50-Year-Old Looking for Health Insurance and Investment Advice for Retirement and Child's Education

Ans: I can guide you towards finding the best plan for your family based on your needs and medical history (thyroid). Here are some key factors to consider:

Family Needs:

Age: Consider your family's age and potential health risks associated with each age group.
Medical History: Disclose your thyroid condition to ensure the plan covers pre-existing conditions or offers add-on riders for specific illnesses.
Coverage Requirements: Think about the type of hospital you prefer (network vs. non-network), room type (single, double), and preferred treatments (Ayurvedic, homeopathy).
Policy Features:

Sum Insured: Choose a sufficient sum insured to cover hospitalization costs for everyone in your family. Consider factors like city tier (medical costs are higher in metros) and inflation.
Coverage Type: Consider a comprehensive plan that covers hospitalization expenses, pre and post-hospitalization costs, ambulance charges, and day care procedures.
Network Hospitals: Opt for a plan with a wide network of hospitals in your city to ensure easy access to quality healthcare.
Co-pay/Deductible: A co-pay or deductible involves sharing a portion of the hospitalization cost. This lowers premiums but increases your out-of-pocket expense.
Exclusions: Carefully review policy exclusions to understand what treatments or conditions are not covered.
Here's a roadmap to finding the best policy:

Compare Online: Use online insurance comparison platforms to get quotes from different insurers.
Shortlist Based on Needs: Shortlist plans that meet your family's coverage requirements and budget.
Read Policy Wording: Carefully read the policy wording (wording can differ between insurers) to understand inclusions, exclusions, claim settlement process, and renewal terms.
Customer Service Reviews: Research customer reviews to get an idea about claim settlement experiences with different insurers.
Agent vs. Direct Purchase: You can buy directly from the insurer's website or consult an insurance agent who can guide you through the process and recommend plans based on your needs.
Here are some additional tips:

Pre-existing Conditions: Disclose your thyroid condition clearly during the application process.
Some plans might have a waiting period for pre-existing conditions before coverage applies.
Some might offer coverage with exclusions or higher premiums.
Renewability: Choose a plan with guaranteed lifetime renewability to ensure coverage throughout your life.
Claim Settlement Ratio: Consider the insurer's claim settlement ratio to understand their record of settling claims efficiently.
Remember: The best health insurance policy is the one that caters to your specific needs and offers comprehensive coverage at an affordable premium.

Ans: Hello;

For goal under heading "a", I recommend you the following;

1. Invest 10 L in Arbitrage type of mutual fund (low risk) for the education funding requirement of your daughter.

2. Buy an immediate annuity for 40 L from a life insurance company which may yield you a monthly income of 20 K as desired. 6 % annuity rate considered.

3. Invest MF corpus(5.6 L) and FD sum(2 L) into an equity savings type mutual fund (low to moderate risk)
This will help fund your international vacations. Value 9.84 L in 3 years considering 9 % returns.

For achievement of goal under heading "b" invest 10 L lumpsum in a pure equity mutual fund for 20 years after which it will provide you a sum of 1.15 Cr. Top-up this investment as and when possible to prepone your target achievement in 15 or 12 years.(13% return considered)

You should have adequate term life cover atleast upto 60 years of age (Check for postal life insurance at your nearest post office if you want to buy) with suitable riders and also health care cover(HDFC ergo and Niva Bupa are good)despite CGHS.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

Ans: Hello;

For goal under heading "a", I recommend you the following;

1. Invest 10 L in Arbitrage type of mutual fund (low risk) for the education funding requirement of your daughter.

2. Buy an immediate annuity for 40 L from a life insurance company which may yield you a monthly income of 20 K as desired. 6 % annuity rate considered.

3. Invest MF corpus(5.6 L) and FD sum(2 L) into an equity savings type mutual fund (low to moderate risk)
This will help fund your international vacations. Value 9.84 L in 3 years considering 9 % returns.

For achievement of goal under heading "b" invest 10 L lumpsum in a pure equity mutual fund for 20 years after which it will provide you a sum of 1.15 Cr. Top-up this investment as and when possible to prepone your target achievement in 15 or 12 years.(13% return considered)


You should have adequate term life cover atleast upto 60 years of age (Check for postal life insurance at your nearest post office if you want to buy) with suitable riders and also health care cover(HDFC ergo and Niva Bupa are good)despite CGHS.

Happy Investing!!

*Investments in mutual funds are subject to market risks. Please read all scheme related documents carefully before investing.

Ans: Hello;

You may evaluate the following before finalizing:
1. HDFC Ergo Optima Secure
2. ICICI Lombard Health AdvantEdge plus 2.0
3. Tata AIG Medicare premier

The premiums may range from 50 K to 80K presuming no pre-existing diseases.

Best wishes;