What are Sub Limits in Health Insurance ?

Having taken the decision to take health insurance to protect yourself and your families from expenses that might arise from any untoward health emergency is only half job well done. Buying a health insurance that suits your needs and is able to meet the objectives is of paramount importance. Health insurance plans have features which include day care procedures, co-payment clause, cashless cover and waiting period and exclusions that one needs to take care of before zoning on a final health plan.

Sub-Limits in Health Insurance plans means the limits that are imposed by the health insurance provider on the payment of sum assured when a claim is raised by the policyholder due to treatment of any medical condition. It is a monetary limit place by the insurance provider on medical insurance claim. These limits are placed on hospital room rent, ambulance charges, nursing and doctor’s charges, cataract removal, knee replacement charges etc.

Why Understanding Sub-Limit in Health Insurance Policy is Important:

Identifying and Understanding the Sub-Limits in Health Insurance is a critical aspect in choosing the health insurance plan. Incomplete awareness and understanding of this aspect can lead to a major shock or you may be unprepared to meet the costs of treatment. Sub-Limits are usually mentioned as a fixed value for treatment of any particular disease/illness or can also be expressed as a percentage of Sum Assured for specific diseases. Health Insurance plans that have less/ no Sub-Limits have high premiums.

We will discuss two important Sub-Limits so that You Can Choose appropriate Health Insurance Plan:

  1. Sub-Limit on Room Rent:

The Room Rent Sub-Limit limits the liability of the health insurance provider to a certain amount or certain percentage of costs that are related to room expenses and also insurer can also place restriction on the type of room including general room or the semi-private room. If your room rent is Rs 8, 000 and the policy has sub-limit of Rs 4, 000 then the policyholder has to fork out Rs 4, 000 from his/her own pocket.

Most of the medical expenses that include doctors and nursing charges and surgical procedures or the operation theater charges also depend on the type of room the policyholder avails of therefore these expenses adds up to the cost and sub-limit further increases the difficulties of the policyholder. The policyholder needs to discuss the sub-limit clues with the insurance provider to be clear and to avoid any unwanted surprises at the time of claim settlement.

  1. Sub Limit on Specific Treatment:

Before you finalize on the health policy based keeping in mind sub-limit you need to checklist of diseases/ conditions which are listed in the sub-limit clause and also the limit on the costs that are associated with them. It is not possible to claim the entire cost for treatment/hospitalization if there are sub-limit clause even though the sum assured that has taken is high. If the sub-limit for the cancer treatment is Rs 15, 00,000 and the sub-limit clause states that in case of cancer treatment the health insurer would make payment up to 50% of the cost then the insurer would pay only Rs 7, 50, 000, the rest will have to be paid the policyholder.

Therefore for an assured and hassle-free claim settlement, the applicant needs to have a thorough understanding of Sub-Limit clauses and choose only those policies that do not have discomfiting clauses and is able to meet the budget and needs.

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InsureFinServe March 4, 2020 0 Comments

5 Steps to get a Better Car Insurance Deal

Generally, two in five of car insurance policyholders think about changing a policy or an insurance service provider when policy renewal time arrives. You can easily save some handsome amount of money only if you compare online motor insurance quotes. Below are few simple steps to get a better deal on vehicle insurance online:

Look for the Best Cover, Not for the Low Cost

While comparing online quotes, people should be clear in mind that you are searching for the best plan and not just looking for the least expensive policy. Online comparison is the best way to get the best rate for the right plan that meets your needs. It shows which insurance products include extras. But, opt for the policy that gives high level of protection which you actually require.

Never Increase the Excess:

Growing your excess may make a car insurance policy affordable, but it can be risky. Hence, do not increase the excess to an amount insured would struggle to pay in the future.

Check Around Other Insurance Companies in India:

As not all insurance companies in India list their names on quotes comparison websites, so customers won’t be able to compare their products in single go. It can be worth getting a car insurance quote from their website directly.

Add Someone to the Plan:

Including an additional driver especially a more experienced one to your vehicle insurance policy can surely bring the coverage cost down. But, do not mention him as the main driving person in a plan.

Stay Away From Assumptions, Be Sure!

When a person is comparing online car insurance quotes offered by different insurance companies in India, he or she will definitely make some assumptions. But, it’s totally depending on you to make sure these assumptions are right. Carefully read the policy document so that you’re very much clear on what assumptions have been made.

