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Anuj Puri

Chairman & Country Head , JLL India

(06 Aug- 14:00hrs)

Where should I invest in real estate now?

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Tease Your mind

Which of the following is not excluded under a health policy?:

Pre-existing condition

Accident injury

Injury resulting from war

Diagnostic charges

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FAQ's

  • Q. What is unit linked insurance plan
    A.

    ULIPS provide for benefits of protection and flexibility in investment, it is insurance cum investment plan. The allocated premiums will be applied to purchase units as per the fund type based on the ongoing NAV. NAV is the value per unit of the scheme. They provide multiple benefits like life protection, investment and savings flexibility, options to take additional covers, tax planning, etc. but they are riskier compared to other schemes.

  • Q. What arebenefitsgroup life insurance
    A.

    This scheme provides insurance coverage to a group of people under one contract. These schemes are provided for employees, associations, societies, etc. Group insurance are more affordable than other individual insurance plans and also beneficial to those who cannot afford individual life insurance.

  • Q. What is-child plan
    A.

    As a parent, you wish to provide your child with the very best that life offers, the best possible education, marriage and life style. Children's plan helps you save so that you can fulfill your child's dreams and aspirations. These plans go a long way in securing your child's future by financing the key milestones in their lives even if you are no longer around to oversee them.

  • Q. How pension plan works
    A.

    Pension plans are also known as retirement plans for your future financial stability during your old age. With ever increasing cost of living it has become important that you make arrangements for your retired life. When you continually invest in this plan it grows with the compounding effect.

  • Q. Can-policy holder have both paperelectronic policies
    A.

    Policy holders can choose the form in which they want their policies issued paper or electronic. A policy can be bought or maintained in one form only either in electronic form or paper but not in both. However, a policy holder can choose to keep some policies in electronic form and others in paper form only the electronic policies will be reflected in his e IA account and he can use repository services only for the e policies (and not the paper policies)

  • Q. Is it compulsory to issue policies"only electronic form (ie is dematerializationinsurance policies compulsory as"the caseshares)
    A.

    No, it is not (yet) compulsory to issue insurance policies only in electronic form. Policy holders can choose the form in which they want their policies issued paper or electronic.

  • Q. Is it compulsory for all Insurance Companies to offer electronic policies
    A.

    Yes. It is the policy holders prerogative to opt for a policy in electronic form. If a policy holder wants his/her policy (either new purchase or existing) in electronic form, then the Insurer is bound to fulfill his / her requirement. The choice of a Repository for opening an e IA is the prerogative of the policy holder and hence all Insurance Companies will need to work with all the Insurance Repositories. Initially, repository service will be available for life insurance only; over time, health and general insurance (personal lines only) will also be brought within the ambit of repository services.

  • Q. Who isAuthorized Representative (AR)
    A.

    A policy holder who opens an e IA shall appoint an Authorized Representative (AR) who shall be entitled to access the account in the event of demise of the policy holder or in his incapacity to operate the e Insurance Account. The AR is entitled only to access the e IA so as to know the portfolio of insurance policies and the nominees of the respective policies held under that account. The Policy Holder can change the AR, at his discretion, during the term of the eIA. The AR is different from a nominee and has only access rights to the e IA in the event of demise of the policy holder.

  • Q. CaneIA be operated byPolicy holder only
    A.

    Yes, the e IA can be operated by the account holder only during his life time, unless, of course, he has been unfortunately rendered incapable to operate it (incapacity due to mentally unsound means or terminally ill as certified by a medical practitioner). In such circumstances, the e IA may be operated by the Authorized Representative (AR) appointed by the account holder (pl see below for details). The account holder is strongly advised to keep the log In ID and password for online access of his e IA confidential and not share it with anyone else.

  • Q. How do I convert my existing paper policy into electronic form
    A.

    On opening an e IA, you just need to write out a request, addressed to the Insurer, for converting your existing paper policy to electronic mode. Request Forms for policy conversion are available in all offices of the respective Insurance Repositories. They can also be downloaded from respective websites. You need to fill out a separate request for each paper policy that you wish to convert to electronic form. These requests, duly signed, can be submitted at the respective Insurance Company or at any Insurance Repository office. If you do not have an e IA, you can submit an e IA opening form with the necessary supporting documents along with the request for converting paper policy to electronic mode.

  • Q. If I already havee IA how do I buy-new policy"electronic form
    A.

