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How to File a Fire Insurance Claim

Published in Economic times on Apr 29 2016, Written by Kapil Mehta A fire entails not just tremendous physical and financial damage, but also a fair amount of emotional and mental trauma. Nobody expects a fire, so it’s important to be prepared for how to deal with one, if it ever does occur. The aftermath […]

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Survival period in a critical illness rider is usually 90 days

Published in Mint on  Apr 19 2016, Written by Abhishek Bondia When is the payment made if one has a critical illness rider with a life insurance policy? —Biju Jose The benefit of a critical illness rider is paid when the insured is diagnosed with one of the specified illnesses and lives through the survival […]

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Two insurance policies will not reimburse for the same expense

Published in Mint on Apr 12 2016, Written by Abhishek Bondia   Can I take a health insurance plan for my parents who are senior citizens? Are there any tax benefits that I can avail of if I pay the premiums for the insurance policy? —Shalin Gupta Yes, you can be a proposer for your parents’ […]

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Maturity of child plan should be linked to important milestones

Published in Mint on  Apr 05 2016, Written by Abhishek Bondia Are there circumstances under which a life insurance company might refuse to pay for claims? —Ayush Khatri One exclusion allowed in a life insurance contract is suicide in the first policy year. Apart from this, the insurer can deny a claim if there has […]

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Buying single life plans is more cost effective than a joint policy

Published in Mint on March 22 2016, Written by Abhishek Bondia Will claims be given in suicide cases? If not, are there are any exceptional clauses under which suicide cases will be considered? —Harish Nair Suicide is a standard exclusion for the first year in all individual term life insurance policies. After the first year […]

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Insurers don’t classify smokers based on smoking intensity

Published in Mint on, March 9 2016, Written by Abhishek Bondia My father bought some policies on the suggestion of an agent who claimed to be a financial adviser from the Insurance Regulatory and Development Authority of India (Irdai). He said these policies are just one-time investments and took a total of Rs.6.16 lakh. He […]

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Pre-existing ailments are not covered for specified periods

Published in Mint on, March 03,2016, Written by Abhishek Bondia I am 31 years old and underwent laparoscopy for kidney stone removal in 2011. A health insurance company said I won’t be covered for any kidney-related procedure for the next two years and my premium will be higher than for a normal person (without medical […]

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Ulips allow free switching of funds for a few times

Published in Mint on, Jul 09 2013, Written by Kapil Mehta I had a pension policy and an endowment plan for which I have not been paying premiums for the last three years. Is it better to keep the endowment policy as paid up till maturity (2023)? The vested bonus amount is Rs.1.94 lakh in […]

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