Invest In Tax Saving Mutual Funds Online
When you buy a life insurance policy, insurance rules mandate that you have at least a window of 15 days from the time you receive your policy document to understand the nuances of your insurance policy and reject the policy if you think it will not suit your needs. The insurer in this case will need to reimburse your premium after recovering due costs.
The same reassurance will now apply to health insurance policies as well. According to new health insurance regulations, when you buy a health insurance policy you will be given a window of 15 days from the time you receive your policy document to make up your mind on whether you want the policy or not. If you refuse, the insurer will have to reimburse the premium net of costs such as administration costs, medical examination costs and insurance costs for the days you were covered.
What plans will offer free look?
Health insurance plans can be of two types: indemnity policy and defined benefit policy. While indemnity policy reimburses you the cost of hospitalization up to the sum insured, a defined benefit policy agrees to pay a lump sum against a specified illness. You would recognize defined benefit policy as critical illness plans, major surgical plans and hospital cash plans. These plans are usually offered by life, general and health insurance companies. These policies will now have to offer a free-look period. Other policies such as personal accident cover, which offers financial compensation if you meet with an accident that leads to death or permanent or temporary disability, will also have to offer a free-look period.
Exception to the rule
There is one exception to rule though. The Insurance Regulatory and Development Authority in its circular dated 26 September 2013, allowed insurers to not offer any free look on policies that are given for less than a year. These are typically travel insurance policies that are given for duration of less than a year. The duration of travel insurance depends on the number of days of travel. But if you have bought a travel insurance policy that covers you for a year, you are entitled to a free look, for instance travel insurance plans for student studying abroad taken for more than a year.
Free look after every renewal?
No, you don't get free look when you renew your policy. Most health insurance plans, indemnity as well as defined plans, offered by non-life companies are one-two year policies that can be renewed further. In this case you are entitled to free look only when you buy the policy for the first time. But if you decide to port your policy from one insurer to another, you may be given a window of free look. Regulations are not very clear on this aspect, but insurers infer that free look will be allowed even when porting to a new policy.
Happy Investing!!
We can help. Call 0 94 8300 8300 (India)
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 in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs
Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- ICICI Prudential Tax Plan Invest Online
- HDFC TaxSaver Invest Online
- DSP BlackRock Tax Saver Fund Invest Online
- Reliance Tax Saver (ELSS) Fund Invest Online
- Birla Sun Life Tax Relief '96 Invest Online
- IDFC Tax Advantage (ELSS) Fund Invest Online
- SBI Magnum Tax Gain Scheme 1993 Invest Online
- Sundaram Tax Saver Invest Online
- Edelweiss ELSS Invest Online
Best Performing Mutual Funds
- Largecap Funds Invest Online
- DSP BlackRock Top 100 Fund
- ICICI Prudential Focused Blue Chip Fund
- Birla Sun Life Front Line Equity Fund
- Large and Midcap Funds Invest Online
- ICICI Prudential Dynamic Plan
- HDFC Top 200 Fund
- UTI Dividend Yield Fund
- Mid and SmallCap Funds Invest Online
- Reliance Equity Opportunities Fund
- DSP BlackRock Small & Midcap Fund
- Sundaram Select Midcap
- IDFC Premier Equity Fund
- Small and MicroCap Funds Invest Online
- DSP BlackRock MicroCap Fund
- Sector Funds Invest Online
- Reliance Banking Fund
- Reliance Banking Fund
- Tax Saver MutualFunds Invest Online
- ICICI Prudential Tax Plan
- HDFC Taxsaver
- DSP BlackRock Tax Saver Fund
- Reliance Tax Saver (ELSS) Fund
- Gold Mutual Funds Invest Online
- Relaince Gold Savings Fund
- ICICI Prudential Regular Gold Savings Fund
- HDFC Gold Fund
No comments:
Post a Comment