Online term insurance lic india gov,life insurance over 55 uk,benefits of buying term life insurance 80c - Tips For You

14.11.2014
Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans .
Premiums in the above table are for a healthy 30 years male,non smoker,Sum Assured of Rs 50 Lakhs and for a term of 30 years. Opt for riders like Accident Death Benefit if they are available along with the basic sum assured. Whether you are buying your Term policy online or offline, the cover and claim settlement is predominantly determined by the authenticity and accuracy of information that you would be providing.
I would like to share my experience with the Companies while purchasing the policies, so that it will be useful for other readers. 1) Apollo Munich’s services are very very good, with one single personal meet at my home, just within 7 working days, I have received Policy document in hand both soft copy by email and hard copy by post. Dear Sreekanth, Thank you for your advises through your blog, which were helpful for so many lakhs of people like me while taking such big decisions. I would like to post the same info in your 2 – 3 relevant articles, which will be helpful for all other readers. It is good to see that you have relocated to Proddatur, so when I visit my native place Kadapa, with your prior confirmation I would like to see you.
Thank you so much for sharing your real-life experiences with the financial service companies. I will be going through your articles before making any financial decision from here afterwards. I want to purchase one term policy to cover my life risk and one more mediclaim health policy, which is believe is necessary these days given high hospital costs. Life insurance – Do you have any family member(s) who is financially dependent on you?
So you advice taking a basic online term plan and also take a separate Personal Accident insurance cover (stand alone policy). Generally PA policies do not cover Critical Illnesses, for that you may have to buy CI plan separately.
Dear Sreekanth, I am planning to take a Life insurance of HDFC Life Click2Protect Plus for a Sum assured of Rs 1 crore for a period of 40 years which has a premium of around Rs 8,000 p.a.
Suggest you to go with YEARLY mode, so that you will always have the option to discontinue the policies in future. Any company should be fine in terms of claim settlement (if any), as long as you provide complete and accurate details in the Proposal form. You have stated that SBI Life offers increasing cover option every 5th year, so will there be medical checkup every 5years. Online plans are cheaper than offline ones, as no intermediaries are involved in the buying process.
I and my husband are both 27 yrs old (both are earning) and planning to invest in a term life insurance.
Yes, premiums paid towards term insurance plans are eligible for tax deductions under section 80c.
Sir plz tell me my age is 28 at present working in bank want to buy online term plan sum assured would be 50 lac to 1 crore best plan for me would be? Nilanjana – How can one be so sure that no unfortunate event may take place in future? Actually, this is the ONE & ONLY INSURANCE required for every earning individual to take care of the family. I was not aware of online insurance policy availability, its good to know that we can subscribe insurance online too and avoid agent fees and get a lower price. In this post, let us shortlist and understand some of the best Online Term Insurance Plans in India. Cheaper than conventional plans like money back life insurance or endowment plans (or) offline term plans. Quality of service provided to its customers during the online buying process and after issuing the policy (policy life).
All the above premium amounts are for 30 year old male, non-smoker, for Rs 1 Crore Sum Assured. Kotak’s Preferred e-Term online insurance plan is one of the cheapest online term insurance plans. SBI’s e-shield premiums are a bit higher than that of Kotak’s, Max’s, ICICI’s and HDFC’s online term plans. This plan has a special feature wherein you can opt for individual or joint life insurance coverage (for your spouse and yourself).
Though the claim settlement record of Aegon’s is low (at 81%), we need to talk about their online term insurance plan. FAQ 1 – Do I need to check the claim Settlement record of Life Insurance companies before opting for the best online term insurance plan?
Every year IRDA publishes the claim settlement (death claims) details of all the Life Insurance companies. Claim settlement data is important but it should not be the sole criteria for choosing the best online term insurance plan.
If you are confident that you may not have any financial obligations, loans and dependents (who are financially dependent on you) when you attain say 50 years, you can consider term plan duration accordingly. FAQ 4 – Should I purchase two Term plans from two different Life Insurance Companies? FAQ 6 – Is it better to take riders separately or can I take along with the Term insurance?
You can then buy the selected best term plan directly by visiting that Life insurance Company’s website itself.
