I’m 62 and my spouse is 60. I would like medical health insurance. Ought to I purchase a household floater or ought to we purchase a coverage individually? Additionally, can my son purchase a coverage for us? What sort of coverage would that be? Will he get tax advantages?
—Title withheld on request
The benefit of a household floater is that it’s typically 10% to fifteen% cheaper when in comparison with shopping for particular person insurance policies. You should utilize these financial savings to extend the sum assured of the household floater. Possibilities of each spouses making a declare and exhausting the complete sum assured are low. Nonetheless, if both of you might have a power medical situation, then it’s higher to purchase particular person cowl. This might be sure that the underwriting selections for you’ll be impartial of each other, and in case one individual makes a declare, the no-claim bonus of the opposite individual won’t be impacted. Your son could be the proposer to your medical health insurance, the place you may be the insured. The product assemble won’t change. Within the proposal kind, the connection between the insured and proposer must be declared. Underneath part 80D, your son will have the ability to declare a deduction for premiums paid in the direction of your medical health insurance. The deduction restrict allowed for fogeys is over and above the restrict allowed for self, partner and youngsters. Given your age, your son will have the ability to declare a deduction of as much as ₹50,000 in the direction of your medical health insurance premium.
I’m 35, I would like time period life insurance coverage. Offline brokers are quoting a lesser value than what I get on-line. Ought to I purchase on-line or offline?
—Nilesh
The channel by way of which you purchase, whether or not on-line or offline, wouldn’t alter the essential product assemble. Whereas selecting a channel, you must construct your consolation in regards to the following facets. First, the applying course of must be clear and truthful. The middleman ought to encourage you to make full disclosures about your medical historical past and smoking standing. Second, the cost ought to occur on to the insurer, and to not the middleman. There have been a couple of circumstances reported, even on-line, the place the cost is accepted by an middleman. This can be a strict no. Your rights as an insured get impacted while you pay to the middleman as a substitute of the insurer. Third, there must be clearly recognized processes established with the middleman to make a declare. For time period life, the declare will probably be made by your loved ones members. So, it is vital that the middleman must be simply accessible to the nominee. Furthermore, time period insurance coverage is comparatively a simple product. There are not any exclusions in particular person time period insurance coverage, besides suicide within the first yr. So, assuming you might be high quality with the insurer, you’ll be able to select to purchase offline, if premiums are decrease.
Abhishek Bondia is principal officer and managing director, SecureNow.in.
Supply: Live Mint