Edelweiss Tokio Life launches New Health Insurance Plan: CritiCare+

Edelweiss Tokio Life has announced the launch of its brand new life insurance plan Edelweiss Tokio Life CritiCare+. The plan is meant to be a non-linked, non-participating life insurance policy for those with critical illnesses. The features of this new life insurance plan include facilities like insurance cover for 17 critical illnesses with a high sum assured which can be as high as Rs. 1 crore. The plan will also offer riders that can be taken along with this policy to enhance its cover. Customers will also get tax benefits under section 80C for purchasing this policy.  At the moment the plan has two variants, the first being a single claim plan, wherein policyholders can claim a one-time sum assured when diagnosed with a critical illness. The second variant of the plan lets policyholders submit up to 3 claims as long as the ailments are unrelated and there is a minimum gap of 1 year between each claim. No extra premiums need to be paid for the multi claim policies.

Speaking at the occasion, the MD & CEO of Edelweiss Tokio Life, Deepak Mittal, said that the company understood the fact that instances of >critical illnesses have gone up in the last few years. He also said that while it is possible to lead a normal life after recovery, people still need help in recovering from the financial burdens, and that is the idea behind the CritiCare+ plan.

 

Impact of Life Insurance Without Medical Exam

Almost everyone needs a life insurance, but some of them hesitate to buy one. One of the reasons people hesitate to buy a life insurance is because of the medical exam. Today’s consumer is a lot aware of their health status. Some customers are even financially literate and all they require is the just information regarding the different types of life insurance. Once they have the information about the insurance they are capable enough to choose the right life insurance policy based on their requirements. With changing times, insurance companies too have understood the customer’s needs and today you have life insurance policies which do not have any medical exams. The best part about these policies is it takes away the need for a customer to physically go to a doctor and the online insurance portals have ensured that you do not need to meet the agent to buy an insurance policy. If a person is in good health and is aware of his health condition then he can buy a life insurance policy without going for a medical exam.

It is easier to get the policy

When you go for a life insurance policy without any medical exam you just have to fill the mandatory details like your name, age, address, occupation, smoking or drinking habits and nominate a beneficiary. Most insurance companies, however, allow it only for a certain age group. For example, most insurance companies insist on a medical exam after the age of 40. For a policy without the medical exam, once you fill the details, you will instantly get the life insurance policy in case you applied through an online channel. In case you contacted the insurance company or an agent you will have to wait for the policy documents to be mailed to your postal address.

Stringent Checks while disbursing the claims

If a company is not offering medical exams for their life insurance policy, it only means that they would have strict checks while disbursing the claims. The dependents could be asked to share all the information pertaining to the insured person’s death and also submit the valid documents as required by the insurance company which includes your death certificate, medical certificate etc.

Higher premiums

Policies without medical exam pose a greater risk to the insurance company. So the insurance companies have higher premiums to cover the risk when compared to policies with medical exams.

You can buy policies from the internet

No medical exam means you need not go to a doctor for medical check-up. This means all you have to do is provide your basic personal information and the relevant documents. This can be done through online as well. You can buy a life insurance policy online as you can submit the proofs online.

Based on the >type of life insurance you plan to buy, even without a medical exam, you have to be clear that you still have to provide the basic information regarding our health. For example, you will have to provide details if have you been diagnosed with any serious illness in the past few years or have been taking medication from a long time.

