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Insurance Help
Tracked by: 0 Boarder
Pcspune,
I can thank you enough. I have saved this entire thread for my review later. I think those who invest in ULIPS now will be millionares in a couple of years....
In reply to:
ULIP is it cheaper than term plan?
Posted by :
pcspune
Dear RN,
You can take Cover upto Rs.6 Lacs without Medical Test if you have Completed 46 Years. If you are Running 46,You can take cover upto 10 Lacs in IDBI Fortis Wealthsurance ULIP Plan.
You can not Switch Funds online in IDBI ULIP.You have to send Request
by FAX / E- Mail ( Scanned Copy) / Personally or by Courier.
After Few Months online Switching may be Possible.
You will get ONLINE SWITCHING Facility in ULIPS of Reliance(AIP ULIP)with (52 Switches Free Per year ) & HDFC ULIPS ( 24 Switches Free Per year)if you DONT NEED High Insurance Cover ( you may get Insurance upto 30-40 Times of Annual Premium in Reliance & HDFC ).
If you are Interested mainly for Returns ( Not Insurance Cover), you may OPT for Reliance AIP Single Premium( Rs.25000 or more only once).
DONT Take any other ULIP of Reliance ( other than AIP).
P.C.Sharma
Tracked by: 0 Boarder
Dear RN,
You can take Cover upto Rs.6 Lacs without Medical Test if you have Completed 46 Years. If you are Running 46,You can take cover upto 10 Lacs in IDBI Fortis Wealthsurance ULIP Plan.
You can not Switch Funds online in IDBI ULIP.You have to send Request
by FAX / E- Mail ( Scanned Copy) / Personally or by Courier.
After Few Months online Switching may be Possible.
You will get ONLINE SWITCHING Facility in ULIPS of Reliance(AIP ULIP)with (52 Switches Free Per year ) & HDFC ULIPS ( 24 Switches Free Per year)if you DONT NEED High Insurance Cover ( you may get Insurance upto 30-40 Times of Annual Premium in Reliance & HDFC ).
If you are Interested mainly for Returns ( Not Insurance Cover), you may OPT for Reliance AIP Single Premium( Rs.25000 or more only once).
DONT Take any other ULIP of Reliance ( other than AIP).
P.C.Sharma
...
In reply to:
ULIP is it cheaper than term plan?
Posted by : radhika_nandlal
Thank you thank you pcspune for this valuable advice... i have saved it, now since i am 46 years old i cannot buy ulip? or with a medical test i can buy? I am interested in ULIPs very much now
What about ICICI PRUDENTIAL? Is it also an ULIP
Thanks.
Can i manage these ULIPs thru my iccidirect account?
Tracked by: 0 Boarder
Dear RN, IPRU Life Ins. co. also provide ULIPs, but from the discussion between u & dear PCS, my take is to go for IDBI Welath Assurance Plan. The reason is it`s the most flexible ULIP available 2day & specially if u intend to use it more for Investment purpose & less for Insurance.
The unlimited switching benefit in this ULIP means that u can virtually transfer ur money among different funds of the ULIP on daily basis without paying extra money which is not the case with all other ULIPs. Free switches r allowed in differetn Ins. cos. on different Nos. Some offer 2, some 4, some 20+ & some 52 but it`s the only one which offer unlimited free switches.
U can`t manage the inter-fund transfer from ur IDirect acct.
Thanks
Ashal. ...
In reply to:
ULIP is it cheaper than term plan?
Posted by : radhika_nandlal
Thank you thank you pcspune for this valuable advice... i have saved it, now since i am 46 years old i cannot buy ulip? or with a medical test i can buy? I am interested in ULIPs very much now
What about ICICI PRUDENTIAL? Is it also an ULIP
Thanks.
Can i manage these ULIPs thru my iccidirect account?
Tracked by: 0 Boarder
Thank you thank you pcspune for this valuable advice... i have saved it, now since i am 46 years old i cannot buy ulip? or with a medical test i can buy? I am interested in ULIPs very much now
What about ICICI PRUDENTIAL? Is it also an ULIP
Thanks.
