I have 75L HDFC Click 2 Protect Plus term insurance without any riders. My employer provide 5L insurance to my family including mother. I’m planning to take personal accident insurance and health insurance.
- Personal accident insurance: Apollo Munich standard seems to provide more insurance coverage compared to others. So for 4 people(me+spouse+2kids) yearly premium is coming around ~10k for 50L coverage. In case of permanent disability, its possible that I might be out of work totally for the rest of my life. In such cases SA would be 50L, which is not at all sufficient to continue same life style (monthly expenses, kids education, home loan etc..). Then what is the use of this policy?
- Health insurance: It seems I cannot include my mother in the family floater. So health insurance for 4 of us + separate insurance for mother is approx coming around 16K (5L coverage) + 12K(3L coverage) = ~28 K per yr.
so my yearly expenses only for insurances are:
Term insurance = ~11K
Health insurance = ~28K
PA policy = ~10k
Total = ~50K
So appr i will have to spend ~50K only for insurances. This seems to be heavy on pockets. Is this how it works? am I thinking in right direction?
I’m confused, please share your thoughts.
1 – PA Cover : Don’t you believe that something is better than nothing. There can be probability of temporary disability too..
2 – You can include, but not advisable to include, as the premium on family floater plan is charged based on the senior most person’s age (in the group). So, you may consider opting for floater for self-spouse-kids and a stand-alone plan for parent.
The cost of not having INSURANCE may prove to be costlier than having insurance plans.
You may prioritize as below;
1 – Buy a PA cover.
2 – Buy Health plan for mother
3 – Buy a floater plan.
Kindly read the below article, can be useful to you;
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