Chat Transcript

11 Jun - 12:00 hrs

Umesh Rathi | CFPcm, Arihant Capital

The fine print in insurance schemes

Chat Transcript

guest: Hi, I live in a small village of Kerala - relocated from Bangalore. Would like to what parameters to consider for buying health insurance? I (age 29) live with my wife (age 27). There are no any good well known hospitals nearby.

Umesh Rathi: You should check exclusions, co-payment charges, room rent, day care procedures covered under the policy and network hospital in nearby city where you reside.

guest: Halo,I am planning to take online term plan but my agent told me that there is a problem in claim settlement in online term plan. I am confused? What should I do?

Umesh Rathi: Whether you take term plan online or through agent procedure for claim settelment is same in both the case. Your claim can not be rejected/ delayed just because of the fact that you have taken online term plan. Just you need to disclose all the facts asked at the time of filling the form correctly. For safer side you should convey the procedure of filling claim to your nominee.

guest: There are various insurance companies who are offering term plan. What factors I should check before buying term plan.

Umesh Rathi: As term plan is a simplest form of insurance. You need not have to focus much on policy conditions because features all almost same in all the term plan. However you should focus on max term of the policy offered,claim settelment ratio, claim processing ratio and last last is the premium.

guest: Hi,What precaution I should take while buying online term plan?

Umesh Rathi: You should disclose all the material facts.

guest: Please suggest me good top-up mediclaim plan.

Umesh Rathi: You can consider Super top-up mediclaim plan of United India.

guest: Buying health insurance for the first time. I see there are products with limits for everything and there are few which say no limit till the coverage amount is applicable. Is it true ?

Umesh Rathi: Yes in some plans there are limits and in some there are no limits. Before taking a health insurance/mediclaim you should carefully read all the policy conditions and compare the plan on the basis of coverage and premium.

guest: I have a HDFC young star plus 2 ULIP with monthly premium of 3500. Its been 5 years. No doubt I am in loss. should I withdraw now or keep it? i already decided not to pay further premiums

Umesh Rathi: Due to heafty charges Ulips are genrally in losses in initial years. The major reason for losses on your policy is the charges. As already 5 years has been completed there will be nominal charges in future so you should mainly focus on the performance of the fund in which you have invested. You can also switch the fund as per your risk tolrance.

SENSEX

| NIFTY