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What is better option ?

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21 Feb, 2021 by Pragnesh

Dear Beshak team,


Thank you for your transparent to the point advice and open platform help. I have one query:


Considering overall cost-benefit analysis in long term ...What is better option ?...Term assurance + health insurance with CI ...Or ...term insurance with CI rider + health insurance ?


Thank you in advance for your help.

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2 Answer

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22 Feb, 2021
Manoj Pandey

Assuming that an young man is not having any liability ( parent / family related ) at start of career , I would suggest sufficient health insurance followed by max permisdible term ( once a family man ) & then a high CI policy in begining of 40.

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24 Feb, 2021
Pragnesh
Thank you Manoj Sir for your expert advice
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22 Feb, 2021
Anuj Jindal

Hey Pragnesh,


While I always advise people that one should never buy bundled insurance products, but if your choices are limited between the two you mentioned, I would keep health insurance as standalone and life + CI as the bundle.


Reasons-

Health-related requirements are more frequent vs life or critical illness events. So I would pick a good cover for myself with no strings attached because of this implication.


Why life + CI may still not be a great idea?

CI is mainly 8-12 illnesses which can be fatal and may break the bank. The CI add ons offered with LI will cover 1-5 CIs and even for the covered CIs in add-on, the severity may have limited coverage. CI is the most complicated and technical product and due to its low penetration, not much claim experience exists to predict and advise what limitations of current product may harm your interests in future.


Anyways, long story short, choose 2nd option.


Anuj Jindal

Co-founder

SureClaim

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24 Feb, 2021
Pragnesh
Thank you Anuj Sir for your expert advice. Regarding CI i have one more doubt ... is CI lump sum benefit on 1st CI detection better with LI rider or HI rider ?
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