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Financial Planning: Whenever it comes to financial planning, it is important to understand where to invest and how to protect your money. Three plans always come up in discussions related to personal finance. These are Systematic Investment Plan, Health Insurance Plan and Term Insurance Plan. Let us know how these three are different from each other and also which of these schemes is better for investment.

Systematic Investment Plan

In a systematic investment plan, you have to invest a fixed amount in mutual funds at regular intervals such as monthly or quarterly. It is beneficial for those who want to create wealth in the long run. Like retirement fund, children’s education or buying a house. It remains stable despite market fluctuations. Systematic investment plan through Rupee Cost Everything reduces the risk of market fluctuations. Its biggest advantage is that you can start it with just ₹ 500 per month.

health insurance plan

It is not an investment instrument but an essential part of financial security. Medical complications arise suddenly and can quickly drain your savings. A health insurance plan ensures that you or your family remain financially protected in case of illness, hospitalization or surgery. This plan covers medical bills, room charges, surgery costs and even pre- and post-hospitalization expenses depending on the policy.

term insurance plan

This plan provides complete life insurance. It does not include any savings or investment benefits. Its sole purpose is to provide financial security to someone’s family in case of their sudden death. Under this plan, higher coverage amount can be obtained at lower premium.

Which plan is better for investment

Each of these three plans has a different but equally important objective. A smart financial plan can include all three in a balanced manner. If we talk about systematic investment plan, it helps you in increasing your wealth over time. If we talk about health insurance plan, then you can save on medical bills. Along with this, term insurance plan guarantees the safety of the person’s family in his absence.

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Insurance policy claim: No one can tell about when the time of a human being changes. Many times the situation becomes such that we might never even think about it. Now take the incident of Air India crash in Ahmedabad on June 12, did anyone have any possibility of this horrific accident? Now during this time, a question will come in us that if both policy holder and nominee die in the insurance policy?

Many cases are coming up after aircraft accident

According to a PTI report, after the Ahmedabad plane crash, there were many cases where both the policy taking and the claim receiving the claim have died in the accident. Air India’s Boeing Dreamliner aircraft, which left for London Gateway from Ahmedabad, crashed in Meghani Nagar area. In this, 241 passengers including crew members died.

Apart from this, 34 people at the accident site also lost their lives. In such circumstances, family members facing sorrows also have to think what will happen next, how to claim money received in insurance? Let us tell you through this news that if both policy holder and nominee die, then who will get insurance money?

Does the insurance policy be confiscated?

First of all, let us know that the insurance amount is never seized, but becomes part of the property of the policy holder. Usually legal successors such as children, living parents or spouse can claim it. After the Air India accident, similar cases are coming in front of many insurance companies. Many insurances like LIC, IFFCO Tokio, Tata Aig have got such claims in which both policy holder and nominee have died.

Who gets the claim money?

According to the PTI report, some companies are relaxing formalities for instant claim settlement, such as LIC said that instead of waiting for the order from the court in these cases, the deficiency and compensation bonds are accepting the legal heirs instead of waiting for the order from the court, provided that the successors agreed to how to pay the amount received from the Claim Settlement. Usually insurance companies pay money after confirming a policy holder or nominee for a person who examines and claims documents.

Now the second question is that if there are many legal heirs, then what does the company do in this situation? In the Hindu Succession Act, the legal heirs are divided into two classes. Among them, class one legal heirs in the first category such as son-daughter, wife, mother. If there is no class one legal heir, Class 2 is considered, which includes father, siblings, nephews and nieces.

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