Jigessh Patel says, Hi everybody. Let's chat!
YATIN asked, my age is 30years i am sailried in private copany. i want to take term policy for 30 years. please suggest me of which company term plan to be taken
Jigessh Patel answers, How much sum assured are looking for? For lower sum assured, SBI Life is good. For sum assured above Rs 25 lakhs, Birla Sun Life is cheaper and if you are looking for 30 years' term, Om Kotak term policy is attractive if you are non-smoking/non-tobacco chewing.
Ankit asked, Can you suggest me good ULIP policy
Jigessh Patel answers, There are several private companies offering ULIP policies. You need to compare certain parameters to get the best deal such as frontloading charges, fund management charges and mortality charges. Also, there should be coverage benefit upto the age of 70 with good liquidity.
sandeep asked, my name is sandeep and i am 32 year old and i want to have retirement plan wht will be the best for me i am already investing in life insurance 23000/- anually
Jigessh Patel answers, I suggest you to buy a single pay insurance policy where the sum assured is five times. The main benefit is that you are going to get entire amount invested as a premium up to Rs 100,000 as deduction under 80C. Also maturity and withdrawal will be tax free while in pension, maturity is taxable.
mohit asked, Hi. My name is mohit. I am working in London and intend to invest 50K per month. I am single. Pls advice on investment mix.
Jigessh Patel answers, Since you have not given your age I am presuming you are young and are looking at investing from returns focussed mindset. Therefore,I suggest you take a ULIP policy after comparison with more of equity/growth option and minimum insurance.
suresh menon asked, can u give me more details about ULIP whole life policy.
Jigessh Patel answers, The insurance term period is longer that is till age up to age 100 and it works like moneyback, endowment and a whole life policy with the flexiblity of selecting fund option as per your risk taking appetite. The more equity focussed option is expected to give you approximately 15% annual appreciation in the long run.
vijay nagranee asked, i have some polices with l.i.c. for many years. for last 5-6 years the agent has not shown his face. can i ask l.i.c. to put some other agent to service my policies, and re-pay me the comisiions paid to the egnt who has not bothered to serve my polices atall ? thanks and regds \ vijay nagranee
Jigessh Patel answers, You cannot change the agent unless the agent's agency is terminated. You can definitely complain to the manager of the LIC branch you got the policy from. You will definitely get better service then.
vijayhegde asked, I am 26 yr old and want to go in for a moneyback uinsurance policy. which one should the best for me.. i invest regulary in ppf and nsc...however i would like to insure myself first...please advice
Jigessh Patel answers, Most companies have moneyback policies. The ULIP moneyback policies are more flexible in selecting the withdrawal timing and also the returns are better. You need to decide first whether you want a fixed timing of withdrawal or you want to keep your option of withdrawal timimg open. Most of the new ULIP whole life policies have a liquidity benefit like moneyback policies. In order to increase your returns, put 20% of your premium in the top up option.
ramana asked, If I take a jeevan anand policy for 20 years, how much bonus I wll get? Ramana Babu
Jigessh Patel answers, The bonus is not fixed. I would take the bonus as 40 to be on the safe side.
chetna asked, Hi,Looking for high return policy for NRI
Jigessh Patel answers, You can go for ULIP policies such as HDFC, ICICI, Birla Sun Life. Each has several ULIP plans. You need to call for company illustrations keeping the premium and the sum assured and fund option parameters same. After comparison, you could decide.
ashishritika asked, HI I AM 29 YRS OLD, MARRIED AND HAVE TWO KIDS.I AM PAYING PREMIUM OF RS. TWO LAKH EVERY YEAR. I HAVE DIFFERENT POLICIES SOME WHOLE LIFE PLANS AND SOME ENDOWMENT POLICIES. I HAVE RECENTLY PURCHASED A ULIP FROM HDFC. I WANT SUCH A POLICY WHICH CAN GIVE ME INSURANCE COVER OF ATLEAST 20 LAKHS AND START GIVING RS. 6LAKHS EVERY YEAR AFTER 20 YRS. WHICH POLICY CAN I BUY. I AM READY TO PAY THE PREMIUM OF ONE LAKH EVERY YEAR FOR THAT. PLEASE SUGGEST ME.
