A simple medical insurance plan may not be able to pay for the treatment costs of critical illnesses. While a medical insurance plan reimburse normal hospitalization expenses, the cover may not be sufficient for some illnesses. The cost of treatment of certain critical illnesses such as heart ailments, cancers and liver diseases can be very high.
For instance, a liver transplant can cost Rs 18 lakh. In many cases, the treatment can continue for years, draining the finances of the household.
You can buy a separate cover against critical illnesses or take a rider along with a life or health insurance policy. The best part is that these standalone critical illness plans and riders pay out a lump sum when the disease is diagnosed, which can be very useful for a policyholder.
It is best to go with a broad spectrum critical illness cover rather than choose one aimed at a particular disease. The cancer protection plans from some health and life insurance companies are priced lower than a critical illness plan, but will only cover one disease. Cancer is not the only ailment that threatens you. Lifestyle-related risks include heart ailments, diabetes, kidney and liverrelated illnesses. Hence, a wider coverage would be a wiser pick. Buy a dedicated plan only if you are a heavy smoker or are employed in certain high-risk sectors.
But the premium for such people will also be considerably higher. How much does the treatment cost? But what if you are injured in an accident that disables you, either temporarily or permanently? Before you answer this question, here are some statistics. India is the accident capital of the world. According to the National Crime Records Bureau, 4. The number of those injured in road accidents is at least three times bigger.
This is why an accidental death and disability cover is third on our list of essential covers. The policy will pay your nominee a lump sum amount in case of death due to accident. In case you are disabled, the policy will pay out a lump sum amount. There is an additional cover that provides a monthly income if you are unable to resume work due to the disability. Accidental insurance is very cheap Cost of insurance cover of Rs 25 lakh.
You have insured your Rs 6 lakh car, the Rs 50, laptop and even the Rs 15, cellphone. Now spare a thought about the Rs 50 lakh house. Though home insurance covers what is possibly their costliest asset, very few Indians understand this and even fewer take steps to cover the risk.
No more than lakh households in India are insured against natural calamities and other disasters. Then there are man-made calamities like fire, rioting and larceny. All these are covered by a comprehensive home insurance policy at an unbelievably low cost. The cost of insuring the structure against damage is as low as Rs 40 per Rs 1 lakh. The costs can vary from Rs 1, per sq ft for a basic no-frills structure to Rs 3, per sq ft for a premium construction. So, a 1, sq ft house should be insured for Rs lakh and the cost will be Rs , a year.
Jewellery is covered against all risks and there is also a cover against damage due to terrorism. You can buy a fire and other perils policy as a standalone cover, but most insurance companies encourage buyers to go for a comprehensive plan that covers a wide range of risks. A fire or a flood may not damage the structure, but will ruin everything else inside the house. So you also need to insure the contents of the house against the damage. The cost of insuring contents worth Rs 10 lakh against natural and manmade calamities is just Rs a year.
Then come the covers against burglary and breakage. These are also important and will not cost too much. You can enhance the coverage if you perceive a risk, and if your pocket allows. Cost of home insurance The essential covers your home needs are very cheap.
Compulsory Deductible Your policy will not compensate you fully. Limits on Claims Payment is subject to limits. Payments to architect or engineer for processing claim papers cannot be included in claim. Jewellery Cover Under a standard policy only up to Rs 10, worth of jewellery is covered. Cash not covered by policy. To cover jewellery, you have to take a separate all-risks policy that costs Rs 10 per Rs 1, Conditions Apply Your claim against burglary will not be valid if the house was not occupied for over 30 days at a stretch or if your household help was involved in the theft.
Not Piecemeal The entire building has to be covered for earthquake risk. You cannot insure a certain section of the house in isolation. Insuring your vehicle is important because in case of an accident, the insurance company picks up the bill for repairs. What few people know is that the insurance company also compensates victims of accidents in which the insured vehicle is involved.
This compensation can run into several lakhs of rupees and has on occasions even touched the nine figure mark. In , a court awarded Rs 12 crore to the family of an NRI doctor killed in an accident. If your family is living in rented accommodation, think about the rent that the policy should be able to give till your children grow up and earn.
