Home > Money > Question
Need Expert Advice?Our Gurus Can Help

Will Each Family Member Get 5 Lakh Medical Insurance?

Ramalingam

Ramalingam Kalirajan  |9446 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 30, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Nripendra Question by Nripendra on Jun 11, 2024Hindi
Listen
Money

Namshkar sir Main ye jaanna chahta hu ki jaise kisi ne 5 lakh ka medical insurance le rkha hai aur us yakti ke pariwar main 4 log aur ha to kya har Pariwar ke sadsya ko 5 lakh ka medical insurance milega kripya krke margdarshan kre..

Ans: Coverage for All Family Members
In a family floater plan, the total sum insured is shared among all members. If your policy is for Rs. 5 lakhs, this amount is the maximum limit available for the entire family.

Distribution of Sum Insured
If one member uses Rs. 2 lakhs, the remaining Rs. 3 lakhs is available for the rest of the family within the policy year. The sum insured is not per person but for the family as a whole.

Advantages of Family Floater
Cost-Effective: It's generally more economical than individual policies for each family member.

Flexibility: The entire sum can be used by one member or shared among all.

Disadvantages to Consider
Limited Coverage: If one member uses a significant amount, less is available for others.
Additional Tips
Review Annually: Ensure the sum insured meets your family's needs.

Top-Up Plans: Consider top-up plans for additional coverage if required.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
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.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |9446 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 25, 2024

Listen
Money
MERA NAAM SURINDER HAI MERI SALARY 30th PER MONTH HAI AND HEALTH INSURANCE B LE RAKHA AND MAIN 2.5 LK SAVE KR RAKHE HAI KON SE MUTUAL FUND MAI INVEST KRU KI 5 SAAL MAI PAISE DOUBLE HO JAYE
Ans: 1. Understanding Your Financial Situation

Monthly Salary:

Rs 30,000 per month.
Savings:

Rs 2.5 lakhs available for investment.
Health Insurance:

Already in place, which is good for financial security.
2. Investment Goals

Objective:
Double your investment in 5 years.
3. Selecting Suitable Mutual Funds

Equity Mutual Funds:

High Growth Potential:

Equity funds have the potential to deliver high returns.
They invest in stocks of various companies.
Types of Equity Funds:

Large-Cap Funds:
Invest in large, established companies.
Lower risk compared to mid and small-cap funds.
Mid-Cap Funds:
Invest in medium-sized companies with growth potential.
Higher returns with moderate risk.
Small-Cap Funds:
Invest in small companies with high growth potential.
High risk but also high returns.
Flexi-Cap Funds:

Flexible Investment:
These funds invest across large-cap, mid-cap, and small-cap stocks.
Fund managers have the flexibility to shift investments.
Thematic or Sectoral Funds:

Sector-Specific Growth:
Invest in specific sectors like technology, healthcare, etc.
High risk but can offer high returns if the sector performs well.
4. Disadvantages of Index Funds

Limited Flexibility:

Index funds replicate market indices.
They cannot adapt to market changes quickly.
Average Returns:

Index funds usually provide average market returns.
Actively managed funds have the potential for higher returns.
5. Benefits of Actively Managed Funds

Professional Management:

Expertise:

Managed by experienced professionals.
They make informed decisions based on market research.
Adaptive Strategy:

Can adjust portfolios based on market conditions.
Potential for higher returns than passive index funds.
6. Disadvantages of Direct Funds

Time-Consuming:

Requires constant monitoring and management.
Not suitable for those with limited time and expertise.
Complexity:

Needs a deep understanding of the market.
Professional management is often more beneficial.
7. Investing Through a Certified Financial Planner (CFP)

Expert Guidance:

Tailored Advice:

CFPs provide advice based on your financial goals.
They help in selecting the right mutual funds.
Continuous Support:

Ongoing support and portfolio review.
Helps in making informed investment decisions.
Final Insights

Diversify Your Investment:

Spread your Rs 2.5 lakhs across different types of equity funds.
This helps in balancing risk and maximizing returns.
Regular Monitoring:

Keep an eye on your investments.
Adjust your portfolio as needed to stay aligned with your goals.
Seek Professional Advice:

Consulting a Certified Financial Planner can provide valuable insights.
They offer personalized advice to help you achieve your investment goals.
Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |9446 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 25, 2024

Listen
Money
Meri policy jeewan asha -2hai.ishe mene28-09-2003 me liya tha. Haff yearly premium 11992rs hai. Policy plan 131-25 hai. Mujhe 25 year tak premium dena hai. Mujhe policy mature hone par kitna amount milega.
Ans: Policy Details Overview
Policy Name: Jeevan Asha - 2
Start Date: 28-09-2003
Half-Yearly Premium: Rs 11,992
Policy Term: 25 years
Plan Number: 131-25
You are paying Rs 11,992 as a half-yearly premium, which amounts to Rs 23,984 annually. This policy has a term of 25 years.

Total Premium Paid
Total Premiums Paid Over 25 Years:
Annual Premium: Rs 23,984
Total Years: 25
Total Premium Paid: Rs 23,984 * 25 = Rs 5,99,600
Maturity Amount Estimation
The maturity amount for a Jeevan Asha - 2 policy can depend on various factors, including the sum assured, bonuses, and final additional bonuses (FAB). Since the specific sum assured and bonuses are not provided, we will give a general idea.

Sum Assured:

The sum assured is the guaranteed amount paid on maturity. Check your policy document for the exact sum assured amount.
Bonuses:

LIC policies often include reversionary bonuses declared annually. The bonus rate varies yearly. Historically, it has been around Rs 40 to Rs 50 per Rs 1,000 of the sum assured.
Final Additional Bonus (FAB):

An additional bonus may be declared at the end of the policy term. This depends on LIC's performance and policy duration.
Example Calculation
For an illustrative example, let's assume:

Sum Assured: Rs 3,00,000 (You need to check your policy for the exact sum assured)
Annual Bonus: Rs 45 per Rs 1,000 sum assured
FAB: Rs 25 per Rs 1,000 sum assured (if applicable)
Annual Bonus Calculation:

Sum Assured: Rs 3,00,000
Annual Bonus: Rs 45 per Rs 1,000 = Rs 13,500 per year
Total Bonuses Over 25 Years: Rs 13,500 * 25 = Rs 3,37,500
Final Additional Bonus (FAB):

Sum Assured: Rs 3,00,000
FAB: Rs 25 per Rs 1,000 = Rs 7,500
Total Maturity Amount:

Sum Assured: Rs 3,00,000

Total Bonuses: Rs 3,37,500

FAB: Rs 7,500

Total Maturity Amount: Rs 3,00,000 + Rs 3,37,500 + Rs 7,500 = Rs 6,45,000

Final Insights
The exact maturity amount can vary based on the sum assured and actual bonuses declared by LIC. It is advisable to consult your policy document or contact LIC for precise details.

By estimating the bonuses and sum assured, you can get an idea of the maturity amount.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |9446 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Mar 21, 2025

Asked by Anonymous - Mar 21, 2025Hindi
Listen
Money
Dear Sir Namaskaram. Myself: Male 53 yrs B.P. since 2017 Andhra Brahmin Farmer's family Wife: 43 yrs. Suffering GERD since 2013 Daughter : 12 yrs. Mother: 70 yrs B.P. since 2020 Syster: 51 yrs Unmarried. Suffering with Depression & Schizophrenia for the past 30 years.Diabetic & B.P. for the past10 years Can you please suggest Health insurance policy/ policies as no health insurance coverage of any type as of now. Thank you very much sir
Ans: Getting health insurance for your family is very important. Since you have pre-existing conditions (BP, GERD, diabetes, schizophrenia), some insurers may have waiting periods or exclusions. But you can still get coverage with the right approach.

