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Life Insurance: V Philip

Business Standard / 01 Aug 12 | 12:19 AM

My mother is 52, has high blood pressure and stays alone. Should I buy a life or a health cover first?
A health insurance plan is not a choice now but a must for everyone. Looking at the rate at which healthcare-related expenses are increasing, the absence of a basic health insurance plan will require you to part with your regular savings in case of a medical emergency. This can upset your financial planning. You can either buy a standalone cover for her or a family floater where she can get cover along with you.

I am 27 and earn Rs 50,000 a month. I plan to get married by this year-end. What kind of life insurance plan do you suggest I should purchase? I would like to know what types of risks are covered under the pregnancy plan. When I buy a life policy, would you suggest I opt for additional covers (like pregnancy/breast cancer and so on)? Please advise.
Different types of life insurance plans like endowment plans, anticipated endowment plans (popularly known as money-back plan), term plans and health plans not only cater to your current needs but also address various life-stage requirements. It is always better to start young, as the premiums will be low. In your case, it will be advantageous to take a basic-term plan and a retirement corpus building plan.

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There are some additional covers like protection against critical illnesses which are offered along with the base plan as riders, that cover pregnancy-related complications. Although riders are optional, opting for these will provide increased protection at nominal cost.


The writer is the CEO of Bajaj Allianz Life Insurance

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