Term Insurance

Life is too unpredictable, and uncertainties can also rip a person off emotionally, financially, and physically. This is because no one controls one's disease; neither can anyone predict it. Therefore, the breadwinner's death can cause disastrous turbulence in the family member's life. Term insurance plays a vital role in your life to solve these problems. Moreover, term plans are an excellent way to build a financial safety net and are the most straightforward and affordable type of term life insurance. It will help your family to settle your loans and pay off specific requirements in your absence. The death benefits are paid to the beneficiary or the nominee only upon the insured's death. Therefore, in simple words, the death benefits are zero if the insured dies after the policy has expired.

Documents required to file a Term Insurance claim:

In case of a natural death :

• Term Insurance policy document
• Duly signed and filled claim forms (As provided by the insurance company - To download, visit their official website)
• Original or Copy of the Life Assured's Death Certificate
• Claimant's statement
• Any other relevant document as requested by the insurance company.

In case of an accidental death

• Police FIR report, Police Inquest Form and Final Police Investigation Report
• Medical attendant's certificate or Attending Doctor’s Statement
• Hospital Certificate and medical reports including admission and discharge summary of the life assured, death summary, test reports, etc.
• Postmortem report
• Claimant’s statement
• Any other relevant documentation as requested by the insurance company. The Claims Assistance team of the insurance company will verify all the supportive documents and nominee declaration. Depending on the situation, the claimant or nominee may be required to submit additional documents.

Health Insurance

Health insurance is a contract between you and your insurance company that governs your health care. It covers medical and surgical expenses on behalf of policyholders in the event of a medical emergency or illness. A health insurance policy remains active even when a claim has been made until the sum insured limit is exhausted. Besides covering hospitalisation expenses, it reimburses pre and post-hospitalization expenses, ambulance fees, pharmacy bills, etc. Health insurance is a contract between you and your insurance company. You buy a plan, and the company agrees to pay part of your medical costs when you get sick or hurt. Any insurance solicitation in India is governed by IRDA (Insurance Regulatory & Development Authority), formed under the IRDA Act of 1999 as a statutory legislative government body.

Types of Insurance:

• Hospitalization Plans: Hospitalization insurance provides coverage for hospital confinement due to illness, accidents, intensive care, outpatient medical treatment, surgery, or hospital-related activity that involves the insured’s health, etc.
• Family Floater Plans: In a family floater plan, any family member can use the insurance policy limit. For example, if a policyholder is buying a policy for three members of the household, then any member can utilise the entire limit of the sum insured.
• Senior Citizen Plans: Senior citizen insurance covers citizens aged between 60 and 80. An unexpected medical cost can create a financial crisis; therefore, it is better to get seniors between 60-80 age medically covered in the Senior citizen plans.
• Maternity Plans: Maternity insurance is a type of health insurance that provides maternity coverage. Maternity plans come with pre and post-hospitalization costs.
• Critical Illness Plans: Critical Illness Insurance covers life-threatening conditions defined and specified in terminal illness. Critical illness insurance is designed to ease the financial pressures of suffering from a severe illness.

Comprehensive Insurance:

A comprehensive policy is more expensive, but not only does it cover damage to the insured car and driver, but also the insured vehicle’s third-party liability. Losses incurred due to theft, natural calamities like fire, explosion, accident, self-ignition or lightning, terrorist activity, or damage in transit by road, rail, inland waterway, lift, elevator, or air are all covered under this.

