Insurance Help

ULIP as Retirement Plan

Posted by : ashalanshu

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Dear Rkdave17, The plans of Birla r neither here nor there. I mean not effective for getting Insurance at cheaper cost & also not performing well on investment front.

I personally invested 20K in a ULPP of Birla around sept. 2003. It was s single prem. plan & no insurance component. In Sept 2004 I again Top up 10K. At the time of investment, i invested in 35% Eq. fund (it was the highest Eq. component in that pension plan). After watching its performance, till Dec. 2005, I decided to quit.

The reason was, the performance of fund was not upto the benchmark, forget about beating it. In the same duration, with same Eq. exposure, TIPP (Temp. India Pension plan) performed much better.

Even 2day after surrendering the policy, whenever I checked the returns of this Plan, well my decision of quitting is right.

Thanks

Ashal ...

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ULIP as Retirement Plan

Posted by : rkdave17

My Dear Friends, it nice to seeing your discussion efforts that helps people to reach on safe rock for investment.
I am reading & educating my self from you all guys(ashlanshu,joetom,kentmess,etc.)

i just like to add some more worthy benefits available in market from another company "Birla Sun Life". Here providing my some efforts which come to know after comparison between various companies on illustrations return (after deduction of all charges like FMC, Mortality, allocation etc.) .
1) compare to Tata Aig invest Assure vs Birla`s Prime Life Premier plan:
Age 30,invest 5Lakh,investment term 20 year,Expected return on 10%(after deduction of all charges like FMC, Mortality, allocation etc.) Tata provides:Rs.22,00,736.Birla:Rs.26,74,575.
2)SBI Horizon2:Age 30,Rs.25000 investment for 20 years:
SBI returns 10%:11,68,273. Birla Classic Life Premier`s 10%: Rs.13,44,966.
3) few plan of Birla’s provides 365 switches free every year.
4) Unlimited withdrawals (365 days) every year.
5) cheapest life coverage plan in market like Dream Plan.
6) one of best plan which I like is, Platinum plus for Highest NAV Guaranteed Returns on maturity.

So friends, its just to for sharing view and knowledge between each other.
Keep Sharing your Golden views..
Together we Grow..

Regards,
Rk

Absolute Returns From jan 2005 to oct 2008

Posted by : Guest

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Addressed to   sash

We want to show a Absolute Returns Of every Company From January 2005 to october 2008...

Health Insurance Plans

Posted by : pcspune

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Dear Mr.v.krishnamoorthy,

Please note that Insurance companies are doing BUSINESS for Profit. They are not doing any CHARITY.

I am not sure that there will be no problems to get DUE CLAIMS even if you submit all Papers( FIR etc.).

P.C.Sharma...

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Health Insurance Plans

Posted by : Leave it.

Dear Mr. Sarma,
I read a few days back --within two to three days-- that an Indian court has ordered that the insurance companies should not insist to submit an FIR copy for a MV accident and claim should be considered with other evidences available. Would you please let me know where it appeared with the details and your comments.
thanking you with regards,
v.krishnamoorthy

Health Insurance Plans

Posted by : Leave it.

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Dear Mr. Sarma,
I read a few days back --within two to three days-- that an Indian court has ordered that the insurance companies should not insist to submit an FIR copy for a MV accident and claim should be considered with other evidences available. Would you please let me know where it appeared with the details and your comments.
thanking you with regards,
v.krishnamoorthy ...

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Health Insurance Plans

Posted by : pcspune

Dear vvrk,

Please check the Comparative Rates of Mediclaim in Indian Express Newspaper of Monday ( Supplement Express money) & Outlook Money Magzine.

Rliance Mediclaim is Cheapest for Single as well as Family Floater.


APPOLO DVK is Costlier but Good option ( for Certain AGES SINGLE).


