Best term insurance plans in India, compare term insurance premium and claim settlement ratio, calculate term insurance from HDFC, Max life, SBI life, Aegon Religare.

1. Your Guide To Personal Finance
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Find Top 5 Term Plans Online. Compare Claim
Ratio,Premium And Customer Service Data Of All The
Insurers.

2. Your Guide To Personal Finance
It refuses to amaze me how the insurance industry will try to complicate a
simple product like a term plan. As Indians are not ready to pay for
insurance and still view it is an investment, insurance companies have
manufactured a product that comes with a return of premium at the end of
the tenure? Isn’t this wonderful? So should one go for such plans? Lets do
some simple math to find out:
I had a look at Aegon Religare’s return of premium plan for a 30 year old
non smoker male for a sum assured of 1 crore. The premium comes around
23,000 per annum and the coverage is only available till 50 years. Compare
this to a normal online term plan which will cost around 8000 for 30-35
years.
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3. Your Guide To Personal Finance
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Now lets compare the so called “returns” of these 2 options:
In return of premium plan, you’d invest 23000 every year and get back your
4.6 lakhs at the end of year 20. One of biggest drawbacks is that you are not
covered in your 50’s !
In the normal term plan, you’d pay 8000 and get 0% return on the
same.Assume that you manage to get about 7% on the remaining
15000/annum for the next 20 years. So what do you get here. A back of
envelop calculation shows that you’d get around 660,000 after 20
years! That gives you a saving of about 2 lakhs plus you get covered till
70!

4. Your Guide To Personal Finance
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Now most of the people can’t do this calculation and fall into the
trap of “securing their money” and insurers are happy to give them
such fancy products.
Our recommendation is always to go with simple term plan. Put rest
of your money into good investment products that can get you 8-
12% returns!

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