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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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5 years ago · by · 0 comments
travel insurance

Want to go for a Vacation-Here are the top 10 Reasons Why You Should Have Travel Insurance

Going on a vacation is a great way to reconnect with life, friends, and family. This is also the ideal way to go on an experiential soul-searching journey with your own self. Undeniably, everyone wants the journey to be flawless, without any hiccups, hassles, or troubles. However, there are times when unforeseen circumstances come calling and knocking on the door that leave you all hassled up. A major part of the hassle can be well addressed by taking travel insurance. What has been generally seen is that vacationers usually ignore the aspect of taking travel insurance, thinking that it is a waste of money or not worth the money being charged.

Let us see what travel insurance is and what the ten top reasons are to have travel insurance with you when travelling.

Travel insurance, as can be interpreted from the name, is a type of insurance that is bought when people travel from one place to another. The purpose is to safeguard you and your pocket in case there are any exigencies or emergencies during travel or till the vacation lasts.

There are enough grounds that justify the purchase of the right travel insurance. Let us see the top ten reasons:

1. Medical crisis

Whether you are travelling within the country or abroad, it is always smart to have travel insurance because it takes care of any medical emergencies that can come up suddenly. The last thing that you have on your mind when you go out for a vacation is an illness or a medical complication. But such conditions can crop up anytime; hence, you need to be prepared to handle the same effectively.

When travelling abroad, this is especially crucial because in Western countries like the US, the cost of healthcare is too high. Your ongoing health insurance usually does not cover the medical expenses you incur outside the country. Also, many hospitals abroad will not accept the health insurance policies you have.

2. Loss or delayed baggage

When your baggage goes missing, the insurance company will pay you a certain sum of money to cover the loss. In case the baggage is delayed, the insurer will pay you a personal effects amount to buy essential things for the while.

3. Loss of passport and other documents

This is another unforeseen event that comes as a shock. If you lose your passport or any other document during the travel, your insurance will help you with the expense of getting a duplicate or a new passport issued.

4. Travel insurance is a must if you are travelling to certain international destinations

Countries like the UK, Austria, Portugal, Greece, France, Germany, Belgium, Spain, the Netherlands, and Luxembourg mandatorily require travel insurance, without which a visa is not granted to these countries. The USA, Australia, and Canada have a rule that when the traveller is 60 years old or more, travel insurance is compulsory.

5. The flight gets cancelled and/or delayed

Such scenarios can happen anytime during domestic or international travel. The airline may not reimburse the expenses in many cases. However, if you have your travel insurance, you get the ticket reimbursement done fast, and you can also rebook your ticket for a different day or flight.

6. When travelling to remote places, travel insurance proves to be a saviour.

If you are travelling to remote places on the Earth where medical facilities and other infrastructure are not that well-developed, you must get travel insurance so that you have no issues in case of medical emergencies or any other crisis.

7. Fraud

When travelling, it is likely that you lose your debit and credit cards – these could be stolen or misplaced. In such cases, there are high chances that the person who has stolen the cards or finds them starts to use them. This way you start to lose money in a foreign place with no help or assistance. Your travel insurance will refund you a certain amount that you lose with applicable conditions.

8. Personal liabilities

In case, during your travel or stay, a third party causes damage to you or your property or the other way around, the travel insurance will cover the expenses towards the damages.

9. Daily allowance during a medical emergency

This happens when the insured person gets hospitalised due to a medical emergency. The insurance company will pay a certain preset amount as a daily allowance to cover your food and communication-related expenses.

10. In case disasters

Suppose the place where you go for your vacation has been hit by a natural disaster or even a man-made crisis. These could be floods, tsunamis, earthquakes, storms, and hurricanes, or acts of terrorism, explosions, etc. In such dire situations, it is your travel insurance that will offer cover for the finances and expenses required to move to another place to stay.

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5 years ago · by · 0 comments
Top Factors That Decide the Premium of Property Insurance

Top Factors That Decide the Premium of Property Insurance

Property insurance is a big fallback option because such insurance policies cover the property from natural and manmade disasters. It is a source of peace of mind for the property owner because disasters and calamities can visit anytime, and besides causing risks to life, properties are impacted by such events too.

