ULIP Insurance
ULIP insurance plans are generally goal based, systematic, long term ones and a combination of insurance and investment. If you avail these plans you can get lots of benefits related to tax under the section 80c of IT Act. In most of these insurance plans you can see two distinct features: transparency and flexibility. There are great options in these plans too.
IT will do well to understand the cost structure involved before taking the plunge into it. If you are still wondering how the charges are levied for different ULIP insurance plans, then they are
1. Charges for Policy Administration: - This refers to the fixed amount that depends upon the percentage of money assured or inflation rates that keep fluctuating through out the year.
2. Charges for Premium Allocation: - ULIP cost structures are generally so designed that its benefits will start reaching only after 5-6 years from the time you did the investment. A portion of payment done for premium will be diverted to these charges. This is usually calculated in terms of percentage of premium.
3. Charges for Mortality: - These insurance covers are also charged for mortality which in turn depends on factors like level of risk covered, sex and age and so on.
4. Charges for Fund Management: - These charges can vary between 0.5% and 2.0% on a yearly basis and is calculated as a percentage of fund management.
If you want to get more out of these insurance plans, you need to follow simple guidelines like Starting early with the plans, investing regularly, and so on.
Saturday, August 28, 2010
Saturday, August 21, 2010
Critical illness insurance
Critical illness insurance
As we insure our house and a car, a Critical illness insurance plan is meant to insure or protect
ourselves from any serious illness that can cause us or any of our family members. These insurance plans give enough security and guarantee to you cash sum in case something unexpected happens to us or our family member or if they are diagnosed with some serious health problems.Generally critical illness insurance plans are offered at affordable premium rates. The premium amount which we pay is exempted under section 80D of Income Tax Law. The person insured can claim the amount anywhere between Rs 1,00,000 and Rs 50,00,000. All kinds of illness are covered through these insurance plans including Cancer, Kidney failure, First heart attack, Paralysis, Organ Transplant, Multiple Sclerosis, and so on. An insurance cover which take care of critical illnesses is particularly important these days as the medical cast is sky rocketing with every passing day.Certainly we would not like to helter -skelter during the time of emergencies.
Today many insurance companies are in the market who are willing to offer us these covers provided us meet their terms and conditions. While life insurers provide these covers as a rider that is combined with life insurance policy, general insurance companies offer them as individual policies.
The sum guaranteed for the insured person will be payable within a set period after the diagnosis of the critical illness.This usually ranges between 30 to 90 days.Before buying one such cover from a non-life or a life insurer,we should check out for the illnesses that are covered by them. It will be better if we we can buy a policy that will cover those illnesses we and our family more frequently than others.
As we insure our house and a car, a Critical illness insurance plan is meant to insure or protect
ourselves from any serious illness that can cause us or any of our family members. These insurance plans give enough security and guarantee to you cash sum in case something unexpected happens to us or our family member or if they are diagnosed with some serious health problems.Generally critical illness insurance plans are offered at affordable premium rates. The premium amount which we pay is exempted under section 80D of Income Tax Law. The person insured can claim the amount anywhere between Rs 1,00,000 and Rs 50,00,000. All kinds of illness are covered through these insurance plans including Cancer, Kidney failure, First heart attack, Paralysis, Organ Transplant, Multiple Sclerosis, and so on. An insurance cover which take care of critical illnesses is particularly important these days as the medical cast is sky rocketing with every passing day.Certainly we would not like to helter -skelter during the time of emergencies.
Today many insurance companies are in the market who are willing to offer us these covers provided us meet their terms and conditions. While life insurers provide these covers as a rider that is combined with life insurance policy, general insurance companies offer them as individual policies.
The sum guaranteed for the insured person will be payable within a set period after the diagnosis of the critical illness.This usually ranges between 30 to 90 days.Before buying one such cover from a non-life or a life insurer,we should check out for the illnesses that are covered by them. It will be better if we we can buy a policy that will cover those illnesses we and our family more frequently than others.
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Wednesday, August 4, 2010
Health Insurance
Health Insurance
Health Insurance pays for medical expenses. Health insurance is essential for covering disability and long term custodial care requirements. Health insurance policies can be purchased for a group, family or an individual .In these policies we pay the premium to get assured help in case of high or unexpected healthcare expenses in the future. While choosing these plans we make sure that these features are well defines such as Coverage, Co-Payments, Coinsurance, Deductibles, Pre-existing conditions/scenario, and limitations on the devices, drugs and your access to the specialists.
Health Insurance pays for medical expenses. Health insurance is essential for covering disability and long term custodial care requirements. Health insurance policies can be purchased for a group, family or an individual .In these policies we pay the premium to get assured help in case of high or unexpected healthcare expenses in the future. While choosing these plans we make sure that these features are well defines such as Coverage, Co-Payments, Coinsurance, Deductibles, Pre-existing conditions/scenario, and limitations on the devices, drugs and your access to the specialists.
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