Decoding the best child Plan with Max Life Insurance

Rahil had bought a child plan from Max Life Insurance when his daughter, Ayesha was just two years old. He set up the policy in such a way, that the payouts would happen at regular intervals. The first payout was scheduled for when Ayesha would be three years old and needed to be admitted to the school. The next one was 15 years later when she would need college admission. The final one was scheduled for when she would turn 25 years old, and she could utilize the money either to set up a business or to get married. Rahil made a good move as unfortunately, when Ayesha was 10 years old, Rahil lost his life in a road accident. The child plan however continued and took care of Ayesha’s education and well being.

What is a child plan and how does it work?

A child plan is a kind of life insurance policy where the child is the nominee. This means that the life of the parent is insured in the interest of the child. When you buy a child plan, it gives you two advantages:

1. Life cover
2. Periodic payouts

The first component is easy to understand. If you suddenly die during the policy period, your nominee gets a lump sum amount of money to deal with the immediate requirements. This is similar to a regular life insurance policy. However, unlike a regular plan, a child plan doesn’t end when the policyholder dies. The premiums are waived off and the insurer continues to keep the fund afloat and make the periodic payouts as promised in the bond. This helps the child to continue with his or her education and lifestyle needs even in the absence of an earning parent.

What are the best child plans in India?

There are some very good child plans available in India today. Among them is the Max Life Shiksha Plus Super plan. Here, you get the following benefits:

• Death benefit.

• Income replacement where 10% of the sum assured is paid every year to the nominee for the entire policy period.

• It is a ULIP so a part of the money stays safely invested and the other part grows in the financial markets.

• Minimum entry age is 0 month and maximum entry age is 18 years. This is a wide range and no matter how old your minor son or daughter is, you can enroll him or her in the plan.

• The premium paid is tax deductible (under section 80C) and the claim amount is also tax-free under section 10 (10D) of the Indian Income Tax Act.

The bottom line

With the costs of education rising and the health risks increasing too, it is vital for every parent to secure their child’s future. You can do so with the Max Life Insurance child plans. These plans provide the best insurance cum investment options for your child’s benefit. So what are you waiting for? Speak to your insurance agent today or go online and buy a good child plan right away.   

Source: Decoding the best child Plan with Max Life Insurance

EDELWEISS TOKIO LIFE INSURANCE EXPLAINS ALL YOU NEED TO KNOW ABOUT LIFE INSURANCE

Edelweiss Tokio Life Insurance is the joint collaboration between the Japan-based Tokio Marine Holdings Inc. and the Indian counterpart, Edelweiss Financial Services Group. The company was established in 2011 in Mumbai and is a leading player in the life insurance domain in India. Currently, they are operating PAN India and have over 60 branches and over 1500 strong employee base. Edelweiss Tokio Life Insurance has the diverse range of insurance products that cater the need of a wide variety of people from different walks of life and people at different ages and stages of lives.

Their product range, combined with customized financial services, high returns and different benefits for young and aged customers make them the organization of choice when it comes to buying term insurance and related products. In the year 2015-16, Edelweiss Tokio Life Insurance achieved 85.11% Claim Settlement Ratio and 99.09% resolution of grievances.

Products of Edelweiss Tokio Life Insurance

A variety of products is offered by the company. Typically the age of entry is 18 to 60 years. Along with the pure term plan, which offers the benefits only in the event of the death of the insured and during the term of the policy, Edelweiss Tokio Life Insurance offers different term plans to take care of the needs for child, retirement, pension and ULIP like add-ons to customize.

(1) Edelweiss Tokio Life Protection Plans

These are the pure term plans with normal payment of premiums. These assure high sums to the beneficiary in case of death of the insured. There are several options to choose from and based on the option chosen, the payout to the beneficiary could be a one-time lump sum amount or in installments or a combination of both. The payout amount or sum assured also varies for different plans depending on entry and maturity age, term, premium amount, non-user of tobacco and so on.

One plan under this category is designed to cover people in rural areas and is micro term policy known as Raksha Kavach Plan. This provides competitive sum assured with a lower premium. The premium could be paid once or throughout the duration of the plan.