P.C.Sharma

ULIP as Retirement Plan

Posted by : rkdave17

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My Dear Friends, it nice to seeing your discussion efforts that helps people to reach on safe rock for investment.
I am reading & educating my self from you all guys(ashlanshu,joetom,kentmess,etc.)

i just like to add some more worthy benefits available in market from another company "Birla Sun Life". Here providing my some efforts which come to know after comparison between various companies on illustrations return (after deduction of all charges like FMC, Mortality, allocation etc.) .
1) compare to Tata Aig invest Assure vs Birla`s Prime Life Premier plan:
Age 30,invest 5Lakh,investment term 20 year,Expected return on 10%(after deduction of all charges like FMC, Mortality, allocation etc.) Tata provides:Rs.22,00,736.Birla:Rs.26,74,575.
2)SBI Horizon2:Age 30,Rs.25000 investment for 20 years:
SBI returns 10%:11,68,273. Birla Classic Life Premier`s 10%: Rs.13,44,966.
3) few plan of Birla’s provides 365 switches free every year.
4) Unlimited withdrawals (365 days) every year.
5) cheapest life coverage plan in market like Dream Plan.
6) one of best plan which I like is, Platinum plus for Highest NAV Guaranteed Returns on maturity.

So friends, its just to for sharing view and knowledge between each other.
Keep Sharing your Golden views..
Together we Grow..

Regards,
Rk

...

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ULIP as Retirement Plan

Posted by : ashalanshu

Dear round rock, Other than MFs, If we venture out among ULIPs to use as Pension Plans, there is a lot of difficulty to select the product. As it \\`ll be a low cover ULIP, difference in Mort. charges don\\`t mean much. For example if u opt a single prem. 50K ULIP, The cover \\`ll be 2.5L only. So from VVRK\\`s data mort. charges r important for high cover ULIP (which \\`ll be used as substitute of term plans) but not in this case. Next in line came the Prem. allocation charge & FMCs as well as Policy admin charges. Equally important is the fund performance. & finally came the switches option allowed in a year.

On the basis of these parameters, I think SP ULIPs of IDBI, HDFC, SBI & Metlife may be a better bet.
As of now the IDBI ULIP is the most customer friendly ULIP in terms of customization. As it is a new kid on the block hance fund performance is to be tested.

a better way \\`ll be to get benefit illustration (BI) from all cos. for common term & prem. payment for SP as well as RP ULIP. The BI under 6-10% band \\`ll give an indication of the effect of all the charges on the policy. Most cos. now a days offer online BI so u may check the same from their respective websites.

Thanks

Ashal

Health Insurance Plans

Posted by : pcspune

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Dear vvrk,

Please check the Comparative Rates of Mediclaim in Indian Express Newspaper of Monday ( Supplement Express money) & Outlook Money Magzine.

Rliance Mediclaim is Cheapest for Single as well as Family Floater.


APPOLO DVK is Costlier but Good option ( for Certain AGES SINGLE).


P.C.Sharma...

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Health Insurance Plans

Posted by : vvrk

Has anyone here done comprehensive research about Health Insurance Plans out there in the market for individuals and family.

Thank You,
Raj

Health Insurance Plans

Posted by : vvrk

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Has anyone here done comprehensive research about Health Insurance Plans out there in the market for individuals and family.

Thank You,
Raj...

ULIP as Retirement Plan

Posted by : pcspune

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Dear NITIN,

I have not studied much about Term Plans but I know Premiums of Following are Cheaper.

Please take Illustrations from SBILIFE,METLIFE,KOTAK & ICICI Prudential for Pure Term Insurance ( Without any Return) & then Take 2 Covers of 15 Lacs each.

I would Prefer ULIPS of IDBI & Metlife.

15000 per year in IDBI Wealhssurance for 5 years & Cover of 15 Lacs.
18000 per year in Metlife Smart PLUS for 5 years & Cover of 14,40,000

P.C.Sharma

...

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ULIP as Retirement Plan

Posted by : Guest

Hi PCS

This is where I am in doubt.
Religare: 30L for 30 years: 8798 [7830 + taxes]
Birla: 30L for 30 years Dream plan 9005 (taxes included)

I havent seen any cheaper than Religare.
Can u suggest a term plan for me (31 years) where I may get a cover of 30L in 6-7k?
Or can u suggest a ulip i can invest in say for 15L and I take a 15L cover using term plan

Please help me...I am kind of confused.

