Mr. Sharma, a working professional, purchased a term life insurance policy with adequate coverage. He diligently paid the premium for the first three years. However, a sudden medical emergency in the family disrupted his financial routine. Amid this chaos, he missed making a life insurance premium payment in the fourth year. Mr. Sharma thought he […]
Articles Tagged: insurance premium
How Does Inflation Impact Your Insurance Premiums?
Inflation has a wide-reaching impact on almost every sector and aspect of the economy. One of the less discussed but equally significant sectors where inflation plays a pivotal role is insurance. Whether it is life, auto, health, or property insurance, inflation can profoundly impact the cost of coverage. Understanding how inflation impacts your insurance premium […]
Insurance premiums, including top-ups, get income tax deduction
Published in Mint on Jan 05 2017, Written by Abhishek Bondia I have a 10-year unit-linked insurance plan (Ulip) with an annual premium of Rs30,000. I have received a performance bonus that I want to invest in the same Ulip as a top-up. Will I get a tax deduction benefit on this also under section 80C […]
More payment for distributors sought
Published in Mint on Jan 14 2016 The Insurance Regulatory and Development Authority of India (Irdai) came out with a draft circular on the payment of commission to insurance agents and intermediaries on Wednesday. The Insurance Laws (Amendment) Act, 2015, gives powers to Irdai to decide remuneration structure for distributors. The draft also specified rewards […]
Sum assured increase from Rs25 lakh to Rs50 lakh will not double your insurance premium
Published in Mint on April 17 2017, Written by Abhishek Bondia Why should I consider buying a high sum assured on my family health insurance plan? Would I practically need a sum assured of more than Rs5 lakh? Most hospitalizations and medical procedures cost much less. For example, a cataract operation does not cost even […]