Life insurance offers coverage for your life and your family members ensuring your future financially in the event of an unfortunate incident. Sudden death or a serious illness can create a situation of panic, stress and also loss of income. While there is no replacement for the life that is gone, not having to worry about financial stability greatly helps the family recover from the loss. Life insurance is the right instrument to secure your family's finances after your time. Today, the risk factor in the life of any individual has only increased. It could be due to medical problems, lifestyle problems, special illnesses, accidents, and the like.
Life insurance is a contract or agreement between the insured and the insured under which a lump sum payment is made to the beneficiary in the event of death in exchange for the premium paid. Depending on the contract, the insured or the insurance company can claim payment for other events such as terminal illness or serious illness. Other expenses such as funeral expenses can also be covered.
A life insurance policy is a legal contract that defines the terms and conditions for insured minors. Often, certain exceptions are included in the contract to reduce the insurance company's liability; Common examples are allegations of fraud, suicide, riots, war, and civil unrest.
Life insurance can be purchased to protect against such accidents. Small amounts of money must be paid out at regular intervals for this financial protection. This helps keep your family out of financial trouble in case something happens to you. Protection begins only after the period of repayment of certain installments. Life insurance has become affordable for everyone. The premium depends on many factors such as age, gender, medical history, work profile, etc.
Life insurance is not just for married people with children.
Unmarried people can also take advantage of insurance to protect themselves against any eventuality and use the money to pay off other debts or help parents.
The younger you are, the lower the premium and hence the more affordable price.
If you have income, you can also use it to save taxes!
Human life is an income generating asset. This asset can be lost due to unexpected death or work stoppage due to illness or disability caused by an accident. On the other hand, there is certainty that death will occur, but its timing is uncertain. Life insurance protects against losses. These are the main characteristics or main aspects of life insurance:
Life insurance is the financial ladder when your life support structure collapses. Smart financial planning will include investing in life insurance. She provides for her family's needs in troubled times and ensures the children are well taken care of. Life insurance is useful when there is an unfortunate accident or sudden death in the family. The dreams and needs of the family are met at those times. Today, there are a large number of insurance policies on the market. Some policies have investment options and profits derived from them. Some have life coverage and critical illness coverage. You need to assess and invest in the most appropriate policy for your needs. Tax benefits can also be availed of through a life insurance policy. Therefore, it is wise to take a life insurance policy and list it as an investment.
Although human life cannot be measured, you can be sure of your income now, but you cannot be sure of your future. Unexpected things happen and you can't expect help in a sudden unfortunate situation, but with the help of insurance policies, you can always count on them for help. There is a variety of insurance policies to choose from. You can choose one or more policies based on your ability to balance the premiums.
Buying life insurance is a necessary investment in today's world. The faster we get, the better in this case. There are multiple benefits if you purchased life insurance when you were younger.
When you are in your 20s and 30s, this is the time to invest in life insurance. The policy will be cheaper, the premiums will be lower, the basic structure can be constructed more effectively, and the investment benefits can be obtained. Family insurance is determined in one way or another during this stage.
Your forties are a crucial period because you have the highest earning potential. More responsibilities are taken in relation to dependent parents, family, medical problems and responsibilities. Therefore, it is a good time to plan your retirement with a suitable insurance policy.
In the 1950s and 1960s, you need to plan for a source of income after retirement. There may be debts or loans outstanding. Therefore, retirement insurance and related policies can be considered an investment.
Health insurance is one of the insurance products that cover your medical expenses. Like car insurance that provides financial coverage for your car in the event you have an accident, health insurance provides financial assistance if you fall ill or are injured.
Like all other insurance policies, health insurance is an agreement between an individual or group of people and the insurance company. The individual pays annual premiums to the insurance company, which provides financial assistance to the insured during a medical crisis, according to the terms and conditions mentioned in the policy.
Generally, health insurance coverage provides coverage for the following expenses: hospital room and accommodation expenses, fees of the surgeon, physician, specialist, anesthesiologist, consultant, nurses, costs of blood, oxygen, surgical devices, anesthesia, x-rays, dialysis and medications. Medicines, operating room expenses, radiotherapy, chemotherapy, pacemakers, organ transplantation, prosthetics and many more.
