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Rediff.com  » Business » 'Always cover at least 6 times your annual income'

'Always cover at least 6 times your annual income'

November 10, 2006 09:57 IST
Ravi Jethani says, let rock this boat!!

VISHALUAE asked, Can somebody tell me how to revive lapse LIC policies...I left Inida 3 years back...vishal
Ravi Jethani answers, yes u can revive if 5 yrs from last premium not passed
audumbar asked, can i select jeevan surbhi for 20 years?
Ravi Jethani answers, cant say without other info
bhugraanand_b@rediffmail.com asked, I am working abroad and am keen to take an insurance in India, my nationality is Indian. So how does the risk cover work and what happens if something happens to me.
Ravi Jethani answers, u can take a policy in india and God forbid if something happens to you then claim will be paid to yur nominee in indian rupees and monies can be coverted and repatriated in usd provided u have piad out of NRE ac or dollar drafts from abroad
JJ1 asked, HOW DO U RANK JEEVAN ANAND POLICY RISK COVER CONINUES AFTER MATURITY ALSO
Ravi Jethani answers, i think its good ..provided u cover adequately today with some term also as its a little expensive
audumbar asked, my annual income is 50,000/- which policy am i select?
Ravi Jethani answers, buy some term as not much to put in
JIGNESH asked, WHAT RETURN I CAN EXPECT IN JEEVAN SARAL POLICY?
Ravi Jethani answers, as per lic experience so far an irr of 7% cannot be ruled out
gaurav asked, hi Ravi am a 30 year male earning 10.5 lacs how much insurance should i take
Ravi Jethani answers,  i would opt for a min 30 lac to a max of 50 lac to start with...also would up it if u have loans liabilities also
hi asked, which plan will be good for a period of 10 years or less and 30 lakhs should be the outcome afterwards....Pls provide how much i need to pay premium
Ravi Jethani answers, limited pay endownment can be opted for as yur pay term is predefined and limited to 10 yrs if u want and payouts and cover till 20 or 25 yrs as per yur choice
Venkatravi asked, Hi ravi, is this true that government of India is planning to scrap the rebate given to taking Policy? This was one of the way we all used to save tax but what shall we do? please advice...
Ravi Jethani answers, i dont think they will completely scrap it...though they may bring it under EET...which means taxable at the time of maturity...but will be prospective effect not retrospective...so go ahead and lock in today
Vivek asked, Hello , Pl suggest investment plan for a 55 year old man who would like to invest 1 lac per year. Doesnt require a insurance cover
Ravi Jethani answers, do some sip in equity mutual funds
samir1 asked, I have three convention policy in LICI, Now I want to invest a lamsum in LICI, Which policy should I take?
Ravi Jethani answers, lumpsum is avoidable as policy would be taxable on maturity...i would suggest a 5 yr paying term and pay all premiums in advace at a discount of 5% per policy year...so u will not pay tax and also it will be like a single prem pay out from yur end
jignesh shah asked, is jeevan saral good plan
Ravi Jethani answers, rocking plan
santosh asked, Hello Ravi, I'm 28 yrs old and this month I had taken 2 LIC policies (Jeevan Mitra and Anand) for 16 years and the premium is Rs. 34175 per annum. Does these are the right policies I have opted?
Ravi Jethani answers, botn are good plans...but i would opt for a 20 plus period as u r not eligable for fianl additional bonus for policies 16 years term
edwin asked, How good is jeevan shree original version
Ravi Jethani answers, it was a guaranteed return plan...unheard of today...absolutely amazing
zigsaw asked, What is the best way to insure the old age?
Ravi Jethani answers, i would spend my money at my old age not insure it
zigsaw asked, We know ULIP means Unitlinked insurance but how does it actually works? We pay for @ three years, how long are we insured for? How does the stock market effect the sum assured? if the market crashes, what happens to the investment? When and how do we get to know that we have to change debt/equity proportions? Pl. kindly explain in details.
Ravi Jethani answers, well too many answers req...in short do not invest in ulips if u want better returns only and because markets are doing well...i would go to a mutual fund for that...keep a min 10 yr view and opt for ulips
Ashu asked, hi I hav 3 yr duaghter, I would like to make investment plan for her education, marrige and her child too. Would you suggest me what type of insurance policy will be need to cover risk. My budget to invest around 1lak pa.
Ravi Jethani answers, i would opt for a marriage cum edu endownment plan 90 of lic with a term rider on yur anme and make yur dtr the nominee....dont take a policy on yur dtr life
ANSAR asked, PLS SUGGEST BEST SHORT TERM CHILDREN PLAN
Ravi Jethani answers, no shrt term child plan sir
a asked, I am 31 years old,single earning 240000 p.a., no dependants,i do not hv any insurance policy.Which policy will i opt for? tht gives good return & liquidity
Ravi Jethani answers, jeevan saral of lic is great with flexibility and good cover
babu asked, hello which is better? Pure Endowment or Term Policy + MF?
Ravi Jethani answers, depends on yur risk profile and past savings habits...both can work well
Bhaskar asked, Hi, Me and my wife are both service holder with a take home monthly salary of approximately 50,000. We have purchased a flat amounting to 16 lakhs and have to shell out a monthly EMI for Rs 14000 approx.We are planning for a term insurance of 15 lakhs with an annual contribution of around Rs.5000. are we on the right track...plz advise
Ravi Jethani answers, yes cover yur loan liability first and think later...i would suggest u ask yur advisor for some sav plan with high risk along with it so it can coincide with some other needs also
rajvi asked, Ravi u mentioned that one is not eligible for Final Additional bonus for policies 16 years Term....I had taken Jeevan Shree policy being paid for 16 years....maturity after 25 Years will I be eligible??
Ravi Jethani answers, well i meant 16 yr maturity ..had no clue u r talking about jeevan shree....also j shree has loyaly additions and not fin add bonus
sauravrocks asked, what are the market linked policy for maximum return?
Ravi Jethani answers, max return go dir to mutual funds as per yur risk appetite
aknair asked, ravi sir, what's ur opinion on investing bajaj allianze insurance?
Ravi Jethani answers, bajaj is aggressive in marketing...,make sure u r buying insurance and not only invst in a ulip with high upfront charges
Vaneet asked, Hi Ravi, Pl advise top 5 mantras for a successful insurance advisor, vaneet
Ravi Jethani answers, calls calls calls calls calls
hr asked, I've invested in UnitGain policies of Bajaj Allianz two years back with 1Lac of premium per year for 3 years without knowing much about the product. After few month I come know know that only 30K out of my first premium is invested and also deducting other charges. I did not like the product. Can I consider quit the policy? If I have to stay, how long should I hold it for?
Ravi Jethani answers, disclosures should have been done by yur advisor at the beginning...but now i would not quit as upfront loads and surrenbder loads will hurt badly...i would stay invested with a min 5 to 7 yr view
SachinW asked, Good evening Ravi! My income is CTC: 4 lakhs/annum. How much amout does it come in tax bracket and how much can i invest to save this taxable amt? Plz suggest
Ravi Jethani answers, well upto 1 lac is tax free...bal u can invest 1 lac under sec 80c and get a complete deductable from yur income so u will save tax oin that amt
vinay asked, WHAT IS THE BENIFIT OF MEDICLAIM POLICY?
Ravi Jethani answers, well covers u incase of hospitilization
aknair asked, ravi sir, what's ur opinion on investing bajaj allianze insurance? i have invested a certain sum for a period of 5 years on each year.... is it right way of investing?
Ravi Jethani answers, my friend markets could take a dive in that short period...what will u do then ?...insurance should be done for dying too young and living too long !!
Swapnil asked, Hi, I heard that Private Life Insurance comanies Like MAx Newyork are in loss acording to IRDA anual report. So is it worth to take policy from these comanies.? Right now I have taken Whole life policy & Unit Link Policy from Max Newyork? Is my investment worth & safe
Ravi Jethani answers, yes they are in losses...cant comment further
Neeraj asked, I am also a insurance agent in delhi,i had just started the same in feb 06 . Please give me some tips as how can i increase my policies .As of today i booked 53 policies .
Ravi Jethani answers, dont sell policies...give people soloutions to their problems and give them mopre than they expect and u will have policies flowing in
sihanature asked, Hi, Is it true that if we save money with back for 5 years, we get a tax exemtion.
Ravi Jethani answers, upto 1 lac can be saved under sec 80c and u can get a tax releif as per 06 finance bill
antony asked, Sir, I had a bad experience with LIC recently. I had a policy whic was due for maturity in March 2006. I had surrendered the policy and bank details to the branch Angamaly in Kerala, since I am working abroad. I sent a communication to the branch regarding transfering of my policy maturity proceeds. So far they have not responded so far. I got an intimation from my bankers that they have received maturity proceeds. My question is that why the staff at Angamaly are thinking that they are above all. In fact I wanted to take another policy. When the agent approached me I got rid him from my house recently. But I didn't because of their attitude. Afterall LIC is NOT AN INVESTMENT OPTION. They have the most dissatified customers in in India.Why dont LIC staff understand that it is because of the customers they are there in the office drawing huge salary for doing nothing. I want your comments.
Ravi Jethani answers, sir i am sorry on behalf of the corporation for the trouble u have gone thru....it should have been done in time...just to share with u 99.9% of maturity claims are settled on or before maturity. it could be bacause of ecs that there may have been a problem
Joydeep asked, Hi Ravi, I need to ask one ques. Is LIC a good option as long term investment compared to policies like PPF and NSC? Can you compare them according to their returns?
Ravi Jethani answers, ppf is awesome 8% tax free...upper limit is 70000 per annum...my friend look at all invst with diff view...as return is not everything when it comes to protection of yur family and loved and dear ones...so insurance is as important
Joydeep asked, Hi Ravi, I need to ask one ques. Is LIC a good option as long term investment compared to policies like PPF and NSC? Can you compare them according to their returns?
Ravi Jethani answers, ppf is very good at 8% tax free...but insurance is also equally imp as it provides a life cover and security for yur loved ones
V.RAVI asked, I am an NRI and intrested to invest in Insurance policy. R there any policy where in i can pay premium for say three years and have a risk coverage till the age of 60 years.
Ravi Jethani answers, u can pay 5 yrs and get cove till age 80 if u want sir
shirishsahu asked, I am also an LIC Agent since 2 years. How I will Improve in Market building as at present competitive scenario and also I am employee.
Ravi Jethani answers, work full time in lic and things will change for the better...commmitment is either there completely or not there at all
bindraparitosh asked, Dear Ravi I am 30 years old, still single and has taken a house loan of 10Lakh with monthly outgo of 12000.Shall i take a term insurance??
Ravi Jethani answers, yes very good idea
vinod asked, hi, i don't have an insurance plan as of date and would be soon moving to a foreign nation. In such situation would you recommend a insurance plan back in india???
Ravi Jethani answers, why not...can pay from abroad also
AK asked, my HDFC endowment policy has lapsed . Is there any way i can renew it
Ravi Jethani answers, yes cab be revived...subject to fresh tests if need be
martins asked, Hello Ravi, Could you please explain what is a term insurance and how does it differ from other life insurance plans ?
Ravi Jethani answers, term ins is pure coverage without any returns on it at the end of the term
Vivek asked, Mr Ravi , if I invest in pension Plan (ULIP) instead of MFs. Will it be ok
Ravi Jethani answers, have to have a mix going forward
rakesh_doshi asked, Can you tell me how is ICICI Prudential smart kidz policy for kids aged 6 years
Ravi Jethani answers, good plan
sandeepk asked, Hi Ravi, I need your advice on Insurance. I am 33, single and no plans to marry. In thi situation how do I create security for my future through Insurance. Please advice.
Ravi Jethani answers, yes it can work partly thru insurance as maturities would be tax free and also u can have diff ages covered for lumpsums
gb_bis asked, hello sir, I am Gautam. I am now 39 year old. I have a daughther (4 months age). I like to know which policy is good for my kids. Pls. acvise me.
Ravi Jethani answers, take a marr cum edu endownment plan 90 of lic with a term rider on yur name only
abhishek asked, ravi, many advisors have suggested the pure term insurance + mutual funds are the best investment option for any individual .... how would u react to that ???
Ravi Jethani answers, nothing wrong with it...justr that stick to the mutual funds investment thru thick and thin...most people chicken out when markets go thru bad times so the plan goes for a toss
Joydeep asked, Hi Ravi I need to ask you a few ques. Firstly is it possible to pay the premiums of LIC online if yes then how do u get the receipts to show for tax exemption. Secondly how good or bad is LIC as an investment compared to PPF pr NSC??
Ravi Jethani answers, yes can pay prem online...receipt will be courired dir to yur policy addrss in about 7 days...reg investments ...as i always say all r good in right mix
SachinW asked, Thanks Ravi!! Which top 3 open ended MF is best to invest today?
Ravi Jethani answers, i wud choose pure equity diversified funds like a templeton bluechip- hdfc top 200- sundaram midcap
ashishritika asked, I AM EARNING 3 LAKH PER MONTH AND INVESTING 2.25 LAKH YEARLY PURELY IN INSURANCE SECTOR. ME AND MY WIFE ARE COVERED WITH INS. COVER WORTH 1 CR. DO WE NEED MORE INSURANCE COVER TO SAFEGUARD MY TWO KIDS?
Ravi Jethani answers, way too much in ins savings...and certainly no more required
Mayur asked, What is your opinion about LIC's future
Ravi Jethani answers, future is rocking !!..let me give u some food for thought...lic pays out 24000 crores in claims every year...they settle 3 claims each time u breathe!!...also their life fund is now going to grow by 1 lac crore every year
Its_raahul asked, ravi sir shall i go ahead and buy new bimaa gold pilicy from LIC
Ravi Jethani answers, its a good plan my friend
blah asked, Hi Ravi, What are the best insurance and pension policies for my family as a group and on individual basis. I've a daughter who is months old. My age is 34 and my income is 9lakh p.a.
Ravi Jethani answers, cant comment like this mail me on my email some more details and can advise
vinay asked, what is covered in first year policy
Ravi Jethani answers, everything except suicide
srikanth asked, Good evening Mr.Ravi, How do you handle postponements while selling insurance?
Ravi Jethani answers, dont follow up..move on
Vivek2 asked, Mr Ravi, pl suggest how much cover is suufficent for me . I am 39, earning per year is 4 lacs. Rite now having a cover of 5.5 lacs only.
Ravi Jethani answers,  i would cover atlest 6 times mine annual income