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Choose Insurance Plans According To Your Needs

Monday, August 05, 2013
By Manoj Aswani

Manoj Aswani is VP at MyInsuranceClub.com

I am a 39 year old professional wanting to purchase a Good ULIP for a period of 20 years. The objective of buying this plan is to build corpus for monthly pension. Please suggest some of the best performing ULIPs
—Abhijeet Gawde, Goregaon
Right now, there is not many retirement or deferred annuity plans in the market, due to change in rules. HDFC has recently launched 2 new ULIP Deferred Annuity Plans. You can surely consider those:

  • HDFC Life Pension Super Plus
  • HDFC Life Single Premium Pension Super

And LIC has launched a Traditional Deferred Annuity Plan can LIC New Jeevan Nidhi Plan which is a good traditional annuity plan.

Also, what you can do is when you need to buy an annuity plan, is you can take an immediate annuity plan like LIC Jeevan Akshay 6 Plan. But take a term plan immediately. Also, you can invest in other instruments like ELSS, PPF, FD, NSC, etc.

Alternately, if you are looking for a good ULIP, you could opt for:
Aviva Life Bond Advantage
Bharti AXA Life Future Invest Plan
Max New York Life Fast Track Plan
ICICI Prudential Lifetime Premier
Birla Sun Life Foresight Plan
However, please understand past performance does not guarantee future performance and you must choose according to your needs irrespective of how it might perform. Thus, there is no way to guarantee which ULIP would perform and which wouldn’t.

I am looking for a Good Online Term Plan with some riders. Please suggest which riders I should opt for and which Term Plan is a good buy given the requirements. I need a Term Plan of Rs 50 lakhs for a period of 30 years.
—Suneeta Wali, Santacruz
Riders are always good and should be availed. The benefits received are much higher than the nominal amount of money that you would have to pay.

Since you are looking for a Term Plan for Protection purpose and taking additional riders is just a process of enhancement of the coverage. Taking a Term Plan is the first step towards protecting your family against unforeseen events and securing their future.

The Riders you can opt for in a Term Plan:
1. Accidental Death Benefit rider: It protects against accidental uncertainties by providing additional coverage.
2. Critical Illness Rider: The entire sum assured is paid on diagnosis of any of the critical illness irrespective of the amount spent in treatment
3. Waiver of Premium rider: The premium would be paid by the insurer if you have opted for the Disability Premium waiver rider
You can opt for Aegon Religare iTerm Plan is an online Term Plan with would have Accidental Death Benefit rider and Waiver of Premium for Critical Illness (CI) Rider attached to it. However, you need to choose a plan as per your requirement.

I have cardiac problem. Now, if I take a Health Plan now, will my Cardiac concerns be covered after 4 years?
—Manoj Gujjar, Vileparle
Since there is no written rule for underwriting, you would have to apply and check whether your plan is accepted or not and whether there are exclusions or not. Thus, there is a no guarantee that your cardiac concerns would get coverage after the waiting period for pre-existing illnesses after 4 years or they would be excluded altogether.

However, there is one specific plan for Cardiac Arrest called Star Cardiac Care Insurance Plan

You can apply to any plan but whether or not they would accept depends on the risk assessment by the underwriter.

Now, there are many plans which cover pre-existing diseases and the same is covered after a certain waiting period. Most insurers which do cover pre existing diseases have a waiting period for 3-4 years. However, it is still worth taking the plan, since you would get coverage for all other ailments other than pre-existing conditions from day 1.

The concept of insurance is that it covers unknown risks and not known ones. However it will still cover all your ailments after the certain waiting period is

The plans that you can consider now are:

  • Reliance Healthwise Plan covers all pre-existing diseases after 2 or 4 years of waiting, depending on the plan opted for
  • Max Bupa Heartbeat Individual Plan covers all pre-existing diseases after 4 years of waiting,
  • Apollo Munich Easy Health Individual Policy covers all pre-existing diseases after 3 years of waiting.

Only remember to mention your previous illness in the proposal form without fail.

(The author is Vice President at www.MyInsuranceClub.com, insurance comparison website in India. You may write to him at [email protected]).

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