When it comes to health insurance, IRDA has mandated all the insurance companies to provide policies for the people up to 65 years of their age. Furthermore, insurers introduce dedicated individual policies specific to senior citizens, in which the waiting period is usually minimized for pre-existing diseases. Where regular policies come with a waiting period of 3-4 years, senior citizen plans offer maximum 1-2 years of the waiting period.
Senior citizens have some policy addition options when they buy health insurance. Here is the list of things that need to be considered by senior citizens- Pre-existing Diseases and Waiting Period Many times, pre-existing diseases are not covered in health insurance plans. Else, a waiting period of 2-4 years has to be passed only after which such ailments are covered, that too with the confirmation that the ailment is not critical. Thus, one must consider the list of pre-existing diseases covered by the plan and covered up to what severity. Critical Illness Cover Many insurers offer critical illnesses policies as a separate product, or sometimes it is provided as an add-on to the policy with additional premiums. Specific-Disease Sub-Limits Senior citizen health insurance comes with sub-limits for specific illnesses like cataract surgeries, and so on. To avoid such situations of claim rejections, sub-limits of multiple plans need to be compared. Age, premium and sum insured Health insurance policies for senior citizens are in force until the age of 90 of the individuals. It is better to buy health insurance earlier as the premium increases along with age. The sum insured can be chosen of at least Rs.5 Lakh, as the medical costs have touched the sky. Network Hospitals Health insurance providers have a list of network hospitals where the insured can get the treatment and get the reimbursement from the insurer by submitting the bills. Many times, cashless treatment is also offered where the insurer settles the payment directly. One should definitely check the list of network hospitals before buying a policy. Medical Check-Up The insurer conducts a medical check-up before issuance of the policy where several tests are conducted, based on the health of the insured person. Co-Payment Many health insurance companies offer co-payment option where the insured person bears a part of medical expenses. Here the insurer is safeguarded in case of claims, and the premium is also lowered down as per the percentage of the co-payment. These are some of the aspects to be considered by an elder individual when it comes to buying health insurance.
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Today, the internet has taken control of our life. Be it anything, we just have to think of, and that can be purchased online. From clothing to grocery and from electronics to perishable things, ecommerce companies offer it all. Since every business is trying to make its presence over the net, why should BFSI be an exception for the same?
Buying insurance, especially term policies online comes with lots of benefits. There are several life insurance companies as well as aggregators’ websites where you can buy online term insurance. Here is a list of advantages- Lower Premiums When you buy online term insurance, the premium rates are comparatively lower than that of other cash value policies. It is mainly due to cutting down several handling costs. You can get coverage up to Rs.1 Cr at the lowest reasonable premiums of approximately Rs.600 per month. Greater Coverage The coverage you get is significant when compared to other life policies. Since term insurance is applicable for limited tenure, the claim rate is comparatively low. Thus, the companies get full advantage of offering a significant amount of coverage to the policyholder and their nominees. Online Buying Flexibility You can buy term insurance online anytime and anywhere; the only thing you need to have is the internet. This makes the buying process easy and you can do it using either your computers or mobile phones. No Physical Paperwork You need to submit an application form along with the necessary information when you buy online term insurance. All the information is collected through the internet in the form of scanned copies and is stored in the respective repositories. This also helps in cutting down the document handling and paper costs. No Brokerage Nowadays, many industry experts ask you to buy online term insurance as there’s no any mediator or broker within the entire process. All you need to do is read all term and conditions, understand the policy and buy the suitable one. Term policies are the purest life policies which are very simple to understand. Tax Benefits Last but not least, tax benefits are also accessible when you buy online term insurance. You are entitled to avail them under Section 80C and Section 10(10D) of the Income Tax Act. Tax Benefits are applicable on both premiums paid towards the policy as well as the death benefits offered to nominees in case of any unfortunate event. In short, it is always the right decision to buy online term insurance as you get several advantages along with a substantial amount as life coverage. There is a tremendous increase in the cost of healthcare and the instances of health problems and critical illnesses in our country. Health insurance provides a financial backup during such times of medical emergencies. Health risks and uncertainties can’t be planned in advanced but one can at least be financially prepared against illnesses. One of the ways to be financially prepared against uncertain health risks is by opting for a health insurance plan.
