Which term life insurance do you have?

[knight]

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.

Damn man. These companies are heartless and reg customer experience i kinda agree. Insurance sector is doing terribly in this area, they're only focussing on sales.
I recently bought Max Life term plan and mailed them some questions reg the policy. I haven't received any reply in 6 days. Escalated it yesterday. Also Both HDFC life and Max life dont have toll free numbers.. their 1860* numbers charge 2.5 Rs/min and support is below average.

 

[Deleted member 9785]

Is Max the best term policy? Planning to increase cover from 1 cr to 3 cr due to the increasingly instances of cardiac attacks after covid even to seemingly fit people

 

[gunnerTH]

Is Max the best term policy? Planning to increase cover from 1 cr to 3 cr due to the increasingly instances of cardiac attacks after covid even to seemingly fit people

Max is the only company that give topup in term plan at the moment upto my knowledge, so if your income increases in near future and you want to increase the insurance the max would be ideal, in other companies you have to buy a new policy.

 

[nik007rock]

TATA AIA

 

[knight]

Is Max the best term policy? Planning to increase cover from 1 cr to 3 cr due to the increasingly instances of cardiac attacks after covid even to seemingly fit people

Seems like it..
I compared HDFC ICICI Max and few others on relevant parameters..

Max was performing well on most parameters and it's premium was also less than HDFC and ICICI.
Although Zero Cost feature was a gimmick because as per their terms i'd have to return the policy before 60, whereas HDFC was allowing till 80.. But that feature is not that great anyways.

Max does have a cover increase option.. for me it was allowed till 2x of original sum insured..



PS. Will update the post with 50+ years usage review if ambani expands 5G to afterlife.

 

[Slayer]

Seems like it..
I compared HDFC ICICI Max and few others on relevant parameters..

Max was performing well on most parameters and it's premium was also less than HDFC and ICICI.
Although Zero Cost feature was a gimmick because as per their terms i'd have to return the policy before 60, whereas HDFC was allowing till 80.. But that feature is not that great anyways.

Max does have a cover increase option.. for me it was allowed till 2x of original sum insured..



PS. Will update the post with 50+ years usage review if ambani expands 5G to afterlife.

You mean 6G?

 

[arn]

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.

I too got a Aditya Birla Health insurance.
and had to apply twice for mediclaim in past 4 years after taking policy.
- first usage was rejected, as it happened to be a case of pregnancy related complication( remember if you do not take a continuous pregnancy coverage 3yr b4 planned baby then it wont be covered even if its not a delivery operation, but any related coverage. I took policy via policybazaar and they were also not responding in positive way that time)
- I had to go for a second usage recently, whr the previous surgery site got hernia developed. this time the process was smooth, I applied for preapproval and it took nearly 30 minutes for getting that, during discharge also it took nearly 1 hour only for getting claim settled after bill generation. claim settlement was also nearly full, I had to pay around 1500 for a bill of 1.8L due to certain consumables not covered.
- I had got a strange issue with Aditya birla recently that my policy suddenly disappeared after 4 month of renewal, consulted aditya birla customer care and they said that your policy is cancelled, but they had no idea why, and they suggested to approach policybazaar for getting details of issue. though policybazaar helped in generating a new policy from adtiya birla with same old date.

- I now took a Niva boopa top up plan also for additional support.

although I was told that Star is better, as they got a better claim settlement, but the policy is costlier , and also their policy got copay 10%.

 

[knight]

I too got a Aditya Birla Health insurance.
and had to apply twice for mediclaim in past 4 years after taking policy.
- first usage was rejected, as it happened to be a case of pregnancy related complication( remember if you do not take a continuous pregnancy coverage 3yr b4 planned baby then it wont be covered even if its not a delivery operation, but any related coverage. I took policy via policybazaar and they were also not responding in positive way that time)
- I had to go for a second usage recently, whr the previous surgery site got hernia developed. this time the process was smooth, I applied for preapproval and it took nearly 30 minutes for getting that, during discharge also it took nearly 1 hour only for getting claim settled after bill generation. claim settlement was also nearly full, I had to pay around 1500 for a bill of 1.8L due to certain consumables not covered.
- I had got a strange issue with Aditya birla recently that my policy suddenly disappeared after 4 month of renewal, consulted aditya birla customer care and they said that your policy is cancelled, but they had no idea why, and they suggested to approach policybazaar for getting details of issue. though policybazaar helped in generating a new policy from adtiya birla with same old date.

