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Term Insurance with Accidental Death Benefit and Critical illness

Discussion in 'Investment Analysis' started by rangareddy04, Aug 27, 2017.

  1. rangareddy04

    rangareddy04 New Member

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    Hi Shabbir,

    I don't have any insurance plans like Health insurance, Critical illness&Accidental Death and Term insurance except my employers health insurance plan .

    I am planning to take Term insurance policy with add on rides Accidental death benefit and Critical illness.

    I approached a person from Policy bazar who compare all the term policies from their website and finally suggested ICICI Prudential iProtect smart term insurance for Rs 1 Cr. Below are the premium details.

    Base Premium Plan : 18174
    Accidental Detath Benefit : 5842
    Critical illness benefit : 14772

    Total Premium : 38788

    Note:- I don't have any home, car loan. And i am physically fit and fine and have one kid with annual salary 12 lacs pa and my wife is working. she is getting 8 lacs pa.

    1. I need the details to which kind of policy that i need to choose?
    2. If i opt any term insurance policy then which insurance company is the best one in terms of settlement ratio?
    2. Can i go and take the policy via policy bazar or direct insurance company as my intention is that i need to reduce the premium as much as possible.

    Please any body have any ideas, suggestions and advises.

    Please guide me before taking the policy.

    Thanks&Regards,
    Venkat.
     
    rangareddy04, Aug 27, 2017
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  2. akashgupt81

    akashgupt81 Active Member

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    akashgupt81, Aug 27, 2017
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  3. rangareddy04

    rangareddy04 New Member

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    I have 39 years old now.
    If i choose normal term insurance with riders. Is it benefit or not. As you know that if the person disable unfortunately and not able to work life time. what is your suggestion in this case?
     
    rangareddy04, Aug 27, 2017
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  4. akashgupt81

    akashgupt81 Active Member

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    Term insurance premium from ICICI is same like other companies. Better you opt for waiver of premium rider. As you said you have insurance from your employer so accident insurance already covered in it in most of the cases.

    Sent from my Lenovo P2a42 using DIY Technical Analysis mobile app
     
    akashgupt81, Aug 27, 2017
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  5. akhtar80

    akhtar80 Responder

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    From my experience, I would suggest Good Health Policy offered by Citi bank is the best policy but exclusively for card holders. It is best in terms of cashless n better coverage but a drawback like all other policies u have to get admitted for 24hrs to claim any benefit regular checkups, test etc not included.
     
    akhtar80, Aug 27, 2017
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  6. shabbir

    shabbir Administrator Staff Member

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    I may not be the right person to answer all your insurance related questions because I am not a financial advisor but more of an equity investor but I will try to answer them to the extent I can.
    Insurance is not an investment and so you don't need to be selecting anything but term insurance. Read https://shabbir.in/insurance-investment/
    I will say LIC is better choice but then always read the policy terms more than price and company name.
    I think it should be all fine unless you see a reduce in premium if you go direct. I have my doubt.
     
    shabbir, Aug 28, 2017
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  7. grv1007

    grv1007 New Member

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    You should go for pure term insurance without any added rider.
    You can opt from ICICI or HDFC both are good with easy settlement procedure. Further T&C are almost same in all companies.

    Sent from my Redmi Note 3 using DIY Technical Analysis mobile app
     
    grv1007, Sep 6, 2017
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