Health insurance is a type of insurance coverage that compensates for the medical expenses incurred by the policyholder. There are different types of health insurance plans, such as individual health insurance, family health insurance, critical illness insurance plans, group health insurance plans. Purchasing health insurance has become imperative in today’s world. Almost all Indians are aware of the concept of health insurance, but the shocking news is that most Indians still don’t acknowledge the importance of having a health insurance cover. India still continues to have the lowest health insurance penetration in the world. Below mentioned are the top three reasons why you should buy a health insurance policy:
The major shift in our lifestyle has made us more prone to a wide range of health problems. The sedentary eating habits, increased level of stress, commuting in heavily polluted areas, hectic work schedules and constant pressure has increased the risk of developing not only lifestyle diseases like diabetes and high blood pressure but also major critical illnesses.
Recently, there has been a drastic increase in medical costs. Medical costs are rising on a regular basis making it difficult to manage healthcare expenses such as doctors consultation fees, hospitalization charges, expensive treatments, diagnostic tests, advanced medications and so on. So, in the case of a medical emergency, most individuals end up exhausting their savings, which takes a toll on their future financial plans. The absence of health insurance plans means that you will have to primarily depend on your own savings when it comes to tackling health emergencies. The average treatment for critical illnesses such as cancer or heart diseases in private hospitals can cost approximately anywhere between Rs 5 lakh to Rs 50 lakh. This makes it important for you to buy a critical illness plan along with your regular health insurance plan. While a health insurance plan will take care of your expensive medical bills within the permissible limitations of the policy, a critical illness insurance plan such as Edelweiss Tokio Life – Criticare+ will provide you with a financial cover you against 17 critical illnesses. This plan provides you with a lumpsum amount on diagnosis of any of the pre-listed critical illnesses such as cancer, heart disease, chronic kidney disorder and so on. Since the cost of treatment involved in critical illnesses is fairly high as compared to regular health problems, critical illness plans are specifically designed to provide financial aid during such difficult times. Such plans are cheaper than mediclaim or health insurance plans as they provide high sum assured at a lower premium cost.
This could not be a sole reason to buy a health insurance policy but definitely a benefit for most tax payers. Under section 80D of the Income Tax Act, 1961, you can avail tax benefits. Tax saving benefit for senior citizens above the age of 60 has been increased from Rs 30,000 to Rs 50,000. So, you can buy a health insurance policy for your parents as well. Why opt for both health insurance and critical illness insurance? It is recommended to be covered under both a health insurance plan and a critical illness insurance plan. A critical illness insurance plan pays you a fixed sum if you are diagnosed with a critical illness that is covered by the policy. You can opt to buy Edelweiss Tokio Life – Criticare+ which is a standalone insurance plan. Critical illness insurance acts as an addition to your basic health coverage in case you are diagnosed with a critical illness. While you can use your regular health insurance to cover your hospitalization bills, the lump sum amount that you receive from the critical illness cover can fund other essential treatment expenses and it can also act as an income replacement until you resume back to work. When to buy health insurance and a critical illness insurance plan? There's no right age to buy health insurance and a critical illness insurance plan. But, if you buy both at an early age, you can enjoy a lower premium. Premiums for health insurance increase with age; that's because health risk increases with age. To summarize, with effective health insurance and critical illness insurance, you can access the best healthcare without worrying about expenses. Term insurance is the most preferred life insurance plan because of its characteristics. The plan offers substantially greater benefits at possibly lowest premiums for a specific tenure. Though term insurance doesn’t provide any survival or maturity benefits, the plan has been trending since long ago. But, in the past few years, the need for maturity benefits has been seen majorly when the affordable plans such as term insurance are considered. Therefore, the insurance companies come up with the term plan that offers maturity benefits too. Such plans are labelled as Term Return of Premium plans. Following are a few reasons why you should buy term return of premium policies.