Online policies are cheaper than offline term plans, because there is no agent’s fee involved and other administrative costs of the insurance company are also lower. Most companies cite incomplete documentation or concealment of facts as the primary reason for rejecting death claims. Latest update :  As per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 years old, no matter what happens, the life insurance company will not be able to deny the claims. Also, note that “as per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 yrs old, no matter what happens, the life insurance company will not be able to deny the claims. I was going for HDFC eterm plan and infact I have already did medical exam and paid the fee but I have not accepted teh offer yet. Also, the scheme of arrangement has to get regulatory nods from the Competition Commission of India, the Insurance Regulatory and Development Authority of India, the Securities and Exchange Board of India (Sebi) and a high court. 1: I am 27 years, unmarried man,earn 5 lakhs per annum, have 27 lakhs home loan, 5 lakh cover from LIC for more 7 years, 1 each life and accident insurance from prime minister yojna of 2 lakhs each, hence total of 9 lakhs of life insurance.I need to purchase a term plan to cover the loan risk, should I target for 50 lakhs or 75 lakhs of sum assured ,for 40 years? 2: Since I became a ICICI advisor, I get a rebate on the premiums hence I am inclined to buy the the ICICI pru IProtect Smart as the premiums are very low as compared to LIC which is also seated in my heart from childhood ?? Which one to choose? Hello, I am looking for a basic term plan and I will go with one of the companies as per your list. A stand alone CI plan can be considered if in case your family has an history of any major critical illnesses.
My question is I want to buy the eshiel SBI policy of 5000000 with increasing assured money. Online plans which are bought directly from the company are cheaper than the offline ones, as no intermediary is involved. If you are comfortable buying a term plan online, kindly buy it directly from the said Life insurance company. In case of health insurance, they say our premium increases as we move from one age band to another (say 35-40 to 40-45). Instances like where a policyholder opts for basic cover + say critical illness rider, then the premium rates can change periodically.
I want to buy eTerm plan of LIC – I was an occasional smoker but I quit smoking 8 months back.
However, I’d want to get converted to the non-smoker category after a few years (substantial difference in the premium).
LIC Jeevan Lakshya Policy (plan no 833) was introduced on March, 2015 as a With-Profits Endowment Assurance plan. Lic jeevan lakshya plan details like conditions, benefits, documents required etc., are given below. On survival of the policyholder till the end of the policy term provided all due premiums have been paid, Maturity Benefit = “Sum Assured on Maturity” + vested Simple Reversionary bonuses + Final Additional bonus, if any. On death of the policyholder during the policy term, Death Benefit = “Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional Bonus (FAB), if any. Annual Income Benefit = 10% of the Basic SA, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the maturity date.


Assured Absolute Amount = 110% of Basic SA, which shall be payable on due date of maturity. The vested Simple Reversionary Bonuses and FAB, if any, included in the Death Benefit,  shall be payable on due date of maturity. The Death Benefit shall not be less than 105% of all the premiums paid as on date of death. Lic Jeevan Lakshya 833 Policy provides optional riders with the payment of additional premium.
On death due to an accident, an additional amount equal to the Accident Benefit Sum Assured is payable, provided the rider is inforce at the time of accident.
In case of accidental permanent disability, an amount equal to the Accident Benefit SA will be paid in equal monthly installments spread over 10 years. This cover can be opted for at inception provided the minimum PPT left under the Basic plan is 5 years.
Lic New Term Assurance Rider is available at the beginning of the policy on payment of additional premium. On death of the Life Assured during the policy term, an additional amount equal to Term Assurance Rider Sum Assured shall be payable provided the rider cover is inforce. You can calculate the premium and Maturity benefits using Lic Jeevan Lakshya Premium and Maturity calculator. If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, Lic Jeevan Lakshya Policy will acquire Paid-Up Value. The Sum Assured on Maturity under paid-up policy shall be reduced to such a sum called “Maturity Paid-up Sum Assured”. Jeevan Lakshya Lic new plan can be surrendered at any time during the policy term provided atleast three full years’ premiums have been paid.
Special Surrender Value: The Special Surrender Value will be the discounted value of the sum of Maturity Paid-up Sum Assured and the vested Simple Reversionary bonuses, if any. If Lic Jeevan Lakshya policy has lapsed, it may be revived during the lifetime of the Life Assured, but within a period of 2 consecutive years from the date of first unpaid premium. Loan Facility is available under Lic Jeevan Lakshya policy after payment of premiums for at least 3 full years. Taxes, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
Under Lic Jeevan Lakshya policy, stamping charges will be 20 paise per thousand of basic sum assured.
These limited premium insurance policies are getting more popularity and LIC has launched couple previously also. After taking e-term policy, do we need to submit documents for id and address proof anywhere? I have heard that in Term insurance health checkup is mandatory else we can get issue during settlement. Suppose LIC demands an X-ray test and I want to avoid subjecting my body to an X-ray as I consider the radiation potentially carcinogenic. Prashant after the payment you will get the receipt of payment in your mail and online as well. LIC e-Term doesn’t give any serious competition to Amulya Jeevan for sum assured up to 49 lakhs id you are a smoker. The online term plan of LIC, The e-Term is cheaper than offline term plan the Amulya Jeevan. Like other big players LIC also doesn’t give rider facility with its online term plan. If you have taken LIC Amulya Jeevan then you can leave it any day and opt for the LIC e – Term.
