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Rakesh

Rakesh Kaul  |3 Answers  |Ask -

Answered on Jan 18, 2022

Ganesh Question by Ganesh on Jan 18, 2022Hindi
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 I have family floater policy since 5 years with Apollo Munich, Which is changed now to HDFC Ergo. I am paying approximately 36000 for 2 +1 family, I am aged now 62 years.

I am not getting proper service from the person from whom i took the Apollo policy he is called Intermediator in the Apollo company and when it’s changed to HDFC his Records (like his name Mob Number and his Code) are not shown in the policy. In the absence of the above details, I don’t know whom to contact for any information and follow up for claim reimbursements.

In the past years, with Apollo and HDFC Ergo my reimbursement claims was not settled ON TIME as well as the full amount not settled, approximately 50 to 60 percentage only settled even after many follow ups, courier and emails. Though the claims were around 50000 only.

I am the bread winner in my family, after paying so much for Premium, if I get admitted in hospital, the family members can’t do follow up and intermediary is not helpful, even he doesn’t bother to attend phone call, though he is substantially earning 15% premium as his commission (I hope) in such scenarios I am fearing that you won’t get help.

What is your advise? Should I change the intermediary in the policy, if there is provision in system? Why in HDFC Ergo why those intermediary details not there or portability is another option and what are conditions to meet portability at the ripe age/ financial scenario I should not be denied cashless facility/ at the need of my HOUR.

Ans:  The intermediary can be changed in the policy by the Insurer upon a request by the customer. However, for claims assistance, I would advise you to connect with your Insurer’s customer service team to get a response swiftly.

Portability of a policy can be done at any age but there are certain guidelines that differ from insurer to insurer. It is advisable to get the complete details of the insurance company you wish to port to and thoroughly understand the portability/ continuity benefits which will be carried forward in your ported policy. Please ensure you check the product/ plan coverages offered and compare it with the existing policy before making your decision to port.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Roopam

Roopam Asthana  |25 Answers  |Ask -

Answered on Aug 03, 2021

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I have United India health insurance since 2009. I have paid a regular premium with only one claim for hysterectomy in 2012. My renewal date is 12/8/2021. I want to port my UIIC insurance. I have sent a proposal form to HDFC Ergo online for porting with my 2 months back medical test details so that I can get the exact loading amount if any. I am taking medication for hypothyroidism, hypertension and cholesterol at the moment, very minimum dosage. I have sent those details too. According to them the procedure is to pay a premium then you will receive a consent call which will decide about medical test requirements and loading amount if any. For any reason, if we want to discontinue, they will refund the full amount paid by us. This procedure of porting is not mentioned clearly on the website so all are non-proof. My query is: How much I should trust them? I was interested in family floater with my husband, who doesn't have any diseases at present. This is a new policy for him. So no loading for him for sure. HDFC ERGO advisor is suggesting me to go for individual policy as floater has more chance of rejection than individual policy for both of us. So my second query is: Will loading be charged according to floater premium which is almost double than the individual policy? My husband’s new policy without any diseases and mine is porting with pre-existing diseases. Please advise whether individual or floater is better for us with reasons. Seeking your help as soon as possible.
Ans: For your first query it is advisable to speak with the insurance company you wish to port to for understanding the exact procedure for porting. You may also wish to engage a trusted insurance agent to help you with the porting process as they will be fully abreast with the procedure and will guide you well.

Remember to ensure that you fully disclose your existing medical condition at the time of application itself.

As regards your second query it is advisable to go for separate individual policy for your husband because basis your current health status there are high chances of the insurance company charging higher premium for a floater.