(2) Edelweiss Tokio Life Savings Plans

This is the additional payout plans on top of regular death benefit plans. These plans engage in investments in debt instruments and mutual funds bringing interest income and other financial benefits. Wealth Enhancement Plan and Wealth Accumulation Plan are the two categories under these plans which bring one-time lump sum, short term or long term payments to the beneficiary depending on the plan chosen.

(3) Edelweiss Tokio Life Retirement Plans

Under these plans, one can secure the financial benefits post retirement with fixed payments and cash protection. Based on the plan you can get annuity income, guaranteed money-back and probably an additional bonus income which serves great post retirement for a predetermined period (e.g., till you are 100 years old, or annuity for 20 years etc.)

(4) Edelweiss Tokio Life Child Plans

This plan offers financial assistance to the child of the deceased insured. The plan supports the continuity of education in the field of choice of the child in an attempt to secure the future. The benefits that are pre-defined, are paid up to a period of 5 years.

Important Points to Consider

However, while buying the policy, certain things need to be brought under consideration like:

• Decide the right coverage amount by considering the income, age, the family members and the liabilities that need to be covered in case of any eventuality

• Check the need of your family by considering the financial capability of family members to sustain the present lifestyle and the income support that they can get

Edelweiss Tokio Life Insurance has customizable Riders to offer that cover Additional Death Benefit, Critical Illness, Accidental Permanent and Total Disability. The specific exclusion from the policies is the death due to suicide that happens within first twelve months of the enrollment.

Edelweiss Tokio Life Insurance offers an array of products along with life insurance term benefits to the nominee. These benefits are for funding education, retirement, living with disability and impaired health, income replacement, wealth accumulation, wealth enhancement and so on.

So, based on the benefits of the offer and the PAN India presence of the company, Edelweiss Tokio Life Insurance is rapidly growing in its sector and becoming a major contender while it comes to choosing an insurer to cater the diverse requirements of customers in India.

Source:  EDELWEISS TOKIO LIFE INSURANCE EXPLAINS ALL YOU NEED TO KNOW ABOUT LIFE INSURANCE

THE PIONEER IN LIFE INSURANCE, HDFC STANDARD LIFE INSURANCE UNFOLDS THE 5 REAL REASONS TO BUY LIFE INSURANCE

We all put efforts to make future secured and safe but none of us are sure what is stored for us in future, even in the near most moments to come. While this poses a huge uncertainty, we still can have some plans for future to cope up and sustain through the unforeseen situation that might arise, however much tough it might be. An unexpected death of the earning member of the family brings the functionality of the family to a collapse due to the financial dependence on that person. To reduce these types of adversities, life insurances with its different customer-friendly variants come as a much-needed relief to the immediate family of the deceased person.

HDFC Standard Life Insurance is the joint collaboration between Indian company HDFC Limited and the United Kingdom counterpart of Standard Life Group. Since its inception in 2000, HDFC Standard Life Insurance has managed to grow tremendously and attained a significant position in the insurance market in India. It operates through 568 branches and caters 700 cities across India. The company offers a diverse range of life insurance plans, either individual or group insurances which can very well cater the diverse needs of the customers like Protection, Retirement, Health, child and Investment plans.

5 Types of Insurance Plans that you must have:

Diverse Product Ranges of life HDFC Standard Life Insurance covers 5 important aspects of life. These are:

1.  Protection Plan – this includes two comprehensive term products:

• HDFC Life Click 2 Protect 3D Plus – This covers 3 ‘D’s– death, disease, and disability and there are nine options to select from. It gives protection for major milestones at different stages of life
• HDFC Life Click 2 Protect Plus – Affordable life coverage with 4 options to select. It has add-on riders