How to Claim Birla Sun life Insurance

Birla Sun Life Insurance has a very streamlined process for its claims procedure. With adequate measures and checks, the company makes sure that the nominee has a smooth experience while claiming the insurance amount in an emotionally trying time.
Inform the company
Any person from the family who has deceased in case of the person whose life was assured must inform the company about the unfortunate incident. This can be done through a branch employee or a sales officer with a written letter for the same. A copy of the death certificate must also be attached from the respective authority which is mandatory. One can also directly contact the claims department at the main head office.
The company sends a notification
The nominee will receive a letter from the claims department which has all the claim forms to be filled and the branch which has been intimated of the same.
The requirements for a normal death claim:

• Death certificate copy which is approved by the authorized personnel from the branch
• The insurance policy or Indemnity Bond in case the original policy is lost
• Statement from the nominee or claiming person
• Legal proofs (in case where title to policy monies is not clear)
• Questionnaire in case the death occurred outside India
• Certificate from the medical personnel
• Certificate from the employer if required
• Medical certificates in case of any previous admissions
• Any other requirement as warranted by the facts of the Claim
The requirements for death due to accident with or without rider:

(Along with the above proofs), one must submit the below documents as well with attestation from authorized personnel in the branch

• FIR or First Investigation Report
• Post Mortem Report
• Police Inquest report
• Any obituary posted on newspapers

Note: One must also remember that the company can ask for any additional proofs or documents apart from the ones mentioned above and the company has every right to ask for the same.
Most importantly submission of the claims does not mean that the company has accepted the claim. The company is in no way liable for paying the claim without any proper verification.
In case of death due to accident with rider claim requires:
• The insurance policy
• Statement from the nominee or claiming person
• Medical treatment certificate from hospital
• Examination by our appointed physician, if required
In case of death due to critical illness with rider claim requires:
• Original policy document
• Statement from the nominee or claiming person
• Medical treatment certificate from hospital
• Family Physician’s Certificate
• Attested Copies of all other Medical Reports
• Examination by our appointed physician, if required
In case of death due to the critical illness of the life assured, the claim has to be lodged after the expiry of a period of 30 days from the date of diagnosis.
You can also contact the Birla Sun Life Insurance with regard to the claims on their toll-free number Within India at 1-800-270-7000.

Comparing Life Insurance Can Make You Sick

Gone were the days when the word ‘insurance’ conjured up images of a small lamp protected by two palms. Insurance meant Life Insurance. And Life Insurance meant LIC, till just a few decades ago. And then slowly the insurance market opened up. Today, there are tens of major insurance companies and literally thousands of insurance products that range from simple life insurance to term insurances, insurances that aid more as savings and investment and many other options.

image credits:ilifeinsurance.org

Choosing the right life insurance policy is like placing hundreds of highly essential items on the table and then being asked to choose the ‘right’ one, when they all seem equally useful and important to have. Which is why trying to choose the right insurance product without a specific process or plan in mind is bound to make one sick. The following steps, if undertaken casually, but thoroughly, will help one make an informed decision without the risk of mental fatigue or physical exhaustion;

1. What Do I want? Now obviously this question does not mean ‘which policy do I want?’ What it actually means is that one needs to clearly think about their financial goals. Is the goal to leave a legacy for those one leaves when one is gone? Or is it for savings and the smart investment for the foreseeable future? This will eliminate at least half of the options. In other words, what is the utility of the insurance product that one wants?
2. Is what I want really necessary/important? Now here is where one must ask the tough questions. Financial goals are fine. Grand schemes for financial security can be literally found everywhere. But what about one’s own needs? And what of the financial constraints? How much can one really afford at this point of time?
3. Put it all on the table. Now comes the penultimate step. It’s time to put all the options, based on one’s needs, goals and limitations, on the table. Bringing all of the choices together and then seeing them from different perspectives is the best way to let one’s mind decide on an ideal choice. One part of the mind might place it under an expense while another will make this expense a subset of a larger need; financial stability. To sit back, relax and watch one’s own mind come to a conclusion is a glorious feeling.
4. How likely is each of the options to satisfy my needs? One way of making it easier to choose is to try and make each of the options fail by thinking of all the minutes, risks or expenditure Vs the benefits. This will be the final acid test.
5. I did it! This stage has to be reached eventually! The best part of the process is that when one makes the choice after such a thorough introspection, the act of making a choice itself feels like a reward!
6. I did it again! But the story is never really over. Opting for insurance products is not something that is unchangeable. Based on an evaluation of one’s needs, wants and financial constraints at specific intervals, one can make different choices or tweak the existing products to better suit one’s needs.

