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'Go by income-savings=expenses formula'

November 03, 2006 09:07 IST
Top insurance advisor Ravi Jethani answers questions related to life insurance, medical insurance and pension plans. Here is the transcript:

RAVI JETHANI says, 
hi !! ravi here...lets rock !!

james asked, If i earn 35000/- a year and have no loans and am unmarried, how much insurance cover should i take?
RAVI JETHANI answers, as per human life value if u were to work for 20 yrs and continue to earn same income...then insurance req is about 26 lacs...if we bang in increase it will go up
satya asked, which lic policy for my daughter, 1 yr. old
RAVI JETHANI answers, satya the way to go for yur 1 yr old gem is to get the angel a marriage cum educational endowment where yur life is covered nad there is premium waiver if something happens to you...pl make sure u dont get a policy on the childs life !!
Andy asked, Where is the expert????
RAVI JETHANI answers, here i am andy ...wats yur q
Puspita asked, Which Unit linked plan do u suggest,which is performing really well
RAVI JETHANI answers, puspita...for god sake dont do a ulip plan before understanding the short term charges and exit loads...performance is not the only parameter...pl excercise extreme caution as ulips can get messy when we go thru bear phases in equity markets
Hiren asked, To get good returns,which investment policy you suggest?
RAVI JETHANI answers, lic jeevan saral is by far one of the best safe , flexiable and a better return product
Soni asked, Ravi what is the career prospectus for Associate or Liscenciate
RAVI JETHANI answers, pl rephrase...well career prospects are great!!...all u require is a strong will and a big goal...some advisors in the us have their own jet planes...i plan to own my own by 2015 24th of march !!!...serving only caviar and champagne (dom) on flight
badal asked, Why LIC policy is popular for investment in the middle class people
RAVI JETHANI answers, well was the most trusted services brand as per eco times survey in 2004-2005..also very sound and financially very secure
Thomas asked, Most people say private insurance companies offer more return than Life Insurance Corporation of India, is it right ?
RAVI JETHANI answers, completely untrue...if u look at endownment plans their irr will be way lower than ours..thats why pvt insurers only market unit linked plans....all of the are in losses as gestation period is long
snt asked, I want to go for reliance market return plan(ULIP) of 25k. Is it OK?
RAVI JETHANI answers, i would avoid as very new in business...if u do desire a pvt player ..i would recomend a hdfc
badal asked, why the service tax impose on insurance premium
RAVI JETHANI answers, as per law`bro...taxes and death are the only two things which are certain!!!!
hareshnair2005 asked, Bhaisaab how do I become a MDRT memnber
RAVI JETHANI answers, sirji...u have toi have a first premium without renewal premiums of about 26 lacs
rajesh asked, Also one thing is term policy is secured, anything happended to insuranced person, or the company fool some time
RAVI JETHANI answers, 100% safe and insurers will pay as long as your disclosures are correct at the time of taking the policy...also suicide is not covered in the first 365 days of the policy
rakesh asked, I am 48 years old and went thru an angioplasty about 18months back. Now i am perfectly fit and want to go in for a life insurance. which kind of policy do you recommend. I can set aside about 25k every year for the premium.
RAVI JETHANI answers, tough to get on normal rates...some additional premium wil be there...i would rec a whole life..unless u have some specific goals
rajesh asked, In mutual fund it is good if i will go through SIP
RAVI JETHANI answers, only way to go bro to build long term wealth without headcahes...27% over past 11 yrs a temp bluechip fund has returned...2000 pm over 132 mnts from 1994 to 2005 has become a staggerring 16.50 lacs!!!
sad asked, hi ravi, where should i invest my money as iam working in pharmaceutical firm so pls. advice me and i am earning 13000 per month
RAVI JETHANI answers, start a sip in a bluechip diversified fund and take a term cover if u have liabilities
Sri asked, Adding to my previous question, I would like to surrender all my investment style (LIC - Money back, Jeevan Shree) polocies and wanted to go for Term insurance policy. Which company should I opt for (Term) these policy ? Rest of the money (from Jeevan Shree etc.) I shall invest in equities...
RAVI JETHANI answers, God bless you ..if the mkt tanks
Srikanth asked, What is the most risk free insurance plan for me, where I will get a substantial amount during my old age - Im 33 years
RAVI JETHANI answers, jeevan saral is the best for old age and flexibility to withdraw post 10 yrs of the policy and also get a very high cover 250 times of monthly premium to start with
sad asked, what is sip ? i have no liabilities
RAVI JETHANI answers, systematic investment plan in mutual funds
rajesh asked, Hi Ravi, My daughter is 3 yr olds and i want to save 20 lakhs for studdies and 20 lakhs for marriage, what is the best option to saving , to achive the goal, If i want to partially withdraw also.
