Q&A: Mutual Funds

Pankaj Mathpal, CFP, Managing Director, Optima Money Managers

Mis-selling of policy

HDFC Standard sold me a savings assurance policy in January 2010. The monthly premium wasRs10,000 and tenure was 10 years. The premia was remitted for 16 months. Only later did I realise the information given by the company’s executive when selling the policy was false and misleading. The company has also not accepted my request for adding my daughter’s name to the list of nominees saying I already have my mother named as the nominee. The grievance cell said I should have returned the policy within 15 days of receiving the documents if I had not wanted to continue with it. Now, if I stop servicing the policy, I will lose all the money I have invested. What should I do now?

Shantanathan Sriram

As per law, a policyholder can return the policy within 15 days of receiving it, if he/she disagrees with any of the terms or conditions.

The insurer will not accept your claim for refund on the grounds that the policy was sold to you by giving incorrect information.

The Insurance Act, 1938, says a life insurance policyholder can nominate one or more persons to receive the death benefit under the policy. Any such nomination can be cancelled or changed by an endorsement any time before maturity of the policy.

Health plan for family

Iam 28, working in a private company with monthly salary of Rs25,000. I am looking for a health policy with cashless hospitalisation facility, which would cover my wife and my parents.

George Augustine K

You can consider Apllo Munich Easy Health Plan covering you and your spouse and Optima Restore Individual Plans for your parents.

Apollo Munich policies offer 100% lifelong renewal and there are no sub-limits applicable on room rent under these policies.

Optima Restore offers you the unique feature of restoring your entire insurance amount without a charge if you exhaust it in the middle of the year. The restored amount can be used for any new illness.