Until last year, I never thought of any company other than LIC
for life insurance policies. A long term financial commitment with
a company linked to a foreign company looked too risky. Besides,
sovereign guarantee was available only for LIC policies.
However, last year I wanted to discontinue Bima Kiran and go for
Jeevan Anmol. I wanted a pure risk policy and Jeevan Anmol premium
was much lower. But LIC refused to give me Jeevan Anmol because
I had lapsed the Bima Kiran within the last 3 years. Letters to
divisional managers did not give me any response. Worse, it took
LIC eleven months to refund my first premium that I had given
along with the proposal form of Jeevan Anmol.
That’s when I checked Outlook Money for other insurance companies.
Found that MaxNewYourLife provides the next cheapest pure risk
insurance for my age. My experience with MNYL has been very good!
The agent (’’advisor’’) was very courtious and DID NOT TRY TO SELL
any other policy once I told him I am looking for pure risk term policy.
This was so different from my experience with LIC agents.
MNYL’s service was also very good. They returned my phone calls
(and emails) very promptly. My only fear is that the company should
stay in India for long term and should not default on its promises.
Recently, I set up an ECS for premium payment. Since then I no longer have to
call the agent or visit the branch. It has been really convenient. I have set up ECS
for LIC policies too but MYNL gives 2% discount for ECS which is great !
More importantly, term rates are now lower than LIC’s (or any other insurance
company) for people in the 20s. People in the 30s and older will have to compare and
check.