Few things about me:
My Age – 30
My Spouse age – 30
No Kids
No health issues
I have below requirements in terms of my insurance needs:
– Term plan for me and my spouse from LIC (Since, we already have iProtect from ICICI Pru)
– Accidental Insurance (PA Insurance) for myself, spouse and sister
– Medical Insurance for me and spouse
Recently, I met a broker for my above needs, and this is what he has to say:
1. Don’t go for private players whereby a term insurance is concerned. He is talking in respect of claim ratio. As per him, LIC makes fuss while issuing a term policy, rather than while making claim. Reverse is true with the private players. He showed me a proposal for a term insurance for LIC which was rejected, and said, one hardly see this with a private player.
I am kind of fine with LIC here, since I already have iProtect from ICICI.
2. For PA insurance, he is suggesting me United India. Since, the max SI is 25 lacs, he is suggesting me to buy two policies, one from United and other from Oriental/New India. As per him, they all offer same benefits and premiums are more or less same.
I liked Bajaj Allianz Personal Guard and planning to divide my insurance need of 50 lacs between BA and United India. However, the broker is suggesting against it. He is saying, that he’ll get more commission from private players as compared to govt ones, but still he is suggesting me Oriental and United.
3. For medical insurance, he is suggesting me family floater policy from Apollo Munich. The reason for the suggestion is faster claims and less hassles while availaing the cashless facility. I haven’t done much research on this, and, at the moment, not sure which policy is good. Any suggestions are welcome. Pls. note that we don’t have any existing illness. Also, since I don’t have kids, I would need an insurance which have minimum waiting period in order to include the maternity benefits.
Note – Broker is in business since 17 years and doing a good job by managing some 4000-5000 clients all over NCR.
The reason for this post is to get valuable comments from the experts available here.
I am hoping to see few golden words from Manish too on this post.
JagoInvestor has really awaken me. To make this month, my Action Month, I really need your great inputs on the above points.