My son (30) and daughter-in-law (27) are considering term policies for 40 years. Please suggest appropriate term and health insurance plans.
Your son and daughter-in-law are young, they can easily get a term insurance policy online which does not involve intermediaries in the purchase process. The benefit of low cost to insurance company is transferred to policyholders as low premium rates. HDFC Click2Protect, ICICI Pru iCare, SBI Life eShield and Aviva i-Life are good policies. Among the suggested policies, only Aviva i-Life offers a 35-year term, and others offer coverage for 30 years. The cover should be big enough to support the family's lifestyle. If you plan to buy a cover of around Rs 1 crore, diversify it into two policies to minimise risk.
For health insurance, buy a family floater policy that can cover both applicants under the same plan. Under a floater policy any of the insured member can utilise the sum assured. Health insurance policies offer a varied scope of coverage. For instance some policies pay only for treatments taken as an in-patient while some also cover out-patient treatments. There are benefits like maternity expenses, critical illnesses, accidental risks that you can buy as per suitability. Visit the insurance section on our website and select a policy depending on the coverage required.