Hello Experts,
Please review my inference below and correct me wherever i might have gone wrong factually.
How it is not worth to take any CI (Critical Illness policy) from any company ?
Answer : I was advised by my own conscience after reading so many articles here and other websites that one must need to go for Critical Insurance for a decent sum insured so that as soon as the critical illness is diagnosed by the doctor, certain sum would be handed over which would be helpful in times of need.
Companies suggested were Bharti Axa & Max Bupa
After Calculating the premium for self aged 31 years till the time i attain 65 years, this is what i found.
Sum Total of all premiums paid till 65 years of age (Bharti Axa) for Sum Insured of 5 lakhs = Rs. 362095
Sum Total of all premiums paid till 65 years of age (Max Bupa) for Sum Insured of 10 lakhs = Rs. 618461
% of premium paid vs Sum Insured (Bharti Axa) = 72 %
% of premium paid vs Sum Insured (Max Bupa) = 62 %
Plus Bharti allows the sum insured to be reinstated after a claim whereas Max Bupa does not.
Hence there is no point in paying 62 & 72 % of premiums for next 34 years which could be better invested in a financial product which can provide immediate liquidity along with returns at least matching the inflation.