Nomination process in case of life insurance

Nomination process in case of life insurance

You are buying life insurance to secure the financial life of your dependents. To avoid your financial dependents of any troubles you must ensure that you have bought a cover of the adequate amount, disclosed all the correct details and informed your dependents about you having a term Insurance.

Have you nominated your dependents in your life insurance or you thought that you shall do the same eventually?

What is Nomination?

Nomination is a right given to the life insurance policyholder to appoint a person or persons to receive the benefit under the policy in case it becomes a death claim. Assume if a person who is insured dies, the nominee is entitled to receive the policy proceeds subject to certain conditions.

Meaning of a nominee as per the earlier laws

Earlier, the nominee in your insurance policy would not in actual receive and benefit from the insurance money but was to act as a trustee of the claim amount he or she would receive from the death claim.

Acting as a trustee means that the nominee had to distribute the claim amount as per the legal heir rules or the WILL of the deceased person.

Hence, earlier nomination meant not an ownership of claim amount. This lead to many legal battles between nominees and legal heirs to claim the death claim amount of the insured person.

What is the meaning of Beneficial Nominee in your Life Insurance?

IRDA introduced the concept of Beneficial Nominee.

Now as per the new rules, suppose you nominate your parents (sibling is not included), spouse or children, then they will be considered as the beneficial nominee and the death claim amount will be payable to ONLY them.

Other legal heirs as per the will or otherwise cannot claim the death claim amount. Accordingly, Life Insurance Company will pay the death claim benefit ONLY to the nominees.

Hence, while buying a life insurance, you must have a clarity of mind as to whom do you want the death claim amount to be payable in your absence. The nominee also has the right on the claim money if the policyholder dies after the policy period is over but before receiving the maturity benefited.

Things to keep in mind while assigning your nominee

You as the policyholder can declare the nominee at the time of policy application, or at any time later during the term of the policy.
You can nominate anyone as a nominee – your spouse, your children, relatives, your friends, unrelated people, anyone. You need to provide details such as full name (as per the nominee’s documents), gender, address, age and the relationship between the nominee and you (if there is one).
Suppose you nominated your friend or someone who has no insurable interest in your life, then such non-relative will not be treated as the beneficial nominee. In such a situation, your actual beneficial nominees or legal heirs can prove that he or she is not a beneficial nominee and can get the claim amount from the nominated person.
A valid WILL still can negate the rights of beneficial owner and money can be disbursed according to the WILL of the insured.
The nominees’ details are generally printed or endorsed on the policy certificate. If such information is not available on policy document, then the nomination is not valid.
Change or cancel nomination for INR 100 for each change.

Types of nomination permitted or advised

You can also nominate multiple people in a particular ratio, e.g. 40% to person A and 60% to person B.
Even successive/alternate nomination in life insurance is possible. This is nothing but the nomination order. e.g. nominate the money to person A. If he is not alive at the time of claim, it can go to person B. If B is not alive as well, it can go to person C. All the names of A, B and C need to be declared upfront at the time of successive nomination in life insurance. This is the best way to nominate and it is highly recommended.

What if One Makes No Nominations in the Policy

In case your policy fails to have a nominee, you need not worry, as the sum assured will be discharged according to the following rules -
The insurance company might dispatch the claim amount to Class I legal heir which includes- insured’s spouse, son, daughter, and mother.
In case of a Will, the process is followed according to the Indian Succession Act, 1925 where the claim amount is distributed according to what has been stated in the Will. A succession certificate from the court will be required, to have a clarification on whom to handover the claim amount.
Whenever there is more than one legal heir, insurer intents are to safeguard their interest in scenarios of dispute on settlement of the claim. For this, the insurer shall ask for an indemnity bond, joint discharge statement, and waiver of legal evidence.

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Health Insurance for a New Born Baby

The insurance policies that cover the child from their day of birth are rare. Once the baby completes 90 days, they become eligible for health insurance. Adding the child to the health policy of their family is also an available option like a family floater health insurance policy.

Age: Children cannot be insured from day one since that involves a lot of risks. But to cover them, one can add them to their parent’s policy which can cover early vaccinations and postnatal care. After completion of 90 days, the baby is eligible for insurance.

