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In the 5th week of my SIP in SPA capital while working on tax return filling & advising clients I also get the opportunity to work on the insurance products.
Individuals Life
0 yrs
Learning Phase
22-23 yrs N Earning Phase HOME MARRIAGE CHILD Childs Education CAR INVESTMENT & RETIREMENT PLAN BASIC EXPENSES LIFE STYLE PRODUCTS 55-65yrs Retire life Till Death
We suggest clients that if something unfortunate happens to them then to protect their family from uncertainty he should take a term plan. The objective of this policy is purely insurance.. We suggest clients to invest 200multiple of their monthly income they should buy term policy. Like Mr. Sanjib earns Rs30000 pm then he should buy a term plan worth Rs6000000. This it would guarantee a regular flow of Rs30000 to his family & also his family can invest some portion of the amount in some investment products like Mutual funds & FDs
Contd:
There is also insurance for medical purpose i.e. mediclaim policy. For getting benefit from the mediclaim benefit one has to admit in hospital for at least 24 hrs. There may be Caping in different policy i.e. there is a ratio in which various medical expenditure are divided. Admit on Cash & Non-cash basis. Mediclaim policy can starts from 50k to highest 10Lacs. Mediclaim policy can be for individual, family float plan (2Adults+3Children) and policy for senior citizen. In Oriental family mediclaim cover is available for (2A+3C+2 Dependents) Mediclaim policy can be taken from the age 0 to 99yrs. After 45 yrs there is a need for medical check-up and after 60yrs the policy comes under senior citizen policy. But in Star Red Carpet there is a facility to get a policy between the age 60 to 70 yrs without any mediclaim check-up. Premium for amount 1Lac is 5k P.A and for 2 Lac is 10k P.A.H. Following are some basic features of medical insurance: Co-payment No-claim bonus maximum limit up to 50% of the policy value Cumulative bonus i.e. increase in sum assured whose max limit is 50% of the policy value Claim for OPD- Out patient department Pre-hospitalization claim for 30 days Post-hospitalization claim up to 60days Day care for cases like eye operation & dental treatment Domiciliary treatment Daily cash accompany a child from 5k to max 10k Organ donar Ambulance charge max limit rs 2500 Policy for maternity For Normal delivery 10k to 15k For cesearean delivery 15k to 25k E-opinion max 2times in a year Accidental benefit which excludes terrorist attack Claim for Ayurvedic treatment Certain policy for Critical illness
Insurance policy is also mandatory for our cars. Following are some features of car insurance policy:1. IDV- Insured declared value (5% depreciation on premium) 2. OD- On damage discount (0% to 60%) 3. NCB- No claim bonus (0%- 50% which can be carry forward for 60 days) 4. TPA-Third Party