The best option is to check in with a close family or friend who may know you on a personal level to give the right advice, you could also check online but Axis Bank and SBI have some good investment offers. HDFC also has a variety you can choose from. Hope you make the right decision.
According to me, look into HDFC, LIC and ICICI. These are great banks for insurance. It is best to do your own specific research. Good luck.
@Ditto_Insurance
Can a person take more than 1 term insurance i.e with multiple insurers?
If that person passes away - will both the insurers pay the sum assured?
I have a term policy with HDFC Life and choose it thinking it is the largest in the private sector and that they take care of their policy holders. Recently they had some issues on their end and forgot to collect the correct premium and now they turned my policy into lapse state without informing me.
There is no satisfactory reply from their end no matter how many emails I write. Finally decided to lodge a complaint with Ombudsman and got the award in my favour. Now the company is still so adamant that they would not fully implement a legally binding award. I am still fighting it out from almost 4 months with no resolution insight. Their behaviour is like leeches sucking blood out of the policy holders and make them so frustrated that either you pay the money they are asking for or you drop out of the fight.
Later I found out that the reviews are also very bad for this company.
In my opinion strongly avoid HDFC Life Insurance Company for all your insurance needs.
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i have health insurance in icici which covers all critical illness. but still i get spam call every week from them as they have awesome topup plan. even when i say i dont want anything else as i already have best cover, they will still try to force feed it.
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You can take more than 1 term policy from more than one insurer. However this information should be disclosed to the insurance companies while filling out the application. I think they can also figure this out on their own in the back-end(however I do not know how they do it exactly). You will also pay slightly more premiums in this case.
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Yes they will both pay as long as they have decided that the claim is genuine.
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In my experience, I believe as much as possible to take the policy directly with the company by filling out the application form directly by the person taking the insurance. It is better to avoid all the agents that we encounter regularly. First of all most of them are not very qualified and they themselves are not very aware of the insurance product that they are selling.
Second, there is very high probability that they misrepresent the facts in the application so that the application does not get rejected and they receive their commissions. This proves to be very expensive mistake and will be found out only at the time of claim. Lucky if you can find the agent during these times. This has happened to my parents and my friends.
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