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02 Sep - 10:00 hrs

Anil Rego | Founder & CEO, Right Horizons


How to decide which insurance scheme one should go for

Chat Transcript

jsssmk: how to select (basic factors) which is better say maxlife/icici insurance/others as a consumer
Anil Rego: There are various factors involved before deciding the insurance provider - Benefits provided by the plan, premium rates, Claim settlement ratio etc. However every type of policy (Health cover/Risk cover/Traditional/ULIP plans) will have its own factors to be considered before deciding on the policy provider and the specific plan
guest: How much insurance is better
Anil Rego: Ideally one should have a risk cover which includes/covers all the outstanding debt, cost of children education and should also take care of family expenses - It is suggested to cover all the above in order to reduce/mitigate the financial loss to the family in case of unforeseen event
guest: What all the insurance one should have
Anil Rego: Ideally one can plan to have a Risk/Pure term cover (in order to mitigate/reduce the impact of financial loss to the family in case of an unforeseen event) and an Health cover (to take care of rising medical cost). Any additional insurance taken for the purpose of investment should ideally be mapped to a particular need and should be included as a part of one`s Financial Planning
guest: Hi Anil, I`m 28 years old. I live with my family in Hyderabad. I work in a firm that provides me with basic healthcare benefits which cover my parents also. Should I still go for another health insurance plan? Also do I need to take a life insurance? I earn around 40k per month, 30 of which goes for expenses.
Anil Rego: Even though a company offers a health benefit plan but it is ideal to have one over and above the one provided by the company. Company offered health plan will stop when you change the firm or stop working, however at that point of time the cost of taking a health cover would be high due to the age and there are chances that you may be denied with a health cover. Hence it is advisable to have a personal health cover too. Ideally it is recommended to have a pure Risk/Term cover which will help to reduce the impact of financial loss to your family in case of an unforeseen event