tag:blogger.com,1999:blog-87821646111261199172024-03-04T21:49:30.097-08:00Insurance Help DeskThis blog is the right palace for the all viewers who want to know about the Insurance and all of it's Rules and Regulations.Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.comBlogger50125tag:blogger.com,1999:blog-8782164611126119917.post-19504981377762500332013-03-22T05:52:00.003-07:002013-07-06T22:15:39.524-07:00Life Insurance Help Guide In Hindi<div dir="ltr" style="text-align: left;" trbidi="on">
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-61506475508069302092012-07-27T01:23:00.003-07:002013-07-06T22:27:25.925-07:00Salary saving schemes (SSS)<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-large;"><b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Salary saving schemes (SSS)</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> </span></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Salary saving schemes (SSS) are
intended to cater to the needs of the working classes.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">In these schemes the insurance
company has an arrangement with the employer, whereby the employer deducts
the premium from the employee’s salary and passes it on to the insurance
company every month. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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their salary before it reaches the employee they do not need to worry
about defaulting on the premium. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The insurance company also
benefits as it receives the consolidated premium from the employer for all
the employees who have enrolled on the scheme. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The employer makes the
deduction for the premium from the employee’s salary based on an authority
letter signed by the employee, which is collected with the proposal form
and is sent to the employer by the insurer, when the policy is
accepted. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">A demand list containing the
list of employees, their designation along with the amount to be deducted
is sent to the organisation periodically by the insurance company. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">A salary saving scheme is not a
specific insurance plan. It is just a convenient arrangement to collect
the premium. It can be used for a term plan, an endowment plan or any
other plan as offered by the insurer under the SSS arrangement.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Harlow Solid Italic"; font-size: 26.0pt; line-height: 115%;">Anand Khemka<br />
+91-9910936925<br />
+91-8287041341</span></div>
<div class="MsoNormal">
<br /></div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-48690317046946524742012-07-27T01:22:00.004-07:002012-08-28T04:07:31.339-07:00Money-back policies<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Money-back policies</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Money-back policies combine the
dual benefits of savings and insurance, and are somewhat similar to
endowment plans in terms of features. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">In an endowment plan, the
policyholder receives the maturity benefit at the end of the policy term.
However, in money-back policies <b>‘partial survival benefits’</b> are
paid to the policyholder during the term of the policy at specific
intervals.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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the survival benefits in fixed proportions or variable proportions during the
policy term as per the terms and conditions of the policy. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The benefits received by the
policyholder at specific intervals are tax-free according to prevailing
tax laws. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">If the policyholder dies during
the policy term, the nominee or beneficiary receives the entire sum
insured along with the accrued bonus (if any) without the deduction of
survival benefits that have already been paid to the insured.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Harlow Solid Italic"; font-size: 26.0pt; line-height: 115%;">Anand Khemka<br />
+91-9910936925<br />
+91-8287041341</span></div>
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<br /></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-40976038767416730472012-07-27T01:21:00.002-07:002013-03-29T03:32:51.388-07:00Child plans<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Child
plans</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Child insurance plans help
parents to save for their children’s future financial needs such as
education, marriage etc. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Child insurance plans offer the
dual benefit of savings along with insurance. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">It is important to note that
the child does not have any income of their own. Instead, they are
entirely financially dependent on their parents. The parent pays the
premium to the insurance company towards accumulating money for the
child’s future financial needs. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The child is the beneficiary
who is entitled to receive the benefit on the maturity of the
policy. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">In these plans, risk on the
life of the insured child will begin only when the child reaches a
specified age as stated in the policy. The time gap between the policy
start date and the date of commencement of risk is called the <b>deferment
period. </b></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The date on which the risk will
commence at the end of the deferment period is known as the <b>deferred
date.</b> The deferred date will be a policy anniversary. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">There is no insurance cover
during the deferment period. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">When the child reaches the age
of majority (18 years old) the title of the policy will be automatically
passed on to the insured child. This process is known as <b>vesting.</b>
The date on which the policy title passes to the child is known as the <b>vesting
date. </b></span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">After vesting the policy
becomes a contract between the insurer and the insured person (the child
in this case).</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Some child insurance plans come
with a built-in ‘waiver of premium’ rider, whereas in the case of other
child insurance plans the parent can opt for the waiver of premium rider
for a small additional premium. In this case if the parent dies during the
policy term the insurance company will continue to pay the premiums on
behalf of the parent (until the child reaches the age of majority) and the
policy is left intact. The child receives the benefit at the end of the
policy term according to the policy terms and conditions. More details on
riders will be discussed in chapter 7. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Child insurance plans can be
taken out in the form of <b>endowment plans, money-back plans or ULIPs.</b> </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Harlow Solid Italic"; font-size: 26.0pt; line-height: 115%;">Anand Khemka<br />
+91-9910936925<br />
+91-8287041341</span></div>
<div class="MsoNormal">
<br /></div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-55350398122313242012012-07-27T01:20:00.002-07:002013-03-29T03:33:05.603-07:00Unit-linked insurance plans (ULIPs)<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Unit-linked
insurance plans (ULIPs)</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> </span><br />
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Unit-linked
policies carry a higher risk than with-profit policies and contain fewer
guarantees. However, they are much more flexible. Unit-linked policies are
suited to people prepared to undertake some investment risk to obtain the
benefits of flexibility. Returns are subject to movements in the capital
markets where investments such as equities (shares) are traded (shares will be
discussed fully in chapter 6).<b> </b></span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in; text-align: justify;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Key points</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Unit-linked insurance plans
(ULIPs) offer the benefits of both life insurance and returns on
investment. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">In traditional plans the
insurance company takes a decision on the investments to be made on behalf
of the insured. However, in a ULIP the insured has a variety of funds to
choose from like equity funds, debt funds, balanced funds and money market
funds etc. for their investments. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">ULIPs give the insured the
option to participate in the growth of the capital markets. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">On the death of the insured the
sum insured or the market value of the investment (fund value), whichever
is higher, is paid. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">On maturity of the plan the
fund value is payable.<b> </b></span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Settlement option:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> instead of taking a lump sum amount, some plans
provide the policyholder with the option to receive the maturity benefit
amount as a structured payout (periodic instalments) over a period of time
(say, 5 years or any time up to 5 years) after maturity. This is known as
the settlement option. If the policyholder wishes to take the settlement
option they need to inform the insurance company well in advance.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal">
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
<div class="MsoNormal">
<br /></div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-79273710286796139462012-07-27T01:19:00.002-07:002013-03-29T03:33:20.008-07:00Micro-insurance plans<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Micro-insurance plans</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"> </span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">In November 2005 the IRDA
issued guidelines for micro-insurance through the <b>IRDA
(Micro-insurance) Regulations 2005.</b> Micro-insurance aims at providing
insurance cover to low income groups. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">The IRDA has specified that the
life cover provided under micro-insurance products should range from Rs.
5,000 to Rs. 50,000. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">A life insurer may offer life
micro-insurance products as well as general micro-insurance products and
vice versa. (This is only allowed for micro-insurance products, and no
other types of general insurance products.) </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
</ul>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal">
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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<br /></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-23734784077208895612012-07-27T01:01:00.000-07:002013-03-29T03:33:40.544-07:00Group insurance plans<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Group insurance plans</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">A group insurance policy
provides insurance protection to a group of people who are brought
together for a common objective. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">The group of people can
be: </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
</ul>
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<li class="MsoNormal" style="line-height: normal; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">employees of an
organization; </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">customers of a bank; </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">members of a trade
union; </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">members of a professional body
like an association of accountants; or </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l1 level2 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 1.0in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">any other group of people who
have come together with a commonality of purpose or are linked to each
other for a common objective. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
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<li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">In a group insurance policy the
insurance company issues one master policy covering all the members of the
group. For example, the insurance company will issue a master policy to an
employer covering all the employees of the company. The employer would be
known as the ‘master policyholder’. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">The contract of insurance is
between the master policyholder and the insurance company. The employees
are not a direct party to the insurance contract. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Group insurance schemes are
also used by the Government as instruments of social welfare to provide
insurance cover to the masses (people who are below the poverty
line). </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l2 level1 lfo3; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">In July 2005 the insurance
industry regulator (IRDA) issued guidelines on group insurance policies.</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
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<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<br /></div>
<div class="MsoNormal">
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-20391928901110833752012-07-27T00:55:00.002-07:002013-03-29T03:33:56.114-07:00Annuities<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Annuities</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><br />
An annuity is a series of regular payments from an annuity provider (insurance
company) to an individual (called the annuitant) in return for a lump sum
(purchase price) or instalment premiums for a specified number of years.<br />
According to the manner in which the purchase price is paid, annuities can be
either: </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">an immediate annuity; or </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">a deferred annuity.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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<span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">An annuity is the reverse of a life
insurance policy. In life insurance the insurance company takes on the risk,
but with an annuity the annuitant takes on the risk that they won’t die in a
very short space of time after paying the purchase price.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"><br />
There are a number of different types of annuity available (such as a joint
life, last survivor/life annuity with return of purchase price/increasing
annuity).</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-16865586529133180762012-07-27T00:53:00.003-07:002013-03-29T03:34:11.304-07:00Joint life insurance plans<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Joint life insurance plans</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">Joint life insurance plans
offer insurance coverage for two persons under one policy. This plan is
ideal for married couples or partners in a business firm. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">With some joint life insurance
plans the death cover (sum insured) is payable on the death of the first
joint policyholder and then again on the death of the surviving
policyholder, along with the accumulated bonuses up to that date, if the
death of both the policyholders happens during the tenure of the
policy. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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survive until maturity or one of the joint policyholders survives until
the maturity of the policy, then the maturity benefit along with the
bonuses accumulated until that date is paid. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">For some joint life policies
the premiums have to be paid until the selected term or premium payment
ceases on the death of the first joint policyholder. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">In the case of joint life
policies each life will be underwritten separately.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-15204607342766172012012-07-27T00:52:00.003-07:002013-03-29T03:34:42.083-07:00Convertible insurance plans<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Convertible insurance plans</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">As the name suggests, this insurance
plan can be converted from one type to another. For example, a term insurance
plan can be converted into an endowment plan or a whole life plan or any other
plan as allowed by the insurance company.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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A convertible plan is useful when the life insured cannot initially afford to
pay a higher premium. They can therefore start with a term insurance plan with
a lower premium and then later convert it into an endowment plan or a whole
life plan with a higher premium. Also, at the time of the plan conversion the life
insured is not required to undergo a medical check-up.</span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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Another advantage of convertible plans is that at the time of conversion there
is no further underwriting decision to be made. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-14566178787092580572012-07-27T00:51:00.002-07:002013-03-29T03:34:56.139-07:00Whole life insurance plans<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24.0pt; mso-fareast-font-family: "Times New Roman";">Whole life insurance plans</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";"> </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">A term insurance plan with an
unspecified period is called a whole life plan. Some plans also have a
savings element to them. The insurance company declares bonuses for these
plans based on the returns earned on investments. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">As the name of the plan
specifies, this plan covers the individual throughout their entire
life. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">On the death of the life
insured, the nominee/beneficiary is paid the sum insured along with the
bonuses accumulated up until that point in time. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
<li class="MsoNormal" style="line-height: normal; mso-list: l0 level1 lfo1; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18.0pt; mso-fareast-font-family: "Times New Roman";">During the individual’s
lifetime they can make partial withdrawals to meet emergency requirements.
An individual can also take out loans against the policy. </span><span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; mso-fareast-font-family: "Times New Roman";"></span></li>
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<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-left: .5in; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-10424622520645406822012-07-27T00:45:00.002-07:002013-03-29T03:35:13.042-07:00Endowment insurance plan<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Endowment insurance plan</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">An endowment insurance plan is
basically a combination of a term insurance plan and a pure endowment</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">plan. It offers death cover if the
life insured dies during the term of the policy or survival benefit if the life</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">insured survives until the maturity
of the policy. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
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</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0.0001pt; text-align: justify;">
<b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Key points</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
<div style="text-align: justify;">
</div>
<ul style="text-align: justify;" type="disc">
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Endowment insurance plans pay a specified amount on
maturity of the plan if the life insured survives the</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">entire term of the plan. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Death cover:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
these plans also have a death cover element. If the life insured dies
before the maturity of the</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">plan then the death cover benefit is paid to the
nominee/beneficiary. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Savings element:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
these plans, apart from the death cover, also have a savings element.
