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Kindly advise on the medical insurance to take for me and my family

Q: I am 43 years old and I want to buy a shop to run classes. My wife is 37 years and draws a salary of INR 40,000 pm. My mother-in-law stays with us and is a widow. But she is financially secure. Both, my wife and mother-in-law, have medical insurance of INR 4 lakh each. I don’t have any. But now that I am on the verge of starting my own business for which I have taken a loan from the bank on the basis of my wife’s salary, I feel the need for a good medical insurance for all the three of us. I am looking for a policy that will cover all our major expenses in any eventuality. Kindly advise me on the medical insurance to take.

— Russell Rozario via website

A: Congratulations and good luck for your new venture. Your decision of taking a health insurance plan is apt. Besides your budget for premium, a recommendation for a suitable health insurance product would depend upon age, the current health condition and past health history of all family members. The first rule of buying a good health insurance plan is to choose an advisor-cum-service provider with care—someone who understands health insurance in detail and takes ownership of the entire service cycle from advisory to servicing to claims to renewals. In addition to health insurance, I would also recommend, for your wife and you, a comprehensive Personal Accident Insurance, which covers accidental death and disability and a Critical Illness policy, which provides a lump sum benefit cover on diagnosis of any major ailment. All these three policies put together, will fairly cover your family family’s needs.

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