My requirement:
Iam Vijay aged 29. I was looking for a pure term plan as I didn’t wanted to mix insurance and investment. I wanted the SI to be ~ 50 L for a term of 30-35 years
My initial research: I explored almost all insurance companies.IRDA annual reports. Started with LIC. LIC is good in terms of claim settlement and reliability, but the premium rates are very high.
I decided to buy a term insurance online since the premium are low. the premium is low thru online because they give the benefit to customers rather than agents taking the commission. LIC doesnt have an online buying option at cheaper rate as metlife, ICICI or KOtak has.
My initial preference was ICICI pru. But I stayed away from it reading the reviews from mouthshut. Looks like some of customers has not even received their policy document. Same issue with KOtak as well. After going thru reviews of metlife, I was convinced to go further.
My online puchase went seamlessly. I went for 55 L cover. After few days I got a call from metlife for medical check up and document collection. Medical chk up happened in my house with no hassle. Then a collection agent came to my place to collect documents. Initially when registering, they only asked for pay slip for income proof. But later, they started asking for ITR froms. Looks like they were not clear about what to collect, this irritated me to some extent. After I gave my scanned copies of ITR, I got my policy doc couriered in 3 days. with policy date commencing from my online registration date. Throughout the process, metlife did several follow-ups with me and showed interest in completing the transaction. I didnt had to bug them at any point of time.As far as the "range of plan" metlife has 35 year term plan where no other pvt insurance company has. My experience so far with metlife is better than I expected it would be.
Hope you would find my review useful and thanks to other who have been reviewing in MS. Your reviews helped me not to go in for ICICI / Kotak.