Published in Mint on 30th Dec 2015, Written by Abhishek Bondia I missed paying premium for a few months. Can I start paying again? Would there be any charges? —Jayashankar If you do not pay renewal premium within the grace period after the due date, the policy lapses. You can revive your policy by restarting […]
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Can standardisation of exclusions in health insurance policies help customers?
Published in Mint on 31st July 2018. Malti Jaswal, chief operating officer, Health Insurance TPA of India Ltd Need to rationalise scope of exclusions One of the most contentious issues, which is also the reason for the highest number of grievances lodged by health insurance policyholders, pertains to “exclusions” under a health insurance contract. As more […]
Health cover should be at least 50% of your annual income
Published in Mint on 6th Jan 2015, Written by Abhishek Bondia How much insurance is needed to cover my entire family? —Danish The right amount of coverage depends on the kind of hospitals you prefer, age and health conditions of your family members. Healthcare costs vary significantly by hospital and the facilities opted in a […]
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 […]
Life insurance can be cancelled within 15 days of receipt
Published in Mint on 13th Jan 2015, Written by Abhishek Bondia I wanted to buy term insurance of Rs.2 crore and paid a premium of Rs.16,606. But after the medical check-up, the insurer increased the premium by Rs.8,938. To my surprise, they cited the reason as tobacco consumption, which I have never done in my […]
Life cover should be 10 times a person’s annual income
Published in Mint on 27th Jan 2015, Written by Abhishek Bondia I cannot afford the life cover I require. Can I do anything to lower the cost? —Rakesh Gulati It is advisable to take a life cover that’s 10 times a person’s annual income. For a 30-year-old, the premium works out to be less than […]
A life cover above Rs.15 lakh usually requires a medical test
Published in Mint on 24th Feb 2015, Written by Abhishek Bondia My insurance policy says that charges will be deducted from the fund. How does this work? —Pulkit Chandra Your unit-linked fund value is estimated as number of units multiplied by the unit value. Unit values are updated each day by insurers. The way in […]
Growth option in Ulips suitable for younger policyholders
Published in Mint on 17th March 2015, Written by Abhishek Bondia What is the ideal duration of a term insurance policy? —Harish Sathe A term life insurance policy should be taken to cover the prime income generating years of an individual. Death in these years causes the dependants of the individual major loss in terms […]
Critical illness cover is cheaper if bought with term plan
Published in Mint on 31st March 2015, Written by Abhishek Bondia I am 30 years old and plan to buy a term plan. What type of plan should I go for? Are there any riders that I can take? —Eric Limaye You should go for a term insurance that covers you at least till 65 […]
Fuzzy logic in health cover contracts
Published in Mint on 23rd June,2014, Written by Kapil Mehta Insurance contracts are one-sided. You see it after paying and completing your medical tests. There is little you can do to change the contract. Last year, the Insurance Regulatory and Development Authority (Irda) standardized definitions for several diseases and terms in health insurance contracts. This […]