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InsureFinServe March 4, 2020 0 Comments

Planning to Buy Health Insurance in 2020? Take a look at Key Norms That Changed in 2019

2019 had been an eventful year for the health insurance sector. The industry witnessed several changes during this time. Are you someone planning to gift yourself and your loved ones the protective shield of medical insurance? If yes, you should know the rules that changed in 2019. The following are some helpful insights into the matter.

The Indian Scenario

According to Financial Express, India falls in the group of the least insured countries in the world. The newspaper reports that just 20% of the Indian population holds insurance protection. Business today calculates the penetration of insurance coverage in the country as 3.7 when compared with its GDP. It is less than the average in the world; 6.31%. Statistics show that health insurance is the sector that experiences maximum growth in the market; 35% annually. General insurance follows at 18% and life insurance at 12%.

Health insurance, according to experts, is the first thing one should have. And it should start from the month you begin earning on your own.

Given below are the changes you should be aware of when exploring health insurance plans:

1. You can pay your premiums in instalments

This is perhaps a historic move from the Insurance Development and Regulatory Authority of India. It asked insurance companies to let users pay their medical insurance premiums in instalments. You can pay your premium monthly, quarterly or half-yearly. But the free-look period is quite lower for both the options than their annual variant.

2. The authority asked insurers to tweak their policies in favour of customers

IRDAI has asked insurance agencies to declare the pre-existing diseases that won’t be covered for a stipulated time period after policy start date. Today, consumers have the right to declare the diseases contracted after three months of policy start date. Diseases such as Alzheimer’s, Parkinson’s or HIV/AIDS cannot be rejected outright.

3. Customers have the right to choose a third-party administrator

IRDAI now allows customers to choose a third-party administrator for their insurance requirements. It ensures that consumers can avail the best health insurance plan in the market. You can go for a TPA either at the time of buying coverage or while its renewal.

IRDAI has come up with the draft plan for standard insurance coverage. The scheme offers from INR50,000 to INR10,00,000. The minimum age to avail the protection is 18 years. The higher age is considered to be 65 years. The exciting thing is that the scheme offers the ability to renew for a lifetime. There exists no exit age-limit for a policy-holder. You are also eligible for the protection even when undergoing treatments in alternative therapies.

Finally, IRDAI has reduced the waiting period to file a claim. The waiting period is a time when you can’t file a claim for a particular disease. From now on, no insurer is allowed to specify a specific waiting period before filing a claim. The general standard is 30 days.

There is no excuse to ignore your own health and that of your loved ones. Even the best medical insurance available today is more affordable at present.

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InsureFinServe March 2, 2020 0 Comments

8 Essential Factors To Consider When Buying A Health Insurance in your 30s

Around thirties, you are living the golden period of life. Nothing seems impossible for the hardworking honest people around thirties. This is the age when you can give the best direction to your life and step forward to.

Reasons Of buying health cover at the age of 30

But you know that your are going to get old one day. Around thirties you might even have a family to take care. You being the whole and soul of the family need to plan things right. To buy health insurance is your responsibility. To get Individual Health Insurance as well as Family Insurance, at thirties is much better than buying it at 50. To state reason, you are much capable at 30 in comparison to what you are at 50. This capable attitude also gets you the best insurance with no compromise.

Factors to count on

  • T&C: There can be many hidden messages in the insurance papers. Not just a glance but scanning of such conditions is required. If you do not understand any statement, make sure you do not leave it; maintain the courtesy to ask out such questions. This will only help you to maintain your personal health insurance and any additional.

  • Financial Planning: The first thing an insurance will reflect is the price. Look what is best you can fetch in your budget. Also, at 30 you can easily buy health plans at lower premiums as compared to purchasing them at a later stage and secure your future.

  • Family: At 30, you are independent enough and can plan the insurance for your family as well. Choose the finest one, because it’s about family and you would never want to take any risks.

  • Sorting Plans: Wide range of plans are available including individual, family, group and premium plans. Everyone can suggest but only you can decide what is the best one for you. If you still have doubts, be honest to your insurer and ask to get the prime choice according to your needs.

  • Facilities Covered: There might be many unknown features of the insurance, so try to get through all of them as and when required. This is also a comparison point. This helps you to choose between so many available in the market.

  • Time on hold: This is the waiting period. Before the period is over, you cannot claim your insurance. This is another reason why buying insurance at 30 is considered good.

  • Included and left Out: Obviously, individual insurance have their own policy that includes some aspects and exclude others. Before buying, you have to know this.

