Cheated by your insurance agent? What you must do

In an online chat with Get Ahead readers on Rediff ZaraBol, Yashish Dahiya, CEO and co-founder of PolicyBazaar. com answered their queries related to life, term, auto and health insurance.

Here are the unedited excerpts:

Jyotsana Singh: Hi..can u suggest some ULIP plans (i want to invest with long term investment in mind).

Yashish Dahiya: Hi Jyotsana, Aegon Religare IMaximise, Aviva's Freedom Life Advantage are 2 good online ULIP plans and should be bought with a tenure of about 25 - 30 yrs.

Pulkit: Kya aap mujhe Mere Health Insurance me aa rahi Problem ke bare main Help kar payenge. mode main thi, unka kahna tha ki aagar main nahi chahta hu to mujhe Ins. band karwa lena chahiye, issse mere sare benefits khatam ho jate hai. Meri Basic Details : Meri Age 40 hai, unka slab 35 to 45 tak ek he rahta ha maine aaj tak koi claim nahi liya hai.

Maine last 3 year se Star Health se Family 5 Lac ka family flooter Health Ins. liya tha tab unke policy ke hisab se No Claim par Premium 5% kam ki jani the or unhone kiya bhi, par is bar unhone achanak meri premium 25% bada diya becasue wah uske liye mujhe extra ins. provide kar rahe hai jiski mujhe abhi jarurat nahi hai par wah mujhe wah jabardasti lene ke liye dabaw dal rahe hai, meri pol. Grace

Yashish Dahiya: Apologies for mentioning your name incorrectly Pulkit. You may try to port to another insurer if u're not happy. However u must inform 45 days before policy expires.

Pulkit: Yashish Ji, kya mujhe aap mujhe Health Insurance ke liye company suggest karenge, Mujhe 5 Lac ka family flouter Ins. chahiye Meri age 40, wife 38, child 17 & 7 age.

Yashish Dahiya: Hi Pulkit, choose from a Health Insurance Company they offer wider coverage and good innovations

mnj: How do you rate Religare " CARE"?

Yashish Dahiya: HI Mnj, it is quite a innovative product.

mnj: How is the claim settlement ratio of Religare "CARE"?

Yashish Dahiya: Quite good

ketan meher: Dear Sir,i have just taken mediclaim policy from star Health insurance. is it best insurance company

Yashish Dahiya: Hi Ketan, Star Health as an insurance company is a good to buy from as they offer quite innovative and comprehensive coverage offering products.

dinesh: Where should I buy an Insurance policy from a Public Sector Company or Private Sector Company? Which one is safer plus with higher return?

Yashish Dahiya: Hi Dinesh, you can choose from either of them. Both are secure and with a strong Insurance Regulator nobody can shut shop and lease easily.

Deepak Kumar Agarwal: I HAVE A FAMILY FLOATER POLICY OF 5 LAKHS WITH NATIONAL INSUANCE COMPANY THROUGH BANK OF INDIA A/C HOLDER SCHEME.. CAN U SUGEST SOME BETTER OPTION FOR HEALTH INSURANCE

Yashish Dahiya: Hi Deepak, it is offered by New India Insurance and is a decent coverage option. If you are looking to buy more do please let me know the age of family members you wish to cover.

Rajendra: Hello Is there any health policy that can take one time lumpsum premium and cover the health for life time?

Yashish Dahiya: No Rajendra, currently all Health Insurance policies are either One Year or 2 year Renewals.

rahim: Dear sir, How to decide limit for insurance?

Yashish Dahiya: Hi Rahim, The ideal limit should be 10 times your Annual Income plus any loans or liabilities on your income.

rahul: Which pure term policy is better for me? Doing some monthly salary is 30k per month. plz advice.

Yashish Dahiya: Hi Rahul, Look at a Term cover of about 50 Lacs and you would get competitive premium rates from Aviva, Aegon Religare and Reliance

max: What is the best insurance policy for Getting more benfit with low premium?

Yashish Dahiya: Hi Max look at buying a Term Policy. OPtions from Bharti Axa, Aegon Religare are good option to choose from

john: Hi, i have to ask one question. What If You Are Insured Through Your Job and You Leave?

Yashish Dahiya: Hi John, Your insurance cover also goes away.

