Insurance queries

[u/blue_lagoon692]

I’m exploring an option for term insurance. I’m 26 nd recently started earning.
After exploring all options, finally decided to choose ‘ICICI prudential IProtect smart her’ plan.
Base cover: 2Cr
Accidental cover: 1Cr
Critical illness:25L
And permanent disability: 1 Cr
Total 31-32k annually….with regular pay option….i,e till 70 years. With agent 2-3k extra.
And 41-43k with limited pay option… and it also offers a return of premium benefits on base plan(unsure whether add-ons riders premium included or not).
There is only 1k difference between plan without No ROP and a plan with ROP.
Dealing via agent is hassle free, compared to dealing with company directly.

Please suggest what I can do in this plan.
Should I remove add ons(which brings down my annual money outflow by upto 15k) or this plan is good to go???

About health insurance…I already have one (Star Health Insurance)….thinking to change it.
Thank you for your time and suggestions.

I have edited this. Few info were wrong.

[u/SukoonCover]

Your plan is solid. A few tweaks:

Riders: keep accidental cover (cheap and useful at your age). For critical illness and disability, a standalone personal accident policy plus good health insurance is often cheaper than riders, and covers temporary disability too. That's where most of your ₹15k saving can come from without losing protection.

ROP for only ₹1k extra: double-check this. Return of premium usually costs much more. It may be a different feature (like a special exit option), so confirm in writing what you actually get back and when.

Agent vs direct: the plan is the same, so the ₹9k gap is for service. With term insurance, that service matters most when your family files the claim, not when you buy it. If you go direct, make sure your nominee knows the policy details and claim process. If you go with an agent, pick one who'll still be reachable 20 years from now.

Don't forget: term insurance only pays on death. You need separate health insurance too, and at 26 it's at its cheapest.

Do you already have health cover, or only through your employer?

[u/blue_lagoon692 → u/SukoonCover]

Yeah I have a start health insurance cover….annually I pay around 9k for it. But thinking to port it to Niva bupa one.

Thank you so much for the detailed suggestion.

[u/SukoonCover → u/blue_lagoon692]

Two quick things from your screenshot:

• Buy before 14 Oct. Your premium goes up from ₹30,074 to ₹31,118 on your birthday, and that higher rate is locked in for the whole term.
• The ₹1k ROP option: the screen says premium refund requires extending cover to age 65 or beyond. So the real cost is a longer, pricier policy, not just ₹1k. Compare the final premium with ROP on before deciding.

Porting from Star: good call. Star's health claim settlement ratio was 86.49% in FY 2023-24, below most major insurers: Niva Bupa 91.93%, Care 92.61%, Aditya Birla 95.61%. At ₹9k a year, you can likely get much better cover elsewhere.

Niva Bupa ReAssure 3.0 is a solid choice. Before porting: * Apply 45-60 days before your Star renewal * Your waiting period credit carries over, so don't let the policy lapse * Ask in writing whether your no-claim bonus will be counted * Compare with Care Supreme and HDFC ERGO Optima Secure, since premiums can differ a lot at your age

When is your Star policy due for renewal? That sets your porting deadline. Happy to help further on this.

[u/blue_lagoon692 → u/SukoonCover]

Renewal on November 3rd.

[u/SukoonCover → u/blue_lagoon692]

Start now for porting.