Both the plans are having Tax Benefits under Section 80C and 10D

2.  Retirement Plans – this has three products to reach the retirement goals with different options:

• HDFC Life Click 2 Retire – It is a Unit-linked plan for pension and available online. Entry and Maturity ages are 18 and 45 years respectively. This plan has tax benefit under Section 80C and 10A 
• HDFC Life Guaranteed Pension Plan – the lump sum amount of vesting benefit could be availed as well as the assured benefit upon death. The premium could be paid for 5, 7 or 10 years term. This product has tax benefit under Section 80CCC 
• HDFC Life Personal Pension Plus – This is the conventional Pension Plan that has tax benefits under Sections 80C and 10A. Customer can choose the term as well as the frequency of premium payment

3.  Health Plans – include two products to support in emergencies:

• HDFC Life Easy Health – This is a fixed benefit plan for health insurance that covers 18 illnesses and 138 surgical procedures with the benefits of daily hospital costs for individual or group health plans 
• HDFC Life Cancer Care – This has three options to select from. This gives lump sum benefit as well as tax benefit under Section 80D

4.  Child Plan – Two products under this is designed to support the child of the insured for any future eventuality.

• HDFC Life YoungStar Udaan — This plan is ideal if parents keep the academic plan of the child in mind. The plan has options for 3 maturity benefits and two death benefits to select from and has tax benefit under Section 80C and 10D 
• HDFC Life YoungStar Super Premium – this is the unit-linked plan that helps to build savings for the education and marriage of the child. There are 4 plans to choose from and gives flexible sum assured benefit and tax benefit under Sections 80C and 10D 

5. Investment Plans – Three different plans with multiple options in each plan to select and this gives the investment and saving benefits for the insured.

• HDFC Life Click 2 Invest ULIP – Online plan linked with market returns. This has minimal charges and gives 8 options to choose from with flexibility of policy terms and premium payment terms. Tax benefit under Sections 80C and 10D 
• HDFC Life Uday – gives guaranteed bonuses and additions along with lump sum benefits in case of death. Comes with option of multiple terms 
• HDFC Life Sampoorn Samridhi Plan – Having options for maturity benefits and premium payments. Tax benefits under Section 80C and 10D

These aforementioned plans cover the five most important aspects of life. These along with some combo plans and plan targeted specifically for women makes the HDFC Standard Life Insurance a unique provider to consider. Their multichannel network like Bancassurance partners, agents, brokers, direct channels and online presence makes it highly customer friendly and a pioneer in the insurance industry.

Max Bupa Health Insurance | The extended family health coverage

There are two types of health plans offered by Max Bupa Health Insurance under the heartbeat plan. One is family floater policy which aims on nuclear families and other is family first policy which is offered keeping in mind the joint family system prevailing in India.

Let us elaborate on the Heartbeat family first plan offered by Max Bupa Health Insurance Company Limited. The heartbeat family first plan is also called as extended family plan. This plan provides insurance up to 14 members of the family. The plan comes in 3 variants i.e. silver, gold and platinum.

Relationships covered include grandparents, self, spouse, children, parents, parents-in-law, siblings (brother and sister), daughter-in-law, sister-in-law, brother-in-law, niece, nephew.

Family members under this plan are covered for individual sum assured as well as floating sum assured.

Individual sum assured

The policy provides an individual sum assured to the members of the family. It is same for every member of the family.

Floater sum assured

It is a pool which can be used by any family member in case their individual sum assured gets exhausted during the year.

The health insurance cover starts from Rs.5 lacs and can go up to a maximum of Rs.1 crore. A health check-up might be required at the time of buying this plan.

Features of the plan:

• Over 3500 network hospitals
• Pre and post cost of hospitalization is covered
• Claims are processes directly and not via third party
• No restriction on age for the family members
• Tax exemption u/s 80D of the income tax act
• Renewability for life
• Costs incurred towards emergency ambulance is covered
• Organ transplant expense covered up to the sum assured
• Evacuation and hospitalization cost due to medical emergencies outside India (as per applicable terms and conditions)
• Expenses incurred for OPD and prescribed medicines covered as per terms and conditions
• Costs incurred for second opinion will be covered for platinum variants members

Benefits of Max Bupa Heartbeat Family First Plan:

• Maternity benefits

Maternity benefits can be availed for 2 deliveries. However, you will have to hold the policy for a period of 2 years before availing this benefit. The new born is covered from day 1 and the vaccinations of the new born are covered only for the first year.

