http://www.bimaworld.com/forums/ Indian Insurance Community Forums en Sat, 19 May 2012 19:35:28 +0000 http://www.bimaworld.com/forums/topic/surrender-jeevan-anand-lic-policy-after-5-years#post-8960 Wed, 16 May 2012 19:03:21 +0000 devanand 8960@http://www.bimaworld.com/forums/ <p>Policy with mini 3 annual premium paid can be surrendered.</p> <p>Jeevan Anand policy as above where only 2 annual premium are paid can be surrendered after 3 annual premium payment and other 2 policies can be surrendered subject to the policy terms and conditions, for which please refer your policy bond. </p> <p>However for surrendering the policy, one has to intimate the policy issuing office and return the original policy bond with the surrender application request.</p> <p>Upon receipt of the policy bond and surrender request the Insurer would provide discharge voucher (surrender) wherein the amount receivable towards surrender value and adjustment if any applicable will be shown there.</p> <p>To know the surrender amount ask for surrender quotation from your policy issuing office.</p> <p>Surrender of policy means termination of policy and risk coverage. </p> http://www.bimaworld.com/forums/topic/safe-yourself-from-unexpected-accidents#post-8950 Wed, 16 May 2012 15:13:24 +0000 sandytata04 8950@http://www.bimaworld.com/forums/ <p>You are on your way to meet that important client for whom you travelled so far and suddenly a car hits you. What do you do in such a case? In foreign land where you will not have even the slightest of idea where can you rush during medical emergencies, it is obvious for you to be left all alone. If you have a <a href="http://www.tataaiginsurance.in/taig/taig/tata_aig/personal/travel/">travel insurance</a> that covers you against accidents there will always be an assurance of quick and efficient treatment during such medical emergencies. The insurance holder becomes the responsibility of travel insurance company when he is travelling and thus the provider makes sure the best possible arrangements are made. It is always better to stay on the safe side and a travel cover provides you just that. </p> http://www.bimaworld.com/forums/topic/surrender-jeevan-anand-lic-policy-after-5-years#post-8941 Wed, 16 May 2012 11:23:05 +0000 Anonymous 8941@http://www.bimaworld.com/forums/ <p>Dear Sir,</p> <p>I have JIVAN chhaya Rs.1,00,000/- 25 years maturity plan. Annual premium is Rs.4274/-</p> <p>I have paid 5 premiums total Rs.21370/-.</p> <p>I want to discontinue this policy due to some personal reason.</p> <p>What are the norms for surrender, and how much money will I get after surrender? </p> http://www.bimaworld.com/forums/topic/surrender-jeevan-anand-lic-policy-after-5-years#post-8940 Wed, 16 May 2012 11:21:41 +0000 Anonymous 8940@http://www.bimaworld.com/forums/ <p>Dear Sir,</p> <p>I have JIVAN ANAND Rs.2,00,000/- 25 years maturity plan. Annual premium is Rs.9020/-</p> <p>I have paid 5 premiums total Rs.45100/-.</p> <p>I want to discontinue this policy due to some personal reason.</p> <p>What are the norms for surrender, and how much money will I get after surrender? </p> http://www.bimaworld.com/forums/topic/reg-money-back-policy-tno-180#post-8938 Wed, 16 May 2012 10:46:27 +0000 sjumani123 8938@http://www.bimaworld.com/forums/ <p>I agree with shyamsunder. Contact your policy company branch office with your policy details. They will guide you. If you found this policy not very useful for you and you want to close it, then the better option is invest in fix deposit or <a href="http://www.yesbank.in/index.jsp?navigationUrl=%2FYES+Bank+Repository%2Fen%2FBranch+Banking%2FBranch+Banking+-+Personal%2FSavings+Account"><strong>saving account</strong></a> </p> http://www.bimaworld.com/forums/topic/importance-of-having-a-travel-insurance-plan#post-8918 Tue, 15 May 2012 16:04:54 +0000 Anonymous 8918@http://www.bimaworld.com/forums/ <p>Glad to hear about <a href="http://www.reliancegeneral.co.in/insurance/travel-insurance/travel-insurance.aspx">Travel Insurance</a>. Yes, Travel insurance has become a necessity. Travel insurance can protect you in the case of lost or stolen luggage and personal effects, trip cancellation, personal liability, funeral expenses and evacuation back to your country of residence. </p> http://www.bimaworld.com/forums/topic/can-i-surrender-lic-jeevan-anand-and-then-buy-lic-anmol-jeevan#post-8855 Fri, 11 May 2012 15:32:41 +0000 Anonymous 8855@http://www.bimaworld.com/forums/ <p>Do not blindly accept what other says do refer policy terms and conditions to cross verify the same:-</p> <p>In your case you need to see in the policy for<br /> 1. Lock in period and policy in-force clause.