Why You Need Both Life Insurance And Health Insurance

One who is planning to buy his first insurance policy often gets stuck in a dilemma from where to start health insurance or life insurance. What makes more sense for your family life insurance or health insurance?

Death is less probable compared to hospitalization. You can be almost sure that in next five-ten years, you or one of your family member will be hospitalized for any illness. Hence, from a probability point of view health insurance makes more sense.

Those in favor of life insurance argue that healthcare expenses somehow can be arranged in worst case and life will again be back on track somehow. But if you ignore life insurance plan, it’s a big risk for your family future because the amount required by your family can’t be arranged by asking it from someone. In case of your untimely death, your family will need monthly expenses for lifetime, education and marriage related expenses of your children. Hence, from a point of view of high impact on your financial life, life insurance is more important.

Therefore, it is advisable that you maintain a proper balance between adequate health insurance and life insurance.

Due to advancements in treatment, medical procedures are taking much lesser time than earlier and technology is helping in faster recuperation.  Procedures such as angioplasty, gall bladder removal, cataract, etc which use to take several days earlier, now take less than 24 hours. Hence, it becomes imperative to pay attention to daycare treatments covered in a health insurance policy.

Health insurance generally covers hospitalization that involves at least 24 hours of hospitalization. Hence, medical procedures that require less than 24 hours come under daycare treatment.

Daycare treatment is an important factor while choosing right health insurance policy as daycare treatment expenses accounts almost twice the hospitalization costs. And also while time taken for treatment and medical procedures is taking lesser and lesser time, but still it is getting expensive day-by-day.

Generally, health insurance covers procedures that use to take more than 24 hours but now take less time due to medical advancements such as angioplasty, cataract, etc, under daycare treatment. Minor treatments that need hospital infrastructure to be carried out, for instance, treatments that require general anesthesia such as benign tumor removal, etc, are also covered under daycare treatment.

However, remember while buying a health insurance policy, do not evaluate a health insurance policy by number of procedures covered. An insurance company could have list of just 20 treatments but they could be very broad. So, go with a health insurance policy with broader categorization with smaller list as it will be more inclusive. The broader the definition, the better the chances of your purpose being served.

An insurance company which lists specific detailed list, may not cover a new treatment, as medical science advances rapidly  and hence may not pay you in future for new treatment under daycare treatment. However, the best option would be a health insurance policy that states all inclusive daycare procedures.

Gift Life To Others With Organ Donation

Advancements in medical treatments have made it possible to save many lives with organ transplants. But there is still very little awareness about importance of organ transplant. Hence, it is very important that we donate our organs so that it can save many lives and make their families and friends happy.

Organ transplant is one area in medicine where there is cure, but there are not enough organs to help everyone who needs one.

People are often reluctant to donate their organs. They should remember just as anyone can find himself in need of an organ, anyone can be a potential donor. In other words, it is much more likely that you will need an organ donation at some point in your life than that you will be able to donate one yourself.

You are never too old to donate; there is always a chance that you can donate an organ or tissue, whatever your age.

You can save up to eight lives after you die. There are eight organs that can be donated liver, lungs, heart, kidneys, pancreas, and small intestine. Your tissues can also improve the quality of life of many ill people. The tissues that you can donate include skin, corneas, bone tissues, heart valves and blood vessels.

So donate your organs and spread awareness about organ donation as much as possible.

Which Investment Avenue Should You Prefer?

As soon as one starts earning, the first thing he starts to think is that which investment avenue he should prefer over others and why. There are various investment options available in the market, but it is advisable that one should prefer life insurance over others in the first place.

Life insurance not only provides your loved ones financial protection in case something happens to you but also help you in meeting expenses that are required on different milestones of your life.  It can also help you at the time of any illness or for retirement planning.

Life insurance can be preferred over Public Provident Fund (PPF) and bank Fixed Deposits (FDs) as in a life insurance policy if the policyholder dies after paying even just one premium, the nominee will receive entire sum assured. However, in case of PPF or FD the nominee will get only the amount that is deposited along with interest.

And if you compare life insurance plan over National Pension System (NPS), life insurance is advisable as NPS has less flexibility than a life insurance plan.

