which term insurance plan for couple. my age is now 53 & wife age is 46

Ans: Hi, the coverage amount should be an estimate of the treatment you may be expecting in the near future in case you have any pre existing diseases. Else, due to the age being on higher end, you may have to pay higher premiums. Do not delay and purchase as soon as possible.

Ans: Hi Kumar, every insurance policy has its own benefits and one will have to pick according to their requirements. However, check for waiting period, any exclusions, network hospitals etc., while deciding.

Ans: It's great that you're considering a health insurance plan to secure your family's well-being. When selecting a health insurance plan, several factors come into play, including coverage, premiums, network hospitals, and additional benefits. Here are some tips to help you choose the best one:

Assess your family's healthcare needs: Consider factors like existing medical conditions, expected healthcare expenses, and any specific requirements related to treatments or procedures.

Comprehensive coverage: Look for a health insurance plan that offers comprehensive coverage for a wide range of medical expenses, including hospitalization, daycare procedures, pre and post-hospitalization expenses, and critical illnesses.

Network hospitals: Check the list of network hospitals associated with the insurance provider to ensure accessibility to quality healthcare facilities in your area.

No claim bonus (NCB) and benefits: Evaluate if the plan offers incentives like no claim bonus for claim-free years, health check-up benefits, and wellness programs to promote preventive healthcare.

Claim settlement ratio: Review the insurer's claim settlement ratio, which reflects their track record of processing and settling claims efficiently.

Affordability: While opting for a comprehensive plan is essential, ensure that the premium fits within your budget and offers value for money in terms of coverage and benefits.

Based on these considerations, you can explore health insurance plans offered by reputed insurers like HDFC ERGO Health, ICICI Lombard, Apollo Munich, or Max Bupa. Compare their features, coverage limits, exclusions, and premiums to select the one that best meets your family's needs.

Before finalizing the plan, read the policy documents carefully, including terms and conditions, exclusions, and claim procedures, to have a clear understanding of what is covered and any limitations.

Additionally, consider consulting with a licensed insurance advisor or Certified Financial Planner to receive personalized recommendations based on your specific requirements and financial situation.

Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ans: You can purchase a term plan from any good company and include your family in that. For health insurance , you can purchase a family floater. Both these policies will give you a decent coverage at lower premium.