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October 3, 2018

How you can invest in an appropriate term insurance

term insurance coverageYou can get an unexpected happiness or some sudden mishaps in life can lead to never-ending grief and sadness, one can never be sure. In the unfortunate events like the untimely death of an individual who is the bread earner and head of the family, everything seems to be so scattered and hard to manage for the rest of the family. Term insurance is one of the insurance that can be availed for a certain period of time. Term insurance helps the family of the policyholder to meet the various financial needs like education of a family member, household expense and etc in absence of the policyholder. With the assistance of Term Insurance plan, a family of policyholder can maintain their lifestyle and do not need to beg other people in this world of inflation. There are many benefits of term insurance cover. The coverage of term insurance plan also differs from one plan to another, so one need to be aware of his/her various expectations and requirements from the term insurance while buying a term insurance policy.

Term Insurance Policy-

There are different types of term insurance plans like Standard Term Life insurance Plans, Term Return of premium plans, Group term insurance plan, Term insurance plan by number of years, Decreasing and Increasing term Insurance Plans, Convertible Term insurance plans, Single life and joint life term insurance plans, Offline and online term insurance plans in India. One can choose one term insurance plan as per the age, tenure, cover requirements, tenure and premium amount. Various companies offer a wide range of Term insurance policies in the market but, you should read terms and conditions and understand different types of term insurance policy before buying any.

Even to enhance the beauty of term insurance plans, there are various additional riders that can be enjoyed by the customer at a little more premium amount such as Critical Illness Rider, Total and Permanent Disability Benefit Rider, Accidental Death Benefit Rider, Hospital Cash Rider, Waiver of Premium Rider and etc. Riders can play a vital role in protecting our money if choose wisely.

Pointers to look for the best insurer-

There are various factors that one needs to check before getting a term insurance plan and some of the pointers are as follows –

1. Claim Settlement Ratio – This is the most important pointer. The number of claims settled against the total claims received by the insurer. An insurer with the highest claim ratio is more preferred than other. One can find this data in the annual report that is published by IRDAI for each life insurer.

2. Featured products – it is not necessary that all insurers offer all insurance products. One need to keep an eye on the various products featured by the insurer and filter which insurance policy is actually needed.

3. Customer service quality – Valuing a customer is the most important pointer. A number of queries resolved against the total reported complaints/ queries show the mirror to the customer handling status of any insurer.

Objective –

Right from shoes to clothes we want to give our family the best we could afford. Term insurance is the best thing that you can do for your family, as it offers Maximum cover in minimum investment. The main motive of a term insurance is to help an individual’s family to meet their regular expenses and normal lifestyle in their absence during all future needs. Ideal term insurance helps an individual to wave a web to cover all necessity of his/her family. Eventually, it is your responsibility to prepare you and your family to face any unforeseen event. Don’t wait, use an online insurance web aggregator like PolicyX.com, compare quotes on the basis of benefits, premium, cover and choose the right one accordingly.

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September 10, 2018

Let Your Savings Grow By Opting For a ULIP – Know More

insurance investmentsYou must have sought ways to invest in various asset classes from time to time. You’ll get an opportunity by opting for a Unit Linked Insurance Plan. It will even cover you for certain unfortunate circumstances with a life insurance policy. A portion of the amount that you pay towards your premium may be invested in your hand-picked plans. It enhances your chance to achieve a higher return on investment.

If you’re truly eager to achieve your long-term financial goals, your investment portfolio must comprise of ULIPs. Apart from ensuring a cost-effective way of earning more on your investments, a ULIP plan even allows your savings to grow and accumulate more wealth over time.

Compared to other traditional insurance policies, ULIPs yield a unique opportunity for you to enjoy the freedom of customizing your policy while comparing a plethora of options that match your investment needs. Like any other insurance policy or wealth plan, the features of a ULIP plan get you overwhelmed.

Check Out a Few Points on Why ULIPs Are a Good Investment Option:

Multiple Goals:

ULIPs enable you to invest a portion of your premium towards debt, balanced, and equity funds, while the remaining portion goes out towards life cover. Thus, a single product allows you to enjoy the benefits of investment and insurance at once.

Higher Returns:

By opting for ULIPs, you’re actually investing your money across numerous reliable investment options like equity and bonds. ULIPs are a great opportunity for you to obtain quality returns linked to the share market. You won’t enjoy such returns with any traditional insurance policy.