You Get the Premiums Back If the life insured survives the policy tenure, there has to be something that he gets back at the end of the term. TROP helps you precisely in the same way. The total amount of premiums paid till maturity is paid back to the policyholder as maturity benefit. In short, availing the term plan at a slightly higher price may give you both death as well as maturity benefits. Flexibility You have a provision to choose the mode of your premium payment such as annual, semi-annual, quarterly, or monthly. The mode of the premium payment has to be decided at the commencement of the policy. Most of the insurers also provide single premium payment provision, which comes at comparatively lesser price than other modes. Another flexibility is the online availability of the play and premium payment. Riders If you feel that the term return of premium plan is not providing the life cover for a particular event, you can choose from the available list of riders. These are nothing but add-on features that allow you to gain coverage against the events like accidental death, permanent or partial physical disability, hospital cash expenses and so on. Tax benefits Term Return of Premium plans also offer tax benefits, similar to other life insurance plans, under Section 80C and Section 10(10D) of the Income Tax Act. The exemption can be availed on both the benefits as well as on the premiums paid towards the policy. In short, the term return of premium policy is nothing but the extended version of regular term plans that allow you avail both death as well as maturity benefits. Now, you need not worry about the maturity benefits if you survive the policy tenure by a good fortune. Online policies have changed the entire sector of life insurance drastically. The need for life insurance was increasing however the hectic and annoying process of purchasing the policies traditionally tend to refrain people from buying it. It was usually filling the long and unexciting forms plus finding the exact quote that suits your financial budgeting. To start with, the insurers initiated the process of selling insurance online with the term insurance. The reason behind was the simplicity of the plan that allows people to understand it quickly. Following are a few points that state why you should choose online term insurance plan.
Extra Low Premiums When you buy term insurance traditionally, it has very low premiums as compared to other life insurance policies. However, online term insurance further brings the costs down due to multiple factors.
Adequate Life Coverage Online term insurance has a meagre rate of claims which allows insurance companies are offering the life cover up to several times your annual income. The premium below ten thousand can give you a life cover of up to Rs. 1 Cr. This is the most crucial aspect of online term insurance. Rider Options Term insurance is availed to get the life cover for a certain period, i.e. specific tenure. Meanwhile, not all the policies cover against multiple events. If your term policy doesn’t cover you for a particular event, you can opt for a rider. Numerous riders are available such as accidental death benefit, permanent or partial physical disability, critical illness etc. In short, online term insurance allows you avail multiple benefits that help you in several ways. Get the perfect quote using term premium calculator, today! The life insurance market is becoming cluttered since past few decades. It is the human nature that the need of having more never goes off. People seek different ways of getting more money through several investments. Bearing this in mind, the companies offering life insurance have entered in the savings and investment sector and started providing the life insurance with such provisions. Traditionally, endowment plans were suitable for the people having low risk-appetite. As the demand and risk hunger was grown, insurance companies introduced comparatively high-risk investment plan named ULIP, or Unit Linked Insurance Plan.