Aside from these expenses, the health insurance plan also offers coverage for pre- and post-hospital expenses, preventive care, diagnostic checks, ambulance fees, hospital cash allowance, home care, and much more, depending on the terms and conditions of policies.
Although health insurance is not as mandatory as auto insurance, it is highly recommended that everyone have a health insurance policy. With rising medical costs and an increasing number of lifestyle-related illnesses, it is neither feasible nor practical to pay emergency medical costs out of pocket.
Medical expenses are one of the main reasons families fall into debt traps. With health insurance coverage, you can protect your family's finances during a medical crisis.
No wonder healthcare costs across the country have skyrocketed. This, along with our hectic lifestyles, affects our health, making health coverage essential for everyone, regardless of income levels. When you have health insurance, it offers you financial assistance in times of medical emergency.
Without a health insurance plan, you will have to use your life savings to pay for your medical expenses, or worse yet, to obtain a loan. Both options affect your family's finances, putting your current savings and future investments at risk. The health insurance plan acts as a financial network and helps you during medical emergencies.
Here you can find a simple explanation of how a standard health insurance policy works.
First, you must purchase a health insurance policy from your preferred insurance provider. Once the premium is paid, the insurance company issues the policy. In general, all health insurance plans are valid for one year. During this period, if you encounter any unforeseen medical emergency, the expenses are covered by your insurance company.
Suppose you fall ill and need to be hospitalized. If you are admitted to a partner hospital that belongs to your insurance company’s network, you must indicate your health insurance policy number. The hospital checks the details and proceeds with your treatment after informing the insurance company. The medical bills collected by the hospital are sent directly to the insurance company by the hospital or the TPA. The insurance provider settles the bill up to the amount of insurance, and if there are any excess expenses, you have to pay them out of pocket.
Now think about the scenario in which you receive treatment in a hospital that is not part of the insurance company's network. Upon entry, you or your family members must inform your health insurance company. They treat him as usual and the hospital increases his bills. You pay these bills out of pocket and then send the bills to the insurance company for payment.
The insurance provider checks your claims and then reimburses you for the amount. As mentioned above, the insurance company only pays up to the sum insured after the deductions (if any). If there are any excess fees that exceed the insured amount, you must pay them out of pocket.
At the end of one year at the time of renewal, you can pursue your policy with the same insurance company if you are satisfied with the terms and conditions or switch to a new provider if you find better deals elsewhere.
This is the basic principle of health insurance policies. Apart from this, there are many other factors to consider, such as whether a particular treatment is covered in your policy, co-payment terms, etc.
Are you considering buying a health insurance policy? Do you have many questions in mind? do not worry! Here in this section, we have compiled a list of common health insurance questions. Browse this section to find concise answers to all of your questions.
You can increase the security deposit at the time of renewal. Call your insurance provider saying the same. Alternatively, you can change your health insurance policy to a new insurance provider, to increase the insurance amount at the time of renewal.
If the primary proponent of a floating family plan dies due to a medical problem, the insurance provider settles for claimable hospital expenses under the plan. If the deceased is the oldest member of the family, subsequent installments are determined based on the age of the oldest member of the family.
Most health insurance policies offer a free 15-day review period from the start date. You can use this period to review the terms and conditions of the policy in detail. When you cancel a policy within 15 days, the insurance provider deducts the stamp tax fee, medical examinations if any, the risk premium for the number of days, and reimburses you for the remaining premium.
However, remember that for this procedure to take place, you should not file any claims during the interim period.
Yeah. You can choose multiple health policies if needed. However, it is recommended that you go for a standard health insurance plan and opt for supplemental coverage or recharge plans to lower your total premiums.
Most health insurance providers offer premium discounts to their clients who renew policies with them to increase customer loyalty. Check with your insurance provider to see if these features exist.
If you are in the hospital and your policy expires during your stay in the hospital, be sure to inform your insurance provider of the expiration date. Most insurance companies continue to provide coverage, subject to terms and conditions, if your policy expires during your hospital stay.
There are several factors that affect your premium rates. Age is a critical factor. The older you get, the higher the cost of your health insurance policy. This is because as we age, we are more vulnerable to diseases.
