JIGESSH PATEL says, Hi everybody. A very good afternoon to all of you. Let's chat!
sameer asked, Hi, Can u suggest any mediclaim policy which cover my entire family, i am living with my parents (Age around 52 & 48 years respectively), brother (21) & sister (25)
JIGESSH PATEL answers, Hi Sameer! You can purchase mediclaim policy from any GIC companies such as New India or Oriental Insurance. You will get a 10% discount for buying entire family mediclaim as a group.
Varadarajan asked, For a person who is 59 years old, can the medical insurance cover be enhanced? If so, are there any special requirements?
JIGESSH PATEL answers, Yes it can be enhanced and is totally up to the branch from which you have the present policy. Also you need to undergo medical tests. In case the branch does not enhance your cover, in spite of medicals being ok, you can approach another public sector insurance company before the next renewal date.
Chandoo asked, Is there any health policy, which will return the money back after the maturity?
JIGESSH PATEL answers, No!
Rajesh asked, How safe it is to have life insurance with Private sector
JIGESSH PATEL answers, Very safe. It is like a well established private bank like HDFC, Citibank etc.
vipul asked, what is best company among pvt co? in respact of cost,rider and underwritting?
JIGESSH PATEL answers, There are many good products launched by different private players. Each one is targeting a certain segment. Therefore, it is difficult to say which one is better than the other. The only commonality is that they all are safe.
movira asked, why do insurance cos charge 50% as adm. charges?
JIGESSH PATEL answers, It is not adm charge but it is front loading. It is charged mainly in the initial year on the first premium amount.
Chandoo asked, My age is 31 and My wife is 30 and my Kid is 1 year old, please note that we both will work.
JIGESSH PATEL answers, Dear Chandoo, since you have not given your annual income and whether you have any other insurance or liabilities etc, it would be diffciult to send out a correct suggestion. Remember, at your age the ideal insurance cover should be 15-20 times your annual income.
pm asked, do u have cancer policy
JIGESSH PATEL answers, New India has a one time payment cancer policy. It is an excellent thing to go for.
SHUBHANGI asked, I HAVE NOT TAEKN ANY INSURANCE AS OF KNOW... AS I M NOT SURE WHICH TO OPT FOR ..SO WANTED A GUIDANCE AS TO WHICH WOULD BE BEST?
JIGESSH PATEL answers, I need to know your income, age and liabilities.
movira asked, i hve taken a birla sunlife policy.in the 1st year they have deducted 50% as adm. expenses.is it fair
JIGESSH PATEL answers, Birla has two types of policies in the savings segment. The guaranteed policies have a higher frontloading and the other variable policy like the Classic Life has only 13% frontloading charges.
anuuj asked, Hi...i would like to know what isa good insurnce policy fora 26 year old guy , self emplyed and making around 5-6 lakhs a year?
JIGESSH PATEL answers, Normally, a policy is suggested after doing a need analysis, keeping certain essentials in mind such as your financial goals, liquidity requirements, liabilities etc.
Kapil asked, How important it is to have insurance of wife if she is the earning member?
JIGESSH PATEL answers, It is very important to insure your wife if she is earning as she is contributing to the family income pool.
NaniJhaveri asked, god job , well done boy
JIGESSH PATEL answers, Thank you sir.
Rani asked, I earn Rs 100,000 per month. What policy should be the best for me?
JIGESSH PATEL answers, Presuming you are between 30 and 40, you should be covered for an amount 15 to 20 times your annual income. A need analysis is required to decide when your policy should mature or when you need liquidity.
bulu asked, which insurance will be better option for a newly wed family
JIGESSH PATEL answers, I suggest you to first fully cover the income of earning members and then you can add health riders for all the members of your family.
sushant asked, currently which insurence compony is good for invesment?
JIGESSH PATEL answers, Depending on your risk taking appetite, you can increase your returns by purchasing unit-linked products with minimum cover after comparing two or three different options.
Carstylist asked, dear jiggesh. please answer to atleast one of my qustions. I have asked 3 of them till now but u answered none
JIGESSH PATEL answers, Kindly send the questions again as I have not got them.
Ankit asked, Please answer my question too. I'll be greatful for any suggestions. I want to go for Term Insurance of 30 years for Rs.2000000/- (20 Lacs). Can you suggest Insurance company with Minimum premium and other advantages. My age is 28 years
JIGESSH PATEL answers, For 30 years' term, you can select from HDFC or Om Kotak. The advantage with Om Kotak is that you can switch to any other policy of theirs without any medical test except for HIV/AIDS before five years of policy term.
mmmm asked, were we can get details i.e.types of policy in details & how to apply
JIGESSH PATEL answers, You can visit any of the web sites and take the call centre numbers. They will be too happy to send their agents over to you.
anil asked, I'm 29 married an have a 6 month old son. Can you please let me know some good policy in the nsame of my son , where in I have to pay around 40000-50000 per year and after aroudn 15 yrs back I get the money back. What is the money back after 15 yrs I can expect , with life cover ?
JIGESSH PATEL answers, Best option for you will be ULIP plan with minimum cover along with a premium waiver benefit.You can ask a few companies to send there proposals through the Net.
ashokv asked, how secured is our money in insurance organisations other than LIC ?
JIGESSH PATEL answers, Absolutely safe. Private insurance companies are like private banks and the insurance regulatory body has taken enough steps to safeguard the policyholders' money.
Carstylist asked, I am 29 my wife is 27. we both earn and have no other liabilities. we plan to have a kid in 2 years. my annual income is 6 lacs and hers is 2 lacs. whats the ideal insurance policy for us. both life and pension. also health.