A ULIP is a form of life insurance which lets you invest in different market-linked funds and get a sizeable corpus in return at the end of the policy tenure. Since it is the life insurance policy, it’s primary aim is to provide life cover to the insured person. Several benefits of a ULIP can be enlisted as- Flexibility in Fund Management Initially, there are multiple funds available to invest in, and you can choose from them as per your risk appetite. You can select the funds based on your financial needs and future goals. The market is volatile; thus, you can switch between the funds whenever you notice the fluctuation in the market. Partial withdrawal is another flexibility. You can partially withdraw up to 20% of overall the funds once the lock-in period is over. Life Cover Life cover is the primary objective of any life insurance policy. ULIPs also provide guaranteed life coverage that takes care of your family’s future financially. Sizeable Corpus at Maturity You need to understand that the returns on investment are entirely dependent on the market performance. But, as the ULIPs are designed as the long-term investment products, you can anticipate sizeable corpus at the end of the tenure. Short-term investments may or may not offer the anticipated returns; thus, it is always advised to stay invested for a long tenure. Top-Up Provision Once you purchase the policy, the insurer still allows you to add more money to your ULIP, as to let you accrue more amount over the period. Besides all the benefits, like other life insurance policies, ULIPs also offer regular tax benefits on the premiums paid as well as on death and maturity benefits. The tax benefits can be availed under Section 80C and Section 10(10D) of the Income Tax Act. Lastly, ULIPs give you the best when you stay invested for a long tenure. If you are the one seeking the adequate life cover and sizeable corpus at the end, you must go for ULIPs. Get your ULIP, today! The life insurance sector has been booming since long ago. Not only the demand is increased, but the insurance companies have kept introducing new policies that offer several benefits to the policyholders in different ways. Usually, life insurance is availed to provide the financial protection to our loved ones in our absence. However, the insurance market is cluttered with different life insurance plans and people often confuse about which plan they should buy. In the prima facie case, all the insurance plans seem to be similar until and unless we compare them by their key parameters. Therefore, to help you compare the life insurance plans, here is the list of parameters.
Type of the Policy The primary constraint of any life insurance policy is its type. You can get the best suitable life insurance policy in the market if and only if you identify your needs. There are several life insurance types such as whole life insurance, term policies, traditional investment plans such as endowment plans, aggressive investment plans such as ULIPs, pension plans, child plans, money back plans, and so on. Each type has unique characteristics; thus, choose the plan carefully. Policy Benefits You can avail several benefits from different life insurance policies. The significant benefits can be enlisted as follows- Maturity Benefits: If the life insured survives the tenure of the policy, the insurance company pays out survival or maturity benefits to the policyholder. These benefits are guaranteed in some policies, defined at the inception of the policy. Death Benefits: If by misfortune, the life insured meets an uncertain event of the demise during the policy tenure, the company pays out the sum assured as the death benefits to the beneficiaries. Other Benefits: The life insurance plans offer several other benefits too such as different bonuses over a period of time, provision for choosing the riders, tax benefits etc. The premium of the Policy While comparing the life insurance plans, the amount of the premiums is equally essential. Plans like term insurance come at significantly low premiums whereas the cash-value plans can be availed at higher premiums. But premiums cannot be the only constraint, as term insurance has lower premiums but doesn’t offer maturity benefits. Thus, considering other requirements, decide what premium amount will be suitable. Tenure of the Policy Lastly, the policy tenure is also important as to provide the financial security to your family. Term life and money back plans usually have lower tenure than whole life and other cash value policies. In short, using these four constraints for comparison, you can select the apt life insurance policy for you. Make a wise decision by determining all the aspects of each of the policy and selecting the appropriate one. A few things in our life are carried out through generations, and indeed, savings is one of them. It has become a crucial part of our lives to keep a particular amount aside. Similarly, we also need life security to protect our family’s future financially. But, have you ever thought of getting both savings and life insurance together, in one single product? Yes, it is possible with the help of savings insurance plans. Here is a list of what a best savings insurance plan offers.
