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Two launches set the field for customer value

By Sunil Dhawan, Outlook Money
November 25, 2009 12:18 IST
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Bharti Axa Life Insurance Company recently launched a new term plan, Elite Secure, which provides coverage till the age of 75, irrespective of the age of entry.

Also, following the launch of the lowest cost Ulip, AEGON Religare Life Insurance has launched the lowest cost term plan, iTerm. It can only be bought over the Internet.

Elite Secure. The minimum entry age for the plan is 18 years and the minimum sum assured is Rs 25 lakh (Rs 2.5 million).

The plan may be bought for a term of 5, 10, 15, 20 or 25 years, or till the age of 75. One may attach two riders to the plan­­­ - critical illness, and accidental death and disability benefit riders.

The policyholders of Bharti Axa's existing term plan, SecureConfident (with minimum sum assured of Rs 25 lakh) are being automatically upgraded to Elite Secure's rates.

Lowest Term Rates

Plan Premium (Rs)*

AEGON Religare's iTerm 14,350
Bharti Axa's Elite Secure 16,350
ICICI Prudential 17,859
AEGON Religare 19,100
Kotak 19,150
Aviva 19,500
ING Vysya 22,460

*The premiums are for a male aged 40 years, sum asured of Rs 50 lakh (Rs 5 million) and a term of 20 years.
Note: All insurers except LIC, TATA AIG, IDBI Fortis, Future Generali and Canara HSBC Life Insurance have been considered

iTerm: The minimum age for entry is 18 while the minimum sum assured is kept at Rs 10 lakh (Rs 1 million). The term available is five to 25 years.

When it comes to buying pure term insurance plans, in addition to buying the plan from lower cost insurers, Outlook Money has always recommended to choose the maximum term available or buy a plan that covers you for the maximum age possible. Few plans in the market have a term of 30-35 years, and not many provide coverage till the age of 75.

The premium rates for these two plans are possibly the lowest, as shown in Lowest Term Rates.

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Sunil Dhawan, Outlook Money
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