<br /> 2. Surrender charges and other deductibles. </p> http://www.bimaworld.com/forums/topic/can-i-surrender-lic-jeevan-anand-and-then-buy-lic-anmol-jeevan#post-8839 Thu, 10 May 2012 21:45:25 +0000 Anonymous 8839@http://www.bimaworld.com/forums/ <p>hi,</p> <p>i have paid premiums for one year and i stopped there after.my agent told me that to withdraw the paid money you need to apply after 3 years from the date you stopped. is he correct.pleasse let me know... </p> http://www.bimaworld.com/forums/topic/how-do-i-know-my-life-insurance-policy-will-pay-out#post-8837 Thu, 10 May 2012 19:51:05 +0000 kentroy678 8837@http://www.bimaworld.com/forums/ <p>Life insurance policies generally have a two-year contestability period, which means the insurance company can contest the claim for the first two policy years if there is misrepresentation on the application. The insurance company can also contest claims for the life of the policy in the event of fraud.</p> <p>LSM Insurance is very active all throughout the claims paying process. We walk the claimant through any necessary paperwork and follow-up with the insurance carrier to make sure the process is as seamless and as trouble free as possible. </p> http://www.bimaworld.com/forums/topic/how-our-insurance-brokers-paid#post-8836 Thu, 10 May 2012 19:49:58 +0000 kentroy678 8836@http://www.bimaworld.com/forums/ <p>Life insurance brokers are generally paid a commission by the insurance company for each policy sold. This cost is built into the premium, so the consumer does not pay any type of surcharge. In fact, buying life insurance via direct distribution channels (where a commission is not generated) is often more expensive because the fixed cost of employees salaries and necessary infrastructure is higher than the distribution costs under the commission-driven broker network. </p> http://www.bimaworld.com/forums/topic/how-can-child-a-life-insurance-help-you-in-the-long-run-1#post-8834 Thu, 10 May 2012 19:30:31 +0000 kentroy678 8834@http://www.bimaworld.com/forums/ <p>A child plan if taken at the right time can save parents from numerous financial worries that they may encounter as their children grow and their needs multiply. With child protection policy comes along the feeling of relief and assurance of financial aid in times of need, apart from such situations these policies also help parents in planning and allocating funds for their future. This can be done in many ways through child education plans etc. </p> http://www.bimaworld.com/forums/topic/how-much-life-insurance-do-i-need#post-8831 Thu, 10 May 2012 18:39:30 +0000 kentroy678 8831@http://www.bimaworld.com/forums/ <p>There are several simple methods available to broadly estimate your life insurance needs. Five simple rules are:</p> <p><strong>1. Income rule</strong></p> <p>The most basic rule of thumb is provided by the income rule which holds that individual insurance cover should be at least around eight to ten times one's gross annual income. For example, a person earning a gross annual income of Rs 1 lakh should have about Rs 8 to10 lakh in life insurance cover.</p> <p><strong>2. Income plus expenses rule</strong></p> <p>This rule suggests that an individual needs insurance equal to five times your gross annual income, plus the total of basic expenses like housing or car loans, personal debt, child's education, etc.</p> <p><strong>3. Premiums as percentage of income</strong></p> <p>By this rule, payment of insurance premium depends on disposable income. In other words, one should decide the quantum of insurance after meeting the regular outgo from salary.</p> <p>From the first two rules, you can make a broad estimate of the minimum insurance you should have. The premium as percentage of income rule can help you fine-tune your cash flow by committing an appropriate percentage of your income for paying life insurance premium.</p> <p><strong>4. Capital fund rule</strong></p> <p>This rule suggests that if you need Rs 1 lakh p.a. for your family needs, and assuming you do not have any other income-generating assets, you may like to create a capital fund of Rs 12.5 lakh (Rs 1.25 million) which can yield Rs 1 lakh (Rs 100,000) annual income @ 8% p.a. You may therefore buy a life insurance policy of Rs 12.5 lakh.