Savings Insurance Plan Savings insurance plans are the life insurance policies along with the life protection and savings provisions. It also allows you to grow your hard-earned money legally. Savings insurance plans allow saving money systematically, which further helps you achieve the desired financial goal in your life. The most important things while opting for savings insurance plan is you can choose the type of investment as per your risk appetite. On the insurance side of the policy, it provides a death benefit in case of the event of unfortunate demise of the insured person, occurred within the policy tenure. Following are a few offerings of savings insurance plans. Help you build a corpus Typically, savings insurance plans like ULIPs allow you to invest in the market linked products as per your choice. You can select a type of fund according to readiness for taking the risk. The returns from the investment will be dependent on the market performance; thus, you need to be aware of which fund is to be selected. You can simply switch between the funds if the market is not performing well for a particular fund. Triple Benefit at Once Savings insurance plans not only allow you to get life cover and investment but also emphasises on savings. These insurance plans indirectly push you to save systematically to achieve the financial goal you have set. A good habit of savings is inculcated through such insurance plans which will surely help you somewhere else. Flexibility of Investment Savings insurance plans offer a wide range of investment options with greater flexibility of partial withdrawals and premium payment types. The payment can be made in different ways as per your convenience such as monthly, quarterly, half-yearly, or annually. Secure your Family Financially Ultimately, insurance provides financial security for your family. In case of any unfortunate event, your loved ones would never have to suffer from the financial crisis; the corpus built by the savings insurance plan will help them out to sustain the lifestyle. To conclude, a savings plan stands to be perfect life insurance that assists you in several ways and gives financial security for your family. Buy your saving plan, today! Not every and everything in our life is necessary, but yes, there are a few things that you cannot just bypass. Life insurance is one of the crucial things that most of us want to avail, for the sake of our family or loved ones. It becomes a priority when you are the sole breadwinner in the family, and especially when you are young, maybe newly married. At this stage of life, you are more concerned about the settling down in your married life or struggling to survive on the threshold of career and life. Here, term insurance is the best suitable life insurance plan for you. How? Let’s see.
Term Insurance Assures the Guaranteed Payouts Doesn’t matter from which insurance company you purchase the term plan; it will always offer guaranteed death benefits to the beneficiaries in case of uncertainty. According to the IRDAI mandate, every insurer is bound to provide the guaranteed payouts whenever the claim is made. No insurance company can reject the claim after two years of activation of the policy. The payouts are also made instantly. Term Plans Are Easily Affordable It is the only life insurance policy that doesn’t offer any cash value benefit which results in lowering down the premiums than any other life policy. The youngsters have several expenses to take care off; hence, the policies that can be availed at the lowest price are easily affordable for them. Youngsters Get Financial Security for Their Family The misfortune doesn’t hit with any prior notification. You can never guess what will happen next. Youngsters are usually the pillars of any house, which if disturbed, the entire family suffers from the emotional as well as sometimes financial crisis too. Since the term insurance is easily affordable and provides considerably greater death benefits, the youngsters are ensured that their family’s financial future is secure. They can choose the mode of the payout such as monthly income, yearly income or a lump-sum payout. Term Plan Offers Flexibility Due to ease of functioning, the insurance companies have started offering term insurance policies online along with the traditional offline way. The process of online buying is hassle-free and can be completed in a few simple steps. Similarly, if it is needed in the future to upgrade the policy to whole life, the youngsters can switch without undergoing any medical test. The premium payment and renewal of the policy can also be done online. Last but not the least, term insurance policies allow the youngsters to save on taxes for the premiums paid and the payouts under Section 80C and Section 10(10D) of the Income Tax Act. Similarly, they can choose from the free riders to get additional coverage for the events such as accidents, physical disability etc. Thus, to conclude, term insurance is the best suitable for youngsters, all the time! Life insurance companies are aplenty with a variety of policies on offer. However, people often get confused as to which insurance policy to buy and where to buy them from. Well, with the advancement in technology, there is ample information about life insurance plans as well as methods for people to buy life insurance online.
There are a number of positives that you attain by buying life insurance online. Some of the benefits of buying life insurance policies online are mentioned below:
So, with these tips it makes the most sense for you to go and buy life insurance online. The benefits are numerous and the fact that this product is a necessity more than a luxury, you should do it as soon as possible. |
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February 2022
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