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Financial Express

After the outbreak of COVID-19 pandemic, there has been a general perception that in the times ahead, the need to buy life insurance will go up. “Never before life insurance was seen with this importance as it is seen and valued today under the given circumstances. says Rakesh Goyal, Director, Probus Insurance, Insurtech Broking Company

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Life insurance is one of the finest and secure ways to protect you and your family against various life uncertainties such as mishaps, accidents, unforeseen situations, loss of income due to any ailment or disability, death of a breadwinner, or even to meet short-term and long-term financial goals. By Rakesh Goyal

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Many of the insurance companies have been facing severe underwriting losses in the health segment and there are chances there would be some price correction especially in the group health insurance. says Rakesh Goyal, Director, Probus Insurance Broker.

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“Coverage depends on various factors, such as the type of policy, insurer, and policy inception date. There are a few insurers who have announced that policyholders will be covered if they are impacted by the outbreak of the viral disease. However, it will vary on the travel advisories and their respective governments to take a call on this as such cases of epidemics and pandemics are usually excluded,” says Rakesh Goyal, Director, Probus Insurance Broker.

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By Rakesh Goyal

Health Insurance is designed for people so that they can make use of the risk cover to pay for medical expenses. Health insurance has become very crucial in today’s time because of the new lifestyle diseases and rising medical inflation. The fast-paced life nowadays has escalated the possibilities of sickness, prolonged diseases, and high-stress levels causing many heart-related ailments. This has also exposed the individuals and made them further vulnerable to poor quality of life.

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The government is likely to increase the FDI in life insurance, which will enable other private players to go public,” says Rakesh Goyal, Director, Probus Insurance Broker.

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By Rakesh Goyal, While employers do provide health cover to their employees, it is often not enough to meet medical expenses. Many avoid buying a health insurance plan throughout their lives because of high premiums. So, if you are looking for a better way to manage the sum insured of your health plan and that too, without spending a lot of money, then opt for a top-up or super top-up plan.

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Rakesh Goyal, Director, Probus Insurance Broker, says, “All insurance policies do not have a surrender value. Hence, a customer needs to first ensure that their policy does offer a surrender value.”

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Opting a loan against a life insurance policy is also known as pledging, where a loan can be issued by the insurance companies itself, or any other financial institutions.

By Rakesh Goyal Life Insurance not only provides you with life cover, but it also acts as a financial instrument to build a corpus. The benefits ….

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We spoke to Rakesh Goyal, Director at Probus Insurance, on what the new guidelines implemented by IRDAI pertaining to motor insurance actually mean and how should a policyholder take cues before buying insurance.

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By Rakesh Goyal

A company must understand how well it can perform uniquely or distinctively to sustain in the market. It is very important to translate boardroom vision into action on the front line for a better and enhanced customer experience. The shared experience and conviction binds together to orchestrate a comprehensive customer-centric makeover.

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Rakesh Goyal, Director at Probus Insurance, says, “This is a positive move from the policyholder point of view as they will have to pay lower premiums if they have existing CPA. However, it will become a problem for the insurance companies to verify whether policyholder already has a CPA or not.” He further adds, “What steps will be taken by the insurer and regulators if policyholders don’t have a CPA and claims arises. Whether they will reject the claims or pay the money?”

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Various factors such as maturity period, the rate of return and lock-in period are involved that help in deciding which tax saving option is better. Rakesh Goyal, Director, Probus Insurance Broker, says, “Today the first-time investors or the fixed deposit-oriented investors are gradually shifting towards mutual funds and insurance policies. During the changing investment pattern, investors can also look at market-linked instruments like ULIPs.” These plans invest in the stock market and have a mix of equity, balanced and growth schemes.

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Experts believe with this move, employees will be encouraged to stay in a job for a longer period of time and not switch their jobs frequently. Rakesh Goyal, Director, Probus Insurance Brokers Ltd, says, “This move will help both employers as well as employees (common man). With the increase in the ceiling, employees will be encouraged to stay in a job for a longer period of time and not switch the jobs frequently. This is also beneficial for employers as there will be less churn in their organization.” Gratuity is payable at superannuation and retirement or resignation.

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Although the Life Insurance policy may not seem like a top priority in your checklist at this time in your life, it would be a very crucial part of your financial goals at some point. It’s better to take the right call at the very right time. This plan would not only offer you protection but it will also make the best use of your money along with financial stability for your loved ones.

(The author is Rakesh Goyal, Director, Probus Insurance)

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Finally, before buying the policy, one should always do their own research, look out for best features and should also decide whether family members will need lump-sum, or staggered pay-outs planned systematically. It is very important to have a term plan and mot having one can pose serious challenge to their financial stability and long-term investments.

(By Rakesh Goyal, Director, Probus Insurance)

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Also, those whose wish to get the maximum benefits of long term market-linked growth without the trouble of direct investment in the stock market, ULIPs are a perfect solution.

The bottom line is that life insurance comes with advantages of life protection, tax saving and wealth creation; it is up to you how much you invest as per your affordability or income level.
By Rakesh Goyal, Director Probus Insurance

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The bottom line is that though banks have their own security measures but they cannot guarantee that your valuables are not stolen and hence the Bank Locker Policy helps in bridging the gap by offering a shield to your valuable contents stored in a bank locker.

(By Rakesh Goyal, Director, Probus Insurance)

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