Published in Mint on Apr 19 2016 What are the chances that a poorly understood and badly sold life insurance policy will run its course? Pretty slim, according to the life insurance industry experience in India. Poor selling practices—long-term policies being sold as short-term policies, lack of communication of policy benefits, poor understanding of costs, […]
Articles Tagged: Life Insurance
First goals, and then products
Published in Mint on Mar 07 2016 The basics of financial planning don’t change for women investors. Setting financial goals, discovering your risk appetite and finding products that are in line with your comfort and your goals continue to be the cornerstones of financial planning. The products remain the same, but some have added benefits […]
Buying single life plan 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 […]
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 […]
Not many insurers offer term cover to those over 60
Published in Mint on, May 28 2013, Written By Kapil Mehta Are there life insurance policies for someone above the age of 60? How can I get it? I want to get a policy as my granddaughter is dependant on me. —Kajal Life insurance to take care of your grandchild is a lovely legacy to […]
Keyman insurance protects firm from loss if key person dies
Published in Mint on, Apr 30 2013, Written By Kapil Mehta I am a 29-year-old male and I smoke. I plan to buy a term insurance for myself though I have no dependants as of now. But I think I will get married sometime soon and may have dependants soon. What all factors should I […]
Insurers typically don’t allow hiking cover
Published in Mint on, Aug 29 2012, Written by Kapil Mehta My father bought a whole-life insurance policy worth $1,000 (about Rs.55,000) in 1965. He passed away in January 1996. The insurance company contacted us with very little information about the amount. How will we know if they are paying the correct amount? —Angela Baxter […]
Surrender charges in whole-life insurance plans are high
Published in Mint on , Aug 14 2012, Written by Kapil Mehta My company has a group term life insurance for all the employees. If I leave the company, can I pay my own premiums and continue enjoying the term insurance benefit? —Azhar K. You will lose the term insurance benefit when you shift companies […]
Should insurers pay hereditary commission?
Published in Mint on 26th June 2018. Tarun Chugh, Managing director and CEO, Bajaj Allianz Life Insurance Co. Ltd Insurers can have their own policy Under the amended Insurance Act of 1938, payment of renewal commissions to terminated agents after 5 years of service or payment of hereditary commissions to legal heirs of agents after […]
Q&A: Insurers are likely to decline life cover or increase premium for diabetes patients
Published in Mint on 14th May 2018. Written by Abhishek Bondia. I have type II diabetes and want to buy life insurance to protect my dependents. What are my options and what would be the premium? My family consists of my wife (40 years old) and son (10 years old). —Satish Bhowmick Insurers underwrite life […]