Benefits of Health Insurance in India

by chatepradip | Apr 12, 2021 | Health Insurance

Benefits of Health Insurance in India

To create a safety net for your finances against expensive medical bills, you should invest in the right health insurance plan for maximum benefits. Such plans provide coverage for all hospitalization expenses, thus safeguarding your finances for future benefits.

If you are still hesitant to invest in a health insurance policy or you think that it is not at all necessary, then this post will make you aware of the importance and benefits of health insurance plans.

we provide all types of health insurance

Importance of Health Insurance

The current pandemic has taught us that medical exigencies are quite unpredictable and can cause significant financial upheaval. The high medical expenses and bank-breaking hospitalization charges can prove extensively strenuous in terms of finances, especially in the private sector. Therefore, getting the best health insurance plan can provide you with all-round protection in the most needed times.

Let’s say, Anita is a school teacher earning around Rs. 30,000 per month and she doesn’t believe in the benefits of a health insurance plan. She met with an accident and broke her leg, which landed her in an emergency room. The cost of fixing her broken leg (leading to surgery) rose between Rs.1-2 lakhs, which dramatically drained out her savings.

If she would have had a health insurance plan, then it would have provided her with maximum health coverage, thus keeping her financially safe from high and unexpected costs.

Key Benefits of Choosing The Right Health Insurance Policy In India 2021
Financial Safety

As the cost of medical treatments is sky-rocketing day by day, the right insurance policy will offer all-around protection from strenuous and unexpected financial upheaval. If you wish to avoid paying highly expensive medical bills or spending on expensive medicines, then choosing the right health insurance policy in India is of utmost importance to keep your savings intact.

Hospitalization Expenses

One of the key health insurance benefits is that it covers almost all hospitalization expenses.

Accidental hospitalization: In case the insured person had met with an accident, he can claim his expenses arising out of hospitalization.
ICU room rent: It provides coverage for the rent of being in ICU (Intensive Care Unit) room.
Illness related hospitalization: In case the insured person is hospitalized due to an illness or disease, he can claim the expenses arising out of hospitalization.
Organ donor expenses: If the insured person is a recipient of an organ, the expenses related to the treatment as well as surgery are covered.
Domiciliary treatment: If the insured person is required to take treatment at home under medical supervision, all the expenses will be covered.
Pre and post-hospitalization- Expenses before treatment and after discharge are well covered under health insurance (up to policy’s TnCs).

Income Tax Benefits

Buying the right health insurance plan also provides you with income tax benefits. According to Section 80D of the Income Tax Act, 1961, individuals can claim tax deductions up to Rs. 1 lakh. Therefore, it leads to less deduction in income tax bills and extensive profits for the future.

Cost For Day Care Procedures

With technological advancements in the healthcare sector, surgeries and treatments that required several days to complete in the past now could be completed within 24 hours. Therefore, the right health insurance policy can assist you in covering the costs for some treatments, such as ear operations, nasal treatments, etc. that don’t require more than a day of hospitalization.

Complimentary Checkups

The right policy will also provide you with the benefit of free check-ups so that you could be aware of any health condition (if present). However, this varies from one health policy to another.

Lucrative Deals

In case you have started planning to purchase health insurance early, you can receive better benefits than other people (aged older) such as higher coverage at lower premiums, longer policy tenure, fewer chances of facing the waiting period, among others. Young minds need to understand that an early start can bring a stable future.

Cashless Treatments

Today, health insurance companies provide the joy of cashless hospitalization. Over here, the insured doesn’t need to pay from his pocket. All the expenses are borne by the respective insurance company.

Other Takeaways

Apart from the above, an effective health insurance policy will gladly cover expenses arising out of ambulance transportation, alternative treatments (AYUSH) and also provide NCB and daily hospital cash allowance to the insured.

Check Health Insurance Premium

How To Buy Health Insurance From policyGuruji.com?
Policyguruji.com provides you with a health insurance plan that can offer multifaceted protection to your finances and health. We, being one of the leading IRDAI approved online insurance web aggregators in India, lend you a helping hand in your most needed hours. Now that you are cognizant of the health insurance benefits, you must know the process of buying a health insurance policy from Policyguruji.com. Here are a few steps to do so:

Fill the form ‘Get Quotes From Top Insurers’ on the top of this page.
Once done, click on ‘Continue’. Enter more information and tap on ‘Proceed’.
Out of all the health insurance plans, go with the one that best suits your needs.
Choose the sum insured, add-ons (if needed), and check the premium details.
Pay the premium and the policy will be sent to your registered mail id.

