for Individual

Insurance is need, not luxury. You need insurance...

This type of plan provides coverage for single individual person and not the entire family thus insurance coverage is not shared by more than one person. For example, if there's a family of four insured and each is covered for Rs.2,00,000 indiviaually. In the event that any member gets sick then he/she can get cover upto a maximum of Rs.2,00,000. Thus if expense is over Rs. 2,00,000 for one person then rest of the amount is to be funded by family (this is main reason why floater plans are always suggested in case of families).

Discuss your actual requirements with us today, so that we can suggest most suitable health plan for you.

When purachsaing any mediclaim or health insurance plan always look for following things:

1) Cashless hospital network in your locality (more the hospital the better it is).

2) Quality of hospitals covered under cashless network.

3) Exclusions of your health insurance plan.

4) Are there any cappings in your policy.

5) Who will support you in case you need to file any claim in emergency.

6) Do visit your local hospitals listed in your policy to ensure cashless facility is given.

7) Always take your policy from your local advisor, as they are more sensitive towards you and will be helpfull in case of emergencies as compared to any of the customer care desk executive.

 The insurance companies these days are offering its entire range of products covering every walk of life some amongst which are worth taking also. But the real thing is decided that after going over the entire range of insurance products, it transpires that primarily three types of policies are worth taking:

  1. Term cover policy,
  2. Medical insurance policy and,
  3. Accident benefit policy.

Term cover insurance policy

If you are a youth and do not want to commit in a big way, buy the pure term cover policy. That would provide you the fundamental risk i.e. basic risk protection cover fro 5-20 or more years. The insurance amount payable on the policy would be given to the dependent after the death of the policy holder. But if in case the policy holder is alive till the maturity of the policy, there would accrue no benefit whatsoever from the policy.

It’s better to take the term cover policy at a younger age because at younger ages, the premium comes less and fixed for the whole period of the policy. As for example, if you buy a cover of 5 lacs at the age of 25 years without any rider or additional benefits, your annual premium amount for the entire policy period would come down to 1375 rupees per year. And when you would take this very risk cover for a period of 35 years, then the annual premium amount for the entire policy period would come around to 1575 rupees per annum. This annual difference of rupees 200 per year would stand too much for the duration of 20 years. Hence, think smartly and begin sooner.

The premium of cover policies being very low, you might opt to go for taking the higher risk cover. It would be better if the duration of policy is longer (up to 60 years) because afterwards, the cost of policy would be higher up.

On increase in income ad risk, you can think of top up also. It’s good to be evaluating and monitoring from time to time of your policy related needs on an increase in income.

Additional rider

Apart from basic risk protection, you could get some additional riders (facilities) also by paying additional premium as for example the death caused by accident i.e. accidental death cover and the critical illness rider covers up the death caused by critical illness.

As is evident from the name itself, the accidental death benefit rider covers up the death caused by accident and the critical illness rider covers deaths caused by critical illness such as heart attack. Whether you want to choose the riders or not is your personal matter because these come on additional costs. As for example, if a serious disease victimise a person, and he has Mediclaim policy, then the cover of critical illness is generally made up with that. Besides this, if death occurs to the policy holder from a serious illness, the life insurance does give benefits.

Therefore, you can decide with your capacity, whether you want o take the additional rider or not.

How much policy do you need?

At the time of fixing up the amount of policies, giving thoughts over various facts would be warranted.

First of all, how far your family is dependent from your income point of view? The more the family is dependent upon you, the more your risk cover is essential.

Secondly, those responsibilities which you wish to be covered, as for example, if there is some loan outstanding against you till next 5 years, the insurance amount should be as much at the minimum.

Other notable fact is wealth creation. If you have created adequate wealth for your family, their financial needs would be made without your insurance policy.

Medical insurance

People often buy medical insurance policies for the rebates granted under income tax act. But it can’t be sidetracked the way the expenses in cities on ailments are escalating. These expenses make the medical cover rather more compulsory.

In this matter also, an early start would be a wiser step taken by you.

It has been seen that the insurance companies cover the diseases present from before only after the completion of 5 years of the policies. Therefore, it is prudent to take the policy earlier on as long as you are in fine health.

The residents of cities like Mumbai, Delhi, Bangaluru and Chennai should take policy of a minimum of 5-6 lacs at the least. In smaller cities, since the medical cost is still not too dearer, a policy cover of minimum of 2-3 lacs would more than suffice.

Accident benefit

This is comparatively a lesser popular but an important insurance from the logical point of view because this covers physical disability arising from the accidents.

It’s but obvious that death does happen from all accidents and the policy holder could become a victim of permanent disability, after which, his income could stop altogether.

This policy, apart from death caused by accident, covers up the damages done to the body. Taking accidental cover is not too much pinching to the pocket also because you get it on a low premium. The accident covering insurance policy of 5-10 lacs is adequate.

Insurance is not an investment

There are also such products in the market which are offered by adding the insurance cover portion with investments. But when you have to earn profits, there are several other products also in the market which give off far better returns.

The financial planners opine that the insurance should be viewed in form of an investment on life, not as invest for accruing dividends. This means, one should think of earning from it. Hence you can buy unit linked insurance plan (ULIPS) as this moments.

for Individual