Can i manage these ULIPs thru my iccidirect account?...
In reply to:
ULIP is it cheaper than term plan?
Posted by : pcspune
Dear RN,
Thanks for your Comments.
I am just sharing my Observations with Felow Boarders. It gives me Pleasure if someone is benifitted since I could not get Valuable Advice from Financial Advisors / Agents till 2004.I have also Learnt a lot from this Message Board & Felow Boarders.
Among ULIPS Following Options are Excellent:
IDBI Fortis Wealthsurance ULIP : Insurance Cover upto 60 Times of Annual Premium for Persons upto Age of 45 Years.( No Medical Test upto Rs.6 Lacs Cover.Unlimited Swithes between Equity Fund & Debt Fund are Free.
Metlife Smart Plus & Premier ULIPS : Insurance Cover upto 70 Times of Annual Premium for Persons upto Age of 45 Years.( No Medical Test upto Rs.5 Lacs Cover. 4 Swithes between Equity Fund & Debt Fund are Free.
P.C.Sharma
Tracked by: 0 Boarder
Dear RN,
Thanks for your Comments.
I am just sharing my Observations with Felow Boarders. It gives me Pleasure if someone is benifitted since I could not get Valuable Advice from Financial Advisors / Agents till 2004.I have also Learnt a lot from this Message Board & Felow Boarders.
Among ULIPS Following Options are Excellent:
IDBI Fortis Wealthsurance ULIP : Insurance Cover upto 60 Times of Annual Premium for Persons upto Age of 45 Years.( No Medical Test upto Rs.6 Lacs Cover.Unlimited Swithes between Equity Fund & Debt Fund are Free.
Metlife Smart Plus & Premier ULIPS : Insurance Cover upto 70 Times of Annual Premium for Persons upto Age of 45 Years.( No Medical Test upto Rs.5 Lacs Cover. 4 Swithes between Equity Fund & Debt Fund are Free.
P.C.Sharma
...
In reply to:
ULIP is it cheaper than term plan?
Posted by : radhika_nandlal
Lovely messages from Ashalanshu and pcpsune... gosh and all for free... so nice... i think MMB has to honor pcspune first if it has not already done it by making him BOARDER OF THE DECADE....
I was looking for ULIP and check ur posts and found it... great just great.
Dont u think its the right time to invest in ULIPs now... after 5 years our premium will be free coz markets are all time bottom now....... we dont have to pay it.. whcih one would u recommend?
Tracked by: 0 Boarder
Lovely messages from Ashalanshu and pcpsune... gosh and all for free... so nice... i think MMB has to honor pcspune first if it has not already done it by making him BOARDER OF THE DECADE....
I was looking for ULIP and check ur posts and found it... great just great.
Dont u think its the right time to invest in ULIPs now... after 5 years our premium will be free coz markets are all time bottom now....... we dont have to pay it.. whcih one would u recommend?...
In reply to:
ULIP is it cheaper than term plan?
Posted by : pcspune
Dear Dr.Chandrakant,
If both of you are Earnimg, you DONT need much Insurance.
You may opt for Insurance of one Crore ( for Child Education only).
Metsmart Plus is one of Best ULIPS.If you Pay Premium of Rs.one Lac per year, you can get Cover of Rs.80 Lacs.
Some Single Premium ULIPS are CHEAPEST & BEST Option.
IDBI Fortis Wealthsurance will offer you Cover upto Rs. 40 Lacs if you Pay Single Premium of Rs.1 Lac once only.
TATA Investassure PLUS will offer you Cover upto Rs. 25 Lacs if you Pay Single Premium of Rs.1 Lac once only.
You need not waste money in very High Term Insurance Plan.
P.C.Sharma
Tracked by: 0 Boarder
Dear Dr.Chandrakant,
If both of you are Earnimg, you DONT need much Insurance.
You may opt for Insurance of one Crore ( for Child Education only).