JIGESSH PATEL answers, You should go for an ULIP policy till the age of 70. The sum assured for each member should ideally be 15 to 20 times of the annual income. When you purchase an insurance, protection of future income for your family should be your first crietrion and then returns. Presently, withdrawals from most life insurance policies are tax free and can be used as pension in later years.
hemant asked, i compare the insurance rates with nsc and i found nsc gives me more then why go for insurance
JIGESSH PATEL answers, You may be comparing the traditional products, bonuses/returns. But presently, most of the companies have shown a growth of more than 12 per cent in growth-focused ULIP policies.
ashok asked, One of my relative had taken the training for applicable for agents. he has also cleared the exams. but he has not got the license. the sales officer of the company whrough which he has done the course is giving one or the other reason. but not giving the certifcate. can a duplicate certificate be obtained and from whom, and the procedure.
JIGESSH PATEL answers, I don't think you can get a duplicate certificate. It is best to complain to the higher authorities in the same company.
gokul asked, hi jigess please reply to me. im 25 n taxable income is 2 lacs. i havent got any insurance so far. advice how much insurance premium should i pay to avoid tax. please advice me on this
JIGESSH PATEL answers, It depends on how much money you can set aside for investing in insurance. A suitable product can then be suggested such as a combination of term policy and a whole life ULIP policy. The sum assured should be approximately 15 to 20 per cent of your annual income.
Parimala asked, My husband is a British Citizen and I have Indian citizenship and we live in the UK. Are we allowed to take life term insurance policy in India? Parimala
JIGESSH PATEL answers, Was your husband born in India? Most insurance companies are allowed to sell policies to NRIs staying in the UK with certain conditions while applying.
Vinay asked, Hi, Its a very generic question. Is there a possibility that I open a new policy with an insurance firm and one fine day they would close down all their business and cheat their customer.
JIGESSH PATEL answers, Till date, we have not heard of any life insurance company going bust. In future, companies can only merge with other companies but they are not allowed to shut down -- they are bound by some government act, contracts etc. In the past also, the private insurance companies which were in India were all merged to form LIC.
Aniruddh asked, Sir, I have taken a policy of Aviva last year and the due date was in May now the grace period is also expired. How can i continue my policy niw?
JIGESSH PATEL answers, You can approach any Aviva branch and fill in their service application form requesting for continuation of policy with the due premium, late fee and interest. You may have to undergo a medical test depending on the sum assured and terms of policy.
Yogi asked, Hi, Recently I have taken a 2.5 lac Joint policy of myself and My wife, is that enough or we have to take individual policy also? I have also taken Komal Jeevan for my 2 yr old child whether it is OK or any better option is available
JIGESSH PATEL answers, You have not mentioned your age, income or any other liabilities etc. Therefore, it is difficult to give you the correct suggestion. Remember to insure yourself adequately. You can refer to my earlier answers on sum assured.
aakashgoyal asked, Is Mediclaim policy really helpful?
JIGESSH PATEL answers, Yes of course. For, medical expenses today are increasing and it could create a deep hole in your pocket if you do not protect yourself for any future medical eventualities.
Joydeep asked, Is'nt term + SIP better than a ULIP from long term perspective?
JIGESSH PATEL answers, Most of the term policies have a maximum tenure of 25 to 30 years. World over statistics show that most of the term policies lapse much before maturity. For an ULIP policy, the tenure can be selected till the age of 70 or 100 years. In case you miss paying any premium in a term policy, the policy would immediately lapse after grace period and you may have to undergo new medicals. However, in ULIP, most policies have auto lapsation features. Therefore, in case you incur any health challenges, you may not be able to renew your term policy if it has lapsed by mistake. The returns on an ULIP policy are competitive to Mutual Funds in the long run, approximately 10 years.
Arun asked, Hello, I am Petroleum Engineer, with UK company, annual income (22L), I would like to buy term policy (Single premium), My age 33 year. Which one and for how many year you suggesting?
JIGESSH PATEL answers, Go for a term policy with maximum tenure so that your family is protected for the longest period.
Carstylist asked, what du mean by frontloading in case of insurance policies
JIGESSH PATEL answers, Frontloading means a separate one- time charge by the insurance company which covers most of its expenses such as marketing, medicals etc.
shankar asked, hello this is shankar, till now i have not taken any policy, whether i have to take term insurance or endowment ? my age is 36 years, income 7200/-net per month & no other loans are there, can u please suggest me right policy of various insurance providers (important one only)
JIGESSH PATEL answers, Depending on how much you can set aside for insurance, I can suggest to you whether to buy term policy or any other policy. Also, I need to know your financial goals.
Mickey asked, Hello! I would like to know if there is anything like a personal liability insurance? Like if sombody sues you for something (may be right or wrong)...
JIGESSH PATEL answers, There are personal liability insurances given by few companies to certain professionals.
Sunil asked, I am 27 yrs of age. How much amount should be invested ideally at this age in Insurance Policies ? and should the investment grow with age upto a certain limit ? If yes, then what is the age limit and maximum amount ?
JIGESSH PATEL answers, Investing in insurance depends on several parameters. The correct way is to do a correct need analysis which will help to know your present financial status and your financial goals. Are you looking at insurance as an investment or protection?
ashokv asked, term policies cover us upto 60yrs.so do u suggest to takeup any lifetime policy in addition to term policies?
JIGESSH PATEL answers, Term policies can also give you cover till the age of 70. Term policies are normally bought by people who have a lot of financial liabilities such as loans or do not have enough budget or liquidity to put aside for insurance. The main reason to buy insurance is protection.
viral asked, i want to take Life Time Super Policy of Icici Preudential. Advice
JIGESSH PATEL answers, It is a very good option.
JIGESSH PATEL says, It was a great pleasure as always chatting with you all. But I am afraid, it's time to go. See you next week. You can e-mail your queries to jigishpatel@rediffmail.com I will try to answer as many as I can.