And that’s how one can compare life insurance without getting sick!

Misconceptions About Life Insurance Policies

Life Insurance or pure term insurance is an extremely important necessity for everyone. However, it is seen that many people do not realize its importance and ignore taking a life cover till very late in life. This delay in purchasing a life insurance cover can also be attributed to certain misconceptions. Here are some popular misconceptions about life insurance policies:

Life insurance is only for saving tax:

Life insurance premium paid is one of the most popular deductions used under Sec 80C of the Income Tax Act by tax assesses. As a result, people think that the main purpose of purchasing a life insurance policy is to get a tax benefit. However, tax savings is only incidental and the main aim of purchasing a life insurance cover is to protect the family in the policy holder’s absence.

A healthy person does not need life insurance:

Life insurance is usually associated with death. While the purpose is to protect dependents in case of death, there is a popular misconception that if one is healthy, he will not die soon and therefore there is no need for life cover. This thought makes people put off purchasing an insurance cover. However, death can occur due to any reason and not only because of poor health.

An unhealthy person will not be able to get life insurance:

Again, people think that if they have health issues, then they will not be able to purchase a life insurance cover, although they need one. This is because they think the medical tests will throw up the health issues and hence they will be rejected. Life insurance companies have various ways of calculating premiums. The premium for a person with poor health or certain lifestyle will automatically reflect this factor.

Life insurance is a waste of money:

With the advent of new insurance products which combine an investment component, many people have come to believe that buying a pure life insurance is a waste of money. They think that the amount paid as premium for so many years is not going to come back, unless the policyholder dies, and death is not something which people wish for. As a result, the decision to purchase a pure term cover is put off. However, it must be understood that life insurance is a risk cover, and not buying one can put a severe financial pressure on your dependents.

Only people with a family need life insurance:

Life insurance is primarily purchased to compensate your family in your absence. The loss of your income is compensated by means of the sum assured amount, which will be paid to them in case of your death. However, you may need a life cover even if you are unmarried or if you don’t have children. This is because there may be other dependents that live on your income. For example, your parents may be retired and may depend on your income. Or you may have an uncle or aunt whom you are looking after.

It is ok to forget about life insurance once it is purchased:

This is another misconception which people have. It is considered that on a purchase of a life cover, the risk is taken care of and there is nothing to worry about. But people should remember that times change and the needs of the family also change. You may have an extra member in your family or there may be a new liability, like a home loan which needs to be taken care of, in your absence. Hence, the extent of life cover should be regularly reviewed and changes should be incorporated.

Related Post: Impact of Life Insurance Without Medical Exam

How to calculate Sum Assured and Guaranteed Return of Sbi life Insurance

If you have made up your mind to buy SBI life insurance, know that you are on the right track, first because this is the most comprehensive form of coverage you can expect to get and, two, considering the reputation the bank has and that it has built over the time gives you the confidence you need to make a long-term commitment.

Now, that you know what you want let us get to the next step; which is to understand the scope of SBI sum assured calculation process. Note that the final amount will depend on factors like the extent of coverage, time period, age, income, type of profession and so on.

Sum assured, in layman’s terms is the coverage you pay for. In other words, when the policy matures or the nominee of the plan is due for payment, the sum assured is the basic payment plus bonus (if any) that the bank will give to the insured or the nominee. So, when you think I need ‘x’ coverage, that is the sum assured.

This figure in any life insurance plan even in the SBI life insurance plan is arrived by taking the following into consideration.

Calculation:

First you have to jot down what your monthly/quarterly or annual expenses are. These are the expenses that your family has to pay even after you are gone. Careful examination of your bank statement or your expense statement will help you calculate this figure. Once you have all the monetary commitments from your side lined up, the next is to consider the assets you own. Make sure these are the assets that are performing assets which mean that you can use them as a probable source of income in the future.