Natural calamities like floods, earthquakes, tsunamis, storms, and infestations are covered, while for man-made events, factors like terrorism, theft, burglary, fire, and accidents are covered.

Choosing the right insurance policy is critical to deriving full benefits during unforeseen calamities. The insurance premium becomes a bone of contention for most property owners. This is why it is important to understand the factors that influence the estimation of the property premium.

Factors that affect the property premium are:

1. Location of the property

The place where the property is located impacts the premium calculation. When the property is located in a place that is prone to natural risks like earthquakes or tsunamis or places where manmade factors play havoc, like terrorism or fire incidents, the premium of the insurance policy is going to be higher than other places.

2. Property asset valuation

There are two broad sections under the property asset valuation. One is the structural feature of the property, and the second is about the content within the property.

3. Structure of the house

This covers the structural features of the house. To determine the premium, two types of basic information are required:

  • The total square footage area of the place
  • The per square foot construction cost in unit currency.

4. Content of the house

This is concerned with the possessions inside the house and typically includes valuable things like jewellery, appliances, clothing, and such items. To calculate the premium, the estimated value of the jewellery is required.

5. Types of insurance coverage that property owners in India can apply for

Homeowners and property owners in India have three types of property insurance to choose from. The premium of the insurance accordingly depends on the type that they select.

Types:

  1. All-risk Property Insurance scheme – as the name indicates, this insurance policy covers all types of risks that a property can face in its lifetime – natural as well as artificial. Since the coverage is wide in this insurance cover, the premium accordingly is going to be the highest for this insurance type.
  2. Earthquake insurance – the name says it all about the type of coverage this insurance scheme provides. This type of insurance is good for places in India that are prone to regular earthquakes, tsunamis, or volcanic eruptions.
  3. Fire insurance – many property owners safeguard their property from fire-related incidents and accidents. The fire can result from manmade reasons like short circuits or aircraft impact and/or also result from natural reasons like lightning, storms, thunder, etc. The insurance policy, also known as FLEXAS, stands for Fire, Lightning, Explosion, Aircraft Impact, and Smoke.
  4. Types of buildings – There are two types of buildings: residential and commercial properties. The premium of insurance for residential properties is low compared to the premium of commercial properties because the usage or the footfall at the former is less compared to the latter, because of which the risks are lesser comparatively. Commercial places like factories and warehouses have the highest premium because of the usage and content at the place.
  5. How old is the property?

This is also a key factor that determines the premium amount of insurance policies. The properties that have aged and are old or worn-out are vulnerable to damages. Therefore, the insurance premium for such properties is higher than in newly constructed buildings.

  1. Construction type – the type of construction influences the premium amount too. There are three types of building constructions –
  • Class I Buildings – These are structures that are made using incombustible materials. The premium for this type of building is the lowest.
  • Class II Buildings – These are structures that are made using wood. The premium amount is average.
  • Class III Buildings – Buildings made from any other kind of material other than wood or inflammable materials. The premium value of the property insurance scheme is the highest

Other than these factors, there are other parameters like previous insurance claims, the presence of smoke detectors and fire extinguishers, the latest surveillance systems, sprinklers, etc., which are also taken into account while calculating the premium of property insurance. The presence of such devices on your property can attract discounts on the premium of the insurance policy.

There is another factor to consider here – some insurance companies pay for the replacement of the damaged items with new devices, and therefore, the premium is high. Some other insurance companies make the payout only after deducting the depreciation value of the device. The value of the premium is comparatively lesser than the first option. The choice is with the property owner, who considers all factors and then chooses the right insurance cover.

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5 years ago · by · 0 comments
Car Insurance

Petrol versus Diesel Car : How Car Fuel Affects your Car Insurance Premium?

The car fuel plays a significant role in determining the price of the car – price is one of the major factors that makes buyers prefer one car type over the other. While the diesel variant was targeted at commercial users like trucks and minivans till about a few years back, today, automobile makers come out with both variants of the car except for a few low-end models like Alto and Kwid because there is rising interest in diesel passenger cars. There are obvious pros and cons with each type, which one needs to evaluate well before making a purchase.