After deducting</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">the
death cover charges and administration charges from the premium, the
remaining amount is invested</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;">
</span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">by the insurance company on
behalf of the life insured. The returns earned are later paid back to the
life</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">insured
in the form of bonuses. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Goal-based investment:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> these plans can also be bought for accumulating money
for specific plans like a</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">child’s higher education or marriage etc. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Some insurance companies also allow partial withdrawal
or loans against these policies. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">This plan also comes in different variants. Some plans
have a higher death cover than the maturity benefit</span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">and vice versa. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">In some plans the maturity benefit is double the death
cover. This type of plan is known as a <b>double</b></span><b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"> </span></b><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">endowment
insurance plan. </span></b><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
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<br /></div>
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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<br /></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-30684876890515504532012-07-27T00:42:00.004-07:002013-03-29T03:35:32.604-07:00Pure endowment plan<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Pure endowment plan</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"><br /></span><br />
<div style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
A pure endowment plan is the opposite of a term insurance plan. In this plan
the life insurance company promises to pay the life insured a specified amount
(sum insured) only if they survive the term of the plan. If the life insured
dies during the tenure of the plan then they will not be entitled to anything.</span></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;"><br />
So in short, this plan offers <b>only maturity benefit</b> in the event of the
life insured surviving the entire tenure of the plan. There is no death cover. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-13672530279583292302012-07-27T00:41:00.000-07:002013-03-29T03:35:47.340-07:00Return of premium (ROP) plan<div dir="ltr" style="text-align: left;" trbidi="on">
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Return of premium (ROP) plan</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"><br /></span><br />
<div style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
Some insurance companies also offer variants of term insurance plans in the
form of <b>return of premium plans.</b> If the life insured dies during the
term of the plan, the insurance company pays the specified amount (sum insured)
to the nominee/beneficiary. If the life insured survives the entire policy
tenure then on maturity the insurance company returns part of the premium, or
the entire premium, to the life insured according to the terms of the policy.</span></div>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: 0in; text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;"><br />
In another variant of term insurance plans, some companies also pay some
interest along with the premium on the maturity of the plan if the life insured
survives until maturity. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></div>
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-44893629433999377252012-07-27T00:39:00.002-07:002013-03-29T03:36:04.765-07:00Term insurance plan<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<b><u><span style="font-family: "Times New Roman","serif"; font-size: 24pt;">Term insurance plan</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"><br /></span><br />
<div style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
This is the most basic plan and simplest form of insurance offered by the life
insurance industry. In this plan the life insurance company promises to pay a
specified amount (sum insured) if the insured dies during the term of the plan.
If the life insured survives the entire duration of the plan then they will not
be entitled to anything, meaning that there is <b>no maturity benefit</b> with
such policies.</span></div>
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
</span>
<div style="text-align: justify;">
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
So in short, this plan offers <b>only death cover</b> in the event of the death
of the life insured during the period of the plan.</span></div>
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
</span>
<span style="font-family: "Times New Roman","serif"; font-size: 18pt;">
<b>Key points:</b> </span></div>
<ul type="disc">
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Term insurance plans offer only death cover. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">They are the simplest form of insurance plans offered
by insurance companies. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Term insurance plans are the cheapest insurance plans
available in the market. For a small premium an individual can take out a
big protection cover against their liabilities. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Tenure: </span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">as
the name suggests these plans offer protection only for a specified term.
Normally the term starts from 5 years and runs to 10, 15, 20, 25, 30 years
or any other term chosen by the insured and agreed by the insurer. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Protection against liabilities:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> to cover larger liabilities like home loans or car
loans, term insurance cover is the best solution. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Insurance companies, under some term plans, allow the
life insured to increase or decrease the death cover during the term of
the plan. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Minimum and maximum sum insured:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> for most term plans the insurance company specifies
the minimum and maximum sums insured. For some insurance companies the
maximum sum insured is subject to underwriting. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
<li class="MsoNormal" style="line-height: normal; text-align: justify;"><b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;">Minimum and maximum age:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 18pt;"> most insurance companies specify the minimum and
maximum age at entry and exit for term plans. </span><span style="font-family: "Times New Roman","serif"; font-size: 12pt;"></span></li>
</ul>
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
<br /></div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-42260229696518925062012-07-18T05:38:00.001-07:002013-03-29T03:36:24.574-07:00Why a Claim may be Invalid in Life Insurance<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<b><span style="font-size: x-large;">Why a claim may be invalid</span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Once an insurance company has completed its investigations it may conclude that it does not need to make a </span><span style="font-size: large;">claim payment because the claim is invalid. There are three main circumstances in which this may arise:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>The policy is not in force:</u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">If the policy was not in force when </span><span style="font-size: large;">the event occurred, the insurance </span><span style="font-size: large;">company will reject the claim.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Example:</b> Ajay has taken out a term plan for </span><span style="font-size: large;">20 years. He pays the annual premium on </span><span style="font-size: large;">the 1st of April every year. In the 3rd year he </span><span style="font-size: large;">suffers a severe heart attack. Due to financial </span><span style="font-size: large;">problems because of huge hospital bills, Ajay </span><span style="font-size: large;">is not able to pay the premiums on time. His </span><span style="font-size: large;">financial problems continue for a longer time </span><span style="font-size: large;">than expected and he is not able to pay the </span><span style="font-size: large;">premium even during the grace period. At the </span><span style="font-size: large;">same time Ajay’s health deteriorates and he </span><span style="font-size: large;">dies on 15th May.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Ajay’s nominee files a claim with the insurance </span><span style="font-size: large;">company but the company rejects the claim as </span><span style="font-size: large;">the policy was not in force due to premiums </span><span style="font-size: large;">not being paid, even during the grace period.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: x-large;"><b><u>Excluded conditions apply:</u></b></span><span style="font-size: large;"> </span></div>
<div style="text-align: justify;">
<span style="font-size: large;">If the death is caused by something </span><span style="font-size: large;">excluded from cover under the policy, </span><span style="font-size: large;">the claim will not be met.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Example:</b> Insurance policies exclude death </span><span style="font-size: large;">due to suicide in the first year of the policy, </span><span style="font-size: large;">therefore the death claim for a policyholder who </span><span style="font-size: large;">commits suicide during that first year, will be </span><span style="font-size: large;">rejected by the insurance company.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: x-large;"><b><u>The claim is fraudulent:</u></b></span><span style="font-size: large;"> </span></div>
<div style="text-align: justify;">
<span style="font-size: large;">If, during its investigations, the </span><span style="font-size: large;">insurance company finds out that </span><span style="font-size: large;">a material fact was deliberately </span><span style="font-size: large;">suppressed by the insured then it will </span><span style="font-size: large;">reject the claim.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Example:</b> If the insurer finds out that the age </span><span style="font-size: large;">declared by the insured at the time of taking </span><span style="font-size: large;">out the policy was wrong or the insured </span><span style="font-size: large;">was suffering from some illness that was </span><span style="font-size: large;">deliberately not disclosed, then the insurer </span><span style="font-size: large;">can reject the claim on the grounds of </span><span style="font-size: large;">misrepresentation.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<br />
<div>
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-65520868325456194392012-07-11T04:04:00.000-07:002013-03-29T03:36:50.526-07:00How to Claims In Life Insurance<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<b><span style="font-size: x-large;">Introduction</span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">When making a decision on buying life insurance, clients will take a number of factors into account. These </span><span style="font-size: large;">include the:</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">pricing of the product;</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">features of the product;</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">likely returns that will be offered by the product compared to other insurance and investment products;</span></li>
<li><span style="font-size: large;">flexibility offered in terms of plan term, premium payments, liquidity etc.;</span></li>
<li><span style="font-size: large;">tax benefits offered by the product; and</span></li>
<li><span style="font-size: large;">level of customer service provided by the company.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">All these factors play an important role, but one very important aspect, which few people pay attention </span><span style="font-size: large;">to, is how the insurance company handles and settles claims. What good is an insurance product during </span><span style="font-size: large;">the lifetime of a policyholder, if the nominee/beneficiary/assignee is not able to receive the claim from </span><span style="font-size: large;">the insurance company in a reasonable time and with ease? The real test of an insurance company and an </span><span style="font-size: large;">insurance policy comes when the policy becomes a claim. People take out insurance because they worry </span><span style="font-size: large;">about the possibility of misfortune. Ultimately, the ‘value’ of insurance will be judged, by most individuals, </span><span style="font-size: large;">on the way in which their claim is handled.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">While the IRDA has laid down broad guidelines for claims settlement, it depends on individual companies </span><span style="font-size: large;">and their claims handling staff how quickly and efficiently they respond to a claim when it arises and how </span><span style="font-size: large;">soon they settle it. The claims settlement ratio (how many claims are settled to every 100 claims arising) </span><span style="font-size: large;">is also one of the benchmarks on which an insurance company is judged. So claims handling and settling </span><span style="font-size: large;">assumes a great deal of significance.</span></div>
<div>
<span style="font-size: large;"><br /></span>
<div style="text-align: center;">
<b><span style="font-size: x-large;"><u>Requirements for a valid claim</u></span></b></div>
<div style="text-align: center;">
<b><span style="font-size: x-large;"><u><br /></u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">Before discussing the requirements for a valid claim let’s look at what a claim is and what the different types </span><span style="font-size: large;">of claims are.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">What is a claim?</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">A claim is a demand that the insurer redeem the promise made in the contract. The insurer then has </span><span style="font-size: large;">to perform its part of the contract, i.e. settle the claim, after satisfying itself that all the conditions and </span><span style="font-size: large;">requirements for the settlement of the claim have been complied with.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">We will look at three main types of claim in this section – <b>maturity claims, death claims</b> and <b>rider benefits.</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">Maturity claims</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">Some life insurance plans, such as endowment plans and whole life plans, promise to pay the insured a </span><span style="font-size: large;">specific amount at the end of the plan, if they survive for the plan’s entire term. This amount is known as the </span><span style="font-size: large;">maturity benefit amount or the maturity claim amount. The amount payable on maturity is the sum insured </span><span style="font-size: large;">plus any accumulated bonuses, minus any outstanding premiums and interest thereon.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In some cases the premiums paid over the tenure of the plan are returned on maturity. These plans are </span><span style="font-size: large;">termed as <b>‘return of premium’ (ROP)</b> plans by some insurers.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In the case of ULIPs, the insurance company pays the fund value (or in some cases the fund value and sum </span><span style="font-size: large;">insured) as the maturity claim, at the end of the plan’s term or, in the case of a money-back policy, minus the </span><span style="font-size: large;">survival benefits received during the term of the policy.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Survival benefit payments:</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">For money-back policies the insurance company makes specific payments to the policyholder at specific </span><span style="font-size: large;">times during the term of the policy. These payments are known as survival benefits.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Reduced sum insured (paid-up value):</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Sometimes during the tenure of a policy the policyholder may face financial problems and may not be </span><span style="font-size: large;">in a position to continue paying the premiums. During such times rather than surrendering the policy, </span><span style="font-size: large;">the policyholder has the option to convert it into a paid-up policy. On the maturity of such policies, the </span><span style="font-size: large;">proportionate reduced sum insured is paid out by the insurance company.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Discounted claims:</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Discounted claims are those options which are exercised by the policyholder within one year of the maturity </span><span style="font-size: large;">date of the policy.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Commutation of instalments:</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">For annuity plans, before receiving regular/periodic annuity payments, the individual can make a lump sum </span><span style="font-size: large;">withdrawal. This is known as commutation. Insurance companies normally allow the individual to make </span><span style="font-size: large;">withdrawals of up to a third of the accumulated fund. The remaining two thirds must be used to buy the </span><span style="font-size: large;">annuity payments for the individual.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Annuity payments at the time of vesting:</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In the case of annuities, on vesting, the regular annuity payments start to be made by the insurance company </span><span style="font-size: large;">to the annuitant. The payments may be made to the annuitant on a monthly, quarterly, semi-annual or </span><span style="font-size: large;">annual basis depending on the plan’s terms and conditions.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>Death claim</u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">A death claim is where the life insurance company pays the sum insured to the nominee/ beneficiary on </span><span style="font-size: large;">the death of the insured during the term of the plan. For whole life policies, the benefit is paid on death, </span><span style="font-size: large;">regardless of when this occurs, i.e. there is no fixed term. If the policy is a participating policy, the insurance </span><span style="font-size: large;">company will also pay the bonuses accumulated until then. If the policyholder had taken out any loans, then </span><span style="font-size: large;">the outstanding amount of the loan, the interest and any outstanding premium and interest t</span><span style="font-size: large;">hereon will be deducted before the final amount is paid.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">There are certain policies where the benefit is not paid on death but on a specified date as chosen by the life </span><span style="font-size: large;">insured when taking out the policy. For example, for a policy where the objective is to provide for a lump sum </span><span style="font-size: large;">amount for a daughter’s marriage or a son’s higher education, the amount is not paid on the death of the life </span><span style="font-size: large;">insured but becomes payable on the date specified, for example:</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">When the son/daughter reaches the age of 18 or 21.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">This is, of course, as per the terms and conditions of the policy and the option exercised by the proposer.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>Rider benefit</u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">A payment under a rider is made by the insurance company on the occurrence of a specified event according </span><span style="font-size: large;">to the rider terms and conditions. For example:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Under an accidental death benefit (ADB) rider, in the event of the death of the insured, the additional sum </span><span style="font-size: large;">insured under this rider is paid;</span></li>
