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Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Jul 29, 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
Srinivas Question by Srinivas on Jul 29, 2022Hindi
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4. JUST TOO MANY SERVICE ISSUES WITH STAR

Also, in totality, porting is not a value-added feature if existing benefits are able to be carried forward upon porting with new insurer.

Ans: It depends on the insurer to insurer. If you find any better plan from other insurers then porting a policy is a good decision. Benefits of porting the policy are as follows:

- Better Sum Insured Value

- Lowered Policy Premiums

- Get an insurer with a better Claim Settlement ratio

- Better service provider

- No Loss in previous policy benefit

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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Financial Planner - Answered on Jan 31, 2024

Asked by Anonymous - Jan 30, 2024Hindi
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Hi I have taken an insurance Policy : Click 2 Protect 3D policy. its a combi policy where Term Insurance is from HDFC Life and Health Insurance from ERGO (In first year it was Apollo Munich). Its been 5 years since I have been paying the premiums, every year the health premium increased. Recently I paid 60k as premium where initially it was 54k. here Term is around 18K odd, rest is for health. I feel I am being charged more for lesser benefits, the insurance covers my wife and two kids (9 years) and me. By God's Grace till date its no claim policy. The base cover is 4L and added benefits is 4L. I see , their counter parties offer more benefits for such an amount say 40K. i tried to shift to Star Health but portability denied saying it is not possible since it is combined policy. Here i want more cover or able to port to other service provider. What shall I do?
Ans: It's understandable that you're concerned about the increasing premiums and the perceived lack of benefits in your current insurance policy. Here are some steps you can consider:

• Review Your Policy Documents: Make sure to thoroughly review your insurance policy documents. Understand the terms and conditions, coverage details, and any clauses related to premium increases. It's essential to be aware of the specifics of your current policy before making any decisions.
• Compare Policies: Compare the benefits and premiums of your current policy with those offered by other insurance providers in the market. Look for policies that provide similar or better coverage at a more reasonable cost. Take into account the coverage for both term insurance and health insurance.
• Contact Your Current Provider: Reach out to HDFC Life and ERGO to discuss your concerns. Inquire about the reasons for the premium increase and whether there are any options to customise your policy to better suit your needs without compromising coverage. Sometimes, providers may have different plans or options that could better fit your requirements.
• Explore Portability Again: Since you mentioned that Star Health denied portability, consider reaching out to other insurance providers to explore portability options. Different providers may have different policies on porting combined policies, and it's worth checking with multiple companies.
• Seek Professional Advice: Consult with a financial advisor or insurance expert to get personalised advice based on your specific situation. They can help you understand the nuances of your policy, assess your needs, and guide you on the best course of action.
• Consider Separate Policies: If portability remains challenging, you may explore the option of having separate term insurance and health insurance policies from different providers. This way, you can tailor each policy to your specific needs and potentially save on costs.
• Stay Informed About Regulatory Changes: Keep yourself informed about any regulatory changes in the insurance industry that may impact your policy. Sometimes, regulatory changes can affect premium calculations or portability options.

Remember that making changes to insurance policies requires careful consideration, and it's crucial to ensure that you maintain adequate coverage for your family's needs. Always read the terms and conditions of any new policy thoroughly before making a decision. If needed, seek legal or financial advice to make an informed decision.
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Sushil

Sushil Sukhwani  |248 Answers  |Ask -

Study Abroad Expert - Answered on Mar 28, 2024

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My daughter did her graduation in November 2023 from a top-ranked university in Canada - University of British Columbia, Vancouver (QS World Rank within 35). She is interested in a job in the fields of Artificial Intelligence and related software domains. She graduated with an interdisciplinary BSc in Cognitive Systems, including several courses from Computer Science, Artificial Intelligence and Machine Learning, Neuroscience, etc.. Unfortunately, unlike in US universities, there's no Campus Placement facilities available in UBC and most Canadian universities. Please advise how to get into a job in this gloomy economic scenario, in Canada (USA is ruled out because OPT is not available for non-US university graduates).
Ans: Hello Indranil. Thanks for reaching out to us. Given your daughter's background in cognitive systems with coursework in computer science, Artificial Intelligence, Machine Learning and Neuroscience from a prestigious institution like the University of British Columbia (UBC), she has a strong base for having a career in AI and related fields. Although no campus placement is challenging, there are ways to find a job while keeping in mind the gloomy economic condition.

1. Encourage your daughter to leverage her professional network, including alumni, professors, and industry contacts. Attending industry events, seminars, and meetups can provide valuable networking opportunities and help her connect with potential employers or mentors in the field of AI and software development.

2. An online presence, such as having an account on LinkedIn, is important. She can showcase her skills and achievements—both academic and extracurricular—so far, reach out to professionals,etc

For further assistance, you can get in touch with us
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