Which Policy is Best for Life Insurance?

 

Selecting the right life insurance policy is a crucial decision that demands careful consideration of various factors. Often, individuals face a dilemma because they have so many options. Therefore, in this article, we will explore the key factors that can help you make an informed decision when choosing the right life insurance plans.

• Clarify Your Financial Goals
  

A clear understanding of your financial goals is the first step in choosing the right life insurance plan. Are you looking for temporary coverage to safeguard your family during a specific period, or do you prefer a policy that ensures lifelong protection with additional investment features? Defining your objectives will help guide you towards policies that align with your specific needs.

• Evaluate Your Current Life Stage
  

Life insurance requirements vary at different stages of life. For young families, term life insurance's affordability and substantial death benefits may be appealing. On the other hand, those in later stages of life or desiring permanent coverage might find whole life insurance more suitable. So, consider your current life stage and financial responsibilities.

• Assess Budgetary Constraints
  

 Evaluate your budgetary constraints and choose a policy that balances coverage and affordability. Term life insurance often provides a cost-effective solution for individuals seeking maximum coverage for a specific term. Conversely, whole life insurance, with its permanent protection and cash value accumulation, has higher premiums.

• Consider the Coverage Duration
  

Term life insurance policies offer coverage for a defined period, typically ranging from 10 to 30 years. If your primary concern is addressing short-term financial responsibilities, such as a mortgage or your children's education, term life insurance may be the suitable choice. In contrast, whole life insurance provides coverage for the policyholder's lifetime, making it ideal for long-term financial planning and estate considerations.

• Examine Cash Value Components
  

Whole life insurance policies feature a cash value component that accumulates over time. This cash value can be accessed through loans or withdrawals, presenting a form of savings within the policy. If you appreciate the idea of building a financial reserve, a policy with a cash value component may align with your preferences.

• Consider Additional Features and Riders
  

Different life insurance policies come with various features and optional riders. Some policies may offer accelerated death benefits, critical illness riders, or the ability to convert a term policy into a permanent one. Evaluate these additional features to ensure that the chosen policy aligns with your specific requirements.

• Consult a professional
  

Seeking advice from a financial advisor or insurance professional, such as Aditya Birla Sun Life Insurance, can provide invaluable insights. Your advisor can help you understand different policies and guide you towards a decision that aligns with your financial goals.

Conclusion

Life insurance policies should be chosen based on your financial goals, current life stage, budget constraints, and personal preferences. Whether opting for the simplicity and affordability of term life insurance or the lifelong coverage and investment features of whole life insurance, the key is to align your choice with your specific needs.

Should You Get Insurance Against Coronavirus?

 

Insurance Regulatory and Development Authority of India introduced Corona Rakshak and Corona Kavach plans in March 2020 as covid insurance plans. These are short-term health policies created particularly for COVID-19. Both the plans cover treatment costs of coronavirus and its variants, such as Omicron. Read on to know whether you should get insurance against corona.

What is Corona Insurance?

It is a kind of health insurance that exclusively covers medical costs and other related expenses for COVID-19 treatment. That is, corona insurance will not cover the costs of any other health conditions.

Under the coverage, ambulance charges, pre- and post-hospitalisation costs, and treatment costs are paid if you are tested positive for COVID. You can choose the sum assured and find out the premium payable by using a corona insurance calculator.

Covid insurance plans are available for a limited period of 1 year and you cannot renew them. They feature an initial waiting period of 15 to 30 days. You can avail the cover if you have a positive diagnosis of COVID-19 or raise a claim after the given waiting period.

Plan Features

As discussed, covid insurance is available in two types of plans. Say, you opt for Corona Rakshak policy. It comes with the following features: 

·       Simplified issuance without any requirement of medical examination.

·       Offers a lump-sum payout that amounts to 100% of the sum assured if you are hospitalised for at least 72 hours at a stretch on a positive diagnosis of COVID-19. It is available as a one-time benefit that applies to the whole term of the plan.