<li><span style="font-size: large;">Under a critical illness (CI) rider in the event of diagnosis of a critical illness, a specified amount is paid </span><span style="font-size: large;">as per the rider terms and conditions. The illness should be covered in the list of CIs specified by the </span><span style="font-size: large;">insurance company (the list may differ among insurers);</span></li>
<li><span style="font-size: large;">Under a ‘hospital care’ rider the insurance company pays the treatment costs in the event of </span><span style="font-size: large;">hospitalisation of the insured, subject to the terms and conditions of the rider.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>Valid claim</u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">Once an insurance company receives notification of a claim it will want to be sure that the claim is valid before it makes a payment. It will do this by checking the following:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<br />
<ul>
<li><span style="font-size: large;">Was the insurance policy in force when the event occurred? </span></li>
<li><span style="font-size: large;">Has the insured event taken place? </span></li>
<li><span style="font-size: large;">Have the original policy document, a completed claim form and the other entire required document been submitted? </span></li>
<li><span style="font-size: large;">Has the policyholder performed their part with regards to age admission and the discloser of material facts relevant to the policy? These will be investigated by the insurance company as part of its claim settlement process.</span></li>
<li><span style="font-size: large;"><br /></span></li>
</ul>
<div>
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
</div>
<div>
<div style="text-align: justify;">
<ul>
</ul>
</div>
</div>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-43479057144456127962012-07-11T01:28:00.000-07:002013-03-29T03:37:12.398-07:00Identifying client needs in Life Insurane<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<b><span style="font-size: x-large;"><u>Who is your client?</u></span></b></div>
<div style="text-align: center;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>Prospective clients</u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">As we have seen, an insurance agent’s main task is to understand their client’s needs and then recommend </span><span style="font-size: large;">suitable products. Any individual that an insurance agent comes across and who has any financial need is </span><span style="font-size: large;">a prospective client. Prospective clients may have various needs which they themselves may not be aware </span><span style="font-size: large;">of. In such a case it is the duty of the insurance agent to make the prospective client realise their needs and </span><span style="font-size: large;">recommend suitable insurance protection and/or investment products to meet them. As we have established </span><span style="font-size: large;">in the previous three chapters, life insurance companies and other financial institutions offer a range of </span><span style="font-size: large;">products which cater for the different needs of an individual. To remind you, some of the most important of </span><span style="font-size: large;">those needs are as follows:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>The need to:</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Provide sufficient funds for dependants in case of the premature death of the family income provider;</span></li>
<li><span style="font-size: large;">Build a contingency fund to take care of any emergencies that may arise;</span></li>
<li><span style="font-size: large;">Save funds for the children’s education, marriage etc;</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Provide protection for family members against home loan and other debts in the absence of the family </span><span style="font-size: large;">income provider;</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Save funds for retirement; and</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Address any other requirements that may arise from time to time.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Any individual who has at least one of the above needs is a prospective client for the insurance agent.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">Client needs</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">In this section we will draw together all that has already been said in previous chapters about identifying and </span><span style="font-size: large;">satisfying client needs. We will discuss the overall process and so consolidate your understanding of how </span><span style="font-size: large;">you should go about the process in order to provide a professional service to your clients.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">As we have established, it is the responsibility of the insurance agent to determine the legitimate needs of </span><span style="font-size: large;">their clients, prioritise them and then to recommend suitable insurance or savings products. The process</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">involves the following steps:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: large;">Identifying needs- Quantifying needs- Prioritizing needs</span></b></div>
<div style="text-align: justify;">
<b style="font-size: x-large;"><br /></b></div>
<div style="text-align: justify;">
<b style="font-size: x-large;"><br /></b></div>
<div style="text-align: justify;">
<b style="font-size: x-large;">1. Identifying needs:</b><span style="font-size: large;"> an insurance agent needs to collect and analyse the following information:</span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">details of the client in terms of their financial assets and liabilities;</span></li>
<li><span style="font-size: large;">marital status;</span></li>
<li><span style="font-size: large;">future financial goals of the client for themselves and their children;</span></li>
<li><span style="font-size: large;">number and age of dependants;</span></li>
<li><span style="font-size: large;">employment status, i.e. their existing grade and scope of promotion within their company;</span></li>
<li><span style="font-size: large;">income – which includes salary, business income and income from other sources and investments (if any);</span></li>
<li><span style="font-size: large;">details of health status and heredity medical conditions; and</span></li>
<li><span style="font-size: large;">existing protection, savings and retirement provision (if any).</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>2. Quantifying needs:</b> in the financial planning process an insurance agent needs to quantify each of the </span><span style="font-size: large;">needs in monetary-terms and then calculate suitable amounts that an individual needs to save and invest </span><span style="font-size: large;">for the future.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>3. Prioritising needs:</b> the amount available for investment is the client’s income less their living and other </span><span style="font-size: large;">expenses, i.e. the monthly surplus available. The client’s needs must be prioritised, as their investment </span><span style="font-size: large;">capacity may be limited and the total amount to be spent may be more than the surplus funds available. </span><span style="font-size: large;">The insurance agent should suggest the best product mix, where limited funds can be allocated to </span><span style="font-size: large;">fulfill the maximum needs of the client. Prioritising these needs helps the client to determine which </span><span style="font-size: large;">investment(s) can be deferred, and so the needs which are given highest priority in the ranking are the </span><span style="font-size: large;">ones for which investment should be made first.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: center;">
<span style="font-size: x-large;"><b><u>The typical life stages of a client</u></b></span></div>
<div style="text-align: center;">
<b><span style="font-size: x-large;"><u><br /></u></span></b></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>Childhood</u></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">Children are very unlikely to have protection needs. Children normally do not have any income of their own </span><span style="font-size: large;">and are almost entirely dependent upon their parents/guardians.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">At this stage there are two basic needs for parents/guardians:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">To secure their children’s financial position, if they themselves die prematurely; and</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">To provide for their children’s future expenses, such as primary and higher education, marriage and other </span><span style="font-size: large;">living expenses.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: x-large;"><u>Young unmarried</u></span></b></div>
<div style="text-align: justify;">
This stage of the lifecycle can be divided into two categories:</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;"><b>Young unmarried with no dependants –</b> in this case, the individual’s protection need is low as there are </span><span style="font-size: large;">no dependants. Instead, the need to invest any surplus income and earn high returns gains priority. So </span><span style="font-size: large;">suitable investment plans such as ULIPs – which allow participation in the growth of capital markets along </span><span style="font-size: large;">with tax benefits – should be recommended. The ability to change these when other priorities arise (for </span><span style="font-size: large;">example marriage and dependants) should be considered. The individual may also look forward to saving </span><span style="font-size: large;">money for their marriage, payment toward purchasing a house, providing health insurance for parents (if </span><span style="font-size: large;">not already taken out or the parents are unable to fund it themselves).</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;"><b>Young unmarried with dependants –</b> if an individual is one of the income providers for a family (along with </span><span style="font-size: large;">the parents), then the family will be adversely affected if the young person dies prematurely. Hence the </span><span style="font-size: large;">individual needs to protect their income. The individual should be recommended to take out a suitable life </span><span style="font-size: large;">insurance plan and the sum insured should be sufficient to take care of the family’s financial needs after </span><span style="font-size: large;">their death. The remaining money can be invested for long-term wealth accumulation.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: x-large;"><b><u>Young married</u></b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">At this life stage the individual gets married. Their financial needs change, as they now start thinking about </span><span style="font-size: large;">purchasing a house, starting a family etc. These individuals can be further categorised into two types:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;"><b>Double income family –</b> when both the partners work then financial dependency on one person is reduced. </span><span style="font-size: large;">Such couples are also commonly known as <b>Double Income No Kids (DINK) </b>couples. In the event of one </span><span style="font-size: large;">of the partner’s premature death, the effect on the family’s finances will be considerably lower than </span><span style="font-size: large;">compared to a single income family. An individual <b>term </b>life insurance plan for both partners is suitable </span><span style="font-size: large;">at this stage so that the loss of income due to the death of one partner can be compensated for to some </span><span style="font-size: large;">extent. The couple may also look to invest in products that can offer them high returns and help them with </span><span style="font-size: large;">wealth accumulation for the future. Investment in unit-linked insurance plans (ULIPs) is recommended </span><span style="font-size: large;">for such couples as ULIPs have the potential to deliver high returns through participation in the capital </span><span style="font-size: large;">markets along with insurance protection.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;"><b>Single income family –</b> if only one partner is earning and the other partner manages the home then </span><span style="font-size: large;">savings are likely to be lower than for the double income family. For such couples the need for income </span><span style="font-size: large;">protection assumes priority over other needs. The income earner should buy a term insurance plan so that </span><span style="font-size: large;">in the event of their premature death, the surviving spouse will receive a sufficient sum from the insurance </span><span style="font-size: large;">company to replace the income provider’s loss of income.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">Young married with children</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">At this stage the responsibility of an individual increases when children are born. This stage can be further </span><span style="font-size: large;">classified into two types:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;"><b>Double income family –</b> here both the parents are earning, meaning that the effect of the loss of income </span><span style="font-size: large;">due to the premature death of one of the partners will be less. Protection of income is important. A suitable </span><span style="font-size: large;">individual term life insurance plan for both partners should be recommended so that in the event of the </span><span style="font-size: large;">death of one partner an adequate sum is received by the family to replace the loss of income.</span><span style="font-size: large;">As both the partners are earning, the investment capacity of such families will also be higher. Investments </span><span style="font-size: large;">towards their children’s future can be a high priority for these families. A suitable child investment plan </span><span style="font-size: large;">should be recommended after the income protection need has been taken care of. A family floater health </span><span style="font-size: large;">insurance plan covering the couple and their children is advisable at this stage. The couple should also </span><span style="font-size: large;">start making small contributions towards a retirement plan, which can be stepped up later.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;"><b>Single income family –</b> for these families, income protection is very important. A suitable-term life </span><span style="font-size: large;">insurance plan should be recommended as the loss of income of the earning member of the family could </span><span style="font-size: large;">lead to serious financial problems. In the event of the earning parent’s death, an adequate sum insured </span><span style="font-size: large;">will help the family to maintain a decent lifestyle, and the children’s education also will not be affected. </span><span style="font-size: large;">Once the income protection need is taken care of, a child investment plan should be given priority. A family </span><span style="font-size: large;">floater health insurance plan covering the couple and children is advisable at this stage.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Married with older children</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;">This is the stage where the financial responsibility of the couple towards their children will be in respect </span><span style="font-size: large;">of their higher education and marriage. The income of the couple is likely to be higher than previously as </span><span style="font-size: large;">they will have gained considerable experience and made progress in their working lives. At this stage the </span><span style="font-size: large;">need to protect children against the premature death of their parents is low compared to previous years as </span><span style="font-size: large;">the parents will have already made significant investments towards the children’s future needs. However, </span><span style="font-size: large;">the couple should review their investments to ensure that there will be sufficient funds to cover the cost of </span><span style="font-size: large;">higher education and the marriages of their children.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">The need to focus investments towards their retirement fund also gains importance at this stage and as </span><span style="font-size: large;">the couple has already made significant investments towards their children’s education and marriage, they </span><span style="font-size: large;">can now step up investments towards their retirement fund. As their age increases, the couple will be more </span><span style="font-size: large;">vulnerable to sickness and disease and should therefore also look at enhancing their health cover.