So one need to compare both to drive any conclusion. Now, I do not want to tell you any thing more, do u look for approx rupees difference per year or will u go for private companies promises? Private companies can say number of reasons if they dont want you i. Thanks, Deepak. Maxbhupa and Max New York Life insurance are two seperate entities. Also LIC can be termed as a government organization only for their solvency and not anything else.
No insurance company public or private can reject any claim if the information you gave was correct and the claim settlement ratio difference is a good indicator of the performance. And most importantly all of them are governed by the same act i. Indian Contract Act.
My calculation says that the premiums have been decreased by 0. Although, there are many questions raised by readers, none of them got answered by Hemant!! I know Hemant used to do a great deal of work by answering many questions patiently but alas nowadays he may be busy with his work. Hope he replies to at least few important questions that would help many people. Hi, I am new to insurance policies. I had invested in anand jeevan table last year to which my friend suggest to stop it as there is no benefit and i also researched on the same proved as right.
The new scheme under term growth plan of LIC as amulya jeevan plan 2 seems attractive as the returns are high. Please help to solve the confusion. Amulya Jeevan is a term insurance which pays benefit only on the death. There is no maturity value here. Hi hemant i am a seafarer by profession and due to my profession i will be entitled to NRI status. I want a term insurance for around 2 crores. However, in insurance there are categories defined as per the risk at workplace.
Based on it companies charge the premium or exclude some completely. Seafarer too are in higher risk category and so premiums form general may vary. The actual terms you will come to know from the insurance company. The premiums are lower than LIC and with Rs you will be able to avail a higher coverage. But you should first enquire with companies as there are restrictions with some for NRIs availing an online term insurance.
Dear Gopi, there is a provision in LIC now as per my knowledge their internal OM that within a stipulated time you can switch over to new amulya jeevan2 from old one. I want to take with some other insurer for another 50L. Is LIC offering these term plans online? I dont want to buy insurance from agents as its my hard earned money and agents get huge commission on the premium payed..
A term insurance will cover death- naturally, by any illness or accidental death. There are some specific situations like War where it excludes. You can get the exclusion details from any company. This is good to here that so many people are interested in taking Term Insurance policies; and LIC being the oldest insurer and most trusted for its claims ratio among the policy holders has come up with new plans which are competing with other private insurers.
The ratio seems fine but if you dig little deeper in to the numbers, you will find that LIC has been taken by people compared to 10 people from private insurers. And if based on that ratio if you calculate LIC will be way ahead. Yes LIC being the oldest layer do have numbers. But in my view the product has to suit ones requirement and private layers are rising to the occassion by being more competitive. Hi im 40 yr old. In what category i fall in for term plan? Considering current scene i am nonsmoker but would it affect at the time of claim?
Will it be consider wrong info if i categorised my self as nonsmoker at the time of buying term plan? You can categorized yourself under non-smoker as you do not smoke today. But wherever asked you should mention the past information so that nothing is hided from the company. In my view insurance companies have a very specific criteria in their underwriting to decide a non-smoker. I need 1 Crore sum assure. I prefer LIC due as its not a private organization.
In general suicide in any term plan is not covered in the first year of policy. You can choose the company as per your selected parameters. Even some of the pvt.. My motor cycle is insured for RS against premium of Rs Is the value of human life so less that you are paying Rs for life cover of 1 crore in Term plans. Nothing is written against non life insurers. The day is not far when Indian Public concerns will fade away and we will see the rise of Pvt concerns. Long live TFL…..
A term insurance specifically covers death and accident is not an exclusion. It is very well covered in this plan. Please advise me the procedure of doing so. I have following options, what would be your recommendation. Buy eTerm of 50L, premium per annum. Do not buy e-Term, continue with offline policies, as premium is almost same as existing polilies, but please note that if we buy new e-tem policy it would cover me till Below is copied plan intro from LIC website , please tell if this is better than LIC amulya jeevan 2 policy, if possible please provide a comparison for the same.
Thanking you in anticipation. This plan will be available through online application process only and no intermediaries will be involved. Hi Krishna, Both the products are vanilla life covers — Definitely, e-term better if we talk about premium — you can go ahead with this.