However, the big question here is whether the fuel type also influences the premium of your car insurance or not. 

The answer is a definite yes. The fuel, whether your car is petrol-driven or diesel-driven, is an important determinant in estimating the price of the car insurance premium. What does this mean? It means that when you and your friend buy the same car model – say, for example, the Suzuki Baleno – where you buy the diesel variant and your friend gets the petrol type, not only will you pay a higher amount for the car, but you will also pay a higher insurance premium. Why? Let us find out the answers in detail.

Importance of car insurance

Before we get started on the topic, it is vital to note that it is illegal to drive a car in India without valid car insurance. The consequences of doing so can be a monetary fine or even imprisonment.

Why is the car insurance premium of a diesel car is higher compared to that of a petrol car?

There are different reasons for this.

1. Price

Diesel cars cost more than petrol cars. In India, cars that cost less than INR 10 lakh have a price difference between the diesel and the petrol variant of up to INR 1.5 lakh in showrooms. The on-road price difference is even higher. When insurance companies price the premium, they take into consideration the price of the vehicle. Since the price is higher, the insurance premium of the diesel car is also accordingly priced high.

2. Repair Cost

The cost of repairing a diesel car is much more than a diesel car. This is an aspect that the insurance car company will consider when pricing the premium. Similarly, if your car is high-end, its premium will also be appropriately priced high.

3. Millennials now love diesel cars

The modern generation loves new-age diesel cars that automobile manufacturers are launching in recent times. This is because, with the help of advanced technology, modern diesel cars come with attractive and up-to-date features. The diesel variant is more refined and comes with enhanced cubic capacity. One area of refinement that has worked well for diesel cars is the decrease in the noise, vibration and harshness levels. For the outside engine clatter noise, the petrol car is still better, but for the inside noise, diesel cars are as good as petrol cars. Diesel cars have better torque figures vis-à-vis a petrol alternative; plus, the mileage is better in the diesel variant. Most of all, diesel cars emit less carbon dioxide and other greenhouse gases. This makes it a sustainable choice, as more and more eco-conscious customers prefer to buy the diesel variants.

From the perspective of car insurance premiums, this sudden surge of interest in diesel cars has not gone unnoticed by insurance companies. These companies look at selling their motor insurance policies for diesel cars at higher prices to the new-age customer.

Generic factors affecting the price of an insurance premium

1. Place

This is common all across the automobile segment and is not specific to diesel or petrol cars. If you live in a metro city in India and the car is meant to be driven in this city, you will be charged a higher insurance premium. And if you are settled in a smaller city or town, your insurance premium will be lower. This is true irrespective of whether you buy a petrol or a diesel car.

2. Comprehensive plan versus basic plan

If you were to buy comprehensive insurance that is valid for three years, you will need to pay up more; while if you go in for the basic insurance policy, the price will be less. Similarly, if you choose add-ons or extra facilities, your insurance premium will automatically increase.

3. Installation of certified devices to prevent theft

There are certain ARAI-certified (Automotive Research Association of India) companies that help install anti-theft devices. The aim is to safeguard your vehicle and prevent theft. When you install such devices, the insurance company will charge you a lesser premium.

4. The value of the insured declared value (IDV)

If your IDV is less, the insurance company will charge a lower premium, while if the IDV is higher, the premium will accordingly be high.

How much is the difference in the insurance premium of a diesel and a petrol variant of a car model?

The difference is usually not more than 15%. It could be as little as 10% also.

Summary

Choosing a car is a question of your personal choice. It is not only about the model or the brand but also about the fuel variant. Yes, there are certain points that you need to consider well before making a choice and purchasing a car. For example, the cost of diesel cars is high, but the cost of fuel in most places in India is lower than petrol. Similarly, the cost of repairing a diesel car is high, as is the insurance premium that you need to pay to the insurance company. However, diesel cars are eco-friendlier than petrol cars with less emission of carbon gases.

On the point of insurance premiums, diesel cars come with higher premiums. However, if you compare based on the model of the car, it could be a difference of a few thousand rupees only. So, if you have decided to get home a diesel car, do not simply make a decision based on the higher insurance premium. Consider all factors well.

