What is Free Look Period in Insurance? ‘Insurance is a subject matter of solicitation.’ We see this line in almost every advertisement and literature soliciting and/or canvassing Insurance. This means Insurance has to be solicited by us and after examining our risks the insurance company will provide us the risk coverage. While this is theoretical,…
What happens if payment of Insurance premium is discontinued? Every Insurance policy is a contract between the insured and the insurer. Be it a Life Insurance, Health Insurance or a Car Insurance, It’s the obligation of the client (the insured in insurance language) to pay the premiums on a timely basis. The claim settlement is…
In a previous post, we explored the nature of risk. We had discussed that engagement with risk is necessary, and that engagement with risk brings about uncertainty. The manifestation of risk can be understood by using the construct “If a particular event occurs, then a particular impact occurs”. Further, the management of risk is then…
As a living being one has to face risk, risk here is referred as an uncertain event leading to uncertain outcomes taking various forms in life, health, wealth etc. These risks are not frequent and chances of occurrence are also low but when they occur they cause a devastating effect in one’s life. As one…
Being a financial planner, I always believe in risk management as the foundation for an effective financial plan. Anything that can’t be afford to be lost, should be protected. Else, one would end up with a dent on the financial assets or savings. Thus, risk management gains prominence. Risk management provides financial security via financial…
A working mother’s sheer presence is a celebration to a toddler! This children’s day, I decided to devote a bit more time for my 3-year-old. My 3-year-old enjoys me being around, so why not devote a little more time this special day? As usual, our time together will be full of giggles, hugs, kisses, and…
Insurance! It is a tool to protect our valuables. We have heard of insuring homes, health, vehicles, etc. Some even get an insurance to protect their favorite body part! Usually, different insurance policies are brought to protect different valuables. But, can we get just one insurance that covers everything? Yes, it is possible with an…
“Health Is Wealth” Wisely said! Given the exponential rise of health expenses in the country, any medical issue is directly related to the financial disturbance or distress of the individual and the family. How can one deal with it? Is buying a medical insurance enough to escape all the medical expenses? How about the expenses…
Claim settlement process for life insurance should be a smooth process for the nominee. And for the faster claim processing, the claimant should submit the right and complete set of documentation. If you do not want your nominees to go through a cumbersome claim process, it is imperative to do the right things when buying…
Mr. Rohit’s 10-year-old was diagnosed with dengue. All the medical expenses together including diagnosis, consultation, medication etc. costed more than INR12,000. Since there was no hospitalization, the medical insurance worth INR5,00,000 came for no use at that point of time. Cases like these are common in most Indian families, where the extra/unexpected health care expenses…