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40-Year-Old Sandeep Needs Term Plan Advice: 75 Lakh - 1 Crore Cover, 20-Year Payment Term, Rs. 2500-3000 Monthly Premium, Spouse Covered

Milind

Milind Vadjikar  |1114 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Mar 13, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Asked by Anonymous - Mar 13, 2025Hindi
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Hello Guru, My Self sandeep age 40, looking for a term plan(75lacs -1 crore) where in i can pay till i turn 60 means i can pay for 20 years, Rs.2500-3000 per month. Add ons reuqired at least 50% payout on permanent Disability(accidental/due to any illness) future premiums waived off in case of disability. at least 50% payout on Terminal illlness at least 50% payout on Critical illlness premium waived off on found any illness SPUOUSE COVERED

Ans: Hello;

You may compare policies as offered by different insurers as per your requirement, online, on web aggregator platforms like policybazaar, insurancedekho, policyx, turtlemint etc.

Or else you may visit individual insurer's website to study their product features but this can be cumbersome.

Another option is to seek help from an insurance advisor.

Almost all big companies offer term plans that can meet your requirements. For eg SBI Life e-shield next, HDFC life click to protect super, ICICI Pru life iprotect super, LIC new jeevan amar term plan etc.

Best wishes;
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

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Mutual Funds, Financial Planning Expert - Answered on Apr 17, 2024

Asked by Anonymous - Jan 04, 2024Hindi
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Hi..i would like to purchase a medical insurance policy which have term insurance too..Please advice
Ans: t's commendable that you're considering both medical and term insurance. Here's some advice on each:

Medical Insurance Policy:
When purchasing a medical insurance policy, consider the following:

Coverage Amount: Opt for a policy with adequate coverage that can handle major medical expenses.
Pre-existing Conditions: Check if the policy covers pre-existing conditions, and if there's a waiting period.
Network Hospitals: Ensure the policy offers a wide network of hospitals for cashless treatments.
Claim Process: Look for policies with a straightforward and hassle-free claim process.
Additional Benefits: Some policies offer benefits like OPD coverage, maternity benefits, etc. Choose based on your needs.
Term Insurance Policy:
For term insurance, focus on:

Coverage Amount: Choose a coverage amount that would adequately support your family's financial needs in case of your untimely demise.
Policy Tenure: Opt for a policy term that aligns with your financial obligations and retirement age.
Rider Options: Consider adding riders like critical illness or accidental death benefit for comprehensive coverage.
Claim Settlement Ratio: Look for insurers with a high claim settlement ratio for a smoother claim process.
Premium: Compare premiums from different insurers to get the best value for your money.
Remember, while it might be convenient to combine both in one policy, it's often more beneficial to purchase them separately to ensure tailored coverage for each need. It's advisable to consult with an insurance advisor or planner to help you choose the right policies based on your specific requirements and budget.

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Ramalingam

Ramalingam Kalirajan  |8106 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Asked by Anonymous - Apr 12, 2024Hindi
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Please guide us on Health insurance and term insurance policy ?
Ans: Let's delve into the importance of health insurance and term insurance policies in securing your financial well-being:

Health Insurance:

Health insurance is a crucial aspect of financial planning, providing coverage for medical expenses arising from illness or injury.
It safeguards you and your family against the financial burden of healthcare costs, ensuring access to quality medical treatment without depleting your savings.
Choose a comprehensive health insurance policy that offers coverage for hospitalization, pre and post-hospitalization expenses, outpatient treatments, and critical illnesses.
Consider factors such as coverage limit, network hospitals, co-payment clauses, and waiting periods before selecting a policy.
Regularly review your health insurance coverage to ensure it remains adequate for your evolving healthcare needs, especially as you age.
Additionally, consider purchasing a health insurance policy with lifelong renewability to secure coverage in the long term.
Term Insurance:

Term insurance provides financial protection to your family in the event of your untimely demise, ensuring they can maintain their standard of living even in your absence.
It offers a high sum assured at an affordable premium, making it a cost-effective way to secure your loved ones' financial future.
Opt for a term insurance policy with a sum assured that adequately covers your family's financial needs, including outstanding debts, future expenses like education and marriage, and income replacement.
Choose a policy with a flexible tenure that aligns with your financial obligations and life stage. Consider opting for a longer tenure if you have dependents or financial liabilities that may extend into the future.
Regularly review your term insurance coverage to ensure it remains sufficient, especially during significant life events such as marriage, childbirth, or career advancements.
By investing in both health insurance and term insurance policies, you can protect yourself and your loved ones from unforeseen financial setbacks and secure a peaceful future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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