Hi, I am 34 age, my Annual Income 5 Lakhs, Businessman, I am married have one Daughter(Age 5) and Two Sons(Age 2, 5),
I have
1. LIC jeevan saral(with profits) 25 lakh in April 2012.
2. LIC Jeevan Ankur for Daughter, 2.5 Lakh in April 2012.
3. Brila Sun life Insurance Dream Plan, Guranteed Benefit 80,000/-, Basic SA 43,000/-, Enhanced SA 49.6 Lakhs, AD & D Rider SA 5 Lakhs, in March 2009. upto 2034.
4. family floater heath plan in Apollo Munich (2 Adult +3 children) for 15 Lakh cover in jan 2014.
5. Pension Plan in APY for 6000/- per month in June 2015.
6. critical illness policy in ICICI Lombard for 12 Lakhs, in June 2017.
7. critical illness policy in Apollo Munich d for 5 Lakhs, in June 2017. these are policies there ,
now i want take another critical illness policy in religare for 10 Lakhs, may be this month.
Q1. if problem ? shall i take more policy in critical illness different companies?
Q2. shall i want Personal Accident Insurance policy with PDT, PPD, TPD for 50 lakhs to 1 Cr. which Companies best my short list Apollo Munich, ICICI Lombard, Bajaj Allianz?
Q3. i go with General and Term Policy for Personal Accident Insurance policy, Suggestion me?
Q4. Shall i go Pension Plan Or Saving plan Or any other plan out off my knowledge?
Reply me as soon as possible.
thanking you
Md Abdul Rahaman
1 Answers
Dear Abdul,
1 - I believe that your are under-insured with regards to Life cover. Traditional plans like Jeevan Saral (Endowment plan) or Jeevan Ankur, may give you very low returns, but are high cost insurance plans.
What is the sum assured on Birla policy?
You may buy a Term insurance plan and then you may discontinue these policies. You may re-invest saved premium to your other high priority financial goals like Kid's education goal and/or Retirement goal.
Kindly read :
https://www.relakhs.com/insurance-importance-life-health-accident-covers/
https://www.relakhs.com/traditional-life-insurance-plan/
https://www.relakhs.com/term-insurance-plan-a-waste-of-money/
https://www.relakhs.com/best-online-term-insurance-plans-india/
2 - May I know if your family has any medical history of Critical Illness? Reason for planning to buy one more CI? (to enhance Sum assured??)
3 - You may buy a basic Term plan and also a separate stand alone Personal accident cover of your choice.
Kindly read :
https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/
4 - Kindly go through below articles on investment planning for key goals ;
https://www.relakhs.com/investment-planning-investment-plan/
https://www.relakhs.com/calculate-kids-education-goal-amount/
https://www.relakhs.com/retirement-planning-calculator-3-easy-steps/
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