- I now took a Niva boopa top up plan also for additional support.

although I was told that Star is better, as they got a better claim settlement, but the policy is costlier , and also their policy got copay 10%.

Thanks a lot for sharing.

Good to know it went smoothly the second time.

They recently shared the renewal letter and raised the premium by 10% to around 40k..
Could you share the approx rise in your premiums over the last few years? Just wanna know what's the usual hike.

 

[lucifer]

I too got a Aditya Birla Health insurance.
and had to apply twice for mediclaim in past 4 years after taking policy.
- first usage was rejected, as it happened to be a case of pregnancy related complication( remember if you do not take a continuous pregnancy coverage 3yr b4 planned baby then it wont be covered even if its not a delivery operation, but any related coverage. I took policy via policybazaar and they were also not responding in positive way that time)
- I had to go for a second usage recently, whr the previous surgery site got hernia developed. this time the process was smooth, I applied for preapproval and it took nearly 30 minutes for getting that, during discharge also it took nearly 1 hour only for getting claim settled after bill generation. claim settlement was also nearly full, I had to pay around 1500 for a bill of 1.8L due to certain consumables not covered.
- I had got a strange issue with Aditya birla recently that my policy suddenly disappeared after 4 month of renewal, consulted aditya birla customer care and they said that your policy is cancelled, but they had no idea why, and they suggested to approach policybazaar for getting details of issue. though policybazaar helped in generating a new policy from adtiya birla with same old date.

- I now took a Niva boopa top up plan also for additional support.

although I was told that Star is better, as they got a better claim settlement, but the policy is costlier , and also their policy got copay 10%.

are the top up plan easy to claim with 2 different providers?

 

[Deleted member 9785]

Got 2 cr extra term insurance from max for 31k per year. Now cover goes to 3 cr. This is bare minimum looking at inflation rate

 

[knight]

Got 2 cr extra term insurance from max for 31k per year. Now cover goes to 3 cr. This is bare minimum looking at inflation rate

Issued as a new policy, or increased cover on existing policy?

 

[Deleted member 9785]

Issued as a new policy, or increased cover on existing policy?

a new policy is issued

 

[Aksh3213]

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.

Good points 👍🏼 however I would like your thoughts on following points:
1) Why no agent, I personally prefer online mode tho but doesn't agent brings more reliability. Like during the claim settlement (when I won't be there), it'd be beneficial as agent would help my family in getting the claim.
2) What if I get the option of getting back premium paid at no extra cost?

 

[federer.reddevil]

2) What if I get the option of getting back premium paid at no extra cost?

Most of the policy will have minimum age option like plan for 70+ years or 68+ years check whether you need a policy for so long first

 

[phagocyte536]

2cr HDFC Life for me
1cr HDFC Life for wife.

Will bump up both to 3cr when we have a child

 

[Kiranonlinee]

I bought 2cr term insurance from canara HSBC just 1 day before my birthday.

I already hold 1 cr term insurance

Initial quote was 18.5k P.A I paid initial payment and went for medicals and submitted all other docs

Insurer Provided Counter offer stating financial reasons.

Option 1 =>
1.8cr with revised premium of 20.5k P.A

Option 2 =>
1.64 with revised premium of 17.5k P.A

Is this a kind of scam or something else. Please provide a suggestion.

Thanks.

 

[federer.reddevil]

I bought 2cr term insurance from canara HSBC just 1 day before my birthday.

I already hold 1 cr term insurance

Initial quote was 18.5k P.A I paid initial payment and went for medicals and submitted all other docs

Insurer Provided Counter offer stating financial reasons.

Option 1 =>
1.8cr with revised premium of 20.5k P.A

Option 2 =>
1.64 with revised premium of 17.5k P.A

Is this a kind of scam or something else. Please provide a suggestion.

Thanks.

At least u got this much my 75lk with 9k premium after medicals changed to 50lk with 10k premium

Btw can we hold 2 term insurance policies?

 

[Kiranonlinee]

At least u got this much my 75lk with 9k premium after medicals changed to 50lk with 10k premium

Btw can we hold 2 term insurance policies?

I hold one term insurance from tata AIA.

Canara is doing like this felling scammed.

What should I do ? Do I accept the counter offer or reject it ?

 

[Kiranonlinee]

At least u got this much my 75lk with 9k premium after medicals changed to 50lk with 10k premium

Btw can we hold 2 term insurance policies?

Yes we can hold as many we want no capping on that , we need to declare to insurance if we hold any along with sum insured and status of policy