  • Established Connection: Insurance providers have their hospitals fixed where they have links set. So, locating hospital in your locality and getting insurance covering that specific place has to be learnt.

Conclusion

Expert opinions and the experienced have talked about reasons why buying insurance at 30 is beneficial for you and your family. The above listed factors are essential for individual health insurance plans as well as family plans.

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InsureFinServe February 28, 2020 0 Comments

How To Choose An Appropriate Motor Insurance?

How to choose Appropriate Motor Insurance

The Motor Vehicles Act, 1988 has made it compulsory for every car owner to buy a minimum amount of motor vehicle insurance. Moreover, with a wide range of car finance options available, the dream of owning a car has become a reality. The motor insurance companies are also offering different kinds of insurance coverage options, so that the individuals need not have to compromise for their prized possession. If you are looking for ways to get best quotes on motor insurance policy premiums then we suggest some practical yet effective ways to find the appropriate motor insurance:-

Research about the riders that these insurance companies offer

Apart from offering a standard motor insurance policy, the motor insurance company also provides several add-on covers to protect your car against damage. Though these riders come at an extra cost of the base policy, they are worth purchasing. For example:

  • Zero depreciation cover – This add-on is ideal for a new car, as it includes the complete cost of repair of the car. Most of the car insurance companies offer this add-on for a car which is less than 5 years old.
  • Engine protection cover – This insurance cover protects the most important component of the car-engine. Hence, this kind of cover is ideal for people who live in areas where waterlogging is always a constraint.
  • Roadside assistance cover -This add-on insurance cover offers dedicated emergency services like towing, refuelling, tire change, etc. Roadside insurance cover is definitely a must as it provides the much-needed assistance during an emergency.
  • Consumable cover – The cost of consumable spikes up the motor vehicle repair bill amount significantly. This add-on insurance cover protects you by including this amount in the claims payout. Hence the costs of consumables need not be borne from your pocket.

Premium Amount

You can calculate the premium amount with the help of motor insurance premium calculator. The premium amount is generally based on IDV or insured’s declared value of the car. It refers to the market value at the time of purchase of the insurance. It also takes into consideration the depreciation value of the car.

The premium amount is also dependent on the cubic capacity of the car engine. The higher the cubic capacity, the more will be the premium amount. Age of the car is another factor that helps to calculate the car insurance premium. The older the car, the more will be the depreciation and higher the risks. Hence the premium amount would be higher.

No Claim Bonus (NCB)

An NCB is a good incentive for careful driving. It can be used to avail a discount in the subsequent year provided the policyholder has not made the claim before. Since NCB is an attractive benefit, make sure that your policy has provision for this component.

Hassle-free process

Another thing that you need to think upon before buying an appropriate insurance policy is whether the claim settlement procedure is smooth and easy. The motor insurance online policies are also available that protect the customers from unpleasant eventualities.

Don’t follow someone else’s footsteps blindly

Suppose, if a family friend has purchased an insurance cover from a particular company, that doesn’t mean you also have to join the bandwagon. You should assess your requirements carefully and select an insurance policy based on your requirements.

In a nutshell, a motor insurance policy is an instant, hassle-free way to protect your car from untoward incidents.

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InsureFinServe February 28, 2020 0 Comments

IRDAI Circular– The Growth of Insurance Business: March 2018 vs March 2019

As the financial year closed on 31st March 2019, life and general insurance companies did a very good business in the month of March as compared to March 2018. In both life and general insurance segments, the majority of the companies had positive growth in the premiums collected by them. Some general insurance companies, which are relatively new, performed exceedingly well by posting triple-digit growths. In the life insurance segment, private players grew commendably and posted a growth which was more than 50%. Let’s see what the numbers indicate and the top five companies in the life and general insurance sector –

Life insurance business

In the life insurance segment, TATA AIA continued with its good performance over the last few months by posting the highest growth in the premiums collected in March 2019 against the premiums collected in March 2018. TATA AIA was followed by Bajaj Allianz and Canara HSBC OBC. Life Insurance Corporation of India (LIC), though had good growth, did not qualify among the top 5. It had a growth of 32.16%. Here’s a look at the performance of the top 5 insurance companies in March 2019 –

General Insurance business

As stated earlier, the general insurance segment saw tremendous growth due to the exceptional performance of newly established general insurance companies. Acko posted the largest growth in four figures following in the trend of its last month’s performance followed by Go Digit, Edelweiss and Aditya Birla all three of which posted three-figure growth rates. The fifth spot was earned by Magma HDI while other insurers were also not far behind.