RAVI JETHANI answers, you can do rocking things rajesh..just make sure u dont take a policy on her name...i would advise a mix of insurance and mutual funds....we have ideas that COME WHAT MAY your dauters future will be protected...email at ravi.jethani@rediffmail.com
SachinW asked,  Hi Ravi, Good Evening!! I have recently taken New York Max Life policy of 20 years wherein I pay premium of Rs 15000 per year. Also I have one policy of ICICI Prudential of 15 yrs. How safe are this private players? Thanks Ravi!
RAVI JETHANI answers, sachin...i would say they are safe..nothing to worry about ...but LIC ROCKS!!
Rajvi asked, Hello Ravi, I earn 5 lac per Annum my Details of insurance cover (medical and life) 1. LIC - Jeevan Shree, DOC : 24/07/2001 , Maturity Date : 24/07/2026 Sum Assured : 5,00,000.00 , Premium: 6350 Quarterly. 2. LIC New Money Back Policy - 25 years, DOC : 25/10/2004 , Maturity Date : 25/10/2029 Sum Assured : 5,00,000.00 , Premium: 13,158 Half Yearly. 3. LIC - New Jeevan Suraksha - I, Pension Policy, DOC : 24/12/2004 . Premium :10,000 Per Annum 4. Medical Insurance by Company. 5. LIC - Jeevan Anmol - 20 Years Term Plan, for 20,00,000 premium 6058 Per Annum Number of dependents : One( Spouse, not working). Am I adequately Insured??
RAVI JETHANI answers, i think u r good
rajaji78 asked, i am married with 3 months old daughter.. earning Rs 7 lakhs Per annum. What is the best plan for me considering daughters study, marriage.
RAVI JETHANI answers, marriage cun educational endownment
fgfg asked, Is LIC Market Plus option better then other ULIPs in the market
RAVI JETHANI answers, conceptually all same..i think lic will be a little coservative while investing a sthey are always wanting to hold good at bad times and wanting to show couple of quarter performances by taking huge risks
sachinmedhi asked, is there any website which gives comparison of all premiums from different companies
RAVI JETHANI answers, no...but lowest premium does not mean best service and claim settlements...get a GOOD INSURANCE ADVISOR..WHO IS IN IT FOR THE LONG TERM TO MAKE SURE YUR CLAIMS ARE ALL settled in time of need of yur family...
ravidugar asked,  Is HDFC Young Star ULIP is a better option for Insurance
RAVI JETHANI answers, hdfc young star is a good plan..but quite heavy on the charges
sad asked, what is sip ? i have no liabilities
RAVI JETHANI answers, systematic investment on a monthly basis into mutual fund schemes
Aditya asked, Hi Ravi, I have heard that the best plan to go for is the term plan. Is the term plan same as endowment plan? What is the difference?
RAVI JETHANI answers, aditya...good question...term is pure insurance cover with no returns at the end of the policy...endownment has a return at the end though the premiums are also higher
kash asked, I want take a policy wherin.. if i die tomorrow my family gets lum sum of 25lacs. I mean a policy where i pay premium for pure life insurance and does not contain higher bonuses or returns on maturity or end of tenure..
RAVI JETHANI answers, term insurance is what u r lookin g for...
KAMAL asked, i would like to buy a policy from u my mobile no is 9899758630
RAVI JETHANI answers, cool ...will cl you bro
Hrishi asked, Hi Ravi which is best Mutual Fund now in India ….. Considering to keep investing for 5 years from now and are we going to get Bonds in India (Fixed Income)?
RAVI JETHANI answers, hdfc and templeton stand out
ravidugar asked, Thanx 4 the answer Can u suggest any plan from LIC in comparison to HDFC young star ULIP
RAVI JETHANI answers, yes...pl mail yur cord on jetahni.ravi@rediffmail.com and i will help u out..cheers!!
hungry asked, For tax rebate i am invested 10K pa in LIC as retirement benefit scheme. Can that amount be increased?
RAVI JETHANI answers, yes under section 80c...u can put in upto 100k per year...but u would have to opt for a new policy
Ajitw asked, Ravi - I am a 45 yr old software prof. with about 16L annual gross per year. What do you recommend as a life insurance coverage?
RAVI JETHANI answers, well there r two methods to calculate the same human life value and capital liquidity need analysis....if i were you i would cover my liabilities if any and make sure that my loss of income to my family should be covered...which if u work till 55...present value of yur future income stream at6% is 89 lacs
Ajitw asked, Ravi - I am a 45 yr old software prof. with about 16L annual gross per year. What do you recommend as a life insurance coverage?
RAVI JETHANI answers, email me yur cordnitaes on jethani.ravi@rediffmail.com
Adi123 asked, Hi Ravi can you please name me a suitable and good pension plan
RAVI JETHANI answers, all pensions are taxable...u should look for tax free options..which we specialize in...mail me yur cords on jethani.ravi@rediffmail.com
Pa asked, Hi Ravi, Good evening! Can u please tell me if there is away to reimburse money from an insurance company for a lasik eye surgery? Also what is the procedure?
RAVI JETHANI answers, sorry dont do general insurance
Pa asked, Hi Ravi, Good evening! Can u please tell me if there is away to reimburse money from an insurance company for a lasik eye surgery? Also what is the procedure?
