Best family floater health insurance plan


Sandeep Goyal , Punjab 
Age – 32
Annual Income – 5 Lakhs
Wife Age – 27
Daughter Age – 18 months
2 LIC Jeevan Lakshay policies- sum assured 5 lakhs — (16300 , 12270 annual premium)
LIC Single Premium Policy —  Sum assured 5 lakhs 

Q:
I have taken the mentioned insurance … want to know whether have I chosen the right plans or do I need to make changes….
I want to take a term plan of 1 crore & medical plan(for family) 10 lakhs … kindly suggest which company offers a good term plan …. 

Ans:
LIC Jeevan Lakshya is a low return traditional plan and gives you the Sum Assured as the Death Benefit. In case of death of the policyholder, the nominee will get 10% of the Sum Assured every year till the end of the policy term in addition to 110% of the premiums paid. So from a protection perspective this does not offer much benefits. For maturity benefits you can expect between 4 to 6% returns as this is the usual range of benefits in such plans. I am not a big fan of traditional plans as they do not offer good returns. I am also not a big fan of single premium plans as they don’t offer adequate cover for the amount of money invested. The bad thing about traditional plans is that the cost of exit is very high. You hardly get back any money in case you choose to exit it. If you are OK with the low returns plans and don’t want to take much risk, please continue with these plans, else just forget the premiums which you have paid and get into low cost ULIPs with term of 10 years or more.
Great that you are planning to take a term insurance plan – they are the best form of protection. Take an online term plan. Some of the options and the annual premiums are as mentioned:
AEGON Life – Rs. 9,504
Max Life – Rs. 9,504
ICICI Prudential iProtect Smart – Rs. 10,093
HDFC Click 2 Protect Plus – Rs. 11,962
The premiums are for a term period of 30 years for a non-smoker.
Health insurance plan options for 10 lakhs:
Religare Care – Rs. 14,553
Tata AIG Mediprime – Rs. 15,462
Apollo Munich Optima Restore – Rs. 16,353
HDFC Ergo Health Suraksha Silver – Rs. 19,079

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