The workshop can be conducted anywhere as per your convenience and will be on individual basis. The total workshop is free for Bangalore citizens. Each workshop would typically take 30-60 minutes based on the customer needs.
Post workshop, insurancesathi.com experts would suggest appropriate plans that will ensure total security for you and your family to lead a tension free life and is 100% obligation free.
For appointments call now 9686134555, sms fhc to 9686134555 or email fhc@insurancesathi.com
]]>ULIP stands for Unit Linked Insurance Plans. In short if I need to explain as to what is ULIP, then I would say that it is an investment oriented Insurance plan where in the policy holders money gets invested in the market. By Market it doesnt mean stock/share market alone. It will be a combination of Investment in Bonds and shares/stocks.
ULIP has generated lot of hype in the market mainly because of its features and transparency. It has generated enough Hype for the wrong reasons as well. By wrong reasons I do not intend to blame the ULIP as such but the manner in which it has been sold or missold to be more appropriate.
Let me explain what is ULIP with an example. Lets take an example of Mr. Rao who wants to invest Rs 1lac annually for 5 years.
1) Mr Rao has an option to invest his money either single time, for five years or as long as his policy tenure.
2) Mr Rao will be entitled for a life cover based on his investments and as per the Insurer terms.
3) There are some charges like Mortality charge, policy administration charge, fund Management charge, premium allocation charge which will be deducted from his investment.
4) The amount minus the charges will be invested by the Insurance company based on the specifications of Mr. Rao. Now Mr Rao can chose between debt and equity funds based on his risk appetite. Usually Insurance companies will have 6-8 different funds having combinations of varying percentages of debt and equity. Mr Rao has the option of changing the debt-equity proportions of his investment any time.
5) If something goes wrong with Mr Rao during the policy term, his family will be entitled to recieved the sum assured on his death. If he continues the full policy term, he will be entitled to get the maturity proceedings based on the performance of the funds in the market.
6) ULIP has lot of additional features which are very attractive. e.g Mr Rao can make partial withdrawals from his policy which will help in getting him emergancy funds without having to surrender the policy. The amount of money he can withdraw and the frequency of withdrawals varies from company to company.
7) Lot of companies provide loyality additions to its customers which will reduce the initial charges levied on the customer. This again is an exclusive feature of ULIP’s
Returns on ULIP is quite high compared with other plans. Mr Rao needs to stay invested for atleast 10 years to see very good returns. In the long run ULIP’s actually out beat Mutual funds!!!
There are lot of other amazing features of ULIP which is actually not possible to capture in a small article like this. Incase you need more clarity, please post of comment on this page or email me contact@insurancesathi.com or call on +91 9686134555
Guess i was able to explain briefly on what is ULIP.
]]>1) In order to switch the provider, the policy needs to be more than 45 days from the lapsation date.
2) The general policy terms of the new provider will come into effect.
3) If you are covered by a group cover, you need to first convert that to an individual policy with the same provider. You can switch once the individual policy turns at least a year old.
4) The existing insurance provider has 7 days time to revert to any additional data requested by the new insurance provider. The new provider needs to authenticate this data within 15 days after the existing provider provides the data, else needs to accept the same.
5) The minimum Sum assured should be 1 lakh and above
Mediclaim portability is definetly going to help those who are not satisfied with the current service provider. Now I guess the insurance service provider will be keen on listening more to their customers. Competition is going to heat up and of course more jobs for those into customer retention segments.
]]>Aviva India had lost some business on the banc assurance channel with couple of banks moving out of the alliance.
Once through Aviva expects to increase its market share which is roughly around 1% now. Aviva is also projecting that it would be break even by 2013.
(All views mentioned above are from the author himself)
]]>Tomorrow when the customers family suffers, I really doubt if the advisor will be around at all. The attrition levels of the Sales Managers and advisors are huge! Hence god only save the family affected.
Best way is to ensure that each and every piece of information is carefully understood by the customer and the entire form and other documents is personally filled by the customer himself.
]]>1) If you look at the claim rejection ratio, these companies generally tend to have very high rejection ratios. You can visit IRDA website to get more details.
2) All companies have a standard premium chart. But once the policy is loggedin, most of the cases get rated up which means you will have to shell out more!!!! Insurance companies do not provide information on why your case has been rated up and it is stated as an underwriting decision.
