Decode what to prioritize first - LIFE or HEALTH INSURANCE
Episode Title
Decode what to prioritize first - LIFE or HEALTH INSURANCE
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fintastic-talks-with-sanjiv-bajaj-ft-vighnesh-shahane-ageas-federal-life-insurance
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https://www.youtube.com/embed/UOUaM8cdCtQ?clip=Ugkxa-ts6Z5czMrz2DUuUE-EEEF7DxQbIqcN&clipt=EPiOaxi4xG4
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https://www.youtube.com/embed/UOUaM8cdCtQ
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Episode Date and time
Episode Duration ( in minutes )
30
Episode No.
9
Episode Description
Be Money Smart. Be FINtastic.
As rightly suggested by Mr. Sanjiv Bajaj, Wealth Creation starts with Wealth Protection. FINtastic Talks Season 2 is back with its 9th episode featuring Mr. Vighnesh Shahane, MD & CEO of Ageas Federal Life Insurance.
Episode Key Takeaways ( in English )
- "Corporate Insurance is sufficient"- Myth or Reality
Corporate Insurance might not be sufficient to cater to all health emergency needs in today's environment. What if you decide to do something on your own or develop a medical condition. As a result, you would be left without a policy, and any new policy you purchase would require a waiting period before allowing you to enjoy the benefits of the current policy. - "Wealth Creation is possible only after Wealth Protection" - Mr. Sanjiv Bajaj
Wealth creation is a prerequisite to wealth protection. The first step is to buy Adequate Health Insurance, secure your loved one's future with appropriate Life Insurance, and then Insure your Assets, such as your car, home, etc. Securing these will help investments and savings remain intact and create wealth. For example, if a person purchases a picturesque home and does not insure it on time, and he witnesses a fire burning down his investment(Home), in such case, he turns back to zero. Thus it is impetus to protect our loved ones and ourselves with the right Insurance at the right time. - No Claim Bonus- Explained by Mr. Sanjiv Bajaj
No claim bonus is a bonus that is allowed under health and motor insurance policies if you do not claim during the coverage period. It was first introduced in Motor and health insurance, but now it's being copied widely as it has stretched to even Term Insurance. Suppose a vehicle with an Insured Declared Value of INR 5 lakhs has yet to claim in the previous year, and its annual premium is INR 15,000. In that case, the policyholder is eligible for a No Claim Bonus at the time of renewal and will only need to pay INR 11,250 - Decode what to prioritize first - LIFE INSURANCE or HEALTH INSURANCE
In the wake of the global pandemic, it has underscored the need for individuals to prioritize their health and be prepared against any financial stress in the event they face any such illness with appropriate Insurance. Therefore, this should be chronologically purchased in this order starting with Health Insurance, quickly followed by Term Insurance.
Mr. Vighnesh Shahane quoted that - "I staunchly urge every individual to purchase Health and Term Insurance, and the best time to buy it was YESTERDAY." - Critical questions to ask your Insurance agent before buying any related product in the company.
(i) Always go ahead and ask for the claim settlement reputation of the company.
(ii) What is the reputation and fund performance of the company.
(iii) What is the general strength of the company.
(iv) Always ask for the correct queries and solutions on paper to establish transparency and accountability.
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