Questions poured in from every corner during our regular insurance chat with the insurance and investment consultant Jigessh Patel on Thursday. Patel replied to our readers' queries untiringly, providing them valuable advice.
Here is the transcript:
Jigessh Patel says, Hi, this is Jigessh here. Let's chat
Ashutosh asked, I want insurance of 10lac to 15 lac alongwith some good returns (as a maturity). Can you please guide me to make such an investment.
Jigessh Patel answers, I suggest you purchase a ULIP plan from any existing companies after comparison to get good returns and minimum premium.
manishgoplani asked, Sir, I have policies from ICICI Pru,Max new york life, Tata AIG as well as LIC. Do you think Pvt Cos will do well in India and in the long run will give good benefits
Jigessh Patel answers, Yes private companies have been in India for more than 75 years before LIC came into being. All the private cos' partners have been in business for more than 100 years. IRDA has allowed them to start business after due diligence.
janaadesh asked, jigesh ! tell us why insurance companies shy away from senior citizens when they need the cover of a medi policy so badly ?
Jigessh Patel answers, Most of the companies are making loss. The likelihood of someone falling sick is mainly in higher age. Therefore, they prefer only young age group people.
govind asked, Hi! This is Govind. I am thinking of taking a loan to th tune of 15-20 lacs for higher education abroad. What kind of insurance can I take to cover this loan incase of my untimely death/ disability?
Jigessh Patel answers, Hi Govind. I suggest you take a term plan to cover your loan amount.
ran_jan10 asked, can u tell Life insurance of LIC is a good option or ICICI ULIP plan. which can give a good return.M lookin for not less than 20 yrs investment
Jigessh Patel answers, Definitely ICICI ULIP plan as against LIC traditional plan. Returns in the ULIP Plan is expected to be more than 8%.
ad07 asked, hi Mr patel,i am having term plan for 20 l do i need a uliip,,i am investing in mf as well
Jigessh Patel answers, Yes you do need to take a plan which would cover you till you are 70 as your health standards could change over 20 years and also you may not get insurance 20 years down the line. Also, the plan will come cheaper now.
vass asked, hello jigessh iam 22 year earning 30k permonth hoe much amt is best suited for me as an insurance. as iam so young and no dependents i want more returns as well as small insurance is enough.suggest me the best policy and amount.
Jigessh Patel answers, May I know how much you can invest per year.
Sudhish asked, i am 30, working for a software company in mumbai and getting married soon,. i want to take a life cove along with good investment options. please suggest.
Jigessh Patel answers, I suggest you take a long term ULIP plan because it has more liquidity, flexibility and also gives you more insurance cover compared to traditional ones.
Inquisitive asked, I am 26, married and working as an executive in an IT MNC. I would like to go for a pure life insurance. Wherein I dont get any moneyback, but my family gets money in case of my death. could you suggest a few good options. Thanks
Jigessh Patel answers, I suggest you go for SBI LIfe due to lower premium.
Vidya asked, Hello Mr. Patel, We are a family of 3 memebers. Me (29 year old), my husband (30 years old) and our baby < 1 year old. We would like to go in for Meadiclaim health insurance.Please advice the do's and donts - which company is better? family income - 4 LPA
Jigessh Patel answers, I suggest you go for New India Assurance Plan as they are one of the profitable general insurance companies in PSU. Also, their service is satisfactory.
wingsvino asked, I have a home loan for 6.5 lacs which i am planing to close within 5 years. Can you please suggest a better option to get my salaries saved?
Jigessh Patel answers, You can invest up to Rs 100,000 in insurance to get tax benefit.
arpit123 asked, hello sir!!!! i want to know about chronic disease insurance like parkinsons????? can u tell me whether ther is any policy that covers this disease????
Jigessh Patel answers, I don't think any of the insurance companies cover this disease. There are a few new policies for cancer patients but with a lot of conditions.
Alok asked, I m a life advisor of kotak Life, should i continue with kotak or any otherinsurance and one more thing wat about ULIP trainning is it neceassary to do it.
Jigessh Patel answers, Kotak is a good company to be with.
subhankar asked, Sir I am expecting to be parent soon. What insurance coverage should i plan for my kid ?
Jigessh Patel answers, First I suggest to cover yourself adequately and you can take your human life value as the correct insurance amount. Make your son the beneficiary. It will earn you more profit.
shree asked, is there any insurance policy available for unborn child.I am pregnant now and want o insure my baby before birth itself.
Jigessh Patel answers, No.
Mamta asked, I want to know how health insurance is works
Jigessh Patel answers, Are you referring to mediclaim (which gives reimbursement to hospital bills) or health riders which come along with life insurance policies which basically are compensations if you are taken ill. Only a few diseases are covered by them.
keyur asked, hi,these is keyur i have 5 lac polics i want to know whether these polics cover riots,accident,bomb blast.i want to know whether any general policy do cover thse things or there are different polices for these.
Jigessh Patel answers, Life Insurance covers all these but in case of general insurance, only some companies have comprehensive personal accident cover.
DK asked, I am 48 years and am employed with 4 lacs salary pa. I have a wife and a daughter studing in 12th. I would like to go for insurance since I am the only earning memeber. Please let me have your expert advice. Many thanks.
Jigessh Patel answers, You can go for ULIP Plan in your name for 30 years as that gives you an option of liquidity after five years. It also generates good returns.
mahesha_ls asked, hi,Can You please advise me details about Health insurance to be taken for the age 46 and 56.which Insurance is better.
