Financial Express

Financial Express

We spoke to Rakesh Goyal, Director at Probus Insurance, on what the new guidelines implemented by IRDAI pertaining to motor insurance actually mean and how should a policyholder take cues before buying insurance.

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By Rakesh Goyal

A company must understand how well it can perform uniquely or distinctively to sustain in the market. It is very important to translate boardroom vision into action on the front line for a better and enhanced customer experience. The shared experience and conviction binds together to orchestrate a comprehensive customer-centric makeover.

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Rakesh Goyal, Director at Probus Insurance, says, “This is a positive move from the policyholder point of view as they will have to pay lower premiums if they have existing CPA. However, it will become a problem for the insurance companies to verify whether policyholder already has a CPA or not.” He further adds, “What steps will be taken by the insurer and regulators if policyholders don’t have a CPA and claims arises. Whether they will reject the claims or pay the money?”

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Various factors such as maturity period, the rate of return and lock-in period are involved that help in deciding which tax saving option is better. Rakesh Goyal, Director, Probus Insurance Broker, says, “Today the first-time investors or the fixed deposit-oriented investors are gradually shifting towards mutual funds and insurance policies. During the changing investment pattern, investors can also look at market-linked instruments like ULIPs.” These plans invest in the stock market and have a mix of equity, balanced and growth schemes.

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Experts believe with this move, employees will be encouraged to stay in a job for a longer period of time and not switch their jobs frequently. Rakesh Goyal, Director, Probus Insurance Brokers Ltd, says, “This move will help both employers as well as employees (common man). With the increase in the ceiling, employees will be encouraged to stay in a job for a longer period of time and not switch the jobs frequently. This is also beneficial for employers as there will be less churn in their organization.” Gratuity is payable at superannuation and retirement or resignation.

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Although the Life Insurance policy may not seem like a top priority in your checklist at this time in your life, it would be a very crucial part of your financial goals at some point. It’s better to take the right call at the very right time. This plan would not only offer you protection but it will also make the best use of your money along with financial stability for your loved ones.

(The author is Rakesh Goyal, Director, Probus Insurance)

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Finally, before buying the policy, one should always do their own research, look out for best features and should also decide whether family members will need lump-sum, or staggered pay-outs planned systematically. It is very important to have a term plan and mot having one can pose serious challenge to their financial stability and long-term investments.

(By Rakesh Goyal, Director, Probus Insurance)

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Also, those whose wish to get the maximum benefits of long term market-linked growth without the trouble of direct investment in the stock market, ULIPs are a perfect solution.

The bottom line is that life insurance comes with advantages of life protection, tax saving and wealth creation; it is up to you how much you invest as per your affordability or income level.
By Rakesh Goyal, Director Probus Insurance

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The bottom line is that though banks have their own security measures but they cannot guarantee that your valuables are not stolen and hence the Bank Locker Policy helps in bridging the gap by offering a shield to your valuable contents stored in a bank locker.

(By Rakesh Goyal, Director, Probus Insurance)

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