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bestashok Answers spirituality

What are the best home loan options available in India for a techie for 50 lacs, with a tenure of 20 years?

It depends on your priorities. If you are willing to buy some time and waste less money, then go for PSU banks. They take time, but are very transparent and their interests are reasonable and have no hidden charges but you might not get the expected amount.

Private banks offer good service, fast processing and you might the get amount as you expect but beware of hidden charges, high interest rates, they are slow to reduce interest rates, have pre-closure charges, etc.

so if you are in a hurry, financially smart and have a keen eye for detail, and expecting your income to rise considerably in the future, or surely make profit from your home, then go for private banks but keep a tab on their charges every month.

If you just want a peaceful home to stay, and not get into any further trouble in the future, just struggle a bit till you get the loan from a PSU bank and be contempt.

As of now competition is tough and all banks offer interest rate in the range of 9 percent to 10.75 percent. This is one of the best times to buy a home loan with interest rates at a low point. If you are young and your spouse is earning or financially secure, go for floating rate of interest, as interest rates are expected to go down due to the market conditions.

If you are already having a lot of financial commitments and have saved very less money, and don’t want to take any risks go for fixed rate of interest home loan.

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bestashok Answers spirituality

What are the merits and demerits of SBI and HDFC home loans?

SBI home loans:

  • Reasonable or lower interest rates.
  • Some branches might have poor customer service.
  • No unnecessary charges
  • No pre-closure or part payment charges
  • Over draft facility with SBI max home loan for loan account
  • Overall You get what you see.. transparent home loan

Demerits

  • Time consuming
  • Have to produce all the documents
  • Might have to make down payments or margin payment, which is usually up to 20 percent of the home loan amount. For eg: if your home loan is for 30 lakhs, you might be asked to have a amount of 5 to 6 lakhs in hand.
  • Lot of rules and regulations
  • Might not get expected loan amount

HDFC Home loan merits

  1. Fast loan amount disbursal
  2. Prompt customer service
  3. Not a time consuming process
  4. Can bargain and also get higher loan amount

Demerits

  • Very slow to reduce interest rates if home loan rates come down
  • Penalty is high if one month EMI is missed
  • Hidden charges
  • Pre-closure charges
  • Pre-payment charges
  • Highly expensive when compared to PSU home loans
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bestashok Answers Health spirituality

Is there any company in India which provides term insurance for heart patients and diabetic patients who are with in 40 yrs of age?

Insurance through Home Loan

Hope you have a home loan, try applying for a home loan and you should get life insurance or at least till your loan is not closed.

Add yourself as co-pay, if your father, mother or wife or son or daughter is working. At least add yourself as co-pay and later try getting a insurance.

Health insurance

Star Cardiac Care Insurance Policy, this is a health insurance, atleast your health expenses are not affected.

Search for other heart and diabetes related health insurance and apply for them. so atleast you are not burdened with health expenses.

Open a Jan Dhan savings account, govt offers free insurance.

1 lakh Amount is less but something better than nothing.

Bank account life insurance

Try opening bank accounts, and get life insurance from few bank accounts. You should get these without any problems.

Get a job, get a life insurance.

Hope you are employed, pay extra premium and go for higher cover. However, you might have to undergo medical test as well through the employer.

Try for term insurance plans.

If nothing works, speak to the insurance company, tell the insurance company about your life expectancy with proper medical proofs and negotiate for a lower cover.

Like apply for insurance cover from 3-4 companies for smaller amounts.

If your condition is not severe, and you have all the possibilities of a normal life span you should get a life insurance.

Apply for a credit card. Get a life insurance.

Some credit cards also offer insurance for their customers along with the credit card by charging premium.

Critical Illness Cover

Declare pre-existing disease and you will get the policy. You will get a lump sum amount if any complications like death or hospitalization due to some other condition not caused by your heart and diabetes.

Try SINGLE PREMIUM LIC GROUP INSURANCE Group

And see if you can apply for a non employer-employee homegeneous group, but you will have to include few other people as well.

Try Policyholder.gov.in

Groups meaning– for this purpose – can be employer-employee groups or non employer-employee groups as defined by IRDA’s group insurance guidelines. (Examples are holders of the same credit card, savings bank account holders of a bank or members of the same social or cultural association and so on.)

Try PlanCover.in

Again see if you can put yourself in a group. For different type of groups, see the website.

