SiddharthR
TF Legend
I think you should also take some advice if any of your relative is in insurance sector
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Which term life insurance do you have?
- Thread starter shashifed
- Start date
Rajagopalan
TF Buzz
1). I have taken Max Term Insurance last week. LIC Tech Term and max were my shortlists and LIC was on higher premium side. So I choose Max.
2). I choose to pay till 60 years because, the premium of around 18K for 2 Cr Sum Assured would be very much affordable 10 years from now adjusting to inflation. So, I preferred to spend a very very affordable premium amount of 18K / year till 60 years rather than paying increased premium for 15 years. Instead the difference in premium, if you invest in a good Mutual fund, you would see it grow.! Still, Its one individual choice and depends on your factors.
3). Don't fall under the Premium return option which is totally useless in my opinion.
2). I choose to pay till 60 years because, the premium of around 18K for 2 Cr Sum Assured would be very much affordable 10 years from now adjusting to inflation. So, I preferred to spend a very very affordable premium amount of 18K / year till 60 years rather than paying increased premium for 15 years. Instead the difference in premium, if you invest in a good Mutual fund, you would see it grow.! Still, Its one individual choice and depends on your factors.
3). Don't fall under the Premium return option which is totally useless in my opinion.
Valid points. Im not considering premium return.. Also how did you get max life term insurance for 18K? Is your coverage less than 85 years ?
I was researching to buy term insurance.
Make sure you add the Critical illness rider, the most important one. At least 50L for Critical illness.
Max Life has the option to include up to 50L in Critical illness rider. Your premium might become 2x but In future due to unfortunate circumstances you end up having one of the 40 critical illnesses, you'll get 50L which you can use to get good treatment.
Maybe 25 years from now 50L would probably be low for critical illness treatments due to Inflation but it's still something.
Premiums for health insurance (50L Cover) especially when you are old will be freaking expensive ( put your age as 50 or 60 and see the premium for 50L health insurance you'll be surprised). So this critical illness money will be very useful then.
Make sure you add the Critical illness rider, the most important one. At least 50L for Critical illness.
Max Life has the option to include up to 50L in Critical illness rider. Your premium might become 2x but In future due to unfortunate circumstances you end up having one of the 40 critical illnesses, you'll get 50L which you can use to get good treatment.
Maybe 25 years from now 50L would probably be low for critical illness treatments due to Inflation but it's still something.
Premiums for health insurance (50L Cover) especially when you are old will be freaking expensive ( put your age as 50 or 60 and see the premium for 50L health insurance you'll be surprised). So this critical illness money will be very useful then.
federer.reddevil
TF Ace
I took it from a website InsuranceDekho the premium amount will be same and the total value will be double but if you invest the rest in Mutual Funds or something which gives around 11-13% you will more than make up for it plus you will get tax benefits till the age of 60. So the best is to keep paying till 60 or when you plan to retire and also no need to take till 85 years as I think till 70 -75 more than enough as after that mostly you're family will be all settled and you will save a large amount of premium by decreasing coverage from 85 to 75 or 70
What is your take on term insurance by SBI Life?
are you talking about the terminal illness one, cuz the max life term insurance also has complimentary terminal illness coverage
Base premium is fixed but tax can very as per the GST slab.
My suggestions will be:
1. Take coverage till the age your family is dependent on you may be 60-65 years only, iff there is a major drop in the premium in comparison to 85 years. May increase the coverage amount with the same premium.
2. Spread the premium evenly (till coverage age) as in later years premium amount will be minimal in comparison to your income growth.
3. Take the cover keeping in mind that the amount will be kept in the bank account and interest amount will be able to cover your family's expenditures.
Rajagopalan
TF Buzz
Yes. I have coverage till 60 Years only. I'm currently 28 Years of age.
My perspective of Term Insurance was that in my absence, my family shouldn't be left stranded. So the core years when Term Insurance comes into play is between 30 to 60 years of mine where family will be completely depending on my earnings. Considering that, when I become 60, my children would be in situation to start earning for family. So, after 60 I wouldn't need any backup. Also, If I reach 60, I will be getting some settlements like PF, Gratuity and other investments back like NPS. So, I personally felt there was no need for me beyond 60. Again, it depends on case to case.
krishc
TF Ace
I followed the same logic
sv004
TF Premier
Never go for limited pay. Always take regular pay option with installments lasting till end of policy
Not terminal. That's is included for free upto 1Cr. I am talking about Critical illness rider.
I would suggest do not take limited pay, but if you want to do that anyways. Buy two term plans, 1 Cr each one with limited pay i.e. 15 yrs and the other till 60. Always buy insurance online, no agent. It is cheaper for the same product.
I am hoping you do have personal (not company 5L) Health insurance of 20L base sum assured.
Before buying the term plans please go through their terms & conditions fully.
Remember it is a term plan, it will be active only when you are not there(hoping it never happens), get the company that has an office near your home. I do not where you are staying, if Tier 1 city, then get any LIC, MaxLife, or HDFC life. but if it is a Tier 2 or Tier 3 cities, then do a bit of research.
Do not buy the policy with the Return of Premium option. This is a scam.
If you subtract the premium of the Return option and without the Return option and invest the amount as SIP in any medium cap Mutual Funds, you will get higher returns.
Yaa looking to port my health insurance (entire family) from star to acko... cuz star is charging me 20k but only covers 4 lakhs. When looking at acko's health insurance, it's a lot cheaper and copay is also nill.
Also guys, Im open to health insurance suggestions too
The family floater will cost you more because more people are covered in it. During covid, hospitals have charged an enormous amount of money.
I think 20L for a family floater is also less if we take into account the expenses.
Let's suppose there is a family of 4 who has taken a floater plan of 20L and there is some medical issue and everyone is admitted into the hospital. Do you think 20L will cover the expenses? Absolutely not. Just think how much you have to pay out of your pocket.
If you are taking a family floater I would suggest, taking 10L each at least will be on the safer side. So if the family of 4, then 40L floater plan is the minimum sum assured. You will be on the safer side. As per your income, you can afford it also.
Also, there are some minor differences among all health insurers in the case of a family floater plan, so read the docs carefully before buying. If in doubt always mail the health insurance company for clarification.
I do not know acko health insurance, but remember, health insurance is an emergency need, maybe in case of an accident or some other medical problem. At that time, your focus should be on healing rather than fighting with the health insurance company for claim settlement.
My first policy was Apollo Munich Optima Restore health insurance, then HDFC Ergo bought Apollo Munich so my policy became HDFC Ergo Optima Restore. I recently migrated to HDFC Ergo Optima Secure.
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I have seen a bad experience with Aditya Birla's health insurance. So, as per my experience do not buy Aditya Birla insurance even though it is cheaper. I have hdfc ergo optima secure policy
Relatives will try to see their own benefits, reality.
