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11 Dec, 2022
by Anvesh
Hi,
I have taken a Tata AIA Maharaksha supreme term insurance 2 years back.
Back then I wasn't having much knowledge about it and just did what an agent suggested.
Now I realised I dont have any additional riders and also cannot add any now.
I have opted for 12 years limited pay and paid 2 installment .
Please suggest should I surrender this and get new one or just buy new one
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Dear Anvesh
You need two riders
1. Accidental disability for 50 lakh which will give you rs 5 lakh per year for 10 year in case of a new accidental disability . This is important because probability of disability is 65 % more than accidental death .
2. Critical illness cover of rs 25 lakh . Go for a basic plan covering 12 diseases rather going for 36 diseases . In case of diagnosis of disease, you will get rs 25 lakh as compensation of income generation. You should have medical insurance for expenses , this 25 lakh will be a cushion .
Both products are available as rider or independent product through a general insurer .
So do not discontinue your TATA plan . A bird in hand is better than two in bush .
You can supplement by taking it through Tata AIG whoch is general insurance arm .
Best wishes