Term Plan and Health Insurance

POSTED BY Nihar Shah ON August 2, 2013 10:49 am COMMENTS (5)

Hi Manish,

First of all Thank you so much for providing such a critical information on your website.

I am currently working and my company has a Group Health Insurance Policy which covers me. I have my individual Tata AIG Mediclaim and New India Insurance Accident Policy worth 5 and 10 Lacs respectively.

I have been married for more than 2 years now and due to circumstances my Wife still doesn’t have any Insurance cover. We both were working abroad and were Insured by our respective companies.

Now that we have shifted to India, I still have my Mediclaim and Accident Policies running but I now need to take Health Insurance and Term Insurance for my Wife.

I had spoken to one of my good friend regarding this and she had suggested to take Oriental Family Floater for me and my Wife. After researching on Web I was certain to buy Oriental Policy till I visited your website! Smile

However I am confused in following area:

After reading your couple of posts where you have mentioned Oriental Family Floater is ideal if you want to cover your parents below 60, otherwise you can suggest some other family floater policy (but you didn’t name the policy there) I really got confused. However in my case I don’t want my Parents to be included as they have their own policy.

Q1. Will it still be the best option to buy Oriental Family Floater?
Q2. If so, can I also add my children dynamically in the policy in future?

Additionally I had decided to take up Term Insurance for my Wife too.

For Term Insurance, I am confused between two products

a. HDFC Click 2 Protect
(Cover All types of Death but doesnt have accidental rider)

b. ICICI iCare with Accidental benifit
(Doesn’t cover the death due to Sports like Mountaineering, Para-sailing  Skydiving etc. Death Due to War. Also when I spoke to ICICI Customer Care also said that they don’t cover any Breach of law like for e.g. if a person dies while crossing a road anywhere apart from Zebra Crossing! But where do we find Zebra crossing in India? This actually alarmed me and made me worried!

Q3. Request you to please suggest which Term Plan should I go with?

Appreciate your prompt response!

5 replies on this article “Term Plan and Health Insurance”

  1. Nihar Shah says:

    Manish’s Response from other Post on the same topic

    73 Manish Chauhan August 5, 2013 at 12:39 pm

    A1. Yes it is a good policy , go for it
    A2. No , it wont be dynamic, you have to manually inform them about adding them ! .
    A3. Aviva is a good option

    Thanks Manish!

  2. Nihar Shah says:

    Thanks for the info Ashal.

  3. Dear Nihar, I think you can add your family member (wife in this case) in between into your existing policy by paying the pro rate prem. for the remaining term.



  4. Nihar Shah says:

    Hi Ashal,

    Thanks for your response!

    I am not sure if it can be done or not? More over I have just renewed my Mediclaim 2-3 months before. I will have to wait till the next year to get this done? If so, I would prefer to buy the new policy.

    Hi Manish,

    I would appreciate your prompt suggestion to this so that I can decide on this ASAP!


  5. Dear Nihar, why you are not adding your wife in your existing mediclaim policy?

    Regarding term cover, please opt plain vanilla cover & do not opt any rider.



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