Aside from age, your medical history is another important factor in determining your premium. For example, if you don't have a medical history or pre-existing conditions, your insurance premiums are likely to be lower.
Several years without claims, additional coverage, amount insured, and type of policy are some of the other factors that determine your premium rates.
In general, most health insurance policies are valid throughout the country. However, you must ensure that your policy has geographic restrictions.
A medical crisis or emergency is a stressful and emotionally draining time. Moreover, you don't want to spend hours on the phone trying to reach your health insurance provider. If you have a cashless treatment center listed in your policy, all you need to do is contact the insurance department or hospital management team. The hospital team contacts the insurance provider and takes care of the operation.
If no such services are provided, you will need to contact the insurance provider's customer service team for assistance. Therefore, it is highly recommended to choose an insurance company that is easy to contact during an emergency.
In general, most insurance companies require you to provide proof of identity of the policyholder, health card issued by the insurance company at the time the policy begins, hospital bills and proof of other medical expenses. Also, most insurance providers require you to provide a pre-authorization form for cashless treatments.
While this is the general list of documents, the actual documents required may vary from one insurance company to another.
In such cases, the TPA can access your policy details using the following:
Name, address, date of birth, insurance provider and underwriting office code
This depends on the type of your policy. Some policies include coverage for day care treatments (treatments that are under 24 hours that do not require hospitalization), while others do not provide coverage for day care treatments.
Any treatment that requires the patient to undergo surgery under local or general anesthesia, without having to spend the night in the hospital, is known as day care treatments. Some of the common day care procedures are: angiography, colonoscopy, chemotherapy, cataract surgeries, fluoroscopy, hemorrhoids / fistula, sinusitis, dialysis and more.
There are no restrictions on the number of claims you make in a policy year. However, the total number of claims will not exceed the amount insured in the policy year.
Yeah. Health insurance policies apply across India. So the location of the members included in the policy does not matter.
It is similar to an ID card and is issued by the insurance company while you are applying for the health insurance policy. The card has contact numbers to call during an emergency. In addition, the card contains information about the document holder such as name, document number, etc.
Yeah. Few health insurance providers provide coverage for non-Indian citizens.
Often times, most people confuse Mediclaim with health insurance and use the terms interchangeably. Although they may appear similar, there are distinct differences between the two.
Medilime Policy: This is an exclusive health insurance policy. You can think of it as your primary health insurance policy. It provides economic coverage for hospitalization and treatment of some illnesses and accidents, even the amount of insurance.
Health insurance - This is an umbrella term used for all types of health insurance plans. In addition to the coverage provided by Mediclaim, health insurance also provides additional benefits such as critical illness coverage, post and pre-treatment expenses, annual medical checkups, and more.
Although both medical and overseas travel insurance are for people who travel abroad, the characteristics and purpose of both plans are different.
Overseas Health Insurance Policy - As the name suggests, it provides health coverage and assistance to policyholders while traveling outside India.
Travel Insurance: It is primarily designed to provide you with coverage against travel problems such as:
You can submit your claim to IRDAI. You must first register your complaint with your insurance provider, and if you do not receive an appropriate response or receive an appropriate response, you can refer the issue to IRDAI using the IGMS (Integrated Grievance Management System) portal. Or, you can call the toll-free number 155255 to reach the IRDAI Complaint Center.
Also known as car insurance, four-wheel insurance, and auto insurance, the car insurance policy provides financial coverage for your car There is no denying the fact that the number of car accidents in India is on the rise. Therefore, it is imperative that you have financial support to protect your vehicle from unwanted and unexpected expenses.
Also, owning and maintaining a car today has become quite expensive. The higher repair costs and the massive depreciation of the car affect your savings and bank balance. This is where the car insurance policy brings great convenience to vehicle owners.
With a car insurance policy, your vehicle is protected at all times. In general, auto insurance policies provide you with financial compensation if your vehicle damages other vehicles or property or injures others during an accident.
In such cases, you do not have to indulge your life savings to pay compensation costs to third parties. Your insurance company will cover all expenses. Additionally, when you choose comprehensive auto insurance policies, the insurance company also pays compensation for damages or losses that the policyholder (and passengers in their vehicle) incur in the event of accidents.
