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Thread: My Insurance Needs - Term +Critical + Employer + Floater?

  1. #1
    NewBie
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    Default My Insurance Needs - Term +Critical + Employer + Floater?

    Hi - I am 33 years old and I work in an MNC and have a policy from my employer which covers my family for 5 lac health and some critical illness as well ( 5lacs). I have a wife and a small daughter.

    I also have couple of term life insurance which covers me for a total for 1.75 Cr for which I pay about 20k / annum. I also have a LIC policy for which I pay 22k/annum and which will mature in 2036. LIC was taken when I needed my 80c contributions and now I am quite far along to stop it now. So my total outgo is about 42k/year.

    Me and my wife are having some debate about getting a health policy outside of all of this. The concern being
    1. What if I lose my job or join a start up with no health policy.
    2. Also, who will give health coverage once I complete my tenure and retire. We should look to get health insurance now.
    3. 5 lac is not enough for some of the procedures now. We should get some more.

    I am thinking about getting a seperate family health plan and critical illness cover, but I have some questions -
    1. What is the health cover I should go for. Max Bupa provides 10, 20, 30, 50 and 100 Lac health cover with not a lot of difference in premium. 20 lac cover for 16k and 50 lac for about 22 k. Will I ever need more than 20 lac cover.
    2. Will the premium increase over a period of time and is it normal. What is the control I have over premium increase.

    3. For critical illness what is the key thing to look for. I want a high level of cover (10-20 lac) which covers most of the diseases. Even in this case Max Bupa comes to be closest. ICICI has a limit till age of 75.

    4. For Critical illness will I need to renew every year. Will I have any problems renewing and can the health provider refuse the critical illness cover sometime in future (Max Bupa for eg)

    5. If I take both these covers, my outgo increases to about 27k extra/ year to a total of 70k a year which is a lot. Am I opting for too much insurance and I should look to cut it down?

    Expert opinions are welcome. I am looking to take the decision in 1-2 weeks.



  2. #2
    Moderator Matrix's Avatar
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    Default

    Quote Originally Posted by anotheritguy View Post
    1. What is the health cover I should go for. Max Bupa provides 10, 20, 30, 50 and 100 Lac health cover with not a lot of difference in premium. 20 lac cover for 16k and 50 lac for about 22 k. Will I ever need more than 20 lac cover.
    The Health Tool gave you the Family Floater Sum Assured of Rs 40,00,000/-.

    You already have 5 Lacs, so go for anoth 35 lacs health insurance.

    Same is also attached for more info.

    2. Will the premium increase over a period of time and is it normal. What is the control I have over premium increase.
    Yes, it based on age and inflation. You have no control.

    3. For critical illness what is the key thing to look for. I want a high level of cover (10-20 lac) which covers most of the diseases. Even in this case Max Bupa comes to be closest. ICICI has a limit till age of 75.
    The above tool is giving Rs 15 lacs cover for Critical Illness.

    4. For Critical illness will I need to renew every year. Will I have any problems renewing and can the health provider refuse the critical illness cover sometime in future (Max Bupa for eg)
    Yes, they can at any point. They even don't need to tell you either.

    5. If I take both these covers, my outgo increases to about 27k extra/ year to a total of 70k a year which is a lot. Am I opting for too much insurance and I should look to cut it down?

    Expert opinions are welcome. I am looking to take the decision in 1-2 weeks.
    Do't increase in one go. Increase in a ladder based approach e.g. 5, 10, 15, 20 etc.

  3. #3
    Moderator Matrix's Avatar
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    Missed attachment in earlier post:
    Name:  ICICI-Health.JPG
Views: 154
Size:  89.6 KB

  4. #4
    NewBie
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    Default

    Thanks, but I see that it shows I need a 4 lac health cover and 1.5 lac Critical illness. In that case my employer provides me that and I should be good?

    Also, I don't understand how come insurers can just stop critical illness cover on there whim? Isn't that what insurance is all about.

    Also - If the premium of a health cover rises, does our cover also rise? I ask because at the same time the health cost are also rising.

  5. #5
    PW Stalwart Manish_Kumar's Avatar
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    Default

    I think there is flaw in the tool. It's not taking into account in
    - which city you are living?
    - what are your earnings?
    - Also in the e.g. pics above has no liability mentioned?

    So details needs to be corrected.

    As a rough figure 5-10 Lacs Sum Insured for health insurance is required for an individual living in metro city.
    Personal Accident 6 times of annual salary.
    Critical Illness - check you family history and then buy it accordingly.
    Everyone has a scheme of getting rich.. Which never works.

  6. #6
    PW Stalwart
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    Default

    The tool above is just an indicative figure and you need to fill you financial liability and health questions, which Matrix did not fill so the above example is wrong.
    You will pick up maximum wrong numbers when on roaming.


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