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term insurance enhancement, critical illness insurance, accidental disability insurance, cancer insu
Share Facts:
My DOB: August, 1978 (Still not 45 yrs of age)
My Wife DOB: April, 1976 (~ 47 yrs old)
Son DOB: February, 2005 (>18 yrs old)
Daughter DOB: March, 2012 (~11 yrs old)
Me and my wife have Bajaj Allianz term insurance policy of 1 cr each. I additionally, have 50 lacs PLI.
We also have a family floater heath insurance 50 lacs SI that has become 1 cr now
Questions:
I need to enhance my term insurance by 50 lacs and my wife term insurance by 1 cr.
I do not know if getting term insurance for children is a right thing or not? And, if yes, what shall be the amount?
Me and my wife want to get critical illness insurance for 50 lacs.
I do not know if getting critical illness insurance for children is a right thing or not? And, if yes, what shall be the amount?
Me and my wife want to get accidental disability insurance for 50 lacs.
I do not know if getting accidental disability insurance for children is a right thing or not? And, if yes, what shall be the amount?
Me and my wife want to get cancer lumpsum critical illness type of insurance for 50 lacs.
I do not know if getting cancer lumpsum critical illness type insurance for children is a right thing or not? And, if yes, what shall be the amount?
Can these all be clubbed? Can a family floater type of insurance happen with the above requirement for all? Or, do I have to take individual insurance separately for all 4?
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Reply
Hi,
For term insurance, please go through this simple questionnaire which will help you understand how much term insurance coverage you and your wife need and also recommendations for the same.
For you and your wife, critical illness, cancer cover (although most critical illness plans already cover this), accidental disability can be taken. The premiums are not standard and they'll depend on the plan chosen, your age, your health history, etc.
For children (unless they are 18+ and earning), term insurance coverage cannot be taken as it is only given to earning person with many plans having a minimum eligibility of 5 lakhs annual income. Same thing holds true for critical illness policy also. Accidental disability for children (<18y) cannot be taken independently but in few plans, they can be added to your policy.
Many term and health insurance plans offer critical illness and accidental disability benefits as optional riders but they are not as comprehensive as standalone counterparts. So, it is advisable to choose standalone policies for these.
For further queries, detailed recommendations and purchase, please connect with any of the beshak advisors.
Thank you,
Avinash Sonee