Query corner: Insurance
Don’t wait until November. Do not buy a new policy and make sure that the old policy is renewed without a break.
I have a Reliance (health) insurance family floater gold plan which is due for renewal in November. My birth date in the policy is incorrect because of a mistake in my birth date in my passport. Now that I have spotted the mistake and plan to correct it in my passport with proof of birth, should I get my birth date changed in the policy? My agent warns that the company will terminate my policy. Or should I wait for the policy to mature in November and get another policy from a different company with my correct date of birth?
Sagar
Write to the company stating all facts of the case along with birth proof. The company may ask you to undergo a medical test. Your premiums could rise if the revised age falls in a different age band bracket. Don’t wait until November. Do not buy a new policy and make sure that the old policy is renewed without a break.
My monthly income is Rs 20,000, of which I can save Rs 5,000. I have two ULIPs - a 10-year ICICI prudential ULIP with monthly premium of Rs 1,500 and a 15-year Birla Sunlife Insurance ULIP with monthly premium of Rs 1,097. I have an 18-month son for whose education I want to save. Are these two ULIPs okay?
Samir Das
You should first make sure that you have at least around Rs 20 lakh life insurance coverage on your precious life. This is the first step in securing your child’s future. You can look into your existing ULIPs for the required life insurance coverage. If you are adequately covered in existing ULIPs, then invest through Systematic Investment Plans of equity funds like HDFC Top 200, ICICI Prudential Dynamic Plan and Birla Sunlife Frontlife Equity Fund.
Otherwise, invest a portion in a term plan to buy adequate life insurance coverage and invest the balance in funds.
It is not possible to give my opinion on your existing ULIPs without knowing the name of the plan, insurance coverage opted for and the investment choices that you have made in the same.
I hold mediclaim policies from New India Assurance. Despite being entitled to cashless mediclaim, hospitals like Asian Heart Institute and Lilavati Hospital, are refusing to extend this facility to me. While the former says it has stopped accepting cashless claims from the policies serviced by Raksha TPA, the latter claims cashless is available only to corporate mediclaim policy-holders. Please advise.
PN Ojha
The cashless arrangements between TPAs and hospitals can be revised at any time by giving the other party a notice on this effect. But it is quite unusual for them to create a bias and only accept corporate mediclaim policy and not an individual mediclaim policy. You should write to the company and to the Insurance Regulatory Development Authority (IRDA).
Amit Suri, CFP, AUM, Financial Planners(Our expert offers Tips On The Best Insurance Products Available In The Market. Email to etqueryins@indiatimes.com)
Sagar
Write to the company stating all facts of the case along with birth proof. The company may ask you to undergo a medical test. Your premiums could rise if the revised age falls in a different age band bracket. Don’t wait until November. Do not buy a new policy and make sure that the old policy is renewed without a break.
My monthly income is Rs 20,000, of which I can save Rs 5,000. I have two ULIPs - a 10-year ICICI prudential ULIP with monthly premium of Rs 1,500 and a 15-year Birla Sunlife Insurance ULIP with monthly premium of Rs 1,097. I have an 18-month son for whose education I want to save. Are these two ULIPs okay?
Samir Das
You should first make sure that you have at least around Rs 20 lakh life insurance coverage on your precious life. This is the first step in securing your child’s future. You can look into your existing ULIPs for the required life insurance coverage. If you are adequately covered in existing ULIPs, then invest through Systematic Investment Plans of equity funds like HDFC Top 200, ICICI Prudential Dynamic Plan and Birla Sunlife Frontlife Equity Fund.
Otherwise, invest a portion in a term plan to buy adequate life insurance coverage and invest the balance in funds.
It is not possible to give my opinion on your existing ULIPs without knowing the name of the plan, insurance coverage opted for and the investment choices that you have made in the same.
I hold mediclaim policies from New India Assurance. Despite being entitled to cashless mediclaim, hospitals like Asian Heart Institute and Lilavati Hospital, are refusing to extend this facility to me. While the former says it has stopped accepting cashless claims from the policies serviced by Raksha TPA, the latter claims cashless is available only to corporate mediclaim policy-holders. Please advise.
PN Ojha
The cashless arrangements between TPAs and hospitals can be revised at any time by giving the other party a notice on this effect. But it is quite unusual for them to create a bias and only accept corporate mediclaim policy and not an individual mediclaim policy. You should write to the company and to the Insurance Regulatory Development Authority (IRDA).
Amit Suri, CFP, AUM, Financial Planners(Our expert offers Tips On The Best Insurance Products Available In The Market. Email to etqueryins@indiatimes.com)
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