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5 years ago · by · 0 comments
Car Insurance Policy

Points to consider before buying Car Insurance Policy

Owning a car is a dream come true for most of us. With easy-to-get car loans, it is no longer difficult getting the four-wheeler of your choice home. After the initial year of car ownership, you need to make sure that you renew your car insurance. It is one of the mandatory documents required when your car is on the road. We all understand why insurance is essential because it is the best way to save your vehicle from unexpected accidents, theft, or even calamities.

Car insurance in India is required to be purchased from a third-party insurance provider. As a car owner, you have the choice to buy a one-year car insurance policy, as well as a long-term comprehensive car insurance policy.

What is a long-term comprehensive car insurance policy?

The Supreme Court of India passed a directive on September 1, 2018, regarding this. If you have purchased a car after September 1, 2018, you are entitled to buy the long-term comprehensive car insurance policy. You have two options to choose from –

  1. 1-year own damage plus 3-years third party; and
  2. 3 years own damage plus 3 years third party.

Benefits of the long-term comprehensive motor insurance policy

  • Convenience – The hassle of annual renewal can be painstaking. You can avoid it smartly by choosing to buy the long-term comprehensive policy.
  • Price advantage – by buying now, you will be paying for a three-year policy at the current rate. This means to say, at the present price, you will get your car insured for the coming three years. As it is common knowledge that insurance companies invariably raise the policy pricing annually, you are shielded from the price hike.

Thus, buying a long-term comprehensive car insurance policy is the ideal way to drive your car hassle-free and stress-free.

Points to consider before buying a long-term motor insurance policy

Getting your car insured is definitely a wise decision. Choosing to buy a long-term comprehensive plan is being smarter. However, you do need to consider certain points meticulously before deciding if this is actually the right investment at the moment for you or not.

The factors that need to be considered are:

1. Understanding if the vehicle is going to be subjected to high risk or not

If your car needs to be driven regularly through areas that are earmarked as high-risk zones for accidents or thefts, you should certainly go in for the long-term comprehensive plan. However, if the car is generally parked in the garage or is occasionally taken out, you might settle for the one-year policy because the long-term comprehensive plan is going to block your money.

2. Are you planning to sell the car in the near future?

If you are, then you need to consider the fact of the matter before buying a long-term comprehensive plan. When you sell your car, you need to transfer the insurance policy to the buyer of the car. This means that the new owner will be the holder of the motor insurance policy henceforth. Even if he pays you, remember that when you buy a new car, you will have to take out a new car insurance policy. This means that you are spending twice while getting paid once. If you have plans to sell off the old car now or in the near future, then it is recommended that you should go in for a one-year insurance policy rather than the long-term comprehensive coverage. Only when you are sure that the vehicle is going to be there with you through the next three years, go in for the long-term comprehensive plan.

3. Consider the add-ons before investing

When you buy an insurance policy, you get to select add-ons that increase the premium amount. There are add-ons like roadside assistance or engine protection. Your choice of the added facility should be based on facts and future planning. For example, if you are someone who drives out of town quite frequently, you should look at adding the roadside assistance feature to the policy. Similarly, if you have taken a Rider feature because you have a colleague or a friend travelling with you every day, you need to consider it futuristically so that the payment that you make today should be truly utilised in the later years. In this example, if there is any chance of shifting your job or your friend leaving town, you must reconsider this added feature.

4. Voluntary deductibles versus Compulsory deductibles

Compulsory deductibles are specific and predetermined; voluntary deductibles are adjustable. When you choose the first type, your premium payment will be high, and accordingly, during the claim process, there are higher chances of getting better payouts. If you choose voluntary deductibles, the premium amount is comparatively less, but the payout during the claim process is also going to be lesser.

5. Considering the services being offered by the insurance company

This is one of the most important aspects which needs to be considered when buying any type of motor insurance. Factors to consider include the reputation of the insurance provider, and it is the claim settlement process that to a great extent determines if you should choose the insurance company or not. The provider that offers a hassle-free process should be your first choice. You need to read through the company profile, reviews, and testimonials of customers on the brand website as well as social media sites to get a better understanding of the credibility of the company. Then there are some insurance providers that offer a stress-free porting option – changing from one provider to another – while some providers act difficult.

6. Free value-added features

A complete study of the services being offered by each of your shortlisted insurance providers is crucial before making a decision. There are insurance companies that facilitate online interactions, while there are some that do not. There are few that offer free pick-up from the accident spot or your home, whereas some charge and some do not offer any such service. Your requirement needs to match with the services being offered by the company for the correct decision.

Conclusion 

Use the digital medium to make well-informed decisions when considering buying a long-term comprehensive motor insurance policy.

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5 years ago · by · 0 comments
Covid 19 for Senior Citizen

Health Insurance for Senior Citizen during the Coronavirus Pandemic

Health is one of the most vital factors that needs to be taken care of, irrespective of whether we are young or old. However, as one grows older, health does come to occupy the primary focus, which is why it is so important to have health insurance to keep you protected during medical emergencies.

The essence of a medical health insurance policy during COVID-19 has been realised like never before, especially for aged people. Let us see why it has become essential, like never before, for senior citizens to get themselves medically insured.

Corona’s worst targets are senior people

The news on this front is definitely alarming but in no way meant to cause a commotion! As per a piece of news reported on 3rd June 2020 in the Times of India, more than 50% of deaths due to COVID are of people aged 60 years and above. It is important to remember here that the population percentage of people older than 60 years in India is only a mere 10%. So, the figure directly points to the fact that Covid’s worst targets are people who are more than 60 years old. Of all the deaths reported till June 2020, 73% were in people with comorbidities.

In several announcements by the Ministry of Health & Welfare, it has been mentioned throughout that the aged people are high-risk people and therefore need to ensure that they follow the requisite preventive actions.

Coronavirus is a contagious disease caused by a virus that affects the respiratory organs of the human body. It can also eventually lead to multi-organ failure. Senior citizens are most vulnerable to catching the infection since many of them have a weaker immune system as compared to the younger lot; also, things can get complicated if the virus enters their respiratory organs.

So, firstly, aged people should practise social distancing and not move outdoors frequently. However, once the symptoms start to show, they should be taken to a COVID hospital for checkups and tests. Once it is confirmed that they are patients of COVID, the person should be admitted to the hospital for further treatment. The treatment, be it in a government or private hospital, can be an expensive affair because the treatment is long-drawn with expensive medication; often the person needs to be in intensive care on ventilation, and so on. This can all lead to high hospital bills.

As you can very well understand, to deal with COVID, you need to be well prepared. Having a medical insurance policy will help you sail through difficult times – at least you do not have to worry about the financial implications. Remember that insurance will help you pay for your hospital and medical bills, ICU charges, ambulance, and so on. And, today, most insurance companies offer cashless policies, which are a big help for the senior people.

What do you need to know about the medical insurance policy to be stress-free during COVID?

If you are buying a new policy, you must choose a reputable insurance company to buy the mediclaim policy. If you have an existing medical policy, it has been confirmed that the treatment for coronavirus will be covered under the policy.

And the medical insurance policies that are now being designed specifically for the aged also include other elements of holistic treatment, like offering diet tips, fitness regimes, and nutritional information. So, the purpose of taking a well-deserved insurance policy is to get end-to-end benefits from the insurance company.

As a senior citizen, your health insurance policy also comes with certain value add-ons, like:

Covering not only the medical expenses during hospitalisation but also pre-hospitalisation charges for at least the previous 2 months and post-hospitalisation for up to 6 months. Some insurance companies also provide the option to recharge your policy if your current plan is exhausted. This add-on feature can prove to be a big help in case there is any further treatment required.

There is another benefit associated with taking health insurance for aged people. You can avail of alternative treatments that fall under the Ministry of AYUSH.

