Why you should buy a separate personal accident insurance policy even if provided by employer

I am 34 years old and have an accident insurance cover of Rs 57 lakh, provided by my employer. I am planning to buy a separate personal accident insurance policy with a cover of Rs 25 lakh. Is it advisable?

Yashish Dahiya Co-Founder and CEO, Policybazaar.com replies: It is best that you have an individual personal accident policy in addition to the employer provided insurance to secure your needs and liabilities under all circumstances. Given your age, it is advisable that you opt for a cover that is at least 10-times your annual income. Please ensure the policy also covers disabilities, both permanent and temporary, besides death. Alternatively, you can look at buying a term plan with a personal accident rider. It will provide a more comprehensive cover against both death and disabilities.

I am 33 years old and my husband is 35. We have two kids aged seven and two. I want to purchase a health insurance policy that will cover my family. Please advise

Raj Khosla Founder and Managing Director, Mymoneymantra.com replies: "You should buy a family floater health insurance policy with a sum insured of at least Rs 15-20 lakh. Since you will keep the insurance for several years, the cover must be large enough to meet rising medical costs. Buy a health insurance plan that has no room rent cap or disease-specific limits. Look for plans where the waiting period is not more than three years and opt for a policy from an insurer whose claim settlement ratio is over 85%. This information is available on insurance companies' websites and other third party portals."