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5 years ago · by · 0 comments
Safetree: Your Health Partner Post-Covid

Safetree: Make us Your Health Insurance Partner Even after Covid

Virgil, the ancient Roman poet, once mentioned that the greatest wealth that humans have is health. Indeed! A healthy person is a happy person. A happy person is hopeful, and hope is the torchbearer of life and victory. Therefore, health is important. Interestingly, good health is not up for sale. Even the richest person would not have the wealth to buy good health. Sarcastically enough, even the poorest can have the valuable treasure of health if he/she wishes to. Since life is uncertain and becoming insecure and stressful by the day, there has to be something that can ensure some mental peace, if not everything. Yes! You guessed it right. Health Insurance is something that can give us some mental peace amidst a stressful scenario.

What is Health Insurance?

Health insurance is an agreement between the insurer (insurance company) and the insured (individual and his/her family), which ensures the insured that his/her health-related medical expenses would be taken care of if such need arises. Different health insurance plans have separate coverage, such as coverage of surgical costs, hospitalization expenses, day-care treatments, OPD consultations, and critical illness treatments.

Health Insurance is Important

Who doesn’t want an assurance that when things go wrong, there is someone who would be beside you and take care of your needs? Certainly! Each one of us would like to have that assurance. Medical insurance is one such product that assures us that when illness surrounds our family or us, there is a company that would stand beside us and helps us get the best treatment to be fit and fine in no time. Primarily health insurance is important for gaining mental peace (since our health-related issues would not be a grave concern for us and our family members). However, there are several other benefits of having a secured health insurance policy. They are:

  • Health Insurance helps you not to bother about the extravagant hospitalization costs.
  • Health Insurance helps you get the best medical attention and treatment (according to your plan and coverage) at the appropriate time.
  • Health Insurance helps you concentrate on your and your loved one’s health at such a crucial point without thinking of the sources of arranging funds.
  • Health Insurance also helps you get deductions (depending on the tie-ups and coverage of the insurance company) in:
    • Hospitalization
    • Surgical procedures
    • Treatment facilities
  • Health Insurance also requires screening before an individual and his/her family members obtain health insurance. Therefore, the family also gets free preventive care (including basic check-ups, screenings, and mandatory vaccinations) even before the formal health insurance certificate is obtained!

Covid 19 makes us Realise that Health is Even More Important

The world today is undergoing a difficult, challenging time. The world has come to a grinding halt when news of a pandemic called Covid 19 started doing the round. While the pandemic began in 2019 (Covid 19), even by the end of 2020, we are still not in a position to announce that the world is safe. This pandemic has been a unique one.

  • This pandemic rendered socializing obsolete for a social animal like a human being.
  • This pandemic made distances compulsory when the information technology revolution made all the efforts to reduce the spaces between the worlds.
  • This pandemic locked the humans up in their houses while making nature free of pollutants.
  • This pandemic forced humans to breathe through their masks, more so when roaming free amidst the fresh nature.
  • This pandemic made us feel and fall sick, even with the most obvious symptoms of fever and headache.

In short, this pandemic has made us realize that health is the only asset that needs to be nurtured and protected well. A healthy individual can even cope-up with a pandemic like Covid 19. However, even the richest person who can avail the best medical treatment and facilities can succumb to Covid 19 if he/she is not in the best of his/her health. A pandemic like Covid 19 was important for us to realize that good food, good sleep, and good thoughts are important to survive critical situations such as a pandemic.

Let Safetree take care of your Health Insurance even after Covid

While Covid 19 has made us realize that good health is important to survive health criticalities, it has also made us understand the importance of having a good, secure, and all-inclusive health insurance plan. There have been several cases where individuals and their family members were critically affected due to Covid 19. The criticality of such individuals required them to be hospitalized immediately. However, there were cases where such hospitalization could not happen timely, which led to the individuals’ untimely demise. Hospitalization could not occur due to two major reasons:

  • Unavailability of infrastructure
  • Unaffordability of the patient family to cope with the extravagant medical expenditures

While the first one is a state subject (a matter which the country’s government needs to manage), the second one could have been easily addressed if the individual had all-inclusive health insurance from a trusted company. Health insurance from a trusted company is important in this situation, primarily because this pandemic is an unusual situation. None of us, including the insurance companies, were prepared for such an emergency. The trusted insurers, such as Safetree, have found out ways to help their trusted customers even at an unusual time such as this pandemic where the associated medical expenditure is hard to assume and ascertain as a whole. The medical spending varies on a case to case basis, and thus the companies face a huge challenge in standardizing their procedures.