Metsmart Plus is one of Best ULIPS.If you Pay Premium of Rs.one Lac per year, you can get Cover of Rs.80 Lacs.
Some Single Premium ULIPS are CHEAPEST & BEST Option.
IDBI Fortis Wealthsurance will offer you Cover upto Rs. 40 Lacs if you Pay Single Premium of Rs.1 Lac once only.
TATA Investassure PLUS will offer you Cover upto Rs. 25 Lacs if you Pay Single Premium of Rs.1 Lac once only.
You need not waste money in very High Term Insurance Plan.
P.C.Sharma
...
In reply to:
ULIP is it cheaper than term plan?
Posted by :
drclpatel1975
Respected broaders, an agent give calculation:annual income 12lacs,Insurance required*20 times of that=2.4cr, at present i had coverage of 25 lacs only, so need more appx 2.15 cr insurance. he suggested me METSMART PLUS,premium 3lacs annualy, sum assured 80 lacs.He says this is cheaper insurance than TERM PLAN, What ur opemion regarding this?
If at all ineed more than 2 cr insurance kindly suggest me the plans and compny to get it.
I strongly believes that INSURANCE AND investments should not be combined. they both are diffrent thing.
My age is 34 yr, wife proffessional, 1 kid 3 months, both of us earning 12 lacs each p.a.
Liabilities:home loan 9.5 lacs
kindly guide
DR CHANDRAKANT
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Dear DRCLPatel1975, the info provided by the agent is partly right & partly wrong. Against ur anual prem. pmt. of 3L Rs. u r getting just 27 times of prem. as Sum assured. (300000*27 = 8100000)
What ur agent is telling that ULIPs can be cheaper than a pure insurance plan (better known as Term Plan) is a half truth. Ins. cos. chrge different Mort. prem. in Term Plan & ULIPs. In case of ULIPs mort. prem. r on lower side. But let`s first understand how ULIP can be beneficial than a Term Plan.
In a Term plan, all over the policy term, u `ll pay the mort. prem. of ur purchase age. (which is 34 for u as of now). No matter ur running age is 38 or 45 or 50 at that time.
In ULIPs, Ins. cos. charge mort. prem. for ur running age but for sum at risk only. Say after taking this policy, after 1 year, ur fund value is 3L Rs. & net of charges the prem. invested is 2.5L Rs. so the total fund value `ll be 5.5L Rs. at ur the than age of 35 years. Now the Ins. co. `ll charge mort. prem. only for the remaining SUM assured (80L - 5.5L = 74.5L Rs.) which is sum at risk now for Ins. co. but the mort. prem. `ll be chrged for ur age 35 & not 34. same `ll be the case for age 36, 37 ......
U `ll ask what`s the problem in this sat up? My dear friend, if the investment fund is performing well, u may pay 4-5 years prem. & let the policy run from the accumulated fund value. in this case Mort. prem. `ll be deducted from ur fund value by cancellation of units. But & this is a big BUT, this strategy may put in deep trouble if the fund is not doing well under turbulent times like the current one or due to non performance of fund managers. In this case, ur fund value `ll deplete quickly & there may be a situation that u may have to put another 1-2 prem. to continue the policy.
Ur understanding regarding Ins. & Invt. is quite right that both should not be mixed up.
From the data provided by U, ur Home Loan is already covered under ur existing policies. In fact there is a surplus of appx. 15L. Now the only liabilities r in the form of CHILD/CHILDREN`s education, career & marriage expenses. Put a figure for these exp. in 2days value. Inflate this no. by 6-7% for each year & u `l get ur final figure, which may be anywhere from 75L to 1C as per ur living standard & ur thinking for ur children`s future.
Take split Term cover for the figure arrived from above calculation. & invest in different asset class debt, Eq., Gold etc. as per ur risk & diversification level requirement.
Plz. note, as ur wife`s also earning so i assumed her income `ll be sufficient to cover living expenses of family after U.
For better understanding on Term Plans plz. visit my Home Page here @ MMB. As of now Aegonreligare Term plan & Icici Pru Pure protect classic & pure protect elite r the cheapest product.
