Atal Pension Yojana – Features & Eligibility explained in detail

Recently the govt has announced the pension scheme called “Atal Pension Yojana”, which is targeted at workers from lower class who work in unorganized sector which constitutes around 88% of the workforce.

An account needs to be opened under this scheme and monthly contributions needs to be made till the time of retirement after which a pension amount ranging from Rs 1,000 to Rs 5,000 per month would be paid to the account holder and on death of subscriber and spouse, the nominee will get the lump sum accumulated by the end of the period.

Any person below 40 years of age can open an account.

Atal Pension Yojana

The retirement age will be set to 60 years, hence one will get at least 20 years of contribution. Any person below 40 years can open an account. The retirement age will be set to 60 years, hence one will get at least 20 years of contribution.

How to open Atal Pension Yojana Account?

  • Go to the bank where you have your saving bank account like SBI, ICICI, HDFC or any other bank..
  • Fill up the form (download english form or hindi form)
  • Make sure you fill all the fields
  • Mobile number is compulsory, hence that needs to be filled
  • If you have Aadhar card, provide the number in the form (but its not compulsory)
  • You also need to provide spouse details if applicable and nominee details, which is compulsory
  • You will select the pension amount you need in future and based on that the bank official will write the monthly contribution required on the form

Below is a sample form

atal pension yojna sample form

Note that the form itself contains a section which mentions that you are authorizing the bank to deduct the monthly contribution from your account till the age of 60 yrs. So once the Atal Pension Yojana account is opened, your bank account will then get auto debited in future every month.

If one does not have a bank account, then one can give their KYC documents along with account opening form with the Atal pension Yojna account form.

Eligibility Criteria for Opening an account

  • The age of the subscriber should be between 18 – 40 years.
  • One should have a saving bank account or should open a new saving bank account
  • One should be having a mobile number, which needs to be furnished at the time of filling up the form

Governments co-contribution for 5 years

If one joins this scheme between 1st June, 2015 to 31st December, 2015 , the govt will co-contribute 50% of the total contribution or Rs. 1,000/- per annum, whichever is lower for the 5 yrs period from 2015-16 to 2019-20, But this govt contribution will be available only for those who are not covered by any Statutory Social Security Schemes and are not income tax payers.

What that means if that if you are an EPF subscriber, then you will not be eligible for govt co-contribution part.

Below is the indicative monthly contribution required in this scheme at various age limits.

atal pension yojna contribution chart

The subscriber can increase or decrease their contribution amount at some later stage if they want to do it

Will you get statements of transactions?

Yes, you will be getting regular intimations on your account information through SMS and even a physical statements each month. Note that you can move to any part of India without interrupting your contributions because the deductions will happen automatically from your bank account.

Can you exit or partially withdraw from the scheme ?

1. On attaining the age of 60 years – The first option is when you reach 60 yrs of age. At that time you will be able to use 100% of the money, but only in the pension form. You will only get the pension per month and not the lump-sum amount.

2. In case of death of the Subscriber (once they cross 60 yrs) – In case of death of subscriber, pension would be available to the spouse and on the death of both of them (subscriber and spouse), the pension corpus would be returned to his nominee.

3. Exit Before the age of 60 Years – The Exit before age 60 yrs, would be permitted only in exceptional circumstances, i.e., in the event of the death of beneficiary or terminal disease. As per Wikipedia, Terminal illness is a disease that cannot be cured or adequately treated and that is reasonably expected to result in the death of the patient within a short period of time. This term is more commonly used for progressive diseases such as cancer or advanced heart disease than for trauma.

What is your want to discontinue the payments or delay in payments ?

Non-maintenance of required balance in the savings bank account for contribution on the specified date will be considered as default. Banks are required to collect additional amount for delayed payments, such amount will vary from minimum Re 1 per month to Rs 10/- per month as shown below

  • i. Re. 1 per month for contribution upto Rs. 100 per month.
  • ii. Re. 2 per month for contribution upto Rs. 101 to 500/- per month.
  • iii. Re 5 per month for contribution between Rs 501/- to 1000/- per month.
  • iv. Rs 10 per month for contribution beyond Rs 1001/- per month.

