i have done many posts on term insurance. Here is the SHORTEST ONE:

  • buy ONLY term insurance. NO RIDERS, riders are difficult to understand.
  • buy it ONLINE only
  • ONLINE / OFFLINE you are getting the same product, wake up
  • this is a cash flow, so u need it ONLY till your age of 55 years
  • if your wife is working take for her also
  • all of them will pay the CLAIM if you have filled up the form HONESTLY
  • if you LIE on your form, you are telling lies to your DEPENDENT.
  • buy from a company with which YOU are comfortable
  • FIRST buy term insurance, then surrender old shit that you have
  • If you have 3 policies from 3 companies, ALL 3 of them will pay full amounts
  • this is NOT life insurance, it is “Cash flow insurance” so you need it ONLY till you have EARNED INCOME…

http://www.subramoney.com/2014/12/how-to-buy-term-insurance/

 

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  1. excellent condensed posts.

    my 3 cents
    1. do it only if you have dependents
    2. do not opt for anything that has the word “child” in it
    3. can somebody share their experience of a successful claim (> 50 lakhs) right from death certificate to crediting it in bank account ?

  2. thank you subra sir.
    as I have learnt from you max ticket size to draw an ombudsdman attention is 20Lakhs insurance.

    so should we split the large sized ones in to max ticket size of 20 lakhs?

    also please something on mr. palkhiwala sir.

    regards,
    aditya

  3. Subra sir very well written following your advice i have already taken term insurance online. sir can you please do a post on Accidental insurance based on your experience whether it is required/how much needs to be insured etc.

    Thank you Subra for everything!

  4. Subra sir, If we have assets that is more than what we required say if we require 2Cr term insurance and we have assets worth 10Cr. Is taking 2Cr insurance worth it? Can we just take minimal amount (Say 50 lakh) that will meet the expenses until time we liquidate some assets.

  5. @Ravi: I think if you have assets more than your requirement, you do not need term insurance. This is only if the assets cover your dependent’s requirements. However, if all your assets will need time to liquidate it, there is a problem in asset allocation.

  6. This is very tricky
    “buy from a company with which YOU are comfortable”……….
    Comfortable is ease-ness of doing. But Insurance service providers are talking about the rejection ratio, availability , exsistence….etc

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