Options: The insurance company must be made aware of the child’s birth, within the seven days of birth. Then the insurance provider lets you know the applicable plans to cover the baby. The plan advised offers insurance cover to the baby after 90 days, and more options can be added while renewing the policy.

Required Documentation: While renewing the policy, a set of documents like a birth certificate and discharge card are to be included for submission.

Premium: After the submission of the required documents, the premium will be calculated and informed that when paid the health insurance policy will be covering the child.

It is very important to add your child to your health insurance. The costs related to the newborn baby can be huge and can shift your entire financial planning. A small increase in your premium can secure you from unforeseen financial expenses of your newborn and lets you enjoy the time with them carefree.

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Insurance - 08/19/2018

Insurance Frauds and Spurious Calls

A friend was duped into buying an HDFC life insurance policy when she had just started to work with her first employer. Being new to tax planning, she was sold the policy stating that payment of INR 50,000 per annum for the next 7 years will get her INR 1,000,000 at the end of 15 years.

The friend got a call on her landline asking for her insurance needs. Her mother gave her mobile number to the insurance agent and asked her to coordinate with him. She was so occupied at work that she bought whatever insurance he sold to her convincing her that the investment would double in 7 years and the insurance will also give her tax benefits.

We have in detail discussed in our Article – Why you must buy a term Insurance and Insurance v/s mutual funds as to how the money grows and multiplies and why you should not fall prey to the terms – ‘double your investments_________.’

I went with my friend to surrender the policy at the HDFC Insurance office and was surprised to see that around 10 people were waiting to surrender their insurance policy on a Friday afternoon.
Why are the policies missold
The Insurance agents get a commission ranging from 40% to 70% on the premium amount paid towards insurance making insurance the most marketed financial product in the world.
This commission is just not for the first-year premium. In some cases, they get it for the first 3 years 40% and the balance 3 years 20%. The high commission makes insurance a very lucrative product to sell.

New ways of misselling

The case of misselling has worsened since people have started getting spurious calls in the name of regulatory organizations and government or quasi-government authorities. Recently some gangs have been exposed to a new scam in the Insurance Sector “Fake calls from IRDA”.
This scam is to trap the existing policyholders who are not satisfied with their existing plan and are not getting desired returns, bonuses, or claims.

• They get calls from people pretending to be representatives of IRDA.
• They claim that this call is on behalf of IRDA to address the complaints and grievances of the policyholder.
• The person receiving such a phone call gets convinced and starts sharing the problems faced with the existing insurance policy.
• On understanding the issue of the policyholders, these tele-callers convince that they will get the refund of the existing policy and the policyholder can withdraw the actual amount of the premium paid to the company.
• These callers, the fake IRDA representatives, keep complete knowledge about the functioning of insurance companies, regulatory authority, and norms and then they make the other person convinced confidently and smartly with their conversation.

I have also received calls from IRDA asking if I had any issues or if I should own a good insurance product. They are regulatory bodies and hence, it is very easy for people to believe them.
When I told them to send me an email, they started abusing me over the phone and spoke to me in a very irresponsible way. I immediately knew that they are imposters and cut the call.

How should one be cautious of such spurious calls?

1. Do not entertain any insurance provider over a phone call; always ask them to drop an email from their official email ID, providing you with the offer and other details.
2. It is very important to educate your parents about the same. It is very easy to obtain the landline numbers and sell the same to housewives with little or no knowledge about these calls. They end up giving their debit card/credit card pins.
3. Report all the telephone numbers when you receive a call from one, claiming to be a fake LIC agent or the IRDA regulators.
4. IRDA has issued a public notice to state that the regulator never makes any calls. "The general public is hereby informed that the Insurance Regulatory and Development Authority is a regulatory body which does not involve directly or through any representative in the sale of any kind of insurance or financial products," a public notice posted on its website said. It further adds that if you make any kind of transaction with such a fake agent, you would be doing so at your own risk.
5. Likewise, if you receive calls from an agent claiming to be from LIC or any other insurance company for that matter, it's best to disconnect the call.
6. If an agent asks you to pay cash, it should be an immediate red flag. According to the LIC's advertisement, when you buy an LIC policy, you should register the same on their portal for easier management of the policy. Even for other private insurance companies, always register on their website and refer to the same for any problems and updates.
7. When an agent visits you, you should check his/her license, issued by the insurance company. But, then, we think it isn't too difficult for fraudsters to make fake licenses. So, maybe paying a visit to the insurer’s branch office or buying a policy online via the company's website or online insurance portal, would work better.
8. Register your policies online on the websites and other private insurers to avoid any communication with an agent. You can coordinate with the insurance providers over email.

