I am 30 years old and plan to take out health insurance. ￡Cover of 50,000 rupees. Initially, I was planning to buy a policy from a web aggregator. However, brokers are currently underestimating the premium for the same plan. Is it correct to buy insurance policies from a broker?
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Brokers and web aggregators are all licensed entities regulated by insurance regulator IRDAI. Each of the different distribution entities has a set of rules and regulations that govern them. Among the various distributors, brokers are recognized as representing the insured rather than the insurer. Therefore, if you get a better product or price from a broker, you should choose this.
However, keep in mind that the prices of certain retail products are uniform. Price differentiation can occur with special products. In rare cases, insurance companies may offer discounts on insurance policies offered through certain channels, such as their website. Therefore, if you are getting a low price, double-check the product details and the rationale behind the discount.
I took out term life insurance ￡A serious illness of 500,000 rupees benefits the rider. I would like to know if this rider is beneficial in the long run or if I need to buy new health insurance by discontinuing a rider with a serious illness in the above policy.
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Riders with serious illnesses related to term life insurance will only cover certain illnesses. If you are diagnosed with any of these illnesses, you will be paid a lump sum. Serious illnesses are becoming more and more common. Therefore, maintaining this rider is of great value.
However, a serious illness plan does not replace a standard health insurance plan. Standard health insurance plans cover all types of health hospitalization costs except permanent exclusions.
Such hospitalizations have a higher incidence than serious illnesses. Also, in some cases, complications of normal illness can lead to very high hospitalization costs. Therefore, hospitalization compensation is mandatory.
Abhishek Bondia is the Chief Executive Officer and Managing Director of SecureNow.in.
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