Term insurance with Riders & Stand-alone PA cover?

Q & A Forum › Category: Insurance › Term insurance with Riders & Stand-alone PA cover?

Senthil kumar asked 10 years ago

Hi Sreekanth, Thanks for your excellent services. I am 29 yrs old, married,working in a corporate(having health insurance/PA)... i have taken recently ICICI Pru iProtect Smart(Premium 16k-17k per year) for 1 cr with all riders like accidental bebefits, terminal illness.. after reading your blogs i understand that stand alone policies are beter to go ahead. please suggest me is it good to continue with this plan or to cancel it since I am having freelook period for 15 days. My Plan is; 1.To take stand alone Term plan for 1 cr 2.stand alone PA for myself.. should i take for my wife who is house wife? 3. Is it better to take stand alone health insurance or family floater? kindly suggest..

6 Answers

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Sreekanth Staff answered 10 years ago

Dear Senthil, Stand-alone plan especially a Personal Accident Insurance plan with temporary & permanent disability benefits is a must have one. Suggest you to keep the policy and buy another stand-alone one with required sum assured (after considering the Accident Benefit sum assured you already have). If your wife is an home-maker, PA cover may not be an essential one. But health cover is a must. If you would like to take health plan for spouse & self, you may buy a Family Floater health plan and then later on you can enhance the cover by buying a Super-top up plan. Kindly read:

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Senthil kumar answered 10 years ago

Thanks Sreekanth.
I have retained my Term insurance and I have decided to discontinue 2 endowment policies out of 3(Total premium for 3 endowment policies 2600+3400+16000).
I will be taking PA and family floater health insurance.
Thanks a lot for your suggestions.

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Senthil kumar answered 10 years ago

Already I have enrolled in UHC health insurance offered by my employer which has coverage for myself, wife, son and also for my parents for maximum limit of Rs.600000. Still do I consider stand alone family floater? Need your suggestions.

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Sreekanth Staff answered 10 years ago

Dear Senthil, It is better & advisable to have your own & separate health cover. Who knows, your employer may change the policies (for example - I remember in 2008/2009, my employer stopped offering group cover for employees' parents). You may also kindly go through the Super-Top Health insurance plans article, can be useful.

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Senthil kumar answered 10 years ago

Thanks Sreekanth. I will recheck from my end.
I am planning to take PA for my self and for my brother. I have seen that ICICI protect with riders like Daily allowances (Rs.2000)and hospitalised expenses(Rs.100000) with the premium of around 12000 for three years. is it a good deal or do I consider some other policies? Which is one best one since I am confused among many?

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Sreekanth Staff answered 10 years ago

Hi Senthil, It is very tough to advice which health plan is suitable to you/to your family. Kindly go through below articles, can be useful;