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Query regarding specific riders - Term Life insurace

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02 Mar, 2022 by  B.M

Hi,


I am trying to decide on buying a term insurance and I have three queries. Would appreciate some insights.


(1) Which companies offering (a) accidental disability (total/ partial both - anything serious enough to affect working capability) as well as (b) critical illness cover?


I am not interested in accidental death as I understand that in such cases the basic sub assured of term plan should be paid.


I have tried to check some insurer's website but for example in HDFC Life's website their rider description and premium calculator's options doesn't match or is confusing.


(2) Some people are suggesting separate accidental disability policy. Is that a better option and what are some good options?


(3) My permanent address state-city and current address state-city might be different.

Does it matter in the long run if I take a policy while staying in a temporary state-city?


I mean is it like for any situation I need to visit /consult the very branch itself where the policy was issued? Like the ask in LIC some times (no offence to anyone)

(I'm preferring online policies but not sure how the home branch is selected)



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Term Life Insurance

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02 Mar, 2022
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Dear B. M.


Term Insurance is surely one of the most prudent instruments towards your goal of financial freedom.


1. Accidental death and disability rider is offered by almost all insurance cos in India. Rider coverage or max amt of cover may differ from company to company.


2. Most insurers combine the accident death rider and disability rider, but few companies offer it separately as well. For example, icici, hdfc offer combined rider, while Tata AIA offers the riders separately.


3. All insurance cos particularly private insurers have an extensive and robust IT and branch network. You can resolve most service related matter by reaching the insurer from anywhere through electronic medium or via their helpline.

Alternately you can branch offices anywhere in the country.


Regards,

Sankalp Sengar

Co-Founder, Conflux Advisors


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03 Mar, 2022
CEO, Insurance Samadhan

Dear B.M

My compliments for taking right decision of buying term insurance with accidental and critical illness rider .

My comments on your queries :

1. Accidental rider is available with all insurance companies. It covers accidental death as well as permanent disability. Sum assured can not exceed basic sum assured of term insurance .


2. In case of accidental death , family get both term cover plus rider cover .


3. You can buy sepearte cover from general insurance provider . Cover is more important than deciding to buy from life or general . Both are equally good and uniformly priced .


4. Your address does not matter unless you are staying in some terror affected areas . There are some negative zones .


Choose a good advisor who is licensed with vintage of more than 3 years .

Best wishes







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04 Mar, 2022
B.M
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04 Mar, 2022
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05 Mar, 2022
We breathe insurance :)

Hello BM,


We would recommend you check out our free recommendation tool on Term Insurance. It will provide you with scientific recommendations on Term Insurance, customization, plans, and everything else.


It will take you less than 3 minutes to generate a free PDF report: www.beshak.org/trumatch

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