I was thinking about buying an online term insurance plan for sometime.
Earlier I was apprehensive about it since all the insurance companies offering online term plan are private sector companies. The 2 major PSU companies LIC and SBI Life have still not come up with online term plan. While researching I found Indiafirst Insurance company suitable as it is backed by 2 strong PSU banks - Bank of Baroda and Andhra Bank.
So that was it. I contacted the customer care and understood the plan. The Customer care executives were good and responsive and answered all queries I had.So I decided to buy term plan from Indiafirst.
Regarding the product offering, I would say I am disappointed not to have any riders in the plan.
It is plain vanila insurance. Accidental Death benefit rider , critical illness riders should have been there.
But my first priority was to get "insured" from company I TRUST(I am very old customer of BoB with my home loan and health insurance with it).So natural choice. One more limitation of the product is the max sum assured is limited to 49L only which nowadays is very less amount in online term insurance space in my opinion.
The cost is competitive, though a bit higher (10% maybe) but that’s ok if you TRUST the insurer.
Though my insurance proposal was rejected as my weight being very less than the norms, after very high negotiations and persuasion they finally agreed to give insurance.
I will recommend this product to everyone who are looking for online term insurance plans and are vary of private insurers.
(Once they agreed to insure me I have applied to Aegon Religare iterm plan for 50L with ADB as it is cheap....as I have it in back of mind that I am primarily insured by Indiafirst).