These are basic solutions and common sense ways to deal with the problem of spurious calls. However, as many of us are too occupied with work and other commitments, we do not spend too much time sorting our investments becoming prey to such scams.

It is your hard-earned money that is being invested in various financial products and hence, you must be cautious about how you manage the same.

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Insurance - 08/14/2018

Mistakes you must avoid while buying a ULIP

ULIP stands for Unit Linked Insurance Policies combining the investment and insurance needs of a person. ULIPs have become extremely popular among investors as a great tool for tax saving and wealth creation.

A ULIP provides a reduction in taxes, a life cover, and an appreciation in the invested amount.

People who want to gain substantially from ULIPs should invest in it for a minimum of 10 years. ULIPs provide the best results only when one is investing in it from a long-term benefit. Also, one cannot rely only on a ULIP to fulfil their insurance needs. It is important that you avoid the following mistakes while buying a ULIP.

Do not invest only for the tax-benefits

ULIPs are eligible for tax benefit under section 80C of the Income-tax Act. It is considered one of the products for INR 150,000 tax deduction. Many people buy ULIPS only because it is a section 80C option and helps in reducing taxes.

If you want the tax-benefit, you cannot withdraw the invested amount for a period of 5 years from a ULIP. Where you withdraw money before 5 years, you have to pay taxes on the money received. Thus, you must look at the long-term benefit before making a decision of investing in ULIPs.

Do not invest only for a life cover or insurance

A general ULIP with a premium of 1 lakh INR per annum will provide you with the insurance cover of INR 10 lakhs. This ULIP is for a period of 10 years. Thus, the sum assured is equal to the amount that you would pay a premium per annum for the ULIP.

Before rushing into buying a ULIP for the purpose of insurance, just think if the sum assured of INR 10 Lakhs is enough for your family? Will it actually serve the purpose of insurance? You can refer our Article – How much cover you need in term insurance. This shall help you understand what amount of cover you actually need and how pure term insurance is the best product for your insurance needs. Do not substitute the same with ULIPs.

Also, if you stop paying the premium amount, you lose on your insurance benefits.

Do not invest only for equity growth

ULIP is also a fund which is eventually invested in various financial products. ULIP gives you the option to select the kind of fund (i.e. pool of investment products) that you desire to invest into. Thus, you must decide based on your risk appetite, your understanding of the fund or your financial advisor's advice. Refer to Article - different kinds of ULIP funds_

Your investment decisions must be based on your defined goals and should never be a random allocation.

Do not stop paying premium after the first premium or anytime later.

Where you stop making the premium payments for your ULIPs, the following things may happen:

You will not be able to withdraw the amount until the lock-in period of 5 years.
If you stop paying your premium after the first year and withdraw the amount after the lock-in period, you do not get paid on the basis of the Net Asset Value of the year in which you are getting paid. Rather the money you get is based on the Net Asset Value of the year in which you stopped paying the premium.
The amount that you would receive after completion of 5 years would be after deducting various charges like fund management, annual charges, and surrender charges.
The insurance cover would be stopped immediately and there would be no life cover.
The death benefit will be limited to the NAV (Value) of the Fund/Money invested.

Do not overlook the charges

There are many charges in a ULIP like premium allocation charges, fund management charges, mortality charges etc. These can amount to easily 4%-5% of the premium amount invested in a ULIP.

After reading this article, you may feel that ULIPS are not a good investment option. It is not so. However, there are many things that one must look at before making an investment decision which includes things you must do and things you must not do.

