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submitted by geetika (5 m) on 18 Feb 2009 11:11:40 IST
Nothing can compensate the loss of a loved one. No insurance policy or any other plans can replace the life of your well wisher. However, it is also true that leaving a financial provision for your loved ones ensures they don’t have to cope with a financial crisis in addition to their grief.This small lesson I have learned recently, when one of my friends has lost his relatives in an accident. These are just a few things that one has to remember to take care of financially. PIN sharingYour bank account PIN is strictly classified data and as such should not be revealed. But you should your PIN number to one member in your family that can keep this information p
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submitted by Shivani (5 m) on 18 Feb 2009 11:07:44 IST
The main purpose of life insurance is to compensate a financial loss that will occur due to an unanticipated death. Life insurance should not be construed as an opportunity to make a profit in case of an unanticipated death. The financial loss takes place on the death of any earning person, due to stoppage of his future earning. The economic loss on death is not instantaneous, but continues for future earning period of deceased person, had he been alive to calculate total economic loss at the time of death, one has to ascertain the present value of deceased person’s future net earning, which would have supported his dependent family members. This is his human
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submitted by yash (0 m) on 17 Feb 2009 16:40:01 IST
Life insurance policy is a legal contract between the insurance company and the policy holder, where the former agrees to pay a pre-defined sum to the nominee on the death of the insured. However, making a claim on a life insurance is not the happiest tasks for the family members and especially for woman, it is really overwhelming. Even for a survival claim, particularly on moneyback policies, though the amount reaches the beneficiary automatically, at times the procedure is awkward because of the documentation required.Women often face many problems in a survival claim because they tend to change their names after marriage but fail to inform the insurer. So the ben
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submitted by geetika (5 m) on 17 Feb 2009 16:34:53 IST
Most of people think that they do not need any medical insurance or that they can not afford medical insurance. But this is not true. Now-a-days, medical insurance costs seem to be growing all the time, but the alternative is less than pleasant for people who don’t have medical insurance. Every person wants to purchase a medical insurance plan because one major illness or an accident can destroy the financial security of a person. There are many low cost medical insurance plans available on the Internet for those people who think that they can not afford it. Medical insurance is, quite simply, protection. It is something that everyone needs, regardless of his
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submitted by Shivani (5 m) on 17 Feb 2009 16:31:41 IST
COBRA (Consolidated Omnibus Budget Reconciliation Act) gives rights that would permit you to continue your health insurance coverage for time period after you leave work. Continuation is a similar program available in some states for smaller employers. The rules are complicated, but the concept is easy. If you have had a health insurance plan through your company for a specific time of period, and then you lose this coverage, you have a guarantee to continue this health insurance policy for a certain amount of time. Your spouse and child or children also have the rights to continue this insurance.The exception to this right is if you are terminated from your job bec
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submitted by yash (0 m) on 16 Feb 2009 13:17:33 IST
As all of us known that peak season of tax-saving has been started and there are lots of advertisements for tax planning products Expect an escalation in the noise surrounding tax-saving products like life insurance and mutual funds. These advertisements will almost certainly be followed up by persistent calls from telemarketers, not to mention personal visits from your friendly neighborhood insurance agent. So as an investor, you are likely to be very busy over the next few months dealing with people who will be going all out to make you purchase what fetches them the highest commission, in this case life insurance.Being financial planners, we have observed that sa
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submitted by geetika (5 m) on 16 Feb 2009 13:12:01 IST
All motorcycle insurance policies are not created equal. That’s why, selecting the right coverage can be the difficult task, especially when you are purchasing the policy first time. Motorcycle insurance isn't a choice - you must have a policy taken out on your bike in order to drive legally. Of course, it does not mean that you have to purchase the most expensive coverage available. The minimum requirement in most states is for basic liability insurance. You can purchase higher coverage limits if you need it, but it is not a necessity.Much like car insurance, liability coverage is essential for you. Collision insurance, comprehensive coverage and uninsure
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submitted by Shivani (5 m) on 16 Feb 2009 13:05:11 IST
In the modern age, everybody is aware of life insurance products and various benefits offered by insurance companies. Offerings like unit linked insurance plans (ULIPs) have done their bit to draw individuals towards the insurance segment. Also tax benefits under Section 80C of the Income Tax Act have also contributed to their allure and helped in popularizing insurance products. Conversely there are products like medical insurance or commonly known as mediclaim that can add value to an individual’s insurance portfolio, but are relatively lesser known. Medical insurance gives the reimbursement of hospitalization expenses for illnesses or diseases suffered or a
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submitted by Shivani (5 m) on 13 Feb 2009 17:04:04 IST
An individual applies for online auto insurance not only for just comparing the insurance quotes, but he also wants to find the best insurance rate. The benefits also include discovering new discounts and not being locked into a long term relationship with an insurance company.Compare QuotesIn the past, getting real insurance quotes from auto insurance companies was very difficult. But, in the age of Internet, one can get insurance quotes instantly with a few clicks of mouse. Online insurance websites also allow you to get all the detailed information about each plan, so you can easily compare the quality of coverage as well as the price.Finding DiscountsYou can red
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submitted by yash (0 m) on 13 Feb 2009 16:59:54 IST
Named Peril Coverage is one kind of home insurance which covers only explicitly listed risks. There are various reasons to select named peril coverage over or in addition to all-risks coverage or special coverage, and it is certainly an option to consider when purchasing insurance. Many insurance companies offer this coverage with numerous types of insurance, and many customers want an advice for on this issue.When a named peril coverage policy is written, many insurance companies create a list of “perils,” potential causes of damage or loss. These perils are clearly listed in the policy along with a clause indicating that unlisted causes of damage will