Hence it is advisable that you do a thorough check before signing up for a term policy with a particular company. Term plans will provide benefit only when you arent there. Your family may not be in a position to contest if the claim is rejected by the Insurance company. Just buying a term plan wouldnt do much good. Make sure that the Insurance company has a fair claim settlement process in place. Do not think of saving couple of thousand rupees today which might put your family in big trouble when you arent there.
]]>• Tax benefits: ULIP provide benefits under 80c and 10( 10) D.
• Return on Investments: In the long run, ULIP’s deliver better returns than Mutual funds. However this again depends on fund performance.
• Financial Descipline: Since ULIp’s have a longer lockin period, people tend to stay invested for a longer term with ULIP’s than MF’s which will help in achieving long term financial goals.
• Partial Withdrawals: ULIP’s enable partial withdrawals which isnt possible incase of MF’s.
• Loyality additions: This again is an exclusive feature of ULIP’s. ]]>
Some of the reasons why you should consider taking up riders along with your insurance policies are:
• Low Cost: Riders help you meet your needs for financial protection and enhance your insurance to cover certain specific risks at fairly affordable costs
• Continued base insurance coverage: Some of the riders offered are structured such that in the event of a ‘rider claim’, the benefits associated with the rider are paid out and just the rider coverage gets terminated while the base insurance plan coverage is continued.
• Option to Choose: You can pick and choose which rider suits you best from available options depending upon which specific need you are trying to address
Amongst the various kinds of riders available, here are some of the following that one should actively consider:
Accidental Death Benefit Rider: As the name suggest, this rider provides you with an additional cover in addition to the Sum Assured of your basic policy payable to your dependents / nominee in case of death due to an accident. Although restricted to death on account of an accident, this rider could be a very cost effective mechanism to make a significant enhancement to your risk cover at a low cost.
Accidental Disability and/or Dismemberment Rider: You could insure against disabilities arising out of an accident by opting for this rider. In case of an accident resulting in total or partial disability/dismemberment during the term of your base policy, a Rider Sum Assured will be paid out to you while your base life insurance policy continues to provide you with a life cover. Though some companies offer a disability benefit only in case of permanent disability; there are riders that offer permanent and partial disability benefit in the event of an accident (with certain clauses that vary for every insurer). This can be an important risk cover to mitigate the financial hardships associated with a sudden and unforeseen accidental disability.
Waiver of the Premium Rider:If a policy holder is under any circumstances unable to pay his premiums (falls seriously ill or dies), the policy still remains active. The time period of premium waiver might vary depending on various product terms and conditions. The premium on this rider is set in accordance with the premium being paid on the base policy and other riders, if any. This rider proves to be most beneficial in case the premium on the base policy is relatively high or in products such as Child Plans where the purpose of the policy is long term savings to secure your child’s future.
Critical Illness Benefit Riders: This rider provides coverage against certain critical illnesses. Though the number and type of diseases covered under these riders are limited, yet the one’s covered, like cancer, coronary artery bypass, heart attack, kidney/renal failure, major organ transplant and paralytic stroke etc.; are those with fairly high associated medical treatment and hospitalization costs. One of the attractive features under the critical illness benefit rider is that the policy holder gets an amount equal to the sum assured irrespective of the medical expenses on or after the diagnosis of the critical illness. A plan that continues to give an insurance cover while charging a marginally higher premium, is always better than the one’s which terminate the base policy once a claim is made on the rider.
Child education Rider: Available under child plans. Under this rider incase of unfortunate death of parent during the policy term, a monthly payout is provided to the beneficiary towards his cost of education till a certain age
Term Plus Rider: An additional Sum assured is provided in case of death to the nominee under this rider. ]]>
• Do not worry about hospital bills or doctor fees.
• Do not worry about major surgery expenses.
• Enable you to get access to the best hospital and medical facilities.
Some insurers provide additional features like
• Death benefit.
• Cover for critical illness.
• Additional payout on accident or dismemberment or disability
• Adjustable Life Cover.
• Cashless facilities
• Your current loan outstanding.
• How much money your family would require to replace your income incase you are not around so that they maintain the current life style and all future expenses like child education, marriage etc are taken care.
Term Plans are basically of 2 types
• Normal term plans
• Term Plans with return of premium- Free Insurance Concept ]]>