Final Thoughts

Your health is your wealth. Don’t take any chances against it. Keep the importance and the benefits of health insurance in your mind and select the right one based on your needs and requirements.

What is Term Insurance?

by chatepradip | Apr 12, 2021 | Term Insurance

What is Term Insurance?

Term insurance is a type of life insurance policy, which offers financial coverage to your family in case of your death, disease or disability. It is one of the few investment options in the market that offer a high sum assured at very low premiums.

Why Is It Important To Invest In Term Insurance?

With the frequency of accidents and diseases increasing per day, your plan of living a long life may seem far fetched. That means, if you die, your family must have a financial backup to take care of their needs. That’s why investment experts in the industry suggest investing in a term insurance plan and that too at a young age. Term insurance will help your family to live a stable life even after your demise. It will provide much needed financial support to meet their daily expenses and fulfil their long-term goals as well.

Best Term Insurance Plans In India

Sr. No.	Company Name	Term Insurance Plans	Entry Age (years)	Minimum Sum Assured (Rs.)	Claim Settlement Ratio 2018-19*
1.	ICICI Prudential	ICICI Prudential iProtect Smart Lump sum Term Plan	18-65	Subject to minimum premium	98.58%
2.	Max Life	Max Life Online Term Plan Plus	18-60	25 Lakhs	98.74%
3.	HDFC Life	HDFC Click 2 Protect 3D Plus Term Plan	18,25-65	10,000	99.04%
4.	LIC	LIC Tech Term	18-65	50 Lakhs	97.79%

*We have also prepared a list of the top 6 term insurance plans in India 2020.

Table Data updated on 12-08-2020

What Are The Types Of Term Insurance Plans?

Level Term Plan

It is the simplest plan of the lot. Here you will see zero change in the sum assured (through the policy) and the nominee will reap the benefits once the insured is dead.

TROP (Term Return of Premium)

The best part of the TROP plan is it assures maturity benefits. This policy turns out to be beneficial if the insured survives after the term of the policy.

Increasing Term Insurance Plan

Here the sum assured will increase every year. This plan is launched keeping in mind the growing rate of inflation.

Decreasing Term Insurance Plan

Here the sum assured will decrease with time. This plan is usually issued by banks to recover the loan.

Convertible Term Insurance Plan

Convertible plans enable many add-ons on the existing Term Insurance plan that you may have. You can choose any plan as suitable. It can be a market-linked plan as well. This is a good way of covering life risks along with returns.

What Riders Are Available Under Term Insurance?

You will get a few rider options such as a premium waiver, accidental death cover etc. which you can avail with your term insurance policy on paying an extra premium. A brief explanation of such riders is given below-

Critical illness Rider

Critical illness riders cover many illnesses that are deadly in nature. You can buy this rider if you are prone to any such illness. Before taking the rider, you can always check the additional cost and decide accordingly.

Benefits of Critical Illness Rider:

Covers more than 100 deadly diseases.
Entire Hospitalization expenses are covered.

Accidental Death Rider

If this rider is taken, then accidental death is covered. The insurance company will offer the sum assured along with the rider benefit to the nominee of the policyholder.

Benefits of Accidental Death Rider:

Provides added financial protection.
Some insurance policies provide this as an inbuilt feature.

Cashless Treatment Rider

Here complete cashless treatment is provided at the time of any illness.

Benefits of Cashless Treatment Rider:

Access to the chain of cashless hospitals.
Great benefits with not much Investment.

Premium Waiver Rider

As per this rider, all the future premiums are waived off if the policyholder is disabled, critically ill or dead.

Benefits of Premium Waiver Rider:

No financial burden to pay the premium.
No effect on the sum assured.

What Are The Key Features & Benefits Of Term Insurance?

Lifetime Cover

The majority of the insurers will offer the coverage till 75 years (as it is the average age of a person). There are a few life insurance companies which provide coverage for 100 years as well. So, if you buy a term plan at an early age, you and your family can enjoy its benefits for a long time.

