Suicide is excluded only if the insured person commits suicide in the first year of the policy, right? Is it not included from the day one of second year? (Is it not true for all insurance companies?) Also, what about Kotak Insurance? None has mentioned anything about that? I think that it is the cheapest. (For 1 Crore, around INR 10K p.a. is the premium for a 30 year old male without any smoking/drinking habit)
Re: Exclusion
by ajit tater on Jan 24, 2011 11:37 PM
i think kotak has the cheapest and best term policy..i m 28 yr old non smoker...for a sum assured of 50 lacs i paid rs 6k ..damn cheap and bought online...simple
Suicide is the exclusion only if it the insured commits suicide in the first year of the policy, right? Is it not included form the day one of second year? (Is it not true for all insurance companies?) Also, what about Kotak Insurance? None has mentioned anything about that? I think that it is the cheapest. (For 1 Crore, around INR 10K p.a. is the premium)
Re: Term Insurance for a person having Critical Ilness
by CH SRINIVAS on Jan 22, 2011 06:23 PM
yes, you must mention the same while writing the proposal form. the underwriter asks for some medical reports.these tests are conducted by the life insurance company authorized labs at free of costs. if found unhealthy to some extent additional premium will be added.there is no problem,go ahed. u have not mentioned your age, family history ?
Every cfp says buy term & invest in sip or ppf. Check data on amfi site , sip get closed when marhkets go dwn & term get closed at end of 6th year(typical india mentality-- i shall not die or i sud get what i paid). Financial planning means complete financial freedom. Do u want to invest the whole amt in sip at the time of retirement & keep watching mrkts whole day. Remember wat happen in 2008. Even today mutual funds are not getting funds. USA had max nos of cfp, even then , it is most bankrupt nation as a whole. the concept is wrong " term sip" it sud be proper aseet allocation. Put in debt also. Regularity is the key to success. It is in the mix
Re: why term insurdoes not make sense in full financial planning.
by P Unnikrishnan on Jan 21, 2011 05:19 PM
You are correct. Here comes the role of ULIPS (insurance cum insurance) with flexibility. Now it is much improved, thanks to new IRDA guidelines.
I dont know if there is any way we can see explicitely the term insurance claims made,amount and settlements done from various insurers.LIC's settlement claim of 95% is an eyewash as more their term isurance policiey are below 0.01% of all policies sold.
