During the weekly insurance chat held on Wednesday, queries revolved not only around insurance but also around various investment options available. Helping readers calculate the best premium option, insurance and investment consultant Jigessh Patel explained why it is necessary to take professional help for investment. Here is the transcript:
Jigessh Patel says, Hi, Welcome everybody , lets chat.
ss asked, what your view of Jeevan anand polity
Jigessh Patel answers, Jeevan Tarang Policy is better, because you get fixed bonus 5.5 % of Sum Assured for whole life after premium paying term is complete. In Jeevan Tarang , The policy owner gets Actual Bonus accumulated on completion of premium paying term and also the Life Cover will continue till Age 100. . The Client will also get 5.5. % fixed Bonus on Sum Assured after completion of premium paying Term . It also has tax free pension ( withdrawl ) while Jeevan Anand you gives you one time Sum Sum
Mallikarjuna asked, what is the average insurance life cover one should have
Jigessh Patel answers, Depending on your Age, Annual income, Financial Goals and other liablities etc . Then Correct insurance amount can be suggested.
Mallikarjuna asked, i am aged 34 years, married for 3 years, wife just finished her M. Tech. What si the optimum value of insurance i should have. I earn abt 5 lakh p a
Jigessh Patel answers, At your Age, your Total Insurance should be atleast 10 to 20 times annual income. You can buy term insurance at lower premium to fit your budget.
anish1 asked, I am aged 32 yrs & married. I have insurance cover of about 17 lacs.I have an ULIP policy. I pay about 90 k p.a as premium.Is this sufficient? Please advice
Jigessh Patel answers, Plese mention your approx annual income and any other Financial Liab , loan amount etc for correct suggestion
surajk asked, hello my daughter is one plus year old I want to take insurance plus money back policy of 20+ lacs after 17 year approx what are the best policy also reliable
Jigessh Patel answers, Suggested to buy Unit link plan after comparison with a few companies. As the charges of most companies differ a lot. Also choose a balanced fund option where the equity option is atleast 35 % . ( in order to get approx 10 to 15 % return. The liquidity and premium Stoppage benefit is there in most unit link plans. also do buy the Premium waiver benefit with this plan.All Pvt companies are safe.
Debajyoti asked, I am 32 years old. Is it a good idea to cancel my current endowment policies and go for term insurance and invest the saved premium in mutual funds. I have more than 15 years premium payment term left
Jigessh Patel answers, If you choose to cancel any policy , first get new term Policy issued . Also take max term of Insurance coverage ,Currently you get max 30 years of Pure Term Cover. Also ULIP policies are like Mutual funds with insurance and give good returns. You should only invest directly in mutual funds if you have the descipline to invest regularly ( SIP Basis ).
Ravi asked, Hi jigessh, I am 28 yrs old and working in an IT firm. I have not taken insurance cover as my company proves grp insurance. Shall I go for it and if yes what should be the coverage if my salary is X pa
Jigessh Patel answers, You should have seperate cover .As you may choose to shift from the present IT co after a few years. You may find it difficulty to purchase New insurance in the future ( incase you get any critical illness ) . Your Life cover should be between 10 to 20 times of Actual salary for your age.
rsg asked, Hi Jigessh, I am 39 with anuual income of Rs 9 Lakh. I am planning to take term insurance plan with 10 Lakh coverage and 15 yrs period, can you suggest a good plan.
Jigessh Patel answers, Your Insurance planning is showing a Big Gap . Your Cover should be min 90 lakhs. Om Kotak special Term plan for non smokers , non tobbaco users would be the cheapest in my opinion.
subhash asked, Is there any limit on how many insurance policies you can take?
Jigessh Patel answers, There is is only limit on Total Sum Assured of all policies and not on how many Policies.
john asked, Is newindia assurance mediclam good when compared to other pvt sector health insuurance
Jigessh Patel answers, Yes, New India is far superior than any pvt in Mediclaim plans. They also give mediclaim till age 75 and more. While most pvt Mediclaim policies terminat by 65 age.
Surinder asked, Sir, I want to know i have taken endowment policy for 200000 for 20 years in 2001. i want to know if person dies in near future by natural death how much money get his nominee's if if any person dies in an accident how much he will get, one more thing how i can get loan against my insurence policy
Jigessh Patel answers, Your family will get mmin 200,000 plus bones on your untimely death and they will also get addtional 200000 idf you have taken an additional accident rider while purchasing the policy. You can call LIC Tel Helpline and give them your Policy no ,details , they will be able to give you exact loan amount. The loan can available by filling a few LIC forms and you need the original Policy document while taking the loan. The loan can appiled for only from the branch you purchased the policy from.