Generally speaking, car insurance policies in India can be categorized into two main types:
As the name suggests, auto liability insurance protects you (the policy holder) from legal liability to third-party property and persons in the event of an accident. Under the Motor Insurance Act 1988, it is mandatory for all vehicle owners in India to have minimum liability insurance.
If you cause an accident with your car to third parties or property, your insurance provider will bear the compensation costs owed to the third party.
While liability insurance is mandatory, it does not cover the costs of damage to the policyholder. The comprehensive car insurance policy covers not only the costs of damage and injury to third parties and property, but also the costs of damage to the vehicle itself, the car driver and the passengers.
Apart from this, comprehensive auto insurance policies provide comprehensive protection for your vehicle against natural and man-made disasters such as lightning, fire, earthquake, floods, hurricanes, tsunamis, fallen tree branches, theft, vandalism, riots, etc.
Not only does comprehensive basic auto insurance provide third-party liability coverage but also damage to your vehicle due to theft, vandalism and other natural and man-made disasters.
Generally speaking, all comprehensive auto insurance plans include the following coverage:
Most comprehensive auto insurance policies generally do not offer the following coverage:
Evaluating auto insurance providers based solely on premium rates is not the smartest move. The document might have a low premium, but it won't provide enough coverage when you need it most.
Before choosing the right insurance policy for you, consider the right insurance provider. Here, we bring you four factors to consider when choosing the best insurance policy for your beloved car.
Be sure to check if the insurance company is licensed to provide insurance policies in the state. You can verify this by checking the company's IRDAI number. You can find the insurance company's IRDAI number on their website. Check this number on the IRDAI home page to validate the insurance company.
Be sure to check the financial health of the insurance company. This gives you an idea of whether the company will be able to resolve your claims without delay. You can easily find the financial position of a company by seeing the latest company news and other reports using Google search.
There are two important claims rates to consider: the claims rejection rate - this is the number of claims rejected and the claims settlement rate - this is the number of claims that have been successfully handled. Look for lower rejection rates and higher settlement rates.
When it is time to renew the policy, be sure to assess the current condition of the insurance company. Check whether you are satisfied with the insurance company's customer service and how, if any, you handled your claims. Also check to see if you have adequate coverage and if the company is providing profitable premiums for you. If you are not satisfied, you can change your policy to another insurance company.
Generally speaking, most auto insurance policies offer third party coverage of up to Rs. 7.50,000. This means that your insurance company will provide a maximum insured sum of up to Rs. 7.50,000 to third parties for injuries and other property damage.
However, the policyholder has the option to restrict coverage for damage to third party property from Rs. 7.50,000 to Rs 6,000 by paying a lower premium in "Liability Only" section.
All auto insurance policies are valid for one year from the start date. It must be renewed before the expiration date, and most insurance providers do not offer a grace period for auto insurance policies.
Remember that if your document expires even for a day, you must bring the vehicle for inspection by the authorities. Also, when you leave a comprehensive auto insurance policy that expires for more than 90 days, you will forfeit all accumulated bonuses without claiming.
Yeah. You can keep the no-claim bonus that you collected with your previous insurance company while you changed insurance companies. To benefit from these facilities, you must present the proof of the National Commercial Bank that you obtained from the current insurance company.
Alternatively, you can submit records of your expiration policy, along with the insurance company's certification that you have not filed any claims in the past year. You must send this letter to your new insurance company during the renewal, to transfer the voucher without claiming.
In addition to the no-claim bonus offered by your insurance company, there are other ways to lower your premium. Some of the popular discounts include:
Premium discounts are available for members belonging to AAI (Association of Indian Automobile) and Antique Car Club (these are private cars certified by the Classic and Vintage Car Club of India).
People who have installed ARAI certified anti-theft devices (Automotive Research Association of India), Pune.
Discounts for vehicles designed / modified for the mentally challenged, the handicapped and the blind. These vehicles must be approved by the corresponding Roads and Transport Authority (Land Transport Authorities).
Additionally, you can lower your premium by choosing to reduce damage to third-party property. However, remember that on choosing this third party option, liabilities are reduced from Rs. 7,50,000 Rs. 6000.
Authentication refers to the written document from the insurance company that accepts the policy changes. Issued when a change is made to an existing insurance policy.