Discontinuation of payments of contribution amount shall lead to following

  • After 6 months account will be frozen.
  • After 12 months account will be deactivated.
  • After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded enough for auto debit of contribution amount. The fixed amount of interest/penalty will remain as part of the pension corpus of the subscriber.

Are there any Tax benefits in Atal Pension Yojna scheme ?

No , there are no tax benefits available in this scheme. A lot of people might think that they will get any exemption under 80C or on maturity, but no benefits are available. The pension amount will be considered as the income for the person and will be added in the taxable amount.

What if someone is already a subscriber of Swavalamban Yojana under NPS ?

All the registered subscribers under Swavalamban Yojana aged between 18-40 yrs will be automatically migrated to APY with an option to opt out. However, the benefit of five years of Government Co-contribution under APY would be available only to the extent availed by the Swavalamban subscriber already.

This would imply that if, as a Swavalamban beneficiary, he has received the benefit of government Co-Contribution of 1 year, then the Government co-contribution under APY would be available only for 4 years and so on.

Existing Swavalamban beneficiaries opting out from the proposed APY will be given Government co-contribution till 2016-17, if eligible, and the NPS Swavalamban continued till such people attain the age of exit under that scheme.

Note that, the ultimately the money under this scheme will be managed through NPS only and thats the underlying thing. All the investments decision will happen as per the guidelines of PFRDA.

A good support system for Poor

As I mentioned, this scheme has the maximum pension of Rs 5,000 per month, that too when the person reaches 60 yrs of age, that too will happen only after a minimum of 20 yrs from now (only people below 40 yrs of age can open an account), so Rs 5,000 at that time would be a very miniscule amount.

However note that we are talking about the people in lower section’s who are really poor. At least this Rs 5,000 per month would be a great support in their old age when they won’t be working. A subscriber can open only one APY account.

With this scheme, people will be encouraged to save a small portion each month ranging from Rs 40 to Rs 210 per month. Below is the full chart showing how much money would be required to be deposited each month depending on the time of entry in the scheme and the pension amount chosen.

What is the returns of this scheme and should you invest?

So the question finally is, how good is this scheme and its returns if you consider the returns? I did a XIRR analysis of the scheme considering a 40 yrs old person is investing Rs 1,454 per month for 20 yrs , and then gets a pension of Rs 5,000 all this life (till age of 100 years). The returns I get is 7.74% through the excel sheet.

When I do the same thing for a 25 yrs old person invests Rs 376 per month for next 35 yrs (till age 60) and gets pension till he turns 100 yrs . The overall IIR is 7.9% . This includes the lump sum payment at the end to the nominee

So looking at the numbers, we can conclude that the returns from this scheme is in range of 7.5% to 8%. Considering that, Its a guaranteed return from govt of India, I will leave the judgement of its being good or bad to you only.

You should also read, Debasish Basu critical analysis of this scheme on this link to get more understanding about the issues of this scheme.

I would like to again reiterate the point that this scheme is more for the people of poor background who do not have access to any social security scheme already and will be somewhat beneficial for them, and not high-income earners because Rs 5,000 even after 20 yrs will be very very small amount.

If one wants to still open this account, one should find a good enough reason for themselves.

Are you investing in this scheme?

I would like to know what you think of this scheme and if you will be opening an account for yourself? You can also suggest this scheme to your maid, driver or any person who you think should get a minimum pension by the time they turn 60 .

At the end, I would like to share that we are doing our Bangalore workshop on 2nd Aug, please register asap for the event before its full

Jagoinvestor workshop in Bangalore on 2nd Aug (Sun) – Registration opens !

Our investor workshop “Design your financial life” has been a great learning experience for us and for our past participants.  I and Manish always look forward to our live events because we get a chance to see many investors making fresh new commitments to bring a turnaround in their financial life. Wealth creation happens when an investor expands his or her capacity to take actions. Our workshop will help you to expand your action taking capacity; it will fill your financial life with new and empowering actions. you can skip this article and directly register for the workshop

2nd Aug – Jagoinvestor workshop in Bangalore (Sunday)

If you are from Bangalore we invite you to mark and block 2nd of August on your calendar (just one Sunday). Ask yourself – “Have you ever blocked one full day for your financial future?”

