difference is840305-585900=254405 so i m saving this amount and after age 60 i will have not to pay any premium upto age 82 .
            Please suggest

            Reply
            • Basavaraj Tonagatti

              May 17, 2019 at 9:25 AM

              Dear Vaibhav,
              When you retire from work, then no one will be financially dependent on you, then what is the use of Life Insurance? Also, the sum assured you have opted may be peanut when you reached 70 yrs or 80 yrs of age. Now regarding the so-called DISCOUNT, there is a concept called TIME VALUE OF MONEY. Hence, don’t feel it as a BIG DISCOUNT for you.

              Reply
              • Vaibhav Karley

                May 17, 2019 at 9:41 AM

                Thanks sir for your speedy reply and guidance . Plz suggest HDFC LIFE is good for me or i should explore more companies like SBI, ICICI ,MAX LIFE etc in the point of view that there is no issue of claim arise in future.

                Reply
                • Basavaraj Tonagatti

                  May 17, 2019 at 9:43 AM

                  Dear Vaibhav,
                  Go ahead with your choice and disclose all facts properly.

                  Reply
                  • Vaibhav Karley

                    May 17, 2019 at 10:11 AM

                    Sir at present i have term plan of lic of 50 lakh, but i have to switch to hdfc life so i should intimate lic to close the term plan or simply if i dont pay premium of lic automatically this plan will lapse. About closer of this plan should also mention in new policy or simply buy new policy.second i have also lic endowment plan this will also mention in new policy document. Please guide

                    Reply
                    • Basavaraj Tonagatti

                      May 17, 2019 at 6:06 PM

                      Dear Vaibhav,
                      In case of term life insurance, you no need to inform to existing life insurer about the closure. Also, while buying the new life insurance, if you are sure that you are closing the existing life insurance, then you no need to mention it while proposing.

  7. Somnath

    February 19, 2019 at 2:51 PM

    I have 1cr Term plan from Eidelweiss Tokio for last 3 yrs, at a premium of Rs 15340/- per year. Now I am 34 yrs old. Is it ok, if I shift to low premium Term plan like Aegon? And discontinue from Eidelweiss?
    Please suggest.

    Thanks. regards,
    Somnath

    Reply
    • Basavaraj Tonagatti

      February 19, 2019 at 4:45 PM

      Dear Somnath,
      If the difference is huge, then you can shift and cancel the existing once you receive the new policy in your hand.

      Reply
  8. Ashit

    February 1, 2019 at 2:30 PM

    Dear Sir, Thanks for the useful post. I wants to know is their any rule from Irda that if someone pay 3 consistently premium to any company then company has no right to cancel his claim.

    Reply
    • Basavaraj Tonagatti

      February 1, 2019 at 7:11 PM

      Dear Ashit,
      I already mentioned about the same in above post (Sec.45).

      Reply
  9. Makesh

    January 29, 2019 at 6:44 AM

    Dear,
    Could please explain about accident rider benift? Does all term insurance cover any kind of death I meab natural/accident if so why there is additional accidental rider benift?.

    Reply
    • Basavaraj Tonagatti

      January 29, 2019 at 7:44 AM

      Dear Makesh,
      In the case of normal Term Life Insurance, assume you opted for Rs.1 Cr Term Life Insurance and death happened due to normal or death, the nominee will receive Rs.1 Cr ONLY. However, along with this normal cover, you have opted for an accidental rider of Rs.50 lakh and if death happened due to accident, then nominee will receive Rs.1.5 Cr (Rs.1 Cr normal life coverage, and Rs.50 Lakh Accidental Death Coverage). Hope you got the clarity.

      Reply
      • Makesh

        January 29, 2019 at 2:33 PM

        Thanks for the response. So you suggest rider benift is not required due it will increase premium right?
        And can you suggest me the best term policy which has low premium for 1Cr with good company.

        Reply
        • Basavaraj Tonagatti

          January 30, 2019 at 7:26 AM

          Dear Makesh,
          I am not suggesting to include not because of premium will increase. But you can buy such riders separately which will be exhaustive in features than these rider benefits. Regarding suggestion on term policy, I have already mentioned my choices in above post.

          Reply
  10. Hamsaraj chowta

    January 28, 2019 at 9:53 PM

    sir, i compleated 50yrs, my annual income is around 7 lac .i have paying nearly 2lac for insure [different company most of them investment basis all purchased through agents .without any knowledge and by obligation.
    now i want to buy pure term insurense which can protect my family .i am a healthy man how i buy really good policy? aditya birla,max ,or you suggest good policy for me.

    Reply
    • Basavaraj Tonagatti

      January 29, 2019 at 6:28 AM

      Dear Hamsaraj,
      Wait for my new post regarding the same.

      Reply
      • Paresh C

        January 31, 2019 at 7:45 PM

        That’s good news. I hope your fresh post soon. I want to buy a policy (age 42, income 6 lac) in this month. I will wait for your post to help me to take write decision. If possible send alert to my email ID.

        Reply
        • Basavaraj Tonagatti

          February 1, 2019 at 6:30 AM

          Dear Paresh,
          Thanks. You can subscribe to my posts (Widget is available at right-hand side of the post for a desktop view).

          Reply
      • Hamsaraj chowta

        February 7, 2019 at 9:40 PM

        sir,can i buy two term insurense from two different company?

        Reply
        • Basavaraj Tonagatti

          February 8, 2019 at 6:00 AM

          Dear Hamsaraj,
          Why not?

          Reply
  11. Krishnamohan gm

    January 27, 2019 at 10:19 PM

    Nice post Basunivesh !
    People like you are very much needed, who provides Fact based Financial advice with a holistic Financial Planning orientation.

    Reply
    • Basavaraj Tonagatti

      January 28, 2019 at 9:04 AM

      Dear Krishnamohan,
      Pleasure 🙂

      Reply
  12. Anand

    January 10, 2019 at 3:38 PM

    Hello Mr. Basavaraj,

    I just wanted to know which of these two good to proceed with I.e. LIC E-term or ICICI Prudential iProtect Smart?

    Because i heard ICICI cheating when it is coming at the time of claim settlement and make the people to suffer with respect documentation.

    in other part, LIC premium is costly so pls advise based on your previous or others experiences.

    Reply
    • Basavaraj Tonagatti

      January 10, 2019 at 9:07 PM

      Dear Anand,
      We can’t judge the company just because one or two cases have issues. Also, we don’t know the reasons behind rejecting the claim. Hence, it is unfair to brand any company BLINDLY. Choose the one which is comfortable to you. For me both are equally good and bad.

      Reply
  13. GEORGE MICHAEL

    January 9, 2019 at 4:16 PM

    Dear Sir,
    Very nice and informative piece of work by you..thanks!
    Kindly advise on two –
    1) Purchasing term plan through online insurance comparison portal is ok?
    2) Which is better mode of premium payment – month / yearly if both to be selected through ECS?
    Regards

    Reply
    • Basavaraj Tonagatti

      January 9, 2019 at 5:20 PM

      Dear George,
      1) NO. They may push the products where they have more earning.
      2) YEARLY.

      Reply
  14. Raj

    January 6, 2019 at 12:02 PM

    Hello Sir,
    I wanted to know when a claim gets rejected? From other blogs that I have read, if I don’t provide correct information in my proposal form then during the claim settlement time it causes an issue. For. e.g. If I am an occasional smoker and in my medical test I was found as a smoker(so I paid the premium of a smoker), then during the claim settlement time, Would that create an issue during the claim settlement as in my proposal form I had mentioned myself as a non-smoker?

    Reply
    • Basavaraj Tonagatti

      January 6, 2019 at 5:05 PM

      Dear Raj,
      If the policy was issued under Smoker category, then no need to worry.

      Reply
  15. Manoj

    January 5, 2019 at 5:44 PM

    Hi Basavaraj sir,

    Which one would you prefer between Aegon, max and ICICI for term insurance and considering base plan without any add-on in all 3. I know by premuim wise Aegon is less expenesive, but I would like to know which company among above mentioned is most reliable or hassle free while settling the claims?

    Reply
    • Basavaraj Tonagatti

      January 6, 2019 at 5:14 PM

      Dear Manoj,
      All are equally good and bad.

      Reply
      • Manoj

        January 6, 2019 at 9:35 PM

        I am going with max sir
        Thank you

        Reply
  16. Prabhat Nath

    January 4, 2019 at 5:00 PM

    Hi Friend. it is a very nice article and informative. I took Aviva iTerm Plan for 50L cover when I was 35 years old and the term was 35 so the cover was till my 70Yrs. So now I understand the fact. Now I am 42 yrs old, and I feel I should have taken for 1Cr cover, so can I go ahead and take another 50L cover till my 60 Age? Please advise.

    Reply
    • Basavaraj Tonagatti

      January 5, 2019 at 9:21 AM

      Dear Prabhat,
      Why not?

      Reply
  17. parashuram

    December 31, 2018 at 11:24 AM

    sir one person take different comm-penis terms policy’s by or not my yearly income is 900000/- like icici and tata aia 7500000+7500000 by a two different policy’s plz answer me sir

    Reply
    • Basavaraj Tonagatti

      December 31, 2018 at 12:38 PM

      Dear Parashuram,
      Can you elaborate more?

      Reply
  18. Ramesh

    December 30, 2018 at 3:06 PM

    I purchased the Sbi smart plan
    3lac for 5 years the agent says you will get annual payment on year 6
    Expected returns 8-10%

    Is this a risky policy

    Also it says
    This is a Unit Linked Pension Plan which comes with a minimum Guaranteed Maturity Benefit of 101% of all premiums paid in case the funds do not give desired returns.

    Do agents earn more commission on selling deferred plans

    Is it better to buy guaranteed plan

    Reply
    • Basavaraj Tonagatti

      December 30, 2018 at 10:21 PM

      Dear Ramesh,
      NO RETURNS are guaranteed on such plans. Also, if your time horizon is less than or equal to 5 years, then NEVER touch equity products (whether it is ULIP or Equity MF).

      Reply
      • Ramesh

        December 30, 2018 at 11:13 PM

        It is Sbi retire smart plan
        3 lac each year for 5 years
        Then take annruity from 6

        Is it better for me to change to guaranteed plan

        Reply
        • Basavaraj Tonagatti

          December 31, 2018 at 12:37 PM

          Dear Ramesh,
          I can say one thing, NEVER COMBINE INSURANCE WITH INVESTMENT.

          Reply
  19. Ramesh

    December 30, 2018 at 12:58 PM

    Is the amount of money you invest say in a single premium plan guaranteed if the company
    Collapse

    Reply
    • Basavaraj Tonagatti

      December 30, 2018 at 2:45 PM

      Dear Ramesh,
      They can’t shut their door and run away. It is highly regulated.

      Reply
      • Ramesh

        December 30, 2018 at 3:07 PM

        Say this happens is the money guaranteed by
        Goverment

        Reply
  20. vishal

    December 29, 2018 at 12:58 PM

    very informative views, sir, thanks, i was abt to buy lic plan but will give , aegon also a chance , thanks again
    sir, i want term plan for myself, my annual income is 1.80 lacs approx, which company should i apply , since many private company wants 3 lacs as minumum annual income, n what should i prefer online or ofline policy ,
    plz guide,

    Reply
    • Basavaraj Tonagatti

      December 29, 2018 at 9:50 PM

      Dear Vishal,
      You can buy the one as per your choice from the above-listed companies. Better to go for ONLINE.

      Reply
  21. Mahesh

    December 24, 2018 at 4:11 PM

    Hello Mr. Basu,

    I am 29 and I have got Max Life insurance just 6 months back. Now have got to know about TATA AIA Sampoorna Raksha plan with limited 5 years of premium payment and coverage of 40 years.

    The TATA AIA premium for 5 years is nearly 2.3 times more that Max Life’s premium which have to continue to pay till my age 60.

    I just wanted to know, if it is wise to switch to TATA AIA considering all the above factors OR stay with Max Life.

    Thanks.

    Reply
    • Basavaraj Tonagatti

      December 24, 2018 at 5:34 PM

      Dear Mahesh,
      Whether you can afford such 2.3 times more premium? If YES, then go ahead.

      Reply
  22. Ritesh

    December 19, 2018 at 10:59 PM

    Hi Mr. Basu, thanks for this very detailed info to choose the term plan by individual. I have got a point of thinking in riders element where i would differ from your blog. Why to choose standalone critical illness rather rider to term plan, when you get your premium fixed & less than from standalone? For example Maxlife Term plan CI Rider for 20 lakhs cost to 6k & standalone optima vital would cost you 9k & the same will keep on increasing. Pls correct me if my pov wrong & advise.

    Reply
    • Basavaraj Tonagatti

      December 21, 2018 at 1:04 PM

      Dear Ritesh,
      What about the other features? When you choose riders, they come with certain restrictions. Please cross check once again.

      Reply
  23. Lavkush gupta

    December 18, 2018 at 6:41 PM

    Siri am a state govt employee in Raj . Me ek term insurance plan Lena h me isme bare me kuch bi nai Janta mere poche meri family h mujhe ap suggest kare ki mujhe ye Lena chiye ya nai or konsa plan best rahega or kitna amount ka meri age 33 h thanks

    Reply
    • Basavaraj Tonagatti

      December 18, 2018 at 7:50 PM

      Dear Lavkush,
      I already shared my views in the above post.

      Reply
  24. Lalit Jagasia

    December 14, 2018 at 6:47 PM

    Sir would like to know how is Edelweiss Term Insurrance Zindagi Plus Plan… I’m 49 years now…Pls help

    Reply
    • Basavaraj Tonagatti

      December 15, 2018 at 7:11 AM

      Dear Lalit,
      I usually not recommend the new entrant.

      Reply
  25. Munna R

    December 12, 2018 at 11:27 PM

    Hello Basavaraj,
    Thanks for this detailed comparison of the best term insurance companies.
    I am looking to buy one and had narrowed own on Aegon and then i also looked at Max Life.
    As of today, i see that MAX life premium is the least.. Both have good settlement ratio, however it is not the most important factor as per you and i am inclined to think the same too..

    The advantage of Max life from what i see is that, it comes with an option of paying the premium for only upto a retirement age of 60 years though the coverage term remains the same as we choose.. (Max upto 80 years)..
    So we do not have to pay the premium for the next 20 years.. if all goes well 😉 ..
    No doubt, yes the annual premium for this option would be higher..
    Almost like 1.4times the normal one..
    But overall you would still save quite some amount as you are paying for 20 less years.. (Assumign i opted for 80 years and paid for only for upto 60 years).

    My question to you is… Should i go ahead with this option? Seems very lucrative.. However wanted your opinion on this..
    Don;t know whats in store in the next 20-25 years.. I am a little skeptical and don;t if some of these condition’s change later and they do not honour it etc..

    Do you see any dis-advantages in going with this option? or Do you see any catch here?

    Really appreciate your reply on this.

    Best Regards,
    Munna

    Reply
    • Basavaraj Tonagatti

      December 13, 2018 at 6:48 AM

      Dear Munna,
      Do you need Life Insurance during your retirement?

      Reply
      • Munna R

        December 13, 2018 at 8:59 AM

        Sorry i quite didn’t get that..
        I do not have any life insurance and not plan to have one..
        I was looking only for pure “Term Insurance Plan””..
        I would like to invest on health insurance though..

        Reply
        • Basavaraj Tonagatti

          December 13, 2018 at 10:13 AM

          Dear Munna,
          Insurance is not investment 🙂

          Reply
          • Munna R

            December 13, 2018 at 10:41 AM

            No doubt 🙂 … I didn’t mean to say invest.. (wrong word used) .. 😉
            I would rather spend money on buying good health insurance policy than going for life insurance.. is what i meant..
            Term insurance is definitely not an investment for myself.. but for sure it will help and support my family in the case of an unfortunate event..

            So coming back to my original question…
            Do you suggest going for Max life and pay the premium only till the age of 60?

            Appreciate your response and the amount of time you spend in patiently answering even the silliest questions.. and guide people here.. and more so at no cost.. Rarely do we find such people.. Keep up the great work..

            Reply
            • Basavaraj Tonagatti

              December 13, 2018 at 10:56 AM

              Dear Munna,
              I am asking you same question. Do you need the Life Cover during your retirement age?

              Reply
              • Munna R

                December 13, 2018 at 1:19 PM

                Hmm…. well it depends on various conditions is what i feel..
                – Are You in Debt ?
                – Are Your Children and Spouse Self-Sufficient?
                – If i retire and no longer work to make ends meet, you probably don’t need it

                So honestly am not sure if its really required..

                But yeah maybe assuming these things are not bothering too much then yes don’t need a Life cover on retirement..

                Your opinion would definetly help me weigh this.

                Regards,
                Munna

                Reply
                • Basavaraj Tonagatti

                  December 14, 2018 at 9:30 AM

                  Dear Munna,
                  Financially you RETIRE only when you achieved FINANCIAL FREEDOM. When you have FINANCIAL FREEDOM, then LIFE INSURANCE is not at all required (whether it is today or tomorrow).

                  Reply
              • Munna R

                December 13, 2018 at 7:38 PM

                Hello Basavaraj,
                Can you please let me know your opinion on this..
                Should i consider the option of paying the premium till the age of only 60 ?

                Also, another thing i noticed with Max Life is they are only asking for Telemedical Verification..
                Can we insist them on a full medical verification instead? I will be calling them to check on this..
                However if you have the information please do let me know..

                Thanks,
                Munna

                Reply
                • Basavaraj Tonagatti

                  December 14, 2018 at 9:18 AM

                  Dear Munna,
                  I think you are unable to understand the question I am asking you. Life Insurance during retirement is WASTE. I am not sure why you want it up to 80 years of your age. Better to insist full medical examination.

                  Reply
                  • Munnna

                    December 14, 2018 at 9:50 AM

                    Thanks a lot Basavaraj …
                    Yes i get your point and agree you don;t need a life insurance during retirement.. The concept behind that is by retirement age we should ideally be free of any liabilities, financial burdens, children’s are all grown up and on their own and things like that..

                    But life is full of uncertainties and hence we always see whats the backup plan if in-case something doesn’t work as planned..

                    While i was evaluating these different polices between Max life and Aegon i just found this option and then the thought/greed kicked in i guess 🙂 ..

                    Pay only till 60 years, but then coverage till 80 or more than 60 years… and looking at the premium i would have paid for opting only for 60 years Vs paying slightly more (ranging between 7-11k per year based on age) premium for the same period and getting an extended cover for another 20 years was tempting..

                    But for sure i was not looking for 80 years of coverage..

                    And that’s where my question was to you.. to help me understand..