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Pre-retirement</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;">This is the stage when the children will have completed their higher education, be married and will have </span><span style="font-size: large;">become financially independant. The income of the individual/couple will still be high as they will be at </span><span style="font-size: large;">the peak of their careers. At this stage the entire focus is shifted towards the retirement fund and health </span><span style="font-size: large;">protection as other needs are mostly taken care of. After retirement, the major area of concern for a couple </span><span style="font-size: large;">would be meeting day to day financial expenses, regular health checkup expenses, hospitalisation and other </span><span style="font-size: large;">medical expenses. The individual will see how the investments already made towards the retirement fund are </span><span style="font-size: large;">faring and will consult with his insurance agent on whether there is a need to make any changes. The couple </span><span style="font-size: large;">should also review the health cover and see if it is adequate.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Retirement</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;">This is the stage where the income of an individual/couple is limited to the returns on investments that </span><span style="font-size: large;">they made in the earlier stages of their working life. In the case of salaried employees, their regular monthly </span><span style="font-size: large;">income will have stopped. If the returns from their investments are not sufficient to meet their financial </span><span style="font-size: large;">liabilities little can now be done. The individual can use their accumulated retirement fund and their </span><span style="font-size: large;">employee benefits amount from provident fund, gratuity, leave encashment etc. to buy an annuity plan from </span><span style="font-size: large;">an insurance company. This will provide a regular monthly income to take care of living expenses for the </span><span style="font-size: large;">rest of their lives. This is also the age when individuals are most prone to illness and disease. The individual </span><span style="font-size: large;">should review the health cover for themself and their spouse to see if it is adequate to meet the couple’s </span><span style="font-size: large;">healthcare requirements.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In the case of self-employed professionals and businessmen, there is no defined retirement age. If they and </span><span style="font-size: large;">their insurance agent feel that they have accumulated enough money in their retirement fund to take care </span><span style="font-size: large;">of their expenses for their remaining lifespan then they can retire. With the retirement fund they can buy an </span><span style="font-size: large;">annuity plan from an insurance company which will give them enough regular income to meet their expenses.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">But if the individual and their insurance agent feel that the retirement fund is insufficient to sustain the </span><span style="font-size: large;">post-retirement years, then the businessman must continue to work and the self-employed professional </span><span style="font-size: large;">continue with his profession until sufficient money is accumulated. The retirement fund proceeds can then </span><span style="font-size: large;">be used to buy an annuity plan from an insurance company for regular annuity payments to meet retirement </span><span style="font-size: large;">expenses. At this stage the individual should also review the health cover for self and spouse to see if it is </span><span style="font-size: large;">adequate to meet their healthcare requirements.</span><br />
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><br /></span>
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-43593906756638634462012-07-06T02:29:00.001-07:002013-03-29T03:37:26.133-07:00Type of Annuities in Life Insurance<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<b><span style="font-size: x-large;"><u>Annuities</u></span></b></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: large;">Annuities are often described as the ‘reverse’ of life insurance; under a life insurance contract the insurer starts paying upon the death of the insured, but under an annuity contract the insurer usually stops paying upon the death of the annuitant.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Annuities are bought from life insurance companies. They may be purchased by a single lump sum payment or by a series of regular contributions spread over, possibly, many years. Payment may be made by the person who is to be the annuitant or another annuity purchaser such as the annuitant’s employer, other personal benefactor or a pension scheme.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">An annuity is a series of regular payments from an annuity provider to an individual, referred to as the annuitant.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Annuities can be either immediate or deferred annuities:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Immediate annuities vest (become payable) immediately after they have been purchased with a lump sum. The annuity payments commence at the end of the month, quarter, half-year or year as per the features of the policy/option exercised by the policyholder.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Deferred annuities are paid for in advance. The annuity purchase price may be a lump sum paid at commencement before the annuity is due to vest (be paid). Alternatively, deferred annuities may be bought by paying instalments over a series of years before vesting date.</span></li>
</ul>
</div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: x-large;"><b><u>Life annuity</u></b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">As the name suggests, in this type of annuity the annuitant keeps receiving annuity payments from the insurance company throughout their lifetime. The annuity payments cease on their death.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: large;">For example, if Sanjay buys a life annuity plan then he will keep getting regular annuity payments from the insurance company until he dies.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Be aware</b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Life annuities (immediate and deferred) are often bought with money that is tied to pension purchase and which cannot be used for any other purpose (see section B6 below on pension plans for more detail).</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: x-large;"><b><u>Guaranteed period annuity</u></b></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In this type of annuity the annuitant can choose to receive the annuity payment for a minimum fixed number of years such as 5, 10, 15, and 20 or 25 years regardless of whether the annuitant is still alive. If the annuitant dies during the selected term, annuity instalments for the remaining part of the selected term will be paid to the beneficiaries. If the annuitant is still alive after the guaranteed period has elapsed the payments are continued until his death.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">Joint life, last survivor annuity</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">In this type of annuity there are usually two annuitants, e.g. husband and wife. After the first death, regardless of who dies first, the remaining spouse continues to receive the same level of annuity payment throughout their lifetime, i.e. 100% of the level paid whilst they were both alive.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Another variant of this type of annuity is when the annuitant gets annuity payments during their lifetime, and after the death of their spouse (for example) gets annuity payments at a reduced percentage during their lifetime, e.g. 25%, 50% or 75% of the original amount of annuity. With this type of annuity the payments are made at the 100% level as long as the first named annuitant is still alive. If on their death the first named annuitant’s spouse is still alive, they will receive the reduced percentage, as stated in the policy, until they die.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">Life annuity with return of purchase price</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">In this type of annuity the annuitant receives regular annuity payments during their lifetime. On their death, the original purchase price is returned to the nominee/beneficiary. The purchase price refers to the value of the investment at the end of the accumulation phase (with which the annuity was purchased) or the lump sum amount paid at the time of purchasing the annuity, depending on the circumstances.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><u><span style="font-size: x-large;">Increasing annuity</span></u></b></div>
<div style="text-align: justify;">
<span style="font-size: large;">With this type of annuity the terms can be similar to any of the above, but the annuity increases every year by a fixed percentage or in line with an agreed inflation index.</span><br />
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-31405107195621235192012-07-03T04:09:00.000-07:002013-03-29T03:37:44.252-07:00Health Insurance Products, Their Features and Benefits<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<u><b><span style="font-size: x-large;">Types of health plan</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br />There are basically four types of health plan available in the market. Let’s look at each of them in turn:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><u><b><br /></b><span style="font-size: x-large;"><b>Individual health insurance plan</b></span></u><br />As the name specifies this plan covers a single individual and caters for their health requirements.<br /><u><span style="font-size: x-large;"><br /><b>Family floater health insurance plan</b></span></u><br />A family floater plan is different from an individual health plan. In this type of plan family members can be covered. An individual can cover themself, their spouse, children and parents. The insurance company may specify the number of people that can be covered. In this type of plan the insurance cover is shared among the family members covered in no fixed proportions.<br /><br /><u><span style="font-size: x-large;"><b>Group health insurance plan</b></span></u><br />This health insurance plan provides cover to a group of people who are brought together for a common objective. For example, a group can be the employees of a company. Many employers provide health cover for their employees to protect them against medical emergencies and some extend the group health cover to the families of the employees.<br /><br /><u><span style="font-size: x-large;"><b>Daily hospitalisation cash benefit plan</b></span></u><br />In this type of health plan the insurance company pays the insured a fixed amount on a daily basis in the event of hospitalisation. The daily amount is fixed at the time of taking out the policy and is paid for the number of days the insured is hospitalised, irrespective of the actual amount spent on treatment (subject to the terms and conditions of the policy). The daily amount paid is fixed and may be more or less than the cost of actual treatment.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br />The insurance company may pay an additional amount on a daily basis if the insured is admitted to the Intensive Care Unit (ICU). In the case of critical illness or surgery an additional lump sum amount may be paid subject to the terms and conditions of the policy. The daily amount paid under this policy can be in addition to any other medical insurance policy that the insured may have. The policy has a limit on the total number of days in a year for which the daily hospitalisation cash benefit can be used. This is specified in the policy terms and conditions.</span><br />
<div style="text-align: center;">
<span style="font-size: large;"><u><span style="font-size: x-large;"><b>Features and benefits of health plans</b></span></u></span></div>
<div style="text-align: center;">
<br /></div>
<span style="font-size: large;">Health insurance plans come with various features and benefits. Some of these include:</span></div>
<ol style="text-align: justify;">
<li><span style="font-size: large;"><b>Pricing:</b> the premium for a health insurance plan depends on the individual’s age, fitness, habits and family medical history. If all other factors remain constant, premiums increase with the age of the policyholder. So it is always better to take out a health plan as early as possible as the premium paid at younger ages is not very significant but will increase as the policyholder gets older.</span></li>
<li><span style="font-size: large;"><b>Cashless facility:</b> some health plans offer a cashless facility. In these plans the person covered under the plan is given a photo identity card. The insured needs to inform their health insurance company at the time of their admission to a network hospital. This is the group of hospitals that have contracted with a health insurance company to provide healthcare services. On approval the insured does not pay the hospital deposit amount or the treatment expenses, rather the invoices are settled directly by the insurance company as per the terms and conditions specified in the policy.<br /><br />In the case of admission to a non-network hospital, the insured has to settle the hospital bill themselves and is later reimbursed by the insurance company, subject to the submission of required documents and other terms and conditions of the policy.</span></li>
<li><span style="font-size: large;"><b>Medical examinations:</b> most health insurance companies require the proposer to undergo a medical examination before the policy can be issued and, depending on the age of the proposer, a number of tests may be carried out. Based on the doctor’s report, the health insurance company decides whether to accept the proposal and at what price.</span></li>
<li><span style="font-size: large;"><b>Pre-existing illnesses:</b> most health insurance policies cover pre-existing illnesses after a specified time period; commonly referred to as a ‘waiting period’. Some insurance companies may exclude some pre-existing illnesses altogether and this information is specified in the policy terms and conditions; for example a pre-existing illness like diabetes may be covered after, say, three or four years. The terms and conditions relating to treatment of existing illnesses may vary from company to company.</span></li>
<li><span style="font-size: large;"><b>No-claim bonus:</b> if there is no claim in a year then, at the time of renewal, the insurance company may offer a no-claim bonus, i.e. the insurance company will give a discount in the premium due next year.</span></li>
<li><span style="font-size: large;"><b>Permanent exclusions:</b> health insurance plans have some permanent exclusions which are specified in the policy, e.g. misuse of drugs or not following medical advice.</span></li>
<li><span style="font-size: large;"><b>Immediate care:</b> treatment is available immediately and at a time convenient to the policyholder. There will be no waiting for a future appointment whilst the policyholder is suffering from a treatable medical condition.</span></li>
<li><span style="font-size: large;"><b>No need for lump sums from savings or loans:</b> the policyholder does not have to worry about how to manage when the need for medical payments arise because these will be paid by the insurance company as a result of the premiums already paid.</span></li>
</ol>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<div style="text-align: center;">
<span style="font-size: large;"><u><b><span style="font-size: x-large;">Riders</span></b></u></span></div>
<span style="font-size: large;">As discussed in section A2, riders allow policyholders to customise their insurance cover with additional benefits. In this section we shall consider some examples of riders.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><u><br /><span style="font-size: x-large;"><b>Accidental death benefit (ADB) rider</b></span></u><br />In the event of the death of the insured due to an accident, this rider provides for an additional amount over and above the normal sum insured, as specified at the time of taking the rider. The death should be a result of an accident by external, violent, unforeseeable and visible means. The payment made under this rider is subject to terms and conditions specified in the policy.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br />An ADB rider has a high significance in India considering the increasing number of deaths due to accidents. The insurance company specifies the products with which this rider can be taken and also specifies the list of exclusions under which the benefit of the rider will not be payable.<br /><br /><u><b><span style="font-size: x-large;">Term rider</span></b></u><br />This rider can be used to enhance the death cover amount in a policy at a nominal cost. If an individual wants a savings policy like an endowment policy or money-back policy and at the same time wants to increase the death cover without buying a separate term insurance policy, then they can opt for this rider. The insurance company specifies the products with which this rider can be taken and also specifies the list of exclusions under which the benefit of the rider will not be payable.<br /><br /><u><b><span style="font-size: x-large;">Critical illness (CI) rider</span></b></u><br />This rider provides payment of a specified amount on the diagnosis of a critical illness (CI). The payment can be used for any purpose including payment for medical treatment, hospital admissions or assisting with the loss of income after the diagnosis of a CI. The illness should be covered in the list of CIs specified by the insurance company for this rider. The list may differ among insurers.<br /><br />Insurers specify the minimum entry age, maximum entry age, maximum maturity age and minimum and maximum sums insured for the rider. These figures vary among insurers. The insurer may also specify other terms and conditions pertaining to the rider. The insurance company specifies the products with which this rider can be taken and also specifies the list of exclusions under which the benefit of the rider will not be payable.<br /><br /><u><b><span style="font-size: x-large;">Waiver of premium (WOP) rider</span></b></u><br />This rider waives future premiums in the event of the disability of the policyholder due to illness or accident resulting in their inability to work. The insurance company continues paying the premiums on behalf of the policyholder and the policy continues normally.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br />This rider is ideal for helping to prevent a policy lapsing due to non-payment of premiums arising from the disability or death of the policyholder.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br />In the case of some child plans the WOP rider comes built-in, while for others it is an optional benefit. The WOP rider ensures that in the event of the death of the premium-paying parent the policy continues normally and the child’s future does not suffer. In such cases, the premium is waived until the intended benefit, as per the policy terms, reaches the child.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br />Insurers specify the minimum entry age, maximum entry age, maximum maturity age and the minimum and maximum sums insured to which the WOP applies for the rider. These figures vary among insurers. The insurer may also specify other terms and conditions pertaining to the rider. The insurance company specifies the products with which this rider can be taken and also specifies the list of exclusions under which the benefit of the rider will not be payable.</span><br />