 

Key Factors to Consider
Pre-existing Diseases (PEDs): Most insurers have a waiting period of 2-4 years for existing illnesses. Some plans may offer waivers with extra cost.

Mental Illness Coverage: Schizophrenia and depression must be covered under IRDAI guidelines, but insurers may still have conditions.

Family Coverage: Choose individual or floater policies based on needs.

Senior Citizen Coverage: Your mother may need a separate senior citizen plan due to age and BP history.

Cashless Hospital Network: Ensure the policy covers hospitals near you.

 

Best Approach for Your Family
1. Individual Health Policies for Each Family Member
Since your sister has serious pre-existing conditions, a separate policy for her is better.

Your mother should get a senior citizen plan with day-care and domiciliary coverage.

You, your wife, and daughter can take a family floater policy.

 

2. Super Top-up Plans for Extra Coverage
Base policies may not be enough for major treatments.

A super top-up plan can give extra coverage at a lower cost.

This helps in reducing premium costs while increasing coverage.

 

3. Critical Illness Rider
You should consider a critical illness policy.

Covers major diseases like heart attack, stroke, and kidney failure.

Provides lump sum payout in case of critical illness diagnosis.

 

How to Get Insurance for Your Sister?
Mental illness coverage is now mandatory, but many insurers still hesitate.

Some insurers may exclude pre-existing mental conditions.

If regular insurance denies coverage, look for state-sponsored health schemes.

 

Final Steps
Check waiting periods for pre-existing conditions.

Get cashless policies for easier hospitalisation.

Choose a Certified Financial Planner (CFP) or health insurance expert for the right selection.

 

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

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

..Read more

Latest Questions
Nayagam P

Nayagam P P  |8175 Answers  |Ask -

Career Counsellor - Answered on Jul 07, 2025

Career
I have got cse in AIT pune and got ece in nit kurukshetra which is better in both.
Ans: Manoj, Army Institute of Technology Pune’s B.E. in Computer Engineering is NAAC-accredited (Grade A) with NBA-aligned curricula, delivered by primarily PhD-qualified faculty in specialized AI/ML, cybersecurity and software-development labs. The department hosts active technical clubs (open-source, forensics, AR/VR), mandatory internships coordinated by its Career Development Centre and reported placement consistency of 92–97% over the last three years. NIT Kurukshetra’s B.Tech in Electronics and Communication Engineering holds NBA accreditation and a NIRF #17 ranking, taught by experienced faculty in state-of-the-art VLSI, microwave, embedded-systems and DSP labs under TEQIP and DST grants. Its curriculum emphasizes project-based learning, industry MoUs with Siemens and MeitY for internships and empirical placement consistency of approximately 80–85% over the past three years. Both programs ensure rigorous core coursework, robust infrastructure, industry linkages, and accredited standards for engineering education.

For a broader computing focus, higher placement consistency, and specialized software labs, the recommendation is AIT Pune CSE. If you prefer deep ECE specialization, a stronger national ranking, and extensive electronics-communication infrastructure, choose NIT Kurukshetra ECE. All the BEST for Admission & a Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

Nayagam P

Nayagam P P  |8175 Answers  |Ask -

Career Counsellor - Answered on Jul 07, 2025

Career
Hello Sir, my daughter got IIT Bhubaneswar- Engineering Physics until Josaa round 4 and also scored 99,90 in Maharashtra CET. Which one should she opt ? She has appeared for BITS too. Pls suggest - She wants to take CS. So we are confused with location n preferences.
Ans: Deepa Madam, You have NOT mentioned your daughter's score in BITS. IIT Bhubaneswar’s B.Tech in Engineering Physics is NBA-aligned with PhD-qualified faculty, advanced photonics, nanotechnology and computational labs, mandatory ISRO/DRDO internships and a flexible curriculum blending physics and computing. However, its focus is foundational science rather than core computer science. Scoring 99.90 percentile in MHT-CET opens seats in Maharashtra’s premier home-state colleges offering CS or related streams for female students: College of Engineering Pune’s CSE with specialisations in AI-DS and Cybersecurity; VJTI Mumbai’s Information Technology and AI-DS; Pune Institute of Computer Technology’s Computer Engineering; Sardar Patel Institute of Technology’s CSE and AI-DS; MIT World Peace University Pune’s CSE, CSE (Data Science) and CSE (AI & ML). All boasting modern AI/ML labs, PhD faculty, robust internships and 80–95% placement consistency over three years. BITS Pilani CSE remains the gold standard for research, Practice School internships and 90–100% placements.