                    I just feel these are some marketing tactics used by companies to play around/lure people in paying more premium…

                    Again thanks for your help..
                    I will insist on full medical checkup to be sure nothing is hidden and everything is in records..

                    Regards,
                    Munna

                    Reply
                    • Basavaraj Tonagatti

                      December 14, 2018 at 11:09 AM

                      Dear Munna,
                      Also the point you have to consider the value of today’s sum assured you are opting to the value when you are 60 years of age.

                    • Munnna

                      December 14, 2018 at 11:47 AM

                      Yep.. that’s not going to match or be enough with the kind of inflation etc …

                      I am planning to go ahead and but one for the period of 65 years.. (just pushing my retirement to that age :))

                      I had narrowed down on Max life.. Do you think i should again check between Max Life and Aegon?

                      Thanks,
                      Munna

                    • Basavaraj Tonagatti

                      December 14, 2018 at 5:26 PM

                      Dear Munna,
                      Now you are on right track 🙂

  26. Manjit

    December 10, 2018 at 7:33 PM

    Daer Basu sir , I want to take TP and my age is 35 smoker , I have not any major illness except one time nose bleeding due to high BP . Should I mention the same in application form for TP… Thanks

    Reply
    • Basavaraj Tonagatti

      December 11, 2018 at 6:38 AM

      Dear Manjit,
      Yes, you have to mention it without failure.

      Reply
  27. M

    December 10, 2018 at 3:36 PM

    Hi,

    Thanks for this elaborated comparison, I want to know as you said to stay away from riders, does it also mean to stay away from waiver of premium rider on disability and critical illness ? I am confused between HDFC, ICICI, Max & AEGON.

    HDFC – Highest Premium because of WOP rider for CI & Disability
    ICICI – Less than HDFC because there are no WOP riders
    MAX – WOP CI rider available but for 35 Years term or 70 Yrs of age – premium almost same as ICICI
    AEGON – Least premium in vanilla product but not sure about company’s reputation

    Should I go for vanilla product or with WOP rider.

    Thanks

    Reply
    • Basavaraj Tonagatti

      December 11, 2018 at 6:34 AM

      Dear M,
      You can opt for a premium waiver but not critical illness rider. You can buy accidental or critical illness policies separately. Regarding choices in the companies you mentioned, it is completely up to you to decide.

      Reply
  28. Suman

    December 9, 2018 at 6:51 PM

    Sir plz help

    Reply
    • Basavaraj Tonagatti

      December 10, 2018 at 7:03 AM

      Dear Suman,
      Regarding?

      Reply
  29. Suman

    December 7, 2018 at 1:12 PM

    Dear Sir,
    My husband is 32yrs and non smoker.

    We don’t have any kind of insurance rather than a star health insurance.

    We are planning that we will only do a single insurance plan which is a term plan.

    But unable to find the goodone.

    I am confused on Max and Aegon.

    Plz suggest,
    as Aegon having maximum maturity age which is I think is good for term plan
    but Max having good vintage and name in the market.
    Sir, plz short out my confusion.

    Reply
    • Basavaraj Tonagatti

      December 10, 2018 at 7:10 AM

      Dear Suman,
      For me both are fine. But do you need life coverage during retirement age? As per me, NO. Hence, go for Max Life.

      Reply
      • Suman

        December 11, 2018 at 8:57 AM

        Thanku so much sir, it will really helpful

        Reply
  30. Arun m

    November 27, 2018 at 10:59 PM

    Sir Which is best Term insurance plan for better Advantage benefits.

    plz suggest company plan

    age 30

    Term 40 year.

    Reply
    • Basavaraj Tonagatti

      November 28, 2018 at 10:16 AM

      Dear Arun,
      They are already listed in above post.

      Reply
  31. Rajam Hepsydinakar

    November 26, 2018 at 12:33 AM

    Sir, excellent article.You have simplified my plan to go for a term insurance for my daughter. My mind is clear now. Thanks.

    Reply
    • Basavaraj Tonagatti

      November 26, 2018 at 2:05 PM

      Dear Rajam,
      Pleasure 🙂

      Reply
  32. Rajam Hepsydinakar

    November 26, 2018 at 12:27 AM

    Sir,Thank you for your explicit and detailed coverage of term insurance in your article.I was in great dilemma whether to go for Aegon iTerm insurance for the past three months.In fact I directly received a quote from Aegon Life Insurance.Now I have decided after reading your article. I seek term insurance for my daughter aged 32,drawing Rs7-8 lakh annually.Suppose my daughter takes iTerm plan policy for 1 cr and she pays annual premium for 33 years(upto 65 of her age) ,will there be coverage for another 35 years till she becomes a centenarian if she is healthy and everything goes well? In other words,how to get cover for 100 years for the given data of my daughter under Aegon iTerm plan?

    Reply
    • Basavaraj Tonagatti

      November 26, 2018 at 2:06 PM

      Dear Rajam,
      Do you need coverage post retirement age?

      Reply
      • Rajam Hepsydinakar

        November 26, 2018 at 3:09 PM

        Yes,upto 100 years, sir.

        Reply
        • Basavaraj Tonagatti

          November 26, 2018 at 8:42 PM

          Dear Rajam,
          May I know the logic behind having life insurance cover up to 100 years?

          Reply
          • Rajah Hepsy

            November 28, 2018 at 3:10 PM

            Sir, suppose she takes policy term upto her age 80 years, the policy matures ,no maturity amount will be given under term insurance, if she survives beyond 80 years. Suppose she lives beyond 80 and and goes to God in 90 years of her age,I want that she must leave behind the cover amount to her nominee. That is why I want life option under Aegon iTerm policy.

            Reply
            • Basavaraj Tonagatti

              November 28, 2018 at 8:07 PM

              Dear Rajah,
              What will be the value of the sum assured when she be 80 Yrs or 90 Yrs?

              Reply
  33. Navin

    November 23, 2018 at 1:39 PM

    Hello sir, I got term insurance policy from Max life for lumpsum amount of 50 lakhs with critical illness rider of 15 lakhs. I have a past medical history of brain stroke. After medical tests, Max life rejected my application citing medical history as the reason. What options do I have of getting term insurance from other companies. Also I bought critical illness rider as I thought that the rider cost would be the same till end of policy term. Is this the correct way to go about critical illness rider or do you recommend stand alone critical illness policy. Please give your valuable thoughts on above two issues. Thanks sir.

    Reply
    • Basavaraj Tonagatti

      November 23, 2018 at 2:15 PM

      Dear Navin,
      “What options do I have of getting term insurance from other companies?”-Hard to say because it mainly depends on underwriter decision. Hence, you try your luck with a different insurer. It is best to choose a standalone critical illness.

      Reply
  34. Hari

    November 20, 2018 at 9:31 PM

    Hello sir, my special thanks to u, i have been through ur article it is so informative about insurance plans and i was able to select one ( ICICI i smart). I am 30yrs old earning 15l per ann, also want to invest some amount like savings for future gains. Please enlighten as to what is d better way to safely invest. Thank you

    Reply
    • Basavaraj Tonagatti

      November 21, 2018 at 7:08 AM

      Dear Hari,
      Thanks for your kind words. Regarding guiding you for investment, it is a hard part from my end to guide you without knowing much about your financial life.

      Reply
  35. kittu

    November 13, 2018 at 7:39 PM

    Hi,
    I’m planning to take term insurance. i see huge difference for smokers and non-smokers. i’m smoker and planning to take term insurance as non-smoker to minimize the premium since as per IRDA SECTION 45 if the policy completed for 3 years there are no issues in claim settlement process even though if i hide material facts.
    2) Kotak mahindra is offering term insurance for 1 crore without medicals so i’m planning to take that since i’m aware of sec 45.
    3) As per sec 45 insurance companies have a right to do medical tests within 3 years but not sure how kotak is offering term plan without medicals.

    plz let me know u r thoughts

    Reply
  36. Janakiram

    November 12, 2018 at 7:30 PM

    Hi Sir,
    I am planning to buy term insurance from my mother(Age 48), she has ITR’s for last two years earns upto 3 Lacs.
    My questions are
    1)Last two years ITR’s are enough to get the term plan?
    2)Planning to buy till the age of 85(I will be 60 at that time),is it wise decision?

    Reply
    • Basavaraj Tonagatti

      November 12, 2018 at 7:31 PM

      Dear Janakiram,
      They need usually around 3 years ITR. But cross check yourself whether someone financially dependent on her? Is answer is YES, then go ahead and buy term life insurance.

      Reply
      • Janakiram

        November 12, 2018 at 7:38 PM

        great sir, very quick response and suggestions.
        i will check with insurers.

        Reply
  37. Swamit

    November 9, 2018 at 9:55 PM

    Hi i hav purchased term insurance from maxlife with life age 80 years of mine nd payment term till 60 of mine age. I mistakenly decleared that i hav not taken leave for continuous 10 days in past one year i informed them through mail still they issued the policy without correction nd mentioned that they hav not done any medical …they told that medical at age of 32 not required. After 25 days they hav not changed my declearation.. today on friday when i called again for correction they told the concern person is onleave will call me back on monday but when in evening at 7 o clock i asked then about the procedure to close the policy immediately with in 5 min the sent mail that correction has been done.

    The are not doing physical medical. Pl. Suggest me weather i should go for it or change the insurer.

    Reply
    • Basavaraj Tonagatti

      November 10, 2018 at 6:51 AM

      Der Swamit,
      If your concerns are resolved, then better to continue.

      Reply
  38. Dinesh kumar N

    November 2, 2018 at 5:06 PM

    Dear Basavaraj Tonagatti, Your article really helped me to decide something. I am choosing a Term plan from ICICI only till 60 years (Retirement age). Only the life cover without any add ons.

    Pay term is 10 years, as i feel i do not want to pay higher premiums / till my retirement age. Believe i can increase my policy term & life cover in future (Yet to get this confirmed from the insurer).

    Is my decision wise ?

    Question 2 – I shortlisted 2 insurer (HDFC,ICICI) only because of their pay term is reduced. Ex (5,7,10 years)
    Whereas Max life can have pay term only as low as 30 years & Aegon cannot reduce the pay term at all. This was the only reason to avoid both the insurers.What would you suggest ?

    Thanks,
    Dinesh kumar N

    Reply
    • Basavaraj Tonagatti

      November 2, 2018 at 6:26 PM

      Dear Dinesh,
      You are not allowed to increase policy term and cover in the same plan. You have to buy the new one either from the same insurer or different. You can go ahead with your choices.

      Reply
      • Dinesh kumar N

        November 7, 2018 at 3:14 PM

        Dear Basavaraj Tonagatti, Thanks for your response.

        But i want to re-evaluate on these 2 points.
        1. My age is 30, i think to choose a term plan only till 60. In case of uncertainity before turning 60 years, this will help my family. I do not want to have the term till 80 / 85 of age as i do not think this as a wealth which i can leave it to my familty considering a natural risk might occur before 80 / 85 of age.

        On the other side, i also think like if everything goes as normal and this policy becomes void at my 60. if i tend to opt for a new risk policy considering to create a wealth out of it. The premium would be higher / unaffordable. Finally when comparing

        Life cover – 2 Cr
        Policy term = 50 years, Pay only for 10 years = Annually 50696
        Policy term = 30 years, Pay only for 10 years = Annually 27810

        If i choose the term as 30 years, after some 10/20 years considering the factors at that time and if i intend to go for a new term plan. Will that be correct / i have to regret why didnt i decide my term properly? this is really burdening me

        2. I have short listed the insurer based on CSR, further filtered based on reduced Premium pay term (5,7,10 years only) and finally choosing the lowest premium insurer.

        Just by looking at the cummulative value of paying premium for 30 yrs and 10 yrs i find paying premium for 10 years is low and adviseable. Do you have different thought on this ? Like pay lower annual premium for 30 years as this is comparitively better.

        I am really sorry for writing such a detailed question and a heartfelt thanks for your upcoming and previous responses.

        Thank,
        Dinesh Kumar N

        Reply
        • Basavaraj Tonagatti

          November 7, 2018 at 6:30 PM

          Dear Dinesh,
          1) Whether you go for 30 years or 50 years, after 10 or 20 years, in both the cases, if your Life Insurance needs to be increased, then you have to buy one more plan. Then in what sense it makes difference?
          2) Paying for 10 years is cheaper for you and better option for the insurer. Because they receive the advance payment from you which will not be the case with regular premium paying policies. Hence, cheaper for you. If you feel best, then go ahead and no harm in that.

          Reply
          • Dinesh kumar N

            November 8, 2018 at 10:15 AM

            Thanks a lot for your responses.. Your article and responses really helped me to decide something which fits me.

            Thanks a lot.
            Dinesh

            Reply
            • Basavaraj Tonagatti

              November 8, 2018 at 5:59 PM

              Dear Dinesh,
              Pleasure 🙂

              Reply
  39. Tejas

    October 16, 2018 at 11:34 PM

    Very nice article youbhave written. I have a confusion if you help me out. Icici Pru Iprotect smart offers payout for 34 critical illnesses. Should this option be taken? If not how otherwise can i seperatly cover such a risk. I was also looking at Tata AIA sampoorna suraksha plus as they have a short premium paying term with premium return option. Would this be wise?

    Reply
    • Basavaraj Tonagatti

      October 17, 2018 at 7:47 AM

      Dear Tejas,
      Buy separately rather than clubbing with Life Insurance.

      Reply
  40. Ashish Bagaria

    October 15, 2018 at 10:00 PM

    Hello sir,
    I want to know difference between term insurance and health insurance. Is taking health insurance recommended. I am planning to buy max online term plan. And which health insurance is best. Please recommend any.

    Reply
    • Basavaraj Tonagatti

      October 16, 2018 at 4:56 PM

      Dear Ashish,
      Term Insurance covers your life risk (death). Health Insurance covers your hospitalization expenses.

      Reply
  41. Vaibhav

    October 13, 2018 at 6:50 PM

    Dear sir, very nice article. I am 42. I want to buy a term insurance for 1 crore. My monthly salary is 60000. Which plan will be best for me? Please suggest.

    Reply
    • Basavaraj Tonagatti

      October 13, 2018 at 7:59 PM

      Dear Vaibhav,
      My choices are already mentioned in above post.

      Reply
  42. Rohit

    October 9, 2018 at 6:38 PM

    I have been researching term insurance for a week. Yours is by far the most helpful site I could find online. Thanks

    Reply
    • Basavaraj Tonagatti

      October 9, 2018 at 8:05 PM

      Dear Rohit,
      Pleasure 🙂

      Reply
  43. abhijit

    September 26, 2018 at 11:26 PM

    hi, very nice explanation and guidance

    Reply
    • Basavaraj Tonagatti

      September 27, 2018 at 9:31 AM

      Dear Abhijit,
      Pleasure 🙂

      Reply
  44. jagadeesh

    September 18, 2018 at 3:13 PM

    Hi Sir, Thanks for sharing this information……very Helpful…….

    Reply
    • Basavaraj Tonagatti

      September 18, 2018 at 6:17 PM

      Dear Jagadeesh,
      Pleasure 🙂

      Reply
  45. Dr. Varun Dhup

    September 17, 2018 at 2:10 PM

    Sir thank you for sharing your thoughts with us.

    Reply
    • Basavaraj Tonagatti

      September 17, 2018 at 2:48 PM

      Dr.Varun,
      Pleasure 🙂

      Reply
  46. Ravi

    August 30, 2018 at 1:26 PM

    Hello,

    As an NRI, do I need to cover the cost of the medical test if done locally for term plan?

    Thank you

    Reply
    • Basavaraj Tonagatti

      August 30, 2018 at 2:08 PM

      Dear Ravi,
      It depends on company policy.

      Reply
  47. Balaji

    August 28, 2018 at 5:08 PM

    Hello Basu sir,

    Recently got a change to visit the Edelweiss website for Term policy, and noticed that the premium is similar to the top 5 suggested by you. Additionally I saw an rider which I haven’t see in any other companies. Details below on the rider for which the Premium was just 250 rupees additional per year :

    “Better Half – Better Zindagi – A Never-Seen-Before feature. The Edelweiss Tokio Life – Better Half Benefit gives an extra cover to your wife in case of your unfortunate demise. Hence, your children and parents can have enhanced protection.Whether she is a housewife or employed, she deserves the utmost care.

    Upon your demise your nominee will get the sum assured you have selected.

    50% of your life cover (max up to 1 cr.) will start in your wife’s name and she won’t have to pay any premium.”

    PS : I am 33 now and already have a 60 year term with MAX for 1 Cr started last year.

    My questions are :
    1) Please shed your thoughts on this rider benefit ?
    2) Do this rider seems genuine ?
    3) How credible is this Edelweiss company?
    4) Can I surrender the above policy and start a new one Edelweiss with the mentioned rider.

    Kindly provide your suggestions like every time you do 🙂
    Thanks for you patience in reading the bit long question.

    Reply
    • Basavaraj Tonagatti

      August 28, 2018 at 5:27 PM

      Dear Balaji,
      If she is not earning, then after your demise or now also WHETHER TERM LIFE INSURANCE IS REQUIRED FOR HER? These are fancy games played by insurers. Just ignore it.

      Reply
      • Sameer

        November 5, 2018 at 7:08 PM

        Hi Basavraj

        I have a difference of opinion here. Even if wife is a non earning member, there would be COSTS, in case something unfortunate happens to the wife. Such costs could be like employing a full time domestic help etc.
        So I feel that a small cover for wife is also required.

        Reply
        • Basavaraj Tonagatti

          November 5, 2018 at 9:54 PM

          Dear Sameer,
          So as per you, you can’t afford the maid if something happens to your wife? God BLESS YOU. Go ahead as per your wish. You can afford your wife’s current expenses. But you can’t afford full-time maid cost if your wife not here. What a logic??

          Reply
  48. Hemant

    August 21, 2018 at 2:36 AM

    Dear Sir,

    Thank you for the great article. My question is – if I need income protection in case I am unable to work due to disability/critical illness, which rider should I select ? I am not worried about the waiver of premium, it is mainly receiving monthly income if I cannot work.

    Also one doubt – you mentioned general insurers can cover accident/critical insurance. But wouldn’t it be easier to combine everything with one provider ?

    Reply
    • Basavaraj Tonagatti

      August 21, 2018 at 6:28 AM

      Dear Hemant,
      There are no such income replacement insurance as of now to cover your job loss. However, if the income loss is due to disability or critical illness, then your accidental and critical illness covers such income loss.

      Reply
  49. Karan

    August 20, 2018 at 4:50 PM

    Dear Sir,
    My Age 56 Male and i am diabetic patient and i want to buy 50 Lac Max Life term plan & company charges total 3200 pm for 50 Lac so its good or not for me .

