Life/health insurance suggestions needed
- Thread starter Raghav_K
- Start date
Good decision that you want to go with a pure term insurance. For 1 crore cover, I would prefer going with 2 separate 50 lakh covers with 2 separate providers. One can be a private insurer like ICICI or HDFC etc.. while the other can be with LIC. Now, the LIC plan, I would defer until at least the 1st of January 2014, when I believe LIC will be revising all its premiums, in a downward direction.
Regarding term insurance for your wife, think again if you really need it.. Rather, invest that amount in mutual funds or recurring deposit or any other form of savings. In the unfortunate event of something bad happening to your wife, you are still there to provide income to the family, so a term insurance is generally preferred for the major/sole bread winner of the family..
Health insurance, even I need info..
Regarding term insurance for your wife, think again if you really need it.. Rather, invest that amount in mutual funds or recurring deposit or any other form of savings. In the unfortunate event of something bad happening to your wife, you are still there to provide income to the family, so a term insurance is generally preferred for the major/sole bread winner of the family..
Health insurance, even I need info..
sharktale1212
Skilled
What are the better options in ICICI ? I can see three term plans, any idea which one will be better?
Zinc
Adept
Better don't go for ULIPs since they are unnecessarily costly and moreover insurance and investments should always be kept separate.
Logistopath's advice of not getting a term plan for wife is sound since term insurance makes sense for earning member only.
You don't actually need to buy any insurance for your wife as long as she's not earning and you are not depending on that income in any way.
The money that you save by buying term policy for yourself and not buying insurance for your wife can be invested in many other ways like PPF, mutual funds, equities, gold ETFs, etc
PPF account is actually the first thing that you should open to avail tax benefits and for long term investment.
Health insurance for wife is more important than life cover.
You may take one with maternity cover if planning kids.
As far as practicable all family members should be covered for health and health insurance should preferably be separate from life insurance.
Group policies are available where you can cover your entire family.
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No ULIPs please. Mutual funds or some other form of investment like PPF or even gold would be better. Like mentioned above, what you save in not taking an insurance policy for your wife, you use that to invest in a long term savings.
@sharktale1212 ICICI icare is an online term insurance policy. You can fill the application yourself and get the policy. The other two are offline policies. iCare is offered as "without medical tests" policy. If you are young, don't have any illnesses, don't have smoking or drinking habits, then it would be easier to use this option. Else try the conventional offline methods. However, I have no idea what the difference is between Life guard and Pure protect policies. Will have to go through the product brochures for the same.
@sharktale1212 ICICI icare is an online term insurance policy. You can fill the application yourself and get the policy. The other two are offline policies. iCare is offered as "without medical tests" policy. If you are young, don't have any illnesses, don't have smoking or drinking habits, then it would be easier to use this option. Else try the conventional offline methods. However, I have no idea what the difference is between Life guard and Pure protect policies. Will have to go through the product brochures for the same.
distro
Adept
Is there a plan where you can claim your medical bills for a normal doctor visit ? Nowadays, invariably, most doctors charge arnd 100 rs. and the medical bill comes around 500 or so. Can I claim this under any specific plan ? This case isnt hospitalization but a normal doctor visit.
Recently visited a HDFC bank and their HDFC ergo plan brochure has a remark "covers upto age of 65 yrs". On clarification, they said that its the age of enrolling, but it clearly says "covers upto" Sounded Fishy !! Damn, whom to believe !!
Recently visited a HDFC bank and their HDFC ergo plan brochure has a remark "covers upto age of 65 yrs". On clarification, they said that its the age of enrolling, but it clearly says "covers upto" Sounded Fishy !! Damn, whom to believe !!
Life Insurance - I have Aegon Religare ITerm Plan. Along with the riders, best deal I found .I took it when I was 30 and surrendered the pathetic hdfc term plan which my family had done for me when I was younger. I pay around 12k annually ( 1 crore cover ). Go through the brochure online to understand the plan.
Health Insurance - I also wanted to purchase a health insurance at the same time but I was dissapointed by the plans offered by companies. The amounts given by companies for hospitalization and other points like medicines, testing, post hospitalization, critical illness cover etc is pathetic and less compared to the costs. Any hospitalization for surgery costs easily 5000 to 10000 per day + cost of surgery which in severe cases is lakhs and general smaller surgeries between 25000 to a lakh. No health insurance plans covers for such large amounts and you will have to pay a lot more.
A fact which I came to know personally on the death of a relative - Health insurance doesnt give anything if death occurs within 24 hours of hopitalization. Such is the state of our insurance sector.
If you do want to invest in health insurance, go for something which really provides cover for say 5 to 10 lakhs in case of hospitalization. But the annual premium is going to be a lot.
Health Insurance - I also wanted to purchase a health insurance at the same time but I was dissapointed by the plans offered by companies. The amounts given by companies for hospitalization and other points like medicines, testing, post hospitalization, critical illness cover etc is pathetic and less compared to the costs. Any hospitalization for surgery costs easily 5000 to 10000 per day + cost of surgery which in severe cases is lakhs and general smaller surgeries between 25000 to a lakh. No health insurance plans covers for such large amounts and you will have to pay a lot more.
A fact which I came to know personally on the death of a relative - Health insurance doesnt give anything if death occurs within 24 hours of hopitalization. Such is the state of our insurance sector.
If you do want to invest in health insurance, go for something which really provides cover for say 5 to 10 lakhs in case of hospitalization. But the annual premium is going to be a lot.
For Health insurance i shell out around 4k per year for 3L Cover . I will suggest anyone to go for at least a 5L cover since there are various sub limits . I was recently hospitalized and got to know there is a limit on room rent i.e 1% of Sum insured per day . This means i need to pay additionally if i want good care . FYI - rooms are at least 3k in Delhi . There are various add on package and please take insurance according to the level of care needed . Most companies in india have a poor record but try to take one with in house claim settlement , involving TPA's is of no use . We have many doctors here who could give more reviews
Raghav_K
Disciple
heheh i'm a doctor and i have no clue about insuarnce, thats why started the thread
other doctors, Health insurance???
Same here... have very little idea about health insurance. If anyone can give an idea about how good or bad Apollo Munich is, it would be useful. And one thing to add is that, health insurance is portable. So you can always change the insurance provider if you are unsatisfied for any reason, without losing benefits.
A cousin who works in a Hospital told me about these restrictions . There are restrictions in policy related to pre-existing diseases ,critical illness and room rent . Diseases like Diabetes and Hypertension come under pre existing and are covered from 3rd or 5th year . Critical illness are covered if you pay additional premium for them . Room rent is limited to 1% of Sum insured per day . For eg if sum insured is 3L , they will only pay upto 3k per day . There are riders available for each restriction , Hospital Bills are getting expensive every year . I can't review a particular company since most companies provide these with ability to pass these restrictions with extra premium .Go for a compnay according to the features you need and the cover you need .
My insurance is from national insurance , a govt organisation which has a non existing customer care network and many restrictions . I will suggest to go for a private company like religare /tata -aig / star health /apollo munich , it will be worth the 5-6% extra premium
My insurance is from national insurance , a govt organisation which has a non existing customer care network and many restrictions . I will suggest to go for a private company like religare /tata -aig / star health /apollo munich , it will be worth the 5-6% extra premium