Life insurance is also more liquid option as you can opt for policy loan, partial withdrawals or even surrender a plan in case of an emergency.

And while comparing life insurance with mutual funds, life insurance is more preferable as it gives you flexibility to choose your investment funds. And in addition life insurance provides life cover as well.

And among life insurance plans, term insurance is the best form of insurance as it gives a very high coverage at a low price. The premium of a term insurance plan is a fraction of what you have to pay for buying an endowment, moneyback or unit-linked insurance plan (ULIP) with the same coverage. This is because there is no investment component and entire premium goes towards covering the risk.

And buying online term insurance plan is even cheaper option. Premium for online term insurance plan is lower as there is no intermediary and entire cost is passed on to policyholders.

Clearing Myths Surrounding Travel Insurance

Despite being an essential thing, people avoid buying travel insurance before embarking on a trip due to some misconceptions thinking it a waste of money. Let’s debunk some common myths surrounding travel insurance so that you can understand importance of having travel insurance before embarking on a trip.

No need of travel insurance for short trip: This is a misconception that nothing will happen on a short trip. No matter how short trip may be, an accident or sudden illness can happen any time. It becomes very difficult to handle such emergencies in foreign land. In such a situation travel insurance can be of a great help.

Having health and homeowners insurance: You might already be having a health insurance policy, but the reality is that it doesn’t cover you in foreign land, whereas a travel insurance policy provides medical cover across the globe. Travel insurance also covers interrupted or canceled trip because of demise, illness or injury of an immediate family member at home before or during policyholder’s vacation.

You might also think that if you become unwell on the trip then you will fly back home and hence there is no need of travel insurance. But reality is that if you become seriously ill or faced with a major accident in a foreign land, you might not be allowed to fly back home. The airlines might need a medical certificate, stating that you are fit to travel.

Your homeowners insurance will take care of your home contents back in the country when you are on your trip. But what will you do if your travel insurance documents are stolen? Only travel insurance will reimburse expenses you incurred for the duplication of documents.

Airlines will cover trip delay: People have misconception that it is their airline’s responsibility to cover cost in case of flight delays. However, it is not in many cases. You need to incur cost for food, toiletries etc. When your trip gets delayed for more than 12 days, then you have to shell out cost from your own pocket. If you don’t have travel insurance then you have to bear these additional expenses on your own.

Buying for each trip economical: People have misconception that an annual multi-trip policy is expensive option and buying for each trip is economical option for those who travel multi times in a year. However, the reality is that annual multi-trip policies have many benefits and it also saves your time as you don’t need to buy travel insurance policy again and again.

Having credit card: Often people say that they have credit card which can take care in case of any emergency. But any credit card has upper limit of credit, which might get exhausted due to hefty medical bills. And moreover, you have to pay back to the credit card company on its due date.

Hence, don’t forget to buy a comprehensive online travel insurance plan before embarking on any trip to ensure your peace of mind. Travel insurance offers emergency assistance to ensure that you get right attention in foreign land and you also get back home safely.

Benefits Of Children Health Insurance Plans

In today’s time, health insurance has become almost a necessity even for children, as children can also develop health issues. And ever soaring medical cost makes it a compulsion to have a health insurance for every member of the family.

However, when it comes to buying health insurance for children, you can either cover them under a family floater health insurance or through an individual children health insurance plan.

Under a family floater health insurance policy you can cover your dependent children to a certain age and after that they have to buy new health insurance plan. But children health insurance plan not only covers your child in any eventuality but also provide health coverage all through his life.

And also, after growing up if your child buys a new health insurance plan then he has go through waiting period and in a children health insurance plan this waiting period is exhausted in his childhood itself.

These plans offer attractive returns. The child is paid the sum assured in the event of parent’s death, disability or critical illness. Some plans also provide option of regular income in case of parent’s death.

You need to look out for certain factors while zeroing-in on a children health insurance plan:-

Lifetime coverage: A children health insurance plan should provide health coverage to the kid through his life time.

Inclusions exclusions: Before purchasing any insurance plan do read its inclusions and exclusions thoroughly and choose the plan that best suits your needs.