Yes, you can make changes to your policy, such as changing your address, modifying the intended use of the vehicle, and more. To request such changes, you must send a letter to your insurance company requesting this. The insurance company will ask you to provide evidence of the changes.
Once the document is verified, the insurance company issues the letter of confirmation and you are given the revised policy document. Some approvals may cause a change in the premium rates and you will have to pay an additional premium.
If authenticated, be sure to validate it.
These are the essential documents that you should always carry in your car.
No. Under the Automobile Law, ownership vehicle and vehicle insurance must have the same name and address to be valid. If there are any discrepancies, your insurance company will not process your claims. You can convert the previous owner's insurance certificate to your name for a small fee. Contact your insurance company to submit a new offer form.
You must send a letter to the insurance company explaining the details of the sale and the new owner. The insurance company will require the new buyer to submit a new policy proposal form. By paying a small fee, a transfer certificate is issued and the new owner can pursue the policy until the expiration date.
Remember that for blanket policies, the transfer must take place within 14 days of the transfer date. If the insurance is not transferred to the new owner during this period, no claims for damages to the vehicle will be paid.
If you plan to install a LPG / CNG kit in your vehicle, you must take it to the notice from the RTO that issued the RC to the vehicle. They will make the corresponding changes to RC, which informs the new installation.
Also, you must inform your insurance company so that the combination is included in the insurance coverage. You will have to pay an additional premium for the collection value in the “Ownership Damage” section as well as in the “Liability Only” section.
In the event that an error occurs in renewing the insurance policy, contact your insurance company immediately to find out what to do. Some insurance providers offer a grace period after the policy expires. If the grace period is available and it has not yet expired, you can renew the policy immediately without any problem.
If there is no grace period or if it expires, you must request a new policy. When you apply for a new policy, the insurance company will perform an inspection of your vehicle to check for past damage and determine the premium accordingly.
This depends on your specific situation. If your policy only expires for a few days, your insurance company may allow you to keep a no-claim bonus. On the other hand, if several days have passed since your policy expires, the insurance company may not allow you to keep National Commercial Bank and you must start from scratch.
To avoid such situations, be sure to set reminders to renew the policy in advance.
Yeah. Contact your insurance provider. You will need to submit a written request requesting this. Generally, the insurance company will charge you a small fee to issue a duplicate copy of the lost insurance policy.
These are the general documents required to file a claim:
In addition, you must present your car keys and an untraceable certificate in case of theft.
In general, all auto insurance policies are valid for only one year. However, India's Supreme Court has issued a new directive which will come into effect from 1 September 2018. Under this directive, all new car owners can choose a longer term auto insurance policy. You can choose one of these long-term policies based on your requirements and comfort:
Yeah. To transfer the no-claim bonus to the new car, you must sell the old car. When it does, the incumbent insurance company issues a deduction letter from National Commercial Bank. You can use this letter as a guide and transfer your National Commercial Bank to the new car.
ARAI refers to the Automotive Research Association of India. If you install an ARAI-certified anti-theft alarm in your vehicle, you can receive a discount on the "special damages" premium on your car insurance policy.
No, under the Insurance Act 1938 Section VB64, an insurance company cannot bear the risk of your vehicle until you pay the entire premium upfront. Therefore, all insurance providers require you to pay the premium in full before the policy terms and conditions begin.
No. Supplementary covers are designed to be added to the primary insurance policy and cannot function as separate policies.
Yes, for private vehicles, you can drive or tow the car to the garage to check for damage and make repairs. However, if the vehicle is at steady state and there is any leak of engine oil or coolant, it is strongly recommended that you do not attempt to start your vehicle without the assistance of a mechanic.
Yes, it increases based on your claim. It typically ranges between 10% and 25%, depending on factors such as vehicle damage and the vehicle's value.
Total loss: the loss that occurs when the insured vehicle is completely destroyed and cannot be repaired or recovered. In this case, the maximum claims settlement can be obtained.
Loss Salvage - When a complete loss of the vehicle is declared, it can also be rebuilt and used for operation. The vehicle will now have a rescue address that requires special inspection to get it back on the road.
PUC validity for a new vehicle is 1 year. After a year has passed, the PUC test should be done every six months.
