Insurance Planning for my Family

POSTED BY SANJAY KUMAR ON July 28, 2012 6:28 pm COMMENTS (3)

I am planning buy insurance coverage for my family. I have shortlisted the following options;

A. Term Insurance plan for Rs50Lacs for 15years term, preferably from LIC
– No return on this investment!!….which for 15years will be approx Rs2.73lacs.
– The above investment, if made in regular insurance will double in 15yrs time plus Insurance coverage
– They are covering suicide case in the above. what r the hidden clauses?

B. Accidental Coverage policy from Oriental Insurance for Rs 3Lacs.
– Myself & wife are covered by our Co Medical policy. Should we buy another one. AS per your recent blog on the subject, we should have another personal accidental policy.
– Can we use both for claim in case of any eventuality?
– Is the above amount sufficient for a family of 3(daughter is 1yrs old only)

C. Child Plan for my daughter’s future
– I havn’t finalised any thing. Can u suggest something?

My current income is approx Rs40K PM in hand.

Current LIC plans offering Insurance of Rs3.5Lacs only against annual premium of Rs16K

3 replies on this article “Insurance Planning for my Family”

  1. SANJAY KUMAR says:
    July 29, 2012 at 9:44 am

    Dear Anshal,

    Nothing specific. Only that LIC is most stable & trustworthy. New players, i really don’t have confidence & hence the reason that I don’t have any insurance from pvt co.’s.
    Any suggestions? My age is 41yrs.

    Just checked out Bharti Axa term plan (cheaper) & HDFC Life Term plan. Couldn’t choose between the 2.

    I have gone thru the forum & found that LIC is actually costlier than others! WHat is the catch here?

    Thanks in advance to all for thier inputs.

    Also pls advice on the following;
    – My current insuracne from LIC is providing cover of Rs3.5Lacs only against Annual premium of Rs 15K, appx.? Should I surrender these & go for LIC ATM plan which offer coverage of Rs5Lacs + accidental coverage of Rs5Lacs.

    Reply
    1. Ashal Jauhari says:
      July 29, 2012 at 8:33 pm

      Dear Sanjay, LIC is using old mortality table, where as all other players are using new mort. table. that’s the answer for higher prem. (also a bit of this high prem. is contributed by the heavy commission that the LIC agent ‘ll pocket).

      If the trust factor is the main reason – I w’d ask you to go for a 5L cover from LIC & 50L or 75L or 1C online term cover from any other insurer.

      Thanks

      ashal

      Reply
  2. Ashal Jauhari says:
    July 28, 2012 at 11:16 pm

    Dear Sanjay, why you are going with LIC for term cover? Any specific reason?

    Thanks

    Ashal

    Reply

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