My mother-in-law is a Nepalese citizen dwelling with us in India and stays at dwelling. She has an Indian everlasting account quantity (PAN). Can I purchase medical health insurance for her from an Indian insurer?
—Gyanendra
Sure, medical health insurance may be purchased to your mother-in-law from an Indian insurer. The nationality of a person is of restricted consequence to the insurer to underwrite a well being coverage. Nevertheless, most plans limit protection to Indian territory solely, and the declare will likely be paid in Indian rupees solely.
I’ll flip 35 in August. I earn ₹20 lakh a 12 months and have three dependants—my spouse and my mother and father. I need to purchase a life insurance coverage coverage. How ought to I zero in on the fitting one?
—Suresh Kumar
Amongst varied life insurance policy, your precedence needs to be to purchase a time period insurance coverage plan. Step one so that you can repair the sum assured and time period of the plan. A rule of thumb is to purchase protection equal to 10 instances your annual revenue. This needs to be additional enhanced in case of any excellent monetary liabilities akin to a house mortgage. The time period of the plan ought to cowl the prime revenue incomes age. Protection until 65 years is usually satisfactory. Word that the longer the time period of the plan, the upper could be the premium.
The second determination to make is on the fee kind for the plan. There are a number of choices accessible, together with annual common fee, single one-time pay plan, restricted time period fee plan, and return of premium plan in case the insured survives on the finish of coverage time period. I like to recommend sticking to the annual common fee variant. This works out to be probably the most economical, and finest serves the aim of time period insurance coverage.
Subsequent, you must shortlist insurers. Commonplace protection of time period insurance coverage is frequent throughout insurers. So, there are restricted variations to judge. Filter insurers which have greater than 95% declare settlement ratio. It’s an indicator of the insurer’s monitor file on claims paid.
Lastly, from this shortlist, you’ll be able to choose the insurer that provides the bottom premium.
Abhishek Bondia is principal officer and managing director, SecureNow.in. Queries and views at mintmoney@livemint.com