After you have the payments and the asset details ready, you have to calculate the liquid funds available which is the next step in SBI sum assured calculation. To this add, a buffer amount as this will give you a fair idea as to how much you need to pay to cover future expenses. The idea is to give your family the support they need when you are gone.

Once you have the cash flow amount ready, you can get the sum assured amount by multiplying the cash flow with 100 and then dividing it by the current interest rate in the market.

The figure you get is what your family needs to have in order to lead a comfortable life.

The difference:

Now, let us pay attention to what guaranteed return on SBI life insurance means. Sum assured is the coverage the policyholder wishes to have and this is the amount that the bank commits to pay at the end of the policy period or when the person insured passes away.

Guaranteed returns on SBI life insurance is different because the amount is determined by the specific plan chosen by the insurer. It is different for whole life insurance, endowment plans, ULIPS and so on. This amount is set by the bank and based on this number; the prospective insurer makes a selection.

How To Compare Life Insurance Quotes For Families

‘Insurance is the subject matter of solicitation’.

What this means is, that insurance is something that has to be asked for, or requested. It is not something that is to be sold. Quite ironical, when one considers the fact that this statement is seen and heard in literally every insurance product advertisement that does the rounds on print, TV and radio!

But this is the first, and most important tips when it comes to choosing a life insurance for your family and yourself. It denotes that it rests upon you, as a potential customer to choose the policy most suited to your needs, only after the insurance agent, product and company have your complete trust. This is important because the idea of insurance is chiefly to provide financial security to the dependents, in the event of the death of the sole breadwinner. Life insurance, therefore, even if in the name of a single policyholder, is basically for the dependents and family.

courtesy:dreamstime

There are two kinds of insurance. Life (sometimes known as whole life) and term. Term insurance is usually taken for a stipulated period of time and is paid out only when the policyholder dies within that time period. While this the basic difference, each category holds hundreds of variations. And it is incumbent on the individual to pick the right one. Here, then, are a few basic guidelines that will help make an informed decision.

1. Face It: To consider a life insurance policy is to think of one’s own death. And the process of choosing the right product among hundreds is boring, confusing and sometimes both. But these are facts that one needs to accept upfront. This will make the rest of the process easier.
2. Need Based: Make an estimate of how much it would take to sustain oneself over a 12 months period and multiply this amount by 25. This would roughly be the minimum cover that one needs to plan for while choosing a policy.
3. Start Early, Pay Small: Consider policy premiums a fixed, non-negotiable expense. To start early, thereby lowering the premium payable would be a prudent decision, which will also help in maintaining discipline when it comes to payments.
4. Mutual Trust: Trust works both ways. It is extremely important to be truthful and provide all information requested by the insurance company regarding one’s health, medical information, and personal condition. To give an insurance company an excuse to refuse to pay the money, is foolish. Alternatively, some insurance companies make the claims history of all of their policies public, thus gaining public trust. For example, AXA makes is claims history public, while Bupa does not. But in most cases the companies will provide this information on request.
5. Questions and More Questions: One must not shy away from asking questions at the cost of sounding uninformed. Does the policy provide cover for terminal illness? Is it better to take two policies for oneself and one’s spouse or just one? Are there any free extras that are provided in the policy?

Comparing life insurance quotes for families must be based on the above criteria to avoid stress and fear of making the wrong choice.

Life Insurance Policies for Women in India

With the increasing number of women professionals in the country, different financial giants have started concentrating their financial planning on women only plans. One of the most explored areas of women oriented plans is life insurance. There are many financial giants who have introduced life insurance for women.

Some of the best women life insurance policies in India are:

• Jeevan Bharathi – I: This policy is known for its special profit plan, which takes care of the needs of a woman.

Some facts that you should know before buying the plan are that, the age of life of assured should not exceed 35 years, sum assured would be maximum of Rs 1,00,000, the term of the insurance plan should be maximum of 20 years and the annual premium should not cross Rs 6,345.

