Write more on banking, insurance and mutual funds

We regularly carry stories on banking and insurance sectors, while four pages are devoted to mutual funds. However, we will try and cover these subjects more extensively.

     Print Edition: July, 24 2008

Of the five websites listed in your story on health insurance (Protect Your Health, 26 June), only two are accessible. Besides, the information regarding the ICICI Pru Hospital Care (Plan D) wasn’t accurate. The major surgical benefit is not from Rs 3,000-Rs 12,000, but varies between Rs 60,000 and Rs 4 lakh. In the same table, there is a descriptor that reads “critical condition”. Please explain what it means. Also, the Max New York Life Lifeline MediCash Plus is a surgical benefit plan. It is unfair to compare it with critical illness plans.

—Shruti Kumble, E-mail

You may be unable to access the websites due to technical reasons, but all five are fully functional. The surgical benefit limits you have given are correct. Thanks for pointing out the error. For insurance purposes, “critical condition” is any hospitalisation or surgical procedure which, if not carried out, may lead to a long-term illness or death. Heart attack and cancer are some such conditions. The purpose of the table on critical illness plans was to inform the readers about what’s being offered by insurers. No comparison was intended.

There were some errors in “Portfolio Doctor” (Has the Means, Needs the Will, 10 July). The investment horizon for building a corpus for the education and marriage of the child that Sham Sunder Goyal is expecting, is wrong. The child will only be in Class X in 15 years and just a graduate after 20 years. Also, how do the parents know that it is a son? Clearly, there is some slip-up in the information.

—Ami Singh, e-mail

Goyal has a four-year-old son from his first marriage. He is engaged in litigation for the custody of his son. The goals mentioned are for this child. Hence, their timelines are not wrong.

Moreover, timelines for most goals are only indicative. For instance, it is difficult to say with absolute certainty when a child will get married. So it is best to plan investments in such a way that the funds can be accumulated early.

Your magazine does not have an adequate number of articles on banking, insurance and mutual funds. I think it is best that you discontinue sections like “Entrepreneurship”, “My Idea”, “Book Review” and “Smart Traveller”, and focus on issues dealing with personal finance.

—Sandeep Kumar, Amritsar

We regularly carry stories on banking and insurance sectors, while four pages are devoted to mutual funds. However, we will try and cover these subjects more extensively. The sections that you have identified as being outside the domain of personal finance are, in fact, an integral part. Everything about your money is part of personal finance. Hence, stories on how to economise on your holidays or how to start a business or a part-time career of your choice are all relevant to the subject.

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