Published in Mint on, Jan 29 2013, Written by Kapil Mehta My electronic items are under warranty. Do I still need to insure them? —Hemant You do not need to get an all-risk cover or a machinery breakdown cover for electronic items. A simple burglary and fire insurance should do. We had cashless treatment pre-approved […]
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Life insurance is good for goals that are five years away
Published in Mint on, Jan 22 2013, Written by Kapil Mehta I am 30 years old and my mother and wife are dependant on me. I want to buy a life insurance policy. What are the important questions that I need to ask an insurer before buying a policy? Also I want to buy a […]
For home insurance, inform insurer when going out of town
Published in Mint on, Jan 15 2013, Written by Kapil Mehta I am 56 years old and I am a cardiac patient. I recently suffered a cardiac arrest. When buying a health insurance policy for myself, what are the things I should keep in mind? —Kamal Das Unfortunately, you will find it difficult to secure […]
In insurance no-medical, short-cut option can cost more
Published in Mint on, Jan 10 2013, Written by Kapil Mehta I learnt the hard way that life insurance is a product that everybody needs but nobody wants. Twenty years ago when I began my career in a consumer goods company, I was astonished at the pace at which high-end cosmetics flew off retailer shelves. […]
Make sure to disclose health status in the proposal form
Published in Mint on, Jan 08 2013, Written by Kapil Mehta I have been told that insurers deny claims on flimsy grounds. How can I be sure that my claim will get paid? —Sachdeva The claims that get denied are typically for gross non-disclosure. For instance, if a person on frequent dialysis or who has […]
When do you get overseas health cover
Published in Mint on, Dec 25 2012, Written by Kapil Mehta I am getting married next year. Are there plans to cover weddings? If yes, what are these and where can I buy them from? —Remya My first reaction to your question was that the best wedding insurance is to find a spouse who will […]
Most endowment plans have low underlying returns
Published in Mint on, Dec 18 2012, Written by Kapil Mehta I bought a term insurance plan of Rs.50 lakh in 2010. My salary has increased and I want the amount to be Rs.90 lakh. Should I buy another term plan of Rs.40 lakh or is there a way to increase the amount in the […]
Insurers give specific tips on how to look after insured paintings
Published in Mint on, Dec 11 2012, Written by Kapil Mehta My father gifted me a painting by M.F. Hussain 20 years ago and it must be very valuable now. How can I insure it? —Prerna Art insurance is a standard product. There are three aspects for you to consider: what is the value of […]
In highest net asset value plans, guarantees come at a cost
Published in Mint on, Nov 20 2012, Written by Kapil Mehta Last year, I had to open a locker with a private bank. To do so, the bank asked me to buy a policy guaranteeing the highest net asset value, or NAV, (ICICI Pru Pinnacle Super – LP) with a payment term of five years. […]
How much insurance should you buy?
Published in Mint on, Nov 06 2012, Written by Kapil Mehta I am 45 years old and I have a term insurance of Rs.60 lakh. I bought an investment-linked life insurance with a sum assured of Rs.30 lakh last month. The only investment other than this is my provident fund (PF). However, I would like […]