I want to accumulate some money for my childs education after 20 years. Should I go for a child Ulip or a systematic investment plan with an MF? Surya Narayan Insurance products are specifically designed to benefit customers over the long term and the unit-linked platform helps investors gain from both the protective umbrella of insurance and higher returns from equity. If you want to secure your childs future by ensuring that the childs various financial life cycle needs,such as expenses for education and marriage are taken care of,then you could opt for a plan where you are the insured and the child is the beneficiary. The child will get the benefits irrespective of the presence of the parent,ensuring that even on the demise of the breadwinner,the plans for the childs future are not disturbed. I am a 35-year salaried employee. I have taken a home loan. Should I take a home loan protection insurance or a policy under the Married Women's Property Act,so that in case of any eventuality,my family does not face any trouble? Anurag Kumar Since your purpose is to ensure that there is no liability on your kin with regards the home loan you have taken,you need to take home loan protection as your dues will be settled by the insurer in case of any eventuality. Alternately,you could consider buying a policy with your lender as the nominee for the loan amount. Under the MWP Act,benefits can only be paid to wife or children in a ratio pre-determined by the life insured. However,lien on a property arising from a loan will have be cleared by the heirs. So,while the loan provider may have no claim on insurance money per se,it will still retain claim to its loan outstanding. I have a personal accident policy,but the insurance company is not paying me the entire money. To whom can I escalate the matter? Vikas Singh As a first step,you need to make a representation to your insurer with your grievance. Now,every insurance company has a designated grievance officer who is the nodal for all complaints pertaining to that insurer. If you are not satisfied with the resolution offered by your insurer,or if you have not received a response within a month,you can escalate the matter to the insurance ombudsman. The caveat is that the complaint should not be pending before a court or arbitration forum. I have a mediclaim policy from a public sector insurer. How can I find out about the deductibles and co-pay,and do I have to pay higher premiums for renewal? Suman Bose The pricing is primarily made up of risk premium. The insurer is at liberty to reassess your risk and load your premium or even vice-versa,depending on any changes in risk profile. Many health insurers also cover some pre-existing medical conditions,either for free or with some additional loading on premium,after an incident free,pre-specified cooling period. That apart,many insurers also offer loyalty discounts and no-claim discounts. All these factors could impact renewal premiums. The percentage of co-pay,if any,and other factors will depend on the terms and conditions of your specific policy. The author is executive vice-president,Kotak Mahindra Old Mutual Life Insurance Send your queries at fepersonalfinance@expressindia.com