Jigessh Patel answers, Only a ULIP linked plan can give you Rs 600,000 approximately if the funds are performing between 20 to 30% every year. You need to go for 80 to 100% equity. However, this is not guaranteed. Most companies will give you Rs 2000,000 in a ULIP policy.
mantew asked, i am newly appointed unmarried fresher,what is best policy you suggest me which also save tax
Jigessh Patel answers, All life insurance policies will get you a tax benefit on investment up to Rs 100,000 per annum. Since you have not mentioned when you require the money, a ULIP-based policy is suggested with balanced equity option.
udayan asked, can avail the maternity insurance separtely for my wife, because my company doesn't provide that facility, can given provide us the details any insurance where i can avial this facility
Jigessh Patel answers, I am not aware of any such policy for individuals. I will check and let you know next week. Do log in to chat with me next week.
anillahane asked, LIC ULIP Whole life plan is closed for sale? which other plan u will suggest for person with 29 k per month invest+life cover
Jigessh Patel answers, They have restarted the ULIP whole life plan last week.
kaustubh asked, hi jigessh i am a BE MBA by profession and currently into IT. I would like to pursue a career in insurance. what are my options
Jigessh Patel answers, You are too overqualified for the insurance marketing sector.
harsh asked, Sir, I am working as Manager Accounts in Pvt. Co. no PF, I am 42 running, have one Son, No Loan liability. I have Policies of 8 lacs in my name, & also Mediclaim of 1 lac is it ok? My Income is 1.50 PA. No parents.
Jigessh Patel answers, Your mediclaim should be enhanced by another Rs 200,000 as medical expenses are going up. It will be difficult in future to enhance the mediclaim due to new restrictions being added by insurance companies every year.
AAAAAAAA asked, Is LIC's Market Plus policy introduced.
Jigessh Patel answers, Yeah it is.
ASHIQ asked, I WANT LESS PREMIUM N MAXIMUM BENEFIT AS WELLAS MAXM AMOUNT AT MATURITY N PROPER RISK
Jigessh Patel answers, You have not mentioned your age or how many years you would like to invest and not even sum assured. You can go for ULIP polices from a few private companies.
prasoni asked, i m newly married.i want to have cover for both of us. life as well as medical. please suggest something. right now i have one LIC policy worth 1 lacs
Jigessh Patel answers, You could go for mediclaim policy with New India or Oriental Insurance. You will get a 10% group discount when you buy a cover for two family members. You have not mentioned your income. Therefore, I suggest you to increase your cover to at least 15 to 20 times your annual income and in case budget is a constraint, go for pure term policy.
harjeet asked, well sir i am an insurance advisor and an investor too suggest me things i need a few plans which are gd for 3 years horizon with flexibility to not pay premium on regular basis and good commssion structure with any company
Jigessh Patel answers, Buy a single premium ULIP policy every year with balanced or more equity focused option. This is suggested as you are not sure how many years you can invest. In a normal ULIP-linked policy, you need to invest for a minimum of 3 years.
vasuki asked, Dear Sir which is best policy for medical and personal my age is 45 pl advise
Jigessh Patel answers, I would suggest for medical, buy a New India policy directly from an insurance agent and not from a credit card company. For personal need, I need to know more details about your income, investement necessity and all that.
dna asked, Hello Sir - Can you suggest a scheme with a high IRR ?
Jigessh Patel answers, In an insurance plan, the IRR will be highest only in a single premium policy.