·       Choice of a term from 105 days, 195 days and 285 days.

·       The premium cost ranges between ₹156.5 and ₹2,230. You can use the Corona Rakshak premium calculator to check out the amount of premium payable. 

·       Hassle-free and easy insurance procedure. Claim payouts are independent of the amount or nature of costs incurred.

How To Buy It?

Before buying corona insurance, such as the Corona Rakshak plan, check out the eligibility criteria. These include the age at entry, maturity age and premium payment term. If you meet the eligibility criteria, go ahead to buy the plan online. 

For that, follow these steps:

·       Choose the policy term and the sum assured.

·       Fill in your date of birth.

·       Click on your gender.

·       Choose your state and city.

·       Fill in your basic details.

·       Click on "calculate premium". Then use the Corona Rakshak premium calculator to learn the figure of premium payable. Make sure to settle for an affordable premium amount.

·       Complete the remaining steps.

Should You Get It?

People who want to stay protected against the alarming COVID-19 pandemic but do not have enough financial support to pay for treatment nor have a cover for the purpose should get insured against the disease since it is still prevailing. Just remember to use the corona insurance calculator to choose an affordable premium amount for the cover.

If you need insurance against other conditions as well, consider choosing a comprehensive health insurance plan that also covers COVID-related medical expenses.

Why You Should Consider Getting A Cancer Insurance Plan?

 

Cancer is emerging as one of the deadliest and most critical illnesses plaguing Indians. Lakhs of Indians, both men and women are diagnosed every year with cancer of breast, lung, mouth, cervix uteri and tongue. A study projected the number of male cancer patients in 2020 to be 679, 421 and that of female patients to be 712,758 during the period. The study also stated that one in 68 males and 1 in 29 females are likely to have cancer during their lifetime (0-74 years) This alarming data highlights the need to be prepared to deal with the financial impact of cancer.  While lifestyle changes and regular screening and check-ups are important for early diagnosis, financial preparation is must to deal with the cost of treatment. This is where a cancer critical illness insurance plan can help.

What are Cancer Insurance Plans?

A common question that comes into our mind is the need for cancer insurance plans when health insurance plans are available. The answer lies in the covered expense. What makes cancer plans different from the health insurance plans is that the former cover only the hospitalisation costs. In comparison, a cancer insurance plan covers all expenses including hospitalisation, medication, surgery besides specialised treatments like chemotherapy and radiation. You can buy Cancer insurance online or offline as per your convenience.

Features of Cancer Insurance Plans

• These plans can be bought for individuals aged 18 and above. The maximum age may vary from one insurance company to another.
• The policy amount can range from Rs 5 lakh to Rs 50 lakh.
• Cancer care insurance policies cover most common types of cancers like breast, prostrate and lung cancer while leaving out skin cancer. Coverage for cancers occurring due to sexually transmitted diseases are also generally not included in these plans.
• No claims are accepted for cancers resulting from a congenital condition, any pre-existing condition or due to nuclear and chemical contamination.
• Cancer insurance plans generally cover all costs related to the diagnosis and treatment of cancer including hospitalisation, chemotherapy, radiation, surgery and medication. The payments are made at various stages of diagnosis, treatment and surgery.
• These plans entail payments at various stages of treatment with some companies even offering monthly pay outs that equal a specific percentage of the some assured.
• Cancer insurance premiums are determined by your age, the policy duration and the coverage amount.

Benefits of Cancer Insurance Plans

• Mental Peace- The assurance that in case you are diagnosed with cancer, you will not have to worry about arranging the necessary finances for funding the treatment ensures mental peace. It also aids in better recovery.
• Tax Benefits- Premiums paid for these policies are eligible for benefit under Section 80D of the Income Tax Act, 1961.
• Wider Coverage- These plans cover all expenses related to the diagnosis and treatment of cancer including hospitalisation, chemotherapy, radiation, surgery and medication.
• Cancer Screening- Some plans also offer free regular cancer screening check-ups during the policy term.
• Premium Waiver Benefit- Many cancer critical illness insurance policies also include a premium waiver benefit which is applicable once the policyholder has been detected with major stage cancer. But this is applicable only if all the earlier premiums have been paid on time.
• Monthly Income Benefit Option-Some insurance companies offer a monthly income benefit option wherein a percentage of the sum assured is paid monthly to compensate for the loss of income due to cancer.

