Health & Fitness Which Term Insurance Company to go with?

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raksrules

raksrules

Oracle
Hi All. I am in need of buying a term insurance after Aditya Screwed me over. I bought term insurance through my employer last year through a group insurance policy and the vendor was Aditya Birla. Being group policy, the premium too was less considering my age. I was told that the policy will continue (provided I pay premium) even after I leave the company. This year I switched jobs and when I asked Aditya Birla about the continuation of policy, they started giving reasons that due to covid and all they have suffered losses and cannot offer the same and my policy will lapse and they tell me I can buy at regular rates.
They don't even have a person to talk to (for group insurance) when you call their CC number.

I checked policy bazaar and seems Max Life has best claim rate and premium seems okiesh compared to other vendors.

Can anyone suggest which company to opt for? I see even LIC has something called Tech Term without medical tests for policy upto 50L (for my age group).
I intend to take 1 Cr policy and don't mind buying say two 50L policies if needed.

I do have term insurance (need to fully check) through my employer for 6x my CTC but that of course is only applicable until I am with them.

Also, are there any other riders worth adding to when buying the policy? Like say disability benefit or something else.
 
indy1811 said:
You should complain to the insurance ombudsman regarding the policy renewal. Company just can't say policy is no longer valid.

IRDA - Ombudsman

Ombudsman
www.policyholder.gov.in www.policyholder.gov.in
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Thank you for the suggestion, I will do that and see what comes out it.

But still would like to explore options so I am prepared.
@indy1811

So this is what I got in reply...

Dear Sir,



This has reference to your coverage under Master Policy No. XXXX issued in the name of Aditya Birla Capital Limited.



We wish to inform you that the Master Policy is a One Year Renewal Policy and as such the Members are offered a coverage for one year by issuance of Certificate of Insurance (COI).

The COI issued to you is governed by the Terms and Conditions of the Master Policy including renewal of the coverage. Kindly note that the renewal of the Master Policy is subject to the underwriting guidelines which depends upon the pricing and renewal rates provided by the reinsurer. Since the reinsurer is unwilling to provide any support in renewing the cover, the master policy stands terminated. As such, pursuant to the termination of the Master Policy, all the benefits offered to the Members shall cease to exist.

Here, we would like to draw your attention to the provisions of the Master Policy with respect to Termination of Cover which states that the termination of cover under the Policy shall become effective from the date when the Policy is terminated.



We regret to inform you that the life insurance cover issued to you under the Voluntary Top-up Plan is being terminated with effect from February 1, 2022.



Regards,

Team ABSLI
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I would suggest LIC Tech Term Plan but the process is very long. People are waiting for more than 6 months to get policy. Also if you break into 50L policies the total will be over 50L and you might need to go through medical as you need to mention your existing policies.
I heard Bajaj is also a good option. Majority of people go with HDFC or ICICI(high premium)
 
gopal_agrawal said:
I would suggest LIC Tech Term Plan but the process is very long. People are waiting for more than 6 months to get policy. Also if you break into 50L policies the total will be over 50L and you might need to go through medical as you need to mention your existing policies.
I heard Bajaj is also a good option. Majority of people go with HDFC or ICICI(high premium)
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As per policy bazaar, max life has highest claim settlement ratio.
 
raksrules said:
As per policy bazaar, max life has highest claim settlement ratio.
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A friend took health insurance from max life for his parents. They denied claim citing they didn’t disclose they had diabetes. They had done health check up and diabetes was confirmed at the time of policy. During changing houses they lost the report which was good enough for them to make up stories.

For short, insurance claims are a risky proposition. Take one only if you really need one. Any non lic firm increases the risk and the hassle
 
hellblazer33 said:
did you loose money from aditya or he refunded all money also how much was the premium
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One cannot say I lost money since I was paying on yearly basis so I paid for a year and was covered but once the year was over, policy was lapsed with no option of renewal.
 
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