Which term life insurance do you have?

[anirbanm]

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.

How's Reliance health insurance? I currently have that. Indian + abroad 50L upto 1 Cr coverage ~ 20000 premium

 

[Lakshya Mahani]

Relatives will try to see their own benefits, reality.

You are 100% correct, i have experienced this 2 times.

 

[shashifed]

Relatives will try to see their own benefits, reality.

I'd rather trust strangers than relatives

 

[SiddharthR]

Relatives will try to see their own benefits, reality.

I forgot to say very close relatives, like brother, sister, etc. As if they are in Insurance sector they will know their sector better than us and they can guide like when to take, how much cover, etc which we might know... (JUST MY OPNION)

 

[TheRecharger]

First of all, Congratulations on your successful career! At 22 years old and with an annual income of 20 lakh rupees, it may be a good idea for you to consider purchasing a term life insurance policy. Term life insurance provides financial protection for a specific period of time, typically 10, 20, or 30 years. If you were to pass away during the term of the policy, your beneficiaries would receive a payout to help cover expenses such as funeral costs, outstanding debts, and living expenses.
There are a few factors to consider when determining whether now is the right time for you to purchase term life insurance:

1. Your financial responsibilities: Do you have any financial dependents, such as a spouse or children, who would be financially impacted if you were to pass away? If so, a term life insurance policy could provide peace of mind and financial protection for them.
2. Your debt burden: Do you have any outstanding debts, such as a mortgage or student loans, that your loved ones would be responsible for paying if you were to pass away? A term life insurance policy could help cover these expenses.
3. Your future plans: Do you have any major life events on the horizon, such as getting married or starting a family, that could impact your financial planning? A term life insurance policy could help ensure that your loved ones are financially secure in the event of your untimely death.

Overall, it is always a good idea to have some form of life insurance to protect your loved ones in the event of your death. If you feel that you have financial responsibilities and obligations that a term life insurance policy could help fulfill, then it may be a good time for you to consider purchasing one.
Hope it will help you!!!😜

 

[shashifed]

Thank you guys very much... I have purchased max life term insurance with 2Cr covering 85 years and paying till 60 years. I also purchased niva bupa health insurance with 1Cr cover(10L base and 90L top-up). You have been very helpful with the suggestions and let me know if there is anything else that I can look into 😜

 

[CMG]

Thank you guys very much... I have purchased max life term insurance with 2Cr covering 85 years and paying till 60 years. I also purchased niva bupa health insurance with 1Cr cover(10L base and 90L top-up). You have been very helpful with the suggestions and let me know if there is anything else that I can look into 😜

What happens in the case of missed payment and lapsing of term insurance? Does the insurance cease to exist?

 

[shashifed]

What happens in the case of missed payment and lapsing of term insurance? Does the insurance cease to exist?

I believe we have a grace period of 30 days post the deadline

 

[vaibhavpp0707]

Thank you guys very much... I have purchased max life term insurance with 2Cr covering 85 years and paying till 60 years. I also purchased niva bupa health insurance with 1Cr cover(10L base and 90L top-up). You have been very helpful with the suggestions and let me know if there is anything else that I can look into 😜

I am also planning to purchase health insurance. Can you please guide me why you choose Niva Bupa health insurance

 

[PREMPATEL12]

I bought ICICI Pru term before covid. 1 Cr till 85 yrs. Paying 4223 every month for 10 years. Annually 50k something. If I see today same policy are coming with tag of 75k premium. Premium hiked by 50% in 2-3 years.

I tried to hike from 1 Cr while having baby. But its kind of tedious process. Fill form then submit, they will not tell you premium amount till you submit. Customer care have no clue.

 

[shashifed]

I am also planning to purchase health insurance. Can you please guide me why you choose Niva Bupa health insurance

I chose it because it has more cashless hospitals in my area, pre hospitalisation and post hospitalisation has extended coverage. No claim bonus is 50% on the base sum. Also premium is on the lesser side...

 

[knight]

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

Hi, can you share some detail about the experience with Aditya birla?

I just purchased a policy for my parents last year and would be good to know if i should be careful about anything.

 

[pratyush]

Hi, can you share some detail about the experience with Aditya birla?

I just purchased a policy for my parents last year and would be good to know if i should be careful about anything.

My mum was admitted to Indraprastha Apollo hospital, Delhi. The room was twin-sharing. The other aunty (patient) was having Aditya Birla's insurance. She was checked out in the morning, but in the evening I saw her daughter still in the TPA office. When I asked her what happened, she told me she is standing there since morning, but the hospital is allowing them to leave as the insurance company has still not responded. She told me that she had been calling customer care since morning but had no proper reply from Aditya Birla. The patient had an operation 2 days back & was sitting on a chair since morning. Just imagine the situation & this happened in one of the Top hospitals in Delhi.

 

[Slayer]

One thing I surely say, If you dont have a huge liability now or not a sole owner of family or will be in coming next 2-3 years (big home loan, etc) dont take term insurance till then. your age and the LPA u have is your advantage. if you invest in other financial instrument then u dont have to worry about family income backup when you no more.

Take good health insurance, when liability is about to come then take term insurance.

Wish i could not spend money on fancy toys

 

[BlueFlash]

Wish i could not spend money on fancy toys

I have a 30 yo friend and he still buy those hotwheels cars whenever he goes to a shopping mall XD
Enjoy life while you can

 

[Slayer]

I have a 30 yo friend and he still buy those hotwheels cars whenever he goes to a shopping mall XD
Enjoy life while you can

If i had to say fancy toys for me then it would be

A BMW bike
A 3090 PC (tope end as of 2022)

Sidenote - Not trying to show-off or flex

 

[yashbhavnani]

I'm a 22yr old looking to buy term life insurance. I have annual salary about 20+ LPA, suggest me some good term life insurance.

Currently looking at Max Life Insurance with a 2Cr cover (with coverage till 85 years) and looking to close it in 15 years

Go for any of the top 5 life insurance companies in terms of settlement ratios. ICICI Pru, HDFC life, max life, Tata AIA or LIC.
LIC’s pure term plan is an online only product so keep that in mind. As no lic agent will be able to sell it.

My sincere advice to you is to opt for single pay. Don’t fall prey to return of premium, 5pay 7pay or 10pay. The extra premium you will pay for these isn’t worth it. You can invest that extra premium in equities and you ll get incomparable returns.

Also, opt for the longest duration for the term plan and the highest sum assured initially along with riders of your choice like accidental death benefit, disability benefit due to accident and critical care if you smoke/drink or have a family history of cancer or heart issues.

Now, as far as finishing it in 15 years is concerned. Reassess the situation at the 15 year junction and take a call of stop paying premiums if you have amassed enough wealth for your dependents. If the answer to this is no then continue paying the premium.

Also, kudos to you to opt for a term plan at this young age.

Hope this helps

 

[anevis]

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.

yes dont fall for return option instead put difference of amount in index or nifty or in good stock which will give more return

 

[Darthvader]

I have decided to go for HDFC Term insurance but is the limited pay like 5 years is it a scam ? I am ready to pay in single payment as well.
Why should one not opt for limited pay 5 years, i really do not want to pay this every year.
Pay for first 5 years and secure till term age isn't a good option ?

 

[shashifed]

I have decided to go for HDFC Term insurance but is the limited pay like 5 years is it a scam ? I am ready to pay in single payment as well.
Why should one not opt for limited pay 5 years, i really do not want to pay this every year.
Pay for first 5 years and secure till term age isn't a good option ?

According to info that I can gather... if you pay the insurance over an extended period of time, the value of premium (post inflation) reduces over the years.