India is a land of spices and when we think of spicy food, one word that comes to our mind is – red hot chilli! Known for their hot flavour, chillies are primarily used as spice under various dishes and for other culinary purposes. It contains a bioactive plant compound called capsaicin, which gives chilli […]
Media
To cancel a policy after free-look period, you can surrender it
Published in Mint on 9 February, 2016, Written by Abhishek Bondia I am a 27-year-old man. I am married but do not have children. I earn Rs.8 lakh a year and we have a family income of Rs.15 lakh. I have three endowment policies with a total cover of Rs.35 lakh. Should I continue these? […]
It is not recommended to buy an annuity plan that starts payout after the age of 90
Published in Mint on 26th February 2018. Written by Abhishek Bondia I am 55 years old. One of my nieces has joined an insurance company as an agent. She is proposing that I take a life insurance policy that will give me a regular income after I reach 90 years of age. After my death, […]
Standard car insurances exclude engine seizure due to water
Published in Mint on 16 February, 2016, Written by Abhishek Bondia I live in Chennai and during the floods last year, I was stuck in the rains in my car. It stopped mid-way in a partially submerged lane and wouldn’t start. When I claimed for the repair, the insurance company refused to pay my claim […]
Impossible to say which is the best insurer in India
Published in Mint on 21th February, 2018. Written by Kapil Mehta I am often asked who the ‘best’ insurers are? I try to dodge that question because the answer requires a detailed analysis of what one is looking for. When Alice in Lewis Carroll’s stories asks which way she should go, the Cheshire Cat wisely […]
Have life insurance of around 10 times your annual income
Published in Mint on 23rd February, 2016, Written by Abhishek Bondia I am 26 years old and had taken LIC Jeevan Anand Policy (149) in 2015. I pay a premium of Rs.48,018 for a sum assured of Rs.10 lakh. I had planned to surrender the policy after four premium payments but the agent suggested to […]
Pet owners can buy insurance to pay for legal fees and compensations
Published in Mint on 19th February, 2018. Written by Abhishek Bondia We live in a small housing cooperative society that has 20 units. Recently, one of the members took a ferocious-looking dog as pet. It is very harmless now but could become a problem later on as such dogs are known to be aggressive. Is […]
Getting intermediary compensation right
Published in Mint on 17 February, 2016, Written by Kapil Mehta Earlier this year, the Insurance Regulatory and Development Authority of India (Irdai) issued an exposure draft on compensation for insurance intermediaries such as agents and brokers. The number of industry stakeholders who have responded to the draft is among the highest ever. Why? Because […]
New regulator should move away from micro-managing
Published in Mint on 19th February, 2018. Mint’s Insurance Conclave 2018 in Mumbai, held on 13 February, saw a discussion on IPOs and changing market trends in the life insurance industry. The panelists included Amitabh Chaudhry, managing director and chief executive officer, HDFC Standard Life Insurance Co. Ltd; Arijit Basu, managing director and chief executive […]
Your friends cannot be the beneficial nominees of a life insurance policy
Published in Mint on 12th February, 2018. Written by Abhishek Bondia I am single and have no dependents. Can I buy an insurance policy and make my friend a beneficiary? I have taken some loan from him, which I am repaying regularly. —Rohit Bhatia Yes, it is possible to make a friend a nominee in […]