This article reviews the IFFCO Tokio Critical Illness Benefit Policy which we think ticks the boxes on simplicity and generous sum insured. Here is a detailed look :
When it comes to health insurance, PSU insurers may not offer the friendliest products, but they certainly score on claims settlement and affordability. Here, we review an affordable policy from a PSU insurer with a good claim settlement record.
This insurance player has two critical illness covers on offer – the ‘Critical Illness Insurance Policy’ and the more recently launched ‘Criti Care Policy’.
We have shortlisted a set of critical illness plans, which we will start reviewing. We begin with the Activ Secure Critical Illness Plan by Aditya Birla Health Insurance, which we think is a good plan for high-income earners.
We’re starting our insurance review series with Star Health Young Star Insurance Policy. This is a policy designed for younger policyholders who are either single, or just married or in the early stages of their career.
The LIC Arogya Rakshak falls somewhere in between a hospital daily-cash policy and a critical illness cover. It is an individual health insurance plan from a life insurer that provides a definite benefit unlike indemnity health covers that only reimburse hospital expenses. It can be taken either on an individual or a family floater basis, with one member being the Principal Insured (PI).
The most popular of such endowment policies is a policy called the “LIC New Jeevan Anand”. It makes a simple, attractive proposition to its policyholders – pay a premium for ‘n’ number of years and get a fixed sum assured PLUS bonus at the end of this period. AND, when the policyholder dies post this period, the family will get the sum assured again. You benefit when you live and your family benefits when, eventually, you die!
Most of us buy insurance to make sure that our finances, or those of our dependants, are protected from fate’s sudden googlies. But what if the insurance company you’re relying on is in a shaky financial situation? This risk is not an outlandish one in India.
Recently, IRDA (Insurance Regulatory and Development Authority) asked Reliance Health Insurance Company to stop selling new health policies and to transfer its older policies to Reliance General Insurance Company, after finding that it was unable to maintain its solvency margins at statutory levels. In June 2017, IRDA had ordered Sahara Life Insurance to stop issuing new life policies and had directed its takeover by ICICI Prudential Life Insurance. The order was later overturned by SAT.
If you’re looking to buy a life or a general insurance policy, it is best to vet your insurer before signing up to avoid such uncertainties. What are the checks you can run to ensure that your insurer is in it for the long haul?