    Or should i go with another insurer?

    Reply
    • Basavaraj Tonagatti

      August 21, 2018 at 6:18 AM

      Dear Karan,
      It is you to decide whether it is good or bad. But in my view, it is a better deal.

      Reply
  50. Raju

    August 11, 2018 at 2:52 PM

    suggest best term insurance policy for NRI’s

    Reply
    • Basavaraj Tonagatti

      August 12, 2018 at 7:41 AM

      Dear Raju,
      You can approach the same insurers (mentioned above) with your status of NRI.

      Reply
  51. arvind

    August 8, 2018 at 7:56 PM

    Hii Basu Namaskara..

    Thanks for the valuable blog, i was just looking after the term insurance on line and visited the some policy sites to compare the premium , they are behind day and night calling on phone contentiously and convening me to buy policy of their best.

    this blog has helped to decide to select the insurer from the top list of companies.

    Thank,
    Arvind Akki

    Reply
    • Basavaraj Tonagatti

      August 9, 2018 at 11:22 AM

      Dear Aravind,
      Pleasure 🙂 Take your own decision but not bend to their terms.

      Reply
  52. Sashi

    August 8, 2018 at 9:43 AM

    Hi Basavaraj,

    First of all I would like to say Big Thanks for providing very good information and also for your patience to answer all our queries.

    My query is : I am about to purchase ICICI Pru Term plan for tenure of 15 years. Can I renew it for 10 more years once 15yrs completed ?

    Thanks
    Sashi

    Reply
    • Basavaraj Tonagatti

      August 8, 2018 at 12:15 PM

      Dear Sashi,
      Once the term of 15 years is over, then if you approach for buy, then it is a fresh buy for you. You have to undergo once again all scrutiny like medical examination and income and existing coverage. Then only based on that day’s situation, they issue the fresh policy but they not RENEW it.

      Reply
  53. Nav

    July 31, 2018 at 11:09 PM

    Dear sir, for a quote of 2Cr cover for 25 yrs for a 36 year old male, I was quoted 21500/- by ICICI (Pure Term Life, no other riders – iProtect Smart). However, after the medical tests, they are claiming Hba1C is slightly higher and so is the BMI (on the higher side) hence they want to increase the premium to 35700/-. On arguing with them, they asked me to redo the HBa1C alone and if the value was lower, they were willing to reduce the premium marginally ( havent told me how much). This steep escalation in premium in my view is unjust. What would be your advice – should i ask them to cancel (the policy is yet to be issued) or will this be the same with any other insurer? Thanks.

    Reply
    • Basavaraj Tonagatti

      August 1, 2018 at 9:44 AM

      Dear Nav,
      If you have the said health issues, then the result will be same even if you go with other insurers (except there may some differences in hike).

      Reply
      • Nav

        August 1, 2018 at 2:53 PM

        Thank you sir! Ironical that they wont reduce the premium if the policy holder’s BMI reduces after an year 😀

        Reply
        • Basavaraj Tonagatti

          August 1, 2018 at 8:36 PM

          Dear NAV,
          True and sad part also 🙂

          Reply
  54. shanmuga

    July 31, 2018 at 3:54 PM

    Hi Basu,

    Your articles are creating Social Awareness. Upon seeing this article, i chose ICICI. I went to their Branch to enquire the plans and details as i got confused online. There seems Life, Life Plus, Life & Health, All in One are the plans they mentioned and i saw in their website as well. Here the Base Plan is Life that provides Death Benefit + Terminal Illness + Waiver of Premium on permanent disability.As you said in this article, i could see they advertising for Riders. The things is i could not find plain Death Benefit Plan. The Starting Plan is “Life” only. Could you please comment on this ? Also i could see they are not interested in Medical tests. When i insisted, they said like two Tests Blood and Urine test will be conducted at Home. As i am not aware of what are the Tests that need to be conducted, i just skipped and thought of getting your thought on this before proceeding. Could you please say what Tests should/will be conducted for the Term Insurance ? And Will they do before or after Paying the first Premium ? Because i felt like they will come home to Test only after First Premium Paid. I know its little bit lengthy, sorry about that my friend.

    Thanks,
    Shanmugam

    Reply
    • Basavaraj Tonagatti

      July 31, 2018 at 7:51 PM

      Dear Shanmugam,
      The plain vanilla product is LIFE option (if I am correct). If they are not so eager about medical test, then simply skip this insurer and opt for someone else. Regarding the medical tests, it depends on sum assured you opted, age and other conditions seen by the insurer. Hence, it is hard to generalize the things.

      Reply
      • shanmuga

        July 31, 2018 at 10:15 PM

        Hi Basu,

        Thanks so much for your kind and prompt reply. When i enquired about the insurance, they mentioned 2 things which i am not able to differentiate clearly even after Googling it – Death Benefit and Accidental Death Benefit. For Life Plan, only Death Benefit is there but for Life Plus, Accidental Death Benefit is the Rider is also included. Can you please give your thoughts on this Death Benefit and Accidental Death Benefit ? Thanks !

        Regards,
        Shanmugam

        Reply
        • Basavaraj Tonagatti

          August 1, 2018 at 9:40 AM

          Dear Shanmugam,
          Assume you opted for Rs.1 Cr term life insurance and also opted for Death Benefit. In that case, if death occurs due to any circumstances (inclusive of accidental death), your nominee will receive Rs.1 Cr ONLY. However, in case you opted for Accidental Death Benefit, in case of normal death, your nominee will receive Rs.1 Cr. However, death occurs due to the accident, then Rs.1 Cr (Basic Sum Assured)+Accidental Death Benefit Sum Assured is also payable to your nominee.

          Reply
  55. Santosh Kumar

    July 27, 2018 at 5:46 PM

    I am 34 yr old, annual income is 4 lakh, kindly suggest me one among five, Also kindly let me know the total SA.

    Reply
    • Basavaraj Tonagatti

      July 27, 2018 at 7:07 PM

      Dear Santosh,
      For me all are equally good and bad.

      Reply
  56. Sintu Hazra

    July 23, 2018 at 9:06 PM

    i have term insurance policy of rs 500000 upto age of 60 yrs in LICI.now i want to increase the 50lks to 1 cr. ..is it possible ? if yes hot to process?

    Reply
    • Basavaraj Tonagatti

      July 24, 2018 at 10:28 AM

      Dear Sintu,
      You are not allowed to increase the same. You have to buy the fresh one by following the rules applicable to new policy.

      Reply
  57. Goldy

    July 14, 2018 at 3:31 PM

    Hi,
    I am looking for a term plan of 1 cr for cover upto age 75+ age
    I want the payment should be in Single pay or Limited Pay(5-10 years).
    If it include any additional options then better.
    Would you suggest me any term plan name.

    Reply
    • Basavaraj Tonagatti

      July 15, 2018 at 8:16 AM

      Dear Goldy,
      Do you need life insurance up to your 75 years of age? May I know the reasons behind choosing single pay or limited pay?

      Reply
      • Goldy

        July 15, 2018 at 8:43 AM

        I am working that in private company.As u know is no guarantee of jobs and currently i am ok with single pay or limited pay

        Reply
        • Basavaraj Tonagatti

          July 15, 2018 at 9:45 AM

          Goldy,
          But why you need life insurance up to 75+ years of age?

          Reply
          • Goldy

            July 15, 2018 at 10:48 AM

            No any specific reason.I just compare the amount of 70 and 75 year payment term and there is not a big difference.According to you for how much age i should take term plan and suggestion for term plan

            Reply
            • Basavaraj Tonagatti

              July 15, 2018 at 11:06 AM

              Dear Goldy,
              Buy life insurance up to working age. During retirement, life insurance is not required.

              Reply
              • Goldy

                July 16, 2018 at 8:25 AM

                Suggestion for term plan name.

                Reply
                • Basavaraj Tonagatti

                  July 16, 2018 at 11:50 AM

                  Dear Goldy,
                  They are listed in above post.

                  Reply
              • SUDIP MUKHERJEE

                July 30, 2018 at 6:27 PM

                What is the harm if someone gets insured for 80+ years & someone pays a few thousand more every year and the family after his death gets the full insured amount whatever may be its value that time . Instead of wasting the full premium paid till the age of 60 years when most of the human beings are alive. Isn’t it an investment for our family if we take the insurance for 80 + years ? As such if we die after 60 years we do not have to pay further premium.

                Reply
                • Basavaraj Tonagatti

                  July 30, 2018 at 7:18 PM

                  Dear Sudip,
                  If your intention is to get the benefit at any cost, then the best idea is to buy it today and suicide ourselves after 1 year. Less premium paid, your family will receive the full sum assured right?

                  Reply
                  • SUDIP MUKHERJEE

                    July 31, 2018 at 4:19 PM

                    Very silly answer from a matured person. My intention was please do not misguide people by stopping them from buying for more years as the premium till 60 years will not go for a waste then. Its not my intention to get the benefit at any cost but everyone over here wants to benefit . At the end its the individual’s decision ofcourse.

                    Reply
                    • Basavaraj Tonagatti

                      July 31, 2018 at 7:52 PM

                      Dear Sudip,
                      “At the end its the individual’s decision of course.”-GO AHEAD!!

              • Chiranjeevi

                August 30, 2018 at 2:35 AM

                I have very little knowledge about the insurance policies and claims, however I feel, during the retirement if any unfortunate happens, the nominee will get the sum assured, which is still a good deal for the dependent. Though the dependents are settled by our retirement age, the SA will certainly make a huge difference to their life. What you say?

                Reply
                • Basavaraj Tonagatti

                  August 30, 2018 at 12:45 PM

                  Dear Chiranjeevi,
                  If you feel the sum assured you opted today will have some VALUE during your retirement, then go ahead.

                  Reply
          • SUDIP MUKHERJEE

            July 30, 2018 at 6:21 PM

            With due respect i would like to ask you as i have seen many times you have asked others “do you need insurance till 70 or 75 years.” What i feel if we are paying yearly for 30 or 40 years why not instead keep it till 80 or 85 years by paying few thousands more every year and in that case either my wife or children someone will get the money once i die whatever the value maybe at that time. As such if i die before that age the premium will not have to be paid. In most of the cases till 60 years everywhere lives and all the premium paid goes for a waste. What do you say about this …i pay few thousand more yearly as an investment for my family.

            Reply
            • Basavaraj Tonagatti

              July 30, 2018 at 7:17 PM

              Dear Sudip,
              “WHATEVER VALUE MAY BE”-Then go ahead what doubt you have?

              Reply
              • SUDIP MUKHERJEE

                July 31, 2018 at 4:27 PM

                Whatever the value of 1 or 2 crore would be at that time i meant , but the value of premium one would be paying after 30 years would also seem like peanuts during that time, so i do not think there is any harm to get back those 2 crore even after 30 or 40 years where after inflation also that would be quite an amount. I do not have any doubt but was not satisfied as you are guiding people only to take insurance for more than 60 years. As an individual i feel the premium which i paid should not go waste and someone in my family needs to get it back.

                Reply
                • Basavaraj Tonagatti

                  July 31, 2018 at 7:53 PM

                  Dear Sudip,
                  If you feel it is worth to have life insurance (when you have no financial dependents during retirement), then go ahead. The basic idea of life insurance to buy is when you have some financial dependents on you. Rest left with you.

                  Reply
  58. Praveen

    July 11, 2018 at 10:34 AM

    Dear Sir,
    Great post! I see that you are suggesting to stay away from riders. There is (a) premium waiver and (b) income replacement in case of disability due to accident and due to critical illness.
    1. When you say stay away from riders, which one did you mean? Just b or both a & b.

    2. Also, if we don’t take these riders, what kind of general insurance provide disability and critical illness cover? I assume it’s for the income replacement. Is there any long term plan available in such insurance? I see around Rs.20k premium for 3 years for 20 L coverage.

    3. Slightly off the topic – Apart from Term insurance, Health insurance and General insurance (for income replacement?). What else should we plan for? Pension plan, Child education, etc. Could you please share your thoughts on these?

    Thanks in advance.
    Praveen

    Reply
    • Basavaraj Tonagatti

      July 11, 2018 at 2:03 PM

      Dear Praveen,
      1) a is optional to YOU and I am saying here about b.
      2) You can buy separate accidental insurance from a general insurer or standalone insurance companies.
      3) Three insurance are mandatory (Life, Health and Accidental), then don’t buy any product which is offered in the name of PENSION or CHILD plans.

      Reply
      • Praveen

        July 11, 2018 at 3:16 PM

        Thank you sir for the quick reply. I am comparing the critical illness rider that comes with HDFC 3D Life with HDFC Ergo (randomly selected HDFC Ergo just for comparison purpose). For 10 Lakhs coverage, Ergo charges (15 diseases) Rs. 8260 annually. The rider that comes with HDFC 3D Life covers 10L (19 diseases) at Rs. 4464 per year. Premium is less and it’s guaranteed for the number of years we choose now. Where as the Ergo in this case has a risk of non-renewal or increase in premium for renewal.

        Could you please help me clarify this confusion – why a separate policy is better than rider in this case? What’s the advantage of having a separate policy?

        Thanks,
        Praveen

        Reply
        • Basavaraj Tonagatti

          July 11, 2018 at 5:02 PM

          Dear Praveen,
          I will not go in deep. But apart from the coverage of diseases, you check it out the features. There are few other insurers also who provide more number of coverages than HDFC.

          Reply
  59. Venkat

    July 9, 2018 at 2:18 PM

    Hello Sir,

    Its going to be detailed query, so bear with me.

    I’m 36 yr old ( Non-Smoker) and planning to buy a pure term insurance. I noticed that only HDFC gives the option of choosing our own policy repayment term.(i.e., if my policy is for 24 yrs (till my 60), then i can either choose to pay yearly premium for 24 years or even pay them within 5 yrs or 6yrs etc. I can choose my premium payment term.

    Obviously lets say if choose to payout my premium in 14 years (i.e.,by when i reach 50 yrs) my yearly premium tops at Rs.22k, which would be 22000×14 yrs = Rs 308000. But if i chose to pay my premium yearly for 24 years(i.e., till its maturity and my 60 yrs of age) my yearly premium would be Rs.15900, which would be 15900×24 yrs= Rs.381600.

    So if i pay yearly for 24 yrs, i would be paying an extra Rs.73,600(i.e.,381600-30800).

    I checked other providers and they dont provide the option of choosing our own lesser premium paying term. For eg. ICICI and Max both give an option called limited paying term and that term is fixed by them. In ICICI’s case for 24 yr term plan its fixed at 18 years. I can choosing anything lesser or more years to payout my premium.

    My question is.
    1.Is it good to choose 14 years as my paying term , Considering i’m saving Rs.73,600 in total money by paying out the premium in 14 years for a 24 year term plan? ( i.e., i know after paying out my premium in 14 years i cannot claim tax relief in Sec.80C, i can only claim it till i’ paying it). So considering both is it wise to pay out my premium in 14 years ?

    2.Or would you advice me to pay it out yearly for 24 years, so even though i’m paying more premium on the whole, i can claim tax relief under Sec.80C for 24 years(i.e.,till my 60 yrs) ?

    Please confirm

    Thanks once again.

    Reply
    • Basavaraj Tonagatti

      July 9, 2018 at 3:01 PM

      Dear Venkat,
      1) Do you feel you are saving? They are giving you a discount because you are paying in ADVANCE. Hence, don’t be in the wrong belief that they are giving you some discount. However, if you feel this comforts you, then go ahead.
      2) It is up to your comfort and affordability option.

      Reply
  60. Anshuman

    July 7, 2018 at 2:24 PM

    Hello Sir,
    I have become a big fan of yours for giving neutral and excellent articles on all areas of finance.

    I am 39 years old and sole working member of my family with a wife and a 5 year old kid.

    I am finding that for a 1 Cr. coverage till 65 Years the Bajaj Allianz Shield plus plan is giving me additional benefit of 1 Cr on Accidental disability and Premium Waiver . I could not find any other product with this benefit and I find their accidental disability rates very competitive compared to general insurance coverage as well. Firstly I did not find anyone giving a 1 Cr accidental benefit and the lower covers of 5 lac or 20 lac are as or more costlier than the 4k or 5k I may be paying compared to the cheaper plans.
    Will be great to hear your opinion on this

    Can you tell me any other equivalent products?
    What could be the drawback/loopholes in going for this product or Bajaj Allianz group in general?

    Reply
    • Basavaraj Tonagatti

      July 7, 2018 at 5:04 PM

      Dear Anshuman,
      I am of the opinion that to not of clubbing Life Insurance with Accidental Insurance. However, if you feel the premium is cheaper and features are good, then go ahead. But also look for the features of Accidental rider details properly and then take a call.

      Reply
      • Anshuman

        July 7, 2018 at 5:18 PM

        Thanks Sir

        Any general feedback on Bajaj Allianz?

        Reply
        • Basavaraj Tonagatti

          July 8, 2018 at 7:40 AM

          Dear Anshuman,
          For me all are equally good and bad.

          Reply
  61. Amol Kajrolkar

    July 3, 2018 at 9:40 PM

    Hi Basavraj Sir
    I have taken ICIC Pru. Term plolicy last month without Medical from agent…. can i ask my agent to do medical now?

    Reply
    • Basavaraj Tonagatti

      July 4, 2018 at 9:27 AM

      Dear Amol,
      Now why they do the medical when the policy is already issued?

      Reply
  62. Saurabh

    July 3, 2018 at 4:30 AM

    Hello Sir,
    Should we buy incremental Term Plan or normal Term Plan.
    If we take incremental term plan, then does our premium also keeps on increasing.
    Please explain.
    Thanks
    Saurabh

    Reply
    • Basavaraj Tonagatti

      July 3, 2018 at 2:47 PM

      Dear Saurabh,
      Incremental plans are best rather than normal. Because it takes care of inflation and also you no need to buy different plans in future to enhance your life cover. Yes, the premium will be definitely high in incremental term plans.

      Reply
  63. mohit mathur

    July 2, 2018 at 2:23 PM

    Sir,
    Please suggest on LIC on my lic policies, i want to invest in mututal fund and want to take a term plan now.

    Commencement Date -January 2010
    Sum Assured – 500000
    Plan – Jeevan Anand
    Policy Term -21 years
    Premium -25028
    Premium Payable -Yearly

    Commencement Date -May 2011
    Sum Assured – 700000
    Plan – Jeevan Saathi
    Policy Term -30 years
    Premium -26820
    Premium Payable -Yearly

    Should i surrender the policy or make it paid up,

    please suggest

    Reply
    • Basavaraj Tonagatti

      July 2, 2018 at 5:11 PM

      Dear Mohit,
      What prompted you to buy these two products and now why you felt MF and Term Plans are better?

