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POSTED BY ON February 5, 2012 12:34 pm COMMENTS (44)
Hi, manish i am an engineering professional and a regular visitor of jagoinvestor.com. I really appreciate your efforts.
Recently i have taken SIPs of CanaraRobeco equity diversified and balanced fund(each 2000/month) and franklin india bluechip fund(1000/month). I have also invested a lumpsum of 12000/- in reliance GOLD fund.
My strategy is to have diversification with low risk.I have a 5-10 years of time span in mind.
Are my investments in the right place?
thanks
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Dear Waris, the answers you are finding tough to answer ‘ll be there automatically in the form of medical report.
Thanks
Ashal
Dear ashal,
How having a medical test helps us?
Dear Ashal just more thing to ask.
While filling the proposal to what extent the details of medical history shall be correct.
As an example if we take HDFC they ask for any disease following things:
1. date of diagnosis: how accurate shall it be
2. test conducted: Here again a person may see more than 1 doctor and they will conduct many tests. Do we need to write each and every one(Gonna be very diffcult to tracec all those reports?)
3. Father/Mother’s disease
4. date f dignosis for parents disease: Now this is very difficult to answer accurately
5. test cnducted for the disease in parents: again very difficult to give details of each and every test
So i am confused in filling the prposal.
My mother was hospitalized with some stmach problems for which i dont even rememberr the name . She is still taking medication. How accurately this info needs t be given.
thanks for your efforts
waris
Dear Waris, on the date of filling the proposal form, how much aware you are for your own health should be the answer to fill the details in your form.
For example based upon past data are you having any illness like diabetes, If you are aware of this, please declare the same. From when you are aware or diagnosed with, again tell the tentative date of from past that you come to aware of this illness.
In my personal opinion, opt for 75L or even 1Cr. cover so that medical test ‘ll become mandatory & company ‘ll decide on the basis of it’s findings in your medical report.
Parental illness is again to know any hereditary illness. Any past tentative date ‘ll do here. You can put here that tests were done but I’m not medically aware of the names or details if you feel that indeed some tests were done.
Thanks
Ashal
I am planning to go ahead with HDFC for 50L . There is no medical <75L.
i will be declaring all the info abt my health.
Dear Waris, please go ahead with HDFC.
thanks
Ashal
Dear ashal,
thanks a lot for the clarifications . Can you please comment on ICICI/AVIVA/HDFC
case considering CSR,premium and other factors.
If i see CSR then
1.HDFC (lesser claims filed than ICICI) ,premum lesser than ICICI
2. ICICI: second best CSR , highest premium (claims filed were highest after LIC)
3. AVIVA :least premium ,CSR
Dear Waris, your own comfort level should decide, which insurer you want to go with? I told you already my story & the insurer but I’m not asking to follow the same. choose on your own.
Dear Ashal , HDFC is having lesser premium than icici and better CSR. But the number of claims submitted were far lesser than ICICI.
I know that similar questions were asked by many . But i also want lesser premium.
Can you also tell me is the rejection of a policy happens only when some one gives false information or does it also depends upon the intentions of the insurance company while settling the claim.
Plz advice .
Dear Waris, instead of thinking from customer’s point of view, please think for a while from insurer’s view. As & when the claim is filed, if the insurer is able to deny the claim, the profit is there for insurer. So what ‘ll the insurer do for claim, try to deny it. We as a customer should think this well in advance & that’s why should file the claim with all the documents needed for claim settlement. Actually a successful claim also depends upon the honesty & truthfullness shown by the policy holder at the time of purchasing the policy.
In my own case, due to my job profile, the prem. was loaded up by insurer & I accepted it. Why? Because I know now if some thing happens to me due to my job, the insurer can not deny the claim as it had entered in the agreement (insurance is an agreement) after knowing the risk associated with my life & had increased the prem. for this higher than normal risk on my life.
Thanks
Ashal
Dear Ashal , I have some query regarding settlement.
1.What is the procedure for filing a claim. What documents one shall produce.
2.Is this process same for online and offline insurance.
3.I read some where that in offline mode the agent will help in filing the claim.My job may require me to change the city i live . In that case how will he help the person filing the claim.
Kindly clarify.
Dear Waris, here are the answers for your queries.
1.What is the procedure for filing a claim. What documents one shall produce.
Download a claim form from the site or get it from the local office of the insurer. Fill it. Attach the demanded documents, like Death certificate copy, Police FIR copy (for accidental death), copy of PM, any other document if demanded by insurer.
2.Is this process same for online and offline insurance.