Factors to consider when choosing a health insurance policy for COVID

  1. The first focus should be on the insured amount. Since treatment of Corona is costly and there is still no official medication to combat the disease, it is always best to go in for a higher assured sum. Also, your age and demographics will play an important role in determining the amount. One important aspect is also the place where you stay. If you reside in a metro city, the insurance amount will be higher than in a city or town or a village that is non-metro. It is highly recommended that all the terms and conditions are read carefully before buying a policy.
  2. The treatment covered also needs to be assessed. It is good to go with an insurance company that offers pre-hospitalisation and post-hospitalisation cost coverage. Some offer OPD charges too. Look in-depth before making a choice. Also, check if the policy offers homecare coverage or not. For many corona patients, especially old people, it is not easy to keep going to the hospital for the treatment. In such cases, if the care is being done at home, your insurance policy should offer coverage for the same.
  3. You should also be evaluating the waiting period. In India, the waiting period is usually about a month from buying the policy. This means that the company will pay for all treatment costs only after a month of buying the insurance.
  4. Lastly, after considering all these factors, you need to look at the price of buying the insurance policy. It should be as per your budget at your age. With many seniors surviving on their pension amount or funds transferred by their children, the budget needs to be worked out first so that it does not pinch your pocket.

Summary

Nothing is more important than your health. Thus, an insurance policy to cover your health is vital, especially during Corona. But, consider all factors well before making a choice.

 

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5 years ago · by · 0 comments
Health Calculator

Health Calculator: Decide the health insurance needs based on various factors

The urban lifestyle has led to changes in food and sleep habits, reduced physical activity, and other unhealthy practices. This unhealthy lifestyle has increased the possibility of suffering from different health issues like diabetes, heart diseases, blood pressure problems, etc. Regular check-ups, medications, treatments, and surgeries for such diseases can definitely burn a hole in your pocket. The only way to manage hospital expenses is by getting covered under an adequate health insurance plan. A health insurance plan offers coverage against the ambulance, medication, regular check-up, and pre- and post-hospitalisation expenses up to the amount of the sum assured.

We at Safetree offer need-based insurance policies to meet the discerning requirements of the people. We believe “One for all” does not hold good in the case of insurance policies, as the requirements and budget differ from person to person. To help our customers choose their ideal health insurance plan, we offer expert advice and a health calculator that helps to calculate the minimum amount of sum assured to be selected as per the requirements.

If you are planning to purchase a health insurance plan for you and your family, visit our online website or download the application from the Play Store. To know the minimum sum assured required to fulfil your needs, you can click on the health calculator option, fill in the details, and submit. The health calculator will consider the following factors to calculate the sum assured:

  1. Eldest Age of Insurance: If you are purchasing the health insurance plan for the entire family, you should enter the age of the eldest member in this field. This helps in analysing the health requirements and risks associated.
  2. No. of Insured: Here, you need to enter the number of members you wish to include in the health insurance plan. If the coverage is required for a greater number of people, the sum assured will definitely increase.
  3. Location: Your location plays a very important role in calculating the sum assured or the premium amount. The cost of medical care is high in metro cities when compared to the cost in rural or two-tier cities. Hence, depending on the location, the sum assured increases or decreases.
  4. Medical History: If your family has a medical history of severe diseases, surgeries, or treatments, it is likely to continue with other members of the family. Hence, the details of your family’s medical history are considered.
  5. Risk Category: The health risks associated with your family are very important. The risk levels are categorised into Averse, Neutral, and Gambler. You have to choose one amongst these depending on the risk associated with the health of your family.
  6. Annual Income: This is to know your budget. Depending upon your annual income and the above details, the calculator will suggest the appropriate amount of sum assured required for your health insurance plan.

Once you know the minimum amount of sum assured you should select, you will be able to plan your policy inclusions and, in turn, select an ideal plan as per your requirements and budget.

Various insurance aggregator platforms also provide a facility to calculate the insurance premium for particular plans offered by various insurance providers in the country. The health premium calculators work the same as our health calculator, but health premium calculators provide the approximate amount of premium you will be paying for a certain plan. The health insurance premium calculator considers factors such as your age, your family medical history, risks associated with your family insurance, and the mortality rate of your family.

