I have taken a Reliance Life Insurance - Term Plan, as many experts said this is the best plan for cover your life at lower cost. And to choose the company which have lowest premium because in term plan you don’t have to check any other thing like returns or something.
After going through various companies products I choose Reliance due to lowest premium, otherwise I will go for LIC which have more positive reviews from mostly everyone but premium is quite high for term plan. But as per IRDA rules, anyone can take term plan of any amount according to premium paying capability. But that’s not the case, companies don’t follow IRDA rules, private insurance companies only give 20-22 times of your annual income and LIC give little more.
Ok, no problem. I applied in reliance and also gone for full body medical checkup which was paid by reliance and I don’t have to give single penny but LIC asking me to pay the expenses. So, I have given my ITR, medical reports, PAN, age proof to Reliance but after 15 days I got a call that self employed people need to give their Profit and Loss Account, Balance sheet to know your Current Assets and Liabilities and after that we will issue a policy. That means there is no value of ITR, they need more things from me like I am taking a loan quite bad.
If I don’t have much current assets and liabilities or just employed then can’t take higher insurance, hmmmm.... well when I confirm this through one agent, he said Sir, if you take ULIP then no one will ask anything, in Term Plan companies have more burden in case of death, so they ask for many things, so if you can’t provide and they don’t have to issue a policy. But I have everything and submit everything to Reliance, in approx. 30 days I received my policy. Can’t say about the claim because still I am alive but giving above rating on basis of other reviews.
Customer service don’t have a toll free number so you have to dial a STD if you are not in Mumbai, but customer service email response is quite good and get’s the reply in few hours.
So, overall if you can give all the documents, they can ask you to provide then choose Reliance Life Insurance, but if you can’t then go for other company. But someone told me every company ask for so many documents in Term plan, so you can change your mind and take a ULIP, so they can also make lot of money. Buying Term Plan is not as easy as experts said, because every company have this product but don’t want you to sell and that’s the reason never advertise these plans.
Think smartly and buy policy wisely. :-)