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Getting Adequately Insured

Term & health insurance policies are must-haves. Find out how & from where you can buy them…

I am a 28-year-old married woman and work in the private sector. I want to know which are the best term and health insurance policies as I have neither of the two.
-Anupama Rai

Your intention to buy health and term life insurance is laudable for these are the most essential insurance policies that one must have. While term life policy is the least cost life insurance cover and provides insurance cover to the policyholder, health insurance is equally important because health risks can sometimes be more fatal than death, especially if they lead to any disability.

Both these insurance plans are available online with insurers and one can buy them directly to avoid going through the agents, who can influence you into buying other policies that you may not need. Moreover, buying online is cost effective compared to buying through an agent or a broker. The tables below indicatively hint the likely premium you will pay depending on the insurer you choose. The premium on the policy you select will depend on the sum assured and the tenure of the policy that you opt for, which will depend on your personal choice and needs.
For instance, in case you opt for Rs 20 lakh cover, HDFC Click 2 protect will work to Rs 2,720 annual premium and Aegon Religare i term will work to Rs 1,940 for the same cover and policy tenure of 20 years. In the case of health insurance, although there are floater plans that cover other family members, we suggest you consider an individual plan, which is cost effective considering your age and will help you establish a health record, which will help in the long run.

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