However, this trust developed among the customers in this grave time of need has also hugely benefitted the health insurance sector. In fact, according to reports, the health insurance industry has seen a major thrust in its business during this pandemic since customers are refocusing their investments and trying to locate their trusted partners who can help them in their critical health needs.

An important thing that certainly needs to register in the customer’s mind is that whether facing Covid or Covid Like situation or even in the normal circumstances, health insurance proves to be a friend in need is a friend indeed’ always. Safetree has been your trusted health insurance partner through this critical Covid 19 pandemic, and Safetree would like to be your trusted partner beyond it. Let Safetree hold your hand throughout your journey of life so that no illness, including Covid 19, can even brush your periphery.

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5 years ago · by · 0 comments
POS Agents: Role and Benefits

POS Agents: Role and Benefits

Seeing is believing might be an old English adage, but the meaning and relevance of this adage are still valid and acceptable in different situations of our lives. Don’t believe it? Fine! Let’s check if we believe it or not. How many of us prefer buying a refrigerator online? Not many of us for sure. Government initiatives such as demonetization have surely boosted the e-commerce and digital economy. Such drastic moves require time and concerted efforts not only from the government but also from citizens. Yes! We have been initiated towards our transformation into accepting the digital economy and e-commerce into our lives. But this transformation process has just been started and would take a considerable time before being accepted completely.

On second thought, even if we have accepted the digital economy, we have not completely surrendered ourselves to such an economy. Practically, how many of us have internalized such digitalization? Maybe only a handful of us or even lower than that. However, most of us still prefer buying things, especially things that involve our passion and a huge sum of money. We always prefer buying designer clothes or consumer durables after seeing them and after a salesperson confirms the benefits and features.

While we have been discussing quantified things and their purchase, let us now talk about financial instruments and their purchase? How many of you would buy a policy online? How many of you would be convinced of purchasing such a certificate based on your research (primarily online research)? Some of us, confident in our financial knowledge and research insight, would say yes. But such people would surely go and check the reviews about such financial products online. Expanding the picture further, can such online purchase of financial instruments such as instruments be possible and feasible for most of the population in a country like India? India still has a huge population staying in small cities, towns, and villages. The exposure to the internet and reliance on such information obtained from the internet is doubtful. Therefore, POS Agents come in handy, especially in these areas.

Who is a POS Agent?

POS Agent is a common term in the field of insurance. POS Agent or Point of Sale Agent is a person or a group of people who helps sell basic products in insurance. POS Agent is an accepted terminology in the context of selling insurance products. Even the IRDAI (Insurance Regulatory and Development Authority) approves POS Agents’ appointment since 2015 as distributors of Insurance products. The POS Agents are the last man holding the baton in the relay race of selling insurance. POS Agent is the last baton man that convinces and clinches the sale of insurance products. POS Agents travel that last mile of converting a Prospective Client into a Customer. POS Agents can also be thought of as the people responsible for managing the Push Sale of insurance products.

Role of a POS Agent

A POS Agent is somewhat comparable to a salesperson of a showroom. The showroom belongs to the owner. The owner would most probably sit on the cash counter handling the cash. However, the majority of the sales process is managed by the salesperson moving around the showroom. The salesperson greets the customer when he/she enters the showroom. The salesperson inquiries about the customer’s requirements and guides the customer to the appropriate place where he/she would get what he/she wants. Further, the salesperson also tries to push sale more units from the store, such as accessories or other complementary or supplementary items based on the customer’s need, requirements, and temperament.