Cancer insurance plans offer extensive coverage for a large number of cancer types and are highly recommended in the wake of growing incidence of cancer in India.

Should You Get A Standalone Cancer Insurance Policy?

One of the causes of death in India is cancer. According to statistics, approximately 10 lakh patients are diagnosed with the disease each year, with 6-7 lakh cases dying as a result. However, the most concerning aspect is that by 2035, the number of patients may increase to 17 lakh, with a death ratio touching 12 lakh, according to a study published in Lancet Oncology. 

As the chances of developing cancer have increased, so has the cost of treatment. With improved technology and better diagnosis, the treatment expense has become unbearable and can drain all of your life savings. It is understandable to be concerned under such circumstances. However, one alternative for coping with the situation is to purchase a standalone cancer insurance policy. 

What is Cancer Insurance?

A standalone cancer plan is a cancer-specific policy that provides full coverage once the disease is confirmed. The plan covers the majority of cancers, including those in their early and advanced stages. When a disease is diagnosed, a part of the sum assured is paid as a lump sum payment, and the balance of the money is given to the policyholder at various stages of treatment. 

Cancer insurance provides substantial protection and covers the costs of disease diagnosis and treatment. This includes hospitalization, chemo, radiation, medicine cost, nursing care, and surgery, among other things. Moreover, you can spend the money to seek treatment from any doctor or hospital of your choice. All of this is available at a reasonable cancer insurance premium. 

Features and Benefits of Cancer Plan

The following are some of the most significant features and benefits of purchasing cancer critical illness insurance. 

• Payout on cancer detection

The standalone cancer policy pays a portion of the money assured in a lump sum when the disease is detected. The payment to the policyholder is made in accordance with the various stages of cancer. This helps you to focus on treatment rather than on accumulating bills. 

• Every stage of cancer is covered.

All stages of cancer are covered under the plan, and a policyholder gets separate payments at each stage. 

• Waiver of Premium

If the disease is detected, some of the best cancer care insurance policies waive off future premiums. 

• Income benefit

Most policyholders are unable to work after being diagnosed with cancer. This is a financial setback that the entire family must bear. This is where a cancer policy can come in handy. The plan pays out a portion of the guaranteed money every quarter for a period. These funds can be used to cover treatment expenditures and day-to-day expenses. 

• Tax benefit

Cancer insurance also provides the insured with tax advantages. The premiums paid are exempt from taxation under Section 80D of the IT Act, 1961. 

Who Should Get Cancer Insurance?

With the disease's alarming rise, purchasing cancer insurance is a must today. Individuals having a family history of the disease, on the other hand, are more at risk of getting it later in life. These people are the ideal candidates for purchasing the plan and securing their financial future. In addition, individuals with lifestyle issues or who work in hazardous industries should also obtain insurance. 

Most people lose hope after being diagnosed with cancer owing to their fear of the disease and the cost of therapy. As a result, purchasing a cancer plan can be a valuable asset in ensuring quality care without worrying about costs.

Factors To Consider Before Buying Cancer Insurance

A cancer plan from a top insurance company is a good idea for several reasons. It ensures simplicity, security, reliability, affordability and flexibility. A cancer plan can eliminate the out-of-pocket costs of radiation, chemotherapy, surgery, nursing care and drugs. There are about 8,00,000 new cancer cases in India per year. In fact, at any given time, this load is about 2,40,000 cases. This statistic shows that there is a rapid proliferation of this disease and why you might want to invest in the best cancer care insurance policy. But how to make the right choice? You may want to consider these factors.