Jyotsana Singh: Hi Sir..can you suggest a health plan which will cover both husband and wife and will be sufficient for the medical needs for both..if any..

Yashish Dahiya: Hi Jyotsana, what's your annual hosehold income please let me know then can suggest a good option.

Jyotsana Singh: 25 lakhs

Yashish Dahiya: Hi Jyotsana, look at a life of cover of Rs. 10 Lacs as a floater cover please. Health Plan from Religare, L & T Insurance, Apollo Munich are good options to choose from.

jitesh: How to claim for Natural Death in Insurance?

Yashish Dahiya: HI Jitesh, if you have a Municiality issued or a State Body issued Death certificate then please file a claim with your insurer and you would be given your claim within the stipulated time frame.

saurav: sir i am 25 year ols workin in SBI as as a PO frm last one and half year..by mistake i took an SBI life smart income protect without a rider...i have paid my first premium this year....should i continue this or can leave this policy??????

Yashish Dahiya: HI Sourav, the insurance companies do you usually offer you the option to add riders at each policy anniversary. so you can add it in the second year. Please don't discontinue your policy.

rajat: How can we recover our money if our Lic agent cheat us? Is there any way for it?

Yashish Dahiya: Hi Rajat, Yes you can please complain about the agent to the nearest LIC Branch Office and also file a written complaint with the Insurance Regulator IRDA and the Insurance Ombudsman in your area.

manoj: Sir ji, any Best Pension Plan to share with us?

Yashish Dahiya: Go for any of the low cost ULIPs, then convert the total sum at the end of the period into an LIC annuity product. Do not go for structured products they have high costs. Also NPS has complexities and exit problems.

shyam sinha: Hi,What to do with continuing LIC policies that are a big drain on pocket and also are unattractive when one now compares them with Term plans? Surrendering them means huge loss! Please guide.

Yashish Dahiya: Usually, either wait for 5 years to pass for ULIPs before surrendering, else for Traditional for the full period. There is an option of Paid Up sum assured, which you must check, that allows you to not pay future payments.

omi: How many times can we utilize car insuranse coverage in an year?

Yashish Dahiya: Hi Omi, there is no upper limit on the number of times. The amount is capped to the IDV of your car as declared by the insurer.

Mohit Jaiswal: can we change the type of policy within the company of medical insurance..

Yashish Dahiya: Hi mohit, No you can't change the type of policy.

john: Which is better - Buying a term insurance and investing in mutual funds/buying a whole life insuranc?

Yashish Dahiya: Term is essential. Whole life is an endowment product, which works a lot like an inheritance plan in most situations

kapadia: HI, have any idea how to change policy term?

Yashish Dahiya: Hi Kapadia, the policy term once choosen cannot be changed. But a few insuers do offer you a option to change yoir Sum Assured and Premium Amount

sudaram: Sir, I need to ask u that which is the best for child education plan?

Yashish Dahiya: Hi Sundaram, Child Plans are of 2 types. Traditional and ULIPs. If the child is under 10 I would suggest a ULIP, as that would beat inflation, although you take a risk.

shinde: Can property insurance premium helps me for tax exemption?

Yashish Dahiya: No Mr. Shinde

anil: Which LIC Plan is better from child future expenses perspective - Jeevan Ankur, Anand or Saral and idea?

Yashish Dahiya: Jeevan Ankur is a child plan and rest 2 are whole life and a endowment plan. Thus not suited for a child. Jeevan Ankur in this scenario becomes a good option. But before you buy please compare it against a ICICI Pru SmartKid RP.

bhanu: Best insurance to get maximum return after retirement...

Yashish Dahiya: Hi Bhanu, take an annuity plan from either of LIC, ICICI or Bajaj Allianz.

harsh nadkarni: I have purchased a mediclaim policy from ICICIPru but now want to change the company. What is the procedure for porting of the policy and is it advisable. I have been paying a yearly premium of Rs 15,000 for the policy.

Yashish Dahiya: Hi Harsh, You have bought Health insurance from a Life Insurance company and thus you would not be able to port your policy into a one offered by a General Insurer thus you would need to but a new policy. Religare, Apollo Munich and Max Bupa offer some good innovative plans.

mustafa: Do we get back the premium amount after LIC term is over?

