I still wonder if this is possible. Then why are people still going for expensive Mediclaims, Money back and Endowment Policies ? Am I understanding it correct... For example: A 35 year old paying premium of about 9500/- for the next 15 years (till 50 years) will get a whooping 35 lacs at the end of 50th year and he is still covered for 60 years....????
RE:Premiums so low and Sum Assured So High!!!!!!
by Vijay Maliwal on Dec 07, 2007 12:59 PM Permalink
Term insurance covers only risk but no return on end of the term.
RE:Premiums so low and Sum Assured So High!!!!!!
by Solomon P on Dec 07, 2007 12:57 PM Permalink
Sir, u will not get back any money if u live. Thiss is a pure risk cover and that money will come only if u die during the policy period
RE:Premiums so low and Sum Assured So High!!!!!!
by sagar kulkarni on Dec 07, 2007 06:20 PM Permalink
This is term insurance & you won't get anything at the time of maturity. This is a good option if you want to cover risk @ very low price. People generaly mix insurance & investment. Look @ this from pure insurance point of view.
RE:Premiums so low and Sum Assured So High!!!!!!
by Ansu Barik on Dec 07, 2007 10:20 PM Permalink
Ever owned a vehicle? You don't get anything from the insurance till you are in an accident. It's that simple.
RE:Premiums so low and Sum Assured So High!!!!!!
by Ranjit Kumar on Dec 07, 2007 01:09 PM Permalink
Dear Gopal At the end of 50yrs you will not get single rupees. amount you family will get if any thing will happen with your life during the Insurance period.
RE:Premiums so low and Sum Assured So High!!!!!!
by subrat panda on Dec 07, 2007 12:54 PM Permalink
he wont get anything,Premium is for risk cover only without maturity benifit
RE:Premiums so low and Sum Assured So High!!!!!!
by Gopal Balsubramanian on Dec 07, 2007 12:59 PM Permalink
Got it buddy !... "Sum Assured" is indeed a tricky word. Like Mediclaim for Hospitals, Term Insurance for Death....
