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How technology impacts life insurance

Amitabh Chaudhry, managing director & chief executive officer, HDFC Life, answers your questionsI took a term insurance plan in 2012 for 10 years. I have already paid five instalments for this. As I have an another attractive insurance plan, I want to discontinue this policy. But, I am unable to locate the option to discontinue the plan on the insurance company's website. Also, I have not received any response to the e-mail queries I had sent. Kindly suggest the procedure and implications of exit?You can discontinue paying the premiums (from the next due date) for the older policy in which case it will automatically be discontinued and the life cover will no longer exist. However, please note that in case you purchase a new policy afresh, the premium rates will apply for your current age which might be substantially higher than your existing premiums under the old plan. Further, you should also ensure that the condition of your health has not altered much from the time you purchase

Readers' Corner: Life Insurance

Millennials buy insurance for family covers

My wife and I both want to buy term plans. Should we buy a joint life policy or separate ones?

Amitabh Chaudhry, MD & CEO at HDFC Life, answers your questionsWhat is the timeline for restarting a lapsed policy?  If it cannot be restarted, could I ask the company to pay me the premium after deducting charges?You may revive the lapsed policy within two years from the date of the first unpaid premium. In order to revive the policy, you would be required to pay all the outstanding premiums and the interest (if any) on the premiums dues along with applicable taxes. The interest rates might vary across insurers. You may get in touch with their respective customer service departments for the rates applicable.After two years, a lapsed policy cannot be revived. However, in a unit-linked policy, the fund value will be payable (after a lock-in period of five years) after deducting charges (if any). In case it is a traditional policy, you might be eligible for a payout depending on the number of premiums you have paid. You should refer to your policy document for conditions pertaining t

Amitabh Chaudhry, chief executive officer at HDFC Life, answers your questions

My annual income is Rs 10 lakh and I have taken a term plan of Rs 1 crore. My agent is asking me to take a personal accident cover as well. Should I?

I started working two years ago. I will have to pay tax from this year. My father is advising me to buy life insurance to save tax. What policy should I buy? Since you are young, it will be a good idea to invest in a unit-linked insurance plan (Ulip) for the long term (15-20 years). In a Ulip, the money is invested in stock markets and is subject to market risks but the long-term investment horizon will take care of the market fluctuations. You will also get life cover for the entire term of investment. If you do not want to invest in a Ulip, you can invest in the traditional savings life insurance policies.All life insurance policies are of long duration - 15 years, 20 years, etc. What is the guarantee that the company will pay my money after such a long period? If something happens to the company during this period, how will I get back my money? Life Insurance companies are in the business of providing long-term benefits. Insurance companies are strictly regulated with prudent reserv