My mother-in-law is a Nepalese citizen dwelling with us in India and stays at residence. She has an Indian everlasting account quantity (PAN). Can I purchase health insurance for her from an Indian insurer?
Sure, medical health insurance will be purchased on 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. Nonetheless, most plans prohibit protection to Indian territory solely, and the declare shall be paid in Indian rupees solely.
I’ll flip 35 in August. I earn ₹20 lakh a yr 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 proper one?
Amongst numerous life insurance policy, your precedence must 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 must be additional enhanced in case of any excellent monetary liabilities equivalent to a house mortgage. The time period of the plan ought to cowl the prime revenue incomes age. Protection until 65 years is mostly ample. Observe that the longer the time period of the plan, the upper can be the premium.
The second resolution to make is on the cost kind for the plan. There are a number of choices accessible, together with annual common cost, single one-time pay plan, restricted time period cost 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 cost variant. This works out to be essentially the most economical, and greatest serves the aim of time period insurance coverage.
Subsequent, you must shortlist insurers. Customary protection of time period insurance coverage is widespread throughout insurers. So, there are restricted variations to guage. Filter insurers which have greater than 95% declare settlement ratio. It’s an indicator of the insurer’s observe report on claims paid.
Lastly, from this shortlist, you possibly can choose the insurer that gives the bottom premium.
Abhishek Bondia is principal officer and managing director, SecureNow.in. Queries and views at [email protected]