A suitable policy | Value Research Evaluate your insurance needs before buying a policy and do not buy the same rider in both health and life plan
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A suitable policy

Evaluate your insurance needs before buying a policy and do not buy the same rider in both health and life plan

I am 31 and plan to buy an online term plan with Rs 70 lakh sum assured. Although I am insured by my employer, I would also like to buy a health policy. Most online term plans do not have riders like accidental cover. Only Aegon Religare offers riders. What are my options?
-Gopal Kulkarni

It is good to buy insurance at an early age as you get the benefit of low premium rates. Since you are looking for a big cover, we suggest diversifying it between two insurers to minimise risk.

Aegon Religare iTerm plan offers accidental death rider which will pay sum assured in case of death due to an accident. The policy also offers to waiver premium on critical illness rider. This means the policy will waiver future premiums if you contract any of the covered critical illnesses, while the life cover will continue. Other online policies offering similar riders include Bajaj Allianz iSecure Insurance Plan, Bajaj Allianz iSecure More Insurance Plan, Bajaj Allianz New Risk Care II and Bajaj Allianz Term Care. You can choose one that suits your needs.

It is important to have a personal medical cover because the employer's insurance provides protection only till you are in service. You can go for a comprehensive health insurance policy that will cover you for critical illnesses, accidents and other incidental expenses.

However you must evaluate your needs before buying insurance and not buy the same rider in both health and life insurance policy. For instance you do not need a critical illness rider in term policy if you buy a health plan that covers critical illnesses.




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