[KPS]

Claims settlement ratio's as may been seen not so recent DNA article

http://www.dnaindia.com/money/163604...-of-your-death

[chakri400]

Oriental insurance seems to have good policies. I am looking for a med insurance for me and my wife. Anyone has anything to say about oriental?

[S_U_N]

Now, this is quite strange discovery.
I have purchased two online term insurance plans last year.
1. HDFC click2protect
2. Aegon Religare iTerm

I realized that HDFC Life does have a portal, but the portal does not contain a soft copy of the policy document. I found this difficult to digest for an online product.

So, after follow up via their support, I was informed, that they cannot send me the soft copy. I was furious to know that. If I want a hard copy (duplicate) I need to pay Rs. 1200.
So, I wrote on their Facebook page and now I got a soft copy via email. (how things work).

Now, the biggest thing to notice is that the soft copy is useless for a claim. The hard copy is required.
Imagine if something happens to the insured person after 20 years. Will the nominees have a 20 year old document still with them?
Where are you guys preserving this document?


I am yet to check with Aegon on what are their terms and conditions.

[ramki067]

Hi Guys,

Need a suggestion. I've an LIC Jeevan Anand policy paying from 2007 onwards which is due for payment of Rs.57K/- annually. The policy maturity amount after 19years is 10Lakh with unknown bonus adding per year. So far i've received around Rs.43K/- as bonus per year. I'm 34 years old working as an IT guy.
With the uncertainty around our industry, whether this policy worth it to continue for 19 long years and is it worth the amount Rs.57K/- investing?
Please advice.

Please note: Mods, if this is not the thread to put the query, please move it to the appropriate one.

Thanks,
Ramki

Need suggestion. I've a LIC Jeevan Tarang policy paying from 2006 onwards which is due for payment of Rs.25K/- annually.

The policy maturity amount after 20years is ~10 Lakh with unknown bonus adding per year. Is it worth paying? If not, what can i expect from LIC, if i preclose it now. (after 8 years) ?

Please note: Mods, if this is not the thread to put the query, please move it to the appropriate one.

[ksaurabh21]

I purchased HDFC click2protect online about a month and half ago. They sent an e-policy document via email. But that is for reference only. The physical original policy document is needed for any claims. Now problem is I haven't received the physical copy. HDFC guys are saying that as per their records, it's delivered via speed post.
As I haven't received it, I asked why can't they send a duplicate copy. Their response is that for getting a duplicate copy, I need to visit nearest HDFC Life branch, and submit a declaration that I haven't received the original document on a Rs. 2000 stamp paper.

[ghodlur]

Originally Posted by ramki067

whether this policy worth it to continue for 19 long years and is it worth the amount Rs.57K/- investing?

Originally Posted by gemi_kk

The policy maturity amount after 20years is ~10 Lakh with unknown bonus adding per year. Is it worth paying? If not, what can i expect from LIC, if i preclose it now. (after 8 years) ?

Gentlemen,

You have mixed Insurance with Investment which is not a good idea. For Insurance a simple term plan policy is more beneficial than these ULIP type of schemes. Even I had many of such products from LIC which was bought purely to save tax. But I surrendered all unrequired policies and did lose money on some of them but atleast my future investments are safe.

I would suggest the same and divert the high premium paying amounts towards Mutual Funds or other alternatives. One option which I did was to start Voluntary PF contribution for the amount saved from the Insurance policy premiums.

Originally Posted by ghodlur

I would suggest the same and divert the high premium paying amounts towards Mutual Funds or other alternatives. One option which I did was to start Voluntary PF contribution for the amount saved from the Insurance policy premiums.

Thanks for your response Ghodlur.

I see being on the loosing side either ways. If i continue the policy, i loose. If i close it now, i will be a big looser. What would you suggest. I had to take this policy as my parents forced me to take it with my first Salary. Their intention was great, but the organization is not up to the mark.

I have another Jeevan Saral policiy, for which i am paying 75K anually. Damn. i should have waited, learned and then started them. any comments on this one?

[fordday]

I received an email from SBI Life (my life insurance provider) that now all the physical policies can be dematerilaized, just like the shares/equities.

Need to proceed on that, otherwise it does not make sense to track individual policies, even if online in their respective company portals.

[ghodlur]

Originally Posted by gemi_kk

I see being on the loosing side either ways. If i continue the policy, i loose. If i close it now, i will be a big looser. What would you suggest.
I have another Jeevan Saral policiy, for which i am paying 75K anually.