Free Lookup Period

At times, you may not be sure about the policy. It happens when you buy term insurance in a hurry. As a result, many people make the wrong decisions. All insurance companies allow a grace period of 15-30 days to change your decision. If you are unhappy with the policy, you can return the original policy documents (in that duration) to cancel the policy.

Ease of Payments

When it comes to payment, you can always choose the premium payment mode according to your convenience. You can pay monthly, quarterly, half-yearly or annually. Many people prefer to pay the amount of term Insurance monthly as it comes at a very nominal price. Payments can be easily made online. You can do it either through NEFT, Net banking, IMPS, or wallet banking.

Tax saving

Yes, this is an additional benefit of investing in a term insurance plan. On buying a Term Insurance policy, you will be liable to get tax benefits as per Section 80C of the Income Tax Act, 1961.

Maximum Gain with Small Investment

Term Insurance plans are available at a very nominal amount. It may be as low as some hundreds or thousands per month. As compared to that, the sum assured can be in lakhs and crores (depending on the customization of policy options).

Buying Flexibility

There are two channels from where you can buy Term Insurance plans- offline and online. You can physically visit the branch office of your selected provider to purchase your policy or you can approach the most convenient online channel- policyguruji.com. We provide a customized portfolio as per your needs and requirements. We have a dedicated team to assist you with all your queries. From documentation to any other further assistance, they are always on their toes to serve you in the best possible way.

Why Should You Buy Term Insurance Online?

Fast Delivery: As soon as you enter the required details and make the payment, you will get the policy documents in your Inbox.

Online Availability: Yes, you don’t have to beg your insurance provider and wait for days to get your hands on the duplicate copy of your policy documents. Thanks to digitalization, you can access your details and documents with a click of a button. For example, if you have bought a term plan from policy guruji, you can check your details by logging into your account.

Automated Results: You don’t have to browse the internet like a crazy person to get the details of the policy. From comparing several insurance providers to premium calculation, everything is done on a single web page.

Less Premium: Since there are no middlemen involved in the entire process, the cost of online term plans is less. Many other overhead costs such as the cost of office, commission to the middlemen and distribution channels, etc are saved as well.

Reminders: Not everyone is blessed with a good memory. That’s why we prefer to have a ‘reminder system’ onboard. If you are a customer of policyguruji.com you will get regular reminders to renew your term insurance policy to avoid lapsation.

Term Life Insurance Plans By The Government Of India

The Central Government of India offers certain term insurance schemes, by way of which policyholders can safeguard their dependents financially. Let’s have a look at them.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance policy that can be renewed on an annual basis by policyholders.

Key Features:

This policy offers a life cover of Rs. 2 lakh.
The premium charged for this plan is Rs. 330 per annum.
Individuals between 18 years and 50 years can purchase this policy.
Tax benefits can be availed as per the prevailing tax laws.

Aam Aadmi Bima Yojana

The Aam Aadmi Bima Yojana was formed as a merger of two social security schemes, namely the Aam Aadmi Bima Yojana and the Janashree Bima Yojana, which previously existed.

Key Features:

To subscribe to this scheme, members need to be between 18 years and 59 years.
The initial premium that will be charged for this scheme is Rs. 200, out of which 50% of the premium amount will be subsidized from the Social Security Fund.
This scheme also provides accidental death/disability benefits and a scholarship benefit.

What All Documents Are Required To Buy A Term Insurance Plan?

Last 3 months salary slips or Income tax returns for the last 3 years.
Form 16 in case of salaried professionals and Form 16 A for self-employed or freelancers.
One passport size photo.
Identity proof such as Aadhar card, Pan card, Driving license etc.

How Early Should You Buy A Term Insurance Plan?

The basic idea of term insurance is to offer financial coverage to the claimant in return for a premium amount, which is directly linked with the age of the policyholder. That means, the older you opt for a term plan, the higher premium you have to pay. Let’s understand this statement with the help of an example.

Mayank (30 years old) is planning to buy a term insurance plan with the coverage of Rs.1 crore (till 65 years of age).

Age	Maturity Age	Policy Term	Annual Premium (Rs.)*
30 years	65 years	35 years	9,363
35 years	70 years	35 years	13,139
40 years	75 years	35 years	19,056

*This premium is provided by ICICI Prudential.

