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A term insurance plans is the life insurance that protects your family in case of your death. Main motive of this plan is to protect the income of the primary member of a household in the unfortunate situation of their death. Term Insurance is important nowadays for various reasons like clear your debts, affordability, ensure consistent income, financially protect your family and meet your financial goals. Get to know more about compare term insurance plans in the blog.

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A term insurance policy is a type of life insurance that protects your dear ones in the event of your death. It is intended to protect the income of the primary earning member of a household in the unfortunate incident of their death. If you can no longer provide financial support for your family, the sum assured by a term plan will ensure that your nominees receive the appropriate financial support (as determined by you) in their hour of need.

Term insurance plans are also among the most cost-effective types of life insurance. As a result, they are extremely popular and, at times, difficult to select from a wide range of products in the market. This is why it is frequently advised to compare term insurance policies thoroughly.

Online Term Insurance Plans provide additional premium discounts.

Why Should I Buy Term Insurance Plan?

Financially Protect Your Family
If you are the primary breadwinner in your family, you must purchase a term plan. No matter how much you have saved or invested over the decades, unforeseen events such as death or critical illness always have a financial impact on your family in addition to the enormous emotional loss.

Clear Your Debts
In the event of your untimely death, the Death Benefit payable under a term life insurance plan assists your family in repaying any debts such as car loans; housing loans, and so on, and reduces the burden of financial trauma if there is an emotional loss to bear.

Affordable
The premiums are so low that the term plan is a must-buy to protect your family's financial interests in your absence.

Meet your Financial Goals
In the event of your untimely death, term insurance benefits enable your family to achieve and maintain financial goals such as your child's basic education, higher education, child's marriage, and financial aid for your spouse and dependent parents.

Ensure Consistent Income
Some term insurance policies allow you to pay out the policy proceeds in two ways: partially as a lump sum and partially as monthly income to your family in your absence. This will assist the family in meeting their regular expenses and achieving financial independence.

Why is it necessary to compare term insurance plans?

Here are some of the reasons why you should compare term insurance policies from various insurers:

You Know What you Require
Purchasing a term plan is a critical task that will protect your family for years. However, few people are aware of the numerous benefits that a term plan can provide. Inadequate or incorrect information about plans may lead you to purchase the wrong plan which may not satisfy your needs. A term life insurance comparison can help you learn about different policies and their offers, allowing you to choose the best one from the bunch.

You Get a Good Deal
Even in today's world, the age-old practice of weighing all options before making a purchase is critical. When comparing policies, you can determine which scheme is the most cost-effective in terms of features and benefits. By comparing the plans online, you can choose a policy that suits your needs.

How do you compare term insurance policies?

An online term life insurance comparison is a simple and straightforward process. It can be done at any time and from any location. Here are some points to consider before purchasing a plan for yourself.

However, the decisions you make may have an impact on the premium you pay for term insurance. You can get an estimate of each plan by comparing all offerings online. You can then select the product that appears to be the most cost-effective and feature-rich.

If you are concerned about the cost of insurance, consider purchasing it at a young age because the premium rate is low.

" SMC offers the place to compare and buy best term plans online. Protect Yourself Today! "

Conclusion

A term life insurance comparison can assist you in selecting the best policy for your necessities and those of your family. It not only results in cost-effective options, but it also allows you to purchase a plan with a wide range of offerings from a reputable brand. It eliminates all room for doubt and guarantees that you live a stress-free life.

As a result, before purchasing a term plan, consider making a comparison of various options and determine which one is best suitable. It only takes a few minutes and will protect your loved ones for a long time.

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Term Insurance - Compare & Buy Best Term Insurance Plan Online

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A term insurance policy is a type of life insurance that protects your dear ones in the event of your death. It is intended to protect the income of the primary earning member of a household in the unfortunate incident of their death.

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By safe driving and not raising claim then you can reduce your motor insurance premiums. Get to know more from this post.

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Use of Advanced Analytics in the Insurance Industry

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Use of Advanced Analytics in the Insurance Industry

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To enhance predictability and probability insurers have started to hold advanced analytics. So, the use of data analytics is not new in the insurance industry. If the insurance companies have more data you will more insights and parameters to base your decisions on. To know more about the use of advanced analytics in the insurance industry read this blog.

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Globally, insurers have started embracing advanced analytics to improve predictability and probability. The insurance industry has been carried on by data analytics for some time now. Hence, the use of data analytics is not new to the insurance industry.

If you will have more data then you will have more insights and parameters to base your decisions on. Insurers have characteristically made decisions based upon realistic evidence by taking pragmatic steps for centuries. For the life insurance industry it is very important to predict the mortality and morbidity in case of health insurance industry.