Benefits of Using a Health Calculator

You must be wondering why one should use this health calculator when you can easily talk to an insurance agent or purchase a plan online. Here are a few major benefits of using a health calculator:

  • By using a health calculator you will have an estimation of the sum assured required to meet your requirements
  • This helps you to select your ideal plan within your budget
  • Once you know the estimation of sum assured, you can plan to add or delete additional riders accordingly
  • The health calculator allows you to pick your plan of interest available within the range of minimum sum assured required
  • There will be no influence on insurance agents. Most of the time, customers tend to pick less beneficial or higher than the required sum assured plans due to the influence of insurance brokers. This can be avoided by using a health calculator on your own.

Visit the Safetree online website, explore a wide range of affordable and need-based insurance plans, calculate the minimum sum assured required to fulfil your needs, and then purchase an ideal health insurance plan for you and your family.

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5 years ago · by · 0 comments
How Safetree Helps Financially during a World Pandemic Situation

How SafeTree Helps Financially during a World Pandemic Situation

The outbreak of the coronavirus pandemic has resulted in a world economic crisis, a rise in unemployment, exhaustion of medical resources, etc. The pandemic has taken its toll on people all over the world. With a 25% reduction in the overall GDP, the industrial sector is down by 54%.  The severe impact of coronavirus has put people in financial and emotional stress. Lack of income and the increasing threat of coronavirus have made lives difficult. In such a situation, finding an alternate source of income has become obligatory.

While millions of people all over the world have lost their jobs in this critical situation, we at Safetree are offering opportunities to be a part of our insurance family. At Safetree we aim at securing the citizens of the country from the financial crisis and delivering innovative insurance solutions to mitigate the risks. To help people get financially secured and find an alternate career, we, under the Saksham Bharat scheme, offer employment for POS agents to eligible candidates. Through this scheme, we aim to train and upskill Indians so that they can lead a financially secure life, become digital entrepreneurs, live a life of purpose, and increase awareness of risk protection products. If you too are looking for an extra source of income or an alternate career, this is a great opportunity to stabilise your financial status and fulfil your needs.

To become a part of our insurance family as a POS agent, all you need to do is receive the necessary training and get certified. As per the rules of the Insurance Regulatory and Development Authority of India, all the insurance companies of India can hire Point of Sales (POS) agents only after he/she gets certified.

As a POS agent, you will be authorised to sell our insurance plans by building a strong customer base. Depending upon the number of insurance plans sold, you will receive a commission in the form of income. In addition to the commissions, you will receive exciting incentives for extraordinary performance.

Here are the benefits of becoming the Safetree POS agent:

  1. You can boost your income: you do not have to visit the office every day or spend money on travelling. You can easily work from home at your convenience and gain money for every insurance plan sold. This way you can easily boost your income.
  2. This is the best alternate career: On becoming a POS agent and financial and risk expert, you will receive masterclass training and learn to build a huge customer base and sell out a large number of insurance plans easily.
  3. You can empower society: you can advise and help people by spreading awareness on how to stay prepared and mitigate financial risks.
  4. You will have a digital workplace: as mentioned above, you do not have to visit the office every day. You can work from anywhere and at any time, as you will be able to access the transactions and quotes digitally.

How to become a POS agent?

Here are some simple and convenient steps to enrol yourself for the POS agent job role:

  1. Download our Safetree mobile application from the Play Store. This application contains the training modules, conducts examinations for POS agents, and provides a mechanism to file insurance proposals with insurance companies and associated information. Alternatively, you can also visit the online website of Safetree and enrol yourself.
  2. Click on the “Register as Risk Expert” and sign up
  3. You can now receive online training from our experts. Once the training is complete, you will have to take up the certification exam. After clearing the exam, you will become the certified POS agent.
  4. You can now sell our basic insurance plans, such as motor insurance, personal accident insurance, and travel insurance, to different customers and earn commissions.

Currently, the penetration in our country is very low; hence, to achieve our vision and mission, we want more people to join us and build a financially secure country. In this current pandemic situation, an extra source of income is nothing less than a boon. A POS agent is an IRDAI-approved job role that allows you to work at your convenience, save money on transportation, and earn extra incentives along with the income for excelling in your work. Fight this pandemic and financial crisis by earning generously.