You need to evaluate how much would you lose if stopped paying. Are there any guarenteed returns from the Policy? Many a times such a policy have a breakeven period. For eg if you have a policy of 15 yrs and pay X amount per annum. At some time for eg 5 yrs from initial subscription the amount paid as premium will be equal to amount you can get back if policy is surrendered. You need to check the table (I assume you must have recd a projection tabel for the returns) and take a decision accordingly. Visit the nearest LIC and find out. If the above criteria satisfies apply for surrender. You will have to content with getting your investment back without any extra returns.

Even I have Jeevan Saral simply taken based on sweet talking by a relative who is a LIC agent. I am waiting for the 10 yrs period after which I see a little profit over the investment made and I will surrender the policy. Will look for alternate investment then for the corpus.

Originally Posted by ghodlur

You need to check the table (I assume you must have recd a projection tabel for the returns) and take a decision accordingly. Visit the nearest LIC and find out. If the above criteria satisfies apply for surrender. You will have to content with getting your investment back without any extra returns.

I tried visiting the nearest LIC office and tried inquiring about the returns in case of a premature closure. If i would have got a promising response over there, i wouldn't have asked the same question here.

Also, the agents show that the returns will be superlative. Which i don't think to
be true.

[narayan]

Guys on such ULIP policies pls don't even wait for breakeven. Every year you wait, your money is working less harder and you are just feeding the agent who sold the policy. Just be happy with the tax rebate you got so far and surrender the policy and cut your losses. It might be a tough decision but the best. I closed all my LIC policies within the 4th year, took the surrender value and never went near such schemes at all ever again. This is a no brainer.

[RemingtonSteele]

Insurance Guru's I need your advice on below:

Today suddenly after 7-8 years of no contact my Insurance Advisor calls on me and checks my health and where abouts.
He then comes to the point that the existing ICICI Prudential policies as below have good NAV and the funds value is yeilding exellent returns (because I switched them midway to High Risk-Maximiser as per my risk apetite).

Forever Life(RP)::2002-2027
LifeTime Super::2007-2027

He then advises me to sign a form and switch the existing policies/policy funds to ICICI Pru Wealth Builder justifying that ICICI Fund Manager will invest these in midcaps now and those will yeild good returns in next 5 years; much better than staying invested in the current policies which will have diminishing returns.

My Dilemma:
1) Firstly, I am firm believer of staying invested, I think there could be a possibility that he wants to start his commission payout for next some years by making me switch to new policy ??

2) Secondly, some web research tell me that ICICI Pru Wealth Builder is a ULIP plan and why would I invest in the ULIP policies when markets are so high ?? Where as my existing ULIPs were invested during low markets and earning great NAVs now with higher markets.

3) Thirdly, is it a regular gimmick with new sugar coats to break existing policies and start new by the Insurane advisors ??

Your advice will help me make smarter decision -would appreciate your views on this.

[ghodlur]

Originally Posted by RemingtonSteele

1) Firstly, I am firm believer of staying invested, I think there could be a possibility that he wants to start his commission payout for next some years by making me switch to new policy ??

2) Secondly, some web research tell me that ICICI Pru Wealth Builder is a ULIP plan and why would I invest in the ULIP policies when markets are so high ?? Where as my existing ULIPs were invested during low markets and earning great NAVs now with higher markets.

3) Thirdly, is it a regular gimmick with new sugar coats to break existing policies and start new by the Insurane advisors ??

Abhi,
My replies to your queries serially:
1) I can think of no other scenario other than increased commission to the agent for him to contact you after such a huge gap. Ask him on the face reg this.
2) But the plan you presently have is also an ULIP isnt it? If you are already making a nice profit, why go to another scheme. I hope the profit you are earning at CAGR and is definitely more than the new scheme.
3) Yes, it depends a lot of the agent who would want to maximise his commission on specific products. Ultimately it depends on your goals and risk appetite.
If you know a good financial planner, take his advice. His fees will be worth spent on the advice to maximise wealth with minimum risks.

[RemingtonSteele]

Thank you Girish!
I did the analysis but when someone with third perspective confirms it, then you get the confidence that you are thinking sensibly and taking right decision.

Accordingly, I informed the agent as in I am not interested in switching the policy etc. He obviously sounded miffed.