Take mortality for example. Back in the mid-1600s, patterns were perceived that could forecast longevity and help regulate rates for definite groups of people. In the several decades since, the insurance business' very survival has depended on the actuaries' abilities to make beneficial and smart decisions based on data. For this, the actuaries carefully collect the data points and run a deep study to make the best decisions for the insurers.

Data is their lifeblood for all insurers - big and small. Insurance leaders believed if they could procure more unique insights from across the countries where they serve their customers.

Our client asked us how they could better manage and utilize the vast amounts of data coming in from their business lines
Peter Vanderslice, one of Deloitte's lead operations and technology leaders

"Today, ever-increasing amounts of information and the technologies that both gather and analyze it - sensing devices, fitness trackers, and artificial intelligence - make it possible for insurers to have deeper insights into customer's lifestyles, companies' risks, and other information that can be used to predict losses, price products, and educate consumers.

As data analysis depends on both quality and quantity, the engagement team has been sorting out with the insurer to understand the potential usefulness of its current data assets and evaluate how successfully different groups use data to generate a competitive edge. The main objective is to enhance data quality accountability and measurement everywhere information is gathered so that data used for decision making has high quality consistently.

The time-taking effort is still in its nascent stages, but they have been able to create a wealth of enterprise data already from which some of its major business units are pulling analytics-based insights.

Just as importantly, drawing from this 'big data lake' supports their ability to keep their clients, and what their clients value most: keep their data safer Omer Sohail, lead data and analytics partner for the account

Impact

Data Analytics is helping insurers by providing opportunities to improve pricing

Data Analytics can enhance the ability to cross-sell insurance products effectively

It can also help achieve cost control through claims and underwriting management

Conclusion

Data analytics is not something new for the insurance industry. It has been used for several decades and centuries; only the technology was different and is continuously evolving. You need accurate data to base your decisions on. Advanced data analytics is the key critical success factor for insurers these days. Its scope, by integrating big data is only going to increase in the coming times.

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Use of Advanced Analytics in the Insurance Industry

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Globally, insurers have started embracing advanced analytics to improve predictability and probability. The insurance industry has been carried on by data analytics for some time now. Hence, the use of data analytics is not new to the insurance industry. If you will have more data then you will have more insights and parameters to base your decisions on.

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Government Announces New Road Safety Norms

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Government Announces New Road Safety Norms

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The government of India has reset tyre standards to improve road safety. With this information, India will be placed with UNECE (United Economic Commission for Europe) regulations. The Central Motor Vehicles (Tenth Amendment) Rules, 2022 has a sub-chapter Ministry of Road Transport and Highways (MoRTH). MoRTH has issued a notification, as per which new standards for tyres are meant for light commercial vehicles (CVs), heavy trucks, passenger cars, and buses.

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The government of India has reset tyre standards to push road safety. With this notification, India will be aligned with UNECE (United Economic Commission for Europe) regulations. The Central Motor Vehicles (Tenth Amendment) Rules, 2022 has a sub-chapter Ministry of Road Transport and Highways (MoRTH). MoRTH has issued a notification, as per which new standards for tyres are meant for passenger cars, heavy trucks, light commercial vehicles (CVs), and buses.

From coming October, tyres would have to adhere to strict standards for wet grip, rolling sound emissions, and rolling resistance said the official statement from MoRTH.

MoRTH has further classified that it mandates requirements of rolling requirements, rolling resistance, and wet grip. As per Automotive Industry Standards, 142:209 - tyres should fall under classes C1 (passenger cars), C2 (light truck), and C3 (truck and bus).

The report said that the rolling resistance of tyres has an impact on fuel efficiency. Wet grip performance influences the braking performance of tyres under wet conditions and promotes vehicular safety. The Rolling sound emission relates to the sound emitted from the contact between the road surface and tyres in motion.

According to the statement, the tyres will meet the stage 2 limit of rolling resistance, rolling sound emissions, and wet grip standards, as specified in this AIS (Automotive Industry Standard).

Adhering to the regulation, India will be aligned with UNECE (United Nations Economic Commission for Europe) regulations, added to the notification.

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Government Announces New Road Safety Norms

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The government of India has reset tyre standards to push road safety. With this notification, India will be aligned with UNECE (United Economic Commission for Europe) regulations. The Central Motor Vehicles (Tenth Amendment) Rules, 2022 has a sub-chapter Ministry of Road Transport and Highways (MoRTH).

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Health insurance plans not only saves you from health expenses but also provide you tax benefits. There are various policