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Is it worth to take term insurance even if my organisation provides me mediclaim & life insurance?

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Kalyani Narayanan Kalyani Narayanan
Answered on December 17,2022

If you leave your company, your medical and life insurance will stop existing.  Most of the companies do not offer sufficient term life cover.  The health insurance cover also may or may not be enough.  

You need to have at least 20 times your annual salary as term life insurance….  DO NOT depend on your company to protect your family if you die.  So, please take term insurance on your own regardless of what your company offers.

For health insurance, find out how much cover you company gives.  You take TOP UP cover on your own.  For example, if the company gives you Rs 3 lakhs cover, you take top up policy for Rs 10 or 20 lakhs with Rs 3 lakhs deductible.   This means, up to Rs 3 lakhs, your company will cover you.  From Rs 300001 to Rs 20 lakhs your own policy will cover you.  

Even if you decides to leave your firm and on a break and God forbid you have to be hospitalized, your exposure is limited to only up to Rs 3 lakhs.   

Taking full Rs 20 lakhs health insurance would be much more expensive than taking top up policy for Rs 20 lakhs. 

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