Vikas asked, Hi, I am Vikas, I am 31 yrs. old married & have a son. What sort of insurance should I take for
my family with a oppurtunity of growth. For my son who is 2 yrs. old I would like to invest for his future education. I prefer insurance which invests in equity also. My annual income is around Rs. 15 Lacs.
Jigessh Patel answers, Suggest you to first buy sufficient insurance in your name. ULIP plans give max return and also give option to invest in equity upto 100 % . You can make you son Nomineee and withdraw money from this same policy for his education.
nutan asked, Very simple question --- Alamost inevery form we have to paste a photograph, its manadatory ( be passport or admission to college or job etc ). but WHY WHILE FILING INSURANCE FORM NO PHOTOGRAPH IS REQUIRED? I think just to make it difficult to claim , in case of eventuality.
Jigessh Patel answers, I think there are less fraud claims in Life insurance ,therfore additional security like phograph are not required in application forms.
sandesara asked, hello sir which is the bestr policy for having a term insurance
Jigessh Patel answers, Please mention your age and Total sum assured you want. Diff companies are better , depending on above parameters.
Jayashree asked, Hi Jigessh, I am 28 Yrs Old & Working with an IT firm. I want to know the Details of charges applied for UNIT Link Policy
Jigessh Patel answers, All Ins companies have to mention all charges mandatory on their New illustrations and New brochures . Most companies have diff charges. please mention which ULIP plan charges you want.
popeye asked, What is the best way to invest for the future?
Jigessh Patel answers, Diversify your investments in different options and invest mainly long term . Hire a professional investment Consultant.
MineshPatel asked, which policy is better, endowment or moneyback? I am 23 year old.
Jigessh Patel answers, Depends on your financial goals and when you need liquidity .I feel moneyback plans are better , as there is more liquidity. A whole life ULIP plan has both benefit of Money back and endowment plan.
sameer_shaggy asked, what is ur opinion on tata aig mahalife gold
Jigessh Patel answers, I feel Jeevan Tarang plan of LIC is much better. Jeevan Tarang paln gives more returns and higher Guaranteed Bonuses.
rk asked, My company covers me for 50,000 should I have health insurance. I m 32 years old married and I have 1 year old son. Both me & my wife are working.
Jigessh Patel answers, Its better to have seperate Health cover for yourself and your family ,as you may shift from the present Company in the future. That time the new Comapny may not have the Mediclaim benefit.
ManishG asked, I have taken Whole life participating with bonus option from Max new york life. Is it a good decision
Jigessh Patel answers, The returns in this plan should be Max 6 tp 7 % as they are not allowed to invest in Equities at all in this plan. I would look for other options for investing.
ManishG asked, I have paid for 3 yrs in ICICI Life time ULIP. They have given me option to continue/discontinue paying premium. What should I do
Jigessh Patel answers, See the unit value appreciation of your plan. if it better than your expectation , you may continue investing. I would peronally purchase additional insurance cover.
manish asked, what is your opinin regarding LIC's Jeevan tarnag policy? I am planning to take a 25 lakh Jeeva tarang policy. Is there any other better option?
Jigessh Patel answers, Excellent plan . Go ahead with Jeevan Tarang plan if you want guaranteed returns. ULIP plans can give you better returns but the returns are variable.
Nilesh asked, Hi Jigessh I am 30 yrs old working for IT company in mumbai.i wanted to invest 12000 to 15000 per year so pls can you guid were to invest with maximum return with tax benifit
Jigessh Patel answers, You can choose any ULIP policy with Max Equity option after comparison with a few companies. The tax benefit are same for all Ins plans whether they are ULIP or Traditional.
kishor asked, Hello, is ICICI prudential a dependable one? Can we believe and invest good amount in that ?
Jigessh Patel answers, Yes, ICICI Prudential is dependable. All Ins companies are strictly regulated by Govt regulatory body called IRDA. You can also spread your invesment with a few companies .
makarand asked, can u answer my query? Hello, i am 28 married no kids. Whats the best policy for me?
Jigessh Patel answers, Single premium ULIP plans will max returns.
nick asked, Hi Sir iam 22 yaear old working in IT firm. iam planing to go for LIC policy Jeevan Tarang. Is this is good for me, which will cover my whole life insurance. And i also wanted to Know that this policy makes return after premium paying term. Its true Thanks
Jigessh Patel answers, Great plan .Yes ,this policy gives returns after premium period.
Jigessh Patel says, It was a pleasure chatting with your'l. Got to go. See your'l next week. You can email me on jigishpatel@
rediffmail.com I will try to answer max quiries. Thank you.
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