..Read more

Sanjib

Sanjib Jha  |66 Answers  |Ask -

Insurance Expert - Answered on Nov 24, 2022

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I was customer of Oriental Bank of Commerce. Being a customer of Oriental Bank of Commerce, Oriental Insurance Company provided Group Health Insurance Policy and inception date was 04-05-2015. My policy with them continued till 03-05-2021 without any break. Because Oriental Bank of Commerce merged with Punjab National Bank, Oriental Insurance Company discontinued that policy from 03-05-2021 onward. Being a customer of Punjab National Bank, I approached them, and they migrated my Group Health Insurance Policy of Oriental Insurance Company to Star Group Health Insurance Policy for customers of Punjab National Bank from 04-05-2021 to 03-05-2022.  As All my policy periods were continued from 04-05-2015 till 03-05-2021 with Oriental Insurance Company, Star Health Insurance given me the benefit of pre-existing disease waiting periods being waived because of continuity (They mentioned it in Policy Document too). They reimbursed my 1st claim of 15 July to 22 July 2021 (Non Empaneled Hospital) and Cashless claim of 16 December to 19/12/2021 but denied reimbursement of 19/12/2021 to 26/12/2021 with the excuse of pre-existing disease even I directly shifted from cashless hospital to non-Empaneled Hospital for same problem because Empaneled hospital having been less facilities.  Here I want to address that I was discharged from Cashless Hospital, on request, to get treated in Higher Hospital and treatment was in continuation of previous cashless hospital to new hospital. So, sir, please guide me accordingly as my correspondence with them is not fruitful.

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Ramalingam

Ramalingam Kalirajan  |7921 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 02, 2024

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Hello sir ,my huband has taken medical insurance frm manipal cigna frm 2015 till date never claimed anything all these years but last year july suddenly my husband got pneumonia he got hospitalized before joining inthe hospital we consulted the insurance agent and took necessary file number to claim insurance but sadly at the end insurance company rejected to pay bill saying(2.5lks) he used to pay 58 thosand per year family floater,now thy have canceled whole policy and thy didn't even paying the amt we paid all these years ,agent is not responding can we do anything to get our hard-earned money back now we dont have any medical insurance he is 57yrs now pls suggest anything we can do
Ans: I'm truly sorry to hear about your husband's health complications and the subsequent challenges with your medical insurance. Facing such situations can be distressing, especially when dealing with unexpected denials and cancellations. It's important to take action to address this issue.

Firstly, gather all relevant documents, including policy details, correspondence with the insurance company, and any communication with the agent. This documentation will be crucial in understanding the reasons for the denial and in any potential appeals or legal actions.

Next, consider reaching out directly to the insurance company to request a review of the decision and clarification on why the claim was rejected. If you're unsatisfied with their response, you may escalate the matter through their grievance redressal mechanism or regulatory authorities.

Additionally, seeking legal advice from a lawyer who specializes in insurance matters could provide insight into your rights and options for recourse. They can help you navigate the complex legal landscape and pursue appropriate action to recover your hard-earned money.

While the situation is undoubtedly challenging, remember that you're not alone. Reach out to consumer rights organizations or advocacy groups that may offer support and guidance in dealing with insurance-related issues. Your perseverance and determination to seek justice are commendable, and I hope you find a resolution that provides the relief and security you deserve.

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Milind

Milind Vadjikar  |993 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 09, 2024

Asked by Anonymous - Sep 09, 2024Hindi
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Hello Team, I have clarification w.r.t Insurance and please find my details below 12-Jul-2023: Second Child born 10-Aug-2023: Floater Policy(2 Adults and 1 Child) took as suggested by Agent with 3 years Premium Second child cannot be added due to minimum eligibility days Agent recommended to add 2nd child after 60days and difference premium to be paid After 90 days (not sure about the date): Tried to add 2nd child to the policy through agent but it was not able to done Agent suggested that "We can add it in next year (i.e during Start of August 2024) 10-Aug-2024: When checked with Star health, they said that "Addition/deletion can be done at 2026" and said that "Addition of child should be done through mail after 91 days and website will not support to add a child" and when I asked the document reference for the same and no response yet from Star Health Current Policy holding: Corporate Insurane : SI (3L) for 2 Adults and 2 Childs Personal Insurance : SI (25L) for 2 Adults and 1 Child Star Health Suggestion: Take a separate policy for 2nd Child for 5L and it can be added to existing policy in 2026. Please let me know how to proceed further 1. Whether the Separate policy can be taken here or wait until 2026, to add the 2nd child 2. Whether the Star Health was really worth or can I consider for porting in 2026 due to disappointment with above issue Thank you in advance!
Ans: I suggest you go ahead with the separate health policy for the new child as of now. Going further if you still find their service quality level poor you can decide about porting suitably.