      Reply
      • Mohit

        August 24, 2018 at 3:19 PM

        Sir above products are suggested by old family friend,

        And now following your blog/articles so i feel i should do some proper financial planning with your guidance.

        Reply
        • Basavaraj Tonagatti

          August 24, 2018 at 8:28 PM

          Dear Mohit,
          Please drop an email to tonhokrani@gmail.com.

          Reply
  64. Abhijeet

    June 29, 2018 at 9:04 AM

    Hello Sir,

    I have already Term Plan of 50Lk with Term is 30 year, tile my 57 age.

    I want to by one more term plan, but i just want cover of 1CR.

    Could you help me can by new 1 CR term plan or go for 50Lk only.

    Reply
    • Basavaraj Tonagatti

      June 29, 2018 at 10:01 AM

      Dear Abhijeet,
      How can I say your life insurance requirement? If you feel Rs.50 lakh is the sufficient insurance, then continue the same and otherwise enhance it.

      Reply
      • Abhijeet

        June 29, 2018 at 10:23 AM

        Sorry, i need 1cr cover , out of i a have already have 50lk.

        just want to confirm that do i go for new 1 cr for 40 year or continue with only 50lk and by new with 50lk.

        as old one cover up to the age 57 only and new one is cover tile 70.

        so if i by new for 1cr so that was tile the age of 70.

        Reply
        • Basavaraj Tonagatti

          June 29, 2018 at 11:42 AM

          Dear Abhijeet,
          Do you need Life Insurance up to the age of 70 years? If so, then go ahead with Rs.1 Cr plan.

          Reply
          • Abhijeet

            June 29, 2018 at 12:28 PM

            so can i close the old one and start new one with 1.Cr plan as premium almost same..

            Reply
            • Basavaraj Tonagatti

              June 29, 2018 at 5:25 PM

              Dear Abhijeet,
              If you feel it is required and the existing one not adding value, then go ahead and buy it.

              Reply
  65. Roy George

    June 28, 2018 at 8:27 AM

    Dear Basavaraj

    Good Day! I have been offered a Term Plan for Tata AIA through my bank advisor for a term cover of 2Cr for 80 years. The premium i have to pay in 5 years and it will cost me about 1.8 Lakhs. I am currently 44. What you suggest?

    Regards
    Roy

    Reply
    • Basavaraj Tonagatti

      June 28, 2018 at 10:24 AM

      Dear Roy,
      Do you need Life Insurance up to the age of 80 years?

      Reply
  66. Vineet

    June 21, 2018 at 8:32 PM

    Sir I am 40 years old and want to opt 1.5 cr term plan for 25 years from hdfc life. Online quote is showing rs 21816. But the advisor says that there is no quote for a person aged 40 years wishing to take cover of 1.5 cr for 25 years. Also he warned me that during online purchase it may be difficult to complete the process , as this combination is not allowed by default.
    What should I do please guide.

    Reply
    • Basavaraj Tonagatti

      June 22, 2018 at 5:55 AM

      Dear Vineet,
      HE IS COMPLETELY MISGUIDING YOU. If there is no such quote, then how HDFC Life generating that quote ONLINE?

      Reply
  67. Victor

    June 21, 2018 at 12:02 PM

    Hi
    I have an existing policy with Aegon since 2013. I feel that the coverage is now not adequate as there has been an addition in my family last year. Should I take another policy with Aegon or go with another vendor? Are there any issues having 2 policies from the same company?

    Reply
    • Basavaraj Tonagatti

      June 21, 2018 at 12:41 PM

      Dear Victor,
      If you have no issues with Aegon Life, then why to worry? Go ahead with the same insurer. There is no harm in having more than one insurance policy with the same insurer.

      Reply
  68. sachin

    June 19, 2018 at 10:32 PM

    Hi ,
    Actually i have TATA AIA term insurance
    I drink alcohol once in two week , but the agent of TATA AIA didn’t not recorded it , i asked him to update but he is saying nothing will happen ,what should i do.

    Reply
    • Basavaraj Tonagatti

      June 20, 2018 at 5:51 AM

      Dear Sachin,
      Don’t let happen so. Write an email to the insurance company that agent hid this and you are disclosing the facts.

      Reply
  69. Bhagyesh Hendre

    June 17, 2018 at 8:03 PM

    sir
    I am 36 years old and my wife is of 33 years our annual income is 7L for myself and 3.5l For my wife is there any combine term insurance available for both of us? or we have to take it seperately?

    Reply
    • Basavaraj Tonagatti

      June 18, 2018 at 9:30 AM

      Dear Bhagyesh,
      Best to buy separately even though there are joint term life insurances available.

      Reply
      • Devesh

        June 22, 2018 at 10:46 PM

        Basavaraj is aegon the only player giving term insurance to housewife?

        Reply
        • Basavaraj Tonagatti

          June 23, 2018 at 9:18 AM

          Dear Devesh,
          As per my knowledge YES. But not sure. You have to inquire with the respective insurer for the same.

          Reply
  70. Shekhar Doddagoudar

    June 15, 2018 at 10:44 PM

    hi Basu

    Thanks for the wonderful information here!

    I am 38, planning to buy only term insurance of 1.5 cr ( 15 lpa inocme) without any riders (AI & CI) with aegon with coverage upto 80 years.
    Pls advise on the same

    Reply
    • Basavaraj Tonagatti

      June 16, 2018 at 9:30 AM

      Dear Shekhar,
      Go ahead but do you need Life Insurance up to the age of 80 years?

      Reply
      • Shekhar+Doddagoudar

        June 16, 2018 at 10:02 AM

        Thank you Basu!

        Reply
  71. Avinash Crasto

    June 14, 2018 at 4:34 PM

    Dear Basavaraj,

    Thanks for the above in depth information.
    one of my friend sells term insurance policies since i am looking for one I approached him and also told him that I am looking forward to buy either Aegon iterm plan or Max life but instead he is persuading me to by Birla sun life saying there is a birla sun life office in our locality hence when time comes for claim settlement it will be easy for my family …so i am confused now dose it really help?

    I personally feel like to go for Aegon as it has the lowest premium and settlement ratio is above 97%
    Since you are an expert i seek your suggestion which term policy should i buy out of Aegon ,MAx life or Birla sun life??

    Reply
    • Basavaraj Tonagatti

      June 14, 2018 at 6:13 PM

      Dear Avinash,
      Never go with adviser’s choice. They suggest the one where they have some higher commission payout. Try to think what is required for you and based on that buy it.

      Reply
  72. Kssr

    June 9, 2018 at 5:02 PM

    Dear Basavaraj,

    How good is ICICI iprotect smart plan? I am seeing that you are advising this plan from 2015 consecutively. I also see that you are suggesting HDFC life click 2 protect, but each year are changing every variant in it. This year you have given that HDFC life click 2 protect 3d plus is better. Of these variants, which HDFC plan is better? Also, in both (ICICI and HDFC) which is better?

    I really liked your blog and your replies to every query we ask.
    Thank you for helping us out.

    Reply
    • Basavaraj Tonagatti

      June 9, 2018 at 6:11 PM

      Dear KSSR,
      The plan is same but they are going to addon new features just to lure buyers and to be stay in market.

      Reply
      • kssr

        June 9, 2018 at 10:12 PM

        So, as per your experience, which is better ICICI or HDFC?

        Reply
        • Basavaraj Tonagatti

          June 10, 2018 at 10:18 AM

          Dear KSSR,
          For me both are equally good and bad.

          Reply
  73. Prasanna

    June 8, 2018 at 8:05 PM

    Please suggest me,, I have taken term insurance,, it is sufficient for my family now. I m having one lic endowment policy of RS.2.50 lakhs,taken 10yrs back. Will mature in2038. Plz suggest is it better to surrender policy? As return in lic is very less, and life cover also less.

    Reply
    • Basavaraj Tonagatti

      June 9, 2018 at 9:43 AM

      Dear Prasanna,
      You know that returns are less and cover also, then why to continue?

      Reply
  74. Nithin Kumar Gopishetty

    June 6, 2018 at 2:07 PM

    Sir,

    Its always a great pleasure to send you a message and thanks a lot for your responses.

    I already have a HDFC Life Click to Protect Plus – Extra Life plan.

    Age when policy was taken: 25
    Current Age: 29
    Coverage: 50 lakhs on normal death and double the amount upon accidental.
    Coverage for 35 years i.e., until I reach 60 years.
    Premium Amount: 8962/-

    I have just seen that Max Life Insurance is offering coverage term for 50 years from today for my age @ 1,049/- per month for 1 crore coverage. This covers me until I turn 79 years.

    1) It makes complete sense to me to stop paying premium at HDFC Life and go with Max Life. Would you suggest me on this?

    2) If I stop paying premium at HDFC Life, should I visit them or drop an email about handing over my existing policy to them?

    Thank you.

    Best regards,
    Nithin.

    Reply
    • Basavaraj Tonagatti

      June 6, 2018 at 7:04 PM

      Dear Nitin,
      Do you need Life Insurance up to your 79 years of age?

      Reply
  75. Pawan G Nayak

    June 4, 2018 at 4:43 PM

    Dear Mr. Basavaraj

    You have suggested to not go with insurance providers who do not go for medical checkup but insist on tele-medical checkup. Does it really matter? Once the policy is issued, can’t we rely on Section 45 of the new Insurance Bill which states that a policy cannot be called in question after three years of its issuance. Hence, the insurance provider cannot reject the claim based on health checkup not done. What do you think?

    Reply
    • Basavaraj Tonagatti

      June 4, 2018 at 6:12 PM

      Dear Pawan,
      Please check the details of Sec.45 of Insurance Act. It does not mean that you hide anything and get the insurance and finally claim.

      Reply
  76. Sharath

    May 31, 2018 at 2:53 PM

    Hi Sir,

    I checked ICICI term plan. my age is 27

    In a single payment for 1 cr, till 60 years the amount is 1,19,711/-…so, if I pay this amount once now.,.till 60 is it completely covered? and can I increase the value from 1cr to more in future?

    Can you suggest if paying monthly / yearly / once is better, if affordable?

    the monthly premium for the above is 732/-, which means till 60 if I continued I will pay around 4 lakhs..but if I pay at once, it is only 1 lakh 19 thousand…is this correct? and do you suggest going ahead with single payment of 1,19,711/-?

    Reply
    • Basavaraj Tonagatti

      May 31, 2018 at 5:30 PM

      Dear Sharath,
      “till 60 is it completely covered? and can I increase the value from 1cr to more in future?”-YES.
      If you can afford the one time payment then can choose that also. What will be the value of today’s Rs.1.19 lakh when you are at the age of 60 years? They are smart and they are not giving anything at free.

      Reply
  77. sanjay

    May 30, 2018 at 3:08 PM

    We have checked the site of Aegon Insurance. The provide term plan with 80 years of life coverage whereas you have mentioned 100 yrs in your comparison chart above.

    Reply
    • Basavaraj Tonagatti

      May 30, 2018 at 4:56 PM

      Dear Sanjay,
      Maybe they have changed the features. Let me update and thanks for pointing.

      Reply
  78. Abhishek Chand

    May 29, 2018 at 12:37 PM

    Is, term insurance+mutual funds >>>> ULIPs?

    Reply
    • Basavaraj Tonagatti

      May 29, 2018 at 1:39 PM

      Dear Abhishek,
      Can you elaborate your comment, please?

      Reply
      • Abhishek Chand

        May 29, 2018 at 2:35 PM

        as i am 25 years old would it be better for me to buy a term insurance plan till 60yrs and invest in mutual funds simultaneously rather than going for a good ULIP?

        Reply
        • Basavaraj Tonagatti

          May 29, 2018 at 6:16 PM

          Dear Abhishek,
          Yes it is the best option rather than choosing ULIP.

          Reply
          • Abhishek Chand

            May 29, 2018 at 11:41 PM

            Thank you

            Reply
  79. Rajasekar

    May 28, 2018 at 5:48 PM

    Sir thanks for your valuable information,

    Max life reject my application boz i received Salary by cash., Is it any special case for Salary by Cash

    Reply
    • Basavaraj Tonagatti

      May 28, 2018 at 8:45 PM

      Dear Rajasekar,
      Because they need the proof of income. That may be the reason.

      Reply
      • Rajasekar

        May 28, 2018 at 9:24 PM

        How can I apply as a salary rec’d by cash

        Reply
        • Basavaraj Tonagatti

          May 29, 2018 at 9:44 AM

          Dear Rajasekar,
          If you are filing IT Return, then I don’t think other insurers will have any question about your cash salary payment.

          Reply
  80. Vineet

    May 26, 2018 at 1:21 PM

    Want to opt a term plan with cover of 1.25 cr.
    Please help me choose between icici vs hdfc vs max life.

    Reply
    • Amul Patil

      May 26, 2018 at 6:27 PM

      Hi Basavaraj ,
      I have read your contain about Term policy, can you suggest me, should i go with the Aegon Term plain or HDFC 3D Please….

      Reply
      • Basavaraj Tonagatti

        May 26, 2018 at 7:38 PM

        Dear Amul,
        I never recommend any one product particularly.

        Reply
    • Basavaraj Tonagatti

      May 26, 2018 at 7:33 PM

      Dear vineet,
      All the three are equally good and worst. Choose the one which you are comfortable rather than wasting time in thinking so much.

      Reply
      • Vineet

        May 28, 2018 at 12:23 PM

        Thanks. Still confused.

        Reply
        • Vineet

          May 28, 2018 at 2:17 PM

          Finally I will go with icici Prudential.

          Reply
  81. vishal singh shekhawat

    May 23, 2018 at 6:03 PM

    Dear Sir, I am 35 yrs old now and have 10 lakh LIC policy and 50 lakh term insurance. I also have my company and personal health insurance. I have one new born kid. My wife and I have combined monthly income of rs. 1.5 lakh. Can you please suggest if I need some more insurance. thanks.

    Reply
    • Basavaraj Tonagatti

      May 23, 2018 at 7:03 PM

      Dear Vishal,
      The rough requirement of insurance is around 15-20 times of yearly income+any liability. However, the actual calculation of desired insurance may differ.

      Reply
      • vishal

        May 24, 2018 at 4:03 PM

        Dear Sir, I have Jeevan Anand for 5 Lakh and Jeevan Tarang for 5 Lakh. I have taken accident rider on my existing health insurance from Apollo and my company is giving separate accidental insurance. My liability is of 40 lakh home loan.

        I have 50 lakh term insurance. My wife does not get any insurance from company. She has her personal health insurance and critical illness insurance.

        What do you suggest? Thanks sir so much.

        Reply
        • Basavaraj Tonagatti

          May 24, 2018 at 4:52 PM

          Dear Vishal,
          I will not consider those LIC plans as Life Insurance Plans. Buy accidental insurance separately. Regarding term life insurance, the coverage should be around 15-20 times of your yearly income+liability.

          Reply
  82. Fox Mulder

    May 23, 2018 at 5:37 PM

    I’am taking a home loan for Rupees 27 lakhs from IIFL Bank, Bangalore. The tenure is 15 years. I am planning to buy SBI eshield term life insurance however IIFL are saying that as per their policy, since loan is taken from them, I should go with the insurance that they’ve tied up with. They’re saying that they’ve tie up ICICI Lombard, TATA AIG and few more but I don’t want housing loan protection insurance. I want term life insurance for about 2.1 Crore for 18 years so that my family is protected.

    My question to you is that, is there any rule that I’ve to go with what the bank has suggested or is there any law or act that prevents banks from doing monopoly so that I can choose my desired insurance. Please reply soon as banks are pushing their own insurance and with insurance the loan sanction will not happen. Thanks in advance.

    Reply
    • Basavaraj Tonagatti

      May 23, 2018 at 7:07 PM

      Dear Fox,
      There is no such rule that you have to buy as per their terms. They are misguiding you. Let them show such government notification.

      Reply
      • Fox Mulder

        May 24, 2018 at 6:32 PM

        Hi Basavaraj,

        Thank you for your very quick response and guidance. Really appreciate your advice in this matter. Further to my first query, I checked the IIFL bank’s website (https://www.iifl.com/sites/default/files/pdf/home-loans-most-important-terms-and-conditions.pdf Page No. 2 and point number 8.) and they’ve the following conditions :

        Insurance of the property / Borrowers:

        (i) The Borrower/s shall keep the property under security insured with Comprehensive Insurance Policy equivalent to the loan
        outstanding at any point of time during the pendency of the loan with IIFL HFC as the sole beneficiary under said policy /
        policies.
        (ii) The Borrower/s may keep his/their life insured equivalent to loan outstanding at any point of time during the pendency of the
        loan with IIFL HFC as the sole beneficiary under said policy / policies.

        These above two conditions are mandatory for Disbursement of the Loan so could you please let me know if I go only with a term life insurance policy for eg. 1.1 Crore for 20 years, will I be eligible for the disbursement or do I still require to buy a general insurance policy to insure the property.

        Regards,

        Fox Mulder

        Reply
        • Basavaraj Tonagatti

          May 25, 2018 at 10:42 AM

          Dear Fox,
          They are insisting you to protect your life against their loan dues. No harm in that. The harm is to insist to go for their CHOICE but not as per your wish.

          Reply
  83. mandar

    May 21, 2018 at 11:17 PM

    I just wish to say thanks. Nice guidance on how to analyse the insurer before purchase of the policy.

    Reply
    • Basavaraj Tonagatti

      May 22, 2018 at 1:25 PM

      Dear Mandar,
      Pleasure 🙂

      Reply
  84. Vasu

    May 21, 2018 at 8:37 AM

    Sir,
    Iam 34 years old female, govt job, 2 days back,
    I bought a term plan sbilife shield for 1cr and accidental death cover of 50 lacs for rs. 18497. I have to pay for 30 years. Is this a good buy ?? I still have time to cancel it.

    Reply
    • Basavaraj Tonagatti

      May 21, 2018 at 9:03 AM

      Dear Vasu,
      Don’t waste your time in doing too much research and go ahead.

      Reply
  85. Rahul Roy

    May 20, 2018 at 4:11 PM

    Hello Sir,
    I will turn 25 this October and will be joining a Central Govt. service within August,2018. As such I will be eligible for CGHS. Do I need any insurance other than a term insurance till 60 yrs of age?
    And my CTC would be 5.5 lpa and will change into 8 lpa before 2020. How much should be my sum assured?

    Reply
    • Basavaraj Tonagatti

      May 21, 2018 at 8:53 AM

      Dear Rahul,
      In my view, you need term life insurance and if possible accidental and critical illness insurance.

