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Stocks | 24 Mar - 11:00hrs

How to decide which insurance scheme one should go for?

 

Anil Rego | Founder & CEO, Right Horizons

guest: What do you mean by term “Annuity”?
Anil Rego: When payout from an insurance plan comes in form of regular cash flow i.e. monthly/annually etc then its called as an Annuity. Other wise the payouts are lumpsum in nature i.e. one time or at periodic intervals but these are again time specific
guest: which is better..Birla Sunlife, SBI life, LiC amulya jeevan or tata aig?
Anil Rego: A choice of an insurance plan is based on multiple factors like 1. Premium and Sum Assured offered 2. Type of Plan 3. Mapping with the needs and whether payouts from the match with the timing when the need arises 4. Claim settlement ratio 5. Type preffered - Money Back/Term/Annuity etc
guest: How is HDFC Term assurance plan?
Anil Rego: Generally term plans are taken to cover the financial risk associated with ones life. Before finalising on any specific plan, check for the following 1. Premium and Sum Assured offered 2. Tenure 3. Claim Settlement Ration
guest: Which is the best to invest... Endowment plans, Term Life plans, Whole life plans, Money back plans?
Anil Rego: A choice of an insurance plan is based on multiple factors like 1. Premium and Sum Assured offered 2. Type of Plan 3. Mapping with the needs and whether payouts from the match with the timing when the need arises 4. Claim settlement ratio 5. Type preffered - Money Back/Term/Annuity etc Pure term plans offer only Risk Cover and hence the same should be considered/bought in order to mitigate the financial risk associated with ones life. Also investment in insurance should be considered for long term needs only as it requires a regular payment.
guest: MY YEARLY EXPENSES ARE Rs.3,60,000/- AND HAVE NO DEBTS. MY RETIREMENT FUND IS Rs. 4000000/= AND ONLY LIABILITY LEFT IS SON`s MARRIAGE? HOW MUCH LIFE INSURANCE IS NEEDED FOR ME??AJAY
Anil Rego: In order to identify how much of cover is required by you as on today, we would need your current age... Anyhow, you will need to consider following values in order to arrive at the risk cover required as on today 1. Cost of Son`s Marriage 2. Current value of the retirement corpus
guest: Which is the best Retirement plan
Anil Rego: There are couple of options to chose from. However first you need to decide the time frame i.e. when you want to retire, the type of payout you want i.e. one time lumpsum or annuity (regularly. Based on different factors we can evaluate and then finalise the best suited plan for your needs
sanjeev2481989: Hi Sir, my name is Sanjeev, my salary is 3.60L p.a , and monthly expense is around 22000, including my two SIP investment, and ED. Loan i pay, my co, has give me cover of medical and life insurance, i was thinking to buy term plan, but friends sugests not to take it as, it has no return, can u suggest any term plan or in which i can even get return and good cover, or any plan which will be good for me. Please Advice.
Anil Rego: Generally term plans are taken to cover the financial risk associated with ones life. Before finalising on any specific plan, check for the following 1. Premium and Sum Assured offered 2. Tenure 3. Claim Settlement Ratio Thus, firstly you need to decide on whether you need a risk cover and if yes than the amount of cover required.
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