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Latest Questions
Ramalingam

Ramalingam Kalirajan  |7921 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 10, 2025

Asked by Anonymous - Feb 08, 2025Hindi
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Hi, We will be having 15 Lakhs in hand by April 3rd week and can hold for next 3 years as we are planning to build a house at a tier 2 city - Coimbatore because I don't believe in flats system for a longer run as I am skeptical on the Uds and re-construction in the future. Also, monthly we can invest 15k in mutual funds and 80k for which we have decided to go for RD (conservative approach). Some of the apps are providing attractive offers to get higher FD returns from small finance banks (Ujjivan and North East Sf bank etc) , should we invest or to stick with HDFC and ICICI banks. Provide us a mix of plan (debt, equity and FD if possible) for 15 lacs and time horizon is 3 years. Thanks for your help!
Ans: Your approach is well thought out. You have a clear goal and a conservative mindset for short-term funds. Since the time frame is only three years, capital protection is the priority. Equity is not recommended for short durations due to volatility. A balanced mix of debt, FD, and liquid instruments will be suitable.

Allocation Strategy
Fixed Deposits (FDs) – 50% (Rs. 7.5 Lakhs)

Large banks like HDFC, ICICI, and SBI are safer for significant amounts.

Small finance banks offer higher interest, but risk levels are slightly higher.

Consider splitting FD amounts across large banks and reputed small finance banks.

Prefer banks with high credit ratings and check premature withdrawal terms.

Debt Mutual Funds – 30% (Rs. 4.5 Lakhs)

Choose high-quality short-duration funds with low credit risk.

Avoid long-duration debt funds as they are sensitive to interest rate changes.

Ensure the fund has a stable past record and consistent returns.

Ultra Short-Term/Liquid Funds – 20% (Rs. 3 Lakhs)

Suitable for flexibility and better returns than savings accounts.
Provides liquidity in case of urgent requirements.
Low risk compared to other debt instruments.
Monthly Investment Plan
Recurring Deposit (RD) – Rs. 80,000 per month

A conservative option ensuring stability.

Good for funds that need to be available within 3 years.

Choose banks offering competitive interest rates.

Mutual Fund SIP – Rs. 15,000 per month

Prefer actively managed equity funds for long-term wealth creation.
Avoid index funds due to lack of active risk management.
Opt for a mix of flexi-cap and mid-cap funds.
Small Finance Banks vs Large Banks
Small finance banks like Ujjivan and North East offer higher FD rates.
They are safe under Rs. 5 lakh due to DICGC insurance.
If investing above Rs. 5 lakh in such banks, evaluate their financial health.
For higher safety, prefer top private and PSU banks.
Tax Considerations
Interest from FDs and RDs is taxable as per your income slab.
Debt fund gains are taxed based on your income slab.
Plan withdrawals strategically to reduce tax burden.
Finally
Capital protection should be the priority for short-term funds.
Diversify into FDs, debt funds, and liquid funds.
Invest in small finance banks cautiously.
Continue SIPs for long-term wealth creation.
Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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Pushpa

Pushpa R  |51 Answers  |Ask -

Yoga, Mindfulness Expert - Answered on Feb 10, 2025

Asked by Anonymous - Feb 08, 2025Hindi
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सर मेरी शादी को 7साल हो गई है शुरू से ही हमारा रिलेशन खराब चल रहा है। आए दिन लड़ाई गली गलौज होती है। 2 बच्चे भी है। सेक्स लाइफ लगभग खत्म हो गई है। मैं क्या दूसरी लड़की के साथ बिना शादी के रह सकता हु।
Ans: I understand that you are going through a difficult time in your marriage. Relationships have ups and downs, and long-term conflicts can create emotional distress. However, before making any major decisions, I encourage you to reflect deeply on the situation.

Things to Consider:
Communication is Key – Have you tried open and honest communication with your spouse? Sometimes, expressing feelings calmly can help in resolving misunderstandings.
Professional Help – Marriage counseling or relationship therapy can provide guidance and help both partners understand each other better.
Impact on Children – Your children observe and absorb the environment at home. A peaceful and respectful atmosphere will shape their emotional well-being.
Seeking Happiness Outside Marriage – Instead of looking for temporary relief outside the marriage, try to work on improving the current relationship. If separation feels necessary, it should be done with mutual understanding and respect.
What Can You Do?