      Reply
  86. Rajesh KS

    May 17, 2018 at 12:36 AM

    Hi, i am 47, Is it necessary to go for 12 years term plan of 1 cr. i am financially not sound. Can i go with 5 years plan, then after that again 5 years and so on. Pl guide.

    Reply
    • Basavaraj Tonagatti

      May 17, 2018 at 5:52 AM

      Dear Rajesh,
      If you are financially not sound, then first check whether you are eligible to buy Rs.1 Cr term life insurance. Usually, insurance companies provide the sum assured of around 15-20 times of your yearly income. Regarding splitting your insurance for each block of 5 years, what if you diagnosed with some health issues after 5th year? Insurance companies will deny the policy. Also, buying at a younger age will be cheaper for you than buying the same policy after 5 years.

      Reply
  87. Manas Ranjan Panda

    May 15, 2018 at 6:28 PM

    Dear Sir,

    I am 40 now, working with private and have a term insurance from Aviva for 1 Cr. since 2014.
    My CTC was 6 lac in 2014 and Now it is 32 Lac.

    Please help me to finding the following answers.
    1- I feel to enhance the term insurance limit now. Please suggest me the Sum Assured I should go for.

    2- Like mobile number portability, is it suggested to go with different insurer in different years. Because when I search best term plan, I don’t find Aviva in list.

    3- Some where I read, you should go for two term insurance with different insurer, to reduce the claim settlement risk. Please suggest.

    4- I am bit confuse to select the term insurance house. Please suggest – HDFC, MAX, Metlife, Exide, Ageon, ICICI

    Reply
    • Basavaraj Tonagatti

      May 15, 2018 at 6:40 PM

      Dear Manas,
      1) The random calculation is around 15-20 times of your yearly income+any liability.
      2) Portability option is not available in Life Insurance.
      3) The more you diversify your Life Insurance, the more work you give to your nominee. No login in spreading.
      4) To me all are good and bad.

      Reply
  88. Brijesh

    May 15, 2018 at 5:18 PM

    Hi Basu,

    Thanks for sharing the knowledge, really appreciate it.
    I am 28 yrs old, non smoker and planning for ICICI i protect term for 30 yrs.
    Knowing your intention for Riders , I just want to confirm if I should go with riders or buying riders individually is also a good choice.

    Regards,
    Brijesh

    Reply
    • Basavaraj Tonagatti

      May 15, 2018 at 6:24 PM

      Dear Brijesh,
      Don’t go with riders. Buy such insurances separately from general insurance companies.

      Reply
  89. Nikunj

    May 14, 2018 at 2:15 PM

    Dear Basavaraj,

    My name is Nikunj, Age – 26, Non smoker.

    First of all, I would like to thank you for this blog. I had no knowledge about term plans but now I gave some sense of selection thanks to the knowledge shared by you.

    My queries are as follows.
    1) I have read in one of the comments that while selecting 100 yrs term plan one should consider PV of sum assured. Accordingly pv of 1cr after 50 yrs is 215000 approx @ 8%. But my question was if I take regular plan upto age of 60/65 yrs then it would be uncertain whether payout will be realized but if I take 99 yrs plan then it would be certain that payout will be realized. Even though at that time PV of 1 CR would be hardly 2-4 lakhs but still onces spouse or children can make you of the sum. I know it is risk mitigating tool and not an investment tool. Please if possible can you guide how it is not advantageous to go for long term plans.

    2) Plans with nominal premiums are offered by aegon iterm and pnb (mera term plan) and only one reputed company is offering whole life plan ie hdfc with premium of approx 60k pa. Obviously paying 45K PA is not justifiable for assured return of 1cr as one can invest that for amount for 50 yrs and will make more than 1 CR. But is it safe to choose aegon life. I am aware that it is multi national insurance company.

    Reply
    • Basavaraj Tonagatti

      May 14, 2018 at 2:40 PM

      Dear Nikunj,
      1) I think you want to benefit at any cost from Life Insurance company. In that case, why not buy today and suicide after a year, your nominees will receive immediate Rs.1 Cr!! By increasing your term, you are increasing your premium also. That you have to consider.
      2) Do you need whole life plan?

      Reply
      • Nikunj

        May 14, 2018 at 5:30 PM

        Dear Basavaraj,

        Aegon life is offering basic term plan w/o add ons upto 80 age in around 8300 pa/- whereas insurers like hdfc, icici, max are offering basic term plan upto 65-75 age in around 8500-9500 pa/-. Therefore kindly guide whether it is advisable to opt for aegon ahead of trusted brands like hdfc, icici, max, sbi etc.

        Reply
        • Basavaraj Tonagatti

          May 14, 2018 at 5:38 PM

          Dear Nikunj,
          Life Insurance is not required during your retirement age.

          Reply
          • Nikunj

            May 14, 2018 at 6:22 PM

            Dear Sir,

            Noted. Thanks for sharing knowledge. It will be useful in selecting appropriate term plan.

            Reply
  90. Tarun

    May 13, 2018 at 10:15 AM

    There are whole life polices covering upto 100 years of age like ITERM(AEGON) / Mera Term Plan (PNB MET LIFE) and LIFE LONG PROTECTION (HDFC LIFE) – out of these 3 plans HDFC LIFE Is very costly –
    1. Can you pls suggest which one is better between ILIFE and Mera Term plan. Premiums for AEGON and PNB MET LIFE is reasonable.

    2. IF we are getting ABOVE whole life plans AT the cost of term plans for 60/65 years with other companies (LIC /HDFC/ ICICI etc). then I THINK ONE SHOULD OPT FOR 100 YEAR PLANS – AT LEAST PREMIUMS PAID for years WILL NOT GO WASTE AND YOUR NOMINEES ARE GUARANTEED TO RECEIVE THE PAYOUT of INSURED AMOUNT.

    I know that insurance is not required in retired life – however for any reason if you cannot pay premium in your retired life- inform your nominee – they will make sure to pay the premium as they will get handsome amount after you die.

    Pls share your views.

    Reply
    • Basavaraj Tonagatti

      May 13, 2018 at 12:10 PM

      Dear Tarun,
      Consider inflation of 6% and you are living up to 70 years of age. Let me know the current value of sum assured you are considering.

      Reply
      • Tarun

        May 13, 2018 at 2:18 PM

        Approx. Rs 1 crore – it does not matter upto 70 years or 95 years. If you take upto 70 years policy with ICICI and upto 99 yeras with PNB – premium is same. however you are guaranteed to get an amount for your nominee in case of PNB METlife / Aegon policy

        Reply
        • Basavaraj Tonagatti

          May 13, 2018 at 6:31 PM

          Dear Tarun,
          I am asking the value in today’s term if inflation is at 6% and you are getting Rs.1 Cr at your 70 years of age.

          Reply
          • Tarun

            May 14, 2018 at 10:14 AM

            Value in Today’s term is also irrelevant – since i hv the option to buy a plan with no end value and maturity at 70 years – and another plan with maturity value upto 99 years. Both the plans having same yearly premiums and only difference is one need to pay little extra premium beyond 70 years till the time you are alive. WHICH ONE IS BENEFICIAL – WHOLE LIFE TERM PLAN OR LIMITED LIFE TERM PLAN????

            Reply
            • Basavaraj Tonagatti

              May 14, 2018 at 11:05 AM

              Dear Tarun,
              I am forcing you to consider the Rs.1 Crore money you receive at 70 years or 80 years of age VALUE to today’s value, then you will come to know what mistake you are doing.

              Reply
  91. ashish chaudhary

    May 12, 2018 at 3:50 PM

    Sir ,
    1) I am Working in a PSU(Central Govt). If i buy any Term Insurance Plan in India and later in life i moved abroad for Job, did still i will be covered or not ??
    2) If i buy term insurance upto age of 60 yrs (retirement age ) and now a days news are coming that Govt considering to increase age of retirement up to 62 years. Will I am able to increase the term plan duration by 2 years later in same policy.

    Reply
    • Basavaraj Tonagatti

      May 12, 2018 at 5:30 PM

      Dear Ashish,
      1) YES. But as a safety measure, you have to inform insurance company for such move.
      2) NO.

      Reply
      • ashish chaudhary

        May 12, 2018 at 8:45 PM

        Thanks for reply.
        pl clear my doubt why ICICI pru smart ranked above HDFC Life

        Reply
        • Basavaraj Tonagatti

          May 13, 2018 at 8:54 AM

          Dear Ashish,
          There is no such TOP and BOTTOM ranking.

          Reply
  92. Tarun Dhamecha

    May 8, 2018 at 7:12 PM

    Thanks for the article

    Here you pointed our the Average claim amount settled for Insurance company is lowest for LIC, I can also see from the chart that almost all companies are in the range of 2L to 10L

    How is this possible in term insurance as value for any company offering a term plan is Minimum Sum assured of 25L and above.

    I am not sure if merely dividing the Benefit Amount by No of Policies can reflect Average Amount of Claim processed….?

    Reply
    • Basavaraj Tonagatti

      May 8, 2018 at 7:36 PM

      Dear Tarun,
      This is how we can assume the data as there are no specific product related data available with us.

      Reply
  93. Ayush

    May 7, 2018 at 5:21 PM

    Sir,

    If i buy a plain vanila product of say max life insurance, will i be covered under accidental death as well? I have seen there on websites there is addtional charges for accidental cover as well. Please help me clear the confusion

    Reply
    • Basavaraj Tonagatti

      May 7, 2018 at 6:12 PM

      Dear Ayush,
      Yes, accidental death also covered under such plain vanilla product. If you opted for accidental RIDER, then along with the sum assured you will also get the rider benefits.

      Reply
  94. chandu

    May 7, 2018 at 2:12 PM

    Hi Basu,

    Recently i am trying to buy term life from Maxlife, They have done my Tele verification of medical history.
    It seems they are ok with that. Shall i ask them for physical medical tests. This application is under process.
    Is it good to go for physical medical test ?.

    Can you suggest me?

    Reply
    • Basavaraj Tonagatti

      May 7, 2018 at 2:53 PM

      Chandu-Better to go for a physical medical test.

      Reply
  95. Bharat Dedhia

    May 7, 2018 at 10:51 AM

    Dear Basuji,

    1)In MAX Life do they increase the premium (post medical test) if your BP is even slightly higher or if Fasting blood sugar is slightly high ?

    2) If I have taken Term insurance for 10 years and stop paying them premium from 8th year onwards , then is there any problem from company’s side or will they take any penalty ( ofcourse it goes w.o saying that any death event taking place in period where Premium is not paid , then PAY OUT will be zero).

    Reply
    • Basavaraj Tonagatti

      May 7, 2018 at 12:26 PM

      Dear Bharat,

      1) YES or NO. Because it is purely the call of the underwriter of the said company.
      2) Once you stop paying the premium, then the agreement between you and the company ceases there itself. Hence, no such further benefits you can expect. However, if you want to renew, then based on the rules of the company, you have to pay the penalty and also has to undergo the medical examination. They again do the underwriting and based on the status of that day, they take the call.

      Reply
  96. Mohsin

    May 5, 2018 at 1:05 AM

    Sir,
    I am 32 years old, Smoker, working in a PSU annual salary approx. 10 L/annum, could please suggest me one term plan of rs. 1cr for 30 years, from which I can claim tax benefits as well if there any. Finance dept. of my company told me that I couldn’t claim tax benefits from term plan. Please be precise about term plan and insurer since I am pretty novice to financial terms.
    thanks.

    Reply
    • Basavaraj Tonagatti

      May 5, 2018 at 11:41 AM

      Dear Mohsin,
      You can choose anyone among above listed. Regarding tax benefits, your company financial department not correct. You can claim the tax benefit under Sec.80C for whatever the premium you pay towards Term Life Insurance.

      Reply
  97. SANJEEV

    May 3, 2018 at 9:23 AM

    SIR I AM LOOKING FORWARD FOR ICICI I-SMART TERM INSURANCE. There, they have 4 types of different claim amount option i.e., LUMPSUM ,LUMPSUM +REGULAR INCOME, REGULAR INCOME AND INCREASING INCOME.
    Sir, could you please explain me pros and cons and the suitablity of each payout method for a specific person insured.

    Reply
    • Basavaraj Tonagatti

      May 3, 2018 at 9:33 AM

      Dear Sanjeev,
      Each of additional benefit will cost you. They are not giving you at free of cost. Hence, opt for lump sum payment.

      Reply
      • SANJEEV

        May 3, 2018 at 9:42 AM

        THANKS SIR, few more things I would like to know. Who is a trustee in a policy(individual case). Is it benificial/important to declare a trustee. Also,can we declare same person as nominee and trustee both?

        Reply
        • Basavaraj Tonagatti

          May 3, 2018 at 10:22 AM

          Dear Sanjeev,
          Refer my latest post in this regard “Who is Beneficial Nominee in your Life Insurance?“.

          Reply
  98. prateek pandey

    May 2, 2018 at 5:31 PM

    i am 26 and working as a Public sectorbank manager.please suggest me the right term loan.i am single right now and do not have any dependents.

    Reply
    • Basavaraj Tonagatti

      May 2, 2018 at 6:50 PM

      Dear Prateek,
      Term Loan or Term Life Insurance?

      Reply
      • prateek pandey

        May 2, 2018 at 6:53 PM

        sorry about the typo
        its term insurance

        Reply
  99. Anil Thomas

    April 29, 2018 at 9:42 PM

    Dear Basavaraj,

    I wish I had read your article earlier, or I wish you had written it earlier. 5 years ago, I am not savvy when it comes to understanding these financial instruments as I am a creative person. I was convinced by 3 different insurance companies (through maybe their DSA’s or themselves) to buy their policy, they sold me the traditional life Insurance plans; insurance plus maturity benefit. And they showed me very impressive worksheets on how much I will get at the end of the period and incase anything happens my family will still benefit. And they said as long as I pay at least 3 years premium my policy won’t lapse

    Birla SunLife Vision: Annual premium 5 lac
    HDFC Life: Annual premium 2.5 lac
    Bharati AXA Annual premium 1 lac

    I took all 3. After paying 3 years premium for all, I had a personal crisis and needed money, they said that I will only get 30% of the premium paid minus the first year. For me that was a huge loss. So I did not take the money and went abroad to work for 2 years to repay the debts I owed, since I did not expect to be stuck like this.

    Now I am back, and with 2 years of unpaid premiums. I have no clue what to do. Surrender at a huge loss. Or just let it play out for very meagre and meaningless returns after a further many years.

    Can you please advise. Will be grateful.

    Anil

    Reply
    • Basavaraj Tonagatti

      April 30, 2018 at 7:03 AM

      Dear Anil,
      Sad to hear about your story. If you already paid the 3 years premium, then you are eligible for surrender. However, there is a loss to what you paid. But in my view, this seems to be best option rather than committing the same mistake again for rest of your life. Treat this loss as a learning for you. Hard to say for me also but the realities.

      Reply
  100. Anirudh

    April 28, 2018 at 6:54 PM

    Hi Basavaraj thanx for writing such an informative blog. i just want to ask whether it would be safe to buy a policy of 35-40 years from the private insurance company?

    Reply
    • Basavaraj Tonagatti

      April 29, 2018 at 4:29 PM

      Dear Anirudh,
      Yes, you no need to worry and they can’t wind up their business as and when they wish. There are strict guidelines and watchdog by IRDA.

      Reply
  101. Prasanna

    April 26, 2018 at 12:44 PM

    Sir, I had applied 60.00lakhvterm insurance with aegon life, they are telling medical examination is waiver,, I have disclosed what I know…. I had not gone any medical checkup recently (around 2 years).. Can you please suggest me, shall I insist for medical examination or its k if I take without medical?

    Reply
    • Basavaraj Tonagatti

      April 26, 2018 at 12:45 PM

      Prasanna-Better to insist.

      Reply
      • Prasanna

        April 26, 2018 at 1:19 PM

        Very informative blog, u are really helping the unknown. Thank you for your suggestions…

        Reply
        • Prasanna

          April 26, 2018 at 7:30 PM

          Even insisting for medical, it seems they are not interested to conduct…. Is there any cooling period in term insurance? So that I can cancel the policy and get it done with genuine company.

          Reply
          • Basavaraj Tonagatti

            April 26, 2018 at 7:32 PM

            Prasanna-If they not interested, then just skip and move to some other insurers. Yes, within 15 days from the date of receipt of your Policy Document.

            Reply
  102. George C

    April 25, 2018 at 1:35 PM

    Very informative blog. I have some questions here based on my recent interaction with AIA for a term insurance.
    1, Apart from Aegon, they (AIA) are the only ones to provide coverage till 80 years. Is this an advantage (they say it is an advantage), but I don’t see (personal opinion) taking insurance from them for additional 5 years when their premium is high
    2, As I am diabetic, the premium may shoot up additionally up to 50 % over their standard cost. One workaround proposed is to get a Non-Medical term insurance
    Without the diagnostic reports presented to company. I am not inclined to do this as this will create more problems to the nominee after my demise.Is a NM term insurance advised?
    3,With reference to 2, I was told that if I get my medical reports submitted the data will be entered into insurance database and will be used by other companies.
    Also, if the policy is rejected based on my condition, that will also be added to database and any further effort to buy term insurance may become costly affair- is this true?
    4, There are term insurance policies as low as 2500 rs per month. But they can quote this low (when compared with AIA) is because you have to pay it for life term(till my death), whereas the payment premium in their case is upfront for 10 years, So it will be almost equal. Is this correct? Is the repayment term alone constitute for the increase in price?

    Reply
    • Basavaraj Tonagatti

      April 25, 2018 at 1:58 PM

      George-1) Do you need Life Insurance during your retirement age?
      2) I strictly not allow that they issue policy without medical tests.
      3) As of now, no such database sharing is available. Even if it is available, it is for your long term benefit.
      4) Longer the coverage higher the premium.

      Reply
  103. SANJEEV

    April 25, 2018 at 7:32 AM

    very useful article. Sir, I would like to ask one thing,if someone(person insured) get murdered, will their nominees get the insurance money,or is it a part of exclusions of policy??

    Reply
    • Basavaraj Tonagatti

      April 25, 2018 at 8:54 AM

      Sanjeev-Nominee will get the money. However, it has to be proved that as a death due to murder but not self-instigated.

      Reply
      • Ajay modi

        May 2, 2018 at 8:48 PM

        Sir plz help me I am just 25 year old and I got a term plan please suggest me who will be best aegon life i term , max life insurace and hdfc click 2 protect 3 d

        Reply
        • Basavaraj Tonagatti

          May 3, 2018 at 6:57 AM

          Dear Ajay,
          You are saying you already got, then why such confusion now? Regarding my choices, I already explained in above post. Please refer the same.

