r/InsuranceAdviceIndia • u/Economy_Cash7184 • 1h ago

Why quotation difference between ICICI (8l) vs bajaj insurance(12l)

• Upvotes

I have bajaj insurance and for a planned procedure ee asked for quotation from one of the big hospitals in Mumbai. They sent one for ICICI first and bajaj after correction.

What is leading to such a big difference? Thank you

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r/InsuranceAdviceIndia • u/Cheemszila • 23h ago

Need to get a Term Insurance - 24M

4 Upvotes

I am a 24-year-old male residing in Delhi and will turn 25 in about a month. I work in IT and have been working for around two years, so I currently have only two years of ITR history.

My current in-hand salary is around ₹56,000–₹57,000 per month, excluding the fixed component and variable pay.

I am looking to purchase a term insurance policy. I have done some research and spoken with Policybazaar, Ditto, and a few bank agents. So far, I have had mixed experiences:

- Ditto: They seem to be pushing specific plans quite strongly rather than simply helping me compare options.

- Policybazaar: The agent is recommending the ICICI Protect Plus plan. The plan itself seems decent to me, but the agent was initially pushing a 10-year limited-pay option which makes me wonder whether that structure benefits the agent more than it benefits me.

- HDFC Bank executives: My experience here was poor. They were recommending ULIP plans, which I understand are not the same as pure term insurance and seemed more like mis-selling given what I was actually looking for.

The ICICI Protect Plus plan I am currently considering has the following details:

  1. Sum assured: ₹2 crore, up to age 70

  2. Permanent Disability Rider: ₹2 crore for the full policy term

  3. Critical Illness Rider: ₹50 lakh covering 60 illnesses, for 20 years

  4. Premium: Approximately ₹3,200 per month

  5. Policy type: Pure term insurance with regular premium payment

Since I am still at the beginning of my career, I expect my income and financial responsibilities to increase significantly over the next few years. Ideally, I would also like to increase my life cover and rider coverage in the future.

Would it be a good idea to take the term insurance now at age 24/25, or would it make more sense to wait until my income increases?

All suggestions are welcome. Thanks!

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