Table Data updated on 12-08-2020

As per the above table, it is safe to say that Mayank should consider buying a term plan at 30 years of age as he would have to shell out less premium. If he buys term insurance at the age of 35/40 years, he will have to pay extra premium.

How Can You Buy Term Insurance From policyGuruji.com?

policyGuruji has designed a simple process to buy term insurance. Here are the steps-

Scroll-up to the top-right corner of this page and find ‘Compare Term Insurance Plans Online’.
Enter the required details and click on ‘Continue’.
Submit your income, city name and click on the tab ‘proceed’.
Update the education and occupation details.
Various plans offered by different insurance providers will pop on your screen.
Select a suitable plan and click on the ‘Buy’ tab.
Make the payment and you will receive the soft copy of your policy on your registered email id.

What Is Not Covered In Term Insurance?

Just like every other thing in the market, term insurance comes with a (*) sign- exclusions. Let’s view it.

Death due to the following reasons are not covered-

Consumption of drugs/liquor
Pre-existing diseases
Complication due to pregnancy/childbirth
Act of criminal nature
Suicide (within 1 year of issuance of the policy)
War or involved in a hazardous activity

How Much Term Insurance Cover Is Sufficient For You?

After you decide to purchase term insurance, the next question that comes in your mind is- how much coverage is sufficient for you? If we listen to the industry experts, a term cover must be 15-20 times of your annual income. For example, if your annual income is Rs.5 lakhs, your choice of minimum cover should be Rs.75 lakhs-1 crore.

How To Get A Successful Claim In Term Insurance?

In case of the demise of the policyholder, the nominee should inform the insurance company and share the required documents with them. Documents will vary in different scenarios and they are bifurcated below-

Case 1: Natural Death

Policy document in original.
Claim form issued by the insurance company.
Application from the claimant.
Any other documents required by the insurance company.

Case 2: Accidental Death

Post Morterm report of the accident.
FIR report of the police.
Claim form issued by the insurance company.
Statement of attending doctor or certificate of medical attendance.

Case 3: Death Due to Sickness

Discharge summary from the hospital in the original.
Supporting medical reports.
Claim form issued by the insurance company.
Application from the claimant.
Any other documents required by the insurance company.

Case 4: Death Due to Any Other Reason

Proof of reason of death in case of natural calamity- the evidence of his name in the death list should be included.
Claim form issued by the insurance company.
Detailed application from the claimant.

Case 5: If Nominee Also Dies Along with Insured

In such cases, the legal heir of the claimant becomes the beneficiary. The legal heir can get the benefits only after attaining the age of 18. But his guardian must immediately inform the insurance company. The age criteria may depend completely on the provisions of the insurance companies or IRDA.

Case 6: If the Nominee Dies Before the Policyholder

When a nominee dies before the policyholder, it’s the responsibility of the insured to nominate other beneficiaries. This can be done either online or by informing the customer care.

Note: Once the insurance provider accepts the claim, it will release the pay-out. If the claim is rejected, the reasons for the same will be communicated to the claimant.

What Is Zero Depreciation Bike Insurance Cover?

by chatepradip | Apr 10, 2021 | Bike Insurance

This article explains a zero depreciation bike insurance cover. It begins with an introduction and meaning of the clause in bike insurance and then explains the benefits that can be availed by anyone including it in their bike insurance policy.

A zero depreciation bike insurance cover refers to the reduction in value of a bike due to wear and tear over a long period of time. As a clause in a bike insurance, the insurance company does not take into cognizance the damage caused to your bike over the years and continues to offer comprehensive coverage without determining its reduction in value. In case your bike is damaged in a road accident, all the losses and damages will be compensated by them. You can avail this service by paying an additional premium for your bike insurance policy.

policyguruji.com bike insurance

In short, a zero depreciation cover ensures a better claim amount for the damages incurred by you and in this article we are going to tell you about the benefits that can be availed under it.

Benefits of A Zero Depreciation Bike Insurance Cover

The following points outline the different benefits that can be availed by anyone buying a zero depreciation bike insurance cover.

No Depreciation Deduction

If you have a zero depreciation bike insurance policy the damage and wear and tear of your bike over the years will not be considered by your insurance company. Devalued machine parts or complete destruction of the same will not affect the amount of money you receive after filing a claim and you will get full compensation for your bike as well as your machine parts.