          Reply
  104. Prasanna

    April 24, 2018 at 10:05 PM

    I have made insurance cover of my housing loan taken from Bank… Whether same has to be informed while taking term insurance plan

    Reply
    • Basavaraj Tonagatti

      April 25, 2018 at 8:56 AM

      Prasanna-YES.

      Reply
      • Prasanna

        April 25, 2018 at 9:26 AM

        Thank you very much, as the insurance has done through bank for my housing loan and i dont have individual copy I informed them through mail. Thanks for guiding.

        Reply
  105. Ajay

    April 24, 2018 at 9:32 PM

    Your article has been very helpful.
    I have couple doubts. When buying a term plan online how is persons medical condition checked?
    What I need to do in case I am detected with BP or diabetes or any other disease which was not there at the time of buying the policy?

    Thanks

    Reply
    • Basavaraj Tonagatti

      April 25, 2018 at 8:59 AM

      Ajay-Each companies have their own set of rules to test the health condition of the proposer. Hence, hard to say anything blindly and generically. Also, tests depend on the age, sum assured you opted and what you mentioned in the proposal form.

      Reply
  106. Kapil

    April 18, 2018 at 11:14 PM

    Dear Basavaraj,

    I already have 1 cr term plan of Tata Aia for last three years and intend to take another 1 cr plan.

    Should i choose another company or is it safe to take same term olan if Tata Aia. Hope I am not putting all my egs in one basket.

    Reply
    • Basavaraj Tonagatti

      April 19, 2018 at 7:38 AM

      Kapil-You can go ahead with the existing insurer. Diversify your investment but not insurance. The more you diversify the more work you give to your nominees (when you are not here for claim). There is no logic in the concept of ALL MY EGGS IN ONE BASKET for Term Life Insurance.

      Reply
  107. ram

    April 17, 2018 at 9:26 PM

    Great post, as I am not at all aware of policies, this is first time some one suggested to go for term policy instead of insurance policy and came across your post

    I am planing by one policy either (ICICI pru/HDFC for 1 cr) but not sure whether better to take for me or my parents can you please suggest

    Age: 36 nonsmoker
    Age: 65 nonsmoker diabetic

    Reply
    • Basavaraj Tonagatti

      April 17, 2018 at 9:56 PM

      Ram-One must have a Term Life Insurance if someone FINANCIALLY dependent on him or her.

      Reply
  108. Sanjeev

    April 17, 2018 at 8:38 PM

    Sir,
    When you say to buy rider seperately, what that mean?
    If i have icici term insurance – plain one, then i can ask icici to provide insurance for rider in seperate insurance?
    Or
    Is there is any financial institution to provide that

    Reply
    • Basavaraj Tonagatti

      April 17, 2018 at 9:59 PM

      Sanjeev-Riders like Critical Illness or Accidental Insurance products can be purchased from Non-Life Insurance companies separately as a standalone product.

      Reply
      • Sanjeev

        April 18, 2018 at 7:45 AM

        Can you please give some example… Any website?

        Reply
        • Basavaraj Tonagatti

          April 18, 2018 at 8:04 AM

          Sanjeev-Regarding?

          Reply
          • Sanjeev

            April 18, 2018 at 7:37 PM

            REgarding rider when you purchase from non-insurance company, who are all these non-insurnace company? are you referring to start health, icici lombard, bajaj alliaz etc?
            If so, how do you compare company health insurance with above companies riders

            Reply
            • Basavaraj Tonagatti

              April 18, 2018 at 7:39 PM

              Sanjeev-All Non-Life Insurance companies sell such riders as standalone products. Please try to visit their portals and their offerings.

              Reply
  109. naveen kumar

    April 16, 2018 at 1:53 PM

    Thanks 🙂

    Reply
  110. Kuldeep

    April 13, 2018 at 8:01 AM

    Good information about life insurance i am very thankfull to you as i am going to buy life insurance for me, but i am confuse in max life for 40 years 5880 rs and icici life for 40 year 6800rs
    Please suggest me one from max life or icici life .

    Reply
    • Basavaraj Tonagatti

      April 13, 2018 at 8:40 AM

      Kuldep-You can go ahead with anyone of your choice.

      Reply
  111. Rahul

    April 12, 2018 at 3:11 PM

    Hello Basavaraj,

    Thank you for such an informative blog. I used to base my opinion solely on claim settlement ratio and reputation of the company till I read your blog.

    I currently need a cover for 33 years that would cost me upto 40k annualy. My choices are as follows:

    HDFC Life (1.5Cr + inbuilt full terminal illness benefit + inbuilt WoP on accidental disability + 50L sum assured in case of permanent accidental disability for 28 years) – INR 39011

    ICICI iProtectSmart (1.6cr + inbuilt full terminal illness benefit) – INR 39349

    Aegon iTerm (2cr + inbuilt 25% terminal illness benefit + 50L sum assured in case of disability due to accident or sickness) – INR 39293

    Aegon iTerm Plus (2Cr + inbuilt full terminal illness benefit) – INR 39

    I discarded LIC eTerm as being too costly (80K + for similar plans) and Max as being not so trustworthy (unless you feel otherwise). I would like your views on above 4 plans. Though I like Aegon iTerm plan the best, I have trust issues with Aegon as well. I feel that their movement from Religare to TOI group may have something to do with high claim settlement ratio and higher settled claim amount. If you feel my doubts are unfounded, I will go for Aegon else I might look for HDFC or ICICI. I may prefer HDFC over ICICI given the current state of things at ICICI.

    Regards,
    Rahul

    I am 29 Male, I have made out the below table, but have some questions related to it,

    Co. SA Term Premium Years Monthly Premium
    ICICI 2 Cr 46 Years 46 Years 1716
    HDFC 2 Cr 40 Years 40 years 1697
    MAX 2 Cr 50 years 31 years 2513

    With which option I should go for, as I am confused, further till what age these all three policies will be valid.
    Also should I include the riders like accidental & critical illness types or keep it as only life cover.

    Reply
    • Rahul

      April 12, 2018 at 3:15 PM

      Kindly ignore the text after sign-off, they are remanants of Piyush Gangwal’s question.

      Reply
    • Basavaraj Tonagatti

      April 12, 2018 at 10:14 PM

      Rahul-ICICI Bank is different entity than ICICI Life. Regarding your choices, I never suggest anything specific. It is purely your comfort with company and premium affordability along with the feature.

      Reply
      • Rahul

        April 12, 2018 at 10:24 PM

        Thanks for your comment. I understand that.

        Let me ask you differently, given the current claim settlement ration and claim settlement amount of Aegon, will you overlook its past performance as Aegon Religare and the fact that it is less than 10 years old.

        Regards,
        Rahul

        PS: I would really like to know your view. You can reply in private with a disclaimer that it is your personal opinion and you cannot be held liable :-p

        Reply
        • Basavaraj Tonagatti

          April 12, 2018 at 10:25 PM

          Rahul-Merger and demerger are part and parcel of companies. Their such action is not the result of higher claim settlement ratio.

          Reply
          • Rahul

            April 12, 2018 at 10:48 PM

            Thanks!!

            Reply
  112. Piyush Gangwal

    April 10, 2018 at 5:43 PM

    Hi Sir,

    The Blog really helps us in getting clarity whether why one should go for only life cover, instead of getting attracted towards Endowment Plans etc. which happened with me, thus after reading your blog it is clear now

    I am 29 Male, I have made out the below table, but have some questions related to it,

    Co. SA Term Premium Years Monthly Premium
    ICICI 2 Cr 46 Years 46 Years 1716
    HDFC 2 Cr 40 Years 40 years 1697
    MAX 2 Cr 50 years 31 years 2513

    With which option I should go for, as I am confused, further till what age these all three policies will be valid.
    Also should I include the riders like accidental & critical illness types or keep it as only life cover.

    Reply
    • Basavaraj Tonagatti

      April 10, 2018 at 7:05 PM

      Piyush-You can choose anyone of the three. Don’t choose riders, instead buy them separately.

      Reply
  113. Upendar

    April 8, 2018 at 7:41 AM

    Hi Sir , your block is really awesome , i planned to take return of term insurance but now changed my changed my mind
    Iam 28yrs 8pa non smokr ,can you suggest one good among five top companies and till what age i need to select it ,

    Reply
    • Basavaraj Tonagatti

      April 8, 2018 at 10:59 AM

      Upendar-My selections are listed above. You can choose anyone among those.

      Reply
  114. VK

    April 5, 2018 at 11:40 PM

    is income proof is strictly necessary for buying insurance term,life etc?

    Reply
    • Basavaraj Tonagatti

      April 6, 2018 at 9:44 AM

      VK-YES.

      Reply
  115. Gaurav

    April 5, 2018 at 8:19 PM

    Hi . Thank you for the comments . I am 50 and need a 3c cover to Cover liability of a house purchase . I could not find the top insurance covers on your article – Can you hugest a recommendation. I would prefer a plan with free riders – I found HDFC 3 D life cover . However your chart indicates that Aegon / Edelwiess . I am the only earner

    Reply
    • Basavaraj Tonagatti

      April 5, 2018 at 9:17 PM

      Gaurav-I am not sure what you are saying about “I could not find the top insurance covers on your article”. Check the maximum cover available at your age with respective Insurer’s portal.

      Reply
  116. Harsha K R

    April 5, 2018 at 7:19 PM

    Hi Basavaraj,

    I don’t have any questions, but I just wanted to say thanks!
    My wife wanted us to get a term insurance policy and I had no clue about anything.
    Sites like policybazaar (which she told me to refer to) were incredibly confusing.

    Your blog post was a lifesaver, you’ve explained things very clearly.
    Thank you very much! Have a nice day!

    Reply
    • Basavaraj Tonagatti

      April 5, 2018 at 7:37 PM

      Harsha-Pleasure.

      Reply
  117. Shailesh

    April 4, 2018 at 8:45 PM

    Hello Sir, very detailed explanation for peoples who is looking to buy the term insurance.

    My annual income is 8 lacs and I am planning to go for Aegon raligare “I-return plan” for 1 cr sum insured value,

    as this plan offers cover plus return of premiums after completion of policy.

    Please guide if it is good choice for me?

    Thank you.

    Reply
    • Basavaraj Tonagatti

      April 5, 2018 at 12:24 PM

      Shailesh-Never go for the return of premium offer.

      Reply
      • Shailesh

        April 5, 2018 at 7:36 PM

        Hello Sir, Thank you for reply. Then you are suggesting to go for pure term plan?
        should we consider riders with them?
        Thank you.

        Reply
        • Basavaraj Tonagatti

          April 5, 2018 at 7:38 PM

          Shailesh-No need to consider riders.

          Reply
          • Shailesh

            April 5, 2018 at 10:10 PM

            Hello Sir, After reading full brochure of the policy got the following clause
            “If the policy is in force and the Life Assured dies before the Date of Maturity, We will pay to the nominee or to the Legal heir as the case may be an amount equal to Higher of (Sum Assured or 10 times the Annualized premium or 105% of premiums paid (excluding any rider premiums, extra premiums, or taxes) till date of death)”.
            Now I understood why you said to Never go for the return of premium offer.
            Thank you for guidance sir, I will go for pure Term insurance plan as you suggested in your detailed information.

            Reply
            • Basavaraj Tonagatti

              April 6, 2018 at 9:47 AM

              Shailesh-Great and go ahead to buy immediately.

              Reply
              • Shailesh

                May 10, 2018 at 4:46 PM

                Hello Sir, I have considered for Aegon I-term plan, everything regarding form fill up was done, there customer care executive immediately called and helped to fill the form and online payment was done. Within next 4 days basic medical test done at home, after that there is no communication for 10 days. then I tried to contact them by calling on there toll free no which is very hectic. By sms also there is no info for 15 days after the payment. After all this I have emailed to them for status of the policy, which they replied after 3 days that they need reports of the previous surgery done in year 2002. until that policy is on hold, I again replied to them that the hospital is now closed and I do not have any reports, also requested if you want you can test in your authorized hospital but they fail to understand the concern, So finally I asked to cancel the policy and refund the premium paid ( waiting now for that). It was strange that they do not bother to contact customer to give info. on there policy why it is on hold.
                Sir, Now my question is can I consider the other companies for term insurance? or there will be same problem with other company as I have shared all the data with them honestly. Is the scenario that this data will be shared across every company?
                Please reply.

                Reply
                • Basavaraj Tonagatti

                  May 10, 2018 at 5:04 PM

                  Dear Shailesh,
                  If you are not satisfied with said company, then simply move to another company. Regarding the procedure of new insurance company, it is hard to say what they ask.

                  Reply
  118. krishna

    April 4, 2018 at 7:47 AM

    Hi Mr Basavaraj
    I am trying to decide between a term plan and whole life insurance. The coverage amount in term insurance seems attractive but wonder if that is the best instrument to safeguard family when compared to regular life insurance where atleast there is a maturity benefit. I do have regular life insurance but no term insurance. I am 48 years and have over 10 lac income. thanks.

    Reply
    • Basavaraj Tonagatti

      April 4, 2018 at 11:01 AM

      Krishna-If you are looking for COVERAGE ONLY, then why you are looking at maturity benefit? Never club Insurance with Investment.

      Reply
  119. Sandip Sabnis

    March 27, 2018 at 7:15 PM

    Hi,

    This is very very good article with many points covered. Thank you very much for this type of work. I would definitely recommend to others. It seems that it was published around 20Feb. Coincidentally I was also trying to find Online Term insurance in the same period as I had to close the deal before 20th. I wish you would have published it bit earlier lot of my work would have been easier. Anyway as I selected and applied I would like to mention Service and Support which may help.
    I did drill down 5 similar companies like you. Only one difference is of LIC as I was knowing it is too costly. I had SBI instead of LIC.
    Out of those 5 I selected Aegon and ICICI. Surprisingly I had never get call from ICICI when I submit quote but had very good follow up from Aegon.
    But after payment ICICI had all procedure smoothly. Medical test intimation, test with home visit, policy approval, regular updates to me on phone and hard copy delivery everything happened as expected.
    And to the surprise Aegon has stopped regular communication after payment. No body is interested to complete procedure. Had to send documents over mail though I had uploaded on portal. Medical was scheduled but no one communicated or arrived to me. If someone called they asked if I send documents. I sent them reminder again scheduled medical but no one appeared. When I tried to dial numbers given in SMS, those were out of service. One month passed and I dropped mail to cancel my policy and revert money. Then also they called me asking if Medical is done or pending no one knows what is exact status. Today again I sent reminder mail.
    Got this while surfing this bookmarked site.

    I just want people to know the service you will get after payment. All above is true and based on my recent experience. I am not related to either Aegon or ICICI.

    Reply
    • Basavaraj Tonagatti

      March 28, 2018 at 8:37 AM

      Sandip-Thanks for shay your experience.

      Reply
    • SANJEEV

      April 25, 2018 at 7:47 AM

      sandip-Glad you shared your experience.

      Reply
  120. sreekumar

    March 26, 2018 at 6:51 PM

    Dear basu,

    Thanks for your valuable advises, I have some doubts.
    1. Is PAN card is mandatory for all insurers?
    2. If the birthday comes after applied for a insurance, which year insurers calculate the premium to issue the policy?
    3. In your view which company is good between Canara HSBC and ICICI?

    Reply
    • Basavaraj Tonagatti

      March 27, 2018 at 6:47 AM

      Sreekumar – 1) Yes, as per the KYC norm, it is mandatory.
      2) They calculate your age based on nearest birthday like if your age is 30 years and 4 months, then your age will be 30 years and if your age is 30 years and 7 months, then your age will be 31 years.
      3) ICICI because of oldest player.

      Reply
  121. Guna

    March 25, 2018 at 2:53 AM

    Hi Basu, I have 2 questions

    1) Why we need to consider LIC & HDFC , if premium amount is low with Aegon (almost half price?
    2) What happens to my policy, if the insurance company runs out of the business

    Reply
    • Basavaraj Tonagatti

      March 25, 2018 at 9:50 AM

      Guna-1) It is up to you.
      2) Refer my post about this issue HERE.

      Reply
  122. Mohit Mathur

    March 23, 2018 at 5:05 PM

    Hi Basu,

    I already have a term insurance of 50 lakh from HDFC click 2 protect plus plan.

    Now I want to buy 1 cr term.

    I am confused between HDFC life and max Life.

    Also suggest in additional riders,should we add riders ?

    Regards

    Reply
    • Basavaraj Tonagatti

      March 23, 2018 at 5:40 PM

      Mohit-Why not stick with HDFC Life? Better to avoid riders and buy them from general insurance companies.

      Reply
  123. Vineet

    March 20, 2018 at 1:10 PM

    Hello sir.,
    I am 40 years old and my income is 10 to 12 lacs pa. I bought term plan of 1 cr last year from birla sublime named protecter @ ease. There is wrong name written on the bond and the person who sold me the policy is not responding and also he has taken the original bond with him.
    Now I want to close that policy and get another term plan online. Can I get it before maturity of older policy or not please guide me and with which house should I go.

    Reply
    • Basavaraj Tonagatti

      March 20, 2018 at 1:15 PM

      Vineet-” Can I get it before maturity of older policy or not please guide me and with which house should I go.”-How can I say about the new insurance company process? You have to apply immediately to get it done.

      Reply
    • Vineet

      March 20, 2018 at 1:43 PM

      Correction please it is Birla sunlife instead of sublime.

      Reply
      • Basavaraj Tonagatti

        March 20, 2018 at 2:02 PM

        Vineet-That’s alright.

        Reply
  124. arunkumar Dhamotharan

    March 19, 2018 at 7:17 AM

    Sir I somehow found that aegon life has settled only 571/588 claims (17 repudiated) is this enough? What will happen if high sum assured cases comes for claim? Whether they have sufficient life funds to pay the claim? I decided to take term insurance from aegon, I have this doubts?

    Reply
    • Basavaraj Tonagatti

      March 19, 2018 at 7:22 AM

      Arunkumar-They are into business under the strict regulator and they can’t run away as and when they feel to close the shop.

      Reply
  125. Amarjit Prasad

    March 18, 2018 at 9:55 PM

    Sir,
    Many thanks for explaining TI in simplest way. However I’m having few doubts.
    1. What will happened to policy holders if insurance company got bankrupt or closing their business in India?
    2. Is number of branches really matter while selecting any insurance company?

    Reply
    • Basavaraj Tonagatti

      March 19, 2018 at 7:10 AM

      Amarjit-1) Refer my post on Life Insurance companies goes bankrupt.
      2) To certain extent.

