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Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Sep 23, 2022

Sanjib Jha is the CEO of Coverfox Insurance. His expertise includes health and auto insurance. He has over 22 years of experience in the financial sector. He has completed his post-graduation from the Institute of Company Secretaries of India.... more
Partha Question by Partha on Sep 23, 2022Translate
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Is it legal to purchase two different insurance coverages for a single car? In my case my agent forgot to cover bumper to bumper in the policy, so can I enhance or buy another car insurance policy?

Ans: It not illegal but it not advisable to have two different insurance coverages for a single car.

However, in your case you can raise a request to your insurance company to add the said add-on.

If insurer is unable to do so, you can purchase an alternate fresh policy with the zero-depreciation add-on (bumper to bumper) & get the first policy cancelled.

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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Sanjeev

Sanjeev Govila  |442 Answers  |Ask -

Financial Planner - Answered on Jan 22, 2024

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Hi Sanjib. I am 47 years old, single and have an ICICI Lombard Complete Health Insurance policy with an annual sum insured of Rs 20 lakhs. Earlier, I used to have another policy with Star Health insurance as well but discontinued it as I was paying premium for similar policies. Is having multiple insurance policies from different companies a good idea or just one complete health insurance from one company good enough?
Ans: Having multiple health insurance policies from different companies is definitely possible and can provide additional or more comprehensive coverage. It can also serve as a backup to an existing health insurance, and can reduce the risk for those with pre-existing conditions.
However, it is important to note that having more than one plan does not mean that you get reimbursed twice for a medical treatment. Even when you have more than one plan, the total amount that will get reimbursed at the time of a claim will not exceed 100% of the treatment cost.

It’s great that you already have an ICICI Lombard Complete Health Insurance policy with an annual sum insured of Rs 20 lakhs. If you are looking to increase the coverage, you can consider purchasing another policy from a different company. However, it’s important to compare the benefits and costs of the policies before making a decision.

If you are satisfied with the coverage provided by your current policy, you can continue with it. Having one complete health insurance policy from one company is good enough as long as it provides adequate coverage for your needs.
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Moneywize

Moneywize   |66 Answers  |Ask -

Financial Planner - Answered on Mar 03, 2024

Asked by Anonymous - Mar 03, 2024Translate
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I'm contemplating a career change in my late 30s, earning Rs 14 lakhs annually. How can I navigate this transition while ensuring financial stability and working towards long-term goals such as retirement?
Ans: Transitioning to a new career in your late 30s while maintaining financial stability and planning for long-term goals like retirement requires careful consideration and planning. Here are some steps you can take to navigate this transition effectively:

1. Assess Your Skills and Interests: Reflect on your skills, interests, and values to identify potential new career paths that align with your strengths and passions. Consider seeking career counseling or taking career assessment tests to explore different options.

2. Research Potential Careers: Conduct thorough research on the industries and roles you're interested in pursuing. Look into job market demand, salary potential, and growth opportunities to ensure your chosen career path is financially viable.

3. Skill Development and Education: Determine if you need to acquire new skills or education to transition into your desired field. This could involve enrolling in courses, obtaining certifications, or pursuing higher education such as a degree or specialised training programme.

4. Financial Planning: Evaluate your current financial situation and create a budget to understand your income, expenses, and savings. Factor in any potential changes in income or expenses associated with your career transition. Consider setting aside an emergency fund to cover unexpected expenses.

5. Debt Management: If you have any outstanding debts, develop a plan to manage and pay them off efficiently. Prioritise high-interest debts like credit card debt while maintaining minimum payments on other loans.

6. Retirement Planning: Review your retirement savings accounts like the EPF, and assess whether you're on track to meet your long-term retirement goals. Consider consulting a financial advisor to develop a personalised retirement plan based on your age, income, risk tolerance, and retirement objectives.

7. Health Insurance and Benefits: Evaluate the health insurance and other benefits offered by your new employer, if applicable. Ensure you understand the coverage provided and any associated costs. If transitioning to self-employment or freelancing, research options for obtaining health insurance coverage independently.

8. Networking and Building Connections: Network with professionals in your desired industry to gain insights, advice, and potential job opportunities. Attend industry events, join professional associations, and leverage online networking platforms like LinkedIn to expand your network.

9. Side Hustle or Freelancing: Consider starting a side hustle or freelancing in your desired field while maintaining your current job. This can provide additional income, valuable experience, and a smoother transition into your new career.

10. Evaluate Risks and Rewards: Assess the risks and rewards associated with your career change, including potential income fluctuations, job stability, and work-life balance. Be prepared to adapt and make adjustments as needed throughout the transition process.

By following these steps and carefully planning your career transition, you can navigate the change while maintaining financial stability and working towards your long-term goals, including retirement.
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Dr Karthiyayini

Dr Karthiyayini Mahadevan  |599 Answers  |Ask -

General Physician - Answered on Mar 03, 2024

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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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