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Sir,
Few times back, i took the subject “Insurance” as completely for granted, but the more I have tried to understand i have realized that it is the most important field to be focused for anybody reasonable & foresighted. For past 2 years i have delved deep into the subject & have found that a person must have the following types of insurances(my viewpoint), to fulfill all types of contingencies.
Term plans ,with disability & wop clauses( to pay for policies when disabled), dedicated critical illness & personal accident policies (take joint if possible) & health plans.
Now presently, I have the following policies:
1 .Term insurance:
ICICi pru : 40 lacs (Premium 13000)
Aegon religare : 40 lacs (upto 7 years)(premium 10000)
LIC (Jeevan Mitra triple cover endowment plan): 21 lacs from (premium 33000)
Bajaj Allianz : 25 (me)+20(for housewife) Joint term plan (planning stage) (premium 14000)
Apart from these i have plans for purchasing “dedicated” policies for joint Critical Care illness & Personal accident or disability, from:
Max Bupa Critical Care (Joint policy): 7.5 lacs S.A (premium 4037)
Tata AIG personal accident (Joint policy): 30 lacs (premium 5400)
Health insurance:
Oriental Insurance: 4.5 lacs floater with my parents included (company provided but will use the portability feature to convert it to personal)
All this will cover me sufficiently for around +1 crores with personal accident or disability amount to be around 50 lacs + waiver of premium on Critical Illness & complete disability on most policies..
NOW MY QUESTIONS ARE:
1.) Is it really wise to purchase a policy on features, even if the company has got low CSR (like Aegon religare), considering i didn’t conceal a single drop of information & had medical tests done for each?
2.) What are the cons of purchasing from too many companies, apart from increased paperwork..do they all require a look at the original FIR, Postmortem reports etc,coz i’ll be having only one original copy..
3.) I have tried to be prepared for any contingency in life. Am i on the right track, I mean i have only one endowment plan rest are with no returns?