    Once you have opened an e Insurance Account, it is quite simple to buy a new policy in electronic form. You just need to quote your unique e IA Number in your new insurance proposal form, with a request to issue policy in electronic form. Since KYC documents had already been submitted and verified when you opened your e IA, the Insurer will not do KYC again, provided there has been no change to your KYC details, making the process simpler and convenient for you.

  • Q. Which Insurance Policies can be held"electronic form
    A.

    The following types of insurance policies are eligible to be held in electronic form: (a) All individual life insurance policies including health and pension policies. Policies issued to groups by registered life insurance companies can also be held in electronic form. (b) All general insurance policies held by individuals including group policies (c) Any other class of insurance policies that may be notified by IRDA u from time to time

  • Q. Can policy holders have multiple e Insurance Accounts if they have multiple Insurance policies issued by various Insurance Companies
    A.

    No. IRDA stipulates that an individual can have only ONE e Insurance Account across Repositories, irrespective of the number of policies owned by a policy holder thus, if a person has an e IA with say Repository A, with any other Insurance Repository. All Repositories will have systems in place to check this before opening an e IA any application for a second or multiple e IA will be rejected by the Insurance Repository. All the electronic policies owned by a policy holder can be credited or held under this single e IA. Source: CAMS

  • Q. What do I do if I need to make any changes to my policy or e IA Do I submit-request toInsurance Company or toInsurance Repository
    A.

    It is best to submit ALL requests in respect of either your e IA or any of your electronic policies to the Insurance Repository. If the changes are with respect to an account level detail (like address or phone number), the Insurance Repository will execute the change after the necessary KYC verification, if any. The Insurance Repository will then intimate the changes to all the Insurance Companies whose policies are held in that e IA, so that the changes are effected in all the policies, in one go (so there is no need for the policy holder to approach the various insurance companies individually for the changes). In case of any changes at the policy level, the Insurance Repository is expected to forward the request to the respective insurance company and ensure that the same is executed and reflected in the electronic policy held with the Insurance Repository.

  • Q. How can Insurance Repository provide free service to policy holders Where iscatch
    A.

    The Insurance Repositories will be paid directly by the Insurance Companies whose policies are held in electronic form in the respective Insurance Repository so that no charges are levied on policy holders. Insurance Companies will be able to pay these fees out of the savings that will accrue to them by the migration to issuance and maintenance of policies in electronic form.

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Development yield

An entrepreneur who has an interest in a property, initiates its development and ensures, that this is carried out ( for occupation, investment or dealing) and from the outset accepts the responsibility for providing or procures the requisite funds needed to finance the whole project.

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Unit Linked Insurance Plan (ULIP) is a life insurance policy which provides a combination of risk cover and investment.

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previous questions

  • Q

    I want to buy online term life insuance plan. Which is the best one? Should I go for single premium or regular premium policy?

    A

    If you are an earning person who is not sure about his future earning potential and income, then going for a single premium cover might make...

  • Q

    I want to buy a life insurance for my brother Please suggest a good policy. He is 19 years old. he should get Rs 5 lakh when he turns 25 years.

    A

    ULIP's - but market based. Your term and target is more focussed on investment, but not on insurance...

  • Q

    Please suggest a good money back policy for me. I am 27 years old and want to accumulate Rs 10lakh over 10 years.

    A

    Money back policies are poor investment options. Consider investing in balanced funds for the same. If you are keen to buy insurance, go for...

  • Q

    I want to save my money for retirment Please suggest a good insurance policy

    A

    I have taken the LIC term policy. It is good for retirement....

  • Q

    Which is the best health insurance policy for senior citizens. My parents are 68 years and 63 years old. How much will be the premium for sum assured of Rs 5 lakh each?

    A

    New India Assurance, CIGna TTK general insurance offer Senior citizen policies that cover senior citizens. Premium can be obtained from thei...

  • Q

    How to buy a critical illess cover? Which company offers the best critical illness cover? How much is the premium for a 45 year old male?

    A

    Critical illness is a rider and can be bought with any policy. Usually It is 1-2 Rs per 1000 sum assured....

  • Q

    Please suggest a good family floater insurance policy. Is it a good idea to include my parents along with my kids? OR should I buy two separate policies one for my parents and one for myself my wife and kids.

    A

    It is always better to Buy separate policy as premium wise it differs and also floater comes in Mediclaim and not in Insurance plans....

  • Q

    I would like to buy a health insurance policy. My employer offers a cover of Rs 3 lakh for entire family Which policy should I buy? I am 38 years old.

    A

    Go for any Medical Insurance policy as this will be additional to 3 lakhs policy through office....

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