22yo looking to buy life (term) insurance

[Priya KaramPriya Karam is verified member.]

for such a young person, it only costs 800rs per month till 60yrs for 1cr cover. think of it purely as an investment and let us know your thoughts.

and for term plan you will pay premium only till 10 yrs not even 60, its always better to plan before the adversities right

 

[quino]

and for term plan you will pay premium only till 10 yrs not even 60, its always better to plan before the adversities right

depends on your payment plan. i prefer to pay till the age you're covered.

 

[tushu5121]

I worked for hdfc life and can say
They are good in terms of service.
You can also check out max life.
But i reccomend you please do not fall to any agent's trap..
Please do your Research 1st.
And please do not lie about your health issue or any history related to your health
Disclose everything with them.
That can help your family from issue later...

 

[anishaga]

What document did they ask ?

Any medical ?

Couple of docs, like 6 months bank statement, 3 months salary slip, aadhar card. Medical was done, following tests were done:

 

[anishaga]

What is the need for a young person with no spouse or other responsibilities to get life insurance?

A 24 yo guy in my office died of heart attack last month, would like to safeguard something for my parents in case I am not there

 

[Predator]

here you are not getting return of premium unlike Max Life, plus your money is not saved if you are not getting back premium amount. however, you can opt for a long term guaranteed return plans.

With Axis, if you are taking a term plan, you will get following benefits:
For Max life Insurance Term Plan
Age - 22years
Sum assured -2 Cr
*Advantages you are getting
1. Return Of Premium Option
2. ⁠Coverage of tax 10D
3. ⁠Premium Paying Term - 10 years
4. ⁠Policy Term - 65 years
5. ⁠Monthly Premium - Rs 4,593
6. ⁠Return Of Premium - Rs 5,51,220
7. ⁠Life Coverage - Rs 2,00,00,000*

return on maturity or monthly income?

 

[Shubham Yadav]

Couple of docs, like 6 months bank statement, 3 months salary slip, aadhar card. Medical was done, following tests were done:
View attachment 36896

For take 2cr term insurance

How much salary would be required ?

 

[anishaga]

For take 2cr term insurance

How much salary would be required ?

Min 8 LPA if salaried

 

[Priya KaramPriya Karam is verified member.]

return on maturity or monthly income?

Return on maturity but if anything happens to the customer family will be getting 2Cr

 

[tushu5121]

Don't choose return of premium option in term insurance.
What will you do for that money later?
It will increase your premium nothing else.

 

[Lobogris]

A 24 yo guy in my office died of heart attack last month, would like to safeguard something for my parents in case I am not there

Needless fear. That's why the premiums are low at young age as chances of anything happening are low. Why would you have to worry about your parents? What if you had (God forbid) passed away in your teens or during college? Life insurance is only necessary is the family is poor, you have no substantial assets and there is only one earning member with other direct dependents meaning spouse and children. Parents normally are not directly dependent on their children.

 

[Lobogris]

they should. but they generally don't. just look at the rest of 90% of india.

I have seen people worrying about their depend spouse and children. I have never seen anyone worrying in this manner about parents. This is just sales tactics by the insurance industry.

 

[quino]

Parents normally are not directly dependent on their children.

unfortunately they are for most of India. especially in their old age (after 50, 60). 1cr is a life changing amount for most of the Indians, it has profound effect across generations. from your past messages & some NRV with the banks you've mentioned, i can see why you would see this as a scam, but for most of us here, it's a no brainer.

What if you had (God forbid) passed away in your teens or during college

absolutely agree with you. this is just negligence on parents part or unaffordability mostly. they should absolutely insure their children too, not only themselves.

 

[sabya123]

Happy to see that you already chosen HDFC. I am also same boat and ICICI is more attractive premium wise. The only issue with ICICI is that some people in reddit said they did not had to undergo any medical test as part of this insurance contract.

 

[warden]

I had taken HDFC 50l term policy earlier when I was 22, after paying for a year shifted to Tata AIA as some features like Hospicare(where we get a said amount max 20k per day if hospitalized) - were really interesting to have and also wanted to bump up to 2cr.

 

[Mekala ManojKumar]

Better Go with LIC, it would be easy if you share more details like Sum expecting? And no of terms you are willing to pay e.t.c?

 

[Harish Agarwal]

My personal suggestion that I believe is if you want extea security than go for lic. Rest all are the same. Lic has a online only plan called "tech term paln" . This plan has 38% less premium compared to offline plans. If you want to go with private player then my personal preference is acko. They have a rider called inflation cover. This will make sure that when you increase the cover after5 or 25 years inflation won't affect your premium only age will affect. That way saving money in long run

 

[Abhigyan kumar]

Recently bought from canarahsbc. Check it out I select 360 term plan

 

[MANAV28]

Go for HDFC or ICICI.. Best in terms of claim settlement ratio.

 

[Harish Agarwal]

I am a business owner my self. My personal suggestion is never ever to believe number of private companies. They are gods in manipulating numbers. There was a plan by sbi on there website which said that there are no exclusions except 1st year suicide. Even that impressed me.