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Joint life insurance policies are the policies that enable two individuals to be protected. In this policy, the sum assured value of the policy is paid only once at the time of either policy holder's death. This is also referred to as the joint first to die clause. This insurance policy is beneficial for Spouse, children, or even a business partner. Spouses will directly get the benefit from this plan. If one of the couple dies, the surviving spouse will get the proceedings of the policy. The maturity amount should be enough for them to live on or to fulfill the requirements, until the whole family had gathered their bearings after the loss. In this policy, Chil
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Nothing in life is more certain than taxes, death…and retirement. There will come a time when you will stop lugging your briefcase wearily to the office and relax at home. There will come a time when you will not be earning a regular salary any more; or at least the stream of your income will shrivel up. Yet, most people often remember retirement just a few years ahead of the R-day. That’s when the jitters start. So, what do you do now when you should have begun planning for retirement the day you started working? But once you have awakened to the importance of making a financial plan for your retirement, go for it with a vengeance. After all, it is bet
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Three weeks ago, my girlfriend and I decided to visit the lovely city of Dundee for our three-year anniversary. We live in Hampshire, a long drive away, so with only a week's holiday, we didn't want to spend half of it in the car. We decided to fly, and visited a travel agent to help us plan the break. I was surprised to see an extra £27.50 on the travel agency's quote for travel insurance, why would we need travel insurance for a holiday in the UK?I couldn't see the point at all, they have plenty of hospitals in Dundee, it's no different to England. But later on, while nestled in front of the TV, I started to think more about it.Things cou
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OK, thinking about your own mortality is not a topic anyone enjoys, but our own death is one of the few certainties in life. While the number of reasons likely match the number of people not insured, the following are the most commonly heard.Reason #1 – I don’t have a need for life insurance:Let’s be honest, this reason is by far the most common and for most people untrue. Unless you are an individual who does not have children, has money on hand to cover all debts and funeral expenses, and does not feel the need to offset the loss of their income to a spouse, leave any additional money to family, or to a charity, then it may be true, you don
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Insurers should take into account the fact that there are demands for different levels of health serviceFigure it out25-50% is the rise in medical care cost for individuals in the last 5 years Health insurance penetration in India is less than 5% Demand will crop up for new kinds of health covers. Insurance will depend on the quality and cost of healthcareIN india there are wide differences in the way healthcare is available to people. To draw an analogy with the hospitality industry, the range of medical facilities varies from the services in a five-star hotel to that in
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Once you decide to insure your life the next task lies in choosing a best life insurance policy. This is indeed difficult due to the innumerable insurance products and their features. You might have great difficulty in taking a decision as it is a crucial one that involves money, financial security and death benefits. You will be able to make a proper choice if you evaluate the insurance companies and the policies on the basis of some criterion.Some of the criterion for choosing an insurance policy is as follows:A) Analyze the Different Categories of InsuranceYou need to understand the different types of life insurance namely term, whole life insurance and their sub
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New Delhi, Jan 02: Uncertainty in the stock market and sliding fixed deposit rate has made life insurance most preferred tax saving instrument for the salaried class, a study said. "79 per cent people prefer life insurance vis-a-vis other tax saving instruments like post office savings, Equity Linked Saving Schemes and fixed deposits," ICICI Prudential Life Insurance said in a study. About 89 per cent of the respondents out of 900 said the investment made in the last two years varied from traditional products, unit linked insurance plan and pension plan. The survey, which has been conducted in three metros -- Delhi, Mumbai and Chennai, takes into acc
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Unit-linked insurance plans (Ulip) were meant to channelise the savings of investors over the long term to create wealth. But they are being bought and sold without much enquiry and consideration, almost like staple ration items. The result is that these long-term financial instruments are often sold to people whose needs are short- to medium-term.This concern would not crop up if Ulips are sold to people who actually need them.Liquidity must be examined while analyzing a financial product. Exit from Ulips may attract a surrender charge in the first three to five years, but is free from the sixth year in most plans. But is it viable to tap into this liquidity provis
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