Insurance: Can you get insurers to pay refund for medical tests? Find out
In a life insurance policy, it is possible to have multiple nominees, while clearly defining the benefit distribution split amongst the various nominees.
I will be shifting to Singapore this year. As an NRI should I continue with my life insurance plans? I have a term plan and a money back plan which will mature only in 2030. - Parijat Sen
Absolutely yes - especially if the plans continue to meet the need for which you had bought them in the first place. There will be no change in the benefit of the plans while you reside in Singapore, so long as you pay your renewal premiums on time.
I was planning to buy an LIC policy and underwent the medical tests. But then I decided not to go ahead with it. Will I get back the money I paid for the medical tests? - Shrikant Rane
As a process, insurance companies take premium from its customers and thereafter, arrange for medicals as a part of the overall policy issuance process. In this instance, if you have paid the money directly to the diagnostic centre for the medicals, it will not be possible for them to effect a refund for the tests conducted.
My nominee on my life insurance policy is my elder sister as I had bought it before marriage. Now I want to make my wife my nominee. But I also want to leave some money for my sister. Is it better to gift her some money and make my wife my sole nominee? - Suraj Khandelwal
In a life insurance policy, it is possible to have multiple nominees, while clearly defining the benefit distribution split amongst the various nominees. In your specific case, I would recommend that you make, both your wife and sister, nominees in your existing policy. The percentage of benefit distribution may vary depending on how much you wish to leave behind for each of them.
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Can I buy insurance in my granddaughter's name? Should I buy a child plan or endowment plan? I want her to get money when she is 18 years so that she can use it for her college education. She is 5 years old now. And if I am not able to continue paying the premiums for the whole term can her parents continue with the plan? - T S Gopal
Yes. You can buy a life insurance policy in your granddaughter's name. You have not mentioned your age, however, assuming you are over 60, it may be difficult for you to be the life assured. Hence, I recommend you buy a plan wherein one of her parent is the person insured and you are simply the policy premium payer. Yes, parents have the option to continue paying premium in your absence. There are a lot of child plans and endowment plans available in the Indian context and I would suggest you understand the product features, before zeroing in on the specific plan.
By: Rushabh Gandhi
(The writer is Deputy CEO IndiaFirst Life Insurance)
Source: DNA Money