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.

Understanding Health Covers

Realizing the necessity of health insurance in today’s world, you have decided to buy a health insurance plan. But in the cluster of products available in the market, you are unable to understand which is the right product for you. Whether you should go for a cashless or reimbursement plan; should you buy an indemnity or benefit plan; or you should go for a disease specific or worldwide cover or not. In such situation it becomes imperative that you understand some basics about different types of health insurance so that it becomes easy for you to select best product that suits your needs. Different plans differ from each other in the kind of coverage they offer. They include benefits and features as per the specific health risk.

Understanding types of health covers

Cashless or reimbursement: There are two types of health insurance policies–cashless and reimbursement. In a cashless policy you don’t need to pay bills upfront to the hospitals, insurance companies directly settle bills with hospitals. In a reimbursement policy, you need to pay bills from your pocket and later you can claim the amount from the insurance company. However, it is advisable that you buy a cashless policy as you don’t have to take the hassle of retaining and collecting documents and submitting them.

Indemnity or benefit: Indemnity policies cover hospitilisation. These policies reimburse room rent, doctor fee and other hospitilisation expenses. On the other hand, benefit policies pay lump sum amount if you are diagnosed with the disease you are covered for.  It is advisable that your first policy should be a basic indemnity plan. After this you can look at specific plans such as critical illness covers.

Top up plans: Medical inflation is on the rise hence, you need to have large covers, but if you are unable to pay high premiums then you can go for top-up plans. These plans help to reduce cost with in-built deductibles.  These plans helps in enhancing sum assured at affordable price. The deductible is the amount that must be paid for treatment before the insurer pays. You can use your individual/ group policy to pay the deductible. A combination of basic and top-up policy is cheaper than a standalone indemnity cover.

Worldwide covers: There is increasing trend of going abroad for treatment but cost of it can be huge. Hence, now many health insurers have started covering treatment taken abroad. However, it is offered on large covers.

Disease specific covers: If you are suffering from any serious diseases such as diabetes than it become difficult to get health insurance. For such situation, insurers have come up with disease-specific covers. However, premium in such plans is high and hence, it is advisable that you should go for a basic cover instead of these plans.

Health insurance policies not only indemnify against medical exigencies but also help in maintaining your fitness through wellness programmes. Looking at high cost of healthcare, it may get unaffordable at any point. But if you have health insurance you will be able to afford expensive treatment.Buy health insurance with PolicyMantra and get best, suitable and affordable deal for yourself and for your family.