Here’s a repost of an article on term insurance (posted on my website). If you want the cheapest term insurance, you can buy ICICI Pru’s iProtect term insurance online. Before, we go on to describe the features of the iProtect policy, it’s important to remember that buying an insurance online has certain limitations. Like, if there is any trigger for claims, who will do the leg work for settlement of the claim.
But if cost is the only factor for deciding your insurance policy, ICICI Pru’s iProtect is affordable and available online. You may also like to check Aegon Religare’s iTerm
An individual can apply online for iProtect and the payment can be made either through his/her internet banking account or credit card. The life cover commences as soon as the premium is paid. Upto a certain limit, life cover can be bought immediately without the need for any medical tests. Above this limit also, the entire transaction can be finished online but the cover will start post a medical test.
The policy can be done bought completely online as no physical documentation is required.
iProtect provides financial security to the family of the policy holder in the event of his untimely death. In case of such an eventuality, the nominee will receive the entire sum assured.
The entry age for a customer is a minimum of 20 years and a maximum of 65 years with a minimum policy term of 10 years and a maximum of 30 years. The maximum age at policy expiry is 75 years.
The premium that you pay is very affordable and the cost savings due to the product being available online is passed on to the customer
Our View:
Buying a cheap product sounds good, but has its own limitations. The insurance agent does earn commissions for selling a policy but he also provides useful services. To our mind, it’s more important to find the right agent or advisor instead of focusing on the cost benefits.
Questions? Please email us on editor@personalfinance201.com
Feedback as always is welcome!
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I didn’t got confidence about these online products yet, so at this moment have one such product and one traditional LIC Jivan Amulya. The beauty of term insurance is that you can discontinue any time without any maturity concerns
so if such products proved to be having good quality/claim-ration etc, it would be viable to dump high-cost traditional terms and on-board these products, but certainly it will take some time.
Kotak’s e-preferred plan appear to be cheaper. Please check.
@Jagbir It’s a good idea to take multiple term insurance and dump them one by one as you build your assets. To me it’s important to have a good insurance advisor who can take care of the servicing aspects.
@Srinivas Thanks. Do you have the details of Kotak’s plan? Let me check
Hi Ranjan,
ICICI Iprotect is one of the cheap online term plan, but not the best till now. It has many initial troubles, which the customers face, hence making it really useless one. I have seen lot and lot of customers that have taken it online and still not received the policy even after 2-3 months and that too after constant follow up and complains (Some have taken there money back and others are waiting for it).
It seems ICICI is not much concerned about it and hence its reputation.
It makes everyone think that when customers are having that much trouble just in getting (buying) the policy, what will happen in sad incidence of claim, that to, which will be done by wife / children in your absence.
I have done some initial study on these term plans and finds that Kotak is little better then ICICI in terms of getting the policy without much follow up and has exactly the same premium as that of iprotect for male of 30yrs. There is also Metlife term plan (Met Protect) offering same type of plan in same type of premium (it has the advantage that you can take policy up to 35 yrs; of course with extra premium.)
Now deciding which is the best out of these 4 companies is what I am still unable to do.
1: Religare Iterm
2: ICICI Iprotect
3: Kotak Eterm
4: Metlife Metprotect
Regards,
Hitesh
@Hitesh Handing out a “best” rating is difficult because aprt from the cost factor, we also need to factor in the services aspect. This is what comes out of yr comment, thanks.
I believe that more than anything, we need to find the right agent who has high professional standards.
Guys you can reach me in case of any support required in understanding the products. Have been accosiated with this sector for more than 5 yrs & an overall experience in corporate sector for more than 10yrs. # 9350522668
Hi,
I am 30 years old and planned to take a term insurance for 30 years and Rs.30,00,000, i had done web search and asked few of my friends i came to know about below Companies:
LIC: Jivan Amulya
SBI: Smart Shield
ICICI: iPROtect
After lot of search i find LIC is the best since rejection ratio for claim are very less as compaired to SBI and ICICI, but by premium amount ICICI is less. without considering premium amount, can you please guide me which one will be better.
I think Aviva i-Life is best currently…
cheap and good.