It is better to take the opinion of an insurance expert before taking this life insurance for women.

• HDFC Life Smart Woman Plan: This policy ensures that the savings of a woman grow as the term year passes by.

Some of the main eligibility criteria for this type of life insurance policies in India are that the minimum entry age of proposed should be 18 and maximum is none, minimum and maximum is 18-45 years for female life to be assured, Min-Max entry ages 21-50 yrs of spouse for elite option. Min-Max maturity age 31-60 years for female life to be assured,

Min-Max proposed entry age	18-none years
Min-Max entry ages for female life to be assured	18-45 years
Min-Max entry ages of spouse for elite option	21-50 years
Min-Max maturity age for female life to be assured	28-60 years
Min-Max age of risk cessation for spouse in elite option	31-60 years
Min-Max annual Premium	Rs.24,000-Rs.1,00,000
Min-Max sum assured to (age less than 45 years)	10x – 40x annualized premium
Min-Max sum assured to (age equal to 45 years)	7x – 40x annualized premium
Min-Max Policy Term	10 or 15 years

Some of the advantages of this life insurance for women are:

Savings with waiver and funding for next 3 years in case of	Complications in pregnancy Birth of child with congenital disorder Diagnosis of female organs malignant cancer Death of spouse (Only with Elite option)
Additional periodic cash payouts	Premier and Elite options
Meeting contingencies	Flexibility to make partial withdrawals
Premium payment option	Hassle free annual payment
Tax benefits	Under sections 80C and 10(10D) of the Income Tax Act 1961
Modes of payment	Credit card Internet banking Cheque Auto debit facility

• HDFC Life Click2Protect: Known for its services and products, HDFC has also launched this life insurance for women. This helps a woman safeguard her family members from any financial burden. A woman can easily ensure parents, children and spouse.

The main eligibility criteria for this type of life insurance policies in India are:

Min-Max entry age	18-55 years
Min-Max maturity age	28-65 years
Min-Max sum assured	Rs.10,00,000 – Rs.10,00,00,000
Minimum annual premium	Rs.2,000
Policy Term years	10/15/20/25/30
Premium Paying Terms	same as policy term
Premium Paying Frequencies	Annual mode only

The main advantages of this life insurance for women are:

Purchase	Available online with a click of a button
Premium	Low specially for women and non-tobacco users
Flexible	Choose any sum assured and policy term
Tax benefits	Under sections 80C and 10(10D) of the Income Tax Act 1961
Modes of payment	Credit card Internet banking Cheque Auto debit facility

Among the many life insurance policies in India, these are the few that are quite beneficial for working women professional. However, even if you are not working, a life insurance policy is highly essential for you.

Steps for Applying Aviva Life Insurance

Aviva Life Insurance Company is a popular insurance service provider offering financial services and insurance services across India. Developed as a joint venture between Dabur group of companies and Aviva Plc, the British insurance giant, Aviva Life Insurance offers a large number of insurance plans and schemes. From fixed term protection plans to single premium plans, child insurance plans and traditional insurance plans, Aviva Life Insurance Company offers insurance plans catering to the needs of all members of the family. Aviva life insurance has been rising on the popularity graph as it has been a pioneer company offering online insurance. Types of Aviva Life Insurance: Aviva Life insurance company has a number of insurance plans dedicated for each individual. From child plans for toddlers to savings insurance plans, retirement plans, protection plans, Aviva offers something for everyone. One of the most popular life insurance product offered by Aviva Life Insurance is the Whole Aviva Life Insurance scheme that offers a fixed amount of money upon the death of the insurer. Aviva life insurance has a dedicated term insurance plan where money is provided to dependents of the insurer upon death during the period of the contract. The endowment assurance plan developed by Aviva Life Insurance offers a fixed amount of money either on death or during the period of contract or at the expiry of the contract if the life assured is alive. Aviva has a number of Money back assurance products that not only give fixed amounts  payable on specified dates during the period of contract, but also the full amount of money assured on death during the period of contract.

