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I took a plan from sbi named sbi-retired smart with premium of 1 lakh p.a. I paid my 4-year premium amount. I want to discontinue this policy before 5-year lock-in period. Can I do this.? And how ?
I took a plan from sbi named sbi-retired smart with premium of 1 lakh p.a. I paid my 4-year premium amount. I want to discontinue this policy before 5-year lock-in period. Can I do this.? And how ?
Related Questions
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 01,2022What is the average premium that should be paid for a family floater policy from Life insurance Corporation (LIC) or State Bank of India (SBI) Life?
Dear Family Floaters are available in Health Insurance and not in Life Insurance . Neither LIC nor SBI Life offers family ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 13,2021An LIC agent told me that if I invest 5 lakh per year for 5 years in SBI Life Retire Smart scheme, then from 10th year onwards I will get 40000 per month pension for rest of my life. And after our expiry (me and my spouse), nominee will get the Corpus amount. Is it true or Am I missing something? How to verify it?
Dear You have been given wrong information through mis-selling . Facts are stated below : SBI Retire Smart is a Unit Linked ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 05,2022In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on February 21,2022My fathers death happened in 2017 and I am not sure if he had any insurance in his name. But I do have his PAN card number. Is it possible to get his insurance details by his PAN number, if possible then how?
Not possible through PAN . There is no centralised system . Try to see the debits from Bank and ask ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on September 17,2022If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term?
Dear As per Insurance Act , no insurance company can shut down . At the most , another company would ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 20,2021PNB metlife super saver plan with health benefits plan me invest karna sahi he kya?Ye tax benefit deta he kya? 80C and 80D? Ye plan income tax section 10(10d) me add he kya?
Dear PNB Super Saver is a good plan keeping in mind various options available but each rider has a cost ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 24,2021If I take a plan now and if I am not able to afford the plan for a higher premium, so after a few years can we take another term plan. Basically, can I take two plans?
Dear Yes , you can buy as many plans as you wish . But ensure that you are sharing details ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on February 14,2022If I opted for an Endowment plan of 1 crore cover and nothing happens to me in the covered period, does the insurance company returns 100% of the amount I paid all these years after the maturity of the policy?
Yes , that is the meaning of endowment . On maturity , you receive guaranteed sum assured along with accrued ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on March 01,2022If I opted for an Endowment plan of 1 crore cover and If I'm getting hospitalized, does this policy covers the bill amount as well? Or that come under health insurance?
Life insurance covers risk of death unless you had taken critical illness rider . For medical , you need Health ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 02,2021If the difference between a term plan and a return of premium plan is 700rs per month for 40 years, for a same cover, is term plan still a better one?
Dear Yes , term is always better . Why should you pay extra . Save the money in mutual fund and ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 06,2021I took an LIC term plan (Plan no. 825) at the age of 25 (2018), which did not had any option of add ons at that time. How can I correct this now for both Critical Illness and Disability Addon ? Any alt solution ?
Dear As per my knowledge , riders are not available in table no 825 . You can buy Critical illness and ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 24,2022Can a house wife earning rental income and filing IT regularly take term plan? If yes which one?
No , she can take term plan on basis of passive income . Rent is considered passive income because ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 27,2021If there's no death in those 20 years of term plan, will the premium be returned? What happens to the money we pay as premium?
Dear Insurance works on the principle of pool creation and contribution . Insurance company only manages the pool . So if ...
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