If the answer is NO, register and become part of our Bangalore event.  For creating a wonderful financial life the first thing you have to give your financial life, is your time. Here are some pictures from our Mumbai Workshop recently


mumbai workshop 2015



Why we conduct these workshops ?

We do offline workshops so that we can connect with some of our readers at a deeper level, round the year we write articles, reply to thousands of comments and work with a few hundred investors one on one and in that process we learn, grow and expand as an individual. Workshop gives us an opportunity to share outrageously all the knowledge and experiences that we acquire round the year. The program is an opportunity to get our readers more and more action oriented.

Why you should come for this workshop?

  • You will learn how to improve your financial life with your current set of resources and income.
  • You will learn how to plan for your financial life goals
  • You will interact and learn from other’s people’s financial life
  • You will dedicate one full day to get better with money management
  • You will learn to add new dimensions to your financial life
  • To understand that personal finance can also be fun
  • To give a whole new direction to your financial life

It’s time at add Jagoinvestor workshop to your financial journey

It has been a few years now conducting “Design your financial life” workshop and the experience has been amazing. It is a wonderful space to be in, in which the group learns and starts to fall in love with the process of wealth creation.  We do not teach tricks and tips to build wealth in fact we help you to discover your own personal process of creating wealth.

This time we want more and more couples to participate so that they can get on same page when it comes to personal finance. It is extremely important that husband and wife both take equal interest when it comes to money management. We are offering special discount to those who want to come with their partner. (You can even come with your parents, siblings or friends and can claim the discount)

The workshop we conduct are highly interactive, it has lots of activities and fun exercises which helps you to discover your relationship with money. The sessions are interactive and very easy to grasp for any kind of investor, beginner or advanced. In short there is something for everyone in this workshop.

Listen to workshop Participants who attended in Past



Register for Bangalore workshop on 2nd Aug, 2015 (SUNDAY)

Single Ticket Rs 4,200 Buy Single Ticket
Couple Ticket
(Discount of Rs 400)
Rs 8,000 Buy Couple Ticket
Venue and Timing Details8:30 am – 6:00 pm , 2nd Aug (Sunday) , 2015
IRIS HotelIRIS HotelNext to Eva Mall,
70, Brigade Road, Bangalore
Check Map

  • The hotel is walking from Eva Mall on Brigade Road
  • Lunch and Breakfast is included in the program fees

What you get as a workshop participant ?

  • One day workshop with some personal finance tools like budget sheet, Mutual fund tracker etc
  • Invitation to join our inner circle

Invitation to join and participate

From the bottom of our heart we invite you to join and participate in Bangalore workshop. Come alone or with your spouse or parents, siblings or friends but see that you do not miss this opportunity. Do not let time or money to get in your way and book your seat at the earliest because we will be taking only 35 participants this time and registration will close after some days.

This workshop is strictly for investors and not for advisors or finance professionals. If you have never participated in any personal finance workshop let this be your first experience.  If you have any questions you can write in the comments section or you can mail us.

Care health insurance Review – 12 features explained

Today I am going to review features of “Care“, one of the good health insurance policies in the market. It was launched few years back and it’s really one of the most comprehensive health insurance products available in the market as on date. So what I will do is, share with you, its features one by one, so that you can know what all it covers, along with few disadvantages in the policy

I digged deeper in its policy wordings and I will explain them in detail, so that anyone who is looking forward buy a health insurance policy can take the decision in a better way by reading this Care review. Here you go..

1. High Sum assured up to 60 lacs is allowed

The sum assured offered by the policy ranges from 3 lacs to 60 lacs. Gone are the days when 2-3 lacs of sum assured was sufficient. Now it’s very common to see people buying a cover of 10-20 lacs. Many people even want to go for a cover of 30-40 lacs also and there are very less options right now if someone wants to buy a high enough health cover. Care gives you an option to buy up to 60 lacs of health cover, and the best part is the high cover comes along with added benefits which we will look very soon

2. Single Private Room (no rent limit)

If you choose the sum insured of more than 5 lacs, then you are eligible for a single private room. The wordings in the policy is of “Single private room” and not some percentage of sum assured.