These growth rates suggest that customers are becoming more open to buying insurance policies whether it is life insurance or health insurance. This is because of the increased awareness and the ease of availability of insurance products through the online mode. You can also bank on the growth of insurance companies and increase your insurance sales. As the future of the insurance segment is bright, so is the future of your insurance career.

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InsureFinServe May 29, 2019 0 Comments

Online Insurance penetration in India

Just like the providers of any other services, these days, even insurers prefer to market the policies online, and the subscribers also love to avail the policies online. This has been the global picture, and the Indian perspective is not at all different. Within a very short time span, online insurance has managed an excellent penetration and is consolidating its standing further with the passage of time. Here comes the key points in that regard. 

The online insurance market in India has reached close to 7000 Crores

A recently conducted survey about the share held by online insurance, exhibited the fact that the market value of online insurance in India has reached close to 7000 Croers, and is rising sharply as days are passing by. Out of this figure, health and travel insurance contributes around 2400 Crores, while the contribution from Motor Insurance is around 2300 Crores. The remaining contribution comes from Life insurance policies online. 

Experts are of the  opinion that in next 2/3 years, more than 50% of the life insurance policies in India will be sold online

Within a few years, around 12% of the life insurance policies in India are purchased online. In the opinion of the experts, as people are going to embrace digital technology more and more, within next 2/3 years, it will go up to more than 50% of the total life  insurance policies being sold online. 

In the coming years more than ¾ of the non-life insurance policies will be availed online

When it comes to non-life insurance policies like health, travel and motor insurance, nearly 33% of the annual sales is made online. If the projection of the experts is to be believed, it is going to cover more than 3/4thof the total non-life insurance policies sold and purchased online, within a very short time.  

Though the private insurance companies were dominating the Public sector insurers in the recent past, however, today, the penetration of both these parties has come to a level and both the private and public insurers are encouraging clients to pick their policies online. 

Buying insurance policies online comes as a profitable deal for the buyers as well. It is for the reason that they come across more scopes of options as well as can find more competitive quotes for the premium. This way, they can procure the most extensive and robust coverages at the modest rates. 

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InsureFinServe April 26, 2019 0 Comments

Cashless Claims in Health Insurance: Why is it important?

Health insurance has always been one of those few instruments that we don’t pay too much attention to. However, it is one of the most crucial investments that we make, which helps us in emergencies. While most of us look for a decent cover scheme at a nominal premium, an ideal health insurance provides several benefits that we may often overlook. The rising cost of medical care in India, combined with the hassle that some claims have made people experience, is finally making us put some serious thought into what we are opting for. So, what makes an ideal health insurance? While there are several features that your health insurance policy needs, there is one which is, hands down, the most important one – cashless claim settlement. 

Why is cashless claim important? 

One of the most common financial hassles that we face at hospitals is paying the fees, deposits and handling all the other lengthy paperwork that comes with any medical emergency. At a time when we would like to stay with our family and support them, we are left managing the documents and cash, which merely adds to the emotional stress. With a cashless claim, you can avoid these hassles and make the process swifter and quicker. It takes away the stress of arranging and handling cash too, which becomes especially helpful in cases of emergencies.

What is the cashless claim process? 

Health insurance companies like Max Bupa have made the hospitalisation process even easier with the assurance of cashless claim processing in less than 30 minutes. With their presence in all leading hospitals, Max Bupa has been a pioneer in this service. While finding a suitable hospital which offers cashless claims was once a task, the increasing inclusion of various major hospitals has made this woe disappear as well. 

In addition to the cashless claims feature, there are multiple other things that you need to look for while choosing a health insurance – from the flexibility of the insurer to cover alternative treatment options to added rewards and benefits that the company is ready to provide based on no claims activities. Max Bupa also understands the need for all these requirements and their health insurance offers everything from coverage of ayurvedic, homeopathic and sidha treatments (AYUSH Treatment) to OPD expense cover and free annual health checkups as a loyalty benefits to customers. 

In addition to this, there are various unique health insurance products from Max Bupa that also reward the physical fitness of the insuree. Max Bupa has truly understood what makes a health insurance ideal for the common person and has created products that cater to all these needs and much more. So do you have the ideal health insurance yet?

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InsureFinServe April 6, 2019 0 Comments

What are the Different Types of Car Insurances?

