Likely options if no term insurance is available

POSTED BY Santosh ON April 13, 2012 12:29 pm COMMENTS (3)

Dear Friends

Am a 30 year old male, single man with no financial liabilities as yet. Am investing 30% of my annual income in large cap equity mutual funds (HDFC 200, Reliance Growth), ELSS (SBI magnum Tax gain) and 30 per cent in debts (PPF). Also I have ICICI ulip plan for Rs.150,000 sum assured which I would like to continue till its maturity in 2018. I have the lousiest LIC endowment and money back policies thanks to the relatives cum LIC agents. Rest after monthly expenditure is parked as emergency fund in savings bank account. I have been denied a term insurance of 75 Lakhs sum assured owing to my medical condition by both SBI and HDFC. My biggest worry is my medical condition where I wish to allocate 10 lakh rupees for my treatment. The time horizon for this requirement is not known.

Now since term insurance is ruled out for me by institutions having satisfactory claim settlement ratio, what options do I have?

3 replies on this article “Likely options if no term insurance is available”

  1. wealthucreate says:
    April 13, 2012 at 1:36 pm

    You are 30 and have medical problem where they denied you term plan? Is it something serious? If not, try for 25 lakh policy instead of going for 75 lakh.

    You already have some policies with LIC. ask they if they are willing to give you another 25 lakh cover.

    Healthinsurance : It would be difficult if you have some major medical problems

    Reply
    1. Santosh says:
      April 13, 2012 at 2:06 pm

      @wealthucreate. The Medical problem is of serious kind but curable. Interestingly am looking forward to a year of higher education and hopeful of getting a scholarship covering my 90 per cent of expenditures.

      I have to take a health insurance policy for studies overseas. I have apprehension that my medical condition might jeopardize my plans as it would be difficult to get a medical insurance without which higher studies can’t be pursued.

      Am in a fix.

      Reply
      1. ashal jauhari says:
        April 13, 2012 at 4:35 pm

        Dear Santosh, from your original query & then your own reply, as per my take it’s advisable to get yourself treated first as the illness is curable.

        Then only think of any higher education.

        Thanks

        Ashal

        Reply

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