Joined: 04/Oct/2007
Location: United States
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Posts: 88
Posted: 02/Jul/2008 at 8:23pm
Hello Members:
I am planning to buy Health (family)+ home insurance. I am not familiar with Indian Insurance product. So I need your help.
For eg. Where can I do on-line search? What is the good product (not fancy) available in market. Is reliance insurance is reasonable and reliable or there are better product in market? Your input will be very helpful.
I am looking to buy Medi-claim type and Home insurance only.
Joined: 01/Jan/2006
Location: India
Online Status: Offline
Posts: 18403
Posted: 02/Jul/2008 at 9:40pm
Problem with private insurers is about the lack of support from the agents so if you sign up make sure you visit their office and know whom to contact in case of claims etc. I have mediclaim. Also when you take home insurance they insure everything but when it comes to a claim you would be asked to present the original bills so make sure you insure only that stuff which you have an invoice for. Get the details from your agent.
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
Joined: 17/Oct/2007
Location: India
Online Status: Offline
Posts: 24
Posted: 25/Aug/2008 at 4:07pm
Basantji
Yesterday i was talking to my insurance advisor regarding Term Plan. but he told me that in todays world Term plan is not a good idea. he supported his argument by saying that he is in the insurance business for last 10 to 12 years having 1200 clients and till today only 3 people died naturally due to factors such as increase in life expectancy and advancement in the medical field are likely to lead to a longer life.
So the premium paid for Fixed term does not make sense.
Joined: 01/Jan/2006
Location: India
Online Status: Offline
Posts: 18403
Posted: 25/Aug/2008 at 4:15pm
Actually he makes less commission in term plans and if only 3 people died then it makes a lesser case for an insurance. Insurance is about risk control and coverage for making money it is not the ideal vehicle we should seggregate our investments from risk coverage .
Edited by basant - 25/Aug/2008 at 4:19pm
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
Joined: 01/Dec/2006
Location: India
Online Status: Offline
Posts: 155
Posted: 25/Aug/2008 at 4:45pm
Anyone has any idea about pension plan? basantji do u have a term plan? thinking of taking a pension plan(single premium) for 30 year...checked out that regular premium in pension plan is taking 50% in 1st 2 years!..single premium take 6% in the 1st year!
K.I.S.S(keep it simple silly) is the most easy management formula i ever came across!!! but it is very hard to follow!!!
Joined: 01/Jan/2006
Location: India
Online Status: Offline
Posts: 18403
Posted: 25/Aug/2008 at 6:56pm
I had a Term plan but have discontinued it since I do not think that I need an insurance now. A Rs 10 lac plan will cost around Rs 2500 per year for a 30 year old male do not go for single premium and all that stuff why would you pay money upfront for a contingent event. lol
'The Thoughtful Investor: A Journey to Financial Freedom Through Stock Market Investing' - A Book on Equity Investing especially for Indian Investors. Book your copy now: www.thethoughtfulinvestor.in
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