</p> <p><strong>5. Family needs approach</strong></p> <p>This rule holds that you purchase enough life insurance to enable your family to meet various expenses in the event of key earning person's death. Under the family needs approach, one has to divide his family's needs into two main categories: immediate needs at death (cash needs), and ongoing needs (net income needs). </p> http://www.bimaworld.com/forums/topic/choosing-term-insurance-company#post-8830 Thu, 10 May 2012 17:26:44 +0000 kentroy678 8830@http://www.bimaworld.com/forums/ <p>Here are some Important factors in choosing term insurance plan in India</p> <p>1 <strong>Claim settlement Ratio</strong>: The most important criteria of selecting any insurance policy including term plan is claim settlement ratio. </p> <p>2 <strong>Reputation of the company</strong> – there is no definition or cannot be easily explained as it depends on 2 factors working style/financial health of the company &#38; your past experience. So it is very subjective &#38; changes with the time but still will be considered to increase your confidence. Or take it other way round there are 10-15 good insurance companies &#38; you are not having confidence on 2 of them you can eliminate them from total choices.</p> <p>3 <strong>Low Premium</strong> – People think this is the most important criteria but actually it is least important. This criterion should be explored only when you have shortlisted polices on above 2 points. </p> http://www.bimaworld.com/forums/topic/best-health-insurance-providers-in-india#post-8806 Wed, 09 May 2012 14:18:03 +0000 rsure123 8806@http://www.bimaworld.com/forums/ <p>Health insurance policy reduce the health expenses of the persons. I am with Reliance <strong><a href="http://www.reliancegeneral.co.in/insurance/health-insurance/health-wise/features.aspx">Health Insurance</a></strong> since last five years and I have been happy with their service. I had a look at a few others at the time but Reliance Insurance gives me greater flexibility. </p> http://www.bimaworld.com/forums/topic/how-can-child-a-life-insurance-help-you-in-the-long-run-1#post-8784 Tue, 08 May 2012 16:03:51 +0000 yorkmax 8784@http://www.bimaworld.com/forums/ <p><a href="http://www.maxnewyorklife.com/about-us/about_us.aspx">Life insurance</a> plans act as important financial tools in the long run; child insurance plans too are the same. When a person buys a child life insurance policy, he aims to secure his child’s present and future financially. There are many ways in which child plan can help parents in giving a bright future to their children </p> http://www.bimaworld.com/forums/topic/plz-explain-new-pension-system#post-8780 Tue, 08 May 2012 14:48:29 +0000 sjumani123 8780@http://www.bimaworld.com/forums/ <p>Pension plan may be a good investment. But I think <a href="http://www.yesbank.in/index.jsp?navigationUrl=%2FYES+Bank+Repository%2Fen%2FBranch+Banking%2FBranch+Banking+-+Personal%2FFixed+Deposits">Fix Deposit</a> is more better and safe investment. It is one of the oldest and safest method of investment. </p> http://www.bimaworld.com/forums/topic/choosing-term-insurance-company#post-8776 Tue, 08 May 2012 14:18:45 +0000 nelsongeroge 8776@http://www.bimaworld.com/forums/ <p>There are number of life insurance companies available and choosing best one i quite confusing. I have purchased <strong>online insurance</strong> from buyonline.aegonreligare.com/default.asp and it is the best one i found. </p> http://www.bimaworld.com/forums/topic/importance-of-having-a-travel-insurance-plan#post-8772 Tue, 08 May 2012 12:29:46 +0000 sandytata04 8772@http://www.bimaworld.com/forums/ <p><a href="http://www.tataaiginsurance.in/taig/taig/tata_aig/personal/travel/" title="Travel Insurance">Travel Insurance</a> today has become a necessity, looking at the rising rate of unexpected incidents travelers are encountering. Bad weather conditions or flight delays or a mishap, the reasons one needs coverage while travelling are many but which of the numerous available options is apt for you is where you need to be wise enough to make the right choice. Below explained are the different types of travel coverage plans you can go through. </p> http://www.bimaworld.com/forums/topic/group-policy#post-8770 Tue, 08 May 2012 10:49:45 +0000 abhijeet1 8770@http://www.bimaworld.com/forums/ <p>In group policy should all members have some income and can a minor be made a member of a group policy. </p> http://www.bimaworld.com/forums/topic/refund-of-premium-piad-vide-lic-policy-possible#post-8752 Mon, 07 May 2012 15:21:23 +0000 Anonymous 8752@http://www.bimaworld.com/forums/ <p>Premium