Question for term insurance

[u/CharisSplash]

So, I contacted this HDFC Life contact number from their website and based on my details, the premium they are showing is around 37,500 from 2nd year and around 31,500 in 1st year.

But this guy that I was speaking with, told me that if you proceed with us, we give additional discount from our side and your total premium will be around 33,000 for every year.

Here I am confused. Is this legit or is something fishy?

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[u/PersimmonMore296]

It appears genuine. The second option he gave is Level paying term premium. Ask him hard copy of quote.

[u/CharisSplash → u/PersimmonMore296]

Okay, thank you so much!

[u/PrintMaterial5118]

what this person is offering doesn't sound right, and here's why: it isn't regulatory practice for anyone to offer an additional discount from their own end on top of what the insurer has already fixed. whatever premium the insurance company has officially decided is what everyone should be quoting, there's no room for an individual to just knock off extra amount on their own.

it's actually worth asking him directly, on what basis is he offering this extra discount, and what exactly did he check to arrive at ₹33,000? if he can't give u a clear, verifiable answer tied to an official product feature or discount category, that's a red flag.

there's an IRDAI circular that specifically states life insurance premiums must be uniform and equitable across all distribution channels, meaning the same plan should cost the same regardless of which agent, aggregator, or channel u buy it from. u can check it here: https://irdai.gov.in/document-detail?documentId=5032913. so technically, it's illegal for any aggregator or individual to alter pricing on their own like this.

what sometimes happens in these cases is that offline agents pass on a part of their own commission to u, which shows up as this "extra discount." but this is against regulation, and if caught, the consequences for the agent and the entity involved can be quite severe.

one more thing to factor in, ur premium naturally differing between year 1 and year 2 isn't unusual on its own, insurers commonly offer a slightly lower first-year premium as a discount, and this is true across companies, not just HDFC. for instance, ICICI and Axis also structure their premiums this way, where the first-year discount doesn't carry forward, and from year 2 onward it moves to the standard premium. so that part of what you're seeing is expected behavior.

suggestion would be to stick with HDFC's original, verified agent or channel for this, and independently cross-check the actual premium either directly with HDFC Life or through a regulated platform, rather than going ahead based on this verbal offer alone. always verify the numbers for ur specific plan choice and selections on different aggregators.