Most of the policies cap the room rent limit, however this policy caps the room type. Here, if the user takes a room higher than the type eligible he still is required to pay the difference of the room rent as well as all other expenses which increase due to choosing of a higher room type

I love this point especially because room rent limit is such a critical factor while calculation of your claim amount, you can read how room rent limit affects your claim process if you choose the room with higher rent

3. Cashless treatment in network Hospitals

Care has a network of around 4,100 hospitals around the country. If your hospitalization is planned after few days, in that case, you don’t have to shell out any money from your pocket. You can choose to take cashless treatment and the bills will be settled by the health insurance company directly to the hospital.

This is not a special feature in Care. It’s present in almost all the health insurance policies these days. But I thoughts it’s a good mention in this article as we are looking at all the features. Also, note that cashless treatment is an additional benefit which helps a customer. You can always choose to not have a cashless treatment and pay the bills yourself and settle the claim later by submitting the bills. In case of emergencies, you anyways can’t choose cashless treatment.

4. FREE Health Check each year

You also get free health checkup’s facility every year for all the adult policy holder’s lifetime!. There are no terms and conditions for this. Just that the facility is there only for sum assured of more than 5 lacs. Also, the number of health checkups depends on the sum assured amount. You get more detailed checks done when your sum assured is high.

I have realized that a lot of people do not spend their own money for regular health checkup’s, so in a way it’s a great feature in the policy, due to which one will form the habit of regular checkup’s and will be informed about their health issues.

Each year you just need to contact the company and express your desire for the health checkup and they will schedule it for you in one of the centers they have tie-up with and which is also near your house. You can choose the timings and place as per your convenience. You can collect your health reports after 24 hours of the checkups. It’s a really great thing offered by any company.

Below is the health checkup list for various kind of sum assured slabs as per their brochure.

Care review - free health checkup

5. Restore of sum insured up to 100% amount

The policy has a feature called restore. In this feature, if there is a large claim in the policy due to which the sum insured is exhausted or reduced substantially, in case of a subsequent unrelated claim, if the sum insured falls short to pay the claim, the policy reinstates/restores to cover to 100%. Let me explain that in detail.

Let me give an example

Suppose you have a 10 lacs sum assured. Now due to some heart-related issue, you were hospitalized and the expenses were Rs 4 lacs. So your remaining sum assured is 6 lacs. You can utilize the 6 lacs sum assured for any purpose.

But if some another hospitalization comes up for an unrelated claim, and the expenses are more than your remaining sum assured, then your sum assured will be restored to the full amount of 10 lacs. Even your other family members can avail for the full sum assured even for the same illness. Note that in case of family floater plan, it’s highly beneficial because even the other family members can take benefit of full sum assured for the same illness.

6. No claim bonus up to 50% of sum assured

No claim bonus is a very simple concept, where you get rewarded if you don’t have any claim in a year. In Care, your sum assured gets increased by 10% of the base sum assured if you do not claim in a year and keeps increasing upto 50%. Which means that if your sum assured is Rs 10 lacs, then if you do not have any claim in a year, then next year it will increase by 10% (10% of 10 lacs) , and your sum assured will become 11 lacs . Again if you do not have any claim in the next year, it will increase to 12 lacs and so on..

So your cover of 10 lacs can go up to 15 lacs maximum if you do not claim for 5 yrs consecutive. A lot of policies (like Oriental Happy Family Floater), they reduce the premium by some percentage as no claim bonus and many people are happy about that, because that means less money going out of their pocket. But truly speaking what you need is the increase in sum assured, not a reduced premium, because every year due to inflation and rising medical costs, you need higher sum assured.

I don’t see a big benefit in saving few thousand or hundreds in premium in the name of no claim bonus.

Super No-Claim Bonus

This policy also gives an additional benefit called Super No-claim Bonus which will cost you extra premium if you wish to take it. In this super no claim bonus facility, your no claim bonus will be 50% extra each year up to the maximum of 100% of sum assured.

What that means is that if you do not have any claims, then within 1 yr, your sum assured will increase to 1.5 times and in 2 yrs, it will double. So if you have a policy of 5 lacs sum assured, then

  • Sum Assured in first year – 5 lacs
  • Sum Assured in 2nd year (assuming no claim made in previous year) – 7.5 lacs
  • Sum Assured in 3nd year (assuming no claim made in previous 2 years) – 10 lacs

And this super no claim bonus is over and above the no claim bonus which you anyways get in the policy. So truly speaking your sum assured can increase anywhere from 60% to 150% in some years if you take super no claim bonus option while purchasing the policy. At the time of applying for the policy itself you need to mention that.

