Term Insurance - Q & A Forum

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D Sharma asked 9 years ago

Hi Sreekanth Hope you are doing fine! Thank you for all your previous financial assistance. I am 36 years old. Like most of us I have purchased traditional plans from LIC with a cover of 15 Lakhs. After going through your blogs, I have decided to buy a term plan. I also have a health insurance for 10 Lakhs. My queries are:

Should I go for just a basic plan or should I include the critical illness rider to the plan (as I already have a health insurance)?
If I include the Critical illness rider can I claim from both Health Insurance and Term Insurance if a need arise?

Kindly suggest a good Term insurance policy as well. Regards D Sharma

6 Answers

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Sreekanth Staff answered 9 years ago

Dear Mr Sharma, You may kindly share the details of your LIC policies (Plan name, Policy tenure, Commencement date...) 1 - May I know if your family has a history of any major Critical illnesses? 2 - That depends on the policy / rider Terms & Conditions. Kindly go through below articles; https://www.relakhs.com/best-online-term-insurance-plans-india/ https://www.relakhs.com/hdfc-life-click-2-protect-3d-plus-review/

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D Sharma answered 9 years ago

Dear Sreekanth Thanks for the prompt reply as always! My Life Insurance details:

LIC Jeevan Anand, Premium 17350/yr, date of commencement 2012, for 21 years
LIC Jeevan Anand, Premium 18315/yr, date of commencement 2013, for 21 years
PLI, Premium 1975/month till 2030, date of commencement 2010

LIC have very high premium and both combined gives me a cover of only 10L. Please suggest... My father is Diabetic and mother is hypertensive. There is no other history. I think I am already late in taking a term plan as I am 36 now! Kindly suggest a plan and what are the rider I should include. My parents are dependent on me. Regards D Sharma

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Sreekanth Staff answered 9 years ago

Dear Mr Sharma, You may surrender the LIC plans after buying a term plan with adequate cover. Kindly read : https://www.relakhs.com/how-to-get-rid-off-bad-life-insurance/ https://www.relakhs.com/traditional-life-insurance-plan/ Also, kindly buy a stand-alone Personal Accident cover. Read : https://www.relakhs.com/best-personal-accident-insurance-policies-in-india-details-comparison/ Instead of CI plan, you may have a look at Super Top up plan. Kindly read : https://www.relakhs.com/top-up-health-insurance-plans-super-top-up-india/ May I know if your parents have Health insurance cover?

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D Sharma answered 9 years ago

Dear Sreekanth, Thanks for the reply. You mean to say I should buy a term plan as well as a standalone Accident cover plan? Yes I will surrender my LIC Yes, both my parents health insurance cover. Regards D Sharma

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Sreekanth Staff answered 9 years ago

Hi, Very few insurers provide in-built comprehensive Life cover with Accidental Death and disability benefit. Many of them just provide death benefit if an unfortunate event occurs due to an accident. Very few offer risk cover for permanent disability due to sickness or illness. So, you may be better off taking a term plan with just a basic cover and then buy a stand-alone PA policy. Else, you may consider a term plan like Aegon i-Term plan base cover + Accidental / Disability rider (just a suggestion). Kindly read : https://www.relakhs.com/best-online-term-insurance-plans-india/ https://www.relakhs.com/aegon-life-iterm-insurance-plan-benefits/ https://www.relakhs.com/hdfc-life-click-2-protect-3d-plus-review/

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D Sharma answered 9 years ago

Hi Thanks for your valuable suggestions... I m going through the different policy listed in your blog. Regards D Sharma