Alternative Assets / Insurance - 08/05/2018

What are the different funds in a ULIP and why to switch between them?

Most Insurers offer a wide range of funds to suite’s one’s investment objectives, risk profile and time horizons. Different funds have different risk profiles and thus, varied returns.

We have listed below some common types of funds that are available:

Sr. No	General Description	Nature of Investments	Level of Risk
1.	Equity Funds	Invests in equity shares of the companies listed on the stock market. This may be further split into small-cap Equity, Mid-cap equity and Large-cap Equity	High
2.	Debt Funds/ Interest Income Funds	Invested in corporate bonds, government securities and other fixed income generating instruments	Medium
3.	Cash Funds/ Money Market Funds	Invested in cash, fixed deposits or other money market instruments which are liquid.	Low
4.	Balanced Funds	They are a combination of Equity and Debt i.e. a balance between Equity and debt.	Medium to high

The funds of a ULIP are similar to the various fund classification of a mutual fund. It is due to the basic nature of both the investment products. However, it is not that easy to switch between mutual funds. Refer our Article on how to switch between mutual funds.

ULIPs are favorable due to the option to switch between different funds as per our needs and requirements. The primary objective of switching funds is to leverage from the funds performing well. If your funds in your portfolio are not performing well then the peers, you may choose this option.

There is a basic cost involved in switching of funds which depends on the ULIP that you own. Some ULIPS, allow one transfer free and anything beyond that has a fixed cost. Refer our Article - Various Charges associated with a ULIP.

Also, many people make use of switching to meet their goals and make the most of the tax benefit. You may refer to our Article ----

To ensure that you make the most of this option, you must keep a track of the funds’ performance to make an informed decision.

Asset Allocation: You must switch to re-balance your portfolio, to maintain your asset allocation or to make the most of a sudden change in the market condition. This change in market condition may also require you to review your asset allocation. As discussed for this purpose switching is cheaper than selling and re-investing mutual funds.
Life stage Needs / goal-based approach: when a switch is required to achieve your goals set in mind, you must do the same using this option in ULIPS. For example, if you have invested for a 10-year long-term goal in an equity-based fund. Based on the rules of goal setting, from the 7th year, you should start switching your fund to a debt fund to not lose the gains made in an equity fund. Such a switch is cheaper and more convenient with a ULIP than with a Mutual Fund.

Since ULIPs are long-term market-linked plans, you should review and manage them appropriately to optimize your asset allocation, minimize the risk and maximize your returns. If you are not confident about managing it yourself, it does mean that you should lose the opportunity of growing your own wealth. You can always take advantage of the auto-manage options offered by the insurer or appoint a financial advisor who shall do the same for you.

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Equity / Insurance / Investments - 08/03/2018

Charges or cost of a ULIP

ULIP is a combination of a life insurance product and an investment product, which provides risk cover for the policyholder along with investment options to invest in any number of qualified investments such as stocks, bonds or mutual funds. As a single integrated plan, the investment part and the protection part can be managed according to specific needs and choices.

ULIP is catering to the insurance and the investment needs of a person and thus, is not a cheap product. There are various costs associated for both these facilities which make ULIP a comparatively expensive product in case of short-term investments.

The list of charges that are levied in case of ULIP investments are as under:

Premium Allocation Charge

Premium Allocation Charge is deducted as a fixed percentage from the premium paid in the initial years of the policy, it is charged at a higher rate. The charges include the initial and renewal expenses and intermediary commission expenses. It is a front load charge as it is deducted from your premium paid.

Mortality Charges

This charge is to provide for the insurance coverage under the plan. Mortality charges depend on a number of factors like age, sum assured, etc and are deducted on a monthly basis. These are for the Insurance part of the product.

Fund Management Charge

Fund Management Charge is charged by the company to manage various funds in the ULIP. It is levied for management of the funds and is deducted before arriving at the NAV. The maximum allowed is 1.35 percent per annum of the fund value and is charged daily. Generally, insurers levy the maximum allowed in equity funds, while the charge on non-equity funds is lower. These are for the Investment part of the product.