Care review - super no claim bonus

7. Around 170 Daycare Treatments covered

The policy covers around 170 day care treatments (In-patient treatments) , which are mentioned in the policy document. A lot of times you don’t need to get hospitalized for many days or even 24 hours. Some treatments can be done in just few hours. You can get admitted in morning and get things done by the evening or just few hours.

Even these kind of in-patient treatments are covered in the policy. A common myth is that you need 24 hours of hospitalization to claim your health insurance benefits, but it’s not true. Many years back when health insurance was a new thing in India, it was probably true. But not anymore.

Below is a snapshot of the policy terms and conditions pdf and you can see some of the day care treatment names mentioned. There are total of 170 treatment names listed in the document.

Care day care treatments names

Please do not confuse these day care treatments with OPD. OPD treatments are not covered in any health insurance policies

8. Second Opinion and Organ Donor Cover

If there are any expenses which are incurred on the organ donor, then even those expenses (along with hospitalization expenses) will be covered in the policy. The limit for this expense ranges from Rs 50,000 to Rs 3 lacs depending on the sum assured. A lot of times, in critical cases, if there is any organ which needs to be replaced and you get any donor, then you will not have to incur the expenses from your own pocket due to this feature. While this is an extreme care, still we should appreciate that the policy takes care of this point.

Also the policy has a feature called “Second Opinion”. In this, if any of the policy-holder is diagnosed with a critical illness, then the company will arrange a free discussion with a qualified medical practitioner for you. This is great feature, because a lot of times, you want to consult another doctor before taking a big decision like surgery, operation or any hospitalization. The policy lists down the critical illnesses for which you can take second opinion. Note that the second opinion facility is only for sum assured above Rs 5 lacs.

Below are the critical illness mentioned in the policy

  1. Benign Brain Tumor
  2. Cancer
  3. End Stage Lung Failure
  4. Heart Attack
  5. Open Chest Coronary Artery Bypass Graft
  6. Heart Valve Replacement
  7. Coma
  8. End Stage Renal Failure
  9. Stroke
  10. Major Organ Transplant
  11. Paralysis
  12. Motor Neuron Disease
  13. Multiple Sclerosis
  14. Major Burns
  15. End Stage Liver Disease

Each member of the policy can avail the second opinion facility for each illness every year if required.

9 – Avail Medical Treatment anywhere in world

If you have opted for sum assured of 50+ lacs, in that case, you can avail the medical facilities through the world, where-ever you wish to , but it’s limited to only 5 major illnesses. Also, the benefit is available only on reimbursement basis only. Means you first have to spend the money from your pocket and then claim it back later. So I think this will mainly be helpful for the high net worth individuals and not to the middle class. Anyways a good feature, because some people might look forward to this.

10 – Pre and post hospitalization expenses

The policy also pays for any medical expenses related to the claim before and after getting admitted to the hospital. It covers 30 days of pre-hospitalization expenses and 60 days of post-hospitalization expenses. A lot of times a big amount is spent before and after the hospitalization in medicines, checkup’s and other things. It’s very important that a policy takes care of these facts. However, note that this is a basic feature, and almost all the policies in market gives this benefit.

11 – Domiciliary Expenses Covered

The policy covers the medical expenses incurred on the home treatment. A lot of times a patient is not in the condition to the hospital, in which case the treatment can be done at home. The policy will pay upto 10% of the sum assured in this case. The condition to avail this offer is that

  • The patient is no in condition to be moved to hospital
  • OR, there is non-availability of the room in hospital

Note that there are many illness for which the domiciliary expenses cannot be claimed, please check that list in the brochure of the policy.

12 – Lifetime renewal and no restriction on entry age

Once you buy the Care policy, you can then renew it lifetime. This is one of the most important points one should remember while buying any health insurance policy, because you buy the policy looking at a very long-term and not just for next few years. The policy should be able to help you when you are in your late years, because that’s when you really need it badly.

