I am 38 years old and am a father of two kids (8 years and 14 years). I want to buy a health insurance plan. Considering the COVID scenario and the increased medical expenses, I would like to get a good insurance coverage for my family at the best possible cost. Please guide the best way to achieve this.
,Harsh Kumar
First of all, you are taking the right steps, although it would have been a bit cheaper if you had bought health insurance earlier. In order to get a higher sum insured at a lower cost at this age, we suggest the following options:
Option 1:
Manipal Cigna Pro-Health Protect Plan
Sum Assured – 10 lakhs
premium – – 25,749/-
10 lakh deductible super top-up scheme
Sum Assured – 30 lakhs
premium – – 2,489/-
Option 2:
Niva Bupa’s “Super Saver Combo” of “Reassure Plan” with SI of 10 Lakhs + “Recharge Super Top-up” of 90 Lakhs @ lowest possible pricing for Sum Assured of 1 Crore. Premium for Sum Assured of 10 Lakhs in Reassure Plan: 24,788/- and Recharge Super Top-up Premium for SI of 90 Lakhs – 2,208. total premium 26,996.
I am 35 years old and I work in private sector. I have a 6 year old daughter who is studying in class 2. My investments are as follows: Mutual Fund SIP: Rs. 2000 per month in 3 mutual fund schemes since April 2017
SBI Focused Equity
Kotak Equity Opportunities Fund
Kotak Bluechip Fund
NPS: 2000 per month from April 2018.
PPF: Rs. 1500 per month from April 2014.
APY (Atal Pension Yojana): Rs. 640 per month contribution up to 60 years. It will give me Rs. 5000 per month after retirement. Health Insurance: HDFC ERGO – Rs. 20 lakh cover. Life Insurance: ICICI PRU – Rs. 1 crore cover
,Abhishek Upadhyay
First of all let me congratulate you for your understanding about the importance of financial planning and investing to secure the future at such a young age. All your traditional investments are going in the right direction i.e. NPS, PPF and insurance coverage also looks adequate at this stage. But the current investment (SIP) in mutual funds will not be enough to secure your future goal. We suggest that you increase the Monthly Contribution (SIP) at regular intervals with each increase in your income to build a healthy corpus for your retirement. You can look at restructuring your MF portfolio in equities of large and mid cap, flexi cap, mid cap and value categories. Suggested funds are ICICI Pru Large & Mid Cap, Parag Parikh Flexi Cap, Kotak Emerging Equities and SBI Contra Fund. This way your portfolio will be diversified across categories and AMCs. It is also advisable to review your portfolio at least once a year.
Sanjeev Bajaj, Joint Chairman and MD, Bajaj Capital answered the questions. Questions and thoughts at mintmoney@livemint.com