Benefits: Look out for a plan that offers benefits that match your child’s needs as it will cover him through his lifetime.

It is very important that you ensure your children’s financial security in case of an eventuality. An appropriate children health insurance policy can ensure that your child lead a happy life and have a secure tomorrow.

Secret For Leading A Happy Life

The secret of leading a happy life is that it should be without stress. And one of the main causes of stress is worries of unforeseen events that can impact your family and put them in a financial crisis. To live a stress free and happy life you can build a comprehensive portfolio of insurance covers. You can include following covers to protect your family from any financial crisis.

Life insurance: The first and foremost cover that you should have is a term insurance cover. A term insurance plan is the best form of life insurance as it provides a very high coverage at a very low price. And an online term insurance plan is even cheaper option than an offline term insurance plan. Unlike endowment plan, moneyback plan or a unit-linked insurance plan (ULIP), term insurance does not have any investment component.

Personal accident cover: This is also an important cover as probability of becoming at least temporarily disabled during your working years is higher than the probability of dying during your working years. It covers accidental death and it also comes in handy in case of disability caused by an accident. While buying a personal accident cover, make sure that it covers death, permanent total disability, temporary total disability and permanent partial disability.

Health insurance: As healthcare costs are on the rise, health insurance has become a necessity for everyone. Firstly, you should have a comprehensive basic indemnity health cover. Then after, you can enhance it with a top-up plan or a fixed benefit plan. Based on your requirements, you can buy family floater health insurance or an individual health insurance policy.

Home insurance: Amidst rising incidents of natural calamities it has also become imperative to have a home insurance plan. And, it has also become very expensive to build a home once again after it has been damaged due to a natural calamity. A home insurance policy is different from a home loan insurance policy. While home loan insurance policy protects a family from loan liabilities in case of policyholder’s demise during the policy term, home insurance protects one’s property from manmade or natural calamities.

Critical illness cover: Along with a health insurance is also important to have a critical illness cover as a health insurance policy takes care of hospitilisation bills and other related expenses; a critical illness covers long term healthcare needs for life threatening diseases.

Motor insurance: It is mandatory by law for every vehicle plying on road to have third party motor insurance. However, if you want to enhance your motor insurance coverage you can purchase a comprehensive motor insurance policy.

Child insurance: You can buy a child insurance plan as can be a big help for your children in case you are not there. Child insurance plans are one of the tools that help parents secure the financial future of their child. It provides financial support at different milestones of a Child’s life.

While buying any insurance plan, you should read its term and conditions carefully. And to understand its fine print you can consult with experts at policymantra.com as well. You can also buy insurance policies online.

Do You Need Personal Accident Cover?

Globally, India tops the number of road accidents and deaths due to these accidents. Hence, along with life insurance and health insurance is equally important to have a personal accident cover, as life is very uncertain and accident can happen anytime. An unexpected accident can be fatal or lead to disability which not only affects one physically but also financially. So it becomes very important to secure oneself against such unseen misfortunes.

A personal accident policy covers the policyholders against death or disability due to an accident. It also covers minor accidents. Such policies cover different types of accidents such as road, rail accidents, accidents due to natural calamities and arising out of terrorism or terrorist acts.

A personal accident insurance policy gives policyholders lump sum amount in case of an accident which has led to partial/permanent disability or fatality of the insured. This lump sum amount can be used for the treatment of the injury, rehabilitation and supplementing insured’s earning capacity.

A personal accident insurance policy provides support to all outcomes of an accident including accidental death or disablement including permanent total disablement, permanent partial disablement and total temporary disablement.

In the event of demise of the insured due to an accident or accidental death, the entire sum insured amount is paid to the insured’s nominee.

Permanent total disablement refers to a condition where the insured person is disabled for life due to the accident and this generally includes loss of two limbs (two hands/feet, one hand and one feet), loss of sight of both eyes or speech or hearing of both ears. In such a case, insurers compensate from 50% to 150% of the sum insured.

Permanent partial disablement refers to permanent but partial disablement condition which includes loss of one finger, loss of arm, loss of leg, one eye or hearing in one ear etc. In such cases plan could compensate through a payout ranging from 5% to 100% of the sum insured.