Thanks
nitin

ULIP as Retirement Plan

Posted by : Guest

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Hi PCS

This is where I am in doubt.
Religare: 30L for 30 years: 8798 [7830 + taxes]
Birla: 30L for 30 years Dream plan 9005 (taxes included)

I havent seen any cheaper than Religare.
Can u suggest a term plan for me (31 years) where I may get a cover of 30L in 6-7k?
Or can u suggest a ulip i can invest in say for 15L and I take a 15L cover using term plan

Please help me...I am kind of confused.

Thanks
nitin...

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ULIP as Retirement Plan

Posted by : pcspune

Dear NITIN,

Please avoid Gaurnteed Benifits Schemes.If you can get Term Insurance
Cover of Rs.30 Lacs in Rs.6000-7000, no need to pay 9000.

The Difference anmount may be Invested in MF & Returns may be FEW LACS after 25-30 years

Either PURE Term witout Returns or GOOD ULIP with Min.Premium & Max.Cover is advisable.

P.C.Sharma

ULIP as Retirement Plan

Posted by : pcspune

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Dear NITIN,

Please avoid Gaurnteed Benifits Schemes.If you can get Term Insurance
Cover of Rs.30 Lacs in Rs.6000-7000, no need to pay 9000.

The Difference anmount may be Invested in MF & Returns may be FEW LACS after 25-30 years

Either PURE Term witout Returns or GOOD ULIP with Min.Premium & Max.Cover is advisable.

P.C.Sharma...

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ULIP as Retirement Plan

Posted by : Guest

Hi Raj/Ashal/PCS

I was myself in doubt and hence got the illustration from Birla folks.

As per Dream plan:
My age : 31
Cover: 30L
Years: 25
Premium: Rs 9005
Guaranteed maturity Benefit 25K

PAC: 0
Mortality charge: for 30L for 25 years is 6253 per year (constant)
Settlement period is 5 years after maturity:
@ 10% -- 283045
@ 6% 122315

My age : 31
Cover: 10L
Years: 25
Premium: Rs 4705
Guaranteed maturity Benefit 25K

PAC: 0
Mortality charge: for 10L for 25 years is 2229 per year (constant)
Settlement period is 5 years after maturity:
@ 10% -- 259642
@ 6% 116176

What do you think?

Thanks
Nitin

ULIP as Retirement Plan

Posted by : Guest

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Hi Raj/Ashal/PCS

I was myself in doubt and hence got the illustration from Birla folks.

As per Dream plan:
My age : 31
Cover: 30L
Years: 25
Premium: Rs 9005
Guaranteed maturity Benefit 25K

PAC: 0
Mortality charge: for 30L for 25 years is 6253 per year (constant)
Settlement period is 5 years after maturity:
@ 10% -- 283045
@ 6% 122315

My age : 31
Cover: 10L
Years: 25
Premium: Rs 4705
Guaranteed maturity Benefit 25K

PAC: 0
Mortality charge: for 10L for 25 years is 2229 per year (constant)
Settlement period is 5 years after maturity:
@ 10% -- 259642
@ 6% 116176

What do you think?

Thanks
Nitin...

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ULIP as Retirement Plan

Posted by : pcspune

Dear Nitin,

I am not sure about your Information( 30 Lacs Insurance Cover for 9000 Per year from Birla with some Guarnteed ).

Please take Illustration from Company & understand correctly & then Go Ahead with Birla if you are Convinced.

I would Prefer Pure Term Insurance as the Cheapest if you are not Interested for IDBI / Metlife / Bajaj ULIPS ( which offer 90-150 Times(of Annual Premium)Cover.

If my Age is below 30 years,I will pay Rs.20000 per year ( if I can afford) & Take Cover of Rs. 30 Lacs from IDBI Fortis Wealthssurance ULIP.

Best wishes,

P.C.Sharma

term insurance writeup

Posted by : ashalanshu

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Dear harrpotter, Now a days, for almost all ages religare is the cheapest one, but it does n\\`t make sense to buy all plans from religare. In continuation to what dear ranjan had already told u, here is my take -

1. First calculate ur total cover requirement at present as per ur future liability position. Say home loan for next 20Y, Car loan for 5Y, Kids education, career & marriage expenses & provisioning for living expenses of ur family in ur absence.