Partial Withdrawal Charge

ULIPs have options for partial withdrawals of funds. Some plans offer unlimited withdrawals, but some restrict it to 2-4 withdrawals. These withdrawals can be for free up to a certain limit or can be charged based on your transactions.

Switching your funds

Moving funds or investments between options is called switching. There are options to switch your funds for free up to a certain limit per year. Any further changes might incur a charge of INR. 100 -INR.250 per switch. This is to manage your investments.

Policy administration charge

This charge is levied for the administration of the policy and it is deducted on a monthly basis by the cancellation of units from all funds chosen. This charge can be at a fixed rate or a percentage of your premium. These are for the insurance part of the ULIP.

The only free benefit of the ULIP is the tax benefit that you get when you invest in ULIP under section 80C. However, for that, you must stay invested for a period of 5 years. If you withdraw any time before that, the amount withdrawn would be taxable.

As an investor, it is very important that you know where your money is going. Many times you expect that after appointing an insurance agent for your investment needs all your investment worry is over, that may not be the case and the agent would continue selling you expensive investment products. You must learn and understand where your money should be invested to make the most of it. where you do not have the time to do so, appoint a financial advisor for yourself.

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Insurance / Investments - 08/01/2018

Is your employer’s Health insurance sufficient?

I was personally always covered by the health insurance/medi-claim provided by my previous employer and thought that there is no need to have health insurance coverage for myself separately. The same even covered all my family members. It catered to all my health needs so I never looked around for additional health insurance.

There was some amendment in the health insurance scheme provided by my previous company and we were asked for our approvals on the same. During this time, I actually read the medi-claim policy of my employer. I noted the following points.

The medi-claim was a 20% co-pay health insurance (i.e. every time there is any claim to be recovered, I have to personally bear 20% cost of the medical bills as the insurance company will reimburse only 80%).
Siblings are not covered under the health insurance policy (my younger sister did not have a health insurance cover).
I was paying INR 350 per month towards critical illness diseases and an additional cover of my parents (i.e. INR 8400 per annum towards a health insurance premium which did not even give me a 100% cover).

I knew there were certain immediate action points that I must take.

I took a basic health insurance policy for my sibling.
I also got a health insurance policy for my mother. I had been delaying it for the pre-existing clause and the policy was expensive due to her age and blood pressure issues. However, I realized the more I push it, it is going to become more expensive.
When I decided to quit my job, I bought a health insurance policy for myself even before I put in my papers. In fact, I should have bought it the day I realized it was 20% co-pay. Nonetheless, later than never. I had quit my ex-employer in January 2016 and in February 2016, I had to be hospitalized for typhoid and all the expenses of my hospitalization were taken care off by my health insurance. Some may call it lucky, I call it smart financial planning.

Thus, one cannot completely rely on the health insurance provisions of the employer. I have listed below various reasons why you should not rely 100% on your employer’s health insurance policy.

When you change your jobs – The earlier you buy insurance, the better and cheaper it is for you. Thus, if at the age of 40, you wish to change your job or retire early, your new employer may not provide your health insurance and buying one now could be very expensive or not possible.
An employer may decide to change the configuration of the health insurance: The employer may even decide to reduce the members of your family to be covered at its expense or update certain conditions like introduce co-pay, refuse to cover pre or post hospitalization expenses etc. In such a scenario, though you would still be covered, the expenses to be incurred by you will definitely increase.
Post-retirement: The health insurance provided by your employer shall in majority cases not extend post your retirement. Health Insurance may not be available for you in the years where it is most needed and you may not be able to obtain one during your retirement. Hence, buying a basic health insurance plan today itself (in spite of having one from your employer) is one of the major steps you can do for your financial plan.

Many of us do not buy the right financial products merely out of laziness, endangering our savings and future financial plan. Almost everyone knows the cost associated with a sudden health problem, in spite of that many of us refuse to obtain good and appropriate health insurance for self.

Read more about health insurance and things to focus on in our Article http://www.wealthcafe.in/health-insurance-things-to-note/

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Insurance - 01/13/2018

How much cover is required for Term Insurance?

