Money Matters: Here’s what we discussed today

On Money Matters, we bring top personal finance stories that will directly impact your wallet. Be it stories related to employment, escalating debt, dealing with unexpected expenses, insurance, market updates, etc., we try to cover it all for you.

Stories today:

1. How to claim health insurance benefit from multiple policies

With the rise in healthcare costs amid Covid-19, people have been looking to increase their sum insured. While some increase the sum insured of their existing policies others may opt for a separate plan offering wider coverage. If you have multiple health insurance policies, you can use multiple policies for a single claim, as per the insurance regulator.

If you plan to have multiple policies, be sure to disclose the information at the time of filling up the proposal form. It is important as both the insurers need to be informed about the other policy otherwise your claim may get rejected on the grounds of non-disclosure of facts.

2. PAN, Aadhaar, passport, driving license of deceased: Here’s what you need to know

Nowadays, almost all of us have multiple documents such as PAN, Aadhaar, passport, voter card, and driving license. During one’s lifetime, these documents are crucial and are needed for documentation purposes.

But what happens after the demise of the holder? What should the family members do with these documents that could easily be misused to grave consequences?

PAN card is mandatory for all types of financial transactions, filing income tax returns, any type of investment, investing in shares and mutual funds, and other important things.