How to choose the best health insurance policy for your family?


I am 38 years old and father of two children (8 years old and 14 years old). I want to buy health insurance. Considering the Covid scenario and increasing medical costs, I want to get decent insurance coverage for my family at the best possible price. Please guide the best way to get this.

hard kumar

First of all, you are making the right choice, but if you had taken out health insurance earlier, it would have cost you a little less. In order to obtain the highest sum insured at low cost at this age, we offer the following options:

Option 1:

Manipal Cigna Pro-Health Protect Plan

Sum insured – 10 lakes

Prime – – 25,749/-

Super add-on plan with 10 lakh deductible

Sum insured – 30 lakh

Prime – – 2,489/-

Option 2:

The “Super Saver combo” of Niva Bupa’s “Reassure plan” with SI of 10 Lacs + “Super Top-up Refill” of 90 lacs @ the lowest possible price for an assured sum of 1Cr. The premium for the sum insured of 10 Lacs in Reassure package: 24,788/- & Premium for SI of 90 Lacs in Super top-up Recharge – 2,208. Total premium 26,996.

I am 35 years old and work in the private sector. I have a 6 year old daughter studying in Class 2. My investment is as follows: SIP Mutual Funds: Rs. 2000 per month in 3 UCITS since April 2017

SBI Targeted Actions

Kotak Equity Opportunities Fund

Kotak Bluechip Fund

NPS: 2000 per month since April 2018.

PPF: Rs. 1500 per month since April 2014.

APY (Atal Pension Yojana): Rs. 640 per month contribution up to age 60. It will make me Rs. 5000 per month after retirement. Health insurance: HDFC Ergo – Rs. Coverage of 20 lakes. Life insurance: ICICI PRU – Rs. 1 crore cover

Abishek Upadhyay

First let me commend you for your understanding of the importance of financial planning and investing in securing the future at such a young age. All your traditional investments are going in the right direction, ie NPS, PPF and insurance coverage seems sufficient at this point. But existing investments (SIP) in mutual funds would 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 in order to build up the healthy corpus for your retirement. You can consider rebuilding your MF portfolio into Large & Mid Cap, Flexi Cap, Mid Cap and Value share classes. 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.

Questions answered by Sanjiv Bajaj, Co-Chairman and Managing Director of Bajaj Capital. Queries and views to [email protected]

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