• No capping on room rent

The insurance plans under the gold and platinum variant have no capping over the room rent (excluding suite and above for Gold plan). The room rent is covered up to the sum assured.

• Pre and post hospitalization period

The pre and post hospitalization duration is of 60 days and 90 days respectively.

• Loyalty benefits

Each policy year, you will get loyalty benefit of 10% on the expiring sum assured which will increase your sum assured. This will be applicable till the maximum increase in sum assured is up to 100% of the original sum assured (50% in case of silver variant).

• Discount on premium

If you take the policy for a period of 2 years, you can avail a discount of 12.5% on the premium of second year.

• Hospital expenses

Hospital expenses like transportation, cost of attendant, daily expenses can be provided under this policy.

• Co-payment

It is optional to take co-payment of 10% or 20% so that premium can fit best to your pocket.

• Medical treatment abroad

Platinum variant members can avail treatment for the below 9 diseases abroad:

• Myocardial Infarction i.e. Heart Attack
• Coronary heart disease
• Cancer
• Stroke
• Organ Transplant
• Brain surgery
• Aorta surgery
• Primary PAH (Pulmonary Arterial hypertension)
• Coronary angioplasty

Waiting period for pre-existing disease

• Waiting period of 24 months for gold and platinum variants
• Waiting period of 48 months for silver variants
• In the first 30 days of policy period, no medical expenses will be covered unless treatment is required due to accident. However, this is not applicable on renewal of policies.

Exclusions under this policy include the following disease:

• HIV/AIDS
• Robotic assisted surgery
• Non-medical expenses
• Sexually infected disease
• Drug abuse

This plan offered by Max Bupa, i.e. the Heartbeat Family First Plan is an excellent one for an extended family with comprehensive benefits. If you need a complete overall package for the extended family, this is the perfect solution to all your needs!

Source: Max Bupa Health Insurance | The extended family health coverage

New age medical plans with Tata AIG Health Insurance

Vinod Dutta wanted to buy a health insurance plan. The decision was a sudden one and was prompted by his mother’s recent heart ailments. Mrs Dutta, a retired schoolteacher, had suffered a heart attack and spent a whole month in hospital thereafter. The doctors, though confident of her current health improvements, could not assure that a relapse wouldn’t occur in the future. Vinod only had a group insurance plan and he had to pay the majority of the medical bills from his pocket, for which he had to borrow money. He did not want to be in such a financially challenging situation ever again and so he promptly bought a Tata AIG Health Insurance plan for his whole family.

If you too are looking to buy a health plan, either for yourself or your whole family, consider the health plans from Tata AIG General Insurance.

Buying health insurance

Gone are the days when health insurance was a luxury. Today, it has become a necessity. From the old to the young, everyone is more susceptible to fall prey to the deadly diseases and seeking the best possible medical care is the only option after that. However, the medical expenses are rising every day and it has reached a point where being able to afford a good hospital without the support of a good health insurance plan has become practically impossible. Keeping this in mind, Tata AIG Health Insurance has launched some of the most efficient health plans for you to choose from.

The best health plans from Tata AIG

Let us take a look at the awesome, new age medical plans from Tata AIG Health Insurance Plan, one of the premier general insurance companies of India.

1. Tata AIG MediPrime Plan: This is a truly comprehensive plan from Tata AIG. The plan covers hospitalisation charges, including day care expenses and ICU charges. You can avail cashless facilities at a large number of hospitals around India. The minimum entry age is 18 years and the maximum entry age is 65 years. Lifelong renewals are available with this plan.
2. Wellsurance Family Policy: This is a very good health plan from Tata AIG, especially if you are looking to insure your whole family. Cashless hospitalisation facilities are available with this plan. You will also get added benefits such as hospital cash, ambulance allowance and ICU cost reimbursements under this plan. A child as young as three months of age can be enrolled into this plan, as can a senior citizen under the age of 65 years.
3. MediPlus Health Plan: Another very good health insurance plan from Tata AIG, this plan covers the pre hospitalisation and post hospitalisation costs, along with the actual hospitalisation expenses. You also get provisions for organ donation procedures under this plan. This is a good option if you are looking for a single plan to cover yourself, your spouse, your children and your parents.

