I am 28 years old and want to buy Rs 1-crore term life insurance policy. Which one should I opt for?
I am 28 years old and want to buy a Rs 1-crore term plan. There are too many plans in the market, which one should I opt for? Please suggest riders too.
Yashish Dahiya Co-Founder and CEO, Policybazaar.com replies: As life insurancepremiums rise with age, it is best to buy a term plan at an early age. You can consider the following policies: iProtect Smart from ICICI Prudential Life Insurance, Click-2-Protect 3D Plus from HDFC Life Insurance and Online Term Plus from Max Life Insurance. Term plans come with various riders, but the two riders you should definitely opt for are ‘waiver of premium’ and ‘accidental death benefit’.
The ‘waiver of premium’ rider frees the policyholder from paying future premiums in case of loss of income caused by a disability due to an accident. The ‘accidental death benefit’ rider allows payment of an additional sum, over and above the sum assured, to the beneficiary/family members of the policyholder, if the policyholder dies during the term of the policy due to an accident.
I am a 60-year-old retiree and my wife is 55. Neither of us suffers from a disease. I want to purchase health insurance that covers both of us. Please advise.
Raj Khosla Founder and Managing Director, Mymoneymantra.com replies: A health policy is absolutely essential for both of you, given your advancing age. There are more than 70 types of products you can buy. People up to the age of 65 can purchase these products. Once bought, they are renewable for life. A family floater policy with a sum assured of Rs 10 lakh should cost you about Rs 35,000 per year. Look for a policy with exclusion period for pre-existing diseases of three years or less. Also, the lower the deductions and co-payments, the better it is.
You may also consider buying a standalone cancer plan for your wife and yourself. There is a high incidence of cancer after 60 and treatment can cost Rs 15-20 lakh. So, it may make sense to supplement your family floater policy with a Rs 10-lakh cancer cover.