<div style="text-align: justify;">
<span style="font-size: large;"><u><b><span style="font-size: x-large;">Other riders offered by insurance companies</span></b></u><br />Some other riders offered by insurance companies include:<br /><b>Surgical care rider:</b> This rider pays the treatment costs for surgery involving the insured’s brain, heart, lungs, liver etc. subject to the terms and conditions specified at the time of opting for the rider.</span><br />
<span style="font-size: large;"><br /><b>Hospital care rider:</b> This rider pays the treatment costs in the event of hospitalisation of the policyholder, subject to the terms and conditions specified at the time of opting for the rider. Under this rider payment may be made in two ways. An insurance company may pay the actual cost for the treatment (subject to what is covered in the rider terms) or it may pay a specified amount on a per day basis for the number of days the policyholder is hospitalised. The insurance company may also pay an additional amount on a per day basis if the policyholder is admitted to ICU. The practice among insurance companies varies. This rider is similar to the individual policies mentioned in section B1.</span><br />
<span style="font-size: large;"><br /><b>Guaranteed insurability rider: </b>This rider gives the insured the right to increase their cover in response to different life events, such as marriage, child birth, buying a house etc.</span><br />
<span style="font-size: large;"><br /></span>
<div style="text-align: center;">
<span style="font-size: large;"><u><b><span style="font-size: x-large;">Features and benefits of riders</span></b></u></span></div>
<div style="text-align: center;">
<br /></div>
<span style="font-size: large;">Features and benefits of riders are listed below:</span><br />
<br />
<ul style="text-align: justify;">
<li><span style="font-size: large;"><b>Additional cover:</b> by adding riders the insured can purchase extra protection. Riders help to enhance the</span><span style="font-size: large;"> quality and scope of cover.</span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;"><b>Nominal cost:</b> riders come at a nominal cost compared to buying a new plan. For example if a person buying an endowment plan wants to enhance the death cover, then instead of buying a separate term</span><span style="font-size: large;"> insurance plan they can add a term rider and enhance the cover at a nominal cost.</span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;"><b>Customisation:</b> riders help in customisation of the health plan according to the preference of the customer. Insurers also find it convenient to have a small number of basic plans with riders as options to help the client have a number of options to choose from. Each plan can be taken with one or more riders. Five basic</span><span style="font-size: large;"> plans and seven riders, effectively provide 35 or more options.</span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;"><b>Flexibility:</b> many riders can be added or removed at the will of the policyholder, thus providing a high</span><span style="font-size: large;"> degree of flexibility.</span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;"><b>Tax benefits:</b> premium paid for riders qualifies for deduction from taxable income under relevant sections of the Income Tax Act.</span></li>
</ul>
<span style="font-size: large;"><br /><b>IRDA regulations for riders</b><br />As per the IRDA regulations issued in April 2002 and amended in October 2002:</span><br />
<ul>
<li><span style="font-size: large;">the premium on all riders relating to health or critical illnesses, in case of term or group insurance products</span><span style="font-size: large;"> shall not exceed 100% of the premium of the base policy;</span></li>
</ul>
<ul>
<li><span style="font-size: large;">the premium on all the other riders put together should not exceed 30% of the premium on the base</span><span style="font-size: large;"> policy; and</span></li>
</ul>
<ul>
<li><span style="font-size: large;">the benefits arising under each of the riders shall not exceed the sum insured under the base policy.</span></li>
</ul>
<span style="font-size: large;">By these regulations the IRDA has put a limit on the number of riders that can be offered with any policy. It is possible that these limits may be amended from time to time.</span><br />
<br />
<br />
<div style="text-align: justify;">
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
</div>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-80255455746180753832012-07-03T02:42:00.001-07:002013-03-29T03:38:15.305-07:00Tax and inflation implications for savings products<div dir="ltr" style="text-align: left;" trbidi="on">
<div>
<div style="text-align: justify;">
<div style="text-align: center;">
<span style="font-size: x-large;"><u><b>Tax and inflation implications for savings products</b></u></span></div>
</div>
<div style="text-align: justify;">
<span style="font-size: large;">An individual’s personal tax position will have considerable influence on the choice of suitable savings</span> <span style="font-size: large;">products.</span><span style="font-size: large;"> </span></div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Tax implications</span></b></u><br />
<span style="font-size: large;">The last quarter of the financial year is the busiest time for insurance agents and other financial advisers.</span> <span style="font-size: large;">It is during this time of the year that salaried individuals and others are busy tax planning and making</span> <span style="font-size: large;">investments in tax saving products to minimise tax deductions from their salaries. In fact it could be said that</span> <span style="font-size: large;">many people make investments purely to minimise their tax liabilities.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">This is the wrong approach towards savings and investment, as there needs to be a proper financial plan in</span> <span style="font-size: large;">place before a particular investment product is chosen. In this section we will look at the tax implications for</span> <span style="font-size: large;">savings products.</span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Income Tax Act 1961</span></b></u><br />
<span style="font-size: large;">This Act came into effect on 1 April 1962 and has undergone several amendments since then. Every major</span> <span style="font-size: large;">amendment is effected through a Finance Act (at the time of the union budget presentation) and other</span> <span style="font-size: large;">amending acts. Additionally, the Central Board of Direct Taxes (CBDT) issues circulars clarifying the various</span> <span style="font-size: large;">provisions related to income tax.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">When working on effective tax planning, it is important to understand the exemptions and deductions</span> <span style="font-size: large;">provided by the Government. The investor can take advantage of the following tax deductions under various</span> <span style="font-size: large;">sections of the Income Tax Act as per prevailing income tax rules.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;"><b>Section 80C</b></span><br />
<ul>
<li><span style="font-size: large;">Under section 80C a deduction from taxable income is allowed for investments made in the following</span> <span style="font-size: large;">products:</span><span style="font-size: large;"> </span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Life insurance premium paid for traditional products.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Unit-linked insurance plans (ULIPs).</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Pension plans.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Repayment of the principal component of home loan.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Employee provident funds (EPFs).</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Equity linked saving schemes (ELSs).</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Tuition fees paid for children.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Five-year tax saving bank deposits.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Public provident funds (PPFs).</span></li>
</ul>
<ul>
<li><span style="font-size: large;">National savings certificates (NSCs).</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Senior citizen savings schemes (SCSs).</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Stamp duty and registration charges.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Infrastructure bonds.</span></li>
</ul>
<ul>
<li><span style="font-size: large;">Pension funds.</span><span style="font-size: large;"> </span></li>
</ul>
</div>
<div style="text-align: justify;">
<ul>
<li><span style="font-size: large;">Post office time deposit – five years.</span></li>
</ul>
<br />
<b><span style="font-size: large;">Section 80D</span></b><br />
<span style="font-size: large;">Section 80D allows deductions from taxable income for the premium paid towards health insurance for the</span> <span style="font-size: large;">individual, their spouse and children. For premiums paid for health insurance for parents, an additional</span> <span style="font-size: large;">deduction is allowed. For premiums paid for senior citizens, a higher deduction from taxable income is</span> <span style="font-size: large;">allowed compared to the deduction made for other individuals.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">The amount allowed as deduction from taxable income is subject to review from time to time.</span></div>
<div style="text-align: justify;">
<br />
<b><span style="font-size: large;">Section 80DD</span></b><br />
<span style="font-size: large;">Under this section a deduction from taxable income is allowed for expenditure (up to specified limits)</span> <span style="font-size: large;">incurred on medical treatment/training/rehabilitation for a disabled/handicapped dependant. The expenses</span> <span style="font-size: large;">can be for the treatment for disability, disease/ailment (as specified under this section) of the individual or</span> <span style="font-size: large;">a dependent relative. To take advantage of this deduction a certificate in the prescribed format needs to be</span> <span style="font-size: large;">produced by a medical practitioner.</span></div>
<div style="text-align: justify;">
<br />
<b><span style="font-size: large;">Section 80E</span></b><br />
<span style="font-size: large;">Under section 80E a deduction from taxable income is allowed for the interest paid on an education loan.</span><br />
<br />
<b><span style="font-size: large;">Section 24(b)</span></b><br />
<span style="font-size: large;">Under section 24(b) a deduction from taxable income is allowed on the interest paid (subject to specified</span> <span style="font-size: large;">provisions) on a home loan.</span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Inflation implications</span></b></u><br />
<span style="font-size: large;">We looked at the impact of inflation on insurance cover in chapter 5. When considering financial planning</span> <span style="font-size: large;">the investor must make sure that the amount required for meeting future expenses is calculated taking into</span> <span style="font-size: large;">consideration the impact of inflation on the prices of goods. If inflation is running at 5% and you earn 8% on</span> <span style="font-size: large;">your investments in a bank fixed deposit, you would have earned a return of 3% net of inflation.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">Of course, in real life the situation is not quite as simple as this. The inflation rate would not be exactly as</span> <span style="font-size: large;">predicted. It could be higher or perhaps even lower. It is always a good practice to assume a higher rate of</span> <span style="font-size: large;">inflation rather than the actual inflation rate for the past five or ten years when producing future calculations.</span> <span style="font-size: large;">The returns on investments may also be subject to taxation. Inflation and taxation together suppress the real</span> <span style="font-size: large;">returns which may turn out to be lower than the anticipated returns.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">As a result, an investor has to make sure that the returns on their investments should be sufficient to provide</span> <span style="font-size: large;">them with enough income after taking into account inflation and tax deductions.</span></div>
<div style="text-align: justify;">
</div>
<div style="text-align: justify;">
<br />
<div style="text-align: center;">
<u><span style="font-size: x-large;"><b>Implication of interest rates on savings products</b></span></u></div>
</div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">Changes in interest rates will affect those offered by savings and investments products and can, therefore,</span> <span style="font-size: large;">have an adverse effect on the investment decisions of an investor.</span></div>
<div style="text-align: justify;">
<br />
<span style="font-size: large;">In this section we will look at the effects of changes to interest rates.</span></div>
<div style="text-align: justify;">
<br />
<u><b><span style="font-size: x-large;">Increase in interest rates</span></b></u><br />
<span style="font-size: large;">In the case of an increase in interest rates, the interest rates on deposits and loans go up. The decision</span> <span style="font-size: large;">to increase interest rates is made by the Central Bank of the country (Reserve Bank of India) when it is in</span> <span style="font-size: large;">the interests of the country’s economy to encourage savings and to discourage people from borrowing for</span> <span style="font-size: large;">unnecessary expenditure, and thereby reducing the demand for credit. The effects of an increase in interest</span> <span style="font-size: large;">rates are as follows:</span></div>
<div style="text-align: justify;">
</div>
<ul style="text-align: justify;">
<li><span style="font-size: large;">The demand for lending products from banks and financial institutions suffer as borrowing becomes</span><span style="font-size: large;"> expensive for the individuals and they postpone their purchases.</span><span style="font-size: large;"> </span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;">On the other hand, bank deposits with higher interest rates become more attractive and people choose</span><span style="font-size: large;"> them resulting in an increase in savings. There is also an increase in the purchasing of bonds which have</span> <span style="font-size: large;">higher interest rates.</span><span style="font-size: large;"> </span></li>
</ul>
<div style="text-align: justify;">
<ul style="text-align: justify;">
<li><span style="font-size: large;">However, a high interest rate scenario is not good for the stock markets. Borrowing becomes costly</span><span style="font-size: large;"> for companies which leads to higher interest payments. This can put pressure on the profitability of</span><span style="font-size: large;"> companies which can lead to the selling of shares and subsequently lower share prices.</span></li>
</ul>
<u><span style="font-size: x-large;"><b>Decrease in interest rates</b></span></u><br />
<span style="font-size: large;">In the case of a reduction in interest rates, borrowing becomes cheaper and there is an increase in</span> <span style="font-size: large;">investments made by companies. This is done to stimulate the economy so that there are more investments</span> <span style="font-size: large;">and an increase in the demand for goods and services in the economy. The effects of a decrease in interest</span> <span style="font-size: large;">rates are as follows:</span></div>
<div style="text-align: justify;">
</div>
<ul style="text-align: justify;">
<li><span style="font-size: large;">Low interest rates increase the demand for lending products. Investors take out loans for the purchase of</span><span style="font-size: large;"> financial assets, which results in increased consumption.</span><span style="font-size: large;"> </span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;">Investment in other financial products (like equities and real estate) is preferred compared to investment</span><span style="font-size: large;"> in bank deposits due to the low interest rates offered.</span><span style="font-size: large;"> </span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-size: large;">Investors who have already locked-in their investments at a higher interest rate in bonds and bank</span><span style="font-size: large;"> deposits are at an advantage when interest rates fall.</span></li>
</ul>
</div>
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<div style="text-align: justify;">
<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
<ul style="text-align: justify;">
</ul>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-47460247756592021252012-07-03T02:05:00.001-07:002013-03-29T03:40:53.432-07:00Best Savings products<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: center;">
<u><span style="font-size: x-large;"><b>Types of savings products</b></span></u></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<span style="font-size: large;">In this section we will outline the following types of savings products:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ol style="text-align: left;">
<li><b><span style="font-size: large;">Life insurance</span></b></li>
<li><b><span style="font-size: large;">Bank deposits</span></b></li>
<li><b><span style="font-size: large;">Mutual funds</span></b></li>
<li><b><span style="font-size: large;">Shares</span></b></li>
<li><b><span style="font-size: large;">Savings products</span></b></li>
<li><b><span style="font-size: large;">Bonds</span></b></li>
<li><b><span style="font-size: large;">Post office savings</span></b></li>
<li><b><span style="font-size: large;">Gold and silver</span></b></li>
