Term life insurance is the best way to purchase life insurance. However, many stay away from term life insurance plans because they (or their family) do not get anything if they survive the policy term. What if there was a term plan where you will never be able to survive the policy term? Don’t worry the insurance company won’t hunt you down. They are insurers, not assassins. … [Read more...] about Will you a purchase a Term Plan that provides you Life Cover for your entire life?
LIC has come out with a new packaging. The reason I say this is that the product is not too different from older ones but comes with a new name. The plan was launched early September 2017 and will be available for 270 days from the date of launch. Why? I have no clue. In my opinion, it is a marketing gimmick. Scarcity may shore up demand. As I have mentioned before, I have … [Read more...] about Stay away from LIC Jeevan Utkarsh
A top-up premium is an investment that you make in your ULIP (Unit Linked Insurance Plan) over and above your contracted premium. There is no compulsion to make such an investment. If you are paying top-up premium, you are paying it of your own free will. In this post, let’s look at why you should avoid topping up your Unit-Linked Insurance Plan (ULIPs). What are the … [Read more...] about Here is why you should avoid topping up your ULIP policy?
Yes, your age at the time of purchase affects the return that you earn in investment and insurance combo products such as traditional life insurance plans and ULIPs. Everything else being same, lower the age at the time of purchase, better will be your returns. It is best to understand this with the help of examples. Let’s first start with a traditional plan. How your age … [Read more...] about With Traditional Life Insurance plans and ULIPs, your Age affects the returns
Is IRDA trying to solve a wrong problem? Recently, I read excerpts of a speech from an IRDA member at a summit organized by CII in an article. I will copy a portion of the article below. //////////////////////////////////////////////////////////////////////////////////////// India is one of the lowest commission paying countries in the world, said Nilesh Sathe, Member … [Read more...] about The Bizarre Commission logic by IRDA
What your health insurance plan will not pay for? It is not difficult to understand the value a health insurance plan adds to your insurance portfolio and the financial life. However, are you aware that there are treatments/scenarios that your health insurance plan may not cover? You may have to fund the entire or partial cost from your pocket. Such a need may arise due to … [Read more...] about Top 10 Exclusions under your Health Insurance Plan
When it comes to financial planning, many of us focus mainly on investments. Insurance portfolios do not always get as much importance. This is surprising because getting your insurance portfolio right is even more important than getting your investment portfolio right. Why? If you go wrong with your investment portfolio, you can still take corrective action and make amends. … [Read more...] about Getting your Insurance Portfolio right is extremely important
Good and Services tax (GST) came into force on July 1, 2017. Let’s look at the impact introduction of GST will have on your insurance premium. Before the introduction of GST you had to pay Service Tax at 15% (including Swacch Bharat and Krishi Kalyan Cess) on your insurance premium. From July 1 onwards, you will have to pay GST at 18%. Here are a few things that you must … [Read more...] about How GST affects your Insurance Premium?
One of the first questions that many have on their minds while short-listing a life insurance policy is whether insurance company will pay up if the policy holder dies. The greatest worry is if, after so many years of paying premium, the insurance company will reject the claim and leave your family high and dry in times of such emotional stress. No surprise many trust … [Read more...] about Claim Settlement Data of Life Insurance Companies: Hides more than it Reveals
LIC Jeevan Umang is a non-linked participating whole life traditional life insurance plan. The meaning of whole life is almost literal. The plan matures when you turn 100. Let’s look at at some salient features of the plan and how LIC Jeevan Umang makes for an insurance and investment product. Salient Features of LIC Jeevan Umang Policy Maturity: At the age of 100 years (I … [Read more...] about Review: LIC Jeevan Umang