Also, there is no limit on the maximum age by when you can renew it. On top of it, even the entry is not restricted due to age factor, a person can buy the policy at any age, provided they fulfill the health checkups and the restrictions by the company.

Waiting period of 4 yrs for pre-existing illness

Under this policy, any pre-existing illness will be covered only after 4 yrs of taking the policy. This is a common exclusion in almost all the policies. However if you are a senior citizen, then the coverage for that particular illness might be excluded permanently, because once you cross the age of 60, the chances of you getting hospitalized due to that particular illness is high and it does not make any business sense to cover it.

This is precisely the reason why one should take their parents cover as soon as possible, especially before they cross the age of 60 yrs. Apart from the pre-existing illness, a lot of illness have their own waiting periods from 1-4 yrs, which is a standard thing in any kind of health insurance policies. Also nothing other than accidental hospitalization is covered for the first 30 days of taking the policy. I suggest you read this article which talks about exclusions in mediclaim policies in detail.

Other Points

Below are some other important points one should be aware about

  • If your sum assured is more than 5 lacs, then there is no sub-limit on the ICU charges, Doctors fees and Medical fees.
  • The policy provides ambulance expenses ranging from 1,000 to 3,000 depending on the sum assured
  • There is no age limit of buying a new policy. Anyone can buy the policy at any age, just the minimum age requirement is 91 days for family floater and 5 yrs for an individual policy.
  • Maximum 6 people can be covered in a single family floater plan
  • The policy like every other policies in market does not offer any dental care treatments
  • This plan does not cover maternity expenses, but that’s ok. Don’t over focus on this point, as it’s something you can take after yourself
  • You get 7.5% discount if you renew/buy the policy for 2 years and 10% discount of payment of 3 yrs in one-shot.

Disadvantage of Care Policy

Let me mention some the problem and disadvantages of the policy.

1. Average policy, if sum assured is less than 5 lacs

A lot of features are applicable in the policy only when the sum assured is more than 5 lacs, if you want to take a lower cover like 3 lacs or 4 lacs, in that case, Care is an average policy and not the best.

2. Room type capping

You already know that the policy caps the Room type instead of room rent. This was a good advantage also, but at the same time, this can be a disadvantage also. In this case, suppose the room type which your policy allows is unavailable, then you will have to go for some other type of room and in that case you might have to suffer the reduced claim amount. You are tied-up with a particular room type only.

Suppose there is some other policy, which caps the room rent limit at 1% of sum assured and imagine that your sum assured is 10 lacs, then you are eligible for any room with rent of up to 10,000 per day. In that case, you can choose either a single room without AC, with AC or a premium room. It’s totally your wish as far as the room rent is below 10,000. But in case of Care, if suppose you are eligible for a single private room whose rent is 6,000, and the next category of room costs Rs 9,000, then you can’t go for the Rs 9,000 room . You can surely take it, but then your claim amount will get affected. So make sure you think on this point properly before you buy the policy.

It’s totally your wish as far as the room rent is below 10,000. But in case of Care, if suppose you are eligible for a single private room whose rent is 6,000, and the next category of room costs Rs 9,000, then you can’t go for the Rs 9,000 room . You can surely take it, but then your claim amount will get affected. So make sure you think on this point properly before you buy the policy.

I suggest that you also compare Care policy with some other policies like Max bupa plans or Apollo Munich Optima Restore and then take a final decision.

3. Co-payment of 20%, if policy taken after 60 yrs of age

If at the time of entering the policy, the age of the policyholder is more than 60 yrs, then a 20% co-payment will apply. Which means that the policy holder will have to bear the 20% bill amount and only 80% will be paid by the company. But if you enter the policy before 60 yrs, its not the case.

Hence the policy becomes unattractive to senior citizens who are looking for health insurance. In comparision a policy from L&T insurance is better where 10% co-payment applies after the age of 80 yrs. The policy from Max Bupa called Heartbeat, does not even have the concept of co-payment. So the policy from Care scores low on this point.

Premium Chart for Care

Below I have listed down the premium amount 5 lacs sum assured, for various age range with two cases of a single person insurance, and another one is a family floater policy with 2 adults and 1 kid. You can check how the premiums will rise over the years when the policyholder will move to various age slabs. Note that now there is no claim based loading in the premium. Now as per new guidelines of IRDA, a policy premium increases when the policyholder moves in a different age range.

