Comments on The Money Quest: Term Insurance Plans: FAQs

Hello Fisher, I am thinking of taking 2 Term insur...

2010-07-25T16:36:00.493+05:30

Hello Fisher,
I am thinking of taking 2 Term insurance from different compamy (50L each). At present I am thinking of taking one from LIC. For other I am thinking of goinh with ICICI or HDFC. Please advice whether I should go for ICICI or HDFC. Also please advice if going with LIC is good or not.
Regards
Debu

Hi, Want to buy a term insurance for 50lacs,25 yr...

2010-06-21T13:56:49.853+05:30

Hi,

Want to buy a term insurance for 50lacs,25 yrs,my age is 35 yrs...Which one would you recommend among these :
LIC Amulya has a premium of Rs.19,850
HDFC SLIC's Term plans has a premium of Rs. 17,637 and
ICICI's Term plan for the same cover has a premium of Rs. 17,898

what do you suggest should i go with the cheapest premium HDFC/ICICI or stick to LIC (the highest premium but also has a high claim solevncy rate)

What multiply of salalry one can opt for taking hi...

2010-05-31T12:46:13.505+05:30

What multiply of salalry one can opt for taking higher sum assured under term plan- Gaurav

The need for adequate life insurance coverage is m...

2010-03-16T17:49:13.764+05:30

The need for adequate life insurance coverage is more for people working in high risk professions.

Thanks for clearing doubts in such a simple manner...

2010-03-11T20:51:22.850+05:30

Thanks for clearing doubts in such a simple manner.
Kindly advice that is it worth it to go for a term plan as a fighter pilot(high risk profession) where the premium would be high.

Hi, Need your sugguestion. A pure term plan for 20...

2010-03-01T12:47:14.637+05:30

Hi,
Need your sugguestion. A pure term plan for 20-30 years with regular premium of 30000 with SA of 1 Cr or a plan with return of 125% premium after 20 years, SA 1 Cr & yearly premium of 108200/-.This plan is from Birla Sunlife & the total cash back is 26 Lacs after 20 years.
Thanks.

Machax, No, not yet!!

2010-02-23T14:41:37.546+05:30

Machax,

No, not yet!!

Hi Mr. Fisher In case you've reviewed a few of...

2010-02-22T17:24:05.503+05:30

Hi Mr. Fisher
In case you've reviewed a few of the term plans, will appreciate if you could tell which of your articles?

regards,

Shalom: Yes, your choice is good.

2010-01-27T16:44:35.395+05:30

Shalom: Yes, your choice is good.

I have taken HDFC term assurance plan for 30 yrs.I...

2010-01-27T15:31:29.278+05:30

I have taken HDFC term assurance plan for 30 yrs.Is it good or should I switch it to some other company next year?

Your blog is simple and good. While going through ...

2009-11-13T15:11:49.607+05:30

Your blog is simple and good. While going through your posts, there is some kind of peacefulness that I feel. Keep up the good work. - P.S.

Hi Anonymous...It would be better that you opt for...

2009-11-12T22:07:05.416+05:30

Hi Anonymous...It would be better that you opt for the regular premium in place of a single premium. Reason as below.
1> Single Premium Option : Assuming that the sum assured is Rs.100000.00 , premium per year is Rs.5000 and duration of policy is 20 years. In the lump sum option , you would pay Rs.100000.00 on day 1. If anything should happen to you in the next year (God Forbid!!) , the insurance company would pay your next of kin Rs.1000000. You have already paid Rs.100000.00 and the nett benefit would be Rs.900000.00.

2>Yearly Premium Option : Assuming that the sum assured is Rs.100000.00 , premium per year is Rs.5000 and duration of policy is 20 years. In the yearly premium option , you would pay Rs.5000.00 on day 1. If anything should happen to you in the next year (God Forbid!!) , the insurance company would pay your next of kin Rs.1000000. You have already paid Rs.5000.00 and the nett benefit would be Rs.995000.00.

Hence it would always be better to distribute the risk. If you are uneasy about the availability of funds on a yearly basis , you could park the immediately available fund in a fixed deposit (with a firm vow that you would never touch the same) and withdraw the yearly premium. In effect , you would distribute the risk as well as earn interest in the bargain.

No, you can’t make an advance payment for a few ye...

2009-11-09T21:19:26.534+05:30

No, you can’t make an advance payment for a few years. But you can pay insurance premium in advance for the entire duration of the term plan by opting for a single premium term plan.

Hi thanks for the informative advice. Also wanted ...

2009-11-09T10:05:16.422+05:30

Hi thanks for the informative advice. Also wanted to know whether i can make a lumpsum payment (in advance say premia for 5 yrs) in a term plan. thanks.