Jigessh Patel answers, You need to go for a health check up as per the general insurance company norms. Choose from New India or National Insurance or Oriental Insurance.
ravindra asked, i would like to know a insurance which is suitable for married couple can me tell me about a good return insurance plan
Jigessh Patel answers, Since you are looking for a plan with good returns, ULIP plan is suggested after comparison of features and charges.
deepak.j asked, hello sir at present i have 6 lacks from lic and say 23 lacks from tata aig basically a ulip and also 7 lacks from ing vysa the total sums to 36 lacks .i am paying a good premium for the above.pls advice if i should increse my cover my wages are 65ooo
Jigessh Patel answers, Ideally, you should be covered for Rs 80 lakhs (Rs 800 million). You can cover the gap with the term insurance in case your budget for the same is less.
jap asked, Hi jigessh I am 29 years old and have taken pension plans of lic and icicic, have insurance of icici for 2laks, this year I am getting married, can u suggest me about insurance
Jigessh Patel answers, Take a whole life ULIP plan after comparing the charges and features.
Senthil asked, Iam 31 years old i have cover of rs 7 lacs paying a premium of 40K rs per annum. I earn 60 thousand per month . how much xtra Cover should i take . i just want term assurance and not savings
Jigessh Patel answers, Ideally, you should be covered for Rs 1 crore (10 million).
Alap asked, Hi I want to take insurence about 10 lakh , which is the best company to take insurence with ? can we trust on private insurance company compare to LIC? if yes then which is the best out of all like ICICI, MaxNewyork , Bajaj etc.?
Jigessh Patel answers, I suggest you go for SBI Life for lower premium.
rohit asked, What happens to the NO Claim Bonus on the Vehicle Insurance, if I change the Insurance Company? Will that be considered while I am renewing the Insurance with the new company?
Jigessh Patel answers, No claim bonus can be transferred from one public sector company to another but not to a private company.
Dipanjan asked, Sir, can you please suggest if private policies for long term are safe enough when compared to , say, LIC? Many people seem to have apprehensions about private companies.
Jigessh Patel answers, Yes you can. For, private insurance companies are as safe as private banks. IRDA has taken steps to regulate all the companies.
vk asked, sir if my earnings per annum is 4.5lakh and expeniture about 3.5 lakhs then how much should i insure for better sfety for future.
Jigessh Patel answers, Your age is required to give you the correct answer. You should have a minimum cover of Rs 35 lakhs (Rs 350 million) with maximum term.
VG asked, Hello Jigessh, how much of term assurance, ideally, should one buy? My gross sal is 10 lacs pa. Thanks.
Jigessh Patel answers, I need to know your age to give you correct figure. Minimum cover for you should be Rs 1 crore (Rs 10 million).
ottayalpattalam asked, Sir, Can you please tell me which is the best Wholelife Endowment Policy, LIC or Reliance Insurance.
Jigessh Patel answers, LIC is coming out with new Whole Life ULIP plans. You should wait for the launch and then decide.
paddy asked, On what basis the Insurance cover is decided?
Jigessh Patel answers, Sum assured is based on several parameters such as: age, income, expenditure, liabilities, goals etc
bodhi asked, Is there any way that we can increase the insurance tax saving beyond Rs 1 lakh
Jigessh Patel answers, You will get extra tax benefit under 80D for mediclaim and health rider premium under LIC (up to Rs 10,000).
niraj asked, hello i have around 1 lakh of saving.....plzz let me know which insurance i should spend my age is 28
Jigessh Patel answers, I can reply this query only after I know your income. Insurance is meant for protecting your future income.
Srikant asked, for any person is there any limit in Sum Assuer in any one Insurance Company. i mean like a Insurance only takes 10Lakhs as sum assured in any number of polices grouped. is there any such limitation.
Jigessh Patel answers, Yes there is a cap of total sum assured taken from all insurance companies. The calculation is mainly based on age, income, liabilities etc.
cma asked, i am 24 yr old...and having sal 3lac per year...i want the best insurance policy that will help me both insurance as well as endonment purposes
Jigessh Patel answers, I suggest you go for a whole life ULIP plan after comparing the offers and features of different insurance companies. Approximate sum assured for you should be Rs 30 lakhs (Rs 3 million). You can reach this figure by buying part term policy and part ULIP policy.
rohit asked, What happens to the NO Claim Bonus on the Vehicle Insurance, if I change the Insurance Company? Will that be considered while I am renewing the Insurance with the new company?
Jigessh Patel answers, As long as you are transfering the policy from one public sector company to another before the next due date, your bonuses will be transferred.
pachi asked, I am 30 and am employed with 5.5lacs salary, Currently i'm having 2lac with LIC policy and pension pocily with ICICI. How i need to insure. Can u brief?
Jigessh Patel answers, Ideally you should be covered for Rs 75 lakhs (Rs 750 million). You can either take a term policy or an ULIP policy for lower premiums.
subhash asked, What is best life insurance policy for Child of 10 years age ?
Jigessh Patel answers, After the parent is adequately covered, one can take a ULIP plan with a balance fund option.
The policy should have no exit or withdrawal charges after fifth year.
Lakshmikanth asked, Is the decreasing plan available in India with any of the insurers?
Jigessh Patel answers, Yes there are.
ashokv asked, how secured is our money in insurance organisations other than LIC ??
Jigessh Patel answers, The money is absolutely secure with private companies. There are mainly two types of policies where there are guarantees and others with variables (ULIP). In variables, the returns are higher but not guaranteed.
Sivakumar asked, who are all providing ULIP plans?
Jigessh Patel answers, Most of the companies are providing ULIP plans. Please compare features and offers before purchasing.
kinage asked, my car was submerged in flood on 26th july05. I had policy with national insurance Co. Ltd. I did not get my dues yet. Where should I file my grievence?
Jigessh Patel answers, Please approach the Ombudsman. The contact details are available with all insurance companies. You can also get in touch with your agent.
Jigessh Patel says, I am sorry to say that it is time to go. Could not answer all queries. Hope to hear from you again soon.
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