Temporary total disablement refers to a condition which is temporarily but total disabled and unable to work for a certain period and affects his income earning ability. This includes fractures in both limbs, temporary blindness in both eyes, etc. this compensation is given as a weekly benefit only after doctor certifies the condition.

Other benefits of plan includes hospital charges, daily hospitalization allowance, ambulance charges, compensation for broken bones, burns, child education support over and above basic sum insured among others.

A policyholder can get a cover of up to eight times of his annual salary. And health check-up is not a pre-requisite to avail the cover.

Most companies also offer personal accident cover to their employees. However, this is a very basic cover and may not offer all the benefits that you require. So, one need to buy a separate personal accident covers.

Before purchasing a personal accident cover it is very important to thoroughly read terms and conditions of the plan as definition of disablement and terms of compensation may vary from company to company.

So, it is very important to have personal accident cover as part of your insurance portfolio. Having a personal accident cover can give your family financial support at the time of an emergency.

Visit www.policymantra.com and get the benefit of Health Insurance policy with accident cover feature.

What To Do With Your Money?

People are usually confused whether to save their money or invest it. And often their financial plan is skewed towards either of them. Saving and investing, both have their advantages and disadvantages. And an appropriate combination of both of them is needed to make a perfect financial plan.

Hence, firstly, it is necessary to understand what it is the difference between saving and investing.

Saving is putting money aside especially into cash products such as putting money in a bank account and investing means to put your money in financial products that allows to grow your money. Here are few things to remember when and how much to save or invest.

For short term goals you can save and for long term goals you can invest. Short term goals are those goals that you are planning to do in next five years. And long term goals are once where you won’t need the money for 10 years and more.

Investment provides higher returns but are bit illiquid and come with little risk. But just saving your money may not be enough to fulfill all your future requirements. As putting money in bank account may not come with risk but it gives low returns. Hence, for long term goals you need to invest so that you can reach your financial goals faster. To enhance the earning capacity of money, you need to invest.

For short term goals don’t invest in risky assets such as stock markets as it may go up or down in short term. For short term goals you can save in bank account. The funds that are required immediately and for emergencies should be held in bank accounts.

As an emergency fund, the thumb rule says that you have at least three months of your regular expenses in your savings bank account so that you can have easy access to it.

For long term goals, it is often best to invest because inflation can affect the value of cash savings over the medium and long term. The stock market usually tends to do better than cash over time. You can start investing as early as possible. You can set your financial goal that is few years away such as your child’s higher education or marriage and assess how much amount you will require to achieve that goal, factoring in inflation, and invest accordingly.

Remember to keep a track of your investments in regular intervals and if required make suitable changes.

Take insurance and invest your money with policymantra.com where you will get unbiased insurance policy comparison.

Why Having Multiple Life Covers Is A Wise Decision?

You are planning to buy a life insurance plan and also decided the amount of sum insured that you require, but confused whether you should go for one term insurance plan with a big life cover or break down it in multiple policies. Here are few pointers to why you should have multiple life covers.

It is advisable that you buy multiple policies. There are several reasons for buying multiple life insurance policies.

Hedge against claim rejection: Firstly, it is a hedge against claim rejection. If you have disclosed all information about your health and undergone the required check-ups, most probably, the insurer will not reject your claim, but if anyhow what will happen if your claim gets rejected and your dependents does not get claim amount. In such situation multiple policies are very beneficial as if the claim is rejected by one insurer and accepted by another, your dependents will get at least some amount.

Also, in such a situation, the family can write to the company which has rejected the claim, which will force it to relook at the claim.

Diversification: Having multiple insurance policies help you to diversify across insurance companies. It is advisable to buy life insurance policy from an insurer having good claim settlement ratio as there will be lesser chances of claim rejection.

Different maturities: You can buy life insurance policies with different maturities. Your sum insured is decided taking into account your future liabilities. You should buy multiple insurance policies in such a manner that their maturity matches with your financial goal. As your one financial goal is achieved one life insurance policy should come to an end. In this way you will not need to pay unnecessary premiums.

Flexibility: It is prudent that you align your life insurance policies with life stages and have two-three policies of varying terms and covers as this will give you flexibility to continue or discontinue policies on the basis of your requirements.

