Frequently Asked Questions
Please contact us if you cannot find an answer to your question.
1. LOW SUM ASSURED
Employer policy has a very low Sum Assured in range of 5-10 lacs ,which in current times is highly insufficient seeing rising medical costs and medical escalation of 15 % per annum
.Also certain Co payments are there in Employer Policy which inrease your Out of Pocket costs , Consumables are not covered in Group Insurance.
2. FREQUENT JOB SWITCH /RETIREMENT/RESTRCTURE IMPACT
In Current uncertain Job environment Post Covid -19, a Separate cover is must for family and parents
Post Retirement from private Sector leaves you Uninsured and chances of getting a good cover diminishes at retirement age
Without job or at Retirement , you are without a Health Insurance which might eat into your savings in case of hospitalization
3. YOUNG AGE ENTRY
When you enter at young age ,no lifestyle complications such as BP, Diabetes, Thyroid, BMI issues are there
Therefore You get a Standard health Insurance which otherwise would come at heavy premium and extra charge for existing ailments .
4. TAX DEDUCTION UNDER PERSONAL HEALTH PLAN
In A seprate plan from employer, You get a tax deduction under section 80D of Income tax Act
•Rs 25,000 for Self and family
•Rs 50,000 for premiums paid for parents
Huge Tax Savings
5. WAITING PERIOD 2 TO 4 YEARS TO BE SERVED
Any new health insurance has to be served minimum 2 years before you can claim , hence it is wise to ensure you own your policy to cover the same.
1.Cataract
2.Hernia
3.Stone
4.Piles
5.Cyst
6.Tumor
7.Uterus
8.Prostate
9.Ligament
10.Veins
11.Spinal
12.ENT
13.Parkinson & Alzheimer
14.Joint/Hip/Knee Replacement
some of them comes under planned treatment
You have to serve waiting period for named ailments as above
So earlier the better as all wating periods will pass as time progresses.
CONCLUSION : PLAN YOUR HEALTH INSURANCE ON URGENT BASIS BESIDES HAVING EMPLOYER COVER.
1. WILL I LOOSE MY CARRY FORWARD BENEFIT OR FURTHER WAIT PERIOD TO BE SERVED
▶️ If your current policy is in active mode and its continuation policy more than 2 years then you will not loose carry forward benefits eg. certain diseases which require minimum 2 years wait period is not required, you will be covered from day 1
▶️To cover since inception date either you need to submit previous policy documents or current insurance policy must show previous policy number and inception date"
2. WILL I LOOSE THE CARRY FORWARD BONUS
▶️ If you are taking enhanced sum insured in portability then you are entitled for carry forward bonus in the new portable company, the same will be part of the New policy
3. IN MY PREVIOUS POLICY I DID NOT DECLARE ANY EXISTING PRE DISEASES , WILL MY PORT POLICY CAN CONSIDER
▶️YES , You can declare any pre existing diseases , claims taken in the current policy period so that porting company will decide admissibility along with loading if any will be considered. Also wait period will be same as point no.1
▶️Also you need to consider in certain company PED will be 2 or 3 or 4 Years depending on the feature hence Kindly check how many years you have already served in the previous policy"
4. HOW MANY DAYS PRIOR TO EXPIRY OR POST EXPIRY ONE CAN PORT
As per IRDA guidelines portability can be done prior to 45 days max 60 days of the policy expiry. Incase policy expired few companies allows 30 days on special approval as continuation of the previous policy hence it is advised to ensure porting to be done at least 15 days prior to expiry of the policy
5. HOW TO CHOOSE WHICH PORTABILITY WORKS BEST FOR ME
▶️ Before porting one need to consider points like , Features of New Policy, Reasonable price , Claim settlement is good, Customization can be done on need basis, It is advised to take quote before you renew the current policy so that you can decide which one is better, Finally your advisor is trustworthy and can be reachable anytime.