Type of Plan

It should be an individual, non-participating, non-linked health insurance pure risk premium product. Check the inclusions and features of the plan first. For example, the best company offers cancer critical illness insurance that has a choice of three benefit structures, sum assured reset benefit and in-built premium waiver benefit.
You should be able to get a medical second opinion from a panel of medical experts. See if the claim payouts are independent of the expense amount with an easy and hassle-free process. Further, read the coverage details, definitions, waiting period and risk factors thoroughly before applying.

How the Plan Works

The minimum entry age is 6 years for a child and 18 years for an adult. The maximum entry age is 17 years for a child and 65 years for an adult. See if the policy term is up to 30 years with a premium frequency of yearly, half-yearly, quarterly and monthly payments. The premium rates are usually guaranteed for a block of 5 policy years after which it is reviewed.

You should be able to get 1.2% of the sum assured as monthly income for 3 years in lieu of 40% of the sum assured is payable on diagnosis of a major stage of cancer. Applicants can get a 5% discount on cancer insurance premiums if they buy cancer insurance online.

Waiting Period

If you know what is cancer insurance, learn about the related terms as well. For example, the waiting period is when the policyholders cannot claim some or all the benefits of the ongoing insurance. Make sure the waiting period is not more than 180 days from the date of commencement of risk or revival, whichever is later.

Additional Benefits

Added perks can help you make the most of cancer insurance. For example, the best cancer insurance in India can offer simplified issuance with no medical tests. You should also look for tax benefits and make sure the benefits and payouts are independent of health insurance plans held by you. A balance of 100% sum assured less than any benefits paid earlier on minor stage claims can be payable on diagnosis of the major stage.

Exclusions

Certain conditions under minor and major cancers are not covered. For example, tumours described as carcinoma, non-melanoma skin carcinoma and cervical intra-epithelial neoplasia without carcinoma in Situ are usually excluded from the cancer insurance benefits. Nuclear, biological and chemical contaminations are also not eligible for a cover. Read the sales brochure for an informed choice.

Knowing what is cancer insurance and its many benefits keeps you financially prepared to defeat the disease. Calculate the premium online to get an idea of the payments and choose a suited cover for yourself.

 

Understanding Child Insurance Plans

 We are all aware of the value of education in our lives. So, as a parent, what plans have you put in place to ensure your children receive a high-quality education? If you are still unsure about saving for your children's future, child education plans in India can help. 

What Are Child Insurance Plans?

A child policy in India is an investment and insurance plan offered by insurance companies that provide financial security for your child's aspirations and goals. These financial instruments not only help to build a corpus to fulfil all of your child's financial needs, such as education, marriage, and so on but also function as a safety net in your absence. In addition, in the event of the policyholder's premature death, the company pays the remaining premium and ensures that the stipulated maturity amount is paid to the beneficiary. Continue reading if you want to learn more about some of the benefits and features of child plans in India. 

Features And Benefits

Some of the critical features and benefits of the investment plans for children are mentioned below.

• Flexible-Premium Payment

For premium payments, there are two basic alternatives. First, you can choose to pay in a lump sum at the start of the policy's term or in monthly, quarterly, six-monthly, or yearly instalments. 

• Segmented Pay-out

A policyholder can choose whether to get payment in a lump sum or yearly instalments with the suitable child plans in India. This type of arrangement supports the payment of dues such as college tuition, marriage expenses, further education expenses, appropriate money for beginning a business, and so on. 

• Premium Waiver Benefit

In case of the policyholder's untimely death, the sum assured is paid to the beneficiary while future premium payments are waived. The company makes these payments on behalf of the deceased, and the beneficiary receives the entire maturity amount after the policy matures. 

• Riders

With the insurance policy for children, specific riders are also available. There are three primary types: critical illness, waiver, accidental death, and disability. 

• Partial Withdrawal

In a financial emergency, a policyholder may make partial withdrawals from the plan. You can use child plan calculator to calculate your premium and be sure about your decision. 

