How did you decide cover amount? What riders you opted and if critical illness is the one, how did you decided its amount.
I'm an insuramcr advisor. CI is not recommended. But take WOP instead. Don't follow the suggestion not to take any riders by some users. They just believed what they read on internet and didn't have an advisor to guide them.
Thanks, based on what I could dig up WOP(waiver of premium) is a must.
Also @Sreekanth if you could clear one more thing, does taking insurance from 3rd party (ditto, policybazaar) make any difference during claim or I should go for online purchase from their site only?
Decided cover amount on the below mentioned calculations:
I took a cover of 2Cr. Didn’t add any rider since already had medical insurance and additional life insurance. I am paying 1260/month. I would suggest you to take annual premium as it is comparatively discounted.
Got it Actually I was confused in deciding on a critical illness rider, is it really helpful.
I am not much sure about it. But as per my knowledge, it should be helpful. I think it gives additional coverage for critical illness. You should probably get in touch with folks at Ditto. Heard a lot about them.
There can be 2 ways -
Hard way : Nitpick everything and make rigorous calculations with every current expenditure, their inflation rate in future, lifestyle inflation all other various costs and come to a figure.
Easy way : Multiply your current yearly base salary (not CTC) with 20. That's the amount you should eye for in term insurance
Well easy way sure sounds tension free method
Ideally the cover should be able to take care of your dependences expense till they start earning amount which is capable of maintaining your current lifestyle + add the amount of home loan if you have already obtained it. Feel free to connect on LinkedIn or WhatsApp at 7990744040 and can share best plans with you based on your current cash flows and liabilities.