Care health insurance premium chart

An important point to note in the premium chart about is how the premium is very less in the initial years, when you are below 60 yrs and how it increases when you become a senior citizen :), which is quite natural and explanatory. Also you should not be shocked to see these high premium values in today’s time, because these are all future values, and even though today these premium values might look big to you, but when you turn 60 or 70 yrs, at that time these premium values will look very normal to you.

Snapshot of the Care benefits

Care policy features snapshot

Do you want to buy the Care policy?

If you want to buy the policy or want to enquire about it, then just fill up the form below and you will get a dedicated phone call to help you choose the policy and explain you.

I hope you have got a fair idea about the policy. Note that this Care health insurance review is mainly for educating you on various features of the policy. Please check other policies details and make sure you choose the policy which suits your requirements.

Let us know what are the points you liked best about Care and which point you didn’t like ?

EDIT : This is not a paid review. We have started d0ing review’s of various policies and we will do review other products as well. This is just a point by point explanation of each important point in the policy. Also, we have added the disadvantages of the policies, not just positive’s. Care is definitely not the best in market in all respect, but a very good policy considering most of the profiles. Please see the article more as an attempt to help a person understand what all policy provide’s its customer.

Do something special for your kids along with buying Insurance – Check out How ?

A lot of you on Jagoinvestor must have bought term plan or other insurance plans, so that in your absence your dependents do not face any kind of financial crunch. It is good to buy life cover, but may be buying life cover is just half job done.

From last few days, I have been carrying a few thoughts in my mind which today, I would like to share with all of you. Whenever I look at the face of my little one, I feel I should do something special for him along with buying life cover for securing his future.

Going beyond life insurance

If something happens to me, my son will get enough financial support from the insurance money, but I will lose out on the opportunity to share my wisdom (my life learning’s) with him. There are a few things, which I would like my son to learn or know from me and my life experiences.

I feel that Life insurance policy is very strong support a parent can give their kids, but it lacks emotions, feelings and love in it. To add my feelings and emotions in it – I have started capturing a few of my experiences in a short journal which I call “Notes from Daddy”.

This little journal, once it gets complete will be kept next to original insurance policy document.

3 things which I captured in my “Notes from Daddy” Journal

1. List of Books that had deep impact on my life

Since my college days, I have been a voracious reader and there have been many life changing books that had deep impact on my life and it has major contribution on my overall learning and development process. I would like to share my reading list with my son when he grows up.

Now, it is possible that he may or may not choose to read books from my reading list but at least I would like to share or communicate my reading experiences and my book list with him. I have started building my reading list which I would like to share with my son. My “Notes from Daddy” journal has a section called “Hidden Treasure- Personal Reading list”.

2. List of Movies that inspired me

There have been many movies and short documentaries which changed my complete outlook towards life. I am sure you also must have encountered and seen such inspiring movies. I have a section called “Movies that will move YOU in my “Notes from daddy” journal. If you want you can also make list of inspiring movies which you want your son or daughter to watch in their growing years.

3. Teachers who changed my WORLD

It is said that – “when the student is ready, teacher appears”.

I have been fortunate to have right mentors and teachers at different junctions of my life. I am sure my son and your kids will also have many teachers in their life. Sharing from my life my teachers taught me some very important distinctions of life which helped me to look at the world with new pair of eyes.

I am sure you also must have had some “wow learning moments” while you were with your teacher.  Why not capture them at one place so that it gets communicated to your next generation in your absence.

Some final words

Our body is a place to observe the world from, it is a physical representation of you, be clear that your body is not you. Life is beautiful and at the same time highly unpredictable and uncertain. Having life cover is important but I feel it is still half job done. In my absence, I would not just like to pass on insurance amount to my son, I would also like to pass on my wisdom and selective life experiences to him as well.

If you already have life cover and would like to create your little “experience journal” you can start working on it. If you do not have adequate life cover leave your details here and we will guide with the buying process. In the comments section do share some more ideas that you can implement to do something special for kids along with buying insurance.

Lastly, we are all set to announce about our next workshop which will be held in Bangalore. It will be conducted in the month of July and the registrations will open soon.

This article is written by Nandish Desai