Similarly, the role of the POS Agent can be defined or explained as:

  • POS Agent works on the field (usually in the locality, city, or state where the POS Agent resides)
  • POS Agent is the direct contact person for the customer (customer of the said insurance company)
  • POS Agent builds rapport with the customers and/or prospective customers.
  • POS Agent explains the insurance products such as motor insurance, travel insurance, health insurance, and personal accidental insurance, among other insurance types.
  • POS Agent also explains the benefits of having such insurance products to the customers
  • POS Agent influences the customer to purchase such insurance products and finally motivate them to buy such products.
  • POS Agent also helps the customer renew the policy, make timely payment, and/or claim benefits of the policy, among other activities related to the insurance policies

Therefore, just like the salesperson of the showroom is the contact person for the customer. POS Agent is the contact person working on behalf of the insurance company. The POS agent is, in fact, the face of the company for the customer. There is a huge population that still rely and believe on this face of the company and invests. This population does not research on the website and check with the company headquarters. POS Agent is the company for them.

Benefits of being a POS Agent

The POS agent plays an important role in any insurance company. The POS agent is the company’s face, and therefore they are important stakeholders of the company. Some of the benefits of being a POS Agent with an insurance company include:

  • Becoming a POS Agent is Easy: Becoming a POS Agent is rather easy in two ways:
    • Educational Requirement is low: Usually, various companies’ job descriptions require the candidate to have high qualifications. However, becoming a POS agent is relatively easy. Individuals with lower qualifications and minimum training can become POS Agents. Thus, POS Agents need not be as qualified or trained as the agents, brokers, or corporate agents of the insurance company. POS Agents need to work at the grass-root level for the insurance company, and therefore, what is more, important is that the POS Agent understands the product well and communicate with the customers well about the products. Even IRDAI has permitted the POS Agents to sell basic insurance products, not requiring much underwriting. Therefore, the POS Agent needs to be at least 18 years of age and have cleared Class 10. The companies, though, need to conduct 15 hours of in-house training to train the POS Agent about the products, as mandated by the IRDAI.
    • Hiring is Easy: A POS Agent can be directly engaged by the insurance company or even by the insurance company’s intermediaries (agents and brokers), thus enabling quick hiring and on-boarding of the POS Agents. You can get a job if you have it in you!
  • Becoming a POS Agent is Worthy: The POS Agent can either work with the insurer (insurance company) directly or an agent or broker of the company. Whatever the situation be, the POS Agent gets a good reward for his/her efforts. More the efforts, more are the reward. The effort-based rewarding system acts as a motivator for the POS Agent. Further, the POS Agent can take up this work as a part-time activity too! Therefore, becoming a POS Agent is worth it.
  • Becoming a POS Agent is Respectable: POS Agents get to interact with the customers directly. The POS Agents become the face of the company for these customers. Therefore, respect for the company, especially when the products benefit the customers, can be directly enjoyed by the POS Agents.

The position of a POS Agent is an important one. Become a POS Agent to earn respect and earn money today.

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5 years ago · by · 0 comments
Kickstart your Career Again: Become a Safetree POS Agent

Kickstart your Career Again: Become a Safetree POS Agent

We have got just one life, and it is precious. Our life has various dimensions. We create these dimensions of life, and at the same time, other dimensions of life are prioritized by us. While we prioritize a particular dimension in our life, we work towards making such dimensions perfect. Our career is one such important dimension in our life. Certainly, we need to define our career just like our life in our way. Our definition of our profession should be ours. It can be motivated by someone or a few people. However, such a description of careers should never be guided by anyone.

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5 years ago · by · 0 comments
GST – Impact on Motor Insurance

GST – Impact on Motor Insurance

You live in an apartment. The apartment is a part of a gated community called Society. Society needs to complete some basic tasks for every apartment, such as cleaning up the common areas, collecting garbage from each household and the common area, maintaining lights and lifts, and maintaining the building, among other activities. Who should take the responsibility to do all these things? Why should that single individual or group of individuals take that responsibility? How would such people fulfill those responsibilities?

Let us answer these questions one by one.

  1. Who should take the responsibility?

Well! The people who are living in that society should be responsible.

   2. Can every single individual be involved in such an activity?

No! Involvement of such a huge number of people would create chaos, and work would be hampered. It is why a group of people is selected to be the esteemed member of the Resident Welfare Association of society.

3. Who selects the members?

The entire resident population of the society chooses this association or team of people based on the members’ credentials, experience, and capabilities.

4. Why should the group of individuals take the additional responsibility of maintaining the society?

They should take responsibility because they are selected members of the association. They have been assigned to maintain society as the representative body of the people staying in society.