Have you looked at the insurance aggregator's website and wondered how much insurance cover you should take? At the preliminary view, an insurance cover of INR 50 lakhs for someone who just started working also looks very good and an insurance cover of INR 1 crore may not be enough for someone who is married with 1 child. The amount of cover varies from person to person based on their financial background, situations, responsibilities, lifestyle etc.

You can read our Article on 10 things to note before buying term insurance which will give you an exact idea of what is term insurance and all the things that you must focus on before investing in one.

We have listed below the process to compute your term insurance cover.

Step 1 - Use your actual Income

You are opting for term insurance to ensure that the financial life of your loved ones is not impacted. Based on this, your term insurance cover must compensate for the income/earnings that you were providing to your family.

Your monthly income is the minimum amount that your financial dependents must get from the term insurance cover.

Accordingly, where your income is INR 1 lakh per month, your annual income would be 12 lakhs. Your insurance cover amount must be such that on investing it in a debt product of around 9% return, you get the annual income value as returns.

For example:

Income - 1 lakh per month

Annual income - 12 lakhs

Return % - 9%

Amount of cover - (12 lakhs*100)/9 = 1.33 crores

On an investment of INR 1.33 crores in a debt financial product which gives a return of almost 9% per annum, a return of INR 1 lakh per month (i.e. 12 lakhs per annum) will be received.

1.33 crores X 9% pa = 12 lakh per annum i.e. 1 lakh per month.

Post taxes of around 20% that would be INR 80,000 per month which shall be equal to the in-hand salary of the person with the monthly income of INR 1 lakh.

Reverse Calculation

You can also do a reverse calculation, where you may take the in-hand salary of say INR 1 lakh (this would be a post-tax number)
Accordingly, the pre-tax would be INR 1.25 lakhs
You have to earn INR 1.25 lakh for 12 months i.e. INR 15 lakhs.
The cover amount must be such that it gives 15 lakhs as 9% of the cover amount.
Using the above formula = (15 lakhs*100)/9 will give you 1.66 crores.

Hence, you should take an insurance cover of INR 1.66 crores.

Step 2 – Loans and other liabilities.

You should add the value of your total loans and other debts due to your insurance cover. This will ensure that there is no fallout of debt on your dependents.

In this case, if you already have home loan insurance, verify if it is sufficient to cover the entire outstanding loan. If yes, then you need not add that amount to your term insurance cover, if not then add the loan amount to your insurance cover.

If there are any other loans or liabilities that you have taken from anyone, add that amount to your term insurance cover amount. For example, a car loan or a personal loan.

Step 3 – Reduce your assets

Where you have any investments made in the form of mutual funds or any other investments for your retirement, reduce the value of the same from your insurance cover amount.

In this case, please keep in mind that the value of the assets like the house you are residing in or depreciating assets like your car should not be considered. These are the assets that are used by your family/people.

Step 4 – Important Events

This includes setting aside a lump sum amount for important events or milestones of life such as education of your child, or their marriage or a business set-up for your partner. Calculate roughly how much you would need for your such events (Do include inflation into consideration).

For example, if you feel that today when your child is 5 years old, you would need INR 20 Lakhs for their education 15 years from now. Ensure that this INR 20 Lakhs is not based on the education cost today, but an estimated cost of the same 15 years from today.

Final Working

(Your annual income*100)/ return rate of a debt product + outstanding liabilities - Investments (saleable assets) + Inflated cost of important futuristic life events

Conclusion

Many insurance aggregators and their website calculate the term insurance cover that may be applicable to you. These calculators work on a simple formula of the time value of money. Basically, it’s the present value of all the future income that you are expecting to earn until you retire. These easy to use calculators are available on the websites of all insurance providers and require certain information from your end like your current age, current annual income and expected future rate of return.

These calculations may not fulfill your entire insurance needs specific to your requirements. You must use an adequate method otherwise even after obtaining term insurance your family/dependents will not be free of their financial liabilities.

The best way to buy term insurance is to directly obtain the same from the website of the insurance provider. Refer to our Article http://www.wealthcafe.in/myths-about-buying-insurance-online/

To learn more - you can check our course - NM 102: Build a Safety Net. Use code SAVE20 for 20% off.

Insurance - 01/01/2018

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