Thanks
Ashal ...
In reply to:
ULIP is it cheaper than term plan?
Posted by : drclpatel1975
Respected broaders, an agent give calculation:annual income 12lacs,Insurance required*20 times of that=2.4cr, at present i had coverage of 25 lacs only, so need more appx 2.15 cr insurance. he suggested me METSMART PLUS,premium 3lacs annualy, sum assured 80 lacs.He says this is cheaper insurance than TERM PLAN, What ur opemion regarding this?
If at all ineed more than 2 cr insurance kindly suggest me the plans and compny to get it.
I strongly believes that INSURANCE AND investments should not be combined. they both are diffrent thing.
My age is 34 yr, wife proffessional, 1 kid 3 months, both of us earning 12 lacs each p.a.
Liabilities:home loan 9.5 lacs
kindly guide
DR CHANDRAKANT
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Pure Term cover policies are the cheapest insurance policies. There is no maturity value for such policies. The Insurance companies pay the nominees only if the policy holder dies. Otherwise what you have paid is gone. You have paid for the risk taken by the company. Many people think that such policies are a waste. Actually it is not so. If you take an endowment policy the premium is more than 10 times higher. The maturity value of such policies give a return of 5-6% on the premiums you pay.If you take term policies, you save 90% premium. This if invested regularly via SIP in mutual funds or even PPF will give you much more than the maturity value of the endowment policy.
If you enter insurance with the intention of INVESTMENT - you are in the wrong lane. INSURANCE IS NOT AN INVESTMENT. It is an expense. Treat it the way you treat a HELMET.
The premium of Rs 3236 is for a 20 year old for 30 years term.
No maturity value. For your husband (AGE 42)the premium is much higher and term will be shorter. This is a life insurance policy. Your husband will get tax benefit under 80 C .
For mediclaim you have to take from General Insurance companies like New India Assurance Co. The premium will keep increasing with age. It is only for hospitalisation. Your husband will get tax benefit under section 80 D upto Rs 15000. ...
In reply to:
life insurance
Posted by :
rashmi26
dear ranjan, hi
i am a 40 yr old homemaker and hav 3 kids,aged16,10 and8.my husband is 42.is there any mediclaim policy,which i can opt fr as a family pack.also, the religare policy,u were referring to,means depositing rs3236into20.that means rs64720.aftr 20 yrs will i get rs 20 lakhs.is this policy good or are any bettr than this.
regds rashmi
Tracked by: 0 Boarder
thanx,ashalanshu fr the prompt reply...
In reply to:
life insurance
Posted by : ashalanshu
Dear Rashmi26, the policy advised by dear ranjan is not a mediclaim policy. Its a Pure Term cover plan under which the family of life insured `ll get 20L Rs. as Sum assured in case the insured person is no more (in other words the claim is there on the policy after the death of Insured).
To have this cover live, every year the insured person `ll has to pay the prem. of 3236 Rs. & if after 20 years, the Insured person is alive, there `ll not be any money back or return from Ins. co.
For ur specific requirement of a family mediclaim policy, u may opt family floater policy offered by different Gen. Ins. cos.
Thanks
Ashal
Tracked by: 0 Boarder
Respected broaders, an agent give calculation:annual income 12lacs,Insurance required*20 times of that=2.4cr, at present i had coverage of 25 lacs only, so need more appx 2.15 cr insurance. he suggested me METSMART PLUS,premium 3lacs annualy, sum assured 80 lacs.He says this is cheaper insurance than TERM PLAN, What ur opemion regarding this?
If at all ineed more than 2 cr insurance kindly suggest me the plans and compny to get it.
I strongly believes that INSURANCE AND investments should not be combined. they both are diffrent thing.
My age is 34 yr, wife proffessional, 1 kid 3 months, both of us earning 12 lacs each p.a.
Liabilities:home loan 9.5 lacs
kindly guide
DR CHANDRAKANT...