If you are facing financial issues and suffering from unemployment or lack of income, without further delay, grab this amazing opportunity today! You can get in touch with us through our application or online website and enrol yourself for the POS agent training. Hurry up!

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5 years ago · by · 0 comments

Importance of Having a Home Insurance Policy in India

Home is a priceless asset involving lifetime savings, aspirations, and efforts. Along with providing security and protection, your home houses the valuables of your life, such as jewellery, expensive gadgets, devices, antique items, and a lot more. Considering the climatic changes, environmental destruction, and possibilities of man-made vandalism, you have to agree that home can be shattered anytime.
To protect your home against the climactic destruction or man-made vandalism, a home insurance policy is a must. The cost of rebuilding your home can definitely burn a hole in your pocket. Also, for some people rebuilding the entire home is not possible at all. Hence, protecting this precious asset becomes crucial. We at Safetree offer need-based affordable home insurance policies that will safeguard your home from natural and man-made damages.

A Home Insurance Policy covers the structure of your home and the contents, which include protection against the damages caused due to fire, explosion, natural calamities like flood, earthquake, storm, and man-made destruction from riots, strikes, theft, burglary, etc.

A basic home insurance policy offers cover in 3 ways:

  1. Reinstatement value: Under this coverage, the insurance company gives an equivalent amount of the cost of home construction, excluding the value of the land.
  2. Agreed value: This coverage provides an amount equivalent to the cost of your home construction, including the value of the land.
  3. Indemnity value: Under this coverage the insurer provides the current value of the home by deducting the depreciation value depending on the age of your home.

What is covered under home insurance cover?

If you purchase an advanced home insurance policy, the insurer will offer protection against the damages caused to furniture, electronics, artworks, and jewellery. You can avail coverage for other content by selecting either indemnity value coverage or reinstatement value coverage. During valuation, you should declare the content cover through bills and invoices. However, in the case of reinstatement value coverage, the insurer will provide cash for the insured items without deducting any depreciation cost of wear and tear. Amongst the above-mentioned 3 types of home insurance coverage, the reinstatement value costs more than the others.

There are a few special home insurance policies that cover the living expense of the policyholder when he/she is unable to stay in their home. However, the police are subjected to terms and conditions such as the duration, etc. Under some packages, you can claim for personal accident damages and compensations for the permanent or partial bodily damages caused in an accident. Depending upon your requirements, you can choose the coverage for your home insurance policy.

What are the exclusions of a home insurance policy?

  • Any loss or damage caused due to civil wars, wars or related perils
  • Loss of cash
  • Any damages or loss caused due to depreciation or wear and tear of items
  • Any loss caused due to pre-existing damages, defects and wear and tear
  • Theft or attempted theft from open spaces like a yard, gardens, etc.

Benefits of purchasing the home insurance policy

  • A home insurance policy with extensive coverage covers all the valuables like jewellery, laptops, mobile phones, other electronic devices, and other valuables, along with your home structure and land cost. You can also choose additional covers and riders while purchasing the policy
  • The policy offers a replacement for loss: Depending upon the insurance plan you have chosen, you can get the damaged goods replaced with new items instead of getting the equivalent cost of those items
  • Damages caused by all types of natural calamities are covered under the basic as well as advanced home insurance plans. As mentioned above, repairing your damaged home can cost a fortune. In such cases, a home insurance policy will save you from the financial crisis
  • Home insurance policies are less expensive. You may feel a home insurance policy is an unwanted expense, but you have to agree, eventualities do not come knocking. The only way to protect your home and the valuables and to safeguard yourself from the financial loss is by purchasing an adequate home insurance policy. For a home insurance policy of Rs. 4,000,000, you may just have to pay an annual premium of Rs. 2,000. And comprehensive coverage may cost you around Rs. 5000 for a year.

At Safetree, we provide round-the-clock assistance and expert advice to help you select the best insurance plan that meets your requirements. We also provide technology-based customised insurance solutions to eliminate your insurance-related issues. Visit our website and explore our wide range of insurance policies offered at affordable premium rates, and pick your ideal home insurance policy today!

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5 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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