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How to Choose the right insurance policy ?

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   If someone is trying to sell you a life cover in your later years, do not hesitate to say 'no'. Most risk-averse people consider an insurance cover as one of the most trusted investment vehicles after bank fixed deposits. Life insurance covers the risk of early death of the breadwinner. Such a policy compensates for the financial loss that the dependants might endure in case of the tragic event. To sum it up, members who are not earning, including senior citizens, children and homemakers, don't need life insurance.

   In case the spouse also brings home a handsome pay packet, the family might not be in financial crisis due to loss of one income. Further, if an individual doesn't have dependents, the life insurance policy is simply a waste of hard-earned money. Often, a middle aged person's debts and liabilities far exceed the assets he would have augmented. His need for the umbrella of insurance cover is high.

   On the contrary, a person in his later years would have cleared his debts such as home loan, and would have augmented sufficient assets. Hence, there is no need for a life cover.

 

   A retired person loses the medical cover that he had from his employer. Hence, it is critical that he has a medical insurance cover to help meet hospital expenses. The cost of healthcare has shot up. A simple check-up and visit to a hospital can drain your wallet of several thousands. With a predicted senior citizen's population touching 112 million by 2015, the special needs and healthcare of the elderly cannot be ignored.

   Categorised under high risk segment, such covers whose premium is directly proportional to the age are unfortunately expensive as one grows older. For someone above 60 years of age, the health insurance premiums will be very high and the need for medical cover needs to be thought over again.

   Many companies do not include parents in their group health insurance plans. Some companies help negotiate the price and benefits, and simply facilitate cover for employees' parents.

 

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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