Hello,
I am a 45 years old male. Looking to buy a TERM life insurance policy for myself.
I am not looking for any universal or investment policies, just a plain term life insurance policy of 20 years.
I am okay to undergo a medical examination for it.
Can you please recommend a few policies?
Thanks
I’ve heard that Ditto ( Ditto Insurance: Buy the best insurance plan for you today through our expert advisors! (joinditto.in)) does a good job at recommending term insurance. You could speak to them - it’s a Zerodha Rainmatter promoted startup.
There’s also this website - 100% Unbiased Reviews and Comparison of Insurance plans in India | Beshak.org that has a good amount of insurance related information.
As you are looking for a simple vanila Term Policy, I would go for LIC and take it from there.
Just visit their website and I am sure you will find a policy of your choice.
Disc: I am heavily biased towards Government owned entities for Life Insurance. So do take this with a pinch of salt.
I’m just assuming that you have had some experience with LIC.
Can I avoid paying agents commission by buying policy directly from LIC?
I have already looked for the answer but there are split views some are saying that no matter where you buy the policy from the premium remains the same hence you cannot save no commission. Some are saying that LIC passes on the commission back to us by way of rebate.
I always thought that LIC pays the commission and this is not extra charge on us. It is similar to few Small Finance Bank when you open FD, there is a field asking employee code. I have a live example where I had to make a claim on the medical policy from National General Insurance. This was cashless but the bill amount exceed the limit given by NGI to the hospital (policy amount was much higher) The extra we paid and then had to do a claim submission. Goodness me the form was so yuk that I called the agent and he went around filling up the form getting the letter from the hospital and so many other things and submitted it to NGI.
I guess these are the added benefits you get having an agent.
Just my views
No this is not true. Commission is paid from the premium you pay 
More like Regular Mutual fund scheme. For some policies comission is as high as 30% of premium paid
Yes you can, but only for some plain vanilla policies like term insurance, not for all the policy types.
What LIC has started doing is launching “Online Only” Plans, which can be bought only from LIC website. This plan does not come loaded with agent commission and hence premium is less than regular plan for similar benefits.
For eg. LIC recently launched two new schemes for term insurance
If you go through scheme documents both are almost identical, except one is Online only
And you can use premium calculator for both plans and see that for similar conditions, premium for online only plan is less than normal plan (difference being agent commission)
So yes you can avoid paying commission to LIC agent for term plans
Whether you should do that or not, is a different subject altogether.
Hope this helps.