More Flexibility:

The fact that a ULIP enables you to shift from one investment fund to another is a proof of its flexibility. Facts concerning your market performance and risk appetite will help you to pick any of the balanced, equity, and debt funds.

Economic:

ULIPs are certainly amongst the most inexpensive market policies that yield both investment and insurance benefits. The fact that the latest ULIPs don’t demand any policy or allocation costs often makes them more inexpensive than that of the mutual funds. ULIPs are also quite popular due to their tax benefits.

Tax Benefits:

ULIPs can act as an efficient tax-saving tool. The amount that you pay towards your ULIP policy premiums is entirely tax-exempted under certain circumstances. Being a policyholder, you’ll get more chances of extending your savings at a time when there’s no need to pay tax on the amount of premium.

In addition, the portion of your income that’s taxable comprises of deductibles like that of the maturity and death benefit. There’s no reason for you to be concerned about paying a hefty sum as tax out of your savings.

Long-term investment plans like ULIPs are meant for individuals that opt for financial planning for the long run. There’s a 5-year lock-in period that comes with every ULIP. It helps you set your long-term goals in a proper way. The growth that you achieve with ULIPs can help you meet your long-term financial objectives like that of buying a property or fulfilling your daughter’s wedding plans. These days, you may even pick one out of a diverse range of ULIPs.

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August 25, 2018

Cancer Insurance: Need of the Hour

insurance for cancerAmongst all the other health insurances, cancer insurance is becoming more and popular day by day. This is because the rate of the diagnosis of cancer is increasing worldwide so speedily and the cost of the treatment of this disease sometimes exceeds our capacity. Now before going further, you must know what cancer insurance is first. This specialized policy provides a limited coverage when you are diagnosed with cancer. This supplemental insurance policy reduces the cost related to the treatments and diagnosis which includes radiation, hospitalization, surgery, chemotherapy, blood transfusions, nursing care and the medicines prescribed by the doctors. The total of the assured amount depends on which stage of cancer you are being diagnosed a- major, minor or critical. Here are reasons why you should invest in this policy:-

  • Cancer Runs in the History of The Family:-The cost of the treatment of cancer is tremendously increasing with the increased number of cancer patients today. If you have a family history of cancer, then the chance of you being diagnosed with cancer at some point in your life is very high. In this case, choosing a cancer insurance policy can actually help you in the future.
  • Not Enough Financial Backup: In the case of medical emergencies, financial affluence can make a huge difference. Deadly diseases like cancer can leave you without a single penny. If you have a cancer insurance policy then it works as a backup and covers the costs of the treatment and makes you financially stable during hard times so that you can bear the medical expenses further. You do not need to worry about any sudden financial crisis as your chosen cancer insurance policy will surely have a pay-out option where you will be paid a lump sum amount if you are diagnosed with cancer. You can spend this money in any form you wish- to spend on travel expenses if you have to travel to some other place for the treatment or to pay the everyday hospital bills.
  • Can be used as a Supplementary to the current policy:-The premium of a cancer policy is lesser than the traditional health insurance policies. You must go for a comprehensive health insurance policy which is budget friendly and meets every need if you have a family history which indicates even the faintest chance of you, developing cancer. If you do not have any kind of health insurance yet and you have that little risk of being diagnosed with cancer, then based upon your financial capacity, you should go for this cancer insurance plan. Don’t think that in every case, having both comprehensive health insurance and a cancer insurance policy will provide you double coverage of non-cancerous diseases and cancer. There is a ‘co-ordination of benefits’ cause complementing with other health insurance plans, as mentioned in the cancer insurance plan. According to this clause, the benefits of the other health insurance plans are not provided. So if you are going only for a cancer policy then you must go through the exclusions and inclusions of the policy first.
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April 14, 2018

Tips to earn money in a legitimate way

other source of earningsExploring a few passive means of earning money isn’t bad for those that don’t want to opt for a second job. It’s quite natural for you to think of a consistent source of alternative income that won’t take the juice out of you. Even when you wish to create or join a platform that won’t prove to be taxing, you may need to put in your efforts right at the very beginning.

Consider few of the straight means of earning money as shown below:

Publish your book

Writing a book often lets you achieve a good amount of every sale after it gets published. Self-publishing of books is quite common nowadays; you can do it by checking the e-book options at large. Alternatively, you may get in touch with any publishing house.