Motor insurance is an assurance for an average vehicle owner as well as a legal mandate as per the laws of our land. You may face a huge wrath in the form of penalty if you are found without having car insurance or you may even face a disqualification. It is a known concept that motor insurance offers a sense of security from a financial loss or accidental damage due to road mishaps as vehicle repairs due to accidents absorb huge amounts of money these days. It is worth buying an insurance policy which can offer huge benefits, but people don’t buy just for the lack of time or lack of convenience. These days it has become very easy to buy insurance. You can even purchase a policy online or offline. You have online insurance websites or if you want to buy it offline, you can contact insurance agents. Insurance websites are even offering comparisons on different types of car insurance policies of various companies in India.

Different types of Car Insurances

Comprehensive Car Insurance

Comprehensive car insurance can be termed as the most beneficial insurance of all as it has the highest coverage to keep you at peace of mind. This insurance covers the loss or damage to the car, the individual as well as the third- party liability due to natural or unnatural incidents such as accidents, earth quakes, thefts, fire mishaps etc. The loss occurred to the driver along with the passengers inside the car at the time of accident is covered too.

What does it cover?

Comprehensive insurance provides maximum coverage as its premium is the highest one. In simple terms, the higher the premium, the better the coverage would be. The coverage is inclusive of accidental damage to the car irrespective of it being your fault or the opposite party’s fault.

What it doesn’t cover

Like every other insurance, even comprehensive insurance has its own limitations. If your car is driven by someone else, it doesn’t cover you for an accidental damage unless they are permitted to drive your car as per the policy. If a person under drug affect or alcohol affect over the legitimate limit drives the car and is responsible for an accident irrespective of being the driver or authorized person as per your policy, the comprehensive insurance doesn’t cover the damage. In addition to it, you should hold a proper driver’s license and your car should be road worthy to get the comprehensive insurance coverage. Different types of car insurance policies have different types of limitations as included in the policy norms.

Third Party Car Insurance

Third party insurance is the insurance coverage offered to a third party in case you are responsible for an accident and damage their vehicle or hurt them. This is a mandate as per Indian motor law and the comprehensive is your choice whether you want to opt for it or not. But the third- party insurance is must for every car.

A very recent order from Supreme Court says that all the vehicles purchased after September 1st, 2018 should have insurance coverage at least 3 years for two-wheeler and 5 years for cars as a mandate. Since it has now become compulsory, analyze both the comprehensive insurance and third- party insurance and choose the best for your condition as ultimately, it is meant to protect you against unforeseen odds in your life.

Importance of Car Insurance

‘Prevention is better than cure’ applies on the car insurance also. Many try to find the possibilities of skipping investing in insurance although it is a minimal cost in comparison to the car price. However, this minimal payment may save you from huge charges at the time of emergency. Let’s find out the benefits of car insurance and why one should focus on getting the car insured.

Damages are Compensated

A mishap may damage your car badly and you may end up having to pay huge repair charges at such an instance. You don’t need to worry at such situations if you have an insurance policy. The damage charges are completely or partially compensated by your insurer if you purchase a policy depending on the policy terms.

Coverage on Hospitalization Bills

Similarly, the hospitalization charges due to a road mishap may be partially or completely retrieved depending on the type of insurance policy you purchase.

Decreased Liability

It is compulsory in India to buy a third- party liability (TPL). The TPL saves you against legal litigations of an accident if you are responsible for it.

Support to Family

Any family would be devastated with the sudden demise of their loving family member. Although, no insurance policy can substitute an individual, there will be at least some help to the family financially when an earning member suddenly leaves the family.

Low Policy Price vs High Benefit

All the above benefits and the price you pay for it as premium is just nominal. Different types of car insurance policies offer different coverage but the benefits are always higher for the price paid.

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InsureFinServe April 5, 2019 0 Comments

Types of Term Insurance Plans

Term insurance has come to be one of the most sought-after insurance options for a large number of people. In the last decade, the industry saw insurance providers introducing an array of term insurance policies to meet varying needs of customers.

Thinking about getting a term insurance cover? Well, you need to give some serious thought into the kind of plan you’re availing since the financial future of your loved ones is in question. Term insurance is designed to provide financial protection for a fixed period of time. In the event you – the life assured – pass away during the policy term, the insurance company will pay out the death benefits to the nominees you’ve listed in the policy. Term insurance has a number of benefits to offer, and hence, must be part of everybody’s insurance portfolio.