Tracked by: 0 Boarder
Dear Rashmi26, the policy advised by dear ranjan is not a mediclaim policy. Its a Pure Term cover plan under which the family of life insured `ll get 20L Rs. as Sum assured in case the insured person is no more (in other words the claim is there on the policy after the death of Insured).
To have this cover live, every year the insured person `ll has to pay the prem. of 3236 Rs. & if after 20 years, the Insured person is alive, there `ll not be any money back or return from Ins. co.
For ur specific requirement of a family mediclaim policy, u may opt family floater policy offered by different Gen. Ins. cos.
Thanks
Ashal ...
In reply to:
life insurance
Posted by : rashmi26
dear ranjan, hi
i am a 40 yr old homemaker and hav 3 kids,aged16,10 and8.my husband is 42.is there any mediclaim policy,which i can opt fr as a family pack.also, the religare policy,u were referring to,means depositing rs3236into20.that means rs64720.aftr 20 yrs will i get rs 20 lakhs.is this policy good or are any bettr than this.
regds rashmi
Tracked by: 0 Boarder
Dear Mahesh, the answer is quite simple. First decide how much ins. u need? As u r married already & in near future there `ll be responsebilities of child/children (ur choice) as well as financial liabilities in terms of Home Loan, Car Loan etc. As per ur income level, the value of these liab. may be any where from 25L to 1C or even more.
To get such high cover, prem. in return oriented policies `ll be very high.
The solution is - opt Term cover as per ur requirement & invest ur money in a mix of debt (PF, PPF, Bank FDs etc)& Equity MFs. While investing in Eq. MFs, plz. invest thru SIP or STP route.
The final result `ll be very much favorable for u.
Thanks
Ashal...
In reply to:
Suggestion Required On Insurance
Posted by : Guest
I am currently planning to take Insurance, I am confused on what policy should I take, should I take the whole life insurance or a retirement plan coupled with insurance, usually everyone says keep the insurance seperate from investments, in other way, I can the whole life policy and the retirement plan with no death benefit as a investment. My age is 27 and I am married. Please could you guide which is better than the two. Thanks Mahesh
Tracked by: 0 Boarder
dear ranjan, hi
i am a 40 yr old homemaker and hav 3 kids,aged16,10 and8.my husband is 42.is there any mediclaim policy,which i can opt fr as a family pack.also, the religare policy,u were referring to,means depositing rs3236into20.that means rs64720.aftr 20 yrs will i get rs 20 lakhs.is this policy good or are any bettr than this.
regds rashmi...
In reply to:
life insurance
Posted by : RANJAN
Aegon religare term policy for 30 yrs for Rs 20 lakhs is Rs 3236 per year.
Tracked by: 0 Boarder
Dear V.B.reddy, I`m sorry to say, but the truth is, U have selected a wrong policy.
For ur Info - In the first year, not a single penny of ur prem. `l be invested anywhere. So ur total money is gone. Against this situation, the Co. guarantees to return the 110% of first year of ur prem. i.e. 19800 (110% of 18000, ur first year prem.) Rs. at the end of the term of ur policy (10 years in ur case) with a condition that u `ll not bounce any prem. during the policy term & `ll not use the partial withdraw facility.
Now comes the real shocker, if u decide to stop this policy right now, u`ll not get any amount back as surender money bcoz. as per the regulations, it is mandatory to pay minimum 3 annual prem. & completion of 3 policy years.
Even if u decide to continue this plan, the chances of any meaningful returns on ur investment r very low. (from ur query it seems u opted this policy for investment purpose & not for Ins. purpose). It `ll be better on ur part to stop this policy right now. Take a Term plan as per ur need & invest ur remaining prem. amount in diversified Large cap MFs to earn some decent returns over these remaining 9 years, as 1 year is about to complete.
Thanks
Ashal ...
In reply to:
Return
Posted by : Guest
I have taken Smart Advantage from Kotak Mahindra. I am paying Rs.1500 per month from Feb.2008. This policy term is 10 years. Is it worth continuing or can I stop now?
V B Reddy
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