Chat Transcript

| 01 Sep - 10:00hrs

Know more about Insurance


Yashish Dahiya | CEO & Co-Founder,

dahiya_yashish: I have a term cover (ICICI Prudential iProtect II plan) with Rs.1cr SA. I had nominated my father as beneficiary. I am married, however, my wife and I are living separately. We are not legally divorced yet. I want to know whether my wife can claim benefits against my life cover if anything happens to me? Is there any law under which she can claim for my insurance money? How can I ensure that my father gets full benefit instead?
Yashish Dahiya: Praveen, have you listed your father as nominee or beneficiary? You need to be sure about this as there is a difference between the two. The nominee gets the money and is supposed to distribute it wisely amongst dependents. If your father is a nominee, your wife can claim her share. If, however, you have listed your father as beneficiary, the whole benefits will automatically go to your father. I advise you to connect with your insurer and get this documented for the sake of your beneficiary. Remember that your wife would have an option to approach the court of law under The Married Women’s Property Act (MWPA Act).
guest: I am married. My annual income is around Rs.5lacs. My wife (28) is a homemaker. I want to buy a term plan of Rs.50lacs. Please recommend. I would also like to buy critical illness cover along with my insurance plan. Santosh
Yashish Dahiya: Santosh, Term plan provides high life cover for comparatively lower premium, for a specific period. In case of an untimely death, your dependents would receive the sum assured specified in the term life insurance agreement. Looking at your package, I would recommend you to opt for a higher sum assured of Rs.1cr, as opposed to Rs.50 lacs. You can look at Edelweiss Tokio Life (My Life+), Bharti AXA (eProtect + monthly income_ and HDFC Life Click2Protect Plus (Income Option) Critical Illness cover is available with Edelweiss Tokio, Aegon Religare & Aviva term polices. If you wish to opt for CI plan with health insurance cover: You should ideally opt for a critical illness cover which has the largest coverage of diseases. Usually, insurance companies have a coverage ranging from 12 – 20 critical illness. It is equally important for you to opt for a plan that offers lump sum benefit, rather than indemnity benefits. Bharti AXA Smart Health, Apollo Optima Vital and Religare Assure are some of the plans which would help Rajiv cover his critical illness specific requirements/benefits. A cover should be a minimum of about 10 Lacs.
guest: Why people consider term insurance to be the best?
Yashish Dahiya: Term is a pure protection plan and one can get a decent cover in a very reasonable cost today. You should essentially buy a cover which is 10 times your annual income to safeguard for family’s financial needs in case you are not around. A cover of 1 cr is available at as low as Rs. 8-9k and can be easily bought online.
guest: Does health insurance policies normally cover Dengue? If not, are there any specific policies that cover dengue which are available in the market? Neha
Yashish Dahiya: Regular health plans do cover dengue and other such seasonal illness. But then if you end up using your health cover for dengue treatment you loose out on next year`s cumulative bonus. The market currently has one specific plan in the form of Apollo Munich Dengue care which provides a coverage of Rs. 50k for Rs. 500 odd.
guest: I am a working individual and I considering investing in an Insurance plan mainly for tax saving, please suggest which plan should I invest in. Tarun
Yashish Dahiya: Investment in Insurance has dual tax advantage, not only is the amount that you invest tax free but the return on the investment is also tax free unlike fixed deposits. There are some good options available in the Market, you could consider low cost ULIP’s like HDFC Life Click to Invest, SBI life eWealth, Bajaj future gain etc and invest in the debt fund which has lower risk and gives medium returns.
kank20: sir pls suggest which medical insurance can i opt for my mother aged 68 yrs, for 3-5 lakh cover, if she has to undergo an shoulder replacement surgery, can we claim for that in the policy? thanks
Yashish Dahiya: Ideally, if the replacement of shoulder is an existing condition that would be typically covered post 2-4 years of waiting period. You can either opt for max Bupa, Lnt mediclassic or star red carpet for the same. But, please do keep in consideration that post the entry age of 60 years, usually you`ve to pay a certain co- payment amount which is pegged at 10-20% of the claim Amount.