Health Insurance for Seniors

Health insurance awareness is high when you get close to age 50 years. If you remain healthy till then, it means you have taken good care of yourself. For most of us, the question is not whether there will be hospitalisation, but when it will happen. When it does happen, will it burn a hole in your pocket? Will your family face a financial crisis if there is recurrence of hospitalisation over the next few years? If the answer is yes, then you need to plan for health insurance early in life so that your post-retirement life is secure.

 

But if you have not planned for it and are now already a senior citizen, or close to it, then you need to know all your options. Mediclaim for senior citizens can be expensive; but, if you can afford it, it is better to continue with the policy you already have, as portability may not work. For others, there are a few options worth exploring. Raj Pradhan gives the details of options for senior citizens.

 

Sucheta, in her Crosshairs section, writes on a whether a public interest litigation filed against PNB, accusing the senior staff of corruption by mis-selling insurance, has a chance of going in favour of consumers. She also exposes the extent to which government-owned banks, running on taxpayers’ money, will go to protect the corrupt and hunt down whistleblowers.

 

When the regulator supports a bank cartel by readily accepting its claims about transaction costs without exploring ways to reduce them, what option do depositors have? In her Different Strokes section, Sucheta writes on the various pains of financial consumers.

 

Moneylife Foundation was proud to hold an open house with its three newest trustees. Former chief election commissioner, TS Krishnamurthy, former RBI deputy governor Dr KC Chakrabarty and COO at Flipkart payment gateway, Siddharth Das were there to discuss the issues that affect all of us. It was a lively 90 minutes. Read more about the event in the ML Foundation Events section. We will, of course, upload the video on YouTube.

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Banking: Bank of India To Pay Rs82,000 for Clearing Forged Cheque

The Maharashtra State Consumer Disputes Redressal Commission (MSCDRC) ordered Bank of India to pay its customer Rs82,000 for having cleared a cheque that was admittedly forged. This forged cheque, cleared by the Bank in 1993, was for an amount of Rs25,000.

 

There had been suspicious withdrawals from the customer’s account. The Bank was notified and the signature was found to be forged. The customer filed a police case and also approached the Central Mumbai District Consumer Disputes Redressal Forum. The District Forum agreed with the Bank’s contention that it had matched the forged signature with the signature on record and it could not be made to pay for the fraud.

 

The petitioner appealed against the judgement to MSCDRC which has accepted the customer’s application and ordered the Bank to pay the customer Rs82,000.

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Fixed Income: Kisan Vikas Patra re-launched

Kisan Vikas Patra (KVP), discontinued in 2011, has been re-launched on 18th November to boost small savings. KVP does not offer any tax advantage, just like bank fixed deposits.

 

It is also not part of 80C deduction. The reason for its popularity earlier was investment in cash, ease of transfer and liquidity. The government has now introduced know-your-customer (KYC) for small savings schemes but for KVP there is no need to submit PAN for investment of less than Rs50,000.

 

The minimum denomination is Rs1,000 and there is no ceiling on investment. KVP will mature in eight years and four months (100 months) which was the period to double your money without tax consideration. The rate of return will be 8.67% without considering tax. It will allow premature withdrawal (with conditions) after two and half years or in case of accountholder’s death. KVP will be available with post-offices and designated branches of nationalised banks. It can be an option for those with zero tax liability or those who having limited access to banks.

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