Develop smart applications

Developing any smart-phone app has immense potential of earning money when a user downloads it. These apps can fetch a good amount of money as they get more popular with the target audience. Anything that you develop may get viral in no time!

Launch any static blog

Identify your areas of interest besides checking out things that tend to draw the attention of your target audience. Make the most of your website development skills in developing a website in these areas. It’s in your best interest to choose topics that may never get dated with your audience. You may even choose to host ads on a page wherein you have content worth good quality. A piece of content that’s always in demand can actually pay you back on time.

Submit a video on YouTube

Identify a few popular topics for shooting your videos. You may explore it as an opportunity to earn more by running ads on the more popular videos. Earning in seven figures has been a dream turned reality for video submitters on YouTube.

Take a few attractive snapshots

There are a few online sites that help you to sell photos. It’s actually a good ploy for those of you that are passionate about photography. If you’re an amateur, then you may test the water with sites like Shutterstock. For each downloaded image, you’re likely to achieve a commission worth up to $75.

Create your own graphics

Graphics and illustrations are often accepted by a few photo websites. For every download, you may earn a certain amount of money.

Be an insurance agent

By selling insurance policies, you may end up earning a handsome amount with each deal closure. Even when the policies are renewed by your customers, you’ll earn an extra commission.

Achieve stock dividends

Stock investments are among all natural ways of securing a passive income. These stocks yield dividends worth great percentages more frequently.

You must remember that every legitimate way of earning money takes you through a passing phase. It’s not like how easily you earn money in the casinos nowadays.

The ways mentioned above will help you create wealth without worrying much about how the legal authorities will perceive them. Leading a stress-free life is more important than pursuing money in an illegitimate way.

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March 9, 2018

Reasons Why Your Health Insurance Claim Can Be Denied

health insurance coverageIn this time of rising medical inflation, investing in a medical insurance policy has become the need of the hour. The benefits of a health care plan indeed out weigh the cost. Many individuals, therefore, invest in a health care policy to enjoy financial protection in case of a medical emergency.

You may either opt for a reimbursement of the medical expenses incurred by you, or you may file a cashless claim. Though the procedure for filing a claim is quick and hassle-free, sometimes it may get rejected.

Following are six major reasons why your health insurance claim may be denied.

1. Providing inaccurate or incomplete details

One of the reasons for denial of the claim is a failure to furnish complete or accurate details. These details may pertain to your health condition, pre-existing conditions, or nature of employment, among others. Since these factors are crucial in helping the insurance provider to determine your eligibility and premium, they may deny the claim if they find out that crucial information has been withheld or if facts have been misrepresented.

2. Seeking claims for exclusions

Most medical health insurance plans come with a list of diseases and ailments that are beyond the scope of coverage. Making a claim for any conditions or ailments in the exclusion list will fail to qualify for coverage and hence the claim will be rejected.

3. Making a claim during the waiting period

Waiting period refers to the specified time frame that you must wait for, before beginning to enjoy benefits of the policy. This is the period during which pre-specified illnesses are not covered by your policy. Hence, making any health insurance claim during the waiting period will result in it being rejected.

4. Admission to a non-network hospital

Insurance companies have a network list of hospitals. In order to avail of a cashless facility, it is imperative to get admitted at any of the hospitals in the insurer’s network. The insurance provider may reject your cashless claim in an event that you are admitted to a non-network hospital. In such a case, however, you may seek reimbursement of the hospital expenses incurred by you. You may submit the original bills, medical reports, and fill the claim form while seeking reimbursement.

5. Claims made on lapsed policies

Your policy may stand lapsed in case you have failed to make premium payment before the due date. Making a claim once your policy has lapsed will mostly result in denial of the filed claims. It is, therefore, necessary to make timely payment of your medical health insurance premiums in order to enjoy uninterrupted benefits of your health policy.

6. Failure to notify the insurer within the stipulated time frame

Your medical health insurance policy states the period within which you must inform the insurance provider of your hospitalization. If the claim has not been brought to the notice of the insurer within the time frame stipulated in the terms and conditions of the policy document, the insurance claim will be rejected. You may, therefore, submit the insurance claim request within the time frame. You may also submit the original hospital bills as well as post-hospitalization expenses if any.

A medical health insurance claim denial may threaten your financial security and the ability to receive medical care. It is, therefore, necessary to identify the possible causes of rejection. Once you are well aware of the possible causes of claim denial, you may follow the guidelines to ensure that your claims are honored.

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