Insurance products that are Must Have
According to me the following are must have in order of importance: 1. Personal Accident Insurance 2. Critical Illness Cover 3. Health Insurance 4. Car/Bike Insurance 5. Term Life Insurance Please feel free to suggest other products, if I have missed any. Also please suggest any recommended insurance providers for those products.
For Car/Bike Insurance, I recommend: Acko or GoDigit
https://www.acko.com/lp/new-car-comprehensive-hi
https://www.godigit.com/campaigns/digit-car-insurance
Every tried getting a car accident claim from acko, they'll ask you bring car to their prefered workshop instead of car company workshop, which itself contradictory to car's warranty, car company could void warranty for external repairs.
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EarlGreyTea
Stealth
a year ago
Any suggestions for a good health insurance? Apart from the one the employer already provides
Yes, have home cooked food daily, exercise for 30 minutes every day, that will cover you against almost all illness.
For diseases such as Cancer which can happen to anyone, buy a Critical Illness Insurance.
Ask from a reputed hospital near your house, which insurance provider has best relation with them it's easier to get treatment done, otherwise in cashless claims the hospital might treat you to lower priority because your insurance company doesn't pays them on time.
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I gave least importance to Term Life Insurance, because for this product one can never claim on their own.
I'm an insurance advisor. Let's do an exercise.
1. Write three names who are going to help your family in your sudden loss.
2. For how long and how much per month are they going to provide to your family members? Include expenses like rent, emi, groceries, school fees, parents medicals etc.
My Aunts and Uncles, will provide as much as possible for as long a possible, in case of any sudden loss.
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Critical illness cover is not required. It's almost a waste. I'm an insurance advisor. I know what I'm talking about.
Toph56
Stealth
a year ago
Priority of insurance products -
1. Health insurance - important to cover your expenses and have access to high quality (maybe more expensive) care to stay alive
2. Car / bike insurance - required by law
3. Term insurance - must have if you have dependents and don’t have enough savings.
4. Critical illness cover - this is optional and gives a payout in some cases - only certain cancers and certain stages are covered. It gives a lump sum payment on diagnosis and one needs to be alive for x days after diagnosis to get the claim. The real use case could be that because of some critical illness, one is unable to work (loss of income / job) and this provides some monetary relief. A regular health insurance ensures the cost of treatments are covered and not the above risk.
5. Personal accident - avoidable - accidental death is covered by term insurance. Hospitalisation expense is covered by health insurance. The corner case this might (not all plans do) cover would be lump sum payout in case of disability that’s either temporary or permanent.
Personal Accident Insurance can be recommended for someone who doesn't have a Health Insurance.
Personal Accident Insurance is far cheaper than a Health Insurance and covers hospitalization too.
https://www.icicilombard.com/health-insurance/personal-accident-insurance?opt=pp&source=nav
hellloworld
Stealth
a year ago
Not so optimised list 😕
I only have a health insurance,
no term insurance maybe will get one after marriage,
vehicle insurance is mandated by law should not count that.
You can buy a Personal Accident Insurance, it's much cheaper than a Term Insurance.
For Personal Accident Insurance, I recommend: ICICI Lombard Personal Protect
https://www.icicilombard.com/health-insurance/personal-accident-insurance?opt=pp&source=nav
For Critical Illness Cover, I recommend: HDFC ERGO’s Critical Illness Policy
https://www.hdfcergo.com/health-insurance/critical-illness-insurance
In non-increasing order of significance:
5(add 2 as add-on),
3 (company one should suffice, unless you have family history of life threatening diseases),
4,
1
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