Importance of Health Insurance

• Protection of health
• Financial Support at the time of emergency
• Protection against rising health expenses
• Productive utilisation of own savings
• Source of credit

Key factors to consider before buying a Health Insurance

• Room rent limit and ICU limits.
• Co-payment
• Hospital network
• Claims loading
• Renewability age
• Disease wise capping
• Unique features
• Industry claims Settlement ratio
• Daycare procedures
• Pre existing waiting period
• Bonus

Features:

• Pre-hospitalization expenditure
• Post-hospitalization expenditures
• Coverage for Critical Illness
• Ambulance Coverage
• Save tax up to Rs. 55,000/- under section 80D
• Cashless Hospitalization
• Maternity and OPD coverage

Rights & Conditions

Rights

• You can port any individual/ family policies
• Your new insurer has to give you credit for a waiting period for pre-existing conditions you have gained with the old insurer.
• Your new insurer has to insure you at least up to the sum insured under the old policy.
• The two insurers should complete the porting per the timelines prescribed in the IRDA (Protection of Policyholders’ Interests) Regulations and guidelines.

Conditions

• You can port the policy only at the juncture of renewal. That is, the new Insurance period will be with the new Insurance company
• Apart from the waiting period credit, all other terms of the new policy, including the premium, are at the discretion of the new insurance company. At least 45 days before your renewal is due.

Please Note :

Claims will be processed on receipt of all required documents, and additional documents or information, if required, will be called for after scrutiny of the claim. A cheque will be dispatched to you if the claim is admissible. If not, a repudiation letter will be sent to you. The turnaround time for reimbursement claims is 20 days from the date of receipt of all documents.

Car Insurance

Motor insurance helps protect your car from unprecedented hazards like accidents, theft, fire, floods, vandalism, and other such scenarios. It is a contract between the motor vehicle owner and an insurance company to provide financial aid to the former to undertake repairs for damage or treat injuries in the event of a mishap. In return for the premium that the motor vehicle owner pays, the insurance company reimburses the costs of repairs, third-party losses, and treatment for injuries. Insurance is classified into comprehensive and third-party insurance.

Third-Party Cover

This type of insurance is mandatory in India for every car owner and driver. It provides financial protection for any loss or damage caused to another person, property, or vehicle because of your 4-wheeler. The third-party premium rate depends on the engine cubic capacity of your 4-wheeler. Such rates are fixed by the IRDAI and are revised every year or so. Personal Accident Insurance for the primary driver:If you opt for a comprehensive auto insurance policy in India, you will also receive a compulsory personal accident cover for the owner-driver. Save Money: You compare different quotes and choose the plan that best suits your requirements.

Comprehensive Insurance:

A comprehensive policy is more expensive, but not only does it cover damage to the insured car and driver, it also covers the insured vehicle’s third-party liability. Losses incurred due to theft, natural calamities like fire, explosion, accident, self-ignition or lightning, terrorist activity, or damage in transit by road, rail, inland waterway, lift, elevator, or air are all covered under this.

Bike Insurance

Motor insurance helps protect your 2-wheeler from unprecedented hazards like accidents, theft, fire, floods, vandalism, and other such scenarios. It is a contract between the motor vehicle owner and an insurance company to provide financial aid to the former to undertake repairs for damage or treat injuries in the event of a mishap. In return for the premium that the motor vehicle owner pays, the insurance company reimburses the costs of repairs, third-party losses, and treatment for injuries. Insurance is classified into comprehensive and third-party insurance.

Third-Party Cover

This type of insurance is mandatory in India for every 2-wheeler owner and driver. It provides financial protection for any loss or damage caused to another person, property, or vehicle because of your 2-wheeler. The third-party premium rate depends on the engine cubic capacity of your 2-wheeler. Such rates are fixed by the IRDAI and are revised every year or so. Personal Accident Insurance for the primary driver:If you opt for a comprehensive auto insurance policy in India, you will also receive a compulsory personal accident cover for the owner-driver. Save Money: You compare different quotes and choose the plan that best suits your requirements.

Comprehensive Insurance:

A comprehensive policy is more expensive, but not only does it cover damage to the insured vehicle and driver, it also covers the insured vehicle’s third-party liability. Losses incurred due to theft, natural calamities like fire, explosion, accident, self-ignition or lightning, terrorist activity, or damage in transit by road, rail, inland waterway, lift, elevator, or air are all covered under this.