Practice meditation to calm your mind and gain clarity.
Talk to a relationship counselor or a trusted guide.
Try couple’s yoga or activities that promote bonding.
Every problem has a solution if approached with patience and wisdom. Stay mindful and take decisions that bring long-term peace and happiness.

R. Pushpa, M.Sc (Yoga)
Online Yoga & Meditation Coach
Radiant YogaVibes
https://www.instagram.com/pushpa_radiantyogavibes/

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Ramalingam

Ramalingam Kalirajan  |7921 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 10, 2025

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Hi, I m a 37 year old professional. I want to save for a corpus of 5 Cr in next 15-20 Years. I am presently invested in equity and LIC. What should I change pls advice. 6.5 lakhs already invested in 15 stocks Indus ind, IDFC first, Yes bank, GMM f, orient cem, Niacl, DB Realty, Athenaglo, sail, Hcc, Bombay dyeing, DCAL, Ovi eke foods, igl, EaseMyTrip, somatex, Bajaj hind sugar. Also have 14 lakhs in LIC ULIP AND 1.5 lakhs in ICICI SIGNATURE PLAN AND 1 lakh in DSP NIFTY madcap 150 quality 50 Kindly advise. Currently investing 25k per month, planning to do a step up 10% sip every year.
Ans: You are on the right track, but some changes will improve your wealth creation strategy.

Here’s a step-by-step approach to help you achieve your Rs. 5 crore target in 15-20 years.

Equity Portfolio Assessment
You have Rs. 6.5 lakh in 15 stocks. This is a highly scattered portfolio.

Many of your stocks are small-cap and volatile. Some lack strong financials or growth potential.

Too many stocks reduce focus and make it difficult to track performance.

Reduce the number of stocks to 8-10 strong businesses with consistent growth.

Focus more on large-cap and quality mid-cap companies.

Exit weak, low-growth, or speculative stocks and reinvest in quality businesses.

Mutual Fund Investments
Your current SIP of Rs. 25,000 is a good start.

A step-up SIP of 10% yearly will help you reach your goal faster.

However, your only mutual fund holding is a DSP Nifty Midcap 150 Index Fund.

Index funds do not outperform in all market cycles.

Actively managed mutual funds give better flexibility and higher returns in long-term investing.

Shift to a well-diversified mix of actively managed large-cap, mid-cap, small-cap, and flexi-cap funds.

Invest in 3-4 high-quality mutual funds with experienced fund managers.

This will help in better risk-adjusted returns than a single midcap index fund.

LIC and ULIP Investments
You have Rs. 14 lakh in LIC ULIP and Rs. 1.5 lakh in ICICI Signature Plan.

Investment-cum-insurance products like ULIPs have high charges and low returns.

The annual cost and fund management fees eat into returns.

Consider surrendering these policies and reinvesting in mutual funds for better growth.

Use pure term insurance instead of investment-linked insurance plans.

SIP Step-up Strategy
Your step-up plan of 10% yearly is a good strategy.

Ensure discipline in increasing the SIP each year.

Automate your SIPs to avoid missing any investments.

If you get any bonus or extra income, invest that in lump sum for faster corpus growth.

Debt Allocation for Stability
A 100% equity portfolio is risky, especially as your corpus grows.

Slowly add debt investments like short-term bonds, SDLs, or target maturity funds after 10 years.

A small allocation (10-20%) will help reduce volatility closer to your goal year.

Tax Efficiency and Withdrawal Planning
Long-term capital gains (LTCG) above Rs. 1.25 lakh are taxed at 12.5%.

Short-term gains (STCG) are taxed at 20%.

Plan redemptions smartly to minimise tax impact.

Use SWP (Systematic Withdrawal Plan) post-retirement for tax-efficient withdrawals.

Final Insights
Reduce your direct stock holdings and focus on quality businesses.

Move from index funds to actively managed mutual funds for better returns.

Surrender low-return ULIPs and reinvest in equity mutual funds.

Stick to your step-up SIP strategy for compounding benefits.

Add some debt allocation in later years for portfolio stability.

Review and rebalance your portfolio every year.

Following this disciplined approach will help you reach your Rs. 5 crore goal efficiently.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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