Published in Mint on 14 July, 2015, Written by Abhishek Bondia I will be shifting to the UK in another five months. I already have a life insurance policy from a private insurer in India and have been paying the premiums. Do I need to take a new policy in the UK or will this […]
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Public liability policy gets triggered only after insured person gets a legal notice
Published in Mint on 4th June 2018. Written by Abhishek Bondia. I live on the third floor of a DDA flat in New Delhi. Recently one of the pots that I keep on my terrace fell down on the second floor. Though no one was hurt, my neighbor on the second floor is alleging that […]
Policy nominee needs to show valid ID, address proof
Published in Mint on 28th May 2018. Written by Abhishek Bondia. We found a life insurance document among the papers of my grandmother who passed away recently. What documents will we need? —Parakram Verma To make a death claim, you will need to submit the death certificate issued by the municipal corporation, along with the […]
Mortality rate for smokers is higher than for non-smokers
Published in Mint on 28 July, 2015, Written by Abhishek Bondia What is the difference between a fund switch and premium redirection? —Krishna Unit-linked insurance plans (Ulips) have several underlying funds. These funds vary in terms of their debt and equity exposures. An insured person can choose the proportion of funds to be allocated to […]
Packing for trip? Don’t forget insurance
Published in Mint on 19th May 2018. In between all the shopping for your next holiday abroad, don’t forget to take adequate travel insurance along with you. You get a travel insurance cover for both domestic as well as international trip. It is important to get an insurance cover for international trip as a medical […]
Most term insurance policies have zero surrender value
Published in Mint on 11 August, 2015, Written by Abhishek Bondia Can I change the premium payment frequency of a life insurance policy? If so, how do I go about doing it? —Hari Krishanan Yes, you can change the premium payment frequency of a life insurance policy. For instance, move from monthly premium mode to […]
The complete guide to Aadhaar
Published in Mint on 19th May 2018. If you have been reading about the Supreme Court verdict on Aadhaar, you might be wondering whether you should have an Aadhaar or not? The Supreme Court of India has ruled that Aadhaar, the country’s biometric identity system, is constitutional but not mandatory for all services. The court […]
No separate tax treatment for surrender value of policy
Published in Mint on 25 August, 2015, Written by Abhishek Bondia If I surrender my life insurance policy, do I have to pay income tax on the surrender value received? Does the tax treatment differ by plan type? —Firoz Sheikh Income tax provisions do not stipulate any separate tax treatment for surrender value of a […]
Q&A: Insurers are likely to decline life cover or increase premium for diabetes patients
Published in Mint on 14th May 2018. Written by Abhishek Bondia. I have type II diabetes and want to buy life insurance to protect my dependents. What are my options and what would be the premium? My family consists of my wife (40 years old) and son (10 years old). —Satish Bhowmick Insurers underwrite life […]
Most insurers offer several sub-plans under travel insurance
Published in Mint on 1 September, 2015, Written by Abhishek Bondia I have two-wheeler insurance. Can I cancel my policy midway? If so, how do I go about doing it? Is there anything I should keep in mind? —Nidhi Ghoshal You can cancel the policy mid-term. However, cancelling the policy can be expensive. The insurer […]