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submitted by geetika (5 m) on 13 Feb 2009 16:55:09 IST
If you have been banking only on the group health insurance policy provided by your employer, you may be in for a jerk. Insurers are pulling out of contracts with companies. In some cases, they have increased the premiums, forcing companies to cancel their contracts and explore for new insurers. While most companies have taken group covers from another insurer, some have withdrawn health insurance benefits for their employees.While some companies of the insurance industry cite the slowdown as the reason for these developments, others attribute it to weak underwriting. Insurance companies underwrote group health insurance at unsustainable premiums in the past, making
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submitted by Shivani (5 m) on 13 Feb 2009 10:59:54 IST
Many individuals believe that they are on a firm wicket with regards to their investments. The reason for this is not far to seek. Firstly, insurance has many options for confusing the individual. Secondly, Individuals do not have too much knowledge about insurance, which when combined with mis-selling leaves them even more confused.Managing your insurance portfolio is a relatively very easy task. It is all about breaking the process down into simpler steps. Once you know about insurance strategies, you can select the right insurance policy for you. So, manage your insurance portfolio involves four steps:-Identify your requirementsLike with shopping when a well-defi
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submitted by yash (0 m) on 11 Feb 2009 18:59:21 IST
Individuals have conventionally bought life insurance plans mainly for investments, tax benefits and the life cover they offer. They have seldom tried to understand how their insurance plan works for them or for that mater, how their premium is structured.Simply put, the main purpose of life insurance is to secure the financial future of the nominees in case of an eventuality to the insured. It does this by paying a 'sum assured' to the nominees. The sum assured is decided at the time the individual buys the insurance plan and the premium is paid accordingly. The premium consists of three important elements which individuals should know in order to opt for t
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submitted by Shivani (5 m) on 11 Feb 2009 12:02:52 IST
As private insurance companies started operating in India, endowment insurance plans were the most popular policies of life insurance. After the onslaught of private insurance companies unit linked insurance plans (Ulips) seem to have taken over.Last year, of the new insurance policies sold by private insurance companies Ulips accounted for around 90% of the policies. This though is not the case with the Life Insurance Corporation of India, endowment policies still form a major part of the insurance policies it sells. There are certain things that individuals should consider about endowment policies.An endowment policy is a combination of insurance and investment. T
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submitted by yash (0 m) on 11 Feb 2009 11:56:39 IST
A policy will lapse if the premiums are not paid within the due date or the grace period given by the insurance company. However, a lapsed policy can be renewed within 5 years from the date of first unpaid premium. There are five different kinds of schemes under which a policy can be revived.Ordinary Revival SchemeIn this scheme, all the arrears of unpaid premiums with interest have to be paid. Along with this, 'Declaration of Good Health' in Form No. 680 and medical certificate, if necessary, are required.Special Revival SchemeIf a person is not in a position to pay all the arrears, then he can choose this scheme. Under this scheme, the date of commencement
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submitted by geetika (5 m) on 11 Feb 2009 11:49:30 IST
Insurance companies in general are very suspicious about the truthfulness of those seeking damages. Whatever be the type of insurance you have, when it comes to making claims, even the faintest doubt that the person has misrepresented or withheld facts, and the company immediately shuts up its vaults.Besides repudiating claims on grounds of fraud, misrepresentation or non-disclosure, there may be three main reasons why an insurance company may reject your motor insurance claim.1) Driving without a valid license: In case a vehicle is damaged while being driven by a person without a valid driving license, the insurance company will refuse to make good the claim. Letti
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submitted by yash (0 m) on 10 Feb 2009 17:35:00 IST
Doctors, lawyers, and other professionals of CPAs often pay attention to their family's life insurance requirements, but concerns about becoming disabled usually go unaddressed. Statistically, however, a professional is far more likely to suffer a severe disability that damages the ability to work rather than die prematurely. While some people have the financial resources to fund a disability on their own, most need disability income insurance to cover the risk. Good planning on the part of a CPA can result in peace of mind and financial security i.e. the perfect gift for one's family and other loved ones.Disability insurance planning has changed dramaticall
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submitted by geetika (5 m) on 10 Feb 2009 17:26:37 IST
Cash Surrender Value is sometimes referred to as a surrender value or a cash value. It is the cash amount that can be realized in the event that an insurance policy is cancelled. It most often involves a whole life insurance policy that does not reach maturity for some reasons. Any cash value that is inbuilt in the coverage at the time of the cancellation of an insurance policy will result in a cash payment to the insured party.One of the most attractive aspects of insurance policies is the ability to increase cash value over time. Generally, the cash value will continue to increase the longer that the policy is in effect. As the policy’s value grows, it is of
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submitted by Shivani (5 m) on 10 Feb 2009 16:57:53 IST
Joint life insurance policy is a major category of life insurance policy. It allows two individuals to be protected. In this policy, the full value of the insurance policy is paid only once at the time of the death of the policyholder. This insurance policy is also known as the joint first to die clause.Joint life insurance policy is also regarded as survivorship life insurance policy by which business partners, children and spouses can be benefited. And in this policy, spouses can be directly benefited from joint life insurance policy schemes. If any one person of the couple dies, the surviving spouse will get the entire proceedings of the joint life insurance poli
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How many times have you seen people whose life was turned upside down by an accident?When an accident occurs, you must be prepared to face it. Nobody knows when bad things can happen, so it’s good to count on a health care insurance policy.However, a lot of people doesn’t really consider all aspects of getting health care coverage; that is why a surprisingly big percentage of policyholders have chosen plain health care, not having in mind all of the advantages of long term care insurance.Bankers long term care insurance policies are meant for everyone who cares not only for hospital coverage, but also keeps in mind all home care related issues.Imagine no
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