PUC stands for Controlled Pollution, which is mandatory to obtain certification for your vehicle under the Central Automobile Act 1989. Every vehicle that releases smoke into the atmosphere can have harmful effects. However, it is important to check the emission level and keep it under control. From now on, PUC certification is mandatory.
PUC verification is performed at most service stations and independent centers implementing accreditation. It can cost between Rs. 60 to Rs. 100- The following checks are carried out on vehicles.
You can file claims multiple times a year. There is no limit to the number of claims. But you must ensure that your claim does not exceed the amount insured.
It is an insurance plan that covers the insured (policyholder) for a predetermined period (period). If the insured dies during the coverage period, the insurance company hands over the amount of insurance to the beneficiary of the insured.
Also known as the exclusive life insurance plan or the protection plan, the long term plans are the simplest insurance plans. You can buy it for a predefined period, for example 5, 10, 20 years or more. The plan will provide maximum financial protection for your family if you encounter an early death during the policy term.
When you buy a term insurance plan, you are essentially entering into a contract with the insurance company. You pay the insurance premiums to the insurance company at predetermined periods of time, for example annually, semi-annually, quarterly, or once a month for a predetermined period, say 5 years, 10 years or more in return, the insurance company pays your family a lump sum sum in the event you die Before the expiry date.
Term insurance plans generally offer a period of between thirty-five years. The insured must pay the insurance premium for the predetermined period, after which the policy expires.
However, term insurance plans do not offer any expiration benefits. If the insured continues for the specified period, the plan does not provide any benefits to the insured or his family. Since there are no benefits due to expiration; Temporary plans generally have lower premiums compared to regular life insurance policies.
One of the greatest benefits of taking out insurance plans is that they provide high coverage at low premium costs. For example, a 28-year-old non-smoker can get lifetime coverage of up to Rs. 1 crore of Rs pays a premium of around Rs. 500 per month.
Remember that the premium amounts are likely to increase as you get older. Therefore, the sooner you buy temporary coverage, the lower the premiums you will have to pay.
One of the biggest complaints about insurance policies is the difficulty in understanding them. Term insurance is the simplest insurance plan available - it provides complete life coverage. There are no entitlement benefits, so you don't need to worry about the investment component, the risks associated with it, etc.
All you have to do is pay the insurance premium for the period of the policy and the insurance company provides you with death coverage, which is paid to your beneficiary, in case you die during the policy period. You can easily purchase a term insurance plan from an insurance agent or get it directly online.
While tax savings shouldn't be the only goal when shopping for an insurance policy, it is an added bonus with term insurance. Both premiums and death benefits have significant tax benefits.
Under Section 80C of ITA, insurance premiums amount to Rs. 1.5 lakhs are tax free per year. You can also take advantage of the tax benefits of the insurance premiums you pay to your spouse and dependent children.
Under the term insurance plan, the beneficiary receives the death benefit if the policy holder expires during the term period. This death benefit (along with the expiration benefit, if applicable) is completely exempt from tax under Section 10D of the ITA.
While most temporary plans offer a death benefit with a lump sum amount, you also get a fixed monthly income, a lump sum + a fixed monthly income, a lump sum + an increased monthly income, etc. The monthly income can help your family cover their regular expenses, while the lump sum option helps them defray big expenses like education, marriage, etc.
Passengers are additional covers to your standard insurance policy. Assists passengers in improving the benefits of the Basic Range Plan. You can choose between different passengers by paying an additional premium.
For example, consider the WOP (Waiver of Premium) contestant, which allows the policyholder to stop paying premiums when they face a serious illness or get broken up in an accident. By choosing WOP rider, you stop paying the premium, but the coverage continues.
Other popular passenger covers include Critical Illness Cover, Accident Benefit Rider, and more
This is one of the most popular term insurance plans. As the name suggests, this plan offers a death benefit of Rs. 1 crore of Rs. 1 beneficiary in case the insured dies during the policy coverage period.
Insurance experts generally recommend choosing temporary plans that offer coverage from 15 to 20 times your annual income, especially if you are the sole breadwinner. This money will help your spouse and children manage essential household expenses in your absence, as well as bear large expenses like home loans, higher education fees, etc.
