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There were as many questions on investment as on insurance during the weekly insurance chat with insurance and investment consultant Jigessh Patel on Wednesday. Here is the transcript:
Jigessh Patel says, Hi, welcome everybody , let's chat
manish asked, I want to continue the group mediclaim policy after the company.What is the procedure for that?
Jigessh Patel answers, Dear sir, Its not possible, you have to buy fresh policy.
B asked, WHAT IS THE BEST MIX FOR A SINGLE PERSON (33YRS AGE) EARNING (SAY 6LACS / YR) WITH A FAMILY OF 4 (SELF+WIFE+2 KINDS) .. TERM PLANT / ENDOWMENT / MONEYBACK / ELSS ?? WHAT MIX ? WHAT PRODUCTS ? WHAT SHOULD BE COVERAGE & UPPER LIMIT FOR PREMIUM AT HIS SALARY.
Jigessh Patel answers, Miniumum 60 lakhs should be your cover, You can purchase mix of Term Policy of 40 lakhs and bal 20 lakhs of ULIP whole life . The ULIP whole life will give you benefit of Money back , endowment and all othe rflexibilities. this option is available isn lowest premium
Ankur asked, I recently got a laptop gifted to me by someone. I want to get it insured as i am mostly on tours and i want to protect my lappy against any theft or robbery especially during journeys. Is it possible and which firm offers such insurance for a home item like laptop
Jigessh Patel answers, You can get a policy from New India insurance .
ravikant asked, shoud we consider insurance as investment option !
Jigessh Patel answers, Yes , Its one of the best options. As it not only Protects Continuation of future income to your family incase of any eventuality . It also it helps to build desciplined savings, which is very important.
Anil asked, am 33 wants to get a mediclaim insurance
Jigessh Patel answers, Go for any good Govt General Ins co like New India Assurance. As these policies are more comprehensive.
nilesh asked, what are advantages of unit linked insurance plan?
Jigessh Patel answers, Greater flexibilty, More options to maximise returns, More Liquidity, You can stop premium paying after a few years without penalty ( in most policies) More transparency, Less internal charges, You can get more cover in less premium
hyt asked, is it good idea to invest in PostOffice recurring deposit/Kisan vikas patra rathet than taking risk in mutual funds. is it taxabe?
Jigessh Patel answers, I prefer to invest in Mutual Funds ,as the Returns I want to generate would be atleast 10 % . The current inflation is approx 7 % . If I am not able to generate returns of more than 7 % after tax ,Then my capital is getting eroded.
kishoresiri asked, Hi, is investing in icici prudential a good choice ?
Jigessh Patel answers, Yes , Its a good company their New Super ULIP plan is good.The right selection of their plan is important.
mpanda asked, I have taken 10 LIC [Get Quote] policies & premiun approx.Rs.55000.00 in a year.Should I invest more in LIC Pl advice
Jigessh Patel answers, LIC is a great Co. you can definately invest further in LIC after comparing their features and charges with Top few PVT cos.
mpanda asked, I am 37 years,employed in pvt.co.as an Accountant.My income is 3.5 lacs P.A Pl advice me for investment plan.
Jigessh Patel answers, Depending on your Risk taking ability . I can suggest you buy any ULIP plan after comparing a few Cos with balanced fund option (app rox 30 to 40 % equity max). Also see whether the ULIP Plan you select meets your liquidity needs and exit options. Do compare a few cos before buying.
shweta asked, i need to understand that what is the main reason to invest apart from tex benifit morover tax is complsoury for economies
Jigessh Patel answers, Some of the benifits are as follows . Planning for 1. Continuation of Income to your family incase of early Death. 2.) Desciplined savings. today in other savings instruments due to easy liquidity savings don't happen. 3.) Loan protection. 4) Peace of Mind. 5)Retirment fund .
kapils asked, How is ICICI [Get Quote] Super?
Jigessh Patel answers, great
keshmk asked, We want to take insurance policy for our daughter 7 yr. old. please suggest good policy pref. SINGLE Premium that can take care of education needs
Jigessh Patel answers, take any single premium ULIP policy ,after comparison with few Pvt cos. Min Sum Assured in policy should be 5 times of premium ( in order to keep maturity proceeds as tax free),take bal fund option.
Debashis asked, I'm working in a Pvt company at Gugaon, what kind of Medical Insurance is suitale for me, I'm single and I'm 29
Jigessh Patel answers, Suggest New india assurance for mediclaim , dont buy a group mediclaim or from bank , due to servicing difficulties during claims.
