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 […]
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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 […]
Insurance footnotes you wish you had read earlier
Published in Mint on, Nov 05 2012, Written by Kapil Mehta The thing about insurance is that you realize its value (or lack thereof) only at the time of making a claim. A claim denied or not fully paid for a reason that you were not aware of may really hurt. I get such complaints […]