It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
Either you are buying insurance policy online or through an agent, getting a better understanding about it will always be beneficial for you, says Harjot Singh Narula
The exposure, which is for the period ended September 2019, is across various platforms such as life funds, pension funds, and unit-linked funds.
You can exit Ulips after five years.
The regulator has put a cap on the business a bank can get from a single insurer.
Unit-linked plans or Ulips continue to be expensive compared to other instruments, say certified financial planners.
Buyers of unit-linked insurance policies can now heave a sigh of relief. The insurance regulator, Insurance Regulatory and Development Authority of India has issued a standard format that will simplify things for the policyholder and arrest the rampant mis-selling.
So how does one go about comparing ULIPs vis-à-vis tax-saving funds? An illustration will help in putting things in perspective.
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Bundled products often come with restrictions. The customer also gets locked into two products at the same time. This reduces flexibility.
There is little doubt that the policy offers some interesting features, but these do not come for free, policy holders have to pay for the same by way of higher premiums.
In order to push more long-term products, insurers are trying to push long-term unit-liked plans by giving incentives to agents who sell Ulips with higher tenure.
Endowment Plus is a unit-linked product that offers investment-cum-insurance during the term of the policy.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
ULIPs have become popular amongst investors, especially those who do not have the time to track the markets but want to earn higher returns on maturity.
Harjot Singh Narula explains the basics of paid up insurance policies
Individuals therefore need to bear in mind that a ULIP needs to be evaluated on various parameters before zeroing in on a particular life insurance company.
Sebi has done a good job on regulating mutual funds so Sebi's move to regulate ULIPs may be a blessing in disguise for ULIP investors.
As stock markets boom again insurance companies are pitching hard to sell ULIPs. 5 important points to consider before buying them.
It becomes important for individuals to understand what to look for in a ULIP before finalising one
In the last few years, unit-linked insurance plans (Ulips) have quietly become one of the largest players in the Indian stock market. With a total investment estimated at Rs 1.5 lakh crore to Rs 2 lakh crore, they are almost close to the investment made by equity mutual funds.
After the policy gets paid up, opt for ETI plan if you wish to extend your life cover or take the reduced paid-up if you need cash in hand
As the advertising onslaught grows in the tax season it is important to understand what ULIPs really are. InvestmentYogi presents a quick guide to understanding ULIPs.
Here are some of the most important reasons why ULIPs score over endowment plans.
Much of the tardy reaction to competition is the result of LIC's legacy.
A term insurance should always be preferred over other insurance products like ULIPs, money back and endowment policies.
The Irda is of the view that any insurance product must carry some form of assurance.
Customers have certain misconceptions about ULIPs. The charges for ULIPs are not as high as one thinks.
Life insurance companies would not be allowed to sell Ulips with annual premiums exceeding Rs 50,000 for non-single premium policies and Rs 1,00,000 for single premium polices via telemarketing.
Such products in insurance parlance are called acturial-funded products. The ban would require Aviva Life Insurance to withdraw all its 14 ULIP products, while Bajaj Allianz one of its ULIPs called Capital Unit Gain.
These products are extremely transparent and are the lowest charged products in the insurance space. The policyholder has to only pay the fund management charge. Hence, from the cost side, ULIPs are very competitive.
Ulips are investment-cum-insurance instruments that are at the centre of the confrontation between the insurance and capital market regulators.
LIC is currently allowing customers to revive policies that have lapsed for more than two years.
Investing in a Unit Linked Insurance Plan increases your life cover and also helps you save tax, says Vivek Jain.
Individuals could soon lose tax benefits available on fixed deposits with an over five-year term once the direct taxes code comes into force from April 2011.
After trying to reform unit-linked insurance plans (Ulips), the Insurance Regulatory and Development Authority (Irda) is now turning its attention to the protection of policyholders.
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