Amit asked, Is there any term policy that covers life and loss of job due to cercumstances beyond my control?
Jigessh Patel answers, no , not in India.
Deb asked, Hello SIr, Is ULEP (unit linked endowment plan) Plan of HDFC [Get Quote] is good one?
Jigessh Patel answers, yes
ramani asked, Among the Unit Linked Life Policies now available,which product of which Co.,provides for appropriation only reasonable charges ? Actually the charges under ULI , except for the mortality charge ,have been unreasonably high ,particularly compared with the charge o Mutual Funds.
Jigessh Patel answers, Single premium policies have min charges in ULIP .
irfan asked, dear Sir, My name is Irfan, I done LIC Insurance from Mumbai, but for since last 1.2yrs. I am in Dubai. can I pay the premium in dubai itself?
Jigessh Patel answers, I think you can pay through your bank in DUBAI directly after filling in some forms of LIC.
swamy asked, Hos is TATA AIG insurance, can v go with this ???
Jigessh Patel answers, Co is great , only the in the ULIP plans the charges in first 2 years and bal are much higher than any other competitor.
viku asked, I have Birla Sun Life "Classic life" policy. I pay a premium of 25,000 and I am covered for a sum of 22.5 Lakhs. Now Birla Sun Life have closed this policy. I believe that no other policy gives so much coverage as this policy was giving against 25,000 premium. Only problem is they are charging 4% ever year. Should I continue investing in this policy or change to some other plan.
Jigessh Patel answers, its a wonderful policy . Dont shut the plan . It still beats other plans in returns on comparisson.( illustration)
nair asked, Where should I put my Provident fund amount. I should put it in Post or in bank.
Jigessh Patel answers, bank. presently some good banks are giving 8 % returns.
yes asked, is it good idea to buy lands rather than going for risk oriented mutual funds? what could be the percentage if both has to be done.
Jigessh Patel answers, In Land Invs the liquidity is very less, therefore when you want money in an emergency . you will get very less on distress sale. Also there is amaintainance charge ever year in land. As long as you put in Mutual funds on SIP basis and spread over few cos your money will be safe and get good returns.
Narayanan asked, What are the taxation aspects of single premium? Whether tax attracted on maturity ? What about STT ?
Jigessh Patel answers, depends which year you bought the single premium policy.pls mention date of purchase. currently only single premium policies where the Sum Asured is 5 times or More, are tax free on maturity.
priya asked, mr. patel plz tell me where to invest on short term basis to earn more
Jigessh Patel answers, For short term investment suggested ,Mutual funds with 3 to 5 years view or good banks where the interest is 8 % .
AJAY asked, Hello Mr. Patel, I have an overseas mediclaim (B&H) policy from National Insurance. I am undergoing some treatment but not hospitalised. My question is whether I am entitled to get this claim or not?
Jigessh Patel answers, you can get medical benefit only while travelling and not after you have returned back to india ,even if the policy period has not expired.
irfu_bubere asked, dear Jignesh...i have taken a OM KOTAK MAHINDRA policy under CCC benefits but now CCC is of no more use i would like to discontinue this policy ..what can i do so that i wont go in loss for my paid premiums.
Jigessh Patel answers, If you have taken a unit linked plan , then only you will get some returns in the first few years. Pls refer to exit Terms in policy , as you have not mentioned plan name .
pk asked, how is the surrender value if life ins policy calculated?
Jigessh Patel answers, depends on the policy purchased, terms are mentioned in each policy document, pls refer to it.
vinay1 asked, Is there any mediclaim policy which cover pregnancy also?
Jigessh Patel answers, only for group Mediclaim there is an option.
Amar asked, which is the best mediclaim policy or health insurance?
Jigessh Patel answers, prefer New India assurance
Richard asked, In India we see endowment policies doing much better than term products. Why is that- Insurance should be basically a risk cover with tax benefits. So why is it being looked at as an investment option- do you think buying insurance as an investment is a good idea?
Jigessh Patel answers, People in India have traditionally bought insurance ftom tax saving angle and desciplined savings. People are now realizing that Ins should be bought from Protection of future income angle.
siddarth asked, I am an NRI and invested Rs.100000/- in ICICI Prudential single premium with life coverage of 125% of of premium.On maturity whether tax will be deducted at source? Whether the units will attract STT?
Jigessh Patel answers, if you bought your plan in past one year, yes it is taxable on maturity.
Jigessh Patel says, Got to go, thanks for chatting . I will try to answer all your quiries soon. my email is jigishpatel@rediffmail.com. see you next week.
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