Money Today Magazine
“ULIP is exposed to the market, and since premiums paid are divided into various charges, it makes ULIP costlier than term and endowment plans. However, each plan is meant to fulfil different financial goals of an investor. It is advisable to understand the investor’s goal and current portfolio instead of deciding only on the basis of premiums,” says Rakesh Goyal, Director, Probus Insurance Broker.
The products discussed here are relatively new and likely to improve as more data, use cases and customer feedback pour in. We may see sublimits increase or get removed altogether, or premiums may go down as more companies and consumers enter the domestic market. But even now, one cannot afford to ignore the risks. “Whoever deals in this online world will need the cybercover sooner than later. I would recommend it to every adult as most of the transactions are now done online,” says Rakesh Goyal, Director at Mumbai-based Probus Insurance.
The sector is also witnessing the rise of the new-age brokerage firms like Probus Insurance, which are digitally active and offering comprehensive product comparisons. “An insurer will only display its own quotations, but Probus draws data from a number of companies and displays tailor-made solutions in a tabular format, making comparison easier. Moreover, policy benefits are easily visible here, and one can also review different aspects of each policy and compare those to make a wise decision,” says Rakesh Goyal, Director of Probus Insurance Broker.