Yashish Dahiya: Hi Mustafa, please specify the plan name. You only get the money back if it is a Term Plan with Returns of Premium. This you can also get to know from your Policy document.

shaishav: Which Companies' Health Insurance is best?

Yashish Dahiya: hi Shaishav, all are good companies to buy from do you have a specific requirement that you are looking to cover?

Rahul Jain: HELLO YASHISH SIR,COULD YOU PLS TELL ME WHICH INSURANCE COMPANY IS BETTER FOR TAKING LONG TERM INSURANCE PLAN.WHILE MANY COMPANIES OFFER VERY CHEAP PREMIUM RATES IN ONLINE SO HOW TO KNOW WHAT COS.IS GOOD.OR HOW IS AGEON RELIGARE TERM PLAN.PLS GUIDE ME

Yashish Dahiya: Hi Rahul, Aegon Religare is currently the only company which offers a in-built Terminal Illness benefit and were the first one's to offer a online Term Plan they are a good company to buy from. Their claim settlement ratio for plans bought online is also quite high. It's about 85-90%.

waman: Is there any one time cash less health insurance scheme?

Yashish Dahiya: Hi Waman, all health insurance policies today offer cashless treatment

shirish: What is the best insurance policy for higher returns?

Yashish Dahiya: Shirish, can you please tell me your investment objective please? as to why do you want to buy this policy.

haresh: What type of Insurance is good for me. Collage student not yet started for earning.

Yashish Dahiya: Hi Haresh, Insurance is usually bought when you have liabilities on you which currently you don't. Thus the only policy good for you now is Health insurance

Sanjeev: Can NRI'S Take Online Term Insurance!! if so how do we take this?? which company offers this??

Yashish Dahiya: Hi Sanjeev, yes NRI's can take Term Insurance. Companies such as Future Generalli, ICICI Prudential help you with the same you can get connected with them to know more or log on to http://rediff.ly/243s2 for more information

Jenny Dsouza: How to know that Insurer Organizations commitment is insured?

Yashish Dahiya: Hi Jenny, IRDA the insurance regulator has service helpline plus with presence of INsurance Ombudsman (person handling consumer grievances) and Consumer Courts no insurance company can take a consumer for ride.

yasmin: I have a 1 year old child. can i take insurance for her. But i am little bit of confused to take it. Plz guide me.

Yashish Dahiya: Hi Yasmin, yes you can take insurance for her. There are child plans available which are both Traditional (Guarantee Returns - Low Risk) and ULIPs (Market Linked Returns - High Risk) available for you. Thus while choosing a product do look at an option which meets your risk criteria the most. At your child's current age i would suggest a ULIP as you have a longer investment tenure.

Sanjeev: Can u please enlighten me why LIC is such an expensive option? Is there any additional benefits of buying LIC Policies.

Yashish Dahiya: Hi Sanjeev, LIC is expensive only in the term insurance space and rest all endowment and money back plans are highly competitive when compared to others available. The term plans is expensive due to the presence of Agent Commission currently. Hoping to see a them also launch a online Term plan with reduced rates soon.

arif khan: im salaried Person,what is the good scheme to start a Insurances... we are 2 person.

Yashish Dahiya: Hi Arif, i am assuming by writing 2 person you are saying you are married. I would suggest that you take a Term Plan which offers you a Sum Assured for protection at the earliest.

amul rane: I want to buy a policy for my parents what the policy should cover which illness? and what should be the premuim amount i should go for. there ages are above 60?

Yashish Dahiya: Hi Amul, ideally you need to buy seperate policies for them at this age as their Medical requirements would differ at this age. You need to ideally have a Rs. 3 Las Sum Assured. Star Health's Red Carpet is good option to look at.

Abhishek-Mande: which is better -- whole life or endowment?Cheated by your insurance agent? What you must do

Yashish Dahiya: Hi Abhishek, depends, In current scenario i would say Whole Life are better.

Gadgets-Gaming: Hi Yashish, what are 5 most important points to remember while buying an insurance policy?

Yashish Dahiya: Hi, you need to have an insurance objective in mind before buying any policy, i.e., why do you need this policy for Retirement PLanning, Insurance or Health Cover. If you have an answer to this then I can help you with Specifics