Term insurance can be broadly classified into four main types:

·Level Term Insurance: Level term insurance is the most commonly availed plan in India. The sum assured and premiums that are payable remain fixed for the entire tenure of the policy. So, whatever premiums that you and the insurance company agree upon when you buy the plan, will stay constant for the next 10 years or 20 years (depending on the policy period you have selected). The younger you are when you buy a level term life insurance plan, the cheaper you will find the premiums to be. This type of cover is provided by all life insurance companies.

·Increasing Term insurance: An increasing term insurance plan is one where the death benefits increase periodically, mostly every year, during the policy’s term. The policy’s premiums do not increase. Some plans have a limit on the maximum that a sum assured can reach. However, while the increase in coverage amount will stop on touching the limit, the plan will still be effective. Such plans are designed to help combat the effects of inflation and/or changing circumstances. The cost of increasing term insurance plans is normally higher than that of level term plans.

·Decreasing Term Insurance: Here, the sum assured payable decreases every year until either the policy pays out or the coverage period comes to an end. Premiums payable in case of decreasing term insurance remain constant. Such policies are normally availed to cover against a specific debt, which itself reduces in size over time. Usually, the sum assured comes down to zero when the policy period comes to an end. Premiums of decreasing term insurance plans are lower when compared with other types of term insurance.

·Term Insurance with Return of Premium (TROP): If you opt for a return of premium term plan, the insurance company will return all the premiums that you’ve paid over the life of the policy at the end of the term. However, this shall only apply if you survive the policy period. For example – Mr. X avails a TROP with a sum assured of Rs. 50 lakhs for 20 years. The annual premiums that he is required to pay is Rs. 5,000. In the event that Mr. X passes away during these 20 years, his beneficiaries will receive the sum assured amount of Rs. 50 lakhs. However, should he outlive the policy period, the insurance company will return all his premiums i.e. Rs. 1 lakh (Rs. 5,000 x 20).

Finding the Right Plan: Once you know what type of term insurance will suit your needs, shortlist those insurance companies in the market that provide that particular cover. Make sure to take into consideration a company’s claim settlement ratio, reputation and reviews provided by other customers. When you’re considering the policies of different firms, study their features, benefits and costs as they will vary from one another. Choose a policy that meets all your insurance requirements, and at the same time, fits your budget.

How Riders Can Boost Term Insurance Protection

The benefits of a term insurance cover are plenty. Besides providing high coverage at low cost, a term insurance plan comes with several riders. Here is a look at the different riders you can include with your term plan for increased protection:

·Critical Illness Rider: The critical illness rider pays a lump sum amount if you are diagnosed with a serious ailment, which is listed in the policy. Some examples of covered critical illness include kidney failure, heart attack, stroke, cancer, heart valve surgery and paralysis, among others. Sometimes, the policy coverage reduces by the amount that is paid to you. So, make sure to read the policy documents carefully to know what exactly will take place under this rider.

·Accidental Death Rider: This term rider provides additional sum assured if the life assured passes away as a result of an accident. The payment from this rider acts as a supplementary sum assured. The insurance company generally pays twice the policy’s face value – thus it can also be called a double indemnity rider. It must be noted that if the cause of the life assured’s demise is due to reasons other than an accident, the beneficiary will only receive the sum assured from the base term insurance plan.

·Waiver of Premium Rider: The waiver of premium riders ensures that your policy does not lapse if you’re unable to keep up with future premium on account of a critical illness, serious injury, or disablement. The illness or injury should be such that the policyholder is unable to work in a traditional capacity. Here, the future premiums shall be waived off, but your policy will continue to remain active for the entire policy period. Most waiver of premium riders have a waiting period during which no benefits are payable.

·Accidental Permanent & Partial Disability: This rider can come to your aid in the event an accident leaves you permanently or partially disabled. Such policies will either make regular payments of a certain percentage of the sum assured for the next 5 to 10 years or pay a lump sum amount to cater to your immediate expenses. It must be noted that claims can only be made if the disability occurs as a result of an accident. Quite often, this rider is combined with accidental death rider.

Term insurance riders are effective tools in providing additional security against the various risks facing one’s life. A policyholder must communicate his or her desire to avail a rider prior to purchasing the base term plan, as some insurance companies only allow rider additions when the cover is purchased.

Make sure to avail those riders that you deem necessary – this can be determined by assessing the various risks that you face. This way, you make an informed decision about the policy that you purchase and you don’t end up shelling out money for plans that you absolutely don’t need.

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InsureFinServe April 5, 2019 0 Comments
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