This is the age where most people complete their education and start on their first job. The may get married in their mid or late 20s. Let us analyse the typical insurance needs of such a group of people.Life InsuranceThe first thing to determine is whether or not anyone is dependent on your income. If there is absolutely no one in your life that you are responsible for, except yourself, then you may skip purchasing any life insurance. However, if you support anyone in either a small or large measure, please take an appropriate amount of term insurance.A term insurance is a simple insurance policy that pays a nominee (your dependent) a lump sum amount of money (called sum assured) on your death. If you are a healthy person, term insurance should not cost you much. It is available online and easy to buy. You may have to undergo medical tests. Smokers will have to disclose their habit and may have to end up paying a higher premium for the term insurance.Close An … [Read more...] about Viewpoint | A quick and simple guide to insurance for people in their 20s
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Life Insurance came into existence to protect people from the three dreaded “Ds”—death, disability and disease. Term Insurance was conceived as a protection product that took care of “death” alone. However, term insurance products that are available now offer protection for all the three Ds to policyholders. Thanks to the evolution of the product, various customization options are now available with a term plan.For covering death, term insurance plans provide a large sum assured at very nominal premiums. You can choose between having a fixed or increasing sum assured of, say, 5 per cent or 10 per cent of the original sum assured till it becomes double. Today’s term plans also allow you to increase your cover amount after life events such as marriage, birth of children and house purchase. This makes sure your sum assured is at par with your responsibilities.Comprehensive Protection with RidersClose Term Plans also allow you to opt for riders with the … [Read more...] about Bolster your term insurance cover with riders
Most of us have seen banners, hoardings, advertisements in newspapers, television and the internet saying, 'Secure your family’s future with Rs 1 crore life cover at just Rs x per month'.Well, it does sound like a great opportunity to get life cover at nominal prices. But is Rs 1 crore life cover sufficient?Coming across such term insurance ads promoting the magical number of Rs 1 crore, we may think that it is wonderful. A large financial cover that takes care of the family at such a nominal amount, the premium amount turns out to be what we normally spend on tea/coffee every month, does seem exciting.Close However, before you buy that Rs 1 crore life cover, stop and consider this: Is a cover of Rs 1 crore really enough for me?Mahavir ChopraHead - Health & Accident Life Insurance|coverfox.com IRDAI’s circular: The regulator steps in to ensure enhanced health insurance coverageBolster your term insurance cover with ridersCan NRIs purchase life insurance in India?On … [Read more...] about Viewpoint | Is life cover of Rs 1 crore enough?
Apollo Hospitals managing director Suneeta Reddy called the government initiatives towards healthcare as “path-breaking” and said the private sector participation will be integral in successful delivery of ambitious National Health Protection Scheme (NHPS) that aims to cover 10 crore poor families with Rs 5 lakh health insurance.Reddy, the chief of India’s largest healthcare conglomerate, in an exclusive telephonic interview told Moneycontrol that private providers however can’t deliver unless it comes at reasonable price.Below are the edited excerpts of the interviewClose How do you see the government’s National Health Protection Scheme proposal? related news 373 infra projects show cost overruns of Rs 3.89 lakh cr Zomato looks to become profitable by end-2020 Five of top-10 most valued firms add Rs 56,877 cr in m-cap It is indeed heartening that 40 percent of India’s population will be covered under an insurance … [Read more...] about Reasonable procedural pricing key for private participation in NHPS: Apollo Hospitals MD Suneeta Reddy
Viswanath PillaMoneycontrol News Habil Khorakiwala, chairman of Wockhardt on Thursday welcomed the Union Budget 2018 and its emphasis on healthcare spending.Khorakiwala who heads the Rs 4,000-crore turnover Mumbai-based company which is into pharmaceutical and hospitals, however, expressed apprehension over the government's track record of implementation.Close In an exclusive telephonic interview to Moneycontrol, Khorakiwala gave 6.5 points out of 10 to the Budget, said chronic shortage of medicines, lack of infrastructure and skilled manpower could pose challenge in rolling out the ambitious National Health Protection Scheme (NHPS) that aims to provide Rs 5 lakh health insurance to 10 crore poor families. related news 373 infra projects show cost overruns of Rs 3.89 lakh cr Zomato looks to become profitable by end-2020 Five of top-10 most valued firms add Rs 56,877 cr in m-cap Below are edited excerpts of the interviewWhat is your overall view on the … [Read more...] about Habil Khorakiwala welcomes govt health proposals, but cautions against brouhaha