Pay your premiums regularly to keep the insurance in force Published in Mint on November 6th 2013, Written by Kapil Mehta I have an endowment policy. I will shift to Australia with my family at the end of the year. Do I have to surrender this policy? If not, how do I continue with it? […]
Articles Tagged: Life Insurance
New rules to protect policyholders
Published in Mint on 11th July, 2017 The Insurance Regulatory and Development Authority of India (Irdai) has notified new rules to protect policyholder’s interest. You can read the full notification here. While the regulations work towards ensuring that insurers settle all kinds of claims on time by defining the penalty on delays, there is much […]
Death claim can be made on more than one insurance policy
Published in mint on Apr 08 2014, written by Kapil Mehta My policy, for which I have paid premium for five years, has lapsed as I did not pay the premium last year. Can I revive it? —Gayatri Ramanath Reinstatement rules depend upon the insurer and type of insurance, i.e. whether it is unit-link or traditional. […]
Non-annual premiums are a bit higher than annual payment
Published in Mint on September 22th, 2013, Written by Kapil Mehta How does a critical illness rider along with a life insurance policy work? Should one go for it? —Atul Nagar Critical illness riders are optional extensions to your life insurance policy. They pay a fixed amount if you are diagnosed with any of the […]
Sahara Life is dying. What happens next?
Published in Mint on 6th July, 2017 The policyholders of Sahara India Life Insurance Co. Ltd (Sahara Life) may soon be dealing with a new insurer—ICICI Prudential Life Insurance Co. Ltd (ICICI Pru Life), which has expressed interest to take over the life insurance business of Sahara Life. Around 3 weeks ago, the Insurance Regulatory […]
Dignity, independence, insurance
Published in Mint on 19th June, 2017. Written by Kapil Mehta Her body lay unclaimed for 48 hours. The children had brought her, in failing health, to the hospital. After 5 days of intensive medical care, she died and her family could not afford the Rs50,000 hospital bill. Somebody did, finally, step in to pay […]
Easier to pay regular premiums than a big one-time payment
Published in Mint on 25th March 2014, Written by Kapil Mehta Should one opt for a single premium insurance product or a multiple premium product? —Jayesh Gupta A policy that requires a single premium payment has two advantages and one disadvantage. The first benefit is that you need not worry about renewal dates since no […]
If you want a high sum assured, you might not get insurance
Published in Mint on 28th January 2014, Written by Kapil Mehta What is the ideal duration for a life insurance policy? —Shikha I would recommend a term insurance until a person turns 65. That’s because most people retire by then. By 65, most would have created their financial assets and met family obligations. For investment-oriented […]
Buying insurance online is safe but read all the features before opting for one
Published in Mint on March 14 2017, Written by Abhishek Bondia I have been getting a lot of promotional emails from various online portals, telling me about lucrative life insurance plans. How reliable is buying a plan online? What should I keep in mind before purchasing any life insurance plans online? —Lavanya Rao A standard […]
How can Lapsed life insurance policy be reinstated by paying penalty
Published in Mint on Oct 22 2013, Written by Kapil Mehta If your sum assured is high, the insurer may ask you for a fresh set of medical tests I was detected with lung cancer about two months ago. My life insurance policy has a critical illness rider? How will this policy operate now? —R.N. Jha […]