Home > Business & Investment > Is it better to buy a policy online or through an agent?

Is it better to buy a policy online or through an agent?

Monday, January 31, 2011

Three years ago I took a policy of ICICI PRUDENTIAL called the LifeTime Super Policy which started from the month of October where I pay an annual premium of Rs. 45,000. I have completed my 3 years lock-in period and the fund value is not at all looking good. In fact it is much lesser than the total of my premiums. Should I continue this policy or should I surrender this policy. The idea is to get better returns from this policy so please suggest me where should I invest my money for better returns. Is this policy a good bet or should I move out my money?
Jayesh Dighekar, Santacruz (W)

ICICI Prudential Life Time ULIP has been one of the most popular plans of the company. The charges of all ULIPs were high in those days and hence the amount that finally gets invested used to be very low. The returns will take some time to grow and look attractive, say a minimum of 5 to 6 years. Now since your lock-in period is over, the major chunk of charges have been deducted from the policy. You may want to keep this going and start another policy like a unit-linked pension plan. If you want to start a new unit-linked insurance plan then LIC Pension Plus is a good option. Other ULIPS which are popular are HDFC SL Crest, Birla SunLife Dream Endowment and Bajaj Allianz Max Advantage. SIPs are good options too but consult a proper financial planner and then invest into financial products.

I am looking for a cheap Term Insurance Policy. I came across some cheap online term plans such as Aegon Religare / Kotak / ICICI Prudential Iprotect plan. My doubt is about the claims processing and settlement of such plans. Insurance agents say that if we buy the policies through them then the claim settlement and other formalities will all be managed by them. So if I buy an online term insurance plan then will the claim settlement be difficult for the nominee? But as far as I know that even if I buy the term plans through an insurance agent, there is no guarantee that agent will be available for help. So how do I go about it? Shall I buy the term plan from an agent or pick up an online term plan? Also please suggest some latest term plans
Nalini Parekh, Vile Parle East

The reason people are worried about an online term plan is because there is no agent to follow up with like it used to happen in the good old days of LIC Agent. He reminds you every year for the premiums and other new plans. Since you stick to one agent and are in touch with him / her, the claim process never used to be a worry. But please remember that the product belongs to a company and not individual. Almost all companies have really good customer service departments. Some of them have dedicated teams within customer service to handle claims servicing. So whether there is an agent or not the claim process is managed professionally by the insurers. Go for the online term insurance plans if you like it and save money.

The recent term plans that are popular because of the low premiums being offered are –
Age                                           25 years
Term                                         30 years
Male Non Smoker          

                                   Approx Annual Premium
Sum Assured                         50 lacs    1 crore
ICICI Pru iProtect                   5,555    9,680
Aviva LifeShield Platinum    5,600    10,976
Kotak Preferred Term          5,950    11,000
SBI Smart Shield                  7,375    12,250
Aegon Religare iTerm         9,000    18,000
Met Suraksha Plus              9,045    16,545

Facebook   Delicious   Delicious   submit to reddit reddit
No Comments Posted
  • Local Search
  • Classifieds
  • Go Shopping!
power by getit
power by Freeads
power by getit
City news
Thinking out of the box, a team from ...
Sena-BJP ruled BMC comes under fire as CAG ...
Even as the nation is on the boil ...
I have a problem with this girl. I have been meet
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Your monetary position will be strengthened. Travel for a long distance journey is likely or there could be some favorable news from overseas. Several barriers in an association will be overcome and this will lead to trust and better understanding of each other. Look forward to a quiet evening with your beloved just enjoying the good things of life together.
Tarot for Love
Select Sun sign:
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)What the cards say: A peaceful week Path: Be retrospective. This could lead to a new and better perspective. Don’t react and respond Ally: Water sign Pisces will support you. Please stay away from Gemini and clever argument for justification Card of the week: Tarot key no XIV Temperance. Be balanced and do things in moderation. The right combination will work out
- Advertising -
‘As property prices are rising, so are marriage d
Baaya Design was found by Shibani Jain in 2009.
When you’re going in for a realty purchase, chanc
Read More