Mr. Damodar is a very confused man. He understands that insurance is an indispensable ingredient in anybody's investment portfolio, but with the plethora of schemes striking him from all directions, he is simply flabbergasted. Being a clinical psychologist Mr. Damodar has an enviable command over the human mind, but woefully fails in interpreting the features and utilities of the various insurance schemes! The professional psychologist decides to visit Mr. Moorthy a veteran financial advisor to diagnose his investment problem.

Mr. Damadoran who is in his late 30's is self employed and is a visiting physician in leading hospitals. As a doctor he fully understands the increasing number of deaths caused due to deadly diseases like cancer and tumour and is also aware of the astronomical costs that are involved in providing a thorough medical treatment. Apart from the emotional strain, the treatment of such diseases in established hospitals could bury a deep hole in the pocket of the individual!

Over a cup of coffee Mr. Damodaran highlights that fact that he is interested in protection and has plans of reinforcing his policy with a critical illness rider. He looks up to his financial advisor for sound advice.

Mr. Moorthy recommends the Conquering Life Plan of ING Vysya Life Insurance Company. Conquering Life is a life insurance plan which offers the dual benefit of a life cover and a critical illness cover. The critical illness is built into the plan and comes with no additional cost. Thus Mr. Damodar will not have to pay extra amount for the critical illness component which he would have had to pay incase he had taken some other policy! The opportunity cost that Mr. Damodar saves in the process is the USP of this policy. Given Mr. Damodar's personal profile the conquering life plan is highly recommended.

• The policyholder should be between 18 years and 50 years of age.
• The maximum age up to which the premium can be paid is 65 years.
• Based upon the age of the policyholder and life cover period the policyholder can choose to pay the premium between 10 - 25 years.
• This is a term plan having a critical illness cover as an in-built feature.
• The critical illnesses which are covered are cancer, heart attack, coronary artery bypass graft, stroke, kidney failure, organ transplant, brain tumour, paralysis, coma and blindness.
• A critical illness cover of 50% of the sum assured is paid immediately on the diagnosis of the illness. However, the amount that can be received is up to a maximum of Rs.20 lakhs.
• In case of critical illness the remaining premium payments shall be waived.
• The death benefit will the total sum assured.
• Incase critical illness benefit has been paid then the death benefit will be the difference between the sum assured and the critical illness claim that has been paid
• The policyholder may choose to pay the premium on a quarterly, half yearly or an annual basis.
• In the conquering life plan the premium has to be decided by the policyholder based on which the sum assured is finalised. In line with this the minimum premium that needs to be paid is
  • Annually = Rs.2,500
  • Half yearly = Rs.1,500
  • Quarterly = Rs.1,000
• This policy has a non refundable one time fee of Rs.700 which needs to be paid at the time of entering into the policy
• The best part of the policy is that additional riders can be selected depending on the requirements of the policyholder. Some of the riders that can be selected under this policy are Term Rider, Accidental Death rider and the Accidental, death, disability and dismemberment rider. Each of the riders may be taken at a nominal cost.

Given Mr. Damodaran's unique profile, the ideal policy would be the Conquering Life Plan.