Thanks for a eye opening knowledge sharing. Why I will choose a 30 year tenure which has premium Buying a term plan for a longer term always be beneficial. Term insurance premium always remain same.
Its a very good Article. Its rich in information. Also this analysis is based on facts and I feel it is unbiased. There Minimum Sum Assured is 25 Lacs. Hi, I am planning to buy a term insurance for sum assured more than 70 lacs.
I am 26 yr old. Your article has thrown a light on difference between LIC and plans offered from private companies. Instead of going for 1 policy for overall sum assured, what if I get two policies 1 from LIC and other from private company. It will provide me benefit of low premium, Also, for LIC claim settlement chances are high and that can be useful for the settlement of other policy.
Please suggest. Are the benefits or claim settlement ratio same for both? Free E-Course Media Testimonials. The Financial Literates. Insurance Planning. Accidental Insurance — better safe than sorry. Dear ravi It is wrong that bloggers are agent of private insurance company.
Hi Gopi. Regards, Pankaj. Please elaborate more why continuation of the old policy is suggested. Thanks, Kaushik. Dinesh, You can consider buying online term plans since they are cheaper and at your age the premiums are generally high. Hi Hemant, Very good article and an eye opener as our family always prefer LIC , may be we feel secure with this brand. Dear ravi, Kindly compare individual death claim ratio LIC paid average only 9 Lacs per claim and private insurance company paid 22 lacs per claim.
Dear Sharad , From where you learnt all claim data regarding private insurance companies?? Chintaan, A term plan is for the financial security of loved ones in case of any mishappening to the earning member. Hi Hemant, I have two term plan from Aviva i Life with a monthly premium of half yearly Life cover of 50 Lakh I have another one Aviva I-shield which is term plan with return of premium on survival Rs per month this is a return of premium plan on survival Life cover of 50 Lakh Can you please confirm the settlement ration for Aviva, since you have not even mentioned Aviva in your comparison table I am bit worried if I have chosen the right insurance provide.
Regards, Sushil. In case the policyholder dies due to any type of critical illness or medical condition, the beneficiary of the policy will get the sum assured as the death benefit. The plan offers the flexibility to choose from two death benefit options viz: Level Sum Assured and increasing Sum Assured.
Under this plan, there are two categories of premium rates viz 1 Non-Smoker rates and 2 Smoker rates. Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. The loan can be availed under this LIC child plan.
LIC Jeevan Tarun. Minimum Maximum Sum Assured Rs. Accident Benefit Rider: There was no provision of accident benefit rider in Amulya Jeevan, but under Jeevan Amar, an applicant may opt for double accident benefit DAB at inception of the policy or at any time during the premium payment term PPT , provided the outstanding PPT is at least five years.
The cover under this rider shall be available during the premium paying term only or up to the policy anniversary on which the age nearer birthday of the life assured is 70 years, whichever is earlier. So, this benefit is not available under single premium option. Under level SA, the amount of SA remains same during the policy period, while under increasing SA, the amount of SA remains same for first 5 policy years and then increases by 10 per cent every year till the 15th policy year or end of the policy, whichever is earlier.
Mode of Premium Payment: There were only two modes to pay premium — yearly and half-yearly — were available under Amulya Jeeva, while in case of Jeevan Amar, along with the yearly and half-yearly modes, applicants have options to choose whether to pay single premium, limited premium or regular premium. Grace Period: The grace period for paying premium without any interest was 15 days under Amulya Jeeva, which has been increased to 30 days for Jeevan Amar. Revival Period: The maximum time period allowed to revive a lapsed Amulya Jeevan policy was 2 years, while the revival period for Jeevan Amar policy will be up to 5 years.
Surrender Value: There was no surrender value under Amulya Jeevan plan, but under Jeevan Amar, surrender value will be payable in case of single premium and limited premium plans, subject to terms and conditions. Payment of Death Claim: Under Amulya Jeevan, death claims were paid only in lump sum, but in case of Jeevan Amar, along with the lump sum, choices are there to opt for death claims in installments as well as partly in lump sum and partly in installments, which may be selected at the proposal stage or at the currency of the policy.
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