Life and Health Insurance

POSTED BY Pavan Avala ON December 20, 2011 2:58 pm COMMENTS (10)


I am 27 years old.

1) I am planning to take Rs 50 L term insurance policy for me.

2) I am planning to take (say around 4-6L cover) health insurance policy for me and my wife (20 years old).

3) I want to have cover for “Critical illness” and “Accidental rider/personal accident policy”. Accidental cover should cover death (extra sum insurance), permanent total disability, permanent partial disability and temporary total disability.

*) I am thinking of “HDFC Term Assurance Plan”, “Birla Sunlife protector plus plan” for term insurance. Please provide your comments on these policies or suggest others.

*) I am thinking of “Apollo munich health exclusive” plan for health insurance. Please provide your comments on this plan or suggest others.

*) Should I go for separate “personal accidental policy” or should I add them as riders in term or health insurance policies? Which option is better?

*) What amount seems to be good amount for “Critical illness” cover?

*) What amount seems to be good amount for “Personal Accidental Policy/Rider” with considering 12L CTC and around 30K monthly expenses?

Please provide your comments.

10 replies on this article “Life and Health Insurance”

  1. Dear KKBabu, the HDFC term policy in question here is an offline policy.



  2. kanchan gupta says:

    Since you want to buy a health insurance ( policy for you and your wife, I’d suggest you go for a family health insurance plan, this will ideally cover you, spouse, and children. A colleague recently purchased a family health insurance plan from Royal Sundaram. It offers complete protection in case of sudden illness, surgeries, accidents and against acts of terrorism. You can check their website and see if their plan suits your needs.

  3. Dear Pavan, HDFC & Birla Term covers are routine offline Term covers. Hence the prem. is on higher side than the 2 online policies. Other than that, there is not much difference between the 4 policies. opted out by you.

    Regarding Optima restore, please google it & you ‘ll get real life reviews. By the way I had already green signaled it to you.



    1. KK Babu says:

      Dear Mr. Ashal

      I understood HDFC is offering online policy and that too at competetive rates.
      Am i wrong?
      Regards, KK Babu

  4. Dear Pavan, the prem. of Aviva online term policy is the cheapest. Next in line is IciciPru’s I- Care. There is a difference between Aviva & IPru. Medical test is mandatory in Aviva where as for IPru it’s not required till 1.5Crore SUM assured. My take, purchase a single policy of 1Crore Term cover from anu of the above 2 insurer & after that stop paying the prem. of LIC’s Term cover & you ‘ll still save a lot of money in the form of prem. of that 40L cover.

    Take your own pick from the above 2.

    For PAP, Health & CI, already suggested.



    1. Pavan Avala says:

      Thanks for your reply Ashal.

      Can you please provide your comments on hdfc life, birla sunlfe term policies?
      Please provide your review and comments on “optima restore” health policy from apollo munich.

      Thanks for your support.

  5. Dear Pavan, For your 12L CTC & considering the fact that you are just married, it indicates within next few years your family side liabilities ‘ll be very high from the current level. Size ‘ll increase from current 2 to 3 or 4 members in the family. In between there may be a home loan or car loan if not taken already.

    Based upon the above facts, – Go for a term cover of at least 1 crore Rs. If you do have faith in online term covers, you ‘ll save a good amount on prem. paid.

    For PAP go for a 10L cover from Bajaj Allianz General Ins.

    For Mediclaim – Apollo is good. Go ahead.

    For CI – Please purchase the same from Apollo.



    1. Pavan Avala says:

      Thanks for your replies.

      Sorry that I have not mentioned information regarding my existing life cover. I have Rs 65 L cover (40 L – LIC, 10 L – metlife ulip, 15L – ICICI ulip). Apart from this, I wanted to take cover of Rs 50 L.

      Regarding PAP: Almost decided to take “personal Gaurd” policy from bajaj Allianz.

      Regarding Term Plans: Since, there is a considerable gap in premiums quoted by different companies, totally confused which company to believe and take. Currently considering “HDFC Term Assurance Plan”, “Birla Sunlife protector plus plan”, “Aviva I-life” and “ICICI Icare”. Have not finalized. Please help me in finalizing it. How about Kotak, Max Newyork etc.?

      Regarding Health Insurance: I have come across “Apollo Munich optima Restore” policy. Can you please provide your feedback on this?

  6. Ramesh says:

    1. You cannot cover each and every type of mishap.
    2. Analyse how will your financial dependents work out, in case you are not there. Will 50 lakhs be sufficient in terms of providing a reasonable lifestyle to them. How will they manage that amount?
    3. Go through the wordings / details of the various accident/disability clauses. In the end, you will find that they are just not worth it because of all the clauses and subclauses.

    Keeping it simple will be easier and better.

  7. Narayan says:

    Your life is priceless and no amount of money can replace that. However, life insurance arrives at an economic value to one’s life using various approaches such as income replacement or expense replacement and a lot more. Remember that all these values are dynamic and will keep changing with age, your income, your liabilities, dependents, financial goals and more. Rs 50 lakh term insurance is a good start, which you should review every few years. Look up an online term insurance option; it costs less. Think Aegon Religare has the best price term cover.
    As for attaching an accident cover rider to your rider; I am not for it. Moreover, you should take such a policy depending on your risk profile. By which I mean, if you are in a profession or have hobbies that are accident prone (site engineer or in a sales job involving travel by road or into paragliding) it is only then that you should take this policy; else it is only an expense.
    As for critical illness cover; look up a stand alone insurance policy than a rider. Again, at your age, it is too early to spend on such a policy unless you have a strong family history of illnesses and feel the need for the same. Start with Rs 5 lakh cover at best as most critical illnesses will cost you not more than that.
    As for a health insurance plan, you can consider between standard policies from Star Health, Max Bupa and Apollo Munich.

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