In a Life Insurance Policy, the policyholder will receive the maturity benefit of the policy. In a Term Insurance Plan, insurance companies provide financial assistance to the nominee of the policyholders in case of an unfortunate demise of the policyholder within the policy term. Under a term insurance plan, there is no claim to the money if the person survives until the policy tenure maturity.
Does life insurance cover accidental death? Yes, life insurance policies do cover accidental death. However, one must check the policy documents if it specifically states that it does not cover death by accident. The amount of cover depends on your income, your family's requirements, and your liabilities.
However, as per the financial experts, your cover should be at least times the annual income. Will the family of the policyholder receive life insurance benefits if they committed suicide? In such cases, if the policyholder commits suicide within 12 months of purchasing a policy, the nominee won't get any insurance benefits. However, post 12 months, the policy will pay the death benefit to the nominee. How to revive a lapsed life insurance policy?
The IRDA has directed all the insurance providers to allow policyholders to revive their lapsed policy within two years from the time it is deactivated.
One needs to pay the renewal fee along with the late fee and additional penalties that may vary from insurer to insurer. What will happen to the life insurance benefit if both the policyholder and nominee dies? In such scenarios, where both the policyholder and nominee died, then the benefit will be payable to their heirs or legal representative.
What to do if my nominee dies before me? In such a case, you can add a new nominee. In case you don't, by default, the company will consider your heir your new nominee. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. Anayesha Siddqui. I got the Death Befit of my husband s term insurance policy.
With this money, I will fulfil my family s dreams. Akshay Tripathi. Very good company IDBI is. I am happy that I choose to be their customer. Customer support is also very good. Vahisht Aggarwal. Settled my claims within a month of my policy maturity. Super happy with the services and satisfied also. Vinayak Sharma.
Just got the money from my matured Shriram policy. Now I can spend my retirement years in peace without worrying about any financial crunch. Manish sharma. Get Instant Quotes. TollFree No.
Life Insurance Plans. Free Quotes From Top Companies. YYYY What Is Life Insurance? How does it work? Let's understand the importance of life insurance with an example. How Much Life Cover is Needed? For better understanding, let's look into the two scenarios of two different families. Family Mr Verma, a year-old working professional, lives with his wife, his parents and has a 3-year-old child.
Mr Sharma, a year-old working professional lives with his wife and 2 children. Expenses Monthly: Rs. Top 5 Life Insurance Plans in India. Explore Plan ICICI iProtect Smart Offers degree protection to your family, allowing in case of your unfortunate demise Explore Plan Max Life Online Term Plan Plus An online term insurance plan that looks after your family's needs and offers 3 payout options for the family - lump sum one time, lump sum along with a monthly income, or lump sum with increasing monthly income.
Explore Plan. Term Insurance It is the most basic form of life insurance. Whole Life Insurance Whole Life Insurance Plans remain in force till the policyholder is alive, provided required premiums are paid.
Endowment Plan Also known as traditional life insurance plans, the Endowment policy is a combination of a life coverage plan and savings plan.
Pension Plan This plan assists you in securing your post-retirement life financially. Money-Back Plan In a money-back plan, the policyholder is eligible to get a specified percentage of their sum assured at regular intervals.
What Are Life Insurance Riders? Popular life insurance riders are: 1 Critical Illness Rider Critical Illness Rider benefits the policyholders in case they get diagnosed with any of the critical illnesses listed in the policy document.
Many many thanks for your kind cooperation. SBI Life Insurance understood my concern regarding claim settlement and have resolved it to my satisfaction. Thanks a lot. This is Excellent, Resolved my concern pertaining to my policy document within 24 hrs of my tweet. My special Thanks to Mr. Ravi Kumar Gupta from Delhi and Mr. Cleo from Mumbai. My concern regarding the premium was resolved to my utmost satisfaction. Thank you for getting in touch with me.
Cleo was very helpful and more than courteous to resolve my query regarding premium payments. I live outside Kolkata and Ms.
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