Please help me to find correct and best insurance plans for my family.

POSTED BY Nitin Chaudhari ON January 17, 2013 8:26 pm COMMENTS (10)

Dear Friends,

I need your help to buy term and helth insurance plans. I am planning to get term plan, health insurance and children education policies for my family.

1. Term Plan – I have gone through Aviva Lifshield advantage premium return plan. ( for 50L sum assured for 30 years with arround 19000 premium per year. which covers the base cover and accidetal rider with critical illness. On survival will get all the premium return back to me. Is it good pplan or should I go for pure term plan having premium arround 8K to 10K and invest remaining money in to PPF, FD….?

2. Floater Family Health Insurance – A floating insurance for my family ( my wife,son and parents) I have gone through Oriental Happy Family Floater Gold plan for 6L sum assured.  Currently having Health policy given my Employer for 3L for whole family. Anyother good plan known to you friends?

3. Children Education/health/life insurance – Planning to buy a policy for my 1 yr old son. Could you please suggest a good policy as I dont have any idea about it.

Please help me to take right decision for my investments.

Thanks in advance.

Nitin Chaudhari

10 replies on this article “Please help me to find correct and best insurance plans for my family.”

  1. healthinsuranceshoppe says:

    Dear Nitin,

    When you decide about health insurance policy, its important to go through following factor.

    1. Your location.
    2. Network hospital of that company.
    3. Your budget.
    4. Any pre existing problem for your family.
    5. Your comfort level with Sub Limits
    6. Any existing health insurance cover by your employer , if any.
    7. Hereditary disease or specific family history.

  2. Dear Paul & dear Nitin, do you people have CSR data for LIC?



  3. Nitin Chaudhari says:

    Thanks Paul.

    Could please suggest any specific term plan from LIC and HDFC?

    1. HDFC Click 2 Protect

      Amulya Jeevan from LIC (way more expensive)

  4. Paul says:

    For term plan, I think ICICI or HDFC is better. They both have claim settlement ratio above 95%. LIC and SBI are having better claim settlement ratio. But the premium amount is lot more what than ICICI and HDFC offers. Aegon religare shows a low settlement of 65%.

    You can get these details from irda site.

  5. Dear Nitin, Please opt any online term cover from the following list. this is merely an indicative list & not the order of preference.

    Aegon Religare

    In my personal opinion, please opt for at least 15 times of your yly income as sum assured for your term cover.

    Regarding health policy, please have a look of Oriental happy family floater.

    For riders, actually you w’d have to purchase accidental plan & critical illness plans from general insurers.



  6. Dear Nitin, here is my take.

    1. Term – Please opt for a plain online term cover with out other riders. Please opt only Prem. waiver rider. the prem. ‘ll be around 6-7000 Rs. or less depending upon your age & 30Y term/. Now if you are investing the remaining saved prem. amount which is 10000 Rs. @ 8% gorwth rate for next 30Y on yly basis, the maturity amount ‘ll be 1223500 Rs. whereas in this prem. return plan, you are offered merely 19000*30 = 570000 Rs.

    Now do tell me where do you want to go.

    2. Health Plan – Please opt either from PSU insurers or Max Bupa or Aollo.

    3. Child policy – Please do not invest at all in any child policy. Please invest your hard earned money into pure investment instruments like PPF, MFs.



    1. Nitin Chaudhari says:

      Thank you masters.
      You both are right I should go for pure term plan. Can you both please suggest me some best term plan and rider plan by your experience.

      I will definitely invest the remaining in any good MF and my existing PPF account. I have downloaded the guide and will surely take advantage of it.

      Also any specific family floater health plan looks better to you?

      Thanks again.

      1. please use a portal like policy baazar to compare mediclaim policies. You can go with PSU as Ashal has suggested.

        I have one from United India

        For term plan the insurer does not matter as long as you are honest and truthful while filling the form,. Get an online form from someone you are comfortable with

  7. 1. Dont buy any term plan which returns premium. Also dont buy any riders. Buy pure term insurance without return of premium. You can get the riders separately

    2. Choose a health insurance plan by carefully analyzing sub-limits and exclusions. Choose one you are comfortable with

    For both life and health insurance be honest while filling the form. For health insurance follow rules of cashless or reimbursement claim during hospitalization and you wont have any problems.

    3. Dont choose any child policy. open a ppF account and put some money regularly in it. Put the rest (higher portion) in good equity MFs (one large-cap fund and one mid-and small-cap fund.)

    you can use this to select MFs

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