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Introduction
 
  Health Plan For Family
Ques. I am 28, working in a private company with monthly salary of Rs 25000. I am looking for a health policy with cashless hospitalization facility, which would cover my wife and my parents.
Ans. You have a wide choice. Depending on age of your parents you can choose suitable one. Out of many options some are:-
  1. In Oriental Health Family Floater all of you can be covered in one policy.
  2. In Max Bupa Heart Beat Family First all of you can be covered in one policy.
  3. Another option will be to get 2 separate policies issued.
    • Policy 1 - You/ Spouse + Children
    • Policy 2 – Your Parents
The decision will be based on premium/ features which are dependent on the
    • Age of your parents
    • Sum assured you are looking for?
    • Any preexisting disease any family member is having.
Ques. I have three unit- linked Insurance plans or Ulips- total sum assured is Rs 35 lakh. A friend is asking me to buy another endowment plan, which gives a cover for life. Should I buy?
Ans. No, you should not buy. It will be better for you to buy term insurance of say Rs 50 to 100 Lakhs. This will provide good security to your family, which they need.
Ques. My brother suffers from asthma. Will life insurance be expensive for him?
Ans. He should reveal this fact in the proposal form and let insurance company call for medical examinations. Do not hide the facts. Life Insurance Company can do loading, if they wish. This protects your interest as there can be no repudiation of claim, when lodged.
Ques. I am 46 years old and own 50% shares in a private limited company with a turnover of Rs 10 crore. I draw Rs 50 lakh per annum. Should I buy a term plan or Keyman Insurance?
Ans. If both partners are ready then you can go in for Keymen Insurance for both of you. You should keep in mind that in the event of claim money will be given to your company and not to your nominee.
  Factors to consider before buying health insurance for the family spouse +2 children
Ques. I am 35 years (self employed) old having wife, 2 children, and have to support any parents (both diabetics age 64 &61 Years). I am considering buying a health insurance policy to cover the medical expenses of my family. I am considering buying a family floater health plan, which I believe covers the entire family for a low premium. Please advice?
Ans. You can consider Oriental Happy Family Floater where all of you will be covered and that too at an attractive premium.

The other option will be to go in for 2 policies
Policy 1 - Parents
Policy 2 – For your family

Our suggestion is that you should go for higher amount for your parents with coverage for diabetic. As far as you are concerned you will have the opportunity to increase sum assured as the time passes.
  TERM OR HEALTH INSURANCE
Ques. I am a 22-year old single and I would like to know whether I should go for a normal health insurance or a term plan. Some of the companies claim paying Rs. 50,000 pa will get me a return of 65 lakh after 30 years and with a cover of 12.5 lakh in this period?
Ans. It seems you have mixed up 3 different policies :

1. Health Insurance
2. Term Insurance
3. Endowment Life Insurance

Under Health Insurance -your hospitalization needs will be fulfilled Under Term Insurance -your nominee will get sum as per sum assured.You will get nothing ifyou will survive till the maturity date of Term Insurance Policy Under Endowment Life Insurance you will get sum assured with bonus declared by the insurance companyduring 30 years. The exact calculation can be done after allocating funds out of Rs50000 for policy no 1& 2. Broadly speaking if the sum assured is Rs 12.5 lakhs you will not get Rs 65 lakhs.
Ques. Can Life insurance policy be transferred to another person?
Ans. Life Insurance policy cannot be transferred to another person; however it is important that you nominate one of your financial dependants to receive the death benefits of life insurance policy.

You can use your insurance policy as collateral with a bank in which case you will have to assign your policy to the bank. This is called assignment and ownership of policy will be transferred to the Bank. After the loan is repaid the bank will assign it back to you.

In some countries you can sell your insurance policy in Exchange ((like stock exchange) before maturity and get better value than the surrender values. These are called TEP or Traded Endowment policy to be given to you by the life insurance company

In India there is a controversy whether you can assign your policy or sell your policy to someone who is not your dependent. We in Insurance Foundation of India feel that customers or policy holders should have the flexibility to decide whether he should assign the policy to some one or to surrender the policy back to life insurance company (which issued the policy).
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Global Insurance Conferences/ Events
ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai   more........
 
Upcoming Seminar
ASSOCHAM - 10th Global Insurance Summit on 22nd September 2017 at Hotel Taj Lands End, Mumbai
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