Policyholders of ICICI Pru iCare II should assess the premiums of their existing policy and LIC e-Term. I Think Pradhan Mantri Jeevan Jyoti Beema Yojana is a better option for Low income people. My age is 28 and I’m planning to buy LIC e term of sum insured 25 Lacs (Premium 5400) and kotak e term of 50 Lacs (Premium 4800) both 35 years.
My father aged 47 years is insured with LIC Amulya Jeevan I policy and the sum assured being Rs 25 lakhs for a tenire of 10 years.
I want to buy HDFC click 2 protect, I searched on net it’s reviews are not satisfactory. I taken my LIC eTerm policy last year under Smoker Category for 1 crore risk coverage (used to smoke 4 years back). Now as the premium is bit high, I want to reduce the risk cover to 50 lacs so that premium will be reduced. How and where should the nominee claim for e-term policy after unfortunate demise of the insuree?? I was just going to opt for HDFC click2 plus when I read about very horrible reviews of the customer grieviances .
I’m not smoker but chewer of tobbaco and pan masala and that also quit since 6 month.
You can go for non smoker category, as tobacco chewing is not specified in policy documents.
I had applied for LIC e term online and paid Rs 16,000 (approx) as premium and because of my prior health problems which was also disclosed in the policy, the policy is not issued to me. LIC , ICICI Prudential, SBI Life, HDFC Life, Kotak Life have claim settlement record of over 90%. If you opt for this then the sum assured will automatically increase by 10% after every 5th policy without increasing your premium.
If you choose this then you will have the flexibility to include your spouse to the policy. Because, you would be completing all the formalities by yourself while applying and also in future.
Do not hide any facts regarding medical condition, pre-existing diseases etc., Also, make sure you inform your policy details to your dependents or spouse or nominee. Check if the total sum assured amount is sufficient enough to meet your family’s financial needs in case of any unfortunate event. He is an Independent Certified Financial Planner (CFP), engaged in blogging, financial counseling & property consultancy for the last 6 years through his firm ReLakhs Financial Services . For each and every email communication, they took 3-5 working days to respond, acknowledge or confirmation whatever the communication is. Can you please provide more information about Personal Accident insurance covers (stand alone policies)? I would like to know if the premiums paid for any term insurance can be considered under 80C or are there specific life insurance plans whose premiums are considered under 80C? The rain did not happen at all, w’d you go back to shopkeeper to return the umbrella and get back the money spent on Umbrella?
It would be great if companies add the riders which you mentioned were missing in online plans, even if premium is higher.
Term insurance plans are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount). ICICI Prudential’s online term plan is known as ‘iProtect.’ The premium amounts of this term insurance plan are very reasonable and are competitively priced.
Unfortunately this data is not segregated based on type of insurance plans (like term insurance, money-back or endowment).
In future, if IRDA provides claim settlement details separately for Term insurance plans then this can be used as the main yardstick while opting best online term insurance plan. You may use the below comprehensive calculator to know how much insurance coverage is required. For example – If you decide to buy Rs 1 crore worth insurance coverage, you may consider taking two Rs 50 Lakh worth term insurance plans (preferably from same life insurance company). The NRI can purchase the policy from overseas through written communication with the insurance company in India.
I suggest you to use these websites to just compare and calculate premiums of various term plans. Hence, while buying a life insurance it is of utmost importance that you furnish accurate information. So, your life insurance company has only 3 years in hand to reject the policy based on any mis-representation or mis-statement. After knowing that HDFC and Max life are merging together and max life term plan is 15% cheaper than HDFC, do you suggest to go for Max life rather than HDFC or you should I still go with HDFC?
The premium in online SBI portal and when I asked to SBI agent has a drastic change of about 2-3K.


MAX life insurance can not commit also if we buy term plan from MAX that they will issue their policy after medical only. Also you can calculate the Premium rates using lic jeevan lakshya premium chart and Calculator based on some parameters given below. Future premiums for Accident Benefit SA and premiums for the portion of Basic SA (which is equal to Accident Benefit SA), shall be waived.
It is to be paid along with the premium of the basic plan and any other rider (if opted for), during the PPT of the Lic Jeevan Lakshya policy. Policy period, Age and Sum assured are required to calculate the premium and maturity benefits. Jeevan lakshya policy is the best insurance policy which will provide the dependants a regular income even if the breadearner of the family is not present.
Also you have to choose both the check boxes as LIC e-Term is only available for Indian citizen who resides in India. Because it feared that the online term plan of LIC will eat up its offline term plan business. But don’t worry, if you have all the information with you, it will not take more than half an hour.