</ol>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u><span style="font-size: x-large;"><b>Life insurance</b></span></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Many life insurance products, along with the primary life cover, come with a savings element. The savings component of the premium is invested by the insurance company on behalf of the policyholders and the returns earned are shared among policyholders in the form of bonuses.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In participating plans like endowment plans and whole life plans the insurance company takes the investment risk. In ULIPs the investment risk is borne by the policyholder.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Besides meeting protection needs, life insurance products are an excellent choice for investors to invest funds for long-term goals like children’s education and marriage, retirement and others.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Bank deposits</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Bank deposits are one of the oldest and most preferred savings products. They are an instrument where an individual has to invest a lump sum amount with a bank for a fixed tenure at a fixed interest rate. Bank deposits are commonly known as fixed deposits or term deposits. Bank deposits are considered safer than many other investment products and they offer decent returns. In a bank deposit the amount, tenure, interest rate and method of payment of interest are decided at the inception of the deposit.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">The investor can choose from three types of deposits:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Traditional deposits:</b> With this type of deposit the bank pays the interest on the depositor’s fund on a monthly/quarterly/half yearly/yearly basis as chosen by the depositor at the time of making the deposit.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Cumulative deposits:</b> With this type of deposit the bank pays the principal and the total interest at the end of the term. In a cumulative deposit the interest is normally compounded on a quarterly basis.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Recurring deposits:</b> With this type of deposit the investor deposits a specified amount every month over a chosen time horizon. These deposits are ideal for people looking to accumulate money for financial goals like children’s education, marriage, buying a vehicle etc.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">The interest rate on these deposits varies with the maturity period. Bank deposits provide returns in the form of an interest payment. The principal amount deposited with the bank at the time of opening the deposit is returned back to the depositor on the maturity of the deposit.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><span style="font-size: x-large;"><b>Mutual funds</b></span></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">A mutual fund is a fund that brings people with a common objective together. Money collected from these people is invested on their behalf and the returns are shared back amongst them. Mutual funds are managed by Asset Management Companies (AMCs). The AMCs invest the money according to the objective of the scheme in equities, debt instruments, money market etc. The AMCs employ qualified and experienced fund managers (also referred to as portfolio managers) who are responsible for investing the funds based on the type of fund (or scheme) that is chosen by the investor.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">The main advantage of investing in mutual funds is risk diversification. The individual’s funds are spread over different securities to get optimum returns with minimal risk.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Mutual funds provide two types of income:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;"><b>regular income </b>in the form of dividends declared by the mutual fund scheme from time to time; and</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;"><b>capital appreciation</b> where the mutual fund units are sold at a price higher than the price at which they</span><span style="font-size: large;"> were bought.</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">However, there can also be capital loss in mutual fund investments. If the financial performance of the companies in which the mutual fund scheme has invested is poor, it will lead to a fall in the share prices of those companies. This in turn will reduce the value of the investments of the mutual fund investors who have invested in the units of that scheme. You can see therefore that the performance of a mutual fund scheme is based on the performance of the securities in which the scheme has invested.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Shares</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Equity shares represent ownership of a company. Whenever a company wants to raise money for its growth, set up a new production unit, acquire another company, acquire technology, working capital etc. the company may offer shares (ownership in the company) to the public.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<b><span style="font-size: large;">Example</span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="color: black; text-align: justify;">
<span style="font-size: large;">Let’s assume a company’s total capital of Rs. 10,00,000 consists of 1,00,000 equity shares of Rs. 10. If the owners (promoters) of the company want to raise money for the company’s expansion by offering 10,000 shares to the public; then it is said that the owners are diluting 10% of their ownership in favour of the public. If an individual acquires 100 shares from the total 10,000 shares on offer, they are said to have acquired 0.1% (100 shares out of a total 1,00,000 shares) shareholding (ownership) in the company.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Once the shares are offered to the public, the buying and selling of shares takes places through stock exchanges. Stock exchanges act as intermediaries and offer a trading platform for the buying and selling of shares between individuals. However, individuals cannot directly buy or sell shares through the stock exchanges, they have to place their buy and sell orders through stock brokers (members) of the stock exchanges. The two main stock exchanges in India are the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Individuals who purchase shares have the right to receive a share in the company’s profits in the form of dividends. The profits are distributed in proportion to the number of shares held by the shareholders.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Equity shares provide three types of income to the investor:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Dividend income:</b> The company may share a portion of the profits that have been earned with the shareholders in the form of a dividend declared from time to time.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Bonus shares:</b> When a company accumulates large cash reserves, it capitalises them by issuing bonus shares (free shares) instead of distributing them as dividends. Bonus shares are issued in proportion to the existing equity share capital of the company. The issue of bonus shares is a vote of confidence from the management to its shareholders about the good financial performance and future prospects of the company.</span></div>
<div style="text-align: justify;">
<b><span style="font-size: large;"><br /></span></b></div>
<div style="text-align: justify;">
<span style="font-size: large;"><b>Capital appreciation:</b> When shares are bought at a lower price and sold at a higher price, the difference between the two prices is known as the profit or capital appreciation.</span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Bonds</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Bonds are similar to bank fixed deposits in that they provide regular income to the investor in the form of interest payments. However, bonds can also be traded between buyers and sellers. Apart from banks, bonds are also issued by the Government, companies and other institutions to raise money from the public. In simple terms, a bond is a loan provided to the issuer by the investors. Hence in the case of bonds, the investors are the lenders who receive interest on their loan. At the end of the tenure the original amount (principal) is returned back to the lender.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">There are different kinds of bonds in which the investor can invest, these include:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Corporate bonds;</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Government securities (G-secs);</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Commercial paper; and</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Treasury bills.</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Post office savings</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Post offices in India offer several savings products such as:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">National savings certificate (NSC).</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Kisan vikas patra (KVP).</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Public provident fund (PPF).</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Post office savings account.</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Recurring deposit account.</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Time deposit account.</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Post office monthly income scheme (POMIS).</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Senior citizens saving scheme (SCSS).</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">These are all products in which an individual has to invest a lump sum amount for a fixed period of time (except for recurring deposits where regular investments are made and savings accounts). The investor earns a fixed interest rate which is specified at the time of investment.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<u><b><span style="font-size: x-large;">Investment in gold and silver</span></b></u></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">India is one of the world’s largest importers of gold, and gold and silver are one of the most popular and oldest savings instruments in India. There are various ways of investing in gold and silver, the most popular in India being jewellery. Other ways of investing in gold and silver include bars and coins sold by banks and jewellers. Apart from physical gold, investing in gold in electronic format is also increasing. Gold ETFs (exchange traded funds) are like mutual funds in which gold units can be traded in electronic format on a stock exchange, just like shares. In gold ETFs one unit represents one gram or half a gram of gold.</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">Reasons for investing in gold and silver include:</span></div>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Good returns;</span></li>
</ul>
<div style="text-align: justify;">
<span style="font-size: large;"></span></div>
<ul style="text-align: left;">
<li><span style="font-size: large;">Portfolio diversification;</span></li>
</ul>
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<li><span style="font-size: large;">Hedge (protection) against inflation; and</span></li>
</ul>
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<li><span style="font-size: large;">Insurance against uncertainties.</span></li>
</ul>
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<u><span style="font-size: x-large;"><b>Features and benefits of savings products</b></span></u></div>
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<span style="font-size: large;">We will now look at the main features and benefits offered by the various savings products and how these features influence their suitability to meet a particular individual’s needs.</span></div>
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<u><b><span style="font-size: x-large;">Capital or income growth</span></b></u></div>
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<span style="font-size: large;">Some savings products provide regular income (interest paid by a bank fixed deposit), some provide capital growth (gold) and others provide a mixture of the two (equity shares). All of these products will be discussed later in the chapter. Remember that the objective of the individual investor should be matched with the investment profile of the product.</span></div>
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<u><b><span style="font-size: x-large;">Guarantees</span></b></u></div>
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<span style="font-size: large;">Some products are available with guaranteed returns, some provide variable returns and others provide a mixture of guaranteed and variable returns. So products should be chosen based on the risk profile of the individual client.</span></div>
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<u><b><span style="font-size: x-large;">‘Lock-in’ period</span></b></u></div>
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<span style="font-size: large;">Most savings products have a stipulated ‘lock-in’ period during which the funds cannot be withdrawn by the individual. Therefore the client should carefully determine their needs and the length of time for which their money will be inaccessible before deciding which product to invest in.</span></div>
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<u><b><span style="font-size: x-large;">Penalties</span></b></u><br />
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<span style="font-size: large;">Penalties are associated with the premature withdrawal of funds from fixed term contracts. This is an important consideration which needs to be evaluated before investing in such products.</span></div>
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<u><b><span style="font-size: x-large;">Risk</span></b></u></div>
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<span style="font-size: large;">All savings products carry a level of risk and these can be rated as low risk, medium risk and high risk. Low risk products offer lower returns compared to high risk products. Hence the products should be carefully chosen based on the individual’s circumstances and their risk appetite.</span></div>
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<u><b><span style="font-size: x-large;">Buying and selling mechanisms</span></b></u></div>
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<span style="font-size: large;">Buying and selling mechanisms are important in two ways: convenience to the individual investor and the speed of the transaction.</span></div>
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<u><b><span style="font-size: x-large;">Flexibility</span></b></u></div>
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<span style="font-size: large;">Flexibility refers to the ability to switch between different forms of investment, the payment of variable contributions, and even to temporarily stop making contributions altogether. These features can easily increase the attractiveness of the product. Flexible products also allow for the partial withdrawal of funds without affecting the product in force. Generally, the greater the product flexibility, the more suitable it is. However, features like allowing a temporary break in contributions and partial withdrawals can result in lower long-term investment returns.</span></div>
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<b><span style="font-size: large;">Example</span></b></div>
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<span style="font-size: large;">Unit-linked insurance plans (ULIPs) allow policyholders to switch their investments from one fund (equity) to another fund (debt). They also allow policyholders to take premium holidays (temporarily stop making contributions) and to make partial withdrawals.</span></div>
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<u><span style="font-size: x-large;"><b>The need for savings/investment advice</b></span></u></div>
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<span style="font-size: large;">The savings needs of each and every individual are unique. Most individuals do not make wise decisions in terms of investments as they will often invest in certain products without fully evaluating the product features and their own financial needs. These decisions are often taken at random, based on peer influence or even as a last-minute resort to save on taxes.</span></div>
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<span style="font-size: large;">In this section we will discuss the two major reasons for which professional advice should be taken by individuals with regards to their savings and investment needs.</span></div>
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<u><b><span style="font-size: x-large;">Ignorance about the</span></b></u></div>
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<u><b><span style="font-size: x-large;">financial planning process</span></b></u></div>
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<span style="font-size: large;">Individuals are often unable to identify their own savings and investment needs. They concentrate more on meeting their short-term needs rather than on their long-term requirement for funds. Also, the tendency to spend rather than save is greater as the immediate appeal of consumer goods is more apparent and persuasive than the intangible, future benefits of saving.</span></div>
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<span style="font-size: large;">Professional insurance agents help individuals by taking them through the financial planning process in which they can identify their present and future financial needs. Some of the long-term goals an individual may have include saving money for their children’s education and marriage, saving money to purchase a house, or repaying the existing home loan at an earlier date and planning for their retirement.</span></div>
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<u><b><span style="font-size: x-large;">Ignorance about the full range</span></b></u></div>
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<u><b><span style="font-size: x-large;">of financial products available</span></b></u></div>
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<span style="font-size: large;">The majority of people are not aware of the various savings and investment products that are available in the market. As a result they are unable to select suitable products which meet their financial needs.</span></div>
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<span style="font-size: large;"><br /></span></div>
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<span style="font-size: large;">It is here that the insurance agent can offer assistance by:</span></div>
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<span style="font-size: large;"><br /></span></div>
<ul style="text-align: justify;">
<li><span style="font-size: large;">having a good knowledge of the various products that are available;</span></li>
</ul>
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<span style="font-size: large;"></span></div>
<ul style="text-align: justify;">
<li><span style="font-size: large;">matching the products with the individual’s financial needs; and</span></li>
</ul>
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<span style="font-size: large;"></span></div>
<ul style="text-align: justify;">
<li><span style="font-size: large;">evaluating the tax efficient returns of the products, taking into account the tax treatment of the products and the tax eligibility criteria of the individuals.</span></li>
</ul>
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<span style="font-size: large;"><br /></span></div>
<div style="text-align: justify;">
<span style="font-size: large;">In summary, agents should guide the prospective investor using their financial planning skills to offer quality advice thereby encouraging saving in a purposeful and needs-based manner, and not necessarily just for maximizing returns. </span><br />