2. suppose from the above calculation the total cover requirement is 50L as on today. Split this cover requirement, as per ur liability position. an indicative split -
10L cover for 30Y
15L cover for 25Y
15L cover for 20Y
10L cover for 15Y

3. after split is done, For the longest term policy, go for the cheapest one. In the above example opt religare (if it is the cheapest for ur age & other parameters) for term 30 & 25Y.
Opt 2nd cheapest plan for 20Y term & 3rd cheapest plan from 15Y term. In total out of ur 4 policies, 2 \\`ll be from a single co., the 3rd policy \\`ll be from another one & 4th policy from another one.

4. The reason for opting different insurance co. - U r paying prem. for financial security of ur loved ones. In case of claim if all policies r from a single insurer, & due to any reason if claim is rejected, it \\`ll be applicable on all 4 policies. In case of different insurers, there is a chance that if an insurer reject the claim on a ground, another may accept it.

5. While filling the form, put every possible details of urs for past history of family illness, ur job related risk factors if any, consumption of alcohal & tobacco etc. For the sake of ur family, plz. don\\`t hide any material fact which in future may become a cause of rejection of claim if there is a claim at all.

6. Regarding riders available with term plans, plz. don\\`t opt the same. It is better to have individual accidental policy or critical illness policy offered by General ins. co.

Thanks

Ashal ...

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term insurance writeup

Posted by : harrpotter

Dear Gurus
i have been searching for the rite term insurance in this forum.
i saw gurus suggesting religare and others.
is there any do and donts that we need to verify before buying
or simply go to the one with the least cost ??

regards
Harrypotter

term insurance writeup

Posted by : RANJAN

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If you want a cover of say Rs 50 lakhs - split it up into 4 or 5 policies with different term say , 25 yrs, 20 yrs 15 yrs (2 policies)
Spread the policies with 2 or 3 insurance companies. Compare the rates and go for the cheapest ones. ...

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term insurance writeup

Posted by : harrpotter

Dear Gurus
i have been searching for the rite term insurance in this forum.
i saw gurus suggesting religare and others.
is there any do and donts that we need to verify before buying
or simply go to the one with the least cost ??

regards
Harrypotter

term insurance writeup

Posted by : harrpotter

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Dear Gurus
i have been searching for the rite term insurance in this forum.
i saw gurus suggesting religare and others.
is there any do and donts that we need to verify before buying
or simply go to the one with the least cost ??

regards
Harrypotter...

ULIP as Retirement Plan

Posted by : ashalanshu

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Dear nitin, As u r trying to cover ur loan liability specifically, plz. opt term plans but with a change figures.

1. 15L for 20Y from religare
2. 15L for 15Y from TATAAIG/Kotak.

In case of home loans, people generally try to close it early. The average tenure of loan completion in India is only around 7-8 years.

If due to rising interest rates, u r unable to repay ur loan within this 7-8 year term, in all probability, u \\`ll repay it by 12-13 years.

So it make sense, to have 2 policies only, as having a higher sum assured in policies \\`ll also save u some bucks & over all less paper work & legwork.

Plz. don\\`t couple ur insurance requirements for loan with investment. Birla Dream plan is not a worth of due to high running cost. Plz. do note mort. charges in Birla r also on higher side. so over all Dream plan doesn\\`t make sense.

Thanks

Ashal ...

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ULIP as Retirement Plan

Posted by : Guest

Are u referring to HDFC Young Star Plus II?

Can I go for it even if I dont have a kid?
Its allocation is 40% every year....isnt that less?

I need your help.
I have a loan of 30L
I was planning to take decreasing cover of
10L for 10 yrs (Religare 2K pa term)
10L for 20 yrs (SBI 2610 pa term)
10L for 30 yrs (HDFC 3550 pa term)

I saw Birla Dream plan of 9K for 30L for 25 yrs (so got tempted)
I am 31 yrs. What do u suggest?

Thanks
Nitin