These are just some of the options, think hard you might find a way.
Be honest, don’t lie to insurance companies.

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bestashok Answers spirituality

What are the problems facing Indian life insurance companies? What is your opinion of Indian insurer LIC grabbing of the future competitive market?

Let’s face the facts, its like we all blame TV, mobile phones. The problem lies not with TV or mobile phones but the way we use them.

Similarly INSURANCE, is a good product but the brokers are hell bent on getting high commissions and only selling products with high commission.

For example, If 28 year old youth can get a term plan of 1 crore for 10k till the age of 75 why do you have to sell him a plan of 5 lacs with a premium of 35k per annum. Agreed in case of LIC the premium is given back to the customer after the maturity of the plan but is 5 lacs sufficient for your dependents.

But out of that 35k premium from LIC, if I invest 10k in a term plan from other insurers, i have remaining 25k and I can invest in other instruments like FD, mutual funds, gold, silver, ETF, chit funds etc and I would have made more money than 5 lacs sum assured from LIC.

For eg: I have 50k per month.

LIC plan – Roughly for a 30 year old male, non smoker will get a coverage of 50 lakhs. So after maturity I will get whatever premium I paid with some bonus or interest on the premium paid. Offcourse, my coverage will continue for the rest of my life. In short LIC plans are endowment plans which are equal to fixed deposits, or market linked which are equal to mutual funds or non linked plans equal to pure insurance plans with some profit.

Offcourse, some market linked LIC plans are good and you need not even pay the premium after certain years but for that the plan has to really do well which is again highly difficult because of the high fund management charges, plus the life cover and assured returns provided on the plans.

So if you want good coverage and just about decent returns in the worst case, you can go for LIC. But considering current rate of inflation and future cost of living, these plans will have to return really high in which the probability is high.

Moral of the story – never mix investment and insurance.

Insurance should purely cover your family or dependants and give a GOOD financial security for some years atleast.

Now imagine out of 50k i invest 10 in a term plan of 1 crore from a other or private players. Remaining 40k i can invest and make better returns with just SIP in mutual funds or even FD, etc.

LIC does have a slightly better option, LIC has launched a term plan as well but costs 20k roughly for 1 crore while private players charge less than 10k. Offcourse, LIC is a better brand but I am okay to buy from good reputed private players as well with some research.

Agreed, LIC is a good company but they need to change and give better plans.

It will still take some time but private players are already started eating into LIC’s monopoly. LIC still has time, resource and trust to maintain their market monopoly but not for long with this kind of lethargic attitude.

Agreed they have the best settlement ratio, good customer service but there are private players who offer equally good services at lower premiums. Remember what happened to Nokia.

My suggestion LIC plans are good for people who are having good source of higher income, well settled and are just happy with decent returns without too much risk.

But again, if you can get better returns being a little wise..its upto you..Afterall imagine from where does LIC gets the profits to give you. Their fund managers must be similarly doing the same.

My advice, will not suit everyone nor I am against LIC, nor I am insurance agent or will be in the future, but at those who are looking at alternative options.

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bestashok Answers spirituality

Should we choose a maximum policy term if my wife and I are earning well? Or should we take the max sum, which is assured till 65?

Lets say at 79 years in case of an eventuality if sumthng happens..thn ur policy will come in force. This is the good side.

But what is the main pupose of insurance? It is NOT to make you rich. It is for financial security. So ensure you are adequately covered considering all your liabilities including expected money for your dependents to lead a decent life in case the police holder dies.

By the age of 60 or retirement or until the day you stop working, you should surely have insurance.

But you should not be still paying a high premium for insurance after your retirement. Ur basically investing your money in a not so effective way.

My suggestion buy a policy which covers your financial liability for the next 20 years.

As you age you can decrease your cover and buy a new policy. Basically after every few years you should be acheiving financial stability and being financially stable.

Also not to forgot that while you are reviewing your insurance cover after few years, your paying less premium and you can invest the money elsewhere instead of paying the same premium till maturity.

So think but at all costs NEVER BUY LESS INSURANCE COVER.

ALWAYS ERR ON THE SIDE OF EXTRA COVER.

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bestashok Answers spirituality

What is the yearly rate of incremental premium increases for health insurance policies in India? Is there any upper or lower limit of increase?

Mostly it increases based on:

Taxes.

Age – after a age of say for eg: every 3 or 5 years based on insurance companies premium raises.

Otherwise premium will not increase for existing customers due to increase in medical costs.

