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Important questions to ask your Life Insurance Agent Posted: 26 Oct 2014 06:51 AM PDT Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Important questions to ask your Life Insurance Agent The problem with a surprising majority of life insurance buyers is their unwillingness to research the products that they are buying. Frequently enough, these buyers leave the purchase decision to their insurance agent; all that such buyers do is to write out the cheque. Even though most of us have been guilty of this behaviour at one point or another, we all recognize the necessity of engaging with the agent. Regardless of whether you are a first-time buyer of insurance or a veteran in this regard, one cannot underemphasize the importance of discussing with the agent the various aspects of policy purchase. While there is no end to the queries that you could put to your insurance agent, the following three questions are crucial. 1. What are my coverage requirements? 2. What are my insurance options? 3. What are the benefits and risks of the chosen policy? Now, let us examine these questions one by one. What are my coverage requirements? This should be your starting point. Most online insurance sellers offer an insurance needs analysis calculator, which requires you to key in your personal details (age, marital status, etc.) and your financial details (current income, current or expected future expenses, etc.), and finally reveals your coverage needs. While such calculators are convenient, they are not tailored to your specific needs. This is where the insurance agent can help. By asking you pertinent questions, a good insurance agent will be able to estimate your coverage needs in a better and more comprehensive way. Therefore, before you even start looking at policies, your agent should inform you about the insurance coverage that you need. This will determine everything from the type of policy required to the annual premiums and optional riders. What are my insurance options? Rather than depend on your agent to make the choice for you, ask him to familiarize you with the different types of available policies. Your life insurance agent will then introduce you to the pros and cons of term plans, whole life plans, endowment policies, and maybe even ULIPs. For instance, while a term plan may be the policy of choice for the buyer on a tight budget, an endowment policy is ideal if you are saving for a future goal and do not mind the higher premiums. Once you understand what each type of policy entails, you can make a better decision regarding the policy type that best suits your lifestyle. This question is important because even an experienced and trustworthy agent has only a limited idea of your financial needs. What are the benefits of the chosen policy? When trying to sell you a policy, insurance agents often wax eloquent about the associated benefits. However, even as you talk about the sum assured and maturity benefits, look at factors like high surrender charges, exclusions, duration of the free-look period and the availability of add-on critical illness or personal accident riders, among other things. Asking the right questions is the key to finding the best policy for your insurance needs. So don't be afraid to quiz your agent.     For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms --------------------------------------------- Best Performing Mutual Funds Largecap Funds Invest Online DSP BlackRock Top 100 Fund ICICI Prudential Focused Blue Chip Fund Franklin India Bluechip ICICI Prudential Top 100 Fund B. Large and Midcap Funds Invest Online ICICI Prudential Dynamic Plan HDFC Top 200 Fund UTI Dividend Yield Fund Birla Sun Life Front Line Equity Fund Franklin India Prima C. 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What is the difference between an open ended and close ended scheme? Posted: 26 Oct 2014 04:31 AM PDT Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 What is the difference between an open-ended and close-ended scheme? Open-ended schemes can issue and redeem units any time during the life of the scheme while close-ended schemes cannot issue new units except in case of bonus or rights issue. Hence, the number of units of an open-ended scheme can fluctuate on a daily basis while that is not the case for close-ended schemes. Another way of explaining this difference is that new investors can join the scheme by directly applying to the mutual fund at applicable net asset value related prices in case of open-ended schemes while that is not the case in case of close-ended schemes, where new investors can buy the units from secondary market only. For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms --------------------------------------------- Best Performing Mutual Funds Largecap Funds Invest Online DSP BlackRock Top 100 Fund ICICI Prudential Focused Blue Chip Fund Franklin India Bluechip ICICI Prudential Top 100 Fund B. Large and Midcap Funds Invest Online ICICI Prudential Dynamic Plan HDFC Top 200 Fund UTI Dividend Yield Fund Birla Sun Life Front Line Equity Fund Franklin India Prima C. Mid and SmallCap Funds Invest Online Reliance Equity Opportunities Fund DSP BlackRock Small & Midcap Fund Sundaram Select Midcap IDFC Premier Equity Fund Birla Sun Life Dividend Yield Plus SBI Emerging Businesses Fund HDFC Mid-Cap Opportunities Fund ICICI Prudential Discovery Fund D. Small and MicroCap Funds Invest Online DSP BlackRock MicroCap Fund Franklin India Smaller Companies E. Sector Funds Invest Online Reliance Banking Fund Reliance Banking Fund ICICI Prudential Banking and Financial Services Fund F. Tax Saver Mutual Funds Invest Online 1. ICICI Prudential Tax Plan 2. HDFC Taxsaver DSP BlackRock Tax Saver Fund Reliance Tax Saver (ELSS) Fund G. Gold Mutual Funds Invest Online Relaince Gold Savings Fund ICICI Prudential Regular Gold Savings Fund HDFC Gold Fund Birla Sun Life Gold H. International funds Invest Online 1. Birla Sun Life International Equity Plan A 2. DSP BlackRock US Flexible Equity 3. FT India Feeder Franklin US Opportunities 4. ICICI Prudential US Bluechip Equity 5. Motilal Oswal MOSt Shares NASDAQ-100 ETF Invest in Tax Saving Mutual Funds Download Any Application Forms Buy Mutual Funds Online Invest Online Buy Gold Mutual Funds Invest Now

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