Why Tata AIG?

There are many health insurance providers in India among which Tata AIG is one of the best. It is a joint venture between the hugely respected and reputed Tata Group and the American International Group (AIG). Tata AIG General Insurance Company is a very good and trusted name in the Indian insurance industry. The company has a high claim settlement ratio and a long list of satisfied customers. The company understands the value and importance of good health and so has introduced some of the best health plans. These plans are tailor made for your various needs and you can choose a plan according to your requirements. The plans are new age and refined and cater to the modern needs. The plans are also available online and that makes it very simple for you to buy them.

In conclusion

So as you can clearly see from the points mentioned above, the health plans from Tata AIG Insurance are among the best we have today. And since health insurance is mandatory, make a wise choice and buy the best possible insurance policies from a reputed insurer like Tata AIG. This will not only prove to be a smart move, it will also keep you and all your loved ones safe and protected, and in the unfortunate case of a medical emergency, it will give you the freedom to choose the best possible medical facility.  

Source: New age medical plans withTata AIG Health Insurance 

SBI Health Insurance : The largest bank offers the best health coverage

Palash was an old-fashioned investor. He liked personally going down to the bank and completing the transactions himself. He did not trust the digital space too much and he also had very little faith in the newer financial institutes who promised to have newer and more technologically advanced products. So when Palash had to buy a health insurance plan, he decided to trust no one but the ever reputed SBI brand. He took a quick look at the SBI health plans and bought the policy he liked the most.

SBI Health Insurance

State Bank of India truly is the banker to every Indian. It has been in service for decades and catered to all the financial needs of its clients. And now with the insurance plans being available with SBI, the going has become even simple for the insurance seekers. In this article we talk about the features that make the SBI health plans stand out. Take a look.

Is health insurance necessary?

In one word, yes. Health insurance is not only necessary, it is vital! In today’s day and age, where stress, pollution, erratic lifestyle choices and improper food habits prevail, you are exposed to the risk of contracting many serious illnesses. The risk is actually much higher than what it used to be a few years back. Therefore, buying a good health insurance plan is mandatory.

Group health plan v/s individual health plan

A majority of the employers in India provide group health insurance coverage to the employees. So if you are employed, in all probability, you already have a basic health insurance cover. But is that cover sufficient? Perhaps it is not. The group health plans provide a limited amount of coverage while with an individual plan you can opt for a higher coverage, keeping the health requirements of your entire family in mind. So even if you have a group plan in place, make sure you buy a larger, comprehensive health insurance from a reputed insurer like SBI right away.

Trustworthiness of SBI health insurance

Like mentioned above, the SBI brand name carries a lot of weight in India. SBI owns the major hold of 74% in the partnership. The insurance plans from SBI General are available at most of the SBI branches and online as well, making it simpler for you to obtain the health insurance policies.

The best SBI health insurance plans

So now that you know how important it is to have a good health plan in place and you also know a little more about one of the best insurance providers, let us take a quick look at the health policies on offer from SBI:

• Basic health insurance plan: This is a basic, no-nonsense health insurance plan from SBI. The plan offers wide coverage options, ranging from Rs 1 lakh to Rs 5 lakhs. You can buy this plan for your whole family. Some of the best features of this plan are day care coverage, no medical tests for people under the age of 65 and the availability of cashless hospitalisation facilities.
• Arogya Premier Policy: This is a truly unique health insurance plan from SBI. Apart from providing a high sum insured, the policy also pays for a large range of medical treatments. This means that if you opt for an alternative type of medical treatment, such as ayurveda or homeopathy, you can make a successful claim. Of course, the claims can be made for all the regular allopathic medical expenses too. This plan provides a large cover and you can buy it for all the members of your family too.
• Hospital Daily Cash Insurance Policy: This is an extremely beneficial health plan from SBI. It assists you with a fixed sum of money for every day that you spend in the hospital. This is hugely beneficial as with the rising hospital charges, it is very difficult to seek proper healthcare unless you have a good health plan in place. Once you buy the Hospital Daily Cash Insurance Policy from SBI, you can stop worrying about arranging the funds to pay for a premier hospital bed.

