Term Insurance Plan – Which Plan to buy

POSTED BY Shrinivas Deshpande ON April 12, 2012 11:37 am COMMENTS (4)

Hi Friends,

I am 27 yrs old and planning to buy a Term Assurance Plan. I did some investigation and think Aviva and AR are good options for me as the Premium is on a lesser side compared to other companies and Aviva’s claim ratio is also good.

Should I go ahead with one of these companies for a cover of 50 lacs.

Also, I have a ULIP endowment which I took in 2008 and have paid Rs. 90000 till date, I checked the balance of the same last week and its Rs. 72000 now which is Rs. 18000 less that what I’ve paid.

Please suggest should I continue with this or surrender.


4 replies on this article “Term Insurance Plan – Which Plan to buy”

  1. Shrinivas Deshpande says:

    Hi Ashal,

    Truely speaking, I’ve not done any caluculation. My dependents are my father and mother and I am getting married in the month of December this year. My income is around 30K pm.

    Please suggest what you think is the right option, I am meeting a consultant this saturday and he’s a friend of mine and I’ve told him what I am looking for and he suggested Aviva is a good option.


  2. Kapil Malhotra says:

    It is always recommended to buy two term plans. One is must from LIC (inspite of being on the higher side in terms of premium), which would help while availing the claim.

    In my acquaintance, there was a private insurer who were delaying the claim payment and was asking one or other document each time. When told that LIC has already processed the claims, they requested the claim settlement document of LIC, and settled their claim soon.

    Disclaimer is that the proposal form should be filled with the best of your knowledge and without suppressing any facts.

    Aviva and Kotak are good options in term plan.

    Considering your age, I would say that you stay invested in the ULIP and let the money grow. You may opt to NOT to pay further premiums as the lock-in period is over.

    Review your decision when you complete 5 yrs in ULIP so that there is no penalty on surrender.

    1. Shrinivas Deshpande says:

      Thanks Kapil for your inputs.

      1. Dear Srinivas, How do you come to 50L sum assured? What’s your income, current financial liabilities, family size, no. of dependents?

        Please provide more details.



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