Published in Asia Insurance Review, on 18th May 2017 Awareness of health insurance among Indians is around 70%, but there remains poor understanding of what goes into health insurance, according to a survey commissioned by IRDAI. The study, conducted by the National Council of Applied Economic Research (NCAER), shows that fewer than 50% understood the […]
Articles Tagged: Life Insurance
Perceptions of insurance are improving
Published in Mint on 17th May, 2017. Written by Kapil Mehta A few weeks ago, the Insurance Regulatory and Development Authority of India (Irdai) released market research on the insurance industry. The study, conducted by the National Council of Applied Economic Research (NCAER), covered 30,200 households across the country. Considerable thought has gone into making […]
If insurance nominee is a minor, you need to name an appointee as well
Published in Mint on August 20th, 2013, Written by Kapil Mehta What’s premium waiver benefit? —Shakti Menon Premium waiver benefit is an excellent feature offered in many child insurance plans. If the insured parent dies, then the requirement to pay premiums for the remaining policy term is waived off. Instead the insurer pays the premium […]
Sum assured of term plan can’t be increased during renewal
Published in Mint on December 18th, 2013. Written by Kapil Mehta. You cannot increase the sum assured during renewal but can always buy an additional or new plan I want to buy a Rs.1 crore term plan. How should I go about it? Also, can I increase the sum assured at the time of renewal? […]
Does regulator allows partial settlement of maturity payouts for all Ulips
Published in LiveMint. Addressing the operational constraints arising out of the country-wide lockdown and the market volatility due to COVID-19, the insurance regulator has allowed life insurers to offer settlement options in accordance with Regulation 25 of IRDA (linked insurance products) Regulation, 2013 for matured Ulips whose fund value is to be paid in lumpsum. […]
Wait for new guidelines to assess traditional policies
New products complying with these guidelines will be introduced over the next few months Published in Mint on August 7th, 2013 In the case of a life insurance policy, if the policyholder and the nominee die at the same time, who would get the claims proceeds? —John Wilson The short answer is the legal heirs […]
Usually, the sum assured in a term plan cannot be changed after you buy it
Published in Mint on April 23 2017, Written by Abhishek Bondia About 2 years ago, I bought a term plan for Rs1 crore, but seeing the way costs are increasing, I want to increase this to Rs2 crore. Can I enhance the same policy, or will I need to buy a new one of Rs2 […]
Contractual workers can be covered under group term plan
Published in Mint, Written by Kapil Mehta I will be taking an online term insurance in this month. Being a central government employee (36 years old), my family and I are eligible for pension after 20 years of service. Presently, I am in my 12th year of service. Should I take the term up to […]
Grace period in annual premium policies is 30 days
Published in Mint on 11th March 2014, Written by Kapil Mehta The bank has offered me a life insurance cover with the home loan I had applied for. Should I opt for it? —Naresh Gupta It is important to buy a life cover equivalent to your outstanding loan. Buying from the bank itself is most […]
Human life value is used to estimate required sum insured
Published in Mint on July 24th 2013, Written by Kapil Mehta Human Life Value is an estimate of the financial value of a human life. What does human life value mean and why is it important when it comes to life insurance policies? How is this figure calculated? – Bani Ghosh Human life value is […]