<b>Life insurance:</b> Deepak Sood

I have been holding two life insurance policies and two Ulips for the last five years. I have got a job abroad and will be shifting shortly. But, I do not know for how long. Will I have to discontinue my policies? If no, what are the ways I can pay my premium?

You need not discontinue the policies. Following are the premium remittance options approved by the Reserve Bank of India:

 

Direct remittance from the country of residence via normal banking channels, preferably in Indian currency. 
 

Cheque drawn on non-resident external rupee (NRE) or foreign currency non-resident (FCNR) account in India. 
 

Electronic credit system (ECS); give the mandate to debit the amount on due dates. 
 

Direct debit mandate on credit card issued in India. 
 

Online payment facility (net banking) offered by the insurer or the credit card issuer. 
 

Some insurers allow advance payment of premiums for three-five years and even give a discount on it.

What is a double accident life insurance policy? I already have a life insurance policy. Can I get one on my existing plan?

 

Double accident benefit under a life insurance policy is an additional benefit (rider) to the policyholder in the event of death or disability due to an accident.

It is mostly available for the policy term or the premium-paying term and/or may be restricted to a certain age, say 65 years, depending on the product. It may be an in-built feature in some policies. However, it is not for minors. Some plans provide this benefit once the life assured attains majority.

Some products allow adding this benefit subsequent to the issue of life cover, mostly on any policy anniversary, subject to some conditions. If you already have a life insurance policy, you can add the double accident benefit, but only if your policy has this provision.

The author is MD & CEO of Future Generali Life Insurance. The counselor's views expressed here are his own. Send your queries at yourmoney@bsmail.in