However, do remember it is mandatory to declare your existing insurance plans while buying a new one. Buy your insurance plan with PolicyMantra where you can compare different insurance quotes and buy suitable for you.

Criterion To Buy Insurance Plan

While selecting any insurance plan, main criterion for most people is its price. There is nothing wrong in choosing cheapest plan, but cheapest plan may not always be the right plan.

There are wide array of plans available in the market and while zeroing-in on a plan people often select the cheapest. But price should not be the only criterion to buy an insurance plan.

Insurance is meant to provide financial assistance at the time of need Hence, you should buy an insurance plan that fulfills your requirements.

Each plan have something unique to offer hence, you need to understand what you require and what the plan is offering. And then, you can compare prices of similar products. Insurers have come up with several attractive features catering to different types of customers. But you need to understand which features are beneficial to you. Hence, you need to understand your requirements and accordingly go for an insurance plan best suitable for you.

Insurance affects your entire financial plan that is why it is essential to be very careful while purchasing an insurance plan.

To make an informed decision you can keep few points in your mind. First review your insurance needs, understand your requirements and evaluate your financial plan. And plan fulfilling all this criterion can be bought by you. And finally, rather going for an insurance plan offering lowest premium go for an insurance plan suitable to you.You must visit policymantra.com to get best insurance policy for yourself and for your family.

Buy A Health Insurance Policy Online

Health is the most important asset of one’s life and rising healthcare cost makes it essential to have adequate and best health insurance policy. Buying a health insurance policy has no longer remained a strenuous task. You can easily sitting in the comfort of your home can buy a right health insurance policy online in few minutes.

Comparison sites like policymantra.com can help you to buy best health insurance policy. You just have to visit policymantra.com and fill in details and you will be provided with various options and instant quotes. You can compare products of different insurers based on both premiums and features. You can go through all plans and choose the best that suits you.

After deciding the policy you can click to buy it. You can make the payment. Your premium will be calculated based on various parameters such as age, amount, medical history etc.

To buy a health insurance plan online, you need to fill in proposal form. Do not conceal any detail asked or else you will have issues at the time of claim settlement. You will get premium estimate that needs to be paid. If you decide to buy the product, you can make the payment using internet banking, credit card or debit card.

After successfully completion of all the steps, insurance company will verify your details and finally they will send you documents to your address. And you can either send required documents to the insurer’s branch office or upload it online.

Buying an online health insurance policy through policymantra is very simple and transparent. You can readily get authentic information about various online health insurance plans available in the market. In few clicks of a mouse you get all the details like policy procedure, policy quotes and premiums. It is very simple and hassle free process to buy online health insurance policy from policymantra and if you have any queries or need any assistance www.policymantra.com is there for you.

Scope Of Health Insurance For Organ Recipient, Donor

People are becoming more and more aware about life saving organ transplants these days, but cost of such surgeries is very high. Hence, it is essential to know what kind of coverage a health insurance plan offers. Having a health insurance plan will ensure that you don’t have to worry about your finances before giving your assent to a possibly life saving organ transplant surgery.

At present, most general insurers cover organ transplant surgeries as part of their regular policies. They also cover organ donor’s expenses, some reimburses the entire cost, while others place caps on these expenses or offer it as add-on cover.

Any organ transplant entails two people having to undergo surgeries –insured recipient and the organ donor. All hospitalization expenses medical, surgical as well as pre- and post-hospitalization -incurred by the recipient are covered under the policies. Expenses incurred on organ donor for harvesting- that is surgery and storage of organ – are covered. The treatment expenses of the former will be fully paid for up to the sum insured of his policy, but cover of donor expenses depends on the insurer.

Organ donor cover includes hospitalization expenses for the donor up to the specified limit. Provided that the organ is donated to the insured and the claim is admissible as per the terms and conditions of the health policy, there is no specific exclusion.

However, typical exclusions include cost of screening the donor, post- surgical complications and donor’s pre- and post-hospitalization costs.
Check out the products which gives organ donor facility with policymantra where you will get proper listing of features provided by that particular policy and buy the best one.