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:

    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.

    1. 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.



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



Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today