Applying for Aviva Life Insurance: Aviva Life Insurance Company has collaborated with financial marketplace Bankbazaar.com to offer online insurance facility. People can simply login to Bankbazaar.com and enter their details under the insurance section.The online insurance provider tool accepts the city of residence, gender details along with the date of birth and type of employment of the individual. Depending on the applicant, the tool automatically offers a list of various suitable insurance plans and their benefits. Users can choose the best suitable plan and read the reviews of other successful applicants. Users can pay their insurance premium online making insurance a hassle free experience.

Benefits and Coverage of Aviva Life Insurance:   Aviva Life insurance offers a number of distinct benefits and features for its applicants. Aviva life insurance policies are designed in such a way that they offer the dual advantage of protection benefits along with savings and security. Along with life risk cover, Aviva life insurance plans offer protection against increasing health expenses and various taxation benefits. Loans are available for all Aviva Life insurance policies while growth through dividends makes Aviva life insurance policies a perfect financial planning instrument.

Aviva Life Insurance Claim Process: Aviva Life Insurance has a hassle free claim process which is clearly divided into two distinct categories of claim on maturity and claim of death. In case of claim upon the death of the insured, the nominee needs to inform the insurance branch concerned and fill the claim form along with original policy documents and death certificate of the insurer. Once the submission is made, Aviva life insurance clears the dues in a period of three to four months after verification of all documents. In case of claim upon maturity, users simply need to fill a claim or discharge form and submit with their respective Aviva life insurance branch. Once the claim is approved, the funds are transferred electronically to the bank account of the policyholder.

Types of Life Insurance in India

The lifestyle of the people, nowadays, has a strong effect on the insurance sector in India. Most of the big players in the insurance industry, like LIC life insurance and ICICI prudential life insurance, are coming up with different types of policies to lure customers. One of the major things that attract people towards such schemes is the fact that they offer very good returns after the death of the insured. Every individual wants an insurance cover that helps him in covering all the costs related to his kids’ education after his death. This is exactly what the different types of insurance covers in India are offering.

As an individual, you should invest your money in one of the life insurance policies after thoroughly considering your options. Famous institutions like Aviva life insurance and Kotak life insurance have started offering policies such as endowment, limited payment life policy and even double endowment policy for offering maximum benefits to the insured. Before you choose a particular life insurance cover for yourself, you must check the various types of policies available at your disposal.

Discussed below are the top life insurance policies available in India.

Whole Life Insurance Policy

Under this kind of a policy, the premiums are to be reimbursed for the rest of the life and the sum of money insured becomes payable when the insured dies. This is an insurance policy which is the cheapest one available in the market. Bajaj Allianz life insurance too offers a whole life insurance policy and you could choose it if you are not willing to pay a lot of money as a monthly premium.

Endowment policy

An endowment life insurance cover is one of the most popular ones as it just runs for a limited period of time. Under this insurance policy, the total amount of sum assured actually becomes payable in case you’re able to reach a specific age after the end of the given period. This period is nothing, but the endowment period. Future Generali life insurance offers an endowment policy which comes along with a higher rate of monthly premiums.

 Double Endowment Policy

Under this insurance policy, the insurance company agrees to pay the double amount of the sum which has been insured in case he lives beyond the maturity date. For a physically disabled person, this is the right policy.

 Joint Life Policy

Joint life policy is another great insurance cover which covers the risk on two lives and is usually accessible to business partners. Here, the sum assured usually becomes payable on the expiry of the chosen term or on the death of one of the lives insured.

 Convertible Whole Life Policy

Convertible whole life insurance policy usually offers the maximum amount of insurance safety at a low cost. This kind of a policy also offers an adjustable agreement which can be altered at the end of five years.

These are the best types of life insurance policies in India which you could consider choosing. So, don’t waste any more time and buy an insurance cover for protecting your family’s future.