Published in Mint on, March 9 2016, Written by Abhishek Bondia My father bought some policies on the suggestion of an agent who claimed to be a financial adviser from the Insurance Regulatory and Development Authority of India (Irdai). He said these policies are just one-time investments and took a total of Rs.6.16 lakh. He […]
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Pre-existing ailments are not covered for specified periods
Published in Mint on, March 03,2016, Written by Abhishek Bondia I am 31 years old and underwent laparoscopy for kidney stone removal in 2011. A health insurance company said I won’t be covered for any kidney-related procedure for the next two years and my premium will be higher than for a normal person (without medical […]
Ulips allow free switching of funds for a few times
Published in Mint on, Jul 09 2013, Written by Kapil Mehta I had a pension policy and an endowment plan for which I have not been paying premiums for the last three years. Is it better to keep the endowment policy as paid up till maturity (2023)? The vested bonus amount is Rs.1.94 lakh in […]
Underwriting in critical illness plans is more stringent
Published in Mint on, Jul 02 2013, Written by Kapil Mehta I am looking for a health insurance policy for my father aged 52. He is a tobacco user (consumes 6-7 sachets of gutkha in a day). If we take a health policy without disclosing this fact and later in case he suffers from any […]
Cancellation of motor insurance policy may be expensive
Published in Mint on, Jun 18 2013, Written by Kapil Mehta I met with an accident recently and my knee was fractured. Now I have recuperated. I want to know if ever the need for a knee replacement arises, will it be considered as a pre-existing disease? —Priyanka Singh When you decide to go in […]
Typical premium loading for diabetes is 75-100%
Published in Mint on, Jun 11 2013, Written by Kapil Mehta What is a double accident life insurance policy? —Preetam Insurers have some way to go in making their product propositions and advertisements unambiguous. For example, double accident benefit could mean a benefit paid if you have an accident twice. Actually the phrase “double accident […]
For group health insurance you need to cover 10 lives
Published in Mint on, Jun 04, 2013, Written by Kapil Mehta I am 53 years old and self-employed. Is it possible to take group health insurance? —Jagadish CA There are two requirements that you will need to fulfill to buy group health insurance. First, you need to cover at least 10 lives. Second, the lives […]
Not many insurers offer term cover to those over 60
Published in Mint on, May 28 2013, Written By Kapil Mehta Are there life insurance policies for someone above the age of 60? How can I get it? I want to get a policy as my granddaughter is dependant on me. —Kajal Life insurance to take care of your grandchild is a lovely legacy to […]
Shopkeeper’s insurance is a standard pre-packaged policy
Published in Mint on, May 21 2013, Written By Kapil Mehta I own a small convenience store in Mumbai. Please tell me what all are included in shopkeeper’s insurance. How important is it to have such a policy? —Rajesh Shah Shopkeeper’s insurance is a standard pre-packaged insurance policy which is relevant for convenience. Two key […]
Several life insurers offer immediate annuities
Published in Mint on, May 14 2013, Written by Kapil Mehta I am 29 years old and have a term insurance with a premium of Rs.16,500 for Rs. 1 crore cover. I bought it last year. Recently, I saw that the same company has also launched online term insurance, which is cheaper by Rs.4,000. Will […]