The meaning of Life Insurance means that it covers an individual and the individual takes it by themselves. The primary goal of this cover is to provide a measure of financial security to the policyholder’s family in case of the holder’s demise. Besides this, there may be several other riders and clauses added to the […]
Articles Tagged: Life Insurance
Conflicts of interest hurt the business of insurance
Published in Mint on 6 December 2015, Written by Kapil Mehta Businesses deal with conflicts of interest routinely. Most such conflicts are harmless. The worst outcome of a pushy, incentive-driven salesperson is that like P.G. Wodehouse’s Bertie Wooster you, too, may end up with horrible purple socks never to be worn. In some cases, though, […]
What is the meaning of An Insurance?
The concept of insurance originates from the principle of sharing the risks by a large group to reduce the burden on the few. Insurance, in the realm of risk management techniques, embodies the concept of ‘Risk Transfer.’ Here, individuals or entities shift the burden of potential losses to an insurer. By doing so, they seek […]
What is covered in a Term Insurance Policy?
A term insurance policy is the simplest and most inexpensive form of life insurance available to an individual’s life. Under this policy, the insurer promises to pay a large sum assured amount to the nominee of the insured individual, in case the insured dies within the policy term. There are many benefits of the term […]
What is the difference between Term Life and Whole Life Policy?
Let’s see what is the difference between Term Life and Whole Life Policy- Term life insurance– is purely an insurance policy, for a set duration of time. The only purpose of the policy is to secure an individual against loss of life and on the expiry of the term, there are no maturity benefits. Once […]
Individual life insurance is relatively more economical than joint life plans
Published in Mint on Nov 25, 2016, Written by Abhishek Bondia I want to extend my life insurance coverage to include my wife. Should I go for it or would it just be better to get another plan instead? —Atul Shandilya Yes, you should get a separate plan for your wife. There are limited options […]
How to select the best Life Insurance Policy?
Looking to buy life insurance policy cover, there are a few critical variables that might help you narrow down the best choice. Here is a list of factors you should look for while searching for a life insurance policy. Claim Settlement Ratio The percentage of claims granted out of the total filed in the year. […]
What are the different Types of Life Insurance Policies?
Similar to health insurance, life insurance policies are of two types: Individual Life Insurance Group Term Cover Unlike a health insurance policy, there is no family life insurance cover, although, there can be joint life cover. Group term cover is a simple term plan which is provided to a large homogenous group of people. The […]
Number of diseases covered by a critical illness rider vary across plans
Published in Mint on Oct 27 2016, Written by Abhishek Bondia What is a critical illness rider in a term insurance plan? When is the payment made if one has a critical illness rider with a life insurance policy? What is accelerated rider? —Kaushal Jadhav A critical illness rider provides a lump sum to the […]
Go to the insurance ombudsman to complain about policy mis-selling
Published in Mint on Oct 13 2016, Written by Abhishek Bondia I was promised double returns with additional benefits after 3 years, over the phone, while buying an insurance policy. But when I asked for the returns after 3 years, the company denied it as the documents I had signed did not promise it. They […]