Suggest me a good house insurance, health insurance and Life insurance

Yes. Out patient treatment is not covered by Health Insurance. It is only for Inpatient. My health insurance clearly mentions this. There are lot of exclusions which only an agent can guide you with. Example existing illness not covered during the waiting period 2 to 4 years and there are many exclusions as well. So the best option is to seek advise through an agent and then you need to read all clauses carefully

With regard to Life Insurance, I have no clue on disability beneifts. The best option is ask for “Term Life Policy” to an agent. This is the best option available where you get the sum assured in an unforseen event. You could ask the agent if you could add disability benefit to a Term Life Policy.

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My suggestion would be to read about health insurance and then take a policy that suits you. Health insurance is a complicated product, you cannot pick one and be done with it.

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You’ll have to google what might be best according to what you’re looking for. My relatives have all three from HDFC bank. You could check out the packages and see if it matches your requirements. Good luck.

IRDAI has mandated that all insurers must cover hospitalization related to a Pandemic like Covid-19 should be covered. In this case yes a lot of health insurance policies doesn’t cover the cost related to OPD until and unless there’s hospitalization.

When it comes to life insurance, depending on the profile it will be better to go ahead with something like a term life plan because unlike moneyback, endowment, and ULIP plan it doesn’t mix concepts of insurance and investment and that’s the reason term plans are also economical and provide you a good lump sum cover amount.

Coming to the disability rider -

  1. Yes there’s something called a waiver of premium where the insurer will waive off the entire future premium on account of permanent disability due to accidents let’s say (depends from policy to policy)
  2. Accidental Disability rider - where on account of disability as per the policy clause the insurer will pay an amount. Again it depends on the policy - it can be a lump sum payout while it can also be a monthly payout done for a specified time period.

You will get this rider along with term insurance with most of the Insurer

Do you mean term plan with LIC or any other company
?

Depends on your comfort. If you trust private companies, you can go with them, or go with LIC. CSR, claim settlement ratio is not 100% reliable, as each claim is different.

question is which one are you saying for term insurance plan? I can’t say difference and need to read each of those big document.

For someone who trades crude, I am sure reading a document, that too one that will provide a cover for 30 years is not hard.

Which is better, spending time and select an appropriate product, or taking a product and knowing that it was a wrong choice after a while?

I think there is a small period like 15 days with LIC, where in you can cancel the policy, but even then you have to know the details.

Term insurance is an integral part of one’s financial journey, in fact the first step, so take it properly.

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Well honestly saying, I didn’t put much effort finding and learning about insurance. I guess I am either lazy or these are too boring unlike learning about economy, interest rates, investing & trading. I thought like ‘hey you guys must have done research I will just look at pros and cons , simplified info, make decisions and chose that’ :sweat_smile:.

And in this forum so many people do research and give info that sometimes it spoils me I guess.Only a few months ago I wanted to find best MF , who are the performing fund managers, pros and cons , how good it is with index fund and was about to do research putting graph and suddenly they put this out https://tradingqna.com/t/highlights-from-spiva-india-scorecard-2021-on-the-performance-of-active-mutual-funds-vs-their-benchmarks/129750?u=raoawesome

Well got some direction about term insurance. Let me read each policy and find which one suits me

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I can tell you what little I know. I don’t have a term policy, as I don’t have a need for it right now, I may take one in the future. So take my words with some salt.

Term insurance is purely for the term till which we think we need to provide for our dependents, wife and kids, or even parents. Then there is sum insured, our current expenses, recurring expenses, one time expenses, unexpected expenses, and the rate at which they grow, all need to be thought of and choose a suitable sum. Which tenure premium suits, yearly, half yearly etc. See if there is the chance of increasing of sum insured, or if we should take another policy. Then, policy directly from the company, not through agent, because the premium will be low from the company, of course, there is the angle of agent helping in the future if taken through him, I don’t know if this angle is beneficial or not, so individual decision.

I may have missed few points, but this is the essence, you can find out more, so read.

So we should take a plan from mathematical perspective, number based, and pray that our dependents should not claim the policy, meaning we get to live, and let the insurance company take all those premiums for years, and give nothing back, but we get to live happily with our loved ones :family_man_woman_girl_boy:

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The best option is to check in with a close family or friend who may know you on a personal level to give the right advice, you could also check online but Axis Bank and SBI have some good investment offers. HDFC also has a variety you can choose from. Hope you make the right decision.

According to me, look into HDFC, LIC and ICICI. These are great banks for insurance. It is best to do your own specific research. Good luck.

@Ditto_Insurance
Can a person take more than 1 term insurance i.e with multiple insurers?

If that person passes away - will both the insurers pay the sum assured?

Can An Individual Buy Multiple Term Insurance Plans?.

I have a term policy with HDFC Life and choose it thinking it is the largest in the private sector and that they take care of their policy holders. Recently they had some issues on their end and forgot to collect the correct premium and now they turned my policy into lapse state without informing me.

There is no satisfactory reply from their end no matter how many emails I write. Finally decided to lodge a complaint with Ombudsman and got the award in my favour. Now the company is still so adamant that they would not fully implement a legally binding award. I am still fighting it out from almost 4 months with no resolution insight. Their behaviour is like leeches sucking blood out of the policy holders and make them so frustrated that either you pay the money they are asking for or you drop out of the fight.

Later I found out that the reviews are also very bad for this company.

In my opinion strongly avoid HDFC Life Insurance Company for all your insurance needs.

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i have health insurance in icici which covers all critical illness. but still i get spam call every week from them as they have awesome topup plan. even when i say i dont want anything else as i already have best cover, they will still try to force feed it.

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You can take more than 1 term policy from more than one insurer. However this information should be disclosed to the insurance companies while filling out the application. I think they can also figure this out on their own in the back-end(however I do not know how they do it exactly). You will also pay slightly more premiums in this case.

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Yes they will both pay as long as they have decided that the claim is genuine.

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In my experience, I believe as much as possible to take the policy directly with the company by filling out the application form directly by the person taking the insurance. It is better to avoid all the agents that we encounter regularly. First of all most of them are not very qualified and they themselves are not very aware of the insurance product that they are selling.

Second, there is very high probability that they misrepresent the facts in the application so that the application does not get rejected and they receive their commissions. This proves to be very expensive mistake and will be found out only at the time of claim. Lucky if you can find the agent during these times. This has happened to my parents and my friends.

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