What is the exact definition of “unfortunate death” according to LIC e-term plan?
After knowing the additional benefits as mention by you of LIC e-term he is now interested to opt out of LIC Amulya Jeevan I and continue the policy as LIC e-term. 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 2050.
The LIC will perform Urinary Cotinine test to check whether you are from the non smoker category or not. The company refunded the premium of Rs 13,000 after deducting the medical charges of Rs 3,000. Can i increase the risk cover from 1 crore to 1.5 crore anytime after purchase of the policy. IF a child, a life partner or a parent depends on you and your income then you need Life Insurance. Low premium rates make some people feel that there is a catch in the policy terms and claims might not be honored. The sum Assured for the rider will be the basic sum assured or Rs 50 Lakhs whichever is lower in case of ICICI and SBI Life. If you are single now then you can include your spouse to the existing policy at a later date. Do they provide critical illness and permanent disability benefit which are missing from most online term plans? The problem with Indian thinking is that when they pay something for, they expect returns on that. If your child, life partner or your parent(s) depend on your income then you need to have Life Insurance plan. They have changed the rules of the game by offering the cheapest online term insurance plans. If you analyze the latest data, the average claim amount settled by LIC is very small, which is around Rs 1.14 Lakh per policy. In any unfortunate event, your nominee has to submit multiple death claims which may be a challenging task.
The main advantage of splitting is, you can stop paying the premiums on one policy, in-case if you think that you do not require so much insurance coverage. I believe most of these online term plans do not provide “Total Permanent Disability rider” which I think is a very essential one.
You may just pick any one of the above best online term insurance plans as per your requirements and comfort level.
Once 3 policy years are completed then the life insurance company has to settle the claims and can not reject them. But health insurance company will inform you about the hike in premium rates (if any) well in advance. Jeevan Lakshya Lic policy provides Annual Income benefit to fulfill the needs of the family. In different tabs you have to give the personal information, Address, educational qualification, Employment and Lifestyle.
After the verification and actuary assessment you will get the policy document on your mailing address. To sum assured more than 50 lakhs the premium of e-Term plan is about 37% cheaper than Amulya Jeevan 2. If you are taking LIC e term for less than 50 lakh, the premium would be similar to a smoker person.
Keep in mind that, meanwhile, you must have not developed any serious disease. It can increase your premium considerably. But Before going ahead, please assess the amount of  insurance cover you need and tenure till you need insurance. The only doubt i have in mind is whether my dependent will get the sum assured if i have a fatal accident, i mean does the sum assured in this plan is payable in natural, accidental or death due to illness?
Does the company charges for Medical Test even if the Policy is not issued, because there was no such conditions while applying for this online policy.
The non-smoker category premium is much less but will there be a probability of the claim to my dependants being rejected based on the blood sample analysis result in case of any eventuality with me.
If the insured dies during the time period specified in the policy and the policy is active – or in force – then a death benefit will be paid. HDFC Life offers advanced version of this basic online term plan, which is known as HDFC Click2protect plus.
However, when you compare the premiums of LIC’s e-term plan with private insurance players’ online products, you may find it very costly.
For instance, if you purchase the policy from abroad, you would have to do the medical examination and send the report to the insurance company in India. 1 reason why I am holding onto Icici is that it offers a WOP in case of permanent disability. Job with CNBC Awaaz also helped me to explore the world of Investment, Saving, Insurance, and Tax. All other online term insurance plans are cheaper, but they score low in terms of reputation and claim settlement ratio. On death of any one life assureds, the policy will automatically continue on the surviving life assured with a reduced premium. So i now want to make direct purchase of cheap, realiable term policy which are hassle free to claim on maturity (God Forbid!).
On diagnosis of any critical illnesses (as mentioned in the policy document) the future premiums are waived off. Jeevan Lakshya Lic new plan also provides a lump sum  amount at the time of maturity regardless of survival of the policyholder.
Till now many private insures companies used to give the facility of term plan online. But, few of you rely only on LIC as it a is government enterprise. However, LIC used a clever trick to protect its offline term plans Amulya Jeevan and Anmol Jeevan. At some point you can think it’s a tactic to demotivate people opting for online term plan. Can you please calculate and tell how much it costs for 30, 40, & 50 lakhs for both options. However if you purchase the policy in India, you would not have to bear this cost as it would be inbuilt in the cost of your policy. The insurance policy purchased in India will cover death that occurs anywhere in the world. Don’t worry, today, I will guide you through every step of LIC e-Term purchase process.
As per my opinion, there are very high chances that person will die in accident as compare to natural death till the age of 45-50 years.



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Comments to “Online term insurance lic india gov”

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