Suggest me a best term plan?

POSTED BY Anand Y ON June 12, 2012 10:14 am COMMENTS (3)

Hi all,

I am 28yr old, single working as a software engineer. I want to buy a term insurance for 50lacs. I know, when buy a policy we should consider the company’s claim settlement record in which LIC is the best, but the premium of term policy is very costlier compare to other companies. Can you please suggest me a good term policy.

Thanks in advance,

3 replies on this article “Suggest me a best term plan?”

  1. Dear Anand,

    In addition to claims settlement ratio, you should also look at:

    ·Service reputation of the brand
    ·Convenience offered in terms of medical checkups, online sign up/ payments and services

    You may consider ICICI Pru iCare which has been chosen by consumers as “Product of the Year 2012” in the Life Insurance Category based on a survey of over 30,000 people by Nielsen.

    ICICI Pru iCare can easily be purchased online and it allows you to get a cover of Rs.1 crore without any medicals.

    Regarding your query about high premium, you can secure your future with premium as low as Rs.24 per day (Cover of Rs.1 crore, for a 30yr old healthy male). To check the amount of premiums you will have to pay, check out our premium calculator on

    ICICI Prudential Life Insurance has a healthy claims record as cited in the following news articles and

    To find out more about this product and to see if it suits you, please visit

    Please understand that we only offer suggestions based on your requirements, however choosing a policy most appropriate for you remains at your discretion.

    Warm Regards,
    Life Insurance Help
    ICICI Prudential Life Insurance

  2. Dear Anand, if you are worried that in your absence Insurer ‘ll not provide the claim amount to your family members, you should stick to the so called best settlement record holder – the big daddy of life insurance – LIC.

    You have to make a call between your current prem. saving or future family life easiness for claim (if it happens at all).

    Disclosure – I had purchased an online term cover from Aviva few months back. So it’s a personal comfort level that matters.



  3. Ramz says:

    Hi Anand,
    There is a lot of discussion regarding the term plan. Please spend some time to gain very good knowledge of the same.

    For your quick ref, you have to take a call between LIC and others wrt settlement ratios, premium amount, riders etc.

    You can come back again after refering to the previous discussions

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