Term Insurance related Queries

POSTED BY Bob Terreins ON December 11, 2012 9:17 pm COMMENTS (3)


I ama 25 yr old male (non-smoker) and am recently looking for a good term insurance policy of 50 lakhs (minimum) for 30-40 yrs. I have zeroed in in on Aviva i-life and Aegon religare iTerm plans.

The details are : Aviva | 50 lakhs | 35 yrs | premium 4093

Aegon | 50 lakhs | 35 yrs | 4045   and for 50 yrs (max) 4326  (All values include Service tax)

I like both the plans, based on your experiences, i would like to know which one is better, based on service, customer care and claim settlement ease.


Also, I have additional questions pertaining to Term insurance in general : 

1. I have taken term insurance today and lets say after some time, i have to go abroad to work there, does the policy continue as is and does it cover me there ?? Also do i have to notify them, if its a short travel or even if it is a longer stay ??

2. Since the sum assured is 50 lakhs, i will have to go for medical tests. Lets say after the tests, they decide to charge me a high premium, can i decline the policy ?? what are the charges applicable then ??

3. Also, i read that most of the policies do not cover death due to terrorist attacks or natural disaster, is it true ?? what if i want cover for that ??

I know these are a lot of questions but i’m quite new to this and am still researching…..Thanks in advance for your time.

3 replies on this article “Term Insurance related Queries”

  1. Bob Terreins says:

    @Biswa Singh : Thanks for the reply….it does clear things for me…..thanks once again….and i have been to that plan comparison link but since it is of 2010, i thought i would ask recent opnion

    @frefincal : ok…thanks for the clarification…..i have anyways dropped a mail to both aviva and aegon with these queries and will update the thread when i get replies from them….thanks for your time and effort….

  2. If death due to natural disasters and terrorist attacks are not covered the offer document will specifically state this.

    If nothing is stated about this then death by any manner will be covered except suicide in the first one or two years as stated in the document. So read the document carefully.

    You can decline the policy even before you take. policy. The premium will be fixed after the tests. You are free to decline it then You may then have to pay for the medical tests and processing charges fixed by the company. The same may be the case even if you decline during the lookup period.

  3. Biswa Singh says:

    I think Aviva has much better claim settlemet ratio than Aegon religare. So its better to go with Aviva. If you want to know about term isurance in details comparison then please follwo the belwo link.


    1. Yes it will be valid if you go to abroad. But you need to continue paying the premimum. I am not sure what will happen if take the citizenship of other country. Please check with the insurer.

    2. There is a free lookup period of 15 days once you get the policy. If you dont like it then you can return the policy within that period.

    3. I am not sure about this point. I think it depends on the insurer so please check with them and read the policy term.

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