Insurance-Term,Health and Accident

Santosh 1
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Hi Pankaj, I am planning Term,Health and Accident. For term I looked at ICICIIprotect and Aviva.For a term cover of Rs 1.2 Crores and period of 25 years the premium in ICICI is Rs 34000 (Including Accident Rider) and in Aviva is Rs 16000 with additional Rs 800 for coverage till 29 years. In ICICI there is no medical checkup and essentailly software driven queries for underwriting while Aviva insists on Medical. As you can see there is huge gap in premium although both are online and also in approach.In ICICI even a smoker has the same premium as a non smoker like me? Please advice.

For Medical- I am already having Medical cover from my organization however I have looked at Appollo Munich.Recently a broker called Medimanage called me and said I should route the business through them since they give dedicated service particularly during claim settlement.Also he suggested that instead of going in for rider of Appollo Munich I should opt for TATA AIG Accident cover. First of all is Appollo Munich good enough,secondly whats your view on Medimanage or similar brokers are they really needed and thirdly about Accident Cover.

I am 41 with my spouse and children of 5 years.I stay in Mumbai.

Wish you all a very Happy Healthy and Prosperous New Year. Santy

accident-insurance medical-insurance financial-planning term-insurance
1 Answers

While buying a term insurance, its important to also see insurance company financials and previous claim settlement records. Aviva may be cheapest at this point but what if they don't pay claim amount.

As per latest IRDA annual report, LIC was best in claim settlement. In private insurance companies, ICICI and HDFC have done good.

I would advise you to buy term insurance from one of these companies only. If you wait for sometime, LIC is also coming out with a cheaper online term insurance policy, which you may take.

ICICI is no more selling iProtect but it has relaunched in name of iCare. This does not need medical tests and is costlier than earlier iProtect policy.

HDFC has also launched online term insurance in name of Click 2 Protect, it also has good pricing.

Regarding medical insurance, you can choose from Apollo Munich or Max Bupa. Premium might be on bit a higher side, but they both are good. You can buy policies directly online or through an agent. I am not really sure how much difference Medimanage would make in claim settlement. Its ultimately company's decision to pass a claim.

Most of the agents pay 10-15% back as commission on medical insurances, so while buying a policy, keep that also in mind. Your local agent may be able to give such discount which online companies won't do.

You can get critical illness rider on medical insurance, which is very helpful. For accident insurance, I would also suggest to buy a separate policy. Make sure policy covers Permanent Total Disablement, Permanent Partial Disablement and Temporary Total Disablement. Apollo munich, Bajaj Allianz and Future Generali are some of the companies which have such policies.

Ideally a family should have term insurance, medical insurance, critical illness insurance, personal accidental insurance. Apart from these your home and its contents should also be insured. Plus while you travel, a travel insurance is a must.

Pankaj Batra5212

Thanks a lot for the reply Pankaj.When is LIC coming up with the online policy.Have been reading about it since Sep 2011. ALso Incase I decide to opt for ICICI is it a good idea to proactively get medical tests done on my expenses and send it to them on my own.If yes what medical tests need to be covered or is it just the blood and urine test.Do I need to go for stress test etal. Warm Regards, Santosh

Santosh•

Yes, its long since we have been hearing LIC online policy news, but not sure when they will come out with same. It may be coming just before end of this financial year. There are more insurance sales in India around FY end because of tax saving.

No insurance company accepts medical tests reports sent by customers. If they need, they get it done with confidentiality only in their chosen medical centers. Medical tests depend on company policy, age and sum assured taken. In case of high amount (more than crore, as you are thinking of), its not just blood and urine tests but TMT, ECG etc are also done sometimes.

Pankaj Batra•
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