<br />
<br />
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<br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br />
<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span></div>
</div>
</div>
Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-5910521354918476572012-07-03T00:21:00.000-07:002013-03-29T03:40:00.517-07:00Basic life insurance products<div dir="ltr" style="text-align: left;" trbidi="on">
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<u><b><span style="font-size: x-large;">Basic elements of a life insurance plan</span></b></u></div>
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<span style="font-size: large;">Life insurance companies offer various plans covering the risk of dying early and the risk of living too long. Most insurance plans offered by insurance companies in India have two basic elements: </span></div>
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<li style="text-align: justify;"><span style="font-size: large;"><b>Death cover</b> – this amount is paid to the nominee/beneficiary in the event of death of the life insured<br />during the term of the policy. </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Maturity benefit</b> – this amount is paid on the maturity of the policy if the life insured survives through the term of the policy. Some policies like money-back policies also make periodic payments to the life insured during the term of the policy before maturity, known as survival benefits. Money-back policies will be discussed in detail in section B2M of this chapter.</span></li>
</ul>
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<span style="font-size: large;"><span style="font-size: x-large;"><b>Basic life insurance plans</b></span></span></div>
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<span style="font-size: large;">The main types of life insurance plans offered by the insurance industry are discussed below. </span></div>
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<span style="font-size: large;"><u><span style="font-size: x-large;"><b>Term insurance plan</b></span></u></span><br />
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<span style="font-size: large;">This is the most basic plan and simplest form of insurance offered by the life insurance industry. In this plan the life insurance company promises to pay a specified amount (sum insured) if the insured dies during the term of the plan. If the life insured survives the entire duration of the plan then they will not be entitled to anything, meaning that there is <b>no maturity benefit</b> with such policies.</span><br />
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<span style="font-size: large;">So in short, this plan offers <b>only death cover</b> in the event of the death of the life insured during the period of the plan.</span></div>
<span style="font-size: large;"><br /><b>Key points:</b> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Term insurance plans offer only death cover. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">They are the simplest form of insurance plans offered by insurance companies. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">Term insurance plans are the cheapest insurance plans available in the market. For a small premium an individual can take out a big protection cover against their liabilities. </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Tenure: </b>as the name suggests these plans offer protection only for a specified term. Normally the term starts from 5 years and runs to 10, 15, 20, 25, 30 years or any other term chosen by the insured and agreed by the insurer. </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Protection against liabilities:</b> to cover larger liabilities like home loans or car loans, term insurance cover is the best solution. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">Insurance companies, under some term plans, allow the life insured to increase or decrease the death cover during the term of the plan. </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Minimum and maximum sum insured:</b> for most term plans the insurance company specifies the minimum and maximum sums insured. For some insurance companies the maximum sum insured is subject to underwriting. </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Minimum and maximum age:</b> most insurance companies specify the minimum and maximum age at entry and exit for term plans. </span></li>
</ul>
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<span style="font-size: large;"><u><b><span style="font-size: x-large;">Return of premium (ROP) plan</span></b></u></span><br />
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<span style="font-size: large;">Some insurance companies also offer variants of term insurance plans in the form of <b>return of premium </b><b>plans.</b> If the life insured dies during the term of the plan, the insurance company pays the specified amount (sum insured) to the nominee/beneficiary. If the life insured survives the entire policy tenure then on maturity the insurance company returns part of the premium, or the entire premium, to the life insured according to the terms of the policy.</span></div>
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<span style="font-size: large;">In another variant of term insurance plans, some companies also pay some interest along with the premium on the maturity of the plan if the life insured survives until maturity. </span></div>
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<span style="font-size: large;"><u><b><span style="font-size: x-large;">Pure endowment plan</span></b></u></span><br />
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<span style="font-size: large;">A pure endowment plan is the opposite of a term insurance plan. In this plan the life insurance company promises to pay the life insured a specified amount (sum insured) only if they survive the term of the plan. If the life insured dies during the tenure of the plan then they will not be entitled to anything.</span></div>
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<span style="font-size: large;"><br />So in short, this plan offers <b>only maturity benefit</b> in the event of the life insured surviving the entire tenure of the plan. There is no death cover. </span></div>
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<span style="font-size: large;"><u><span style="font-size: x-large;"><b>Endowment insurance plan</b></span></u></span></div>
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<span style="font-size: large;">An endowment insurance plan is basically a combination of a term insurance plan and a pure endowment</span> <span style="font-size: large;">plan. It offers death cover if the life insured dies during the term of the policy or survival benefit if the life</span> <span style="font-size: large;">insured survives until the maturity of the policy.</span><span style="font-size: large;"> </span></div>
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<b><span style="font-size: large;">Key points</span></b><span style="font-size: large;"> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Endowment insurance plans pay a specified amount on maturity of the plan if the life insured survives the</span> <span style="font-size: large;">entire term of the plan.</span><span style="font-size: large;"> </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Death cover:</b> these plans also have a death cover element. If the life insured dies before the maturity of the</span> <span style="font-size: large;">plan then the death cover benefit is paid to the nominee/beneficiary.</span><span style="font-size: large;"> </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Savings element:</b> these plans, apart from the death cover, also have a savings element. After deducting</span> <span style="font-size: large;">the death cover charges and administration charges from the premium, the remaining amount is invested</span> <span style="font-size: large;">by the insurance company on behalf of the life insured. The returns earned are later paid back to the life</span> <span style="font-size: large;">insured in the form of bonuses.</span><span style="font-size: large;"> </span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Goal-based investment:</b> these plans can also be bought for accumulating money for specific plans like a</span> <span style="font-size: large;">child’s higher education or marriage etc.</span><span style="font-size: large;"> </span></li>
<li style="text-align: justify;"><span style="font-size: large;">Some insurance companies also allow partial withdrawal or loans against these policies.</span><span style="font-size: large;"> </span></li>
<li style="text-align: justify;"><span style="font-size: large;">This plan also comes in different variants. Some plans have a higher death cover than the maturity benefit</span> <span style="font-size: large;">and vice versa.</span><span style="font-size: large;"> </span></li>
<li style="text-align: justify;"><span style="font-size: large;">In some plans the maturity benefit is double the death cover. This type of plan is known as a <b>double</b></span><b> <span style="font-size: large;">endowment insurance plan. </span></b></li>
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<span style="font-size: large;"><u><span style="font-size: x-large;"><b>Whole life insurance plans</b></span></u> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">A term insurance plan with an unspecified period is called a whole life plan. Some plans also have a savings element to them. The insurance company declares bonuses for these plans based on the returns earned on investments. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">As the name of the plan specifies, this plan covers the individual throughout their entire life. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">On the death of the life insured, the nominee/beneficiary is paid the sum insured along with the bonuses accumulated up until that point in time. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">During the individual’s lifetime they can make partial withdrawals to meet emergency requirements. An individual can also take out loans against the policy. </span></li>
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<span style="font-size: large;"><u><b><span style="font-size: x-large;">Convertible insurance plans</span></b></u></span></div>
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<span style="font-size: large;">As the name suggests, this insurance plan can be converted from one type to another. For example, a term insurance plan can be converted into an endowment plan or a whole life plan or any other plan as allowed by the insurance company.</span></div>
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<span style="font-size: large;"><br />A convertible plan is useful when the life insured cannot initially afford to pay a higher premium. They can therefore start with a term insurance plan with a lower premium and then later convert it into an endowment plan or a whole life plan with a higher premium. Also, at the time of the plan conversion the life insured is not required to undergo a medical check-up.</span></div>
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<span style="font-size: large;"><br />Another advantage of convertible plans is that at the time of conversion there is no further underwriting decision to be made. </span></div>
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<span style="font-size: large;"><u><span style="font-size: x-large;"><b>Joint life insurance plans</b></span></u> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Joint life insurance plans offer insurance coverage for two persons under one policy. This plan is ideal for married couples or partners in a business firm. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">With some joint life insurance plans the death cover (sum insured) is payable on the death of the first joint policyholder and then again on the death of the surviving policyholder, along with the accumulated bonuses up to that date, if the death of both the policyholders happens during the tenure of the policy. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">If both the joint policyholders survive until maturity or one of the joint policyholders survives until the maturity of the policy, then the maturity benefit along with the bonuses accumulated until that date is paid. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">For some joint life policies the premiums have to be paid until the selected term or premium payment ceases on the death of the first joint policyholder. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">In the case of joint life policies each life will be underwritten separately.</span></li>
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<span style="font-size: large;"><br /><u><span style="font-size: x-large;"><b>Annuities</b></span></u></span><br />
<span style="font-size: large;">An annuity is a series of regular payments from an annuity provider (insurance company) to an individual (called the annuitant) in return for a lump sum (purchase price) or instalment premiums for a specified number of years.</span><br />
<span style="font-size: large;">According to the manner in which the purchase price is paid, annuities can be either: </span></div>
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<li><span style="font-size: large;">an immediate annuity; or </span></li>
<li><span style="font-size: large;">a deferred annuity.</span></li>
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<span style="font-size: large;">An annuity is the reverse of a life insurance policy. In life insurance the insurance company takes on the risk, but with an annuity the annuitant takes on the risk that they won’t die in a very short space of time after paying the purchase price.</span></div>
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<span style="font-size: large;"><br />There are a number of different types of annuity available (such as a joint life, last survivor/life annuity with return of purchase price/increasing annuity) and we will look at these in detail in chapter 7. </span></div>
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<u><b><span style="font-size: x-large;">Group insurance plans </span></b></u></div>
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<li><span style="font-size: large;">A group insurance policy provides insurance protection to a group of people who are brought together for a common objective. </span></li>
<li><span style="font-size: large;">The group of people can be: </span></li>
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<li><span style="font-size: large;">employees of an organization; </span></li>
<li><span style="font-size: large;">customers of a bank; </span></li>
<li><span style="font-size: large;">members of a trade union; </span></li>
<li><span style="font-size: large;">members of a professional body like an association of accountants; or </span></li>
<li><span style="font-size: large;">any other group of people who have come together with a commonality of purpose or are linked to each other for a common objective. </span></li>
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<li style="text-align: justify;"><span style="font-size: large;">In a group insurance policy the insurance company issues one master policy covering all the members of the group. For example, the insurance company will issue a master policy to an employer covering all the employees of the company. The employer would be known as the ‘master policyholder’. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">The contract of insurance is between the master policyholder and the insurance company. The employees are not a direct party to the insurance contract. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">Group insurance schemes are also used by the Government as instruments of social welfare to provide insurance cover to the masses (people who are below the poverty line). </span></li>
<li style="text-align: justify;"><span style="font-size: large;">In July 2005 the insurance industry regulator (IRDA) issued guidelines on group insurance policies.</span></li>
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<u><span style="font-size: x-large;"><b>Micro-insurance plans</b></span></u> </div>
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<li style="text-align: justify;"><span style="font-size: large;">In November 2005 the IRDA issued guidelines for micro-insurance through the <b>IRDA (Micro-insurance) </b><b>Regulations 2005.</b> Micro-insurance aims at providing insurance cover to low income groups. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">The IRDA has specified that the life cover provided under micro-insurance products should range from Rs. 5,000 to Rs. 50,000. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">A life insurer may offer life micro-insurance products as well as general micro-insurance products and vice versa. (This is only allowed for micro-insurance products, and no other types of general insurance products.) </span></li>
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<span style="font-size: large;"><u><span style="font-size: x-large;"><b>Unit-linked insurance plans (ULIPs)</b></span></u> </span></div>
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<span style="font-size: large;">Unit-linked policies carry a higher risk than with-profit policies and contain fewer guarantees. However, they are much more flexible. Unit-linked policies are suited to people prepared to undertake some investment risk to obtain the benefits of flexibility. Returns are subject to movements in the capital markets where investments such as equities (shares) are traded (shares will be discussed fully in chapter 6).<b> </b></span></div>
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<span style="font-size: large;"><b>Key points</b> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Unit-linked insurance plans (ULIPs) offer the benefits of both life insurance and returns on investment. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">In traditional plans the insurance company takes a decision on the investments to be made on behalf of the insured. However, in a ULIP the insured has a variety of funds to choose from like equity funds, debt funds, balanced funds and money market funds etc. for their investments. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">ULIPs give the insured the option to participate in the growth of the capital markets. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">On the death of the insured the sum insured or the market value of the investment (fund value), whichever is higher, is paid. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">On maturity of the plan the fund value is payable.<b> </b></span></li>
<li style="text-align: justify;"><span style="font-size: large;"><b>Settlement option:</b> instead of taking a lump sum amount, some plans provide the policyholder with the option to receive the maturity benefit amount as a structured payout (periodic instalments) over a period of time (say, 5 years or any time up to 5 years) after maturity. This is known as the settlement option. If the policyholder wishes to take the settlement option they need to inform the insurance company well in advance.</span></li>