CONCLUSION
🔺 CHOOSE PORTING ONLY WITH INFORMED DECISION TO SAVE BIG MONEY ASWELL ENHANCED FEATURES
Term Insurance is purest form of Life Insurance to protect your family at most affordable rates, Nominee would receive benefits incase of demise during the term of the policy
There are various Term Insurance available in market but one need to choose after clear understanding of features, requirement based on Human Life Value and his or her own budget along with the policy terms & conditions
1. SECURING YOUR FAMILY
It is important to take care of financial needs in the absence of the primary earner, due to unforeseen reason either Covid, Accident or Illness primary earner is no more available then family will have sufficient cover need to take care of their needs, It is just peace of mind one will get buying term insurance
2. PROTECT FROM FINANCIAL LIABILITY
As affordability of loan has become easier ,one will have many liabilities like Home Loan, Vehicle Loan, Education Loan , Personal loan, In the absence of the primary earner then financially family will be put in huge burden to clear the same. The proceeds from the term insurance will pay important role in ensuring the financial burden not fall in to your family
3. LIFE STYLE RELATED OR UNFORSEEN HEALTH ISSUE
If any primary earner develop any critical illness in future then one can opt for the Waiver of Premium along with critical illness benefits so that financial risk gets covered on the same . Kindly evaluate with your advisor what type of Critical Illness covered before opting for the term insurance
4. HIGH COVERAGE, FIXED PREMIUM AND LOWER PREMIUM
Term Insurance can be taken on higher value depending on your income also premium amount for the complete term of the policy will remain same, unlike health insurance which changes as per age band and prevailing rate. If one starts early then premium on the Term insurance will be lower.
5. SIMPLE AND EASIER FORM OF PROTECTION
A term insurance is one of simplest form of the life insurance yet most satisfying and fruitful insurance policies due to low premium, high coverage, easy to understand , any thing uneventful happen to you then your family is secured
CONCLUSION
CHOOSE YOUR TERM INSURANCE WITH UNDERSTANDING, THE PREMIUM YOU PAY FOR TERM INSURNACE IS A SMALL PRICE COMPARED TO BENEFITS DERIVED FROM TERM INSURANCE
After understanding Top 5 reasons to Buy Term Insurance, Now one should know what you need to look before you Buy Term Insurance.
There are many add ons one can consider before buying term insurance, Your trusted advisor can help you to choose best one most suited for your age depending on your age, liabilities, life style and life goal"
1. WHAT IS AMOUNT I NEED TO GET COVERED*
One need to arrive approximate amount required to be taken care in absence of main earning person, It is depends on various factors like age, responsibility related to day today living, expenses for child education, marriage, current lifestyle to be continued, liabilities and loans also important to analyse inflation and future rupee value. The amount you derived should be sufficient to take care of family needs in future
2. WHICH TYPE OF POLICY PERIOD SUITABLE FOR ME*
Policy period and your age decides the premium outgo along with smoker if any category plus add on you choose to take the same. Arriving the policy period will be based on the number of years left for you as working age. Post retirement one can decide to take depending on the approx. life span if your budget permits. There are several companies who offers whole life term policy as well so that your nominee or next generation can get return once policy holder dies.
3. ADD ONS AND PREMIUM AMOUNT
This is most critical aspect one need to consider about add ons, Your advisor help to choose which add ons are best suitable for you as he or she can analyse various aspect of your liabilities, premium outgo and many other hidden factors, One can choose below add ons
- Accidental Death - extra sum assured apart from base
- Covering Your spouse as joint
- Critical Illness
- Hospi Cash fund
- Premier Waiver rider"
4. IS THERE ANY EXCLUSION IN TERM INSURANCE POLICY
Answer is YES, term insurance comes with few exclusion one need to understand, while there are many cheaper term insurance in market available which might have lot of exclusion leading to lesser premium, so one need to understand exclusions like below
- Suicide clause (Normally 1 or 2 year but few companies excludes)
- Terror attack, bomb blast, Riots, War
- Earthquake , Flood, Tsunami
- Snake Byte , Murder , Stampede
- Adventure activities like paragliding, bungee jumping etc.