Say at age of 20 if u brought a policy in 2017, you would have paid a premium of 10,000.

But if I brought a same policy at the age of 20 in 2025, i would be paying higher premium as costs would have been increased.

There is no way to calculate the exact percentage or predictable range. As you see the factors are all highly variable.

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bestashok Answers Health spirituality

Which is the best and most affordable health insurance for a 60 year old person?

After doing lots of searching for my own folks who are well above 61 and 65 years with complication of diabetes but no insulin, I found “religare care” good in case of no pre-existing diseases and “religare care freedom” plan with least waiting for period 2 years for existing diseases. The premiums are almost the same compared to other private insurance players as well.

See the screenshot below for the features of those two policies:

So for overall health insurance like covering all complications with some consideration on cost, I would recommend Religare. You will have a health check up for religare care but care freedom does not have any health check up.

So if your doctor says that your 62 year old woman will not have any health upsets (God forbid) in next 2 years go for religare care.

But if you feel its risky, go for care freedom, because at this age apart from immunity you have to consider weather, pollution, home atmosphere, mental pressure, etc. and also at this age it is easy to fall sick if there is any outbreak of disease.

My suggestion if 100% you are sure no health complications will arise, go for religare care or any other ordinary insurance plan. Else don’t risk go for religare care freedom or star red carpet (but high co-pay), Oriental Insurance Senior Citizen HOPE Health Insurance Policy (lowest premium but high co pay and sub-limits are there for various diseases, eg: kidney problems – only 50% they will pay, eye – only 15 percent they will cover).

Other option for overall health insurance for senior citizen i would suggest is star red carpet plan but for whatever treatment you have to pay 50 percent of the amount. Good thing is pre-existing is covered after just 1 year and no medical check up.

I also checked some government insurance players, they are quiet cheap but lots of conditions and the claim process is too slow in some cases. You can check oriental insurance and national health insurance, I found these two okay, but as i said there a lots of conditions.

Star diabetes and star cardiac is also good if the insured person is more likely to get hospitalized because of sugar and cardiac.

Offcourse, i suggest you compare online for now and check again to see if any new insurance with better features have come online.

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bestashok Answers Health spirituality

Which is the best medical insurance for pre-existing diseases in India?

“Religare care freedom” plan with least waiting for period 2 years for existing diseases. The premiums are almost the same compared to other private insurance players as well.

So for overall health insurance like covering all complications with some consideration on cost, I would recommend Religare. Care freedom does not have any health check up.

But if you feel its risky, go for care freedom, because at this age apart from immunity you have to consider weather, pollution, home atmosphere, mental pressure, etc. and also at this age it is easy to fall sick if there is any outbreak of disease.

My suggestion if 100% you are sure no health complications will arise, go for any other normal health insurance plan. Else don’t risk go for religare care freedom or star red carpet (but high co-pay), Oriental Insurance Senior Citizen HOPE Health Insurance Policy (lowest premium but high co pay and sub-limits are there for various diseases, eg: kidney problems – only 50% they will pay, eye – only 15 percent they will cover).

for overall health insurance for senior citizen i would suggest is star red carpet plan but for whatever treatment you have to pay 50 percent of the amount. Good thing is pre-existing is covered after just 1 year and no medical check up.

I also checked some government insurance players, they are quiet cheap but lots of conditions and the claim process is too slow in some cases. You can check oriental insurance and national health insurance, I found these two okay, but as i said there a lots of conditions.

Star diabetes and star cardiac is also good if the insured person is more likely to get hospitalized because of sugar and cardiac.

Offcourse, i suggest you compare online for now and check again to see if any new insurance with better features have come online.

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bestashok Answers spirituality

What’s the best place to buy health insurance directly instead of via an agent in India?

First you need to decided which policy.

For this you have to call agents and meet them.

Or you can Google as well.

You can also try online policy comparison sites like

policy bazaar, coverfox or bankbazaar.

Also check Edelweiss tokio insurance. Their products also seem to be good.

Alternatively you can also directly buy from the insurance company websites.

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bestashok Answers spirituality

Which is the best health insurance policy available with less premium?

You can try any government insurance companies like New India Assurance Company, United India , Oriental and National Insurance.

The premiums will be cheaper but it will have high deductibles (which means you will have to pay some percentage of money for the treatment from your hand, like 50–50 or 75–25 like that).

But if you search you will surely get one or two cheaper.