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<span style="font-size: large;"> <u><span style="font-size: x-large;"><b>Child plans</b></span></u> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Child insurance plans help parents to save for their children’s future financial needs such as education, marriage etc. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">Child insurance plans offer the dual benefit of savings along with insurance. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">It is important to note that the child does not have any income of their own. Instead, they are entirely financially dependent on their parents. The parent pays the premium to the insurance company towards accumulating money for the child’s future financial needs. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">The child is the beneficiary who is entitled to receive the benefit on the maturity of the policy. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">In these plans, risk on the life of the insured child will begin only when the child reaches a specified age as stated in the policy. The time gap between the policy start date and the date of commencement of risk is called the <b>deferment period.</b><b> </b></span></li>
<li style="text-align: justify;"><span style="font-size: large;">The date on which the risk will commence at the end of the deferment period is known as the <b>deferred </b><b>date.</b> The deferred date will be a policy anniversary. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">There is no insurance cover during the deferment period. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">When the child reaches the age of majority (18 years old) the title of the policy will be automatically passed on to the insured child. This process is known as <b>vesting.</b> The date on which the policy title passes to the child is known as the <b>vesting date.</b><b> </b></span></li>
<li style="text-align: justify;"><span style="font-size: large;">After vesting the policy becomes a contract between the insurer and the insured person (the child in this case).</span></li>
<li style="text-align: justify;"><span style="font-size: large;">Some child insurance plans come with a built-in ‘waiver of premium’ rider, whereas in the case of other child insurance plans the parent can opt for the waiver of premium rider for a small additional premium. In this case if the parent dies during the policy term the insurance company will continue to pay the premiums on behalf of the parent (until the child reaches the age of majority) and the policy is left intact. The child receives the benefit at the end of the policy term according to the policy terms and conditions. More details on riders will be discussed in chapter 7. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">Child insurance plans can be taken out in the form of <b>endowment plans, money-back plans or ULIPs.</b> </span></li>
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<span style="font-size: large;"><u><b><span style="font-size: x-large;">Money-back policies</span></b></u> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Money-back policies combine the dual benefits of savings and insurance, and are somewhat similar to endowment plans in terms of features. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">In an endowment plan, the policyholder receives the maturity benefit at the end of the policy term. However, in money-back policies <b>‘partial survival benefits’</b> are paid to the policyholder during the term of the policy at specific intervals.</span></li>
<li style="text-align: justify;"><span style="font-size: large;">The policyholder may receive the survival benefits in fixed proportions or variable proportions during the policy term as per the terms and conditions of the policy. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">The benefits received by the policyholder at specific intervals are tax-free according to prevailing tax laws. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">If the policyholder dies during the policy term, the nominee or beneficiary receives the entire sum insured along with the accrued bonus (if any) without the deduction of survival benefits that have already been paid to the insured.</span></li>
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<span style="font-size: large;"><span style="font-size: x-large;"><u><b>Salary saving schemes (SSS)</b></u></span> </span></div>
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<li style="text-align: justify;"><span style="font-size: large;">Salary saving schemes (SSS) are intended to cater to the needs of the working classes.</span></li>
<li style="text-align: justify;"><span style="font-size: large;">In these schemes the insurance company has an arrangement with the employer, whereby the employer deducts the premium from the employee’s salary and passes it on to the insurance company every month. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">As the premium is deducted from their salary before it reaches the employee they do not need to worry about defaulting on the premium. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">The insurance company also benefits as it receives the consolidated premium from the employer for all the employees who have enrolled on the scheme. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">The employer makes the deduction for the premium from the employee’s salary based on an authority letter signed by the employee, which is collected with the proposal form and is sent to the employer by the insurer, when the policy is accepted. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">A demand list containing the list of employees, their designation along with the amount to be deducted is sent to the organisation periodically by the insurance company. </span></li>
<li style="text-align: justify;"><span style="font-size: large;">A salary saving scheme is not a specific insurance plan. It is just a convenient arrangement to collect the premium. It can be used for a term plan, an endowment plan or any other plan as offered by the insurer under the SSS arrangement.</span></li>
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span><br />
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-65073807643299355372012-07-02T22:30:00.002-07:002013-03-29T03:40:22.177-07:00Protection need from Life insurance<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: large;">protection needs arise when unpredictable events occur that can potentially result in</span> <span style="font-size: large;">financial disaster for individuals and/or their dependents. We also saw that protection against unpredictable</span> <span style="font-size: large;">events is provided by insurances that aim to replace much of the monetary loss produced by the occurrence</span> <span style="font-size: large;">of the insured event.</span></div>
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<span style="font-size: large;">Even if a person knows that they would benefit from some form of insurance protection, they don’t always</span> <span style="font-size: large;">have a real understanding of what their individual protection needs really are.</span></div>
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<span style="font-size: large;">It is the role of agents to help such people to make the right choices.</span></div>
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<span style="font-size: large;">In this chapter we will learn about the features and uses of various life insurance plans available in the</span> <span style="font-size: large;">market and – importantly – which features affect their suitability for a client. In chapters 6 and 7 we shall turn</span> <span style="font-size: large;">our attention to the savings needs of individuals and the range of savings products that are available to meet</span> <span style="font-size: large;">those needs, and also the other financial products that agents need to understand, such as health insurance.</span></div>
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<span style="font-size: large;">This understanding will enable you to advise your clients to take out the right type and level of insurance</span> <span style="font-size: large;">cover for their individual needs and circumstances.</span><br />
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<span style="font-size: x-large;"><b>Protection needs</b></span><br />
<span style="font-size: large;">As a life insurance agent you are concerned about the protection needs that arise as a result of a person’s</span> <span style="font-size: large;">death or disability.</span><br />
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<span style="font-size: x-large;"><b>General protection needs of an individual</b></span><br />
<span style="font-size: large;">There are various reasons for which a person needs financial protection in the form of insurance. These</span> <span style="font-size: large;">needs are as follows:</span></div>
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<u><b><span style="font-size: large;">Income</span></b></u><br />
<span style="font-size: large;">There is a strong need for an individual to protect the income that they are currently earning and expect to</span> <span style="font-size: large;">earn the future. We saw in the above case study how an untimely death combined with no income protection</span> <span style="font-size: large;">can lead to a family landing in a financial mess. Term insurance can help to protect the future loss of income.</span></div>
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<u><b><span style="font-size: large;">Medical needs</span></b></u><br />
<span style="font-size: large;">Medical emergencies strike when they are least expected. We saw in the above case study that Prashant’s</span> <span style="font-size: large;">parents are retired and are dependent on him. If ill health strikes in old age, treatment costs can burn a big</span> <span style="font-size: large;">hole in the pocket of a family’s income provider. Medical insurance can help protect against unexpected</span> <span style="font-size: large;">medical emergencies.</span></div>
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<u><b><span style="font-size: large;">Dependants</span></b></u><span style="font-size: large;"> </span></div>
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<li><span style="font-size: large;">Children’s education: these days with so many children wanting to go for the same MBA/engineering/</span><span style="font-size: large;">medical course and a limited number of good institutions offering quality education, the cost of education</span> <span style="font-size: large;">is rising at a rapid pace. As a result, parents need to plan well in advance for their child’s education. In the</span> <span style="font-size: large;">above case study we saw how the untimely death of a parent can ruin the education plans of their child.</span> <span style="font-size: large;">Therefore, there is a need to protect the child’s education fund. A child insurance plan (which we shall</span> <span style="font-size: large;">study in more detail in the next chapter) can help to address this issue in the absence of the parent. </span></li>
<li><span style="font-size: large;">Children’s marriage: parents will do everything it takes to provide the best quality of everything their child</span> <span style="font-size: large;">needs. Parents dream that their only daughter’s wedding should be the best in town and should be the</span> <span style="font-size: large;">most talked about event for every guest. To fulfil their dream, parents will start investing for their child’s</span> <span style="font-size: large;">wedding right from the beginning of the child’s life. But the premature death of a parent can result in the</span> <span style="font-size: large;">wedding plan dreams going sour; hence the need for protection. A child insurance plan can help provide</span> <span style="font-size: large;">protection against the untimely death of the parent.</span><span style="font-size: large;"> </span></li>
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<u><b><span style="font-size: large;">Assets and liabilities</span></b></u><br />
<b><span style="font-size: large;">Assets such as our house, car or business are very important to us.</span></b><span style="font-size: large;"> </span></div>
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<span style="font-size: large;">In building these assets – due to the huge initial investment involved – we have to apply for loans to finance</span> <span style="font-size: large;">them. It is the responsibility of the person who provides the family’s income to make sure these loans are</span> <span style="font-size: large;">repaid on time. But if the income provider dies prematurely who will take care of these loans? We saw in the</span> <span style="font-size: large;">above case study how Prashant’s family lost their car and house as they were not able to repay the EMIs</span> <span style="font-size: large;">in Prashant’s absence. Hence there is a need for protection of these assets (loans) in the absence of the</span> <span style="font-size: large;">main provider of income. Home insurance or additional term insurance can provide protection in this case.</span> <span style="font-size: large;">Additional term insurance can provide protection against the credit card dues, personal loans, car loan and</span> <span style="font-size: large;">any other loans in case of the untimely death of the income provider.</span><span style="font-size: large;"> </span></div>
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<u><b><span style="font-size: large;">Family’s maintenance</span></b></u><br />
<span style="font-size: large;">There is a need to protect the family in the absence of the income provider. We saw in the case study that</span> <span style="font-size: large;">after Prashant’s death the family’s survival is at stake. If there is only one income provider then the insured</span> <span style="font-size: large;">should make sure that they have enough life insurance to take care of their family in the case of an early</span> <span style="font-size: large;">death. Here a term insurance plan can provide a lump sum amount to the family, or a pension plan can</span> <span style="font-size: large;">provide regular income.</span><br />
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px; text-align: left;">+91-8287041341</span><b><i><span style="font-family: Times, serif; font-size: x-large;">1</span></i></b><br />
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0tag:blogger.com,1999:blog-8782164611126119917.post-34997884523039492962012-06-10T00:46:00.001-07:002013-03-29T03:40:36.939-07:00Life Insurance agent’s role in underwriting<div dir="ltr" style="text-align: left;" trbidi="on">
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<b><span style="font-size: x-large;">The agent’s role in underwriting</span></b></div>
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<span style="font-size: large;">Agents are in direct contact with the proposer and so have an important part to play in the underwriting </span><span style="font-size: large;">process and are considered as ‘primary underwriters’.</span></div>
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<li><span style="font-size: large;">The agent has to ensure that the proposal form submitted is completely filled out by the proposer. They </span><span style="font-size: large;">also have to make sure that the questions have been answered honestly by the proposer as the proposal </span><span style="font-size: large;">form is the basis on which the proposal will be accepted or rejected.</span></li>
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<li><span style="font-size: large;">If the agent is helping to complete the form, they should fill it out honestly and accurately. The answers </span><span style="font-size: large;">provided should not be prejudiced in any case. The answers of the respondents should be recorded as </span><span style="font-size: large;">objectively as possible and any elements of misinformation or incomplete information need to be avoided.</span></li>
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<li><span style="font-size: large;">Being in direct contact with the proposer, the agent is in a good position to assess why the proposer wants </span><span style="font-size: large;">to take out insurance. If they feel that the proposer’s intentions are not genuine, they should mention </span><span style="font-size: large;">that in their report. As the agent conducts a personal discussion with the proposer and their family, the </span><span style="font-size: large;">agent needs to assess the responses they give. If the proposer supplies information that seems to be </span><span style="font-size: large;">contradictory, they need to question them further about it.</span></li>
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<li><span style="font-size: large;">The agent can help the proposer to calculate their human life value (HLV), to determine the amount </span><span style="font-size: large;">of life insurance they should take. Taking life insurance as per the HLV calculation amount provides </span><span style="font-size: large;">income protection to the family and helps it meet its financial liabilities, even after the income provider’s </span><span style="font-size: large;">premature death.</span></li>
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<li><span style="font-size: large;">The agent can speed up the underwriting process by submitting the required documents and the proposal </span><span style="font-size: large;">form in a timely manner. Should an additional medical check-up be required, the agent should help the </span><span style="font-size: large;">proposer make the necessary appointment with the doctor and ensure the doctor’s report is submitted as </span><span style="font-size: large;">quickly as possible.</span></li>
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<li><span style="font-size: large;">If the insurance proposal is accepted, the policy may be sent directly to the insured or given to the agent </span><span style="font-size: large;">for delivery. The agent may still have a role to play even if the proposal is rejected. Although the insurance </span><span style="font-size: large;">company will send a letter to the proposer explaining why their proposal has been rejected, the agent can </span><span style="font-size: large;">get in touch with the proposer personally and explain the reason(s) for the rejection</span></li>
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<span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">Anand Khemka</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-9910936925</span><br style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;" /><span style="font-family: 'Harlow Solid Italic'; font-size: 34.400001525878906px; line-height: 39.20000076293945px;">+91-8287041341</span></div>
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Insurance Help Deskhttp://www.blogger.com/profile/14174824559634434698noreply@blogger.com0