5. How would such people fulfil their responsibilities?

This team of people would appoint personnel to take care of every single activity. Certainly, they are not in a position to perform each task themselves. Therefore, they need to hire professional experts to carry out such work. While they hire professionals, they need to pay them.

6. What will be the source of funds used to pay such hired professionals?

Well! Since these are common society tasks, society needs to create a contributory fund to pay such professionals. Every single flat in society should contribute to this contributory fund to ensure society’s smooth functioning and well-being.

We are thinking of why this lengthy discussion on society and their resident welfare association? Well! Isn’t the situation somewhat similar to the country we live in? Imagine our country as a big residential society and our government to be the Resident Welfare Association. The government is the selected and elected body that performs tasks required for the well-being of the citizens (such as the creation of necessary infrastructure and providing basic amenities to the citizens). The government creates a contributory fund called TAX to perform these well-being tasks on behalf of this country’s citizens. Tax is, therefore, a contribution made by the citizens to facilitate the tasks of well-being. The government is cautious in collecting TAX from only those who can pay such TAX and uses the amount received for all the citizens (including those who do not pay taxes). It is validated by the comment of James Madison, the fourth President of the USA – “The power of taxing people and their property is essential to the very existence of government.”

The Indian Taxation System

The Indian taxation system can be classified under the following two broad headings:

  • Direct Taxes
  • Indirect Taxes

Direct taxes are easy to understand and collect. Direct taxes indicate that people are directly taxed for their income, assets, and properties. Why should they be taxed for their income? Well! People use national property such as roads, electricity, and water, among other infrastructure, to earn their income. Therefore, they should pay such taxes to facilitate the maintenance of these infrastructures. Income Tax and property tax are examples of direct taxes paid by individual residents or households.

Indirect taxes are taxes claimed by the government upon the facilities, goods, and services that the citizens use regularly. Why should people pay indirect taxes? Well! Citizens need to pay such taxes because the creation and transportation of such facilities, goods, and services use public infrastructure. Several indirect taxes were collected by the government until recently, such as the Central Sales Tax, the Central Excise Duty, and many others. At times, the indirect taxes were taxed (since there was a differentiation of taxes collected at the central and state levels). The entire indirect taxation regime was reformed by introducing a common taxation scheme called the Goods and Services Tax (GST).

What is GST?

GST, or Goods and Services Tax, is a comprehensive taxation system covering indirect taxation of the manufacture, sale, and consumption of all goods and services. With the implementation of GST, indirect taxation has become easy to understand, comprehend, and collect from the citizens on a national level (because fixed-rate slabs (0%, 5%, 12%, and 18%) of GST have been defined for all the goods and services depending on the nature of the goods and services and their utility among citizens). GST has replaced all other indirect taxes, especially taxes levied on goods and services by both the Central and State Governments. GST is further classified under the following three heads:

  • CGST: GST collected by the Centre
  • SGST: GST collected by the state
  • IGST: Interstate Goods and Services Transaction Tax

Since July 1, 2017, GST has been implemented on the manufacture, sale, and consumption of all goods and services within India’s territory. Insurance is an essential service availed by Indian citizens. Classified as a service, insurance also falls under the ambit of GST. Thus, all insurance types, including insurance of motor vehicles, attract indirect taxation under the GST. Therefore, customers purchasing insurance from insurance companies require paying the indirect tax called GST that is usually collected as a percentage of the premium paid.

Impact of GST on Motor Insurance

Before implementing GST, Motor Insurance was subjected to service tax, as insurance is a service provided for the benefit of India’s citizens. Implementation of GST has abolished the service tax system. Since insurance, including motor insurance, is a kind of premium service availed by the privileged citizens of India (motor insurance is availed by privileged citizens owning vehicles), the GST rate that is levied on insurance purchasers falls under the higher GST tax rate of 18%. Incidentally, this is around 3% higher than the rate of service tax (motor vehicle insurance charged 15% service tax) that was levied upon the individual insurance purchasers. Therefore, GST’s implementation has made motor insurance a little expensive compared to the pre-GST era. The 18% GST is charged on the individuals’ premium towards insuring their motor vehicles (includes both four-wheelers and two-wheelers) and on any rider premiums paid for availing any insurance rider by the individuals.

