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Chat Transcript
30 Apr - 03:00 hrs
Lovaii Navlakhi | MD & Chief Financial Planner, International Money Matters
Find out all you want to know about Insurance
Chat Transcript
| guest: From where one should buy the health plan - Stand alone health companies or life insurance companies or non life insurance companies. |
| Lovaii Navlakhi: Either one is fine, reading the fine print is more important here as each policy has different conditions and each person has different history and needs How do you choose the right product? 1. Understand all the illnesses covered in the product. The number of illnesses covered across companies vary from 6 upto 33 illnesses. 2. Read the fine print understand the degree of each illness which would qualify as a critical illness. 3. Look for any exclusions of illnesses in the product. 4. Ensure that you know the claim process the Company follows. 5. Check for the maximum age that you can be covered. These policies are provided by both, Life Insurers and General Insurance Companies as Stand Alone products or Riders to a parent policy. |
| guest: which is the best term plan for 35 in india having goog track of claim settlement ? |
| Lovaii Navlakhi: U can look at Kotak |
| guest: why lic term plan is costly as compared to other life insurance |
| Lovaii Navlakhi: Why certain plans are expensive and others cheaper is something that you cannot control. Rather, choose the one that is cheaper and also has a good claim ratio and service |
| guest: How is HDFC Jeevan samridhi policy? |
| Lovaii Navlakhi: It is a money back plan endowment plan The Guaranteed Additions at the rate of Rs. 65 per Rs. 1,000 Sum Assured for each completed policy year, for which the premiums are paid, will be payable at the end of the term of the policy or earlier death of the Life Assured. The rate of Loyalty Addition will be declared by the Corporation depending upon the Corporation`s experience with regard to Mortality, Interest and Expenses and will be based on integral number of years` premiums paid. We would recommend a term plan rather than this. |
| guest: How is the assured Monthly income plans from insurance cos. They assure monthly income and also life cover for many years. But the premiums are expensive due to the monthly commitment. Can i go for these schemes? |
| Lovaii Navlakhi: Dont look at a product and then think do I need this. First look at yourself, your circumstances, your needs and then think what do you need. There are all types of products in the market- you can then choose one that suits you; dont do this the other way around. |
| guest: how is lic jeevan saral policy ? do u recomend for buying |
| Lovaii Navlakhi: A traditional endowment plan where the death and maturity benefits are determined based on the premium paid towards the plan. On death of the life assured, 250 times the monthly premium together with loyalty additions, if any and return of premiums excluding first year premiums and extra/rider premium is payable in lump sum. On the life assured surviving till maturity, the maturity sum assured plus loyalty additions, if any, is payable in a lump sum. After the policy has been in full force for at least 10 years, loyalty additions may also be declared which will be paid along with other benefits on death or maturity, whichever is earlier. The policy is expensive for the benefits offered. Although the death benefit offered is an attractive feature in this plan, especially if death occurs in the later years, the maturity benefit is dependant on loyalty additions which may or may not be paid by the company. |
| guest: what is the best plan of lic |
| Lovaii Navlakhi: Hi, What is your requirement? Why limit yourself only to LIC? There are products suited for every requirement by various companies. |
| guest: which life insurance company offerd highest bonus in tradiotanal plan |
| Lovaii Navlakhi: LIC has given returns in the range of 4 to 5% |
| moderator: This chat has now ended. Thank you Mr. Navlakhi for sharing your views, and thank you viewers for your participation. |
