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Chat Transcript

22 Nov - 10:00 hrs

Arnav Pandya | Financial Planner

 

Should I insure my home?

Chat Transcript

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guest: Hi Sir, Please advice what health insurance is suitable for my father age 73yrs having good benefits and affordable premium. Pravin my email - phj_1966@yahoo.com
Arnav Pandya: If your father does not have an existing health insurance cover then there is a need to check the various companies and their offerings in the market. At this age getting a health insurance policy for the first time might be difficult but it depends upon the health conditions and other factors. For this purpose you should check the public sector as well as private sector companies and while benefits would be present the cost could end up being quite high.
guest: Do you think is it good to take term plan instead of taking normal policy as rest amount can invested to MF or other investment scheme where i can maximum return?
Arnav Pandya: It is usually a good strategy to take a term insurance policy to cover the insurance requirements as this can be done cheaply especially when it is taken online. The advantage of the strategy is that the remaining amount can be invested as per your requirements with an asset allocation that truly reflects your risk taking ability and goals. This might not be possible when you go in for a savings cum insurance product so you should invest the remaining amount in instruments of your choice.
guest: Sir, i have couple of insurance Life Insurance policy, year i am paying about 60 thousand premium now i want to discontinue couple of policy as i want to invest some amount in MF or equity. I can
Arnav Pandya: Insurance policies are meant to provide the required amount of insurance cover for your requirements. So you should first check whether there is an element of coverage that you have. Once this is present then the next thing to do is to set the goals behind all your investments. If your goals require a specific type of investments like mutual funds then your savings should take that into consideration. Once you have done this homework then the decision to close an existing insurance policy and directing the amounts elsewhere would be easy.
guest: According to you which is the best Insurance Plan, in which we can have maximum benefit in minimum amount.
Arnav Pandya: Different kinds of insurance plans are meant for different goals and situations. However if you are looking at pure life insurance cover then the term insurance cover has the highest benefit at the lowest cost. This is because this policy pays the dependents of the person covered only if there is death during the term of the policy. If the person survives the term of the policy then no amount is payable not even the premium. So before taking the policy one has to clearly understand the way in which a policy functions.
guest: Is there any Health Insurance plan where we can take into the consideration of person name who is not from the family?
Arnav Pandya: Do you mean that can such a person be covered or whether there is a tax benefit that can be received for such a policy. There are two types of health policy one is for an individual and the other is for a family so the family defines who can be covered. Also the tax benefit is present only when premium is paid for certain relatives. Other than this you can pay the premium for any other person to give them a policy but the tax benefit would not be available.
guest: Hello Arnav, I am thinking of taking a term insurenace plan for my husband aged 34 years for a sum of around Rs.75L. I have checked on the policy rates online, most of the players here are all new so is there a gurantee that they will repay us the amount in case of any mishap, I am not sure. So in this case can you suggest me any good plans. Thanks Reddy
Arnav Pandya: Several private insurance companies in India are now more than 10 years old so they have been present for quite some time now. If you are not convinced that they will be present several years for now you can check the offers by LIC but on the whole not all insurance players are new so you can gather some additional confidence from this point.
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Should I insure my home?

Arnav Pandya,

Financial Planner

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