term plan Archives – Vipin Khandelwal

Max Life Insurance – You are frustrated

May 8, 2017 by Vipin Khandelwal

The pressures of business can be huge and it can make you do things that bring serious damage to your reputation and credibility.

As you know, Max Life insurance is soon to be merged with HDFC Life insurance, leaving only the latter as the bigger company. I believe as a part of the mandate, Max Life has gone on an offensive to ensure that maximum active premium paying customers are transferred to HDFC Life. Who doesn’t want a fatter pot?

In the past 6 months of this pursuit, the insurance company has made my life difficult. I endured it so far. But this time what it doled out to me is appalling. I am worried as to how many customers might be falling for it.

As for you – beware!

Here’s the story.

Buying Term Plans – A comparison of plans and key questions

April 6, 2017 by Vipin Khandelwal

You buy life insurance when you need to ensure that your family continues to live a financial worry-free life, in case you were to leave your bodily abode earlier than expected.

Term plans allow you to buy a life cover through a Sum Assured for a very low premium. A pure insurance plan without any savings component as otherwise offered in an endowment, money back of ULIP.

I have ensured that my insurance (including, life, health, etc.) remains in good shape. I bought my first life insurance cover in 2007 through an agent. Subsequently I switched to online term plans.

What is an online term plan?

Online term plan is a term plan that is offered directly to the users by the insurer through its website. It does not involve any third party sales channel or distributor and thus helps the company save on expenses too. Due to this, these term plans are offered at comparatively cheaper premium rates compared to those sold by insurance agents.

Recently, I decided to buy an additional term plan to increase my sum assured. So, I set out searching one for me.

I use this opportunity to present to you a comparison of different term plans.

Life Insurance Term Plan: 5 practical buying tips

January 4, 2016 by Vipin Khandelwal

Over the last couple of weeks, I have had several queries on life insurance. Thankfully, the readers were aware that term plan is the right insurance product to buy.

Yet, when it comes to actually buying the term plan product and decide which policy to go for, some questions do remain. This post is going to deal with those questions and attempt to give perspectives, which you can use to find your own answers.

The questions around buying life insurance term plan

The most common questions are

Should one buy term plan online or offline?
Should one buy it from the insurer with the best claim settlement ratio?
Should one break the required insurance cover into multiple policies or buy just one policy?
Should one select regular premium or lower premium payment period option?
Should one buy it from LIC or a private insurer?

I will try and use the learnings from the interactions with my clients, readers as well as my own experience, to offer various perspectives. I would be happy to read your thoughts and feedback in the comments too.

Let’s go.