Published in Mint on, Oct 09 2012, Written by Kapil Mehta I am 66 years old and have a unit-linked insurance plan (Ulip) for which I have paid three regular premiums totalling Rs.1.6 lakh. I don’t want to pay further. How much surrender value will I receive? I want to invest this amount in mutual funds […]
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Working couples should have separate term insurance covers
Published in Mint on, Sep 25 2012, Written by Kapil Mehta I want to buy an insurance policy for my wife and daughters aged two and four years. I have an endowment plan for which I pay a premium of Rs.22,000 per annum. What kind of policy should I opt for my wife and kids? […]
Insurance contracts need to be direct, transparent
Published in Mint on, Sep 12 2012, Written by Kapil Mehta Over the past year, I have received several complaints about insurance contracts. Often these contracts have vague conditions and include clauses that are patently unfair to policyholders. Since customers receive the policy contract at the end of a long sales process, they normally do […]
Insurers typically don’t allow hiking cover
Published in Mint on, Aug 29 2012, Written by Kapil Mehta My father bought a whole-life insurance policy worth $1,000 (about Rs.55,000) in 1965. He passed away in January 1996. The insurance company contacted us with very little information about the amount. How will we know if they are paying the correct amount? —Angela Baxter […]
Surrender charges in whole-life insurance plans are high
Published in Mint on , Aug 14 2012, Written by Kapil Mehta My company has a group term life insurance for all the employees. If I leave the company, can I pay my own premiums and continue enjoying the term insurance benefit? —Azhar K. You will lose the term insurance benefit when you shift companies […]
Ask Mint Money | It’s not a good idea to split life insurance with multiple insurers
Published in Mint on, Aug 01 2012, Written by Kapil Mehta I am 32 years old and unmarried. However, my 63-year-old mother is dependant on me. I want to take a life cover so that if something happens to me, at least she is monetarily safe. Currenlty, what are the options available? —Neel Purchase a […]
Ask Mint Money | Premiums for smokers are about 50% higher than non-smokers
Published in Mint on Jul 18 2012, Written by Kapil Mehta I am 28 years old. I plan to buy a term insurance of Rs1 crore. How are premiums for smokers calculated? —Abhigyan Most insurers have higher premiums for smokers because of the increased health risk. There is no standard approach and each insurer takes […]
Ask Mint Money | If your work involves physical risk, buy accidental death rider
Published in Mint on, Jul 04 2012, Written by kapil Mehta I purchased a unit-linked insurance plan (Ulip) in April for my daughter, aged 22 years, for 15 years. I pay Rs 5,000 every month for it. Is this the correct way of investment? —V.G. Karnik This is a good investment because you are investing […]
Ask Mint Money | Some firms do not differentiate between smokers, non-smokers
Published in Mint on, Jun 19 2012, Written by Kapil Mehta I am 58 years old and have term insurance of Rs 50 lakh which will expire in another two years. However, my children are too young right now. I want to have a cover for myself even after 60 years of age. What are […]
Ask Mint Money | Keyman and term: structure same, aim and tax treatment different
Published in Mint on, Jun 05 2012. Written by Kapil Mehta I have three unit-linked insurance plans or Ulips—total sum assured is Rs 35 lakh. A friend is asking me to buy another endowment plan, which gives a cover for life. Should I buy? —Puja Ahuja An endowment with insurance cover for life does a […]