Which Term Insurance Plan should I opt for?

POSTED BY Rajat Arora ON July 23, 2012 1:42 am COMMENTS (5)


I want to purchase a term plan for sum assured of Rs 50 lakhs for a term of atleast 30-40 + years.
I have below options, however not able to decide considering premium,CSR,reviews..

1. Aegon Religare iTerm ( 3989)
2. Aviva ilife (4088)
3. HDFC Life (5281)
4. ICICI Prudential (6461)

Most probably I will go for either Aviva iLife or HDFC Life….Please suggest.

5 replies on this article “Which Term Insurance Plan should I opt for?”

  1. Informed Investor says:

    Rajat, read your query and concerns. As someone of your age and an insurance buyer, would like to point out couple of things to you. Firstly, if you read about claim rejection stories they are mostly coz people gave incorrect information in the proposal form. So if you fill up the form honestly there is nothing to worry about.

    Secondly, when you purchase an online term plan, the costs are low on the premise that the quality of life is better and person who has opted for it will anyway declare everything correctly so many companies do not do medical tests for a lower life cover or for a younger age. Also low costs should be one of the major considerations for the term plan.

    Thirdly after reading the news about Nielson, am not sure we should consider buying a product based on their recommendation  http://www.pardaphash.com/news/ndtv-drags-neilson-to-court-over-tam-rating-manipulation/695058.html

  2. Dear Rajat,

    Its good to know that you wish to buy a term insurance policy. Term Insurance is not only affordable, but is also one of the simplest forms of insurance to secure your family.

    There are a few things you should consider before choosing a term plan:

    1. Claims performance
    2. Service reputation of the brand
    3. Convenience offered in terms of medical checkups, online sign up/ payments and services

    You may consider ICICI Pru iCare, an online term plan from ICICI Prudential Life Insurance. ICICI Pru iCare 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.

    This easy to purchase online plan allows you to get a cover of upto 1 crore without any medical tests. This makes it very easy and quick to get protected.

    ICICI Prudential Life Insurance has a healthy claims record as cited in the following news articles http://bit.ly/HejDZA and http://bit.ly/HTbw7S.

    To find out more about this product and to see if it suits you, please visit http://bit.ly/IgvQDe

    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

  3. Rajat Arora says:

    Thanks Prasanna…however i have not heard/read very good CSR reviews for AVIVA as when compared to HDFC Life and ICICI Prudential…

    Well I found out ICICI Prudential has the same premium for Smokers/Non Smokers..me being a non smoker thus have left out ICICI Prudential…

    For HDFC Life …term is only for 30 years ..i am 24 now so i will have a insurance only till 54..

    For AVIVA..premium is less, term is for 35 years, CSR not so good and it seems they are not taking medical for my age which might be an issue later on down the line …since i have heard it good to have your medical done while taking a term plan…

    So again please suggest…or if i should go for some other plan..

    1. CJ says:

      My Experience has been good with Aviva.
      Well I think claims performance is based on the accuracy of the data provided by you.

  4. PRASANNA says:

    For you aviva i life will be the best

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