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Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Nov 28, 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
Subhas Question by Subhas on Nov 28, 2022Hindi
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I am 72 yrs and my wife 62. We have Mediclaim from National Insurance for 5 lakh each for last >20 years. However, due to high premium, we reduced it (by step) to 3 lakh each and also losing bonus accrued. Now I am thinking to have another insurance from Star Insurance for Rs 2 lakh each.

Is it advisable and what are the pros & cons?

Ans: Hi Subhas, instead of buying a new policy for 2 lakh each to increase sum insured you can buy a super top up on your current policy which will cover more sum insured on a lesser premium.

If you purchase a new policy, it will not cover your pre-existing diseases. Moreover, waiting period associated with the new policy will be there because of which you will not be able to claim your sum insured.

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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Sanjib

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Insurance Expert - Answered on Oct 12, 2022

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 I am an employee of central govt. PSU. My family consists of myself, spouse, two minor children and mother. I am covered by a corporate group medical insurance policy for Rs 2 lakh with an additional emergency coverage of Rs 4 lakh by the employer. I also have a personal Family Floater policy for Rs 3 lakh and a Sr. Ctzn. Policy for Rs 1 lakh. I have not used the personal policies till date for any hospitalisation claim. I am aware that a claim exceeding the corporate policy limit can be claimed in the personal policy. Recently I was made to know that any planned hospitalisation exceeding the corporate claim limit, cannot be done using the second policy. I also know that there is a product called as top up policy which can be used in such cases. I have 8 years of remaining service where there is a medical insurance cover during the period. After retirement, the employer provides a basic policy of 1.5 lakh for the family. The same feels to be insufficient in today’s times. What would be your advice with regards to the existing medical insurance policies and their amounts? Should I need to undertake any tweaking of the policy amounts or switch to a top up policy?
Ans: Hi Pradeep, yours is a legit concern. It would be best if you take advice from a professional person or company – having the necessary qualifications -- after discussing your issue with them.

Insurance is each to its own. Depending on your concerns and requirements a professional service provider will be able to give you the best advice, whether to tweak policy amount or switch to top up.

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Sanjeev

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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

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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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Hi Sushil. My daughter is planning to do MS from US. She has got acceptance from two universities and waiting from one more. Meanwhile, I have approached bank for loan. Their list of documents require I20, whereas for I20 I have to show finance. How to solve this? Secondly, the fee estimate of University shows only for one year ( spring and fall), How can I show the requirement for two years to Bank? No.3: Whether cash in account to be shown while applying for VISA or bank loan also will do? Sorry I have asked lot of questions.
Ans: Hello R. It is great that your daughter has been accepted by a couple of universities in the US. To answer your question first, generally, banks do ask for I-20 to process the loan application; however, a few banks or NBFCs, e.g., HDFC Credila, could issue a loan sanction letter on the basis of the offer letter issued. You could use this sanction letter to call for the I20, provided the university is accepting the letter, or show the required funds in your savings account, provide a bank certificate, and then call for the I20.Expenses to be shown in the bank certificate or savings account to call for the I20 are for a year, which includes the total of tuition, food, accommodation, and miscellaneous [if any]. I20 will show expenses for 9 or 12 months; however, it will also clearly mention the start and end dates of the course, which would help the bank know the total duration of the course and accordingly sanction the loan amount will be sanctioned. Yes, both the savings account and the education loan letter could be used during the visa interview.

For further assistance, you can get in touch with us
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Workplace Expert - Answered on Mar 29, 2024

Asked by Anonymous - Mar 29, 2024Hindi
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I was doing Business for past 23 years and have been succesful in that.. After COVID my business fell apart and I am trying to regain the foothold. Although I have created a good brand, I am not able to make the Money I was making earlier. However the buisness is picking up and I knew If I could have little more patience, I will make it. However the situation demands lot of financial requirements for my lifestyle and family. They are insisiting me to go for a Job now. My business is stagnent for past few years and it is slowly showing the signs of growth now.. I do not want any waiting time due to pressing needs. I am 49 Now.. I am not sure if applying for work at this age will help as I have no idea on the Job market.. I am getting very good offers on selling my Business. Kindly advice.
Ans: Dear

There are two parts.

Emotional...how you feel attached to your business.

Rational: your financial needs and the revenue that your business is generating.

Any advise us a function of both the above aspects. Unless one knows the current revenue numbers, growth potential of the business, competition and several such factors it's not possible to share any guidance.

Hence may I suggest you talk to your CA and other colleagues of yours, look at the numbers in hard way and then take a call.

Emotional aspect can be both strength and liability... strength because it will inspire you to make business grow... liability because you may be overtly attached to your business without looking at the financial realities.

All the best.
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Asked by Anonymous - Mar 28, 2024Hindi
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Sir im 36 yrs of age weighing 107 kgs and I regularly walk which helps in maintaining my weight but im unable to reduce belly fats. I walk approx 4 kms daily within 30 minutes .
Ans: Thank you for your inquiry. I appreciate your dedication to maintaining a consistent walking routine for weight management. However, if you're specifically aiming to reduce belly fat, it might be beneficial to incorporate additional methods into your regimen.

While walking is great for overall health and weight control, integrating strength training exercises can be instrumental in building muscle mass and boosting metabolism, thereby facilitating greater fat loss, including targeting belly fat. Incorporate exercises such as squats, lunges, push-ups, and abdominal workouts like crunches or planks.

To enhance the effectiveness of your walking routine, consider adding intervals of higher intensity. This might entail alternating between periods of brisk walking and intervals of more vigorous effort, such as walking uphill or increasing your pace to a jog for brief durations. This approach can elevate calorie expenditure and promote fat burning.

In terms of nutrition, it's crucial to pay close attention to your dietary habits, as they significantly impact fat loss. Prioritize a well-rounded diet rich in whole foods such as fruits, vegetables, lean proteins, and whole grains, while minimizing intake of processed foods, sugary beverages, and excessive calories, which can contribute to belly fat accumulation. Additionally, consider reducing carbohydrate intake and increasing protein consumption in consultation with a registered dietitian for personalized guidance.

Overall, by incorporating these strategies alongside your walking routine, you can optimize your efforts towards reducing belly fat and improving overall health.
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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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