Have you been saying ‘no’ to a term life insurance policy because you fear surviving the term and not getting any benefit? Endowment plans, which come with an option of whole life cover that extends till the age of 100, are an option. Many insurance players, including HDFC Life, SBI Life, Max Life and LIC, offer such policies. For those not convinced of a pure risk cover, here’s a brief on whole life plans.
The Hindu Business Line 13/08/2022
Who Should You Buy Health Cover from?
Some life insurers also sell health insurance policies, both indemnity and fixed benefit covers, the latter being more commonly offered. What should you opt for? Most health covers from life insurers are defined benefit plans, where a prefixed sum (as a lump sum or on a daily basis, depending on the product) is handed over to the policyholder once a claim is made.
The Economic Times 13/08/2022
Do you need a high value health cover?
A health insurance floater policy of `5 lakh was considered adequate till recently. However, rising healthcare costs are pushing individuals to opt for higher covers. Cashing in on the trend, some companies are now offering `50 lakh, and even `1 crore covers. Apart from hospitalisation costs, these high-value policies offer higher maternity, baby care, post-treatment, OPD and day-care procedure covers, insure organ donation and fund alternative treatment. They do not apply sub-limits on room rent. Some policies also cover treatment abroad and allow reinstatement of sum insured.
The Economic Times13/08/2022
Should you buy bundled insurance products?
Bundling insurance policies broadly happens as product bundling or price bundling. In other words, it means that you are buying more than one insurance cover from a single company or getting discounted premium by choosing multiple products. Also known as the multiline policy, these kinds of products have become common in the recent years.
Money Control13/08/2022
Term insurance after 50?
Life insurance bought by an Individual Is not for himself, but it is for his dependents. It is primarily a means of income replacement, where-in the loss of income of the policy holder is made good by the insur-ance amount on his death. For this reason, it generally makes sense to purchase a life insurance policy when one is in his thirties.
Deccan Chronicle 13/08/2022
E-insurance might be made mandatory for all policy holders
The Life Insurance Corporation of India, the country’s largest insurer, recently decided to issue digitised policies, after resisting the move for years. However, it is likely to do it via an internal system and not by tying up with external insurance repositories, which help policy holders buy and keep policies in electronic form.
Business Standard13/08/2022
Don’t buy a health plan for maternity cover
S Prakash, executive director, Star Health and Allied, says maternity benefit plans are also introduced because of high demand from customers. Many people are not comfortable with the idea of paying for insurance without getting back anything tangible. Maternity plans help to sell the policy to a customer who might otherwise remain uninsured.