Health Insurance
What is Health Insurance?
It is an agreement under which insurance firms consensually concur to undertake the guarantee of compensation subject to medical costs incurred, while a policyholder is hospitalized due to falling ill or getting injured due to an accident.
To ensure this offering, insurance firms holds the tie-ups with many hospitals and clinics to provide cashless treatment to the insured individuals. In the absence of any tie-up, the insurer reimburses the medical expenses. The government also encourages it by rendering the tax deductions.
Benifits of Health Insurance
Term Insurance
Term insurance is a life insurance plan offered by an insurance company that provides comprehensive financial coverage against premiums paid for a limited period to the beneficiary of the policy; this coverage, provided under term insurance plans, is paid as death benefit upon the demise of insured during the policy term.
| Insurers | Term Plan | Claim Ratio | Max Maturity Age | Premium(for a cover of 1 crore |
|---|---|---|---|---|
| Aditya Birla Sun Life Insurance | ABSLI LifeShield Plan | 97.1% | 75 years | Rs. 623/month |
| Aegon Life | iTerm | 96.5% | 100 years | Rs. 479/month |
| Bajaj Allianz | Life Cover | 95% | 85 years | Rs. 458/month |
| Canara HSBC OBC Life Insurance | iSelect+ LumpSum | 95.2% | 99 years | Rs. 480/month |
Life Insurance
What is Life Insurance Policy?
A life insurance policy is an agreement between an insurance company & a policyholder that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as premium either on a regular basis or as a single premium. If covered by the policy, coverage will be provided for critical illness as well.
Since it provides enhanced insurance coverage, it attracts an enhanced life insurance premium.
Benefits of Life Insurance Plans
- Acts as a Loan Collateral
- Online Payment Discount
- Discount as per the Opted Payment Periodicity
- Taking Care of Business
- Tax Benefits
Motor Insurance
Motor insurance is mandatory for all the vehicles that are plying on the road. Its main objective is to give complete protection against physical damage or loss from natural and man-made calamities. Vehicle insurance is the most important document for all the vehicle owners/drivers. It offers protection against bodily injuries, death, physical damage and third-party liabilities. Moreover, it ensures peace of mind and security.
Types of Motor Insurance
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