I was looking for a term insurance since I joined my first service last year. I am currently employed in a nationalised bank in clerical cadre.The reason behind choosing a term insurance is I have very high dependence.
Since I am 25 years old , I was looking for a term policy that can cover me till my retirement at 60. After a bit of searching I came to know most of the policies covers you 25 years at most. Only a handful of companies can give you a cover for 35 years. Max was one of them. ( Others were Aviva , TATA - AIG , and our own LIC ).
Max quoted the least at Rs 2690/- for 10 Lacs for a term of 35 years . (Tata AIG is he most costly one with a premium of Rs 5596/- and the reason I did not choose LIC is because the minimum sum assured is 25 lacs with a premium of Rs 7500+ which I cant afford right now ).
So I zeroed in on MAX New york life insurance Level term plan and left my number at the website. A couple of days later I received a call asking for an appointment.I gave it on the very next day. Mr Avijit ( Deputy Sales Manager of some branch ) came to my branch bang on time. After a bit of HI/ Hello the real surprise came to me.When I explained my need , he promptly refused to issue a term policy of Rs 10 Lacs as according to him the minimum premium is to be more than 5000/-. When I asked him about HLV - he told me that is not a primary criteria for his company and I can be issued almost any amount of cover provided I pay the required premium. I was quite a bit surprised to hear that because the basic idea f insurance revolves around the HLV value. Realising that I might not be opting for any ULIP / or a Big term cover , that guy was showing signs of loosing his interest. But since I have already assessed my need I refused to take a Rs 5000 premium giving policy.He then offered me a 20% discount and told me If I atleast give a go to a policy of Rs 4000 premium + tax he can offer me a policy.After that He leaft in no time telling me that he will call me next day to know my final decision !
I was a bit confused at that time.I even thought of giving in to him and take a 15-17.5 lacs( Premium 4500 apprx to 5552) policy from him. But later I though of not getting that policy from someone to whom my small need has no value.
The plan was good, premium was also cheap. Response was quick too. But the sudden change of staff attitude once they know that you are not a very big fish to catch, made it a unpleasant experience for me.
Overall..I would call it a mix experience.