I purchased a ULIP with a maturity age being 99 years. Now,we are unable to weigh any benefit out of the policy. We would like to know if there is any option available for:1. Reducing the maturity age of the policy2. Switching to a policy (from the same or a different insurer) with a lesser maturity age3. Foreclosing the policy? Madhukar Phadse,Pune Reduction of maturity age and switching into a new policy is not allowed under such ULIPs. If you want,you can discontinue the policy after completion of the lock-in period,after which the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated. There might be an additional deduction of Surrender Charges. Please remember ULIPs need to be looked at as a long-term option. I am 25 and my annual income is R 3 lakh. I want to purchase an insurance policy for the term of 35 years. Can I buy a policy which covers death and permanent disability? Preeti Mishra,Delhi You can club your term insurance policy with an accidental death and disability rider. These give you a one-time lump-sum along with the term insurance benefit,in the event of an accidental death or an accident leading to disability of the policyholder. As per the thumb rule of insurance,you should look at taking somewhere close to R 30 lakh of term cover for yourself. The best rate for this coverage should be around R 3,800 per annum. I am not satisfied with my health insurer as the services are poor and response time slow. Is there an option I can move to another insurer without losing any benefits? Ravi Madan,Mumbai Just like auto insurance,where you could carry all your benefits from one insurer to another,in the case of health insurance you will now be able to do the same because of Health Insurance Portability. It will help the policyholders to switch insurers,without completely losing the benefits such as waiting periods earned and no claim bonus. Earlier,if customers shifted,his or her health insurance policy used to lose all such benefits. Carrying forward such benefits is critical as for certain medical conditions there is usually a waiting period of 3-4 years. Health Insurance Portability is beneficial for customers like you who are unhappy with the services provided by their current insurers and want to switch to another. The expert is CMO,PolicyBazaar.comFor your personal finance queries please email at expressmoney@expressindia.com
