Published in Mint on 22nd July 2014, Written by Abhishek Bondia I am 35 years old and as of now, I only have a term plan of Rs. 40 lakh. What health cover would you recommend for me? —Madhur Gupte You should not mix health and term covers, as these are unrelated. Term plan is […]
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Switch health insurance 45 days before the renewal date
Published in Mint on 19th Aug 2015, Written by Abhishek Bondia What is the best time to switch between health insurance policies? The one I have has many useful features but is too expensive. I think I can get similar features with a collection of policies at a lower cost. —Kasturi Bhanuj The best time […]
Nature of commercial activity decides risk value
Published in Mint on 16th Sept 2014, Written by Abhishek Bondia I have read that with regards to home insurance, the claim can get rejected if there are commercial activities happening in the premise. Does this mean that if I offer tuition in my house, my claim can get rejected? —Sanjay The type of activity […]
Deductible is the amount of loss borne by the insured
Published in Mint on 14th October 2014, Written by Abhishek Bondia Someone recently told me about event insurance. Is it absolutely necessary to take this sort of insurance for my daughter’s wedding? —Satish Apart from third-party liability insurance for your car, no other insurance is mandatory in our country. However, I recommend buying event insurance […]
Add-on plans are better than having two health policies
Published in Mint on 24th March 2015, Written by Abhishek Bondia My car was slightly damaged in an accident. Should I make a small claim or wait to avail the no-claim bonus? —Aakash Tripathi You should lodge a claim if the potential claim receivable is more than the no-claim bonus. Typically, if the car is […]
Disclose all facts accurately in mediclaim proposal form
Published in Mint on 24th June 2014, Written by Kapil Mehta I am a 50-year-old male. I was a smoker for about 20 years, till the age of 45. Do I need to disclose this while purchasing a health cover? What effect will this have on the premium? —Puneet Ishrat Be as precise as possible […]
If nominee not defined, legal heir of deceased gets insurance amount
Published in Mint on 30th July 2018. Written by Abhishek Bondia My wife and I have a combined annual income of about ₹15 lakh. She has a unit-linked insurance plan (Ulip) with a sum assured of ₹5 lakh, which was bought five years ago. I don’t have any insurance as of now. How much cover […]
Government takes charge of insurance
Published in Mint on 29 February, 2016, Written by Kapil Mehta The government has had a strong insurance track record over the past year. And the insurance industry has grown well. Life insurance, which has been in doldrums for long, is looking up again. The year-to-date growth at 16% is the highest in the past […]
Larger family floater Policy better than individual top-up plans
Published in Mint on 7 April 2015, Written by Abhishek Bondia If I take a family floater policy of Rs.20 lakh. How will it be divided among family members? What combination will be suitable—a family floater or individual covers along with top-ups? What should be the term for it? —Ajit A family floater policy is […]
Critical illness plans for cancer pay a lump sum if the disease is diagnosed
Published in Mint on 25th June 2018. Written by Abhishek Bondia. What does hypothecation mean? Does it apply to personal accident policies too?—Senthil Hypothecation refers to pledging an asset to a lender. In the event of a default, the lender can confiscate the asset to recover its dues. When an asset is mortgaged, its insurance […]