[ghodlur]

I am looking for a good medical Insurance for parents, wife, myself & kid. My parents are aged at 72 & 68 yrs. Is there a good policy which will benefit them taking into account their age. Is there some Insurer who can provide one medical insurance for the complete family?
BHPians your feedback needed

[zaks]

I was thinking of buying a term insurance since I don't have one. Would Aegon still be a good choice? They are giving a quote of 10k for 50L for 25 years.

[xingamazon]

Is any of you an LIC agent in Tambaram, or near it.
I am thinking of taking an LIC, thought I would help a fellow BHPian
(heard agents get commission on every premium or something)
If you / your friend are then IM me.

Mods: please delete if I am not allowed to make such a request.

[isldhn]

Originally Posted by ghodlur

I am looking for a good medical Insurance for parents, wife, myself & kid. My parents are aged at 72 & 68 yrs. Is there a good policy which will benefit them taking into account their age. Is there some Insurer who can provide one medical insurance for the complete family?
BHPians your feedback needed

Hello! I had the same requirement as yours and recently took a 'National India Insurance' plan which is specially formulated for Bajaj Capital customers. It has a floating cover for the whole family for a particular sum assured. For eg: A 4 lakh mediclaim policy for Husband,wife,two children and dependent parents would cost around 10.5/-. The thing in this policy is that pre-existing diseases are also covered , after a regular premium paying term of 4 years.
But I have a doubt in your case coz the (entry) maximum age for the dependent parents was 65 years. You can check through Bajaj Capital office in your area.
Hope this helps.

[amitk26]

Purchased Aegon Relegere iTerm Plan online , Today they sent Sagar-Appolo peopel for medical checkup at home who collected samples.

Got 1 Carore term plan for 14.XX L this is roughly same as what nearest competitor was quoting for 50L.

There are no riders in this plan ..

I earlier planned for HDFC-Standard life term plan but their agent was mis-selling the rider. The accidental death rider in HDFC policy does not cover Permanent disability like few other companies but the guy was quoting advantage in case of permanent disability.

The rider premium was more then primary premium for same amount.

[zaks]

Originally Posted by amitk26

Purchased Aegon Relegere iTerm Plan online , Today they sent Sagar-Appolo peopel for medical checkup at home who collected samples.

Got 1 Carore term plan for 14.XX L this is roughly same as what nearest competitor was quoting for 50L.

There are no riders in this plan ..

I earlier planned for HDFC-Standard life term plan but their agent was mis-selling the rider. The accidental death rider in HDFC policy does not cover Permanent disability like few other companies but the guy was quoting advantage in case of permanent disability.

The rider premium was more then primary premium for same amount.

I am also wanting to order my term insurance with these guys. How was the experience of buying online? Last I heard their customer support was awful. Did you check all their fine print or are you yet to get those?

[amitk26]

Originally Posted by zaks

I am also wanting to order my term insurance with these guys. How was the experience of buying online? Last I heard their customer support was awful. Did you check all their fine print or are you yet to get those?

Well customer support till now is good , In fact you don't need a customer support to buy online.
Just fill up the proposal form and make payment using credit / debit card. Then I called up thier helpline who confirmed that payment is received and they will carry on with next steps.

First they gave appointment on Tuesday for medical test but I insisted on Saturday and as they did not have any slots in Sagar Appolo they arranged to sent team to home on Saturday to take ECG , pathological samples etc. Tomorrow they will collect the documents
1. Signed Printout of Proposal form ,
2. A self attested age proof
3. A self attested income proof ( Any one from Form16 , Last 3 pay slips or 6 months bank statement showing regular income)

[ashthedivx]

Originally Posted by isldhn

Hello! I had the same requirement as yours and recently took a 'National India Insurance' plan which is specially formulated for Bajaj Capital customers. It has a floating cover for the whole family for a particular sum assured. For eg: A 4 lakh mediclaim policy for Husband,wife,two children and dependent parents would cost around 10.5/-. The thing in this policy is that pre-existing diseases are also covered , after a regular premium paying term of 4 years.
But I have a doubt in your case coz the (entry) maximum age for the dependent parents was 65 years. You can check through Bajaj Capital office in your area.
Hope this helps.

