Term plans and AI

POSTED BY Sarav ON January 30, 2013 10:40 pm COMMENTS (7)

Hi Manish,

I have been reading about Term plan for quite some time. And in few blogs, you have recommended to buy kotak, Aviva. But these plans doesn’t have AI and CI riders, i believe. Whereas other term plan has those cover, but not reliable.

Is it ok to go with low premium term plan and AI seperately or to go with single term plan which has all the rider (say ICICI iCare) Since employer is providing me the medical insurance, do i need to go for critical illness plan



7 replies on this article “Term plans and AI”

  1. Dear Sarav, the most important thing about these riders – These are one time affair & can not be reused even if you are ready to pay prem. Where as the plain vanilla covers for health & accident are regular plans where multiple claims can be made over the next 5-10-20 years as & when it happens at all. There is more to it but I do hope you ‘ll use the SEARCH option. 🙂



  2. Sarav says:

    Thanks Radeesh, i would definitely use that option. If you found any article is interested in this forum and outside this forum. please share, this would help to grow our ideas broader.

  3. Sarav says:

    Would you mind sharing the thread link here, i can take it there on.

    1. Radheesh says:

      You have a search option. Please use it to search for Term Plans and you will find more information that you possibly did not know existed. And if you still cannot find answers, then you can ask for help.

  4. Dear Sarav, thank you to let me know for your future that for next 25-30 year you ‘ll not fall ill & ‘ll not be diagnosed with any critical illness. I do not know my future. My own future is uncertain that’s why I have purchased insurances to cover this risk of uncertainty. We purchase umbrella before raining not at the time of raining. In your own example if you are planning to purchase a CI after your retirement, so be it what what ‘ll happen if you are already diagnosed with a CI & at that time, even though you are ready to pay the prem. you ‘ll get neither health insurance nor CI.

    For reasons opting pure term cover, please spare some of your valuable time to read past discussions on Term plans & Riders. I can spoon feed you with a direct answer but I like that you stand on your own legs. Don’t you like the same?



  5. Sarav says:

    Thanks Ashal for quick response.

    1. Am planning to get the CI when I retire from job. Do you think it’s a better idea?
    2. What is the reason to go with standalone term plan, any issues with riders? What is the best accidental plan?

  6. Dear Sarav, if you are confident enough that your employer
    ll kept providing you the same cover, no need to purchase a separate CI plan. FYI please, to save on money outgo, finance department of many employers are now sitting with insurers to tweak the T&C of the group cover. You ‘ll come to know this only at the time of raining that your ‘umbrella’ is not workable. Also what’s the guarantee that you continue with this employer for next 25-30Y?

    Regarding riders, please do not purchase any except Waiver of Prem. For Accidental Death & Critical Illness, please purchase stand alone policies offered by Gen. Insurers.



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