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5 years ago · by · 0 comments
Term vs Whole Life Insurance

Term vs Life Insurance Policy which is better

Life insurance is a way to safeguard your future. From helping pay off debts to ensuring that you have a comfortable life in the future or when you are old, there are plenty of reasons to buy a life insurance policy from a credible insurance company.

There are two types of life insurance that you can buy – whole life insurance and term life insurance. While the whole life insurance policy covers you for your life, the term life insurance covers you for a fixed-term period. Undoubtedly, the former has a higher and long-term premium, while the latter is much cheaper, and the premium needs to be paid for a specific period.

One of the characteristics that remains the same for both types of life insurance policies is that both come with similar death benefits – the money essentially covers all debt repayments, tax payments, mortgage payments, funeral costs, and other such expenses.

But, what are the differences between the two types? Let us explore the same.

S. No. Criteria Term Life Insurance Whole Life Insurance
1. Term period This is for a shorter period – a fixed preset term period. The term periods usually available are 5, 10, 15, 20, and 30 years. The policy covers the insured for life. However, before such an insurance policy is bought, there is a qualifying health examination. In case you wish to buy a Whole Life Insurance Policy without a medical examination, the price of the policy is hiked up.
2.  Purpose/Value The objective of buying this type of life insurance is to protect the dependents or the close family members when the insured person dies prematurely, within the term period.  Thus, the value is death benefits only if the person dies within the period. The value is the death benefit along with the cash value. How? Over a period, say 10 years, the cash starts to accumulate decently. And beyond that, the cash accumulation builds up pretty well to offer financial support to your dependents.
3.  Cost-wise Term life insurance policies are affordable and quite easy. However, if you wish to take the life insurance policy at an older age, say after 50 years, the premium will be higher. The premium is expensive, much higher compared to term life insurance policies.
4.  Added benefits · The life insurance policy can be converted to a whole life insurance policy.

·       The term period can be renewed if you wish to extend the coverage.

 · Partial cash can be taken on loan or withdrawn during the policy term.

·       The cash accumulation can be considerable if the whole life insurance policy is in force for a good period.
5.  Benefits Finite term. Simpler policies. Cheap. The policy can be stopped in between. It is possible to take a loan or withdraw a partial amount. Death benefits are tax-free. Offers protection for life. The best way to build wealth.
6.  Disadvantages ·       Limited protection is a big disadvantage.

·       This policy cannot be used for building wealth.

·       In fact, most people tend to spend all the money saved in their lifetime because the term ‘insurance’ has a fixed life term.

·       If you choose to cover a higher value of death benefit or go in for a longer coverage length, the premium will be expensive.

 ·  The policy is a lot more complex than term life insurance.

·  Costly and can prove to be out of reach for many.

·  You need to run it for a few years for wealth to build up.

·  Any loan taken will impact your death benefits.

·  If the premium is not paid for the first few years or you default, then the policy can get surrendered.

 

Choosing between Term Life Insurance and Whole Life Insurance

There are several factors that are considered when you have to choose between term life insurance and whole life insurance.

The factors are:

  • Age – this is the first factor that will be factored in;
  • Health condition – your existing health condition will be assessed;
  • Age of your kids, if any – if you have a family, the age of the children will be assessed;
  • What is your financial condition? – Your current earnings will be evaluated by the insurance company. It will also be checked what the financial needs of the user are.
  • The existing debt position will be evaluated – the insurance company will assess if you have any debts or mortgages to pay or if there are any plans to take one in the near future.
  • You will also be asked about the death expenses that you wish to get covered as part of life insurance.
  • Your retirement plans
  • Retirement savings plan
  • Plans for purchase of real estate and the real estate taxes;
  • Your intentions to donate to charity;
  • The plans for your kids like school and college fees;

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6 years ago · by · 0 comments
Travel Insurance

Travel Insurance and Coronavirus: All You Need To Know About Covid-19

The corona virus pandemic is taking its toll on people all over the world. Day by day the corona virus is spreading rapidly causing thousands of deaths. While most countries are battling against the pandemic, a few countries have declared themselves free of corona virus and are now open for tourists. However, all the countries in the world are still taking stringent measures to cease the spread of the virus.

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