Yes, the claim process is same for both types & actually the claim process itself is offline. 🙂 🙂
3.I read some where that in offline mode the agent will help in filing the claim.My job may require me to change the city i live . In that case how will he help the person filing the claim.
It’s a myth that agent ‘ll help to file claim. Nobody ‘ll help. Your family ‘ll have to do it on it’s own unless you have made aware few good friends to help it out for your family.
Thanks
Ashal
Dear ashal,
I am considering ICICI icare and Aviva-i life.My age is 26.
For 30 years and 75L the premiums are:
ICICI I-care:9691 Rs
AVIVA i-life:6242 Rs
i read this post :
http://jagoinvestor.dev.diginnovators.site/2010/12/term-insurance-plans-comparisions-india.html
here the claim settlement ratio of ICICI is better than AVIVA.
Kindly advice.
thanks fr your reply.
Dear friends,
recently i was diagnosed with hypertension. Now i am on medication and its controlled . Will i get term insurance now.
Dear Waris, yes you ‘ll get the term plan now. At most the prem. can be hiked due to your current health condition.
Thanks
Ashal
What are the riders you will suggest.
Dear Waris, personally I w’d prefer to purchase plain policies for Accident cover as well as critical illness cover. Due to limited coverage provided by Riders & being one time affair I’m not interested for Riders except for Waiver of Prem. Rider provided with some of Term Plans.
Thanks
Ashal
i am skeptical about online term plans. Is that OK.
Once the plan has been issued no one would differentiate between an Online and an Offline plan.
Offline plans are expensive because INsurance companies have to pay the commission to the distributors/agents for selling the term plan. Most such costs (including scanning the income/address proof documents) are avoided in an Online plan which makes it less expensive but provides the same coverage as its offline counterpart. THere is no need to be skeptical about the online plans
Dear Waris, It’s ok to purchase offline term plans if you are not comfortable with online plans. Please check from the following insurers –
ICICI PRULIFE – I-CARE offline mode
HDFC LIFE – Click to Protect offline mode
SBI Life – Smart Shield
Aviva
Aegon Religare
Bharti Axa
Please opt from the above list based upon your own comfort level. I’m not asking to put weight on prem. charged.
Yes at the end, there is Big Daddy to fall back up on – LIC – Amulya Jeevan for 25+L cover.
Thanks
ashal
Here is what my calculation says:
For 19 years of investment in PPF at 4100/- month i will get 23,80,292 at a rate of 8.6%.
PLI- 65000/- per year for a 10L policy will come to 12,35000 as bonus + 4200 x 12 x 19 (957600/-)=21,92,600/-
My only doubt in PPF is that the returns from PPF may become taxable in Direct tax code.
Kindly correct if any mistakes.
Dear Waris, you mean to say DTC is going to put PPF in EET mode & that PLI in EEE mode? my dear friend, it’s not going to happen. That controversial part of PF & PPF EET status has already been dropped by the GOI of India in DTC version 2. Still DTC is merely a talk & no walk on the path. So decide on your own. & by the way one important thing – in between during these 15-20 years, if claim happens, how much your family ‘ll receive as death benefit in that PLI & how much in that term cover?
Thanks
Ashal
Dear ashal,
I really agree with you on this point. i can buy an insurance of 40L with same money and still get around 24L.
Can you please suggest some good offline term insurance plans.
The premium will be as follows:
My age-26
Sum assured 10L
Maturity age-45 premium=4200/month
Maturity age-50 premium=3200/month
Maturity age-50 premium=2600/month
Dear Waris, for that 4200 Rs. prem. you may purchase around 40-50L term cover from online policies. So out of 12 mly prem. of 4200 Rs. or say 5000 Rs. yly you may get five times of your current cover of 10L offered in this PLI. Now if you opt to invest those remaining 11 prem. i.e. around 45K Rs. yly or 4100 Rs. mly in simple product like PPF, your final return ‘ll be far higher than this PLI, do not go for my words, calculate on your own.
Thanks
ashal
Dear Waris, can you please quote the prem. & the sum assured for that PLI policy.
For sister’s marriage, as & when it happens use both RDs (sister as well as Car) to use that amount for the desired purpose. Once this requirement is over, you may start investing for Car purchase.
You skip the question that NPS is 4K mly so your NPS yly value is 48K & not 40K…… So your actual need for investment in 80C for remaining part is just 52K. Please check the same & confirm
Thanks
Ashal
You are right NPS value is 48K and remaining is 52k.
Dear ashal,
PLI is offering 65 Rs bonus/1000Rs(per year) insured which is far better than LIC or any other endowment plan in market.Their premium rates are also lesser.