Tariq Husain asked, Sir, I have two LIC policies with a total premium of 21110 and approx SA is 5L. Now I am thinking of buying a pure term cover of 30L, as I have been blessed by a daughter and she is now 6.5 mths old. But I heard abt the ULIP schemes of Bajal Allianz and MAX NEW York life. In Bajaj, they are asking for a premuim of 10k for 5 yrs and giving a SA of 25L for 55 yrs, the payment term is only 5 yrs. In MAX, they are asking for 17500 per annum and giving me an incrementing SA upto 99 yrs and at the end the SA will be 50 L, starting from 25L. Which one will you suggest? My annual income is 4.2L.
Jigessh Patel answers, Out of the two, I think Bajaj Allianz is better if you are taking the policy in the kid's name as a lot of money would be deducted in the MAX plan due to the increasing sum assured which is not required at the moment.
Mittal asked, Hi Jigessh, I have a Term policy with MaXNewyork, that I took around 5 years back. I want to have another term policy with some other insurance company (or Max itself). Please let me know, is it possible to have multiple Term policies.. and in case of any urfortunate event, how should my family approach the Insurance companies for the claims.. What are the implications of having a single policy wita a sum assured of 25 Lac or two policies od 10L and 15 L each. Thanks.
Jigessh Patel answers, You can compare the rates of HDFC, Kotak, Birla, SBI Life for sum assured above Rs 25 lakhs. All the companies are totally safe as long as you make correct declarations in the application form while taking the policy. There is a discounting factor for higher sum assured. Therefore, I suggest you go for one policy only.
vijay nagranee asked, in todays times lucknow edition therte is a news item that oriental insurance has communicated to its agents that they wont pay any commissions to their agents for mediclaim new or renewal cases where the insured above fifty years are to to be covered. ? ,so that they may loose interest. i am insured for mediclaim for over 20 years , can the insurance company refuse to renew my policy on the next due dat ? is irdi doing something about it ? thanks - vijay
Jigessh Patel answers, Yes IRDA has instructed all insurance companies to continue renewing the policies recently. Therefore, you can either e-mail directly to IRDA in case you insurance company refuses to renew your mediclaim. Alternatively, you can switch to another public sector insurance company with accumulated bonus benefits before next renewal date.
AmbujJain asked, Hi Jiggesh, this is ambuj. I have a LIC policy of annual premium 15000/- Rs. My current salary is 4.5 lakh/annum. I want to take another policy. let me know which policy will be fine for me.
Jigessh Patel answers, Insurance should always be bought for protection criterion and then returns/savings angle will be taken into account. First I advise you to purchase a policy where the sum assured is equal to 10 to 20 times your annual income. You can purchase a ULIP or a term policy for minimum premium outflow.
SHAILENDRA asked, My age is 37 I have taken JEEVAN SHREE FOR 10 LACKS, 4 installemnts I have made of 56985 Rs. each 6 installment still i have to pay but it will mature in 15 years. But I have doubt that I have comitted mistake,Please suggest was it a wise decision
Jigessh Patel answers, I am assuming you have made four annual premium payments. Therefore, you may have purchased the old Jeevan Shree where the guaranteed bonus is very high. It is good policy. I suggest you continue with the plan.
daya asked, hi,whether i go for ulip or for elss mutual fund
Jigessh Patel answers, Both have their advantages. ULIP is mainly good for long term that is 10 years. That also gives you insurance. Mutual funds are good for short term investment but are very volatile. Only SIP mode of investment in mutual funds would be safe in long run.
SSEKHAR asked, I AM 53 YEARS .ANY SUGGESTION ON TAKING INSURANCE WHICH CAN COIVER THE RETIREMENT BENEFIT.
Jigessh Patel answers, Most of the ULIP whole life policies have a maturity and a withdrawal benefit which is tax free. Also, you can choose an investment period between three to 10 years. Moreover, you get more tax benefit while investing than under pension schemes.
hagen Shah asked, I am having ICICI Pru life Policy for 3 years, now I wish to withdraw the benefit, how can I ?
Jigessh Patel answers, You can only withdraw after 3 years. There may be some penalty for early withdrawal. Please check the policy document
Jigessh Patel says, Though i could not answer all your queries, it's time for me to say bye. See you next week. Keep well. Hear from you soon.
