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Good Online Term Plans

Monday, November 21, 2011

manoJ aswani
is VP at MyInsurance Club.com

Which is the best term insurance for a sum assured of Rs. 1 crore. I am 38 years old. Aviva iLife or Aegon Religare iTerm or ICICI Prudential iCare? I wish to buy Aviva iLife. Is it less beneficial than Religare or ICICI? Why is Aviva iLife offering the lowest premium than others? Please advise me
—Sohebali Merchant, Vashi

Today, there are lots of choices if a person wishes to buy online term plans. However, like you have listed the popular plans are Aviva iLife, ICICI Prudential iCare and Aegon Religare iTerm.  All are pure term plans and offer the same benefit. ICICI iCare comes with an additional option of an Accidental Death benefit rider. Every company is trying to offer the same product through the internet channel and trying to cut their distribution costs. Aviva has worked out a plan which has the lowest pricing when compared to other online plans in the market. The news is that many other companies will follow the same strategy. There is nothing to worry and you can buy any of these plans since all of them are offering the standard benefit.

I am looking to invest some money in a child insurance plan for the next 20 odd years. The objective is that the future of my child and the cost of his education should be secured with the money I keep investing in this plan. Kindly suggest some options of child insurance plans
—Michael Rodrigues, LJ Road, Mahim West

Some of the insurance plans that are aimed at child education are –
1. Tata AIG Life Educare
2. LIC's Child Career Plan
3. Max New York Life Shiksha Plus II
4. SBI Life Scholar
5. BSLI Dream Child Plan
It would be a good idea to meet the representatives of these insurance companies and collect policy details, brochures, details of charges, approximate schedule of returns. It may seem a little complicated at first but once you go through a couple of presentations you will understand most of the key features.
Some helpful points on choosing the policy –
- Look for a benefit feature which offers yearly payout amount to the child in case of death of the parent/s
- The policy should have an option (or rider) of “Premium waiver” rider such that if the parent dies during the policy term, then the insurance company waives all the future premiums and the policy continues to be in force.

I am 41 years and I want to plan an Insurance policy for my retirement days. I can invest an amount of Rs. 50,000 every year for the next 16 odd years. Kindly suggest some good plans that I can look at.
—Deepak Kalgutkar, Malad East

First step to resolve your doubt should be to decide if you want to go for a guaranteed plan (which offers low or moderate returns) or a unit-linked plan carrying market risk (which has the potential to offer high returns). Since your age is 41, I would suggest you to go for a guaranteed traditional plan but for someone who is below 30 – 32 years age can look at unit-linked pension plans.

The few good Traditional Pension plan would include ICICI Pru Forever Life, Tata AIG Life Nirvana, LIC New Jeevan Dhara I, Aegon Religare Pension Plan, etc.
Among few good ULIP Pension Plans would be ICICI Pru LifeLink Pension SP, LIC Pension Plus, etc.

I want to know about Bajaj Allianz future secure asset allocation pension fund. I want to close this insurance policy and invest somewhere else. It’s been few years since I have been paying premiums for this policy but I do not see any good returns in this plan yet. There are a few more years to go for this policy and I feel it would not be a good decision to continue. Please assist.
—Devidutt Rathod, Poisar Borivali (W)

The NAV of Bajaj Allianz Future Secure II - Asset Allocation Pension Fund has performed a little slow and is below the expected levels, so yes prima facie it is not doing so great. So if you want to move out of the plan and invest somewhere else, that should be fine. However, if possible, please go to the nearest Bajaj Allianz branch and check if you have any other options under this policy. Also go through the schedule of surrender charges carefully before requesting for surrender.

While paying premiums for a life insurance policy, can I avail of tax benefits for premiums paid for my spouse?
—Seema Diwan, Tardeo

Yes. While paying for your life insurance premiums, there is a provision for this. Rebate is available under Section 80C of the Income Tax Act on premiums paid for husband’s/wife’s policy.
(The author is Vice President at www.MyInsuranceClub.com, insurance comparison website in India. You may write to him at [email protected])

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