      Reply
  126. Tejas

    March 18, 2018 at 3:02 PM

    Hi Basavaraj,

    Thanks for the great analysis on Term Insurance plans. I had a look at the data from IRDAI. Maybe using solvency ratio as an additional parameter for shortlisting insurance companies could be considered?

    Anyways, I had a separate question. I am an NRI and would like to get a Term Insurance policy. Do you have any idea how the insurers handle NRI applications? How about the medical tests?

    Thanks,
    Tejas

    Reply
    • Basavaraj Tonagatti

      March 18, 2018 at 5:33 PM

      Tejas-Yes, you can consider that ratio also to certain extent. Yes, few insurers offer term life insurance to NRIs. You have to first shortlist the product and company and then ask them. The medical test has to be completed in India (when you are in India).

      Reply
  127. Venkat

    March 16, 2018 at 4:22 PM

    Hi, I’m planning to buy a term insurance policy for my family. My annual income is between 10 LPA and 15 LPA.

    My criteria is:
    1. The cover should be till 60 years,
    2. Sum assured is 2 Cr.
    3. Single payment.

    Could you please suggest me in this regard.

    Thanks and regards,
    Venkat

    Reply
    • Basavaraj Tonagatti

      March 16, 2018 at 6:09 PM

      Venkat-There are many plans which offer this. Check above details also.

      Reply
      • Venkat

        March 16, 2018 at 8:05 PM

        Hi,
        Thanks a lot for your reply. But I’m getting confused with too many details out there. Could you please also query if:
        1. Single payment of the premium is a good decision. I’m 33 years old.
        2. I’m of the opinion that one time payment of the premium would make my life easy without having to worry about the times when I may not be able to afford to pay these regular premiums for such a long duration.
        3. One time payment seem to me as a kind of investment I’m putting in to secure my family members.

        Your inputs here would help me a lot. Please suggest.

        Thanks,
        Venkat.

        Reply
        • Basavaraj Tonagatti

          March 17, 2018 at 1:41 PM

          Venkat-1) You can opt it if you feel you can afford and future payment is uncertain for you.
          2) If so then choose it.
          3) Your wish and comfort.

          Reply
  128. Amarjit singh

    March 16, 2018 at 1:20 AM

    Hi sir i want to buy a term plan for my wife of 1 cr.i am little bit confuse between Hdfc life 3d and Aegon life.which should i buy and why please guide me she is 28 years old and selfemployed

    Reply
    • Basavaraj Tonagatti

      March 16, 2018 at 6:34 AM

      Amarjit-What is your confusion?

      Reply
  129. Arunkumar Dhamotharan

    March 15, 2018 at 11:06 PM

    Great article.. i don’t find one important data here . LIC average claim amount is low because the number of claims settled is more . It will be more useful if number of claim settled was given or consider the category say up to 10lakhs,or 10-25lakhs.

    Reply
    • Basavaraj Tonagatti

      March 16, 2018 at 6:23 AM

      Arunkumar-Sadly such data is not available.

      Reply
  130. ANAND PENDHARKAR

    March 15, 2018 at 5:53 PM

    Dear Sir
    There is one insurance provider about whom there is hardly any write up in any forum . It is PLI or Postal Life Insurance. It is a good product, but only available to Govt/ PSU employees. The premiums are deducted from the salary so one can opt for monthly premiums which are lessor then monthly rate of others , and the I T also is adjusted in the salary itself.
    Could you give you take on the product (term, endowment, life ) vis a vis others?

    Regards
    ANAND .

    Reply
    • Basavaraj Tonagatti

      March 15, 2018 at 6:13 PM

      Anand-Refer my post about Postal Life Insurance.

      Reply
  131. RAJAT PAUL

    March 1, 2018 at 1:04 AM

    I AM 30 YEARS MALE, NON SMOKER , SOCIAL DRINKER , APPLIED FOR A 65 LAKH TERM + 15 LAKH ci PLAN IN MAX LIFE. THEY HAVE POSTPONED MY PAPPLICATION FOR 3 MONTH.FIRST THEY TOLD ME IT WAS FOR BLOOD PRESSUE AND LIVER FUNCTION TEST WHEN I CHALLENGED THEM THAT MY BLOOD PRESSURE WAS NORMAL 80/120 AT THE TIME OF MEDICAL , THEN THEY CHANGED THEIR STATEMENT AND TOLD ME FOR BLOOD SUGAR(FASTING -115) AND LIVER FUNCTION TEST.

    AFTER THAT I APPLIED FOR A PURE 80 LAKH TERM PLAN FROM HDFC LIFE. BUT THEY HAVE APPLIED 30% LOADING FOR ELEVATED SUGAR LEVEL ( FASTING -112). BUT I CHECKED IT FROM TWO OTHER LAB AND IT IS WITHIN RANGE (FASTING -85, PP-109) AND I AM 200% SURE THAT THEY ARE MANIPUATING MY MEDICAL TEST REPORT FOR EXTRA PREMIUM. I REJECTED THEIR PROPOSAL AND APPLIED TO ICICI PRUDENTIAL LIFE.
    THESE PRIVATE INSURER ARE GIVING VERY LOW PREMIUME OFFER TO ATTRACT CUSTOMER BUT THEY ARE DOING MALPRACTICE TO INCREASE PREMIUME.

    WHAT SHOULD I DO NOW??

    SHOULD I COMPLAIN AGAINST HDFC TO IRDA ?? WHAT IF SAME THINGS HAPPENE WITH ICICI PRU?? PLEASE GUIDE….

    Reply
    • Basavaraj Tonagatti

      March 1, 2018 at 9:51 AM

      Rajat-You can’t complain and even if you complain also, then it is of no use. It is purely respective company’s business decision. Now coming back to loading by these companies, do you think there are no health issues in you? If you are so worried with private players, then try your luck with LIC. I know they will load more than these to make you SURPRISE 🙂

      Reply
      • RAJAT PAUL

        March 1, 2018 at 10:12 PM

        Thank you for your suggestion sir.

        I am very much sure that i do not have any issue with blood sugar level. it is within range and i have tested it personally from two different lab.
        You are right . after applying 30% loading, premium of hdfc is stil very much lower than LIC .

        Actually i dont have any problem accepting their loading. but problem is that if i buy this policy with loading that means i am accepting that i have high blood sugar level.

        Now i have a plan to buy a family floater health insurence within next two month. Then i have to tell general insurence company that i have once diagonised with high blood sugar level. because i can not deny it technically. Then they will again apply some loading. and if i dont reveal this to them then it will be suppression of factual information and they may deny my health insurence claim.

        I am confused sir. give some guideline.

        Reply
        • Basavaraj Tonagatti

          March 2, 2018 at 11:37 AM

          Rajat-You have only two options. Either to accept or reject. Which one you choose is left with you. Whether it is Life or Health Insurance, disclosing the facts properly is beneficial for you in long term.

          Reply
  132. Dhakshina

    February 26, 2018 at 2:28 PM

    Dear Basu
    Thanks for this informative blog. I am looking at buying term insurance.
    You have done detailed comparison on well established criteria. I would like to suggest an additional criteria.

    Is it possible to evaluate insurers based on rejected amount? For eg. a particular insurer maybe rejecting high payout claims.

    I am surprised that in the data you have presented, that insurers with less than 10 years are having higher payouts than well established players. Either their sales force is doing better job or the well established players are rejecting higher payout claims.

    I hope this aspect could be analyzed from public information

    Reply
    • Basavaraj Tonagatti

      February 26, 2018 at 4:43 PM

      Dhakshina-Thanks for your inputs. But sadly the IRDA Annual Report not separate between Term Life Insurance to other Life Insurance.

      Reply
  133. Sunil aggarwal

    February 25, 2018 at 5:39 PM

    I already have a policy worth 1cr from Aegon. Wish to add another for the amount of 2cr. Should I opt for Aegon or look for other insurers for this additional sum. I have already closed all life insurance other than this Term Insurance.

    Pls advise

    Reply
    • Basavaraj Tonagatti

      February 26, 2018 at 6:41 AM

      Sunil-If you have no issues with Aegon, then why not buy from the same insurer?

      Reply
  134. ranadeep

    February 25, 2018 at 9:14 AM

    Hi Basavaraj,

    Thanks for such a wonderful insight. I am a regular follower of your blogs and those have helped me a lot to plan my finances. Thanks for providing details about each finance products and helping people like us. I have one question regarding term insurance plan. I am 31 years, salaried employee, Recently (3rd Feb 2018) I bought Aegon iterm plan without any riders. After filling up the forms and opting for a medical test date, I received a SMS from Aegon life saying that my medical test has been waived as I have made proper disclosures for all the medical related queries. Out of doubt I called them and asked them to drop a mail saying the same thing so that I can keep that for my future reference.

    Snippet of the mail that I have received.

    “Thank you for your interest in AegonLife.
    We are accepting your proposal at a standard rate and we have waived off your medicals.
    This will not change the terms and conditions of your policy.”

    But I still have some doubt, Should I insist on having the medical test or It’s fine as I have a written mail conversation from them referring the medical test waived off part.

    Reply
    • Basavaraj Tonagatti

      February 25, 2018 at 10:09 AM

      Ranadeep-In this not required if you declared all facts properly.

      Reply
      • Ranadeep

        February 26, 2018 at 11:26 AM

        Thanks Basavaraj. Sorry If I am stretching it a bit long, But have you heard or come across any scenario where Claim is rejected because of not going through the proper medical test.

        Reply
        • Basavaraj Tonagatti

          February 26, 2018 at 11:28 AM

          Ranadeep-No such instances reported. But I want clarity to insurance companies when they are taking my life risk. BLIND risk taking ability is like meeting with an accident. I don’t want that insurance companies jump into issue policy for the sake of their business and then my family suffer for any rejection.

          Reply
  135. Rahul

    February 23, 2018 at 5:03 PM

    Life Insurance is tax deductible under section 80C and Health Insurance under section 80D, this is pretty straight forward. I have some confusion regarding riders tax exemption.

    1) Critical illness rider or standalone:- If I am correct whether taken standalone or as rider in health or life insurance its premium will always fall in section 80D tax exemption. Just confirm this point.

    2) Accidental death benefit rider or standalone: Does premium payment for this also tax exempt? Read across one insurance web aggregator site that, if taken standalone then no tax exemption if taken with Life insurance as rider then 80C exemption.

    3) Hospital cash rider or standalone: Is it also tax exempt in any way?

    Please confirm the tax exemption of above 3 plans/rider.

    Thanks.

    Reply
    • Basavaraj Tonagatti

      February 23, 2018 at 6:10 PM

      Rahul-1) YES.
      2) If you buy as standalone, then there is no tax benefit. However, if you buy as rider, then you can get tax benefits.
      3) Riders are part of that particular product. Hence, you will get the tax benefits accordingly.

      Reply
  136. Chandra Rao

    February 23, 2018 at 2:48 PM

    Hi Basunivesh,

    I am a regular reader of your blog and I would like to thank you very much for the information you share with us.

    I already have term insurance policy with HDFC Life which I took 4 years ago with SA according to my annual income at that time. Now I need to increase the cover.

    Is it better to go with another insurer or get from the same insurer?

    Reply
    • Basavaraj Tonagatti

      February 23, 2018 at 5:57 PM

      Chandra-If you don’t have any issues, then why not with same insurer?

      Reply
  137. Ritesh M

    February 23, 2018 at 8:10 AM

    Great article sir!!!

    It gives an idea about the hidden facts of claim settlement!!! For e.g. even though LIC’s claim settlement ratio is the best in the market, if one observes average amount of claim, LIC is the worst. This is because, LIC is still heavily dependent on those 2 Lacs to 5 Lacs sum insured policies. (that too traditional endowment and money back plans!)

    Also, your opinion about insurance aggregators is pin point!!! I believe they are resorting to mis-selling on a greater scale due to their visibility in media (as compared to individual insurance agents). They are actually making more harm to the prospective policy holders on organised basis!!!

    Reply
    • Basavaraj Tonagatti

      February 23, 2018 at 8:22 AM

      Ritesh-Pleasure 🙂

      Reply
  138. maninder

    February 23, 2018 at 12:41 AM

    Sir tell that in basic max term insurance plan is the payment of claim is in lumpsum or not for above mentioned premium as for icici pru iproctect plan the premium for lumpsum option is 9740 while for regular income payment the premium is 8279 same as u mentioned above.
    So i want to know the the max term plan will do lumpsum payment or will pay in installments.

    Reply
    • Basavaraj Tonagatti

      February 23, 2018 at 5:51 AM

      Maninder-I think I calculated on lump sum. Please check with the respective insurer.

      Reply
      • Maninder

        February 23, 2018 at 12:07 PM

        Sir for icici pru term insurance you have calculated premium on installment payment not on lumpsum and max life has not mentioned something like this on their front page where we calculate premium. I have to check about max insurance term plan through their coustmer care number

        Reply
        • Basavaraj Tonagatti

          February 23, 2018 at 6:04 PM

          Maninder-Yes, I calculated for yearly premium. If you need changes, then you can do so on their portal.

          Reply
          • Maninder

            February 24, 2018 at 12:07 PM

            Sir i m talking about claim payments your calculation above for icici term plan is for claim paynent in installment not in lunpsum . While max did not mention about type of claim payment in their web page where we calculate premiun

            Reply
            • Basavaraj Tonagatti

              February 24, 2018 at 4:17 PM

              Maninder-If Max not mentioning that option, then it should be lump sum ONLY.

              Reply
  139. Amarjit singh

    February 23, 2018 at 12:33 AM

    Sir I am 35 yeras old and planning to buy term insurance plan for me .please suggest me from which company should i buy the term plan and same term insurance for my mother to her age is 54 years. Pls share your experience.
    Thanx and regards
    Amarjit

    Reply
    • Basavaraj Tonagatti

      February 23, 2018 at 5:52 AM

      Amarjit-My options are listed above. Whether someone financially dependent on your mother?

      Reply
  140. Keshav M

    February 22, 2018 at 7:56 PM

    Hi I am Keshav Age 43, please suggest which term insurance policy will be better with lowest premium and all benefits

    Reply
    • Basavaraj Tonagatti

      February 22, 2018 at 8:14 PM

      keshav-I can’t enter your data and calculate by visiting all 24 insurers. However, refer above post for the guidance.

      Reply
  141. Chintu

    February 22, 2018 at 5:04 PM

    Hello basu,

    I admire your post and daily follower of your blogs.
    I have question regarding the Term Plan.
    Some of the company is providing Term plan with Whole Life Benefit with single premium.
    Like HDFC has premium around 46K for 50 Lac cover for whole.

    Is it advisable to have such plan?

    Thanks

    Reply
    • Basavaraj Tonagatti

      February 22, 2018 at 5:22 PM

      Chintu-Stay away from such product. First of all you are not required Life Insurance post your working age.

      Reply
      • Sachin

        February 22, 2018 at 5:36 PM

        Whole life term plans are good for legacy planning. Why are you not recommending such products.

        Reply
        • Basavaraj Tonagatti

          February 22, 2018 at 5:38 PM

          Sachin-Legacy planning at what cost? How much returns do they generate so that you fell it is LEGACY for next generation?

          Reply
          • Sachin

            February 22, 2018 at 5:49 PM

            Calculate for yourself….Approx 5% IRR guaranteed for long term….Which product will give that

            Reply
            • Basavaraj Tonagatti

              February 22, 2018 at 7:26 PM

              Sachin-So as per you for your estate planning 5% IRR is the BEST return!! Go ahead then, why to ask??

              Reply
      • Chintu

        February 24, 2018 at 4:36 PM

        Thanks, I will considering Simple Term Plan from Aegon. I met their Advisor and Found suitable for me.
        Thanks again for article.

        Reply
        • Basavaraj Tonagatti

          February 24, 2018 at 6:17 PM

          Chintu-Great to know 🙂

          Reply
  142. Sandip Patel

    February 22, 2018 at 3:14 PM

    Very Nice Article Basavraj….. Thanks a lot………

    Reply
    • Basavaraj Tonagatti

      February 22, 2018 at 5:17 PM

      Sandip-Pleasure 🙂

      Reply
  143. Cbandan

    February 21, 2018 at 11:19 PM

    I have one doubt every one policyholder hi was told I want 40 yrs term insurance policy but SBI life provide only 30 yrs term insurance period so how to convince and I’m agents for SBI life company…plz reply

    Reply
    • Basavaraj Tonagatti

      February 22, 2018 at 6:20 AM

      Chandan-I can’t help in selling. But ideally, the Life Insurance is not required during your retirement age.

      Reply
      • Cbandan

        February 22, 2018 at 9:23 AM

        But sir can you tell mi what’s benefit for andoment term insurance plan and traditional term insurance plan..,.

        Reply
        • Basavaraj Tonagatti

          February 22, 2018 at 10:02 AM

          Chandan-Where you heard Endowment Term Insurance Plan?

          Reply
      • Saurabh Pandey

        May 3, 2018 at 10:22 PM

        Sir
        What exactly you mean by ” during your retirement age” . Are you referring when we are actually retired from job/ liabilities or before retirement from job .

        Reply
        • Basavaraj Tonagatti

          May 4, 2018 at 5:56 AM

          Dear Saurabh,
          When you actually retire from job or from your earning life.

          Reply
  144. Sks

    February 21, 2018 at 9:39 PM

    I have term insurance from aviva. How is the company. You have not reviewed it. I have done full disclosures but even after that company does not do claim settlement then we would not be there to fight but only the dependents. Can we ask forefront from the company or have some assurance that the claim won’t be rejected

    Reply
    • Basavaraj Tonagatti

      February 22, 2018 at 6:25 AM

      Sks-You can continue the same. Let assume that you changed to new insurer, then will they give you GUARANTEE that settles your claim?

      Reply
      • sks

        March 6, 2018 at 10:29 PM

        i have read somewhere that if the premium for 3 consecutive years have been paid then the insurance company can’t deny the claim. is this true for TERM insurance.
        please advise

        Reply
        • Basavaraj Tonagatti

          March 7, 2018 at 9:24 AM

          Sks-Yes, but it does not mean that you hide any material facts and can get claim after 3 years.

          Reply
          • SKS

            March 7, 2018 at 8:36 PM

            thanks for the reply

            but my question remained the same

            Even after full disclosures company does not do claim settlement then we would not be there to fight but only the dependents.

            how does company checks that your disclosures are correct or not after your claim comes?

            Reply
            • Basavaraj Tonagatti

              March 8, 2018 at 11:17 AM

              SKS-“how does company checks that your disclosures are correct or not after your claim comes?”-Hard to say. But buying Life Insurance is not enough. You have to teach your dependents on how to claim, if claim rejected then how to fight and also how to use the money received.