mode means interval at which the premium is to be paid. In case of Life Insurance policy the option are:-<br /> 1. Single,<br /> 2. Monthly,<br /> 3. Quarterly,<br /> 4. Half yearly and<br /> 5. Yearly </p> <p>In the above case it seems single premium mode policy has been opted and hence further premium was not due as it has been paid in full and in advance in one go (single premium). </p> <p>Moreover our friend has forgotten to mention the plan taken by him, it seems ULIP policy with 10 Years tenure is what he has and if that be the policy, he can simply surrender the policy in original with Lic and get back the fund value accumulated under its policy. </p> http://www.bimaworld.com/forums/topic/refund-of-premium-piad-vide-lic-policy-possible#post-8701 Sat, 05 May 2012 03:21:45 +0000 Anonymous 8701@http://www.bimaworld.com/forums/ <p>I had a LIC policy and paid 14k for a single premium and never paid anything for that policy for last 10 years.<br /> Is there any chance I can get that 14k back ??<br /> if i pay the penalties and all ...i know i won't be in any profit...<br /> what happens to my 14k ? is it lost ?<br /> i don't think its entirely ethical ? </p> http://www.bimaworld.com/forums/topic/choosing-term-insurance-company#post-8629 Wed, 02 May 2012 11:15:21 +0000 policymantra 8629@http://www.bimaworld.com/forums/ <p>It do not matters which is best and which is bad, The thing is how you select and which insurance company you select. </p> http://www.bimaworld.com/forums/topic/how-much-life-insurance-do-i-need#post-8628 Wed, 02 May 2012 11:13:49 +0000 policymantra 8628@http://www.bimaworld.com/forums/ <p>I think you have to check out minimum insurance requirements. It's possible that the minimum coverage required might not be that different than what you really need. </p> http://www.bimaworld.com/forums/topic/why-you-opt-for-medical-insurance#post-8497 Fri, 27 Apr 2012 18:06:07 +0000 austinsteve 8497@http://www.bimaworld.com/forums/ <p>When you opt for a medical insurance it will provide you coverage during times of medical emergencies. But not every health plan will protect you during your travel to domestic or international location. </p> <p>Travel insurances however take care of such aspects as well and will see to it that you get the best medical help within short time. </p> <p>Health complications cannot be predicted and if you are in an unknown land there isn’t anyone who can help you out. A travel insurance cover however proves reliable at such time. </p> http://www.bimaworld.com/forums/topic/do-i-need-insurance-policy#post-8443 Wed, 25 Apr 2012 15:54:36 +0000 raiharshal 8443@http://www.bimaworld.com/forums/ <p>Yes i think this is the correct age to invest money with correct investment plan. I think only life insurance is not sufficient for future safety and security. </p> <p>So while choosing investment plan think about life after retirement. Retirement Planning is also one the best investment plan so with life insurece think about this also and invest in correct plans. </p> http://www.bimaworld.com/forums/topic/life-insurance#post-8442 Wed, 25 Apr 2012 15:29:20 +0000 raiharshal 8442@http://www.bimaworld.com/forums/ <p>Thank you John victor for your reply But i think only Health insurance is not enough for security. I think there are so many other investment policies also available. So if you want more security for your life after retirement invest with Retirement policies also. Aegon Religare is one of the most leading company in Retirement planning. </p> http://www.bimaworld.com/forums/topic/fund-value-of-lic-bima-plus-plan-140#post-8422 Tue, 24 Apr 2012 16:13:49 +0000 Pooja 8422@http://www.bimaworld.com/forums/ <p>On day 2 day basis all one can view is the only current value for a particular product/policy i.e. NAV and for which you need to visit the website of the concerned insurer online or look for financial newspapers, magazines etc. wherein the market rate for insurance products (ULIP) apart shares and mutual fund rates are published.