Is Term Insurance through Amex worth?

[Riya]

I had been getting numerous emails for term insurance through through PNB Metlife from Amex platform but never paid any heed to it.
Today morning got a call from Amex exec about the same and he quoted 3Cr. term insurance without any docs and checkup for about 24-25k premium. According to him the prices offered by Amex are cheapest and claim percentage is 100%.

Is this term insurance from Amex worth?
Has anybody taken it from them?

 

[drsel]

It is too good to be true, looks very fishy

 

[Deleted member 11974]

compare the policies with others
somebody else on this forum also mentioned he got a better deal on a tata aig insurance policy via amex

 

[HumorSimpson]

Today morning got a call from Amex exec about the same and he quoted 3Cr. term insurance without any docs and checkup for about 24-25k premium. According to him the prices offered by Amex are cheapest and claim percentage is 100%.

Mam,
I think 3Cr. is far fetched. There seems to be a criteria of Annual income.

 

[moneyMaker]

claim percentage is 100%.

Pnb's ? ? ?

 

[Riya]

compare the policies with others
somebody else on this forum also mentioned he got a better deal on a tata aig insurance policy via amex

I think Amex has tie-up with PNB metlife.... there is no option of tata AIG on their site

 

[varun__goel_]

I think Amex has tie-up with PNB metlife.... there is no option of tata AIG on their site

That was for car IG

For term insurance PNB is partner
And for health - icici

 

[Riya]

Pnb's ? ? ?

yeah... he said that.....

 

[BVCBVC is verified member.]

I am getting 2 crore option for 24000+ per year, underwritten by ICICI. Coverage in India and abroad.

 

[Deleted member 11974]

I think Amex has tie-up with PNB metlife.... there is no option of tata AIG on their site

amex is an agent for insurance as well
it sells lombard
tata aig
bharti axa

 

[moneyMaker]

yeah... he said that.....

Ispe non-veg meme bhejneka mann kar rha.

 

[Harish Agarwal]

I also was offered 2 cr policy gor 42000 premium . Got better deal at
Max
Acko
Tata aig
India first
Bajaj Allianz
Opted gor acko as they had inbuilt inflation cover rider which will help me reduce the premium in future when I increase my sum insured.

 

[NABNAB is verified member.]

They are also probably tied with the Amex Membership. In any case if you are no more an Amex customer, the policy gets void. Check for this once before making any decision.

 

[Ramex]

I had been getting numerous emails for term insurance through through PNB Metlife from Amex platform but never paid any heed to it.
Today morning got a call from Amex exec about the same and he quoted 3Cr. term insurance without any docs and checkup for about 24-25k premium. According to him the prices offered by Amex are cheapest and claim percentage is 100%.

Is this term insurance from Amex worth?
Has anybody taken it from them?

Hey @Riya, i too started receiving calls from Amex for Health and Term tied up with ICICI Lombard. Policy is quite attractive but couldn't commit due to worthiness. What's is your opinion? have you took it from Amex or open market?

 

[davinc]

> Policy is quite attractive but couldn't commit due to worthiness.
Hi @Ramex , why do you think its not worthy?
Even I got the same offer, and like others said it looks too good to be true. Would be greatful if someone who has taken it can share any gotchas we need to be aware of. TIA

 

[shubhank008]

> Policy is quite attractive but couldn't commit due to worthiness.
Hi @Ramex , why do you think its not worthy?
Even I got the same offer, and like others said it looks too good to be true. Would be greatful if someone who has taken it can share any gotchas we need to be aware of. TIA

There are no gotchas and there is no feedback anyone can provide until their demise, I mean its term insurance....
The insurance is by PNB as all ifs and buts of PNB applies, Amex tends to provide a bit more addons/features as a "privilege" for Amex members, and they "promise" to act as the point of contact for any claims and helping in that, but take that with a grain of salt.

I had 1cr with HDFC Life but took a 2cr with Amex too for 25k @age 29, one reason was because I was looking to increase my insurance anyway, other reason was Amex had better feature-price ratio for me, and I decided to trust Amex solely on basis of their superior customer support compared to any bank/card provider in this country.

Also, one more thing, in our country, unless there is any foul play involved, life insurance claims are very rarely rejected, and even the ones rejected have been passed by court interventions.
There even exists a guideline/(law ?) by IRDAI that after 3 years of payment, life insurance claim cannot be rejected under any circumstance, atleast related to policy mis-statement.

PS: None of the above is legal advice, but my own interpretation/understanding of it.

 

[quino]

I had 1cr with HDFC Life but took a 2cr with Amex too for 25k @age 29

who;s the insurer?

when you finally received the documents, did you find any difference between the Amex plan from the insurer & the plan offered by insurer on their website, in terms of price, features, privileges etc.

 

[techno123]

Only disadvantage I found was age limit it's only Valid till 60-65 age