My agent is also offering me the same policy, however I'll be covering me, wife and kid under the insurance of 5 Lakh. I also got-to know that maternity expenses are also covered under this policy after 11 months. Is it so ?? Did you skected out any drawbacks of the policy ??

I am still to find a better policy then it as of today !!

[DCEite]

A query.

I already have a pure term plan from SBI Shield.

What i need is another Term plan but with Accidental Disability and Critical Illness rider. Any pointers to a good and cheap plan ?

[zaks]

One of my friends is asking me to buy the Bajaj Allianz ULIP with the 170% min return guarantee with a term period of 20years. Is this a good investment choice or good insurance choice because the premium is 25k/year and the Insurnce payout is 5lakhs?

[download2live]

Originally Posted by zaks

One of my friends is asking me to buy the Bajaj Allianz ULIP with the 170% min return guarantee with a term period of 20years. Is this a good investment choice or good insurance choice because the premium is 25k/year and the Insurnce payout is 5lakhs?

My financial adviser advised me never to go for ULIP's. If I remember correctly then RBI is coming up with some new guidelines for ULIP's, so as of now situation is rather fluid. Any BHPian having more info on this?

OT: My advice to all is to keep investments and life insurance separate. Get a term plan from LIC for a good cover. And go for a SIP as far as investment is concerned(if you are a novice like me in matters of stock market). Divide the SIP into safe and risk oriented MF's. If you are rather young like under 25 then you can take more of risky but growth oriented MF's.

[Kiyon]

@zaks absolutely NO.. Don't go for it. It is neither a good insurance choice nor an investment choice... ULIP's are bad when you don't understand them..

Its simple math out of the 25K you will be paying if you put 6-10K you will get life insurance for 50Lakh !(based on your age and selecting pure term plan).. Rest of the 15 K if you do Systematic investment plan in 3-4 diversified equity Mutual funds ( Select 5 star rating fund by some googling) for 20+ years you will see the compounding effect of your investment ( Compounding is 8th wonder of the world...).
After 20+ years you will end up with big retirement corpus !!

ULIP does the same kind of investment for you indirectly ( They charge you for insurance like the term plan and also for managing the fund..They eat up Allocation charges, fund management charges etc etc... and whatever is left behind will be invested for you... Don't you think you could rather do it for yourself and get double the returns as well have a big life insurance cover?

[rkg]

Why all the agents and insurance companies are interested in selling ULIP's?

Because approximately 40% ( ranges between 25-40) of the first year premium will go towards various charges like agent commission, fund allocation charges, mortgage premium etc. Subsequent years also this is more than 10%

Compare this with 2% or less AMC fees mutual funds are allowed to charge as per law

Hence almost all insurance started ULIP's as they are cash cows. they escaped sebi mandate stating that it is a insurance product.

The same insurance company charges less for a term policy for the same amount ( for one lakh average term policy premium for 30 year old male is around Rs 300/, where as the same company is charging more than this if one takes their ULIP for same cover)

Insurance is for risk cover don't mix with investment

As of now Aegon religare I term policy good as it is cheaper by almost 40% compared nearest competitor

One of my colleague has taken it. they have sent policy document plus all medical reports also

[ghodlur]

I had an ULIP from HDFC but sold all the units after the lock in period of 3 years. Since then have clearly seperated Insurance from Investments. I also had a no of Insurance policies from mainly taken during the start of my earning days, this was for the tax purposes. Now have reduced the no of policies to just 3 out of which one is a pure term life policy.
Since then have been investing in 5* rated Mutual funds through SIP for the past 3 years.
I feel LIC Jeevan Anmol is among the best pure term life policy, if you take it at a younger age the premium is lowest.
I can recomend Jeevan Saral for your child's education needs which would be a good sum when your child reaches 18 yrs of age.

[aargee]

Just saw this pamphlet about 2 days ago & ever since then wanted to post it here & ask opinion. I couldn't see much flaw in this plan because this is with guaranteed returns. Wifey wants to invest, but I'm little skeptical on words such as "gurantee" & "warranty". Has anyone invested? What's your opinion on this plan? Pls help me decide. Tks.