</p> <p>But to know the exact Fund value/ unit balance under a particular policy one has to register/login online with the concerned insurer or may get in touch with their policy issuing office and request for Statement of Account (SOA) which will reflect total Fund value apart the unit balances as on date and total charges so deducted under your policy. </p> <p>Hope above info is useful to you !!!! </p> http://www.bimaworld.com/forums/topic/compare-mediclaim-policy-apollo-munich-or-new-india-ins-mediclaim-2007-policy#post-8421 Tue, 24 Apr 2012 15:58:18 +0000 Pooja 8421@http://www.bimaworld.com/forums/ <p>Both the above named insurer are licensed by IRDA. Apollo is purely a Health Insurance Company with no government undertaking whereas New India offers all types of policies including health and has well established system in place. </p> <p>Apollo has got good policies with variation in the existing covers so offered by other insurers including New India. But yes, the premium for Apollo product are a bit higher for some policies compared to New India and others. </p> <p>Advise ask for copy of the terms and condition of the plan proposed to you and after understanding the same decide for best one suiting your requirements and affordability factor.</p> <p>Good Luck !!! </p> http://www.bimaworld.com/forums/topic/compare-mediclaim-policy-apollo-munich-or-new-india-ins-mediclaim-2007-policy#post-8417 Tue, 24 Apr 2012 14:08:26 +0000 Anonymous 8417@http://www.bimaworld.com/forums/ <p>Kindly let me know which is better Compare mediclaim policy - </p> <p>1) Apollo Munich or<br /> 2) New India Insurance - Mediclaim 2007 Policy </p> http://www.bimaworld.com/forums/topic/fund-value-of-lic-bima-plus-plan-140#post-8387 Mon, 23 Apr 2012 15:04:42 +0000 Maulik Desai 8387@http://www.bimaworld.com/forums/ <p>How one can view the Fund value on Internet any day for a particular Policy? What number of UNITS are in balance &#38; what is the NAV or the unit price on a particular day? </p> http://www.bimaworld.com/forums/topic/metlife-easy-balancer-of-premium-of-1-lakh-annumam-i-loser#post-8380 Mon, 23 Apr 2012 12:15:48 +0000 shyamsunder 8380@http://www.bimaworld.com/forums/ <p>dear Friend,</p> <p>Its' easy to blame others than assume responsibility.</p> <p>You need to go through terms and condition and check the lock in period and surrender charges mentioned therein.</p> <p>Then call for your policy issuing Branch manager / Bank executive and ask him to provide you a surrender quotation as on date and see what deductions are show in the quotation. </p> <p>compare them with the terms, clarify your doubts and evaluate what is your gain/loss out the invested amount and then decided regarding discontinuation or otherwise. </p> <p>Note:<br /> Where on one hand an agent is suppose to inform the terms and conditions, the investor is also suppose to read, understand and realize whether the terms conditions speaks the same about the product so informed or otherwise.</p> <p>Remember it is in our interest to first understand the product and its terms and then to invest not otherwise. </p> http://www.bimaworld.com/forums/topic/metlife-easy-balancer-of-premium-of-1-lakh-annumam-i-loser#post-8366 Sun, 22 Apr 2012 23:42:02 +0000 Anonymous 8366@http://www.bimaworld.com/forums/ <p>dear sir,</p> <p>i have done one metlife balancer of pr. 1 lakh per annum. Afterwards when i got the papers i felt that i was not informed of all and feeling cheated. I have given 3 inst. Already.what would be right time to stop it. + dont want to continue as i feel i was misguided by bank people. </p> http://www.bimaworld.com/forums/topic/know-more-about-travel-insurance#post-8297 Thu, 19 Apr 2012 13:04:40 +0000 sandytata04 8297@http://www.bimaworld.com/forums/ <p>now a days student travel insurance in coming in a new way,and people are willing to buy it also.By the way which company you guys will recommend for a best travel insurance plan </p> http://www.bimaworld.com/forums/topic/what-kinds-of-policies-are-there#post-8288 Wed, 18 Apr 2012 13:28:29 +0000 Johnvictor 8288@http://www.bimaworld.com/forums/ <p>Recently I have purchased Online Term plan from aegon religare one of the leading Insurance service providers in this field.</p> <p>If you have a family or dependents, term insurance is a must. It is the most cheapest insurance Policy available, here if insured person passes away within the particular time frame (policy period) the family is reimbursed to the extent of Sum Assured. </p> http://www.bimaworld.com/forums/topic/who-should-buy-general-insurance#post-8287 Wed, 18 Apr 2012 13:08:48 +0000 Johnvictor 8287@http://www.bimaworld.com/forums/ <p>Buying Insurance is an Online Investment Plan which becomes Need of every Individual in today's world buy on line from aegon religare one of the reputed firm in the Insurance sector.<br /> Except Life Insurance all other Insurance Plans comes under in General Insurance. ex. property (fire) Insurance,burglary Insurance,Accident and Health Insurance are few to name. </p>