Repair Coverage

In a comprehensive bike insurance policy, the repair of plastic parts is not paid by the insurance company. But in a zero depreciation bike insurance policy, the cost of replacement and repairs is reduced drastically as the insurance company takes charge of financing these aspects, making the replacement process affordable for you.

Damage Coverage

Generally, the cost of depreciable and damaged parts is not accounted for during a claim settlement process. However, under a zero depreciation cover, an owner is entitled to receiving compensation for these parts as well, irrespective of the amount of damage caused to them. It therefore adds to your savings and gives you maximum compensation for losses incurred.

Flexible Inclusion

You need not worry if you do not have a zero depreciation cover in your regular bike insurance policy. One of the many benefits of having this add on is that it can be added by you any time after the policy has been purchased. You can choose to include in your bike insurance at the time of renewal and thereby protect your bike and yourself with maximum financial coverage and savings for the rest of your policy term.

Take Away

Having a zero depreciation cover along with a standard bike insurance policy is a wise choice. The benefits and inclusions are important for first time riders who are more prone to sustaining damages on their bikes than others. Accidents arrive unannounced and so it is crucial to protect your bike with the help of a bike insurance policy. Whether you choose a zero depreciation cover or not depends upon your financial liabilities, but you must buy an insurance policy for your bike to avail the financial support during emergencies.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Insuring your Car during the Pandemic? Ensure coverage against Fire, Theft and TP

by chatepradip | Apr 8, 2021 | Car Insurance

Work from home became a common phenomenon as the COVID pandemic resulted in lockdowns and social distancing. Even though the lockdown norms have eased up in many places, companies are still promoting the work from home model to ensure safety. Moreover, many individuals have cut down on socializing and lifestyle activities due to safety concerns. As such, the usage of cars has become minimal. Thus, when it comes to ensuring the car, many of you might be thinking of going only for the third-party cover since you are using the car minimally. But would the third party cover insure the car against other contingencies which might occur even when not in use?

The perils of theft and fire

Even when your car is parked, it is prone to theft and fire. According to data furnished by insurance companies, thefts of SUVs increased by 15% to 20% in the financial year 2019 compared to the last year. About 10, 000 SUVs were stolen in FY 2019. Moreover, out of 100 cars that companies insure, 1% to 2% of them are reported stolen. (Source: Economic Times). Guaranteeing the safety of your car against theft is, therefore, not possible.

Even if you live in a gated community with top-notch security, you can avoid the possibility of theft; but what about the possibility of fire? A short circuit or an electrical malfunctioning can lead to a fire that might damage your car considerably even when it is safely parked. Can you bear the financial loss in such cases?

Theft and fire are the major concerns of damage to a parked car when it is not in use. As such, mere third-party coverage would not prove sufficient. You need coverage that would cover the resultant financial loss that you might suffer in case of either of the two perils.

The possible solution

To supplement your third-party coverage, you can opt for independent theft and fire insurance plans. Both theft and fire insurance policies are offered by general insurance companies. While theft insurance, called burglary insurance would cover the loss suffered if your car is stolen, fire insurance would cover the loss suffered in case of fire-related damages.

You can buy all three policies independently, i.e. a third party policy, a burglary insurance policy, and a fire insurance policy. These policies would secure your car against mandatory third-party liability as well as possible theft and fire-related losses.

What if you can buy one single policy instead? Wouldn’t it be more convenient?

An alternative solution – comprehensive car insurance

Another alternative would eliminate the need to buy three distinct and independent covers – comprehensive car insurance.

A comprehensive car insurance policy not only covers the mandatory third-party liability but also the losses suffered when your vehicle suffers any damage, including theft. So, even if the chances of road theft are eliminated when you don’t use your vehicle, you can get covered against theft and fire under a comprehensive plan. Here are the benefits that you can avail of –

A single policy to service with a comprehensive scope of protection
A single premium which might work out to be lower than the aggregate premium of three independent plans
Customization through the option of add-ons
Premium discounts for making no claims
Hassle-free purchase and renewals
Cashless repairs at networked garages

The bottom line

Therefore, a comprehensive car insurance policy is relevant even if you don’t use your car too often. Besides covering theft and fire, the policy would also provide coverage when you do use the car, however seldom it might be. So, don’t take any chances when it comes to insuring your car. Opt for comprehensive coverage and get the most inclusive scope of coverage against possible damages.

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