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Combo insurance plans

Author: Col. Sanjeev Govila(Retd)/Wednesday, September 19, 2018/Categories: Ask the Finapolis

Combo insurance plans

Are there any combo plans with insurance cover for health and death, covering treatments or payment upon death of the insured up to Rs 25 lakh or Rs 50 lakh? And, does it have Income Tax rebate? Or, should I take parallel policies?

-- Ravi Gupta, Visakhapatnam

There is only one company in India which is offering such a combo option, IndiaFirst Life Insurance Company which offers a term plan along with health insurance in collaboration with Star Health. It was launched in June 2016, but is not very popular as such as a company in this space and also due to the very low coverage of life insurance (maximum of 9 lakhs) and health insurance (maximum 15 lakhs). None of the other popular companies have such plans. The reason for this is that both the insurances work in absolutely different manner and the premium fixation methodology is also different – life insurance premium is fixed for the entire duration of the plan, while in case of medical insurance, it needs to be recalculated every year or so as per many parameters like claims ratio and initial underwriting assessment done. Thus, it will be difficult for any insurance company to combine the two as per the current assessment parameters.

My son is 12 years old. I can invest up to Rs 35,000 a month and I am 49. I may be able to do the investment for the next 10 years, expecting that nothing untoward happens to me. What could be the maximum amount I could accrue at the end of 10 years?

-- Sudheer Kumar, Hyderabad

The amount accumulated depends on the type of instrument that you use. If you want safety, then bank/post office recurring deposits (RDs) and debt mutual funds (MFs) could be chosen for these monthly instalments. The capital would be fairly safe but returns would be low. Also, in the RD, taxation would be high. If you wish the high returns, then you have to choose equity. There is an option of monthly investment into direct stocks also available now, but unless you are very familiar and comfortable with stock markets, I would not recommend the same to you. Finally, for high returns, equity MFs would be a good instrument over such a long time frame of investing. In case you do not wish to take a high equity exposure, you could go in for an appropriate hybrid fund with an equity component as comfortable to you.

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Col. Sanjeev Govila(Retd)
Col. Sanjeev Govila(Retd)

Col. Sanjeev Govila(Retd)

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