RAVI JETHANI answers, sorry dont do general insurance
KUMAR asked, ARE REGULAR PLANS OF LIC BETTER THAN THE MARKET PLUS PLAN. WHICH WILL BE A BETTER PLAN FOR PERSON AGED 28 YRS EARNING ABOUT 5 LACS PER YEAR
RAVI JETHANI answers, both can work for you...depends on yur risk profile...if u r a moderate risk taker...go for market plus with a min 10 yr view...which means no taking a call on the market...if not then endownments are better
vinodvhere asked, I am 25, earning 2.85 lakhs per annum and getting married this month.My debt stands at 6-7 lakhs and I have negligible savings. I assume my salary to increase by 10% annually I want to take a pure term insurance with critical illness and permanent disability riders. Can u tell me the Amt for which i may be insured. Also suggest me which LIC plan is ideal for me and also suggest an alternative from Private players. I have kept SBI term plan in my mind as they have the minimum premium rates.. Kindly advice.
RAVI JETHANI answers, pl get minimum prem rates out of yur mind as i always say...its the guy who is going to settle the claim who is important to be around for yur near and dear ones....reg how much ins...i would say 30 lacs
kash asked, kash says, I want to Invents in SIP MF's please advice 3 best MF available in market ?
RAVI JETHANI answers, in sip...pick 3 fund houses and pick their diversified equity funds
Desai asked,  In jeevan Tarang Policy If take the policy for 300000 for 20 yrs at the end what is benifit amount I may get?
RAVI JETHANI answers, at end 20 yrs 3lacs is expected ata a bonus rate of rs 50 per 1000 sum assured and a fixed guaranteed annuity of 5.5 % of sum assured after that till u live
k asked, Is rural insurance going to be sector that insurance compaines focus in future !!
RAVI JETHANI answers, sure...but i think they wont be able to run thru the urbans so fast
poojaak asked, Please tell me aout LIC jeevan akshay policy.
RAVI JETHANI answers, its a pension plan
Arun Aggarwal asked, Hi Ravi, For a person of 21 years of age having Disposable income around 25K should go for term insurance (+investments in Mutualfunds) at this age or with conservative low return Insurance Policy.
RAVI JETHANI answers, i would do a coservative endownment plan as it helps u save forcefully instaed of blowing the money up in a bar or on gadgets...income-savings=expenses is the correct formula my friend
Hrishikesh asked, Do you have your web site Ravi?
RAVI JETHANI answers, www.insuremerj.com email:jethani.ravi@rediffmail.com
pradip asked, If you have no answer to my question, pl. so say so as I can take leave. What will be the closing time of this chat??????????????????????????????????????????????
RAVI JETHANI answers, sorry whats yur quest...bro being flooded with a lot..post again pl
Shrinath asked, Resp Sir, I am interested in Pension plus policies, kindly advise
RAVI JETHANI answers, lots of options ...make sure u get it tax free...mail me on jethani.ravi@rediffmail.com
hr asked, Should I use insurance as invesment instrument?
RAVI JETHANI answers, why not...all assets classes in right propotion are good
raghuraman asked, what is the best policy in LIC you would recomment for my 7 year old son
RAVI JETHANI answers, plan 90...marriage endownment
raghuraman asked, what is the best policy in LIC you would recomment for my 7 year old son
RAVI JETHANI answers, plan 90...marriage endownment
pradeep garg asked, hi Ravi, I, Pradeep Garg, age 27, working as a CS and My salary is 2 Lac p.a. Please tell me about the name of the Life Insurance Plans the premium of which is lowest and are best for me.
RAVI JETHANI answers, term plans are cheapest form of insurance cover....big mistake if u look at only cheapest !!
Agni asked, if you dont answer to this pls tell me so that i can stop asking u. sorry to trouble u. I am belongs to small income category and do not want to take rist. so seeking your advise mr. ravi. pls tell me... AM SUPPOSED TO GET BHARTI AXE LIFE INSURANCE FOR MY DAUGHTER. HOW SAFE IT IS SIR ? OR SHOULD I GO FOR LIC ONLY ?
RAVI JETHANI answers, LIC only...safe and sound with conservative returns
akhileshtiwari_it asked, Hello Mr. Jethani, I recently bought a LIC jeevan Ananad policy for which I have deposited first premium. I want to discontinue with this policy. Will I get my money back? If not then could I switch to some other plan of LIC itself?
RAVI JETHANI answers, u can get back if u return the same 15 days from the receipt of the policy bond...which is the cooling off period...no cant swithch
BHAVESH asked, IN CASE OF ULIP, SOME INSURANCE CO CHARGE ALLOCATION CHARGE OR ENTRY FEE UPFRONT I.E. AT THE TIME OF ENROLLMENT OF POLICY (LIKE SBILIFE AND ICICIPRU LIFE) AND FEW DO IT IN LATER COURSE OF TIME (LIKE BAJAJ ALLIANZ AND AVIVA). WHICH ONE SHOULD BE PREFERRED
RAVI JETHANI answers, all add up the same if u look at it from 15 yrs down the line
RAVI JETHANI says, thanks all for yur questions...hope u all are satisfied...see u again next thursday...mail me yur queries on jethani.ravi@rediffmail.com

If you have more queries on insurance, mail them to jethani.ravi@rediffmail.com

Chat with Ravi next Thursday!