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Ramalingam

Ramalingam Kalirajan  |6268 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 18, 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
BR Question by BR on Nov 30, 2023Hindi
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Hi Sanjib..please suggest a few good term insurance options and what all needs to be kept in mind before selecting the right one?

Ans: Here are some factors to consider and popular term insurance options:

Factors to Consider:

Coverage Amount: Choose a coverage amount based on your financial needs and future obligations.
Policy Term: Align the policy term with your financial goals and retirement age.
Premium: Ensure the premium fits within your budget for the entire policy term.
Claim Settlement Ratio: Opt for insurers with a high claim settlement ratio for reliability.
Rider Options: Check for additional riders like accidental death benefit, critical illness, etc., to enhance coverage.
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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Ramalingam

Ramalingam Kalirajan  |6268 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 17, 2024

Asked by Anonymous - Jan 04, 2024Hindi
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Hi..i would like to purchase a medical insurance policy which have term insurance too..Please advice
Ans: t's commendable that you're considering both medical and term insurance. Here's some advice on each:

Medical Insurance Policy:
When purchasing a medical insurance policy, consider the following:

Coverage Amount: Opt for a policy with adequate coverage that can handle major medical expenses.
Pre-existing Conditions: Check if the policy covers pre-existing conditions, and if there's a waiting period.
Network Hospitals: Ensure the policy offers a wide network of hospitals for cashless treatments.
Claim Process: Look for policies with a straightforward and hassle-free claim process.
Additional Benefits: Some policies offer benefits like OPD coverage, maternity benefits, etc. Choose based on your needs.
Term Insurance Policy:
For term insurance, focus on:

Coverage Amount: Choose a coverage amount that would adequately support your family's financial needs in case of your untimely demise.
Policy Tenure: Opt for a policy term that aligns with your financial obligations and retirement age.
Rider Options: Consider adding riders like critical illness or accidental death benefit for comprehensive coverage.
Claim Settlement Ratio: Look for insurers with a high claim settlement ratio for a smoother claim process.
Premium: Compare premiums from different insurers to get the best value for your money.
Remember, while it might be convenient to combine both in one policy, it's often more beneficial to purchase them separately to ensure tailored coverage for each need. It's advisable to consult with an insurance advisor or planner to help you choose the right policies based on your specific requirements and budget.

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Moneywize

Moneywize   |146 Answers  |Ask -

Financial Planner - Answered on Feb 06, 2024

Asked by Anonymous - Feb 06, 2024Hindi
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I am 30 and looking for a term insurance for a term of 40 years. Which company offers the best term plan in terms of lower premium and best cover? Could you kindly suggest one?
Ans: One cannot recommend a specific term insurance plan or company as it depends on various factors like your health condition, lifestyle habits (smoking/drinking), income, budget, and family situation. However, here’s a guide on how to choose the best term plan.

Here are some key factors to consider when choosing a term insurance plan:

• Sum assured: This is the amount your beneficiary will receive in case of your death during the policy term. Choose a sum assured that is sufficient to cover your outstanding debts, living expenses for your family, and future financial goals of your dependents.
• Policy term: This is the duration for which the life cover is valid. Since you are 30 and looking for a 40-year term, you have a wide range of options to choose from.
• Premium amount: This is the amount you pay annually or monthly to maintain the policy. Generally, younger individuals have lower premiums compared to older individuals.
• Riders: These are additional benefits that can be attached to your base plan, like accidental death benefit, critical illness cover, and waiver of premium rider. Choose riders that suit your specific needs and budget.
• Claim settlement ratio: This ratio indicates the percentage of claims settled by the insurance company. Opt for a company with a high claim settlement ratio.

Popular insurance companies often change, and new products may be introduced, so it's essential to check the latest offerings. Additionally, individual factors such as your health, lifestyle, and occupation can affect premium rates. Make sure to disclose all relevant information accurately to get the most suitable coverage.

Remember, it's crucial to disclose all your health conditions and lifestyle habits accurately while applying for term insurance. Withholding information can lead to claim rejection in the future.

Remember that buying ‘best’ term insurance plan is subjective and depends on your specific needs and circumstances.

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Nitin

Nitin Narkhede  |5 Answers  |Ask -

MF, PF Guru - Answered on Sep 11, 2024

Asked by Anonymous - Sep 10, 2024Hindi
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I have 10 lakh rupees which I want invest in MF. Please suggest some fund for lump sum amount to invest for 1 and half years.
Ans: Dear Friend,
Thank you for your query. 1.5 Years is a very short time for getting high returns. Investing Rs 10 lakhs in mutual funds for a short-term horizon of 1.5 years requires a cautious approach. For such small period, you should look for low to moderate-risk funds that offer stability with reasonable returns, as investing in high-risk equity funds might be too volatile for a short time frame. Since your investment horizon is just 1.5 years, avoid high-risk equity mutual funds as they can be volatile in the short term. Check for exit loads and tax implications before investing. Most short-term capital gains (if you withdraw before 3 years) from debt funds are taxed according to your income tax slab.
You have to evaluate your risk Appetite , Short-Term Debt Funds are invested in government securities, corporate bonds, and other debt instruments with short maturities, offering stability and moderate returns. For a 1.5-year investment, these are ideal as they are less volatile. you can expect 5-7% per annum Returns. You can think of
• ICICI Prudential Short Term Fund
• HDFC Short Term Debt Fund
• Axis Short Term Fund
• ICICI Prudential Corporate Bond Fund
• HDFC Corporate Bond Fund
• Aditya Birla Sun Life Corporate Bond Fund.
Best regards,
Nitin Narkhede
Founder & MD, Prosperity Lifestyle Hub https://Nitinnarkhede.com
Free Webinar https://bit.ly/PLH-Webinar

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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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