Most people associate 'accident' with vehicles and the injuries if one is hit by them. But, an accident can be situations such as snake bites, electric shocks, drowning, injury by fire or a fall at home.In May 2019, an Insurance Regulatory and Development Authority (IRDAI) Working Group proposed that home insurance policies must cover accidental deaths due to gas cylinder explosion for a reasonable amount.Almost 4,000 lives are lost every year in India due to gas cylinder or stove blasts. More than a lakh individuals die in road accidents in India every year. The list can go on. Accidents happen and one can’t avoid emotional loss and the trauma arising out those accidents.Close Personal accident insurance policies offer financial protection to the insured person in case of accidental death, or partial or total disabilities arising out of the accident. A personal accident cover accounts for many types of accidents, in addition to those caused by a vehicle hit. related … [Read more...] about Explainer | Personal accident insurance: How does it work?
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It is important to write a will as you age. But what if you change your decision on how you wish to pass on assets to beneficiaries over time? You may have an additional member in your family after you wrote the original will. Or, one of the beneficiaries may have passed away and you may want transfer a share of your assets to someone else.You could write a new will and discard the older version. But the process is not easy when our Wills are long. But there is help at hand. You can amend your earlier will. Such an amendment is called a codicil.What is codicil?Close The Indian Succession Act 1925 defines Codicil as an instrument made in relation to a will, and explaining, altering or adding to its dispositions, and shall be deemed to form part of the will. related news Viewpoint | Dear Woman, write a Will to ensure your wealth doesn’t go to undeserving hands SEBI puts transfer of physical and demat shares on par in case of death Put simply, it is a document signed … [Read more...] about Modify your Will with a Codicil
Pratibha GirishWriting a will is not a pleasant exercise because it forces you to think about death. While all of us know that we are going to die someday, thinking about it is depressing and there are many in our generation who would say “yeh kya apshagun bol rahe ho(why do you speak of such inauspicious things)?”A will is a powerful document and quite simple to make. It gives you the ability to distribute your estate (wealth), choose your heirs and appoint guardianship. A will comes into effect only after the death of the person writing it. As already mentioned, making a will is a fairly simple process, but given our reluctance to getting down to doing it, understanding how the property devolves in case of non-existence of a will is very important.Close At the outset, let’s get a common misconception out of the way. Many people believe, “I have nominated my heirs where is the need for a will?” According to law, a nominee is a … [Read more...] about Viewpoint | Dear Woman, write a Will to ensure your wealth doesn’t go to undeserving hands
Most non-life insurance policies−be it health, personal accident, auto or home−are contracts renewable yearly. Barring a few two- and three-year covers introduced by non-life insurers, most policy holders receive yearly renewal notices for the payment of their premiums to retain their insurance covers. With the advent of technology, it has become a hassle-free act in most cases. All you need to do is to read the text message from your insurer, click on the link given in it, tick the accept term and conditions box and make the payment online. Within a minute or two, the policy document hits your email inbox.Review your renewal notice It is a sacrosanct document, most experts say. It is the base of the contract you are entering into. Do check your name and other details. Check what you are insuring. For example, if you are renewing a personal accident insurance cover, do check the coverage offered for each event−accidental death, total permanent disability and … [Read more...] about Five factors to review before renewing your insurance policy
Gold prices have been on an uptrend in the international markets during June. After consolidating in a narrow range of US $1294 to US $1354 per ounce over the first five months of calendar year 2019, gold prices have given a strong break-out on the upside to mark a five-year high. Gold was trading at US $1384 per ounce in the international markets. In the Indian markets, the price of the August Futures were hovering at Rs 33804 per 10 gram on the Multi-Commodity Exchange. The price was up 2 per cent compared to the previous close. Rising gold prices are expected to benefit investors holding gold in their portfolios. We had written about the risk-reward for gold investors earlier.Will prices continue to head north?The prices of gold bounced back in the international markets after the US Federal Reserve decided to leave interest rates unchanged. The US Central Bank made it clear that there is a possibility of cut in key interest rates. This is a clear signal that the interest rates are … [Read more...] about Can gold add more shine to your portfolio?