You are right i had 52k to invest for tax saving.
Regarding my sister’s marriage i want to help my father by contributing atleast 2-3L.
Dear Waris, if you are not comfortable with the idea of online insurance, you may go for offline term plans. Why you are opting postal insurance for your investments?
Regarding NPS, 4K mly converts into 48K yly, so how come your remaining limits is 60K? Please check & confirm the same.
Do you have any pin pointed figure for Sister’s marriage goal?
As of now RDs are ok for both goals – Marriage & Car purchase.
Thanks
Ashal
Dear Waris, For current please invest the remaining amount in PPF to complete 1L figure. At the same time, Please start a sIP of 4K Rs. in HDFC Tax saver fund.
Thanks
Ashal
Dear ashal,
thanks for your reply.
For fin. year 2011-2012 i put most of the amount in PPF(40K) and 10K in ELSS(CR).
Now i am aiming for 2012-2013.
As i mentioned i can invest 20k/month.
Now i have 3 goals
1.Tax saving-Here 40k i being deducted for NPS.I am left with 60K.
2. Long term investment-For buying a house(10 years).
3. retirement planning
4. Short term investment for my sister’s marriage(1-2 years)
5. Medium term investment-For other goals such as buying car
I will say my risk appetite is medium.
Presently for the goal 4 i had started RD of 8000/month (1 year), which has completed 7 months now.
For goal no-5 i had started an RD of 3800/month (2 years).It has completed 4 months now.
I have just started the 3 mentioned SIPs(5k/month).
Can you please recommend me some investment for other goals and review the present investment.
Kindly also comment regarding insurance.
thanks a lot.
Dear Waris, What about health insurance, do you have any either own or provided by your employer?
For 45K mly income, please purchase a term cover of at least 75L Rs. to cover current & future financial liabilities. If you opt an online cover, the prem. ‘ll be around 7-9K Rs. only.
Thanks
Ashal
Dear Ashal,
My employer provides an insurance of 10L. I am planning to take postal insurance of 10L (i am a government employee) and also plan to take a term plan.Is it ok to go with online plans as i heard that for people who have less knowledge about the insurance its better to take offline plan!
I plan to save 20k/month(including the premiums for insurance) .now can you please give some advice.
Regarding health insurance ,my employer provides unlimited health insurance for me and my dependents (my father is a dependent but not my mother as she is not yet retired.)
My employer is deducting 4k/month towards NPS.
I also own a PPF account (for tax saving). I have to do 52k saving to reach 1L(1L-4*12=52k).last year i had done all the savings in PPF alone.
To be more clear out of 45k i have 20-25k/month max for saving (including those for tax saving).
currently i am running a RD of 12k with SBI , so left with 8-13k to invest.
So started the SIP’s as mentioned in the first post(2+2+1).
Dear Waris, The info from you –
Your age,
Size of family
Your mly &/or yly income
your mly expenses
loan liabilities
current assets & investments
your current mly savings
& many more
Thanks
Ashal
Here is the info-
age-26
Size of family-3 dependents(spouse+parents)
Your mly &/or yly income- 45k/month
your mly expenses-25k
loan liabilities-None
Assets-1L,
investments12000Rs monthly RD with SBI started last year.
current mly savings-20k
No insurance yet.
Dear Ashal,
Do you need any other information?
Kindly tell.
In my opinion, Franklin Templeton AMC is the best management team in the MF industry. I dont follow or have analysed Canara Robeco AMC.
Ramesh
Dear Waris, please do not chase returns in isolation. As I do not have your much details, I can’t comment for the selection of funds from Canara & Franklin only from your advisor.
If you are not comfortable with the performance of your funds, the option of changing the path is always available to you.
By the way, Yes HDFC Prudence is one of the best in the business.
Thanks
Ashal
Thanks for the prompt reply.
What details are required from my side.Will try to give you as much as possible.
You can ask me.
thanks
Dear Waris, as of now your investments look good. Please continue with your SIPs. After some 18-20 months review the performance of your funds & if the performance is meeting your own requirement, keep investing else you have the option to change course.
Thanks
Ashal
Dear ashal,
thanks for your reply.
My adviser always recommends funds from canara robeco and franklin templeton.
When i checked their performance it was good.But later i saw that UTI dividend yield fund has given 13.8% returns in 5 years as compared to 10.7% f canara roebco.
Same goes for Balanced fund where reliance and HDFC prudence have given better returns than canara.
Thats why i want to know whether my selection is right?
I forgot to mention that i have also taken SIP of Canra robeco tax saver fund(2.5k/month).
thanks for your replies.