26 M , 1 L/month suggest some good health and term insurance

[forthcomingchristian]

Hey guys, I am planning to buy one good health insurance and term insurance for myself and dependents. Please suggest some good policies. I earn around 1 L + per month , so in the lower to mid range premium.

I have one from corporate but have been suggested that we should have ours also other than company.

Thanks

 

[tamraho]

@forthcomingchristian I have researched this extensively. So ignore all other advice and go for this.

• For health insurance go with Liberty General or Bajaj Allianz. Liberty General is a lesser known company in India but is a global giant in insurance. It has a good payout record and doesn't catch you with the fine print.
• For term insurance go with Max Life, Kotak or Aditya Birla. Many of the well known names like ICICI, HDFC etc reduced their payouts during the covid years which suggests that they may not be the most ethical when the times are bad. The ones I have named have a good payout record that did not dip during Covid.

 

[forthcomingchristian]

@tamraho Sure , will check them

 

[vask61]

@tamraho Is it better to get critical illness cover with health insurance or critical illness rider with term insurance?

 

[tamraho]

@vask61 With Health Insurance if at all.

Critical illness is usually a disease that is going to kill you sooner or later. Taking a critical illness rider with a life insurance will just increase the payout a bit. You don't really need that. Just buy a higher sum insured instead.

 

[stan123]

@forthcomingchristian I suggest you go with any of Bajaj health,Hdfc,icici for health insurance and for term insurance tata AIA, Hdfc,Icici

 

[redeemedpirate]

@stan123 Agree with this . Go with vanilla term insurance . No payback of premium options etc.

 

[cyberchristian]

@redeemedpirate What's vanilla term insurance ?

 

[resjudicata]

@cyberchristian Straightforward Term insurance plan without any additional features like savings or investment components, riders etc.

 

[forthcomingchristian]

@stan123 Cool thanks will check them

 

[theheretic]

@forthcomingchristian Personal Opinion

1. HDFC Ergo for Health Insurance
2. Maxlife/HDFC/Aegon Term Insurance

Have heard a lot of good things about them. HDFC Ergo personally is a good health insurance.

 

[cyberchristian]

@theheretic Do you personally use HDFC ERGO? Thanks

 

[theheretic]

@cyberchristian Yes I personally use HDFC Ergo and liked their service. I heard the same from other people.

 

[cyberchristian]

@theheretic That's cool.
So I can get their policy direct by contacting someone from my branch?
I tried Ditto, not sure if it's me, but I find the premiums exorbitant.
Good information from their team, but I'm hesitant to go through them.
Direct from my HDFC branch it is!

 

[theheretic]

@cyberchristian I would say go to their website and understand all the available plans. I would suggest their Optima Super Secure. Also try to buy things online rather than through an agent it will be cheaper. Also read the policy wording completely before buying the Insurance. I have recommended based on my needs which I feel is common for most individuals.

 

[cyberchristian]

@theheretic Thanks a ton. Appreciate the advice