5. CHOOSING THE RIGHT COMPANY
You need to carefully choose the choice of the company you are considering for term insurance , You need to consider below
- Claim settlement ratio, Companies solvency ratio, Financial well being of the company also brand, market reputation of the insurer
- Provides add ons cover at reasonable price
- has minimum exclusions to take care of unforeseen reason which may occur in feature
- has flexible payout system"
CONCLUSION
YOUR INFORMED DECISION ON CHOOSING TERM INSURANCE WILL HELP YOU TO PROTECT YOUR FINANCIAL REQUIREMENTS ON UNFORESEEN EVENT. ,SO CHOOSE WHAT IS RIGHT TERM INSURANCE. YOU CAN REACH OUT TO US FOR FREE ASSESMENT
Congratulations! On being part of secured life as you have bought term insurance, once you check terms along with exclusions after this you need to do below important 5 things post purchase of term insurance policy.
1. KEEP YOUR POLICY IN SAFE & EASY REACHBLE PLACE AND INFORM FAMILY MEMBERS AS WELL
The main purpose of a term insurance policy is to provide financial security to your loved ones in your absence. It is, therefore, necessary to inform your beneficiaries about the purchase of your term policy. Keep the policy documents safely. Make sure you have physical and digital copies of the same and that the nominees have access to these documents at all times. Inform your family members aswell
2. SHARE YOUR NAME, EMAIL ID, CONTACT NUMBER OF COMPANY AND ADVISOR TO FAMILY MEMBERS
Keep the information related your contact number and email id of your advisor and insurance provider number. Your advisor can review regularly about any changes of contact numbers also oversee policy is served and policy in force
3. PAY PREMIUM IN TIME, NEVER ALLOW POLICY TO LAPSE OR DELAY PAYMENT
Failure to renew your term insurance may result in the policy being lapsed. In such a case, the insurance provider may reject your insurance in case you are found to have health issues. Besides, you may have to bear the cost of such a medical examination. to avoid simply do below
a. Opt for auto debit - Bank, Credit Card (ensure you have sufficient funds available to avoid rejection of auto debit)
b. Mark reminder in your calendar, mobile for due date premium"
4. UPDATE OF ADDRESS, NOMINEE NAME, CONTACT NUMBERS IF ANY CHANGE
Keep always updated address, contact number, nominee name in the policy, there is possibility that policy purchase year back with time changes in the family structure may need changes in these, you may be required to change nominee address if that is the case, do it at the earliest, your advisor can help on this. This will ensure that in case of claim rightful nominee will get amount without any issue
5. UNDERSTAND SETTLEMENT RELATED PROCESS AND ALSO INFORM YOUR FAMILY ASWELL
In order to get any claim on the policy amount in case of demise of the policy holder the insurance company is liable to pay the sum assured amount to the beneficiary nominee. However, in order to get the benefit amount, it is necessary to lodge the claim with all the documents, forms, certificates as required for the beneficiary to make a claim. Understand claim process of the company, the most standard process remains the same. Your beneficiary is required to notify the insurer and fill the claim form. Upon successful verification of all the documents, the insurance provider then disburses the death benefit amount.
CONCLUSION
ONCE YOU GOT TERM INSURANCE, IT IS IMPORTANT TO ENSURE POLICY IS ALWAYS IN FORCE ALSO CHECK WHETHER AMOUNT NEEDS ANY UPWARD REVISION DUE TO CHANGE IN THE STATUS, LIABILITIES ALSO YOUR ADVISOR WILL BE OF MUCH USE DURING THE SETTLEMENT TIME.
YOU CAN REACH OUT TO ME FOR THE FREE ASSESMENT