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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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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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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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August 20, 2017

5 Advantages of Choosing Term Insurance Online

life needs insuranceThe Internet has revolutionized modern lifestyles. You may use various online facilities like booking cabs, flights, movie tickets, and grocery shopping. Several individuals also find their life partners online.

The primary reason for the increasing popularity of the Internet is its convenience. This same convenience is also available if you choose to avail of an insurance policy online. Here are five advantages of opting for insurance policies online.

1. Lower costs

When you avail of a term insurance plan online, you eliminate the need for agents and brokers. This reduces the expense for the insurance company. In addition, the entire online procedure is paperless, which further reduces the cost for the insurer. These costs savings are beneficial in reducing the premium you pay for purchasing the insurance plan.

2. Informed decisions

Online platforms allow you to compare different types of life insurance policies offered by various insurers. You may compare the terms and conditions, premium amount, and other features of the policies. Furthermore, you may refer to the reviews and comments given by past users. This allows you to make an informed decision while acquiring insurance coverage.

3. Automated services

An online platform not only expedites the process but also enables efficient and quick servicing. You may easily download product brochures, procure estimates from various insurance companies, pay the renewal premiums, and track your payments online. This ensures you do not have to depend on anybody and the entire procedure is quick and hassle-free.

4. Efficient online assistance

Most insurance companies offer live chat assistance to help you understand more about the different policies. You may also call their helpline numbers to resolve your queries and clarify all your doubts. Once you have made your decision, you may either choose to complete the procedure online or request a meeting. The insurance company will send a representative to help you complete the procedure.

5. Customization

These days, several insurance companies offer customized products to suit the distinct requirements of individual buyers. When you opt to apply for a term plan online, you may compare different offerings and choose the plan that suits your preferences. You may also pay the premium online on a monthly, quarterly, bi-annually, or an annual basis as per your financial situation.

Availing of an insurance policy online is a cost-efficient and quick option. Insurance companies understand the benefits of this distribution channel and offer special products covering different types of insurance policies. By opting for the online platform, you may avail of the best term insurance plan in India from the comfort of your home or office.

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August 8, 2017

Things to Consider Before Buying a Life Insurance

comprehensive life policiesLife is unpredictable!

Although we are all aware of this, very few people actually think about the uncertainty of life and take practical measures to protect their loved ones, in case their life unexpectedly comes to an end.

Such wise people usually buy a comprehensive insurance policy to secure their family’s financial future.

Have you decided to be among those who are always prepared for the uncertain future?

Buy a life insurance!

What to Consider Before Buying a Life Insurance?

Searching and buying the right insurance policy can become a daunting task. But, not when you know what things to consider while weighing different insurance policies at hand. To help you do that, here we are highlighting some of the key factors that need to be considered when it comes to buying a life insurance:

• Make Sure That the Company Is Reliable

The foremost thing to consider before you decide to buy insurance is the reliability of the company you are buying from. Ask around for references and always go for the company that enjoys a good reputation. You can also check the company’s social media page to read reviews. This is important because frauds by insurance companies are highly common. Often, buyers find out about the hidden terms and conditions with regard to charges and coverage after buying the insurance.

Therefore, to prevent yourself from becoming a victim of an insurance scam, make sure you do a detailed research and seek references and reviews before choosing an insurance company. The task is quite tedious, but it is worth making the effort.

• Assess Your Needs

One of the many benefits of finding a reliable company is that the insurance agent can really help you in evaluating and assessing your needs and then choosing an insurance policy accordingly, to cover all your specific needs. The process entails evaluating factors such as the number of dependants, family wealth and assets, and whether the family will be able to pay off any remaining debts and bear the cost of funeral services or not?

Your answers to all these questions will help decide what things are more important for you and how much coverage you really need. For example, for some people the most important thing is to make sure their children’s education does not get negatively affected in any scenario and they want it to be covered by the insurance policy. On the other hand, there are people who do not want their family to pay for their burial services.

• Compare Different Policies

Decide your needs based on what things are important for you. For example, if you only want to make sure that your family receives money to pay for your funeral, ask different companies for quotes for funeral insurance. But, if you want multiple factors to be covered, look for a comprehensive life insurance policy.

Also, never settle for the first company you come across. Always compare different aspects of various insurance policies to make sure you find the best or you will end up regretting it later. In addition to your needs, your financial status also plays an important role in choosing a life insurance policy.

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