In addition, the amount of the death benefit must take into account inflation rates. Generally speaking, the inflation rate is around 6-7% per year.
The Death Benefits Scheme of Rs. 1 crore takes into account all these factors and comes out with Rs 1 crore as a substantial sum for the surviving spouses and dependent children to secure their future financially.
Life is unpredictable. Nobody knows what might happen tomorrow or in a few years. Also, with inflation and rapidly rising costs of living, it is imperative to secure your family's financial future.
The billion-death benefit of this plan provides a substantial sum that protects your family members from a major financial crisis after your death. It suffices to take care of your children's educational needs, daily household expenses, and pay off outstanding loans such as home loans, car loans, personal loans, etc. And to cover future expenses such as marriage of your children, higher education, etc.
While a person's loss cannot be compensated, this temporary plan helps offset the financial loss that results from the death of a family member. Protect your family from the financial heavy blow after your death.
Candidate can choose to receive Death Benefit of Million Rupees as a one-time payment or as a monthly payment for a specified period. Monthly payments are an excellent option, especially if the insured is the sole breadwinner in the family. Monthly payments are a replacement for your salary and can pay for your family's expenses, until you recover.
In addition to the standard death benefit offered by this temporary plan, you can choose one or more additional benefits based on your financial requirements.
The IRDAI (Insurance Regulatory Development Authority) has established several rules and regulations that all insurers that offer fixed-term plans must comply with. The prerequisite is that the insurance company must offer extensive coverage at low premiums. The premium for a healthy, non-smoker in their 20s and 30s is very low and very affordable.
In addition, you can enjoy additional premium reduction by purchasing the policy online directly with the insurance company, instead of using an insurance agent. This is because the insurance company does not have to pay the agent fee; Therefore, they may offer lower premiums to buyers who buy the plan directly.
The term plan of Rs 1 crore is great value for money and smart investment. The plan premium remains the same throughout the entire policy period; Therefore, you don't have to pay anything extra later.
However, if you develop a life-threatening habit such as smoking, you should inform your insurance company, which can change your premium rates.
You can purchase this temporary plan online without having to go to an insurance agent. Review the policy document online and the insurance provider's customer service team will answer your questions.
Use our premium online calculators to find out the corresponding coverage and premiums. Complete the application form, send the required documents, pay the first installment, and get the policy immediately.
The death benefit is valid even in the event of death as a result of an accident. The security deposit is paid to the beneficiary. Also, by choosing Accidental Death Cover as a passenger, you can ensure that the beneficiary receives a guaranteed amount that is many times greater than the proposed death benefit.
As mentioned above, the lump sum can be used to pay off all outstanding loans and other debts, thereby freeing your family from your financial obligations.
This is another great benefit of interim plans. Cover is applicable even if the insured moves out of India in the future. In the event of the death of the insured, the surviving beneficiaries can contact the insurance provider in India to settle their claims.
Knowing that you've taken the right steps to protect the future of your loved ones is very comforting. This helps you de-stress and enjoy peace of mind.
You must be very careful when choosing the period of your interim plan. Choose interim plans that offer coverage until you reach the age of 70 or 75. By that time, insurance companies generally divide smokers into three categories, have completed all of their financial goals, and dependents are likely to be financially independent.
Most interim plans offer coverage for up to 60 years, while many plans also provide lifetime coverage. Choose after careful consideration of your specific requirements.
No, the period cannot be changed once the document is issued. Therefore, make sure that you choose tenure very carefully during your policy proposal.
No. As per IRDAI rules, the premium remains the same throughout the period.
Yeah. It doesn't matter if you are a heavy smoker or a regular smoker. If you have smoked in the past twelve months, you must declare yourself a tobacco user.
If you do not disclose this information to the insurance company, there is a possibility that the insurance company will charge you additional fines later, or in the worst case, until the claims made by the beneficiary are rejected.
In general, insurance companies divide smokers into three categories.
Yeah. Your plan continues even when your residency status changes to NRI. However, you should be intimidated to change to your insurance company. The insurance company will require you to provide the supporting documents to KYC to prove your NRI status such as visa, residence permit, foreign address, etc. Failure to inform the insurance company of the change in your case may result in the cancellation of your policy.