              Reply
  145. Sushma

    February 21, 2018 at 9:29 PM

    I find TATAAIA better than others as it gives up to age 80 or say 40 yrs st a go with proud paying option

    Reply
    • Basavaraj Tonagatti

      February 22, 2018 at 6:26 AM

      Sushma-If you feel that product suitable to you, then go ahead.

      Reply
  146. Ajit

    February 21, 2018 at 7:31 PM

    I need this type of information…
    Thank you very much …

    Reply
  147. Senthil S

    February 21, 2018 at 5:13 PM

    Sir..

    Does all these term insurance scheme mention by you covers natural death or it only covers accidental death. It is my long pending doubt.. please clarify.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 5:46 PM

      Senthil-Yes, all term life insurance products cover natural death.

      Reply
      • Senthil

        February 21, 2018 at 5:55 PM

        For my age 40, which is your suggestion to do by online

        Reply
        • Basavaraj Tonagatti

          February 21, 2018 at 6:24 PM

          Senthil-Go online but as per your BEST.

          Reply
          • Senthil

            February 21, 2018 at 6:28 PM

            thanks.. Will these policies cover the ultimate death due if any ailments identified after policy taken like sugar / heart attack / cancer

            Reply
            • Basavaraj Tonagatti

              February 21, 2018 at 6:39 PM

              Senthil-That is product specific. You have to check it separately.

              Reply
              • Senthil

                February 22, 2018 at 10:50 AM

                can you please recommend on your top five picks…

                Reply
                • Basavaraj Tonagatti

                  February 22, 2018 at 11:15 AM

                  Senthil-They are listed already.

                  Reply
  148. Shiva Ji

    February 21, 2018 at 4:31 PM

    I am 35 year old and planning to buy a Term Insurance Policy. I am working in government primery school as a assistant teacher.
    My yearly income is 5 Lac.
    1. How much SA I have to take.
    2. Which insurer is best when i want maturity of policy at 75 yr.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 5:48 PM

      Shiva-1) Random quantum of Life Insurance is around 15-20 times of your yearly income+Liability.
      2) Hard to say but refer above post.

      Reply
      • Shiva Ji

        February 21, 2018 at 8:52 PM

        I am 35 year old and planning to buy a Term Insurance Policy. I am working in government primery school as a assistant teacher.
        My yearly income is 5 Lac.
        1. How much SA I have to take.
        2. Which insurer is best when i want maturity of policy at 75 yr.

        What is difference between buying term plan Online or offline from any agent.
        Is any difference in features not premium or else.
        How can we do self assessment like agent confidential report.

        Reply
        • Basavaraj Tonagatti

          February 21, 2018 at 9:01 PM

          Shiva-I think you or someone asked the same question earlier and I already replied. Just refer my reply.

          Reply
  149. Saurabh

    February 21, 2018 at 3:14 PM

    Hello Sir,
    I am 30 years old and planning to take a Term Insurance.
    Till now I was not having any idea about this but your above information has given me ground to understand term plan.
    Also, you mentioned that in your previous year list SBI Life’s Term Life Insurance was there, but in this year you have taken this out, may I know the reason behind this, Sir.
    Is it like every year the best term insurance provider changes.
    Please help, so that I could land on Best term Insurance plan
    Thanks
    Saurabh

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:01 PM

      Saurabh-Refer my above post properly where I mentioned the changes from SBI to Aegon and also mentioned the reason. It hardly changes yearly.

      Reply
  150. Rani

    February 21, 2018 at 3:04 PM

    Dear,

    Now a days RIP(return of investment price) type of term plans are in market so what do you think about that. Where you will get ur full money back incase of no dismiss.
    Pls suggest

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:02 PM

      Rani-Whether you cross verified the premium difference? If not, then first cross check then we discuss. They are just waste. Stay away from such gimmicks.

      Reply
  151. Shyamhorkekar@gmail.com

    February 21, 2018 at 2:55 PM

    I hv term plan. Should I look forward for health plan. I’m 30 years old

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:06 PM

      Shyamhorkekar-Why you are linking term plan with health insurance??

      Reply
  152. Shyamhorkekar@gmail.com

    February 21, 2018 at 2:51 PM

    Thanks for ur unbiased reviews on term plan. Awesome job sir. I’m 30 years old just two days before purchased max life term plan(no critical illness) but today reading ur blog I’m intending to purchase ICICI term plan. Please let me

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:09 PM

      Shyamhorkekar-Why you are comparing Critical Illness Insurance with Term Life Insurance? Both are different.

      Reply
  153. B k jha

    February 21, 2018 at 11:39 AM

    Hi sir, thanks for your eye opener blog, I m 46 and planning to purchase a term plan, today after studying your blog, it will be of great help to select a term plan for me.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 12:24 PM

      Jha-My list is already available in above post.

      Reply
  154. Ravi

    February 21, 2018 at 11:04 AM

    Hi Basva,

    I have a term insurance of 50 lacs (Death) and other 50 lacs for critical illness coverage ie icici prudential life cover I protect smart.

    As you mentioned never include the riders, should I need to discontinue the critical illness part?

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 12:37 PM

      Ravi-If you already having it, then continue.

      Reply
  155. Onita

    February 21, 2018 at 11:01 AM

    Mr. Basu,
    Your study of the subject is good.
    And your suggestions unbiased.
    Thanks.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 11:05 AM

      Onita-Thanks a lot 🙂

      Reply
  156. Srujan

    February 21, 2018 at 10:42 AM

    Hello,

    As the beginner thisinformation was useful. Can you provide analysis on health care policies .

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 11:09 AM

      Srujan-Refer my post “IRDA Incurred Claim Ratio 2016-17 | Best Health Insurance Company in 2018“.

      Reply
  157. Ravi Malhotra

    February 21, 2018 at 10:28 AM

    Can i get term.insurance if i have been diagnosed with diabetes 13 days ago.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 10:37 AM

      Ravi-Hard to say as it purely depends on the respective insurer.

      Reply
  158. Dharmilkumar Shah

    February 21, 2018 at 9:21 AM

    My Mother’s Age is 50 Years. I want to Take Term Plan of 50,00,000 SA which Due At her Maturity Age of 80 (for 30 Years Term) .

    Which Term Plan is Better for 25 Y Term (as Max Age at Maturity is 75 in Some Term Plans) ?

    And Which Term Plan is Better for 30 Y Term(as Max Age at Maturity is 80 in Some Term Plans)?

    And If Argon Is Good as Term is 30 Y Long? Or I Should Go Toward LIC OR HDFC OR MAXLIFE?

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 10:32 AM

      Dharmilkumar-Whether someone dependent on her FINANCIALLY at her age?

      Reply
      • Dharmilkumar Vipulbhai Shah

        February 21, 2018 at 11:04 PM

        My Sister….

        Reply
        • Basavaraj Tonagatti

          February 22, 2018 at 6:23 AM

          Dharmilkumar-May I know how she is dependent on your mother’s income financially?

          Reply
          • Dharmilkumar Vipulbhai Shah

            March 2, 2018 at 2:56 PM

            She is 19 Year Old, Studying in 2nd Year BE Civil Engg. in Private Degree College. I am Lecturer in Gov. Polytechnic College.

            Reply
            • Basavaraj Tonagatti

              March 2, 2018 at 4:16 PM

              Dharmilkumar-Whether your sister is FINANCIALLY dependent on your mother??

              Reply
              • Dharmilkumar Shah

                March 2, 2018 at 7:11 PM

                Yes

                Reply
  159. Alpes Panchal

    February 21, 2018 at 9:16 AM

    Can you do a similar rating for ulips and a run down of how ulips work? Thank

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 10:33 AM

      Alpes-I never support the idea of combining Insurance with Investment. Hence, not interested. However, thanks for your valuable suggestion.

      Reply
      • Alpes Panchal

        February 21, 2018 at 11:46 AM

        I agree with you completely. But with this new LTCG tax, do you think ULIP is worth investing in?

        Reply
        • Basavaraj Tonagatti

          February 21, 2018 at 12:25 PM

          Alpes-Not at all.

          Reply
  160. HEMANT

    February 21, 2018 at 9:00 AM

    Sir,
    My age is 53. Please advise me for suitable term plan. Thank you

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 10:34 AM

      Hemant-Refer above post.

      Reply
  161. Amrendra

    February 21, 2018 at 8:28 AM

    Dear Basu,

    I am having term plan of 1 crore for last 6 year with Aviva i Life. I am 32 years of age. Kindly suggest should I continue it or not.

    Regards,
    Amrendra

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 10:36 AM

      Amrendra-Continue.

      Reply
  162. Anshu

    February 21, 2018 at 8:10 AM

    Sir who bears the medical examination cost in case of term insurance? If anyone found any health problem which is not known by person taking term insurance than what happens?

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 8:23 AM

      Anshu-Usually Insurance Companies bear the cost of medical examination if the proposal is accepted. Otherwise, it is you who has to bear this cost.

      Reply
  163. Jitin Kumar Rathor

    February 21, 2018 at 7:48 AM

    Hi, I have bought term plan of 50 lacs from Max life. I have given telemedical examination. They have not asked for any physical test. Now what I should do. Please suggest. Thanks. Jitin

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 8:22 AM

      Jitin-If it is disclosed at the time of proposal filing itself that there will not be any medical examination if you buy up to Rs.50 lakh term insurance, then you no need to worry. Also, if you disclosed all facts properly, then also you no need to worry.

      Reply
  164. Manish kumar

    February 21, 2018 at 7:46 AM

    my parent’s age is 60+ and dont hav any TI. my father is diabetic patient and my mother had undergone bypass surgery last year. so pls suggest best term plan for them.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 8:21 AM

      Manish-Do they need Term Life Insurance at this age?

      Reply
  165. Buddhi

    February 21, 2018 at 6:48 AM

    Any specific reason why you removed SBI LIFE from the list wrt Agon?

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:11 AM

      Buddhi-I felt Aegon doing good than SBI.

      Reply
  166. Manish

    February 21, 2018 at 3:16 AM

    Hello Basunivesh ,

    Really appreciate your effort to present the article such a nice way.

    Could you please provide details for TATA AIA term plan for Average Claim Settlement Amount in 2016-17 ?

    Thank you

    Reply
    • Manish

      February 21, 2018 at 3:29 AM

      Also, as per SEC 45 of Insurance no company can deny /reject claim if completed 3 years. If this is true then what is the need of looking into claim settlement ratio or avg amount paid.Just checking the premium amount is sufficient , is not it?

      Reply
      • Basavaraj Tonagatti

        February 21, 2018 at 6:26 AM

        Manish-Agree, but it does not mean that you can hide the facts and buy the term life insurance and then under Sec.45 of Insurance Act, you just get the claim at any cost. If insurance company found that you hid the facts intentionally, then your claim may be still get rejected.
        I am not saying that CI is the criteria to search for Term Life Insurance. Because at the end it is just raw data.

        Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:21 AM

      Manish-Thanks for your appreciation. There is no such data available especially to show CI of Term Insurance Plans. However, you can check the Tata AIA company’s claim settlement ratio in above post.

      Reply
  167. Avinash Singh

    February 21, 2018 at 3:04 AM

    Hi i earn about 700000 rupee per year but i work in a private company without any declaration or partnership, i live in France, i want to buy a life insurance in india is it possible if this is possible than what will be the requirements

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:27 AM

      Avinash-You can buy the term life insurance. Approach the Life Insurance companies of your choice.

      Reply
  168. Raj

    February 21, 2018 at 2:26 AM

    Thank You for latest analysis & data helps a lot 🙂 🙂

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:29 AM

      Raj-Pleasure 🙂

      Reply
  169. Alok

    February 21, 2018 at 2:16 AM

    Hi, Can you suggest a good cancer protection plan.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:36 AM

      Alok-You can try the LIC’s Cancer Care (private insurers also offer such plan).

      Reply
  170. Vishal

    February 21, 2018 at 1:53 AM

    I closely follow all your blogs. You are simply awesome. Thank you!!
    Vishal

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:36 AM

      Vishal-Thanks for your kind words 🙂

      Reply
  171. Amarnath Ghavalkar

    February 21, 2018 at 1:07 AM

    Sir I’m going to be 43 coming April. Is it possible to have Term Insurance Plan now please suggest

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:42 AM

      Amarnath-Yes, why not?

      Reply
  172. Rakesh

    February 21, 2018 at 12:23 AM

    Hi Sir, pls comfirm which is the best website for comparison the term plan.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:47 AM

      Rakesh-You can try any website. But do remember that your decision must not be influenced by their recommendation. You do your own research and go with the product which feels best for YOU.

      Reply
  173. Deepak jain

    February 21, 2018 at 12:05 AM

    Sir, I’m 31 yr old n want to buy TI out of 5 I liked 2 HDFC n aegone…but I’m confused which 1 should I buy? Need more surety! Sir I have 40k lic yearly policy n thinking to buy 50 lakh TI is it sufficient? Sir which riders I need to choose? I’m non smoker n having an yearly income 8 lakh n having 30 lakh home loan, I don’t have any health insurance except company insurance is 3 lakh. Plz advise

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:51 AM

      Deepak-You can choose anyone of your choice. The ideal cover should be around 15-20 times of your yearly income+any existing liabilities. Better to stay away from riders and buy the CI or AI separately.

      Reply
  174. prabakaran

    February 20, 2018 at 11:25 PM

    Dear sir thank you for this wonderful post which is a eye opener for young working people’s

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 6:58 AM

      Prabakaran-Great to know this.

      Reply
  175. Mumuksh

    February 20, 2018 at 11:24 PM

    Thanks for guiding, and I think Agaon term plan is a best option among of company if am right pls confirm me and also pls advise medical plan for middle n lower class family.

    Thanks in advance
    B. This
    Mumuksh

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:01 AM

      Mumuksh-I never stick or recommend one product as a BEST. Regarding choosing health insurance, refer “IRDA Incurred Claim Ratio 2016-17 | Best Health Insurance Company in 2018

      Reply
  176. Priya

    February 20, 2018 at 11:02 PM

    Thanks for the details, very useful.
    I had bought term insurance from bsli about 2 years back. It was the cheapest then. Now my sister (31) is planning for a term insurance which company would you recommend. Although details are mentioned above, yet needed views

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:01 AM

      Priya-She can choose anyone from above list.

      Reply
  177. Venkat

    February 20, 2018 at 10:55 PM

    Can you please explain the reasons for not considering SBI in TOP 5 as many parameters looks good.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:04 AM

      Venkat-But I felt Aegon doing good in all aspect.

      Reply
  178. Arjun Kumar

    February 20, 2018 at 10:39 PM

    Very useful information for the Term Insurance buyers to choose right TI . Thank you so much for brief description .

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:05 AM

      Arun-Thanks for your appreciation.

      Reply
  179. Monica

    February 20, 2018 at 10:35 PM

    Hi very informative article. I havery bought max life term plan for my husband
    Nd they took telephone medical. Should I call them for complete medical
    Kindly suggest

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:07 AM

      Monica-Better to do that.

      Reply
  180. Abhay Ranade

    February 20, 2018 at 10:32 PM

    Fantastic blog Sir.
    Very thankful to you for giving me a very deep and clear picture about Term Plan.

    Reply
    • Basavaraj Tonagatti

      February 21, 2018 at 7:08 AM

      Abhay-Thanks 🙂

      Reply
  181. Tashi

    February 20, 2018 at 7:53 PM

    Hi Please share article on critical illness plans as a standalone or with Term Plan

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 7:59 PM

      Tashi-Refer my post “Best Critical illness policy in India – Comparison Table“.

      Reply
  182. Naresh

    February 20, 2018 at 7:34 PM

    Recently I have applied for aegon life term plan, still policy is not issued, in the chart you published aegon life total policy claimed 588, and still this company not completed 10 years. Is this company reliable, will my nominee get Hassel free claim.

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 8:00 PM

      Naresh-NONE can give you guarantee (including LIC’s Term Plan). But what is in your hand is that to share all details without hiding anything.

      Reply
  183. Ramesh Mishra

    February 20, 2018 at 6:01 PM

    Putting LIC in top five is based view. LIC should be last of all insurance company.
    LIC never interested in TERM PLAN SELLING. SO PREMIUM is very high and service is pathetic.

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 6:10 PM

      Ramesh-It is not LIC but agents not ready to sell Term Plans. Hence, don’t blame company but blame middlemen. Now regarding premium, it is their own quote. If you accept it then you can else choose the different. Above that, I never promote any particular company.

      Reply
  184. Dilip Jain

    February 20, 2018 at 5:21 PM

    Sir
    Recently i applied for icici pru term for my wife who is 38 years old ..i made the payment..after few days i got a mail stating the proposal has been rejected,when asked for a reason the refused to answer..now i wantto re apply kindly suggest the next alternate..Had chosen the same based on your review.

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:39 PM

      Dilip-Refer the alternatives listed in above post.

      Reply
  185. Sachin

    February 20, 2018 at 5:18 PM

    How would you rate PNB MetLife Mera Term Plan?

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:43 PM

      Sachin-If you already holding, then continue. Else select from my choices.

      Reply
  186. kesava

    February 20, 2018 at 4:14 PM

    Is it wise to split the term insurance between companies, just to spread risk of a insurer being bankrupt/out of business?

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:46 PM

      Kesava-There is no logic in this. Instead, you double the work to your nominees.

      Reply
  187. PSS

    February 20, 2018 at 3:52 PM

    Hi Basunivesh,
    Any specific reason, why LIC is charging more for Term policies. When LIC can’t afford Term insurance at cheaper cost, how come its possible for private insurers. Any hidden terms & conditions from private players? Let me know your thoughts.

    PSS

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:48 PM

      PSS-It is hard to identify the reasons. But in my view, the competition from private players made them to quote at cheaper price than LIC.

      Reply
  188. Ajay Kumar

    February 20, 2018 at 3:49 PM

    i have hepatites b and i declared it to aegon now they put on waiting period 12 month. should i apply again without disclosed about hepatites b or wait 12 month.

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:48 PM

      Ajay-NO. Please wait for 12 months or try with other insurers.

      Reply
  189. Sreenu

    February 20, 2018 at 2:57 PM

    Thank you very much sir for providing valuable information

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:53 PM

      Sreenu-Pleasure 🙂

      Reply
  190. Prasanth

    February 20, 2018 at 2:22 PM

    Very good article. Thanks Basunivesh for your good work.

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 5:57 PM

      Prasanth-Thanks for your kind words.

      Reply
  191. Shivani Ghosh

    February 20, 2018 at 11:52 AM

    Well scrutinized prediction!!!

    Reply
    • Basavaraj Tonagatti

      February 20, 2018 at 2:15 PM

      Shivani-Pleasure 🙂

      Reply

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