• Tax Benefits

Every year, a policyholder is eligible for premium payment deductions of up to Rs 1.5 lakh. In addition, under Section 10(10D), maturity and partial withdrawals are tax-free. 

When and How To Buy The Right Child Plan?

A child plan is an investing strategy for the long run. The longer the money is invested, the better the returns will be. As a result, the most significant moment to begin investing in your child's education is when they are born. Because most financial support will be necessary throughout graduation and post-graduate studies, you should have collected a significant corpus by the time your child reaches the age of 18. To select the right child plan, follow the steps mentioned below.

• Step 1: Keep your goal in mind and the age you need the funds.
• Step 2: Investment options. You can select between the guaranteed and ULIPs.
• Step 3: Check the payout methods
• Step 4: Check the past performance of the fund
• Step5: Check the claim settlement and other ratios 

Based on the above parameters, you can select the child plan for education and marriage.

With unpredictable life events happening in front of our eyes, it is a brilliant idea to get a child plan. The plan not only functions as an investment vehicle, but it also secures your child's future even if you are not present.

7 must-visit countries before you get a job

Are you looking for a job and are certain of getting one in a few months? Visit these countries before the professional grind leaves you with little time.

About to join the workforce but there’s still some months to go before the happy event? Everyone will tell you to take it easy, since you will have little time to rest once you start working. But instead of worrying about your job situation, it is better to spend your time more productively – in worldwide travel!

We list the 7 must-visit destinations you can check off before you start working:

1. Sossusvlei, Namibia. The Namib Desert is a must-visit experience for every person – there are very few sights in the world that are as majestic as the sand dunes of the Sossusvlei. These are the highest sand dunes in the world. Head there to watch the sunrise and sunset – the colours of the sky are spectacular during both times, and the sand acquires a luminous tone.
2. Hydra, Greece. Hydra town has been the site for many old Hollywood classics, and it attracts a lot of tourists even today. It has retained its old world charm to such an extent that only water boat transport and carts are available if you want to move around! Some prominent Greeks have bungalows here, while the place is dotted with amphitheatres, beaches and the best Greek architecture.
3. Salar de Uyuni, Bolivia. Bolivia is uniformly beautiful, but you must particularly visit Salar de Uyuni, which is the world’s largest salt flat. The place is uniformly ‘salty’ – there’s even a hotel made entirely of hard salt! The high incidence of salt is attributed to the drying up of an ancient lake in this precinct – it left behind hard salty deposits that become reflective surfaces when it rains.
4. Pyramids of Giza, Egypt. Egypt is on the wish list of many a traveller, but the most important sight here are the Pyramids of Giza. Located along the West of the Nile River, the Pyramids are huge symmetrical structures composed entirely of perfectly cut rock. The pyramids were built over 4,500 years ago, and were originally 481 feet high. However, about a foot of the stone casings has been stolen earlier.
5. The Inca Trail, Peru. Mystery and history abound on the Inca Trail, South America’s finest and most famous trekking route. It is 43 km long and has scenic mountains, deep forest areas and jungles along the route marked with Inca-style paving stones. There are many ruins and tunnels to explore as well.
6. The Dead Sea, Israel. The Dead Sea has long been an object of curiosity for the world, but Israel is much more than this site. You can explore the Mount of Olives, the Shrine of the Book in the Israel Museum, the Ein Karem village, Mount Zion, Tomb of King David, and Dormition Abbey.
7. Hitachi Seaside Park, Japan. Japan is beautiful throughout, but its greenery is famous. Head to Hitachi Seaside Park in Hitachinaka, near Ajigaura Beach. It is a flower park spread over 3.6 hectares of verdant land. Do check out the stunning blue nemphilas which have transparent petals!

An important tip: once you book your flight tickets, buy a good travel insurance plan. It will protect you from paying for treatment while travelling, or the costs of replacing misplaced or stolen baggage, cancelled flights, etc. The travel insurance plan has your back at all times, so that you can move about worry-free!