Conclusion

So as you can see, health insurance is an absolute necessity these days. So if you still have not covered your own health or the health of your loved ones, do so immediately. Take a look at the wonderful health insurance plans from SBI and you will surely be able to find a great policy that caters to all your needs.

Source: SBI Health Insurance : The largest bank offers the best health coverage: 

Senior citizen health coverage benefits with Star Health Insurance

Mr. Jatin Trehan had recently retired. When out on a morning walk one day, he was hit by a scooter and fell on the road. The passersby rushed him to a nearby hospital where it was found that Mr. Trehan had fractured his ankle. With age not on his side, he was forced to go in for a surgery to fix his ankle. The real bolt came however when Mr. Trehan discovered he had no health insurance cover and had to pay the entire medical bill out of his own pocket. The helpless senior citizen had no option but to withdraw a large chunk of his life’s savings to clear the hospital bills.

Group insurance plans and retirement

A lot of people like Mr. Trehan are left uninsured overnight when they retire. The group health coverage ends as soon as the employee retires. While this is a given fact, many people don't realise the gravity of the situation. It is therefore very important for every senior civilian to have an individual health plan as well. So if a situation similar to Mr. Trehan’s takes place, you can be secured.

Health insurance for senior citizens

While it is a good idea for you to buy health insurance earlier in life, you can still opt for a senior citizen health plan after you enter the golden sixtieth decade of your life. Some of the best health insurance providers of the country, like Star Health Insurance, offer some wonderful products that cater to your exact requirements. You can buy high coverage policies and stay protected against a number of illnesses.

Features and benefits of senior citizen health coverage with Star Health Insurance

Let us first take a look at the features of the highly acclaimed Star Senior Citizens Red Carpet Health plan:

·         This policy can be bought by anyone in the age group of 60 and 74 years.

·         You won't have to go for any medical screening tests before you buy the policy. This saves you a lot of time and energy.

·         A whole lot of pre-existing illnesses are covered under this plan. There is, however, a waiting period of 2 years before the pre-conceived illness coverage begins.

·         You can renew the policy after the age of 75 years.

·         OPD expenses are covered under this plan.

·         You can opt for a very high sum assured of up to Rs 10 lakhs. This is beneficial as with your age rising, the risk of contracting bigger health problems also rise.

And here are some of the amazing benefits of the Star Senior Citizens Red Carpet Health Insurance:

1.     Pre hospitalisation, hospitalisation and post hospitalisation costs are covered under this plan.

2.     You can get a claim for the ICU expenses (up to 2% of the sum insured).

3.     You can also opt for certain diagnostic tests under this plan.

4.     Day care expenses are also covered.

5.     If you need to call an ambulance at the time of an emergency, you can reimburse the ambulance charges up to Rs 600 per hospitalisation.

Family floater plan options for senior citizens

There are other options for you as a senior civilian as well if you want to get a health plan. First and foremost, if your child is buying a health plan for the whole family, you can become a part of it as well, but most of these plans have a maximum entry age of 60 years. These plans are good for those people who promptly like to make a transformation from the group health plans to the individual plans immediately after they retire. You can get enrolled in such a plan a few years earlier as well and continue to stay protected for a long time after you retire. Star Health Insurance has some wonderful family health plans for you to consider.

The bottom line

The important thing to remember here is that you need health insurance coverage, more so if you are a senior resident. Your retirement days are wonderful and you must be able to relax and make the most of it, without having to worry about your health and finances. So buy a good senior citizen health plan from Star Health and stay protected against a long list of illnesses. The policy will take care of your medical requirements and you can live your life to the fullest. 

Source:  Senior citizen health coverage benefits with Star Health Insurance