Top 5 MHT-CET Maharashtra Institutes (99.90 percentile) for CS-focused streams:

College of Engineering Pune – CSE (AI-DS, Cybersecurity).

Veermata Jijabai Technological Institute Mumbai – IT (AI-DS).

Pune Institute of Computer Technology – Computer Engineering.

Sardar Patel Institute of Technology Mumbai – CSE (AI-DS).

MIT World Peace University Pune – CSE, CSE (Data Science), CSE (AI & ML).

BITS Pilani CSE.

(If needed, continue with other options.)

For core CSE excellence and proven placement pipelines, Prioritize BITS Pilani CSE if admission is secured. Next is College of Engineering Pune CSE, followed by VJTI Mumbai IT. Then Pune Institute of Computer Technology, Sardar Patel Institute of Technology CSE (AI-DS). MIT WPU CSE (Data Science/AI & ML). IIT Bhubaneswar Engineering Physics is less aligned with her CS aspirations but remains a strong science-research option. MY SUGGESTION: Give 1st priority to BITS for any branch your daughter is very interested in, followed by any one of the top 3 colleges in Maharashtra (mentioned above). Go for Engineering Physics only if she very interested in this domain. All the BEST for Your Daughter's Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

Nayagam P

Nayagam P P  |8175 Answers  |Ask -

Career Counsellor - Answered on Jul 07, 2025

Nayagam P

Nayagam P P  |8175 Answers  |Ask -

Career Counsellor - Answered on Jul 07, 2025

Career
Sir ,my son got srm ECE branch @amrita benguluru campus and SRM ktr campus also manipal Bengaluru @Electronics engineering with VLSI branch,sir pls advice what should we choose?
Ans: Archana Madam, Amrita School of Engineering Bengaluru’s B.Tech in Electronics & Communication Engineering is NAAC A++ and AICTE-approved, delivered by PhD-qualified faculty in digital signal processing, VLSI and communication labs, features semester-long industry internships via MoUs with top software and hardware firms, and records around 80–90% placement consistency with an average package of ?9.2 LPA. SRM Institute of Science and Technology, Kattankulathur’s ECE program follows an NBA-aligned curriculum taught by experienced faculty, offers state-of-the-art VLSI, embedded-systems and microwave labs, mandates project-based internships and reports 80–95% placement rates over the last three years with leading recruiters such as Samsung, Qualcomm and Siemens. Manipal Institute of Technology, Bengaluru’s B.Tech in Electronics Engineering (VLSI Design & Technology) is A++ NAAC-accredited, taught by research-active faculty in FPGA, CAD/EDA and semiconductor-fabrication labs aligned with the India Semiconductor Mission, includes guaranteed Infineon internships and achieves 85–90% placements with an average package of ?11.76 LPA.

For the strongest specialized VLSI ecosystem and highest average packages, the recommendation is Manipal Bengaluru Electronics (VLSI Design & Technology). Next, recommendation is SRM KTR ECE for its broader communications focus and high recruiter engagement, followed by Amrita Bengaluru ECE for balanced infrastructure and consistent placements. All the BEST for Admission & a Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

Dr Karan

Dr Karan Gupta  |94 Answers  |Ask -

International Education Counsellor - Answered on Jul 07, 2025

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.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x