At the time of claims settlement, the amount can be sent directly to the foreign bank account used to pay the installments. Claims can be paid in Indian rupees or foreign currencies, depending on your preference.
No. It is not possible to change your plan from one provider to another with fixed term insurance.
Yeah. The insurance company is legally obligated to pay your beneficiary death compensation, even if the death occurred within one year of purchasing the policy. However, this will depend on the specific terms and conditions set by your insurance company. In addition, the insurance company may take additional time to verify if the death is natural and if anything is wrong.
Yeah. Sometimes, an insurance company may reject a claim due to inconsistencies in the supporting documents and for any other reason. Your beneficiary can call the insurance company's complaints center to file his claim again. If you are not satisfied with the insurance company's response, you can refer the matter to IRDAI for resolution.
Yeah. When you buy an interim plan before you get married, you will likely name your parents as beneficiaries. Later, however, when you start a family, you may want to include additional candidates such as your spouse, children, or change of candidate.
All insurance companies allow you to change the filter at any time during the policy period. Contact your insurance company and inform them of the changes. You do not need to provide any documents to change candidates.
Yeah. Buying terminology policies online is very secure. Most insurance providers offer a website on the Internet where you can check details of all interim plans offered by the insurance company, calculate premium costs, and then choose the right plan that works for you.
Pay your premium online using credit or debit cards, online bank account. All insurance companies offer secure payment gateways, so you don't have to worry about online fraud and other harmful activities.
Once the premium has been paid, the electronic copy of the policy will be mailed to you and the actual policy document will be sent to your address.
Another big benefit of buying a term policy online is that the premium rates are cheaper compared to the traditional offline policies. Since there are no insurance agents involved in this process; The insurance company does not need to pay the agent commission which reduces the cost of the policy
Yeah. You can easily purchase temporary insurance when your diabetes is under control. You can benefit from term policies at moderate premium rates if you take appropriate treatment to control your diabetes. Likewise, people who take insulin to control diabetes can also benefit from temporary insurance.
However, people with diabetes, along with other lifestyle-related diseases, such as blood pressure and heart problems, may have to pay higher premiums depending on their level of health risk. Also, if you have complex health issues, your interim plan proposal may be rejected or you may have to pay additional premiums.
Generally, deaths due to illness, accidents, and natural death are covered by range plans. However, death due to a natural disaster, terrorist attack, suicide, or homicide is usually not covered. Be sure to read your document carefully for the implications and exclusions.
When a person initiates habits like drinking or smoking, it reduces life expectancy and leads to various diseases. Therefore, it is imperative that you disclose your new habit to your insurance company to avoid rejection of the claim later.
Term insurance plans generally do not offer any survival benefits. When your document expires, it is terminated. However, many insurance companies offer the option to extend the policy for additional years. If you have fulfilled all of your financial obligations and want to leave a legacy for your family, then choose this option.
In general, the insurance premium for all temporary plans is lower for women than for men. This is because a woman's life expectancy is longer than that of a man. In addition to this, insurance companies offer other benefits to women, such as coverage for critical illnesses related to women such as cervical cancer, breast cancer, etc.
You are free to choose anyone as your candidate. Generally speaking, most people choose family members as spouses, children, grandchildren, siblings or parents as beneficiaries.
There are several factors that affect the premium cost. Major factors include: policy duration, amount insured, age, health conditions and other lifestyle habits like smoking, drinking, etc.
For example, a 25-year-old non-smoker will have lower premiums compared to a 35-year-old heavy smoker. Additionally, your health conditions also play a very important role in determining your premium rates. If you suffer from lifestyle related illnesses like diabetes, high blood pressure, etc., then you will likely pay higher premiums.
Therefore, premiums vary from one individual to another, even for the same plan.
Yeah. Most insurance companies require you to undergo a basic medical examination like blood pressure, blood sugar, etc. While applying for an interim plan.
Yeah. This depends on several factors such as insurance amount, entry age, age of majority, family history, etc. Your insurance company may require you to undergo some special medical tests to verify that you are in good health.
For example, if the applicant is overweight, the insurance company may require an ECG, glucose tolerance test, etc. For underweight applicants, a chest and lung radiography is generally required.