Ask us: on investments – The Hindu

Q. An individual I do know died not too long ago in an accident. He used to work for a consultancy. He was in his early 20s and had been working for 4 to five months. I wished to assist his household get life insurance coverage and pension fund quantity that’s due. The corporate persons are not cooperative. What can I do to learn about group insurance coverage quantity and what is because of his household?

DIPENDRA ADHIKARI

A. To assist make the declare you first want data on the insurance coverage insurance policies that this individual could have been lined underneath. The household may also help you with any paperwork like identification playing cards of mass medical health insurance or accident insurance coverage schemes or financial institution assertion displaying deduction of premium – which occurs within the Could, June or July annually for the Pradhan Mantri Jan Dhan Yojana Scheme for instance.

If his employer took paperwork for making a declare, it might be a gaggle insurance coverage scheme by the employer. Please ask for the data in writing and ship a replica to the insurance coverage firm or authorities division involved that runs the scheme.

You’ll be able to attempt to discover associated data out by staff’ teams or associations or unions if any. His friends and colleagues or maybe a right-thinking individual within the human assets or accounts division could assist with this lead. With this data, you may work in the direction of making claims or hint if any claims have already been made and cash acquired by a 3rd social gathering.

For those who draw a clean once more, please discover choices of getting data from the insurer or the federal government division involved by RTI.

Q. I’m 29-year outdated single working skilled dwelling with my 56-year- outdated, retired father.

Presently I’ve group insurance coverage from my employer and am planning to take separate medical health insurance moreover. To this point ,neither me nor my father has had medical health insurance. Ought to I am going for particular person or a household floater plans?

KARTHIKEYAN V.

A. Your father will get the premium suited to his age both means. Taking separate insurance policies is advisable for the explanations you say, however first see how the premiums work out for household and particular person insurance policies the place household reductions additionally come into play. In a household coverage, you may nonetheless have floater and particular person sums assured. Get quotations for various choices and your selections are simpler. Additionally, do not forget that while you get married and have youngsters, these premiums additionally will transfer in tandem with the premium for the oldest individual underneath the coverage.

Forward of all this, please enrol your father in your employer’s medical health insurance scheme if that’s potential.

Q. I’m a 19-year-old diploma pupil. I’m financially depending on my dad and mom however wish to begin studying about insurance coverage insurance policies and be usually financially impartial by the point I begin incomes. What books or different assets would you counsel for an absolute newbie like me?

KAVYA

A. Please begin with revered private finance sections of main publications like The Hindu’s weekly MoneyWise web page that carries articles on insurance coverage in addition to financial savings and funding matters.

The web sites of regulators similar to Insurance coverage Regulatory and Improvement Authority of India , Reserve Financial institution of India and Securities and Trade Board of India and self-regulatory organisations like Affiliation of Mutual Funds of India have a wealth of genuine and well timed data on the investments they oversee. You’ll be able to be taught what to do and what to keep away from, get the heartbeat of developments. From web sites of firms that provide the precise monetary merchandise, like insurance coverage firms or mutual funds, you will get product data together with their monetary implications. This may be the place to begin of the thrilling journey you might be embarking on. All the most effective!

(The author is a enterprise journalist specialising in insurance coverage & company historical past)

By- The Hindu

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