Re: insurance
by reena chawla on Oct 23, 2010 02:21 PM Permalink
HI SHREECHAKRADHAR JI, YES,IF YOU ARE INSURED WITH TWO COMPANIES FOR WHAT SO EVER AMOUNT ,YOUR NOMINEE IS LAIBLE TO GET CLAIM FROM BOTH THE COMPANIES IN EVENT OF YOUR DEATH.
Re: insurance
by reena chawla on Oct 23, 2010 02:20 PM Permalink
HI SHREECHAKRADHAR JI, YES,IF YOU ARE INSURED WITH TWO COMPANIES FOR WHAT SO EVER AMOUNT ,YOUR NOMINEE IS LAIBLE TO GET CLAIM FROM BOTH THE COMPANIES IN EVENT OF YOUR DEATH.
am working for a company and i can claim for the parental insurance for about 10k
i wud like to know following details
my mother's DOB is 26-02-1963 can i take a pure term cover for her with few riders what wud be max term and sum assured as she is house wife and she dont hav salary or self employed income
The LIC Premium which you are telling for Anmol Jeevan Policy is Completely wrong.You have exgaggerated the amount by Rs 2500 for 20 yr term and Rs 1000 for 25 year term. The actual Premium for 25 lakh policy for a person of 30 yrs for a term of 25 yrs is Rs 7,053 Yearly. Also the Premium for same Age for 20 yr term is Rs 5568.
I will request you to clarify what is the details of various insurance premiums under diffrent scheme under diffrent companies and your recommedation of what poilcy when to avail so tha twe get much more claer picture. since each unsurance agent talks high of his policy hideing the facts that are negative which is the preesnnt market trend. Please be elborative and educate
In my personal opinion term insurance always makes sense. If the idea of you paying the premium which you are not going to get back doesnt suit you , you can have atleast part of our policies in term insurance. For e.g A money back unit linked investment plan for a person aged 30 22000 is yearly premium payable for 25 years on cover of around 500000. The first 2 years premium in ULIPS are gone down the drain anyways as policy charges , admin charges, insurance charges and annual charges comes to around 15% of your face amount i.e for 500000 policy you would be paying aroun 60000 to 70000 just as charges (which i am sure no insurance advisor will explain to you , you will realise that only after you get the papers). No doubt you will be covered with insurance from date of commencement of policy . So instead a wise view would be pay for term insurace and the amount which you save which you would have paid for ulips you can invest in SIPs. Unfortunately no agent will tell u to go for term insurance since it is not lucrative and doesnt give good commission to them.
Whenever one is buying a term policy, the best option in most of the situations is a Regular premium Policies. I am strictly against Single Premium policies...logic being...you pay say 51K in the first year & get a life cover of 15 Lakhs...if something were to happen to you in the 2nd or 3rd yr...no doubt u will get back 15 Lakhs..but you have paid 51K for it..if you had gone for a regular premium policy..you would have paid only 7-8K max.
2ndly..Life Covers in Unit Linked Plans tend to be a bit cheaper than the Pure Term Insurance (Regular premium). You could also have a look at it.
3rdly..View on the Return of Premium ..again a strict no-no. One would rather break up this product into Pure Term & SIP into a Diversified Mutual Fund.
