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Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Sep 08, 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
SUBHANKAR Question by SUBHANKAR on Sep 08, 2022Translate
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I have an ongoing group insurance from Manipal Cigna for my parents aged 62yrs and 58yrs respectively from past 2 years under Union Bank Customers Group Insurance.

I would now like to include them in a more inclusive and definitive plan wherein coverage and facilities are there as both are going into senior citizen category down the line.

Is it possible to change my insurance from group to family floater Co-sitting of father and mother only while retaining the NCB and Critical Illness Continuity as I have not claimed anything for past 2 years and would like the critical illness cover to remain as it was due after 3 years and this is 3rd year ongoing. So they would have been eligible for the same next year but there are some limitations in the group insurance which has forced me to think to change the current policy to family/individual.

Please guide the best in terms of value for money and what should be the ideal course of action. My coverage is Rs 10 lakh.

Ans: Hi Subhankar, to answer your query, there are insurers in the market which provide the facility of porting a group policy to family floater policy along with no claim bonus (NCB). However, Critical Illness Continuity will depend upon the coverage of the policy.

If Critical illness is in policy coverage then it will be covered but if the same is included in the policy as a ‘Rider’ then in this case it cannot be ported.

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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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.

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