'Accidents are unpredictable, whether it's a mishap during Diwali, a fracture during travel, or a fall in the bathroom.'
A crucial point anyone purchasing health insurance must heed is the need to declare PEDs.
'A mid-year review makes the end-of-year financial review manageable and less stressful.'
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
In numerous instances, family members are unaware of an insurance policy's existence, let alone its details.
'Check every SMS you get. Many people ignore them.' 'Remember if there is an activity in your account, your financial institution will send you an SMS, not a WhatsApp message.'
A prudent guideline for self-employed individuals is to target at least 10 to 15 times their actual annual income when determining life insurance coverage.
Choose a higher sum insured if you are going on a long trip, and if your age is above 45.
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
If your flight is cancelled or delayed or you miss one, a travel insurance policy can cover the costs at such times and help you book a new one.
Personal accident cover should be purchased by everyone, irrespective of age, occupation or health condition, as one does not know when an accident could occur, causing hardship to the family.
Most traditional health insurance plans didn't cover the cost of such treatments earlier, but several recently launched policies do offer such coverage -- some as a rider, and a few as standalone covers, points out Sarbajeet K Sen.
Tax benefit on WFH expenses, regulatory clarity on cryptos figure high on their wish list.
Life insurers, on the prodding of global reinsurers, are set to hike premiums on term plans because rising mortality after the second wave of the pandemic has led to an increase in the number of settlements. Some will do so next month while others may wait till January. Global reinsurer Munich Re had nudged its insurance partners on the hike in September and insurers have been engaged in negotiations with the reinsurer on the amount of the increase. Term plan prices in India were among the lowest in the world for a long period but in the past couple of years, they have been increased a few times.
Term insurance policy premiums are set to rise by 25 to 30 per cent with Munich Re, the largest reinsurer for the Indian insurance market, increasing its rates for underwriting portfolios of pure protection plans by up to 40 per cent. According to a senior executive of a private life insurance company, the global reinsurer has communicated its decision about increasing rates. About 8-10 insurance companies have been informed about the move, sources said.
With Covid-19 cases across the country rising rapidly once again, demand for health insurance products has spiked. Insurers are seeing an uptick in inquiries for such products and underwriting more premiums in the segment. Already, health insurance was growing at a rapid pace since the onset of the pandemic as awareness around risk had heightened among consumers. But the country recorded more than 600,000 Covid-19 cases in the past week, which is almost a six-fold rise than the previous week. Owing to this, the spike in demand for health insurance products is inevitable, experts said.
People who have no access to or do not trust the financial system are the only ones for whom investing in gold makes sense, says Naval Goel.
Takes care of expensive medical treatment at affordable cost even as you get quality treatment and tax benefit out of it, says Naval Goel
With a strong plan in mind, Public Provident Fund can become an important and strong part of your investment, says Naval Goel.
While you cannot avoid the delay in payments from your customers, you must come up with new ideas on building your internal cashflow system to ensure that the cash crunch within the organisation is minimal, suggests Naval Goel.
Come October, life insurers may have to tighten their underwriting standards further for retail term plans at the behest of one of the largest reinsurers in the Indian insurance market, Munich Re. According to a source aware of the development, "Munich Re has been studying long-term mortality trends for the past few years, and has suggested some tightening in the underwriting process." "As far as financial underwriting is concerned, the reinsurer has suggested that insurers should ask for additional documents. "For example, apart from income proof, they can ask for bank statements of the prospective customer before issuing policies," added the source.
Ensure that you get a high sum insured. Also, make sure the policy covers the cost of implants (pacemaker, stent, etc), and pre and post-hospitalisation expenses.
Communicate your every step towards the betterment of their future. If the initial hand-holding will be done right, they will understand and respect your decision of helping them, says Naval Goel.
Did you know that women can avail for a loan of upto Rs 20 crores to set up a manufacturing business?
Make sure you read the policy wording. Some policies cover pre-existing diseases while others don't. Many need a minimum 24-hour hospitalisation, advises Bindisha Sarang.
Those who have an insurance policy need to check its clauses to determine if it covers home care treatment, advises Bindisha Sarang.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
You can increase or reduce the sum assured of a term cover, depending on changes in your overall liability, advises Bindisha Sarang.
Naval Goel explains the importance of day-care health insurance
Bear in mind that the amount you get paid depends on the stage at which cancer is detected, reveals Sanjay Kumar Singh.
The right investment at the right age will help you enjoy a secured post retirement life.
Keeping patience while making a financial decision is one thing millennials need to learn, says Naval Goel.
While investing in an effective health insurance plan, it is important to keep today's cost in the mind.
Some of these plans will weigh on your pocket. The increase in premium could also be large as you grow older.
The idea of retirement planning with a pension plan assures regular income to the policyholder in the form of pension or annuity.
in the longer run, there is no substitute for a standard term, accident, and a comprehensive health cover, with adequate sum insured that will give you round-the-clock and year-after-year coverage.
Annual premiums do not exceed what you readily shell out for an OTT subscription.
While investing in mutual funds, it is essential that you focus on the turnover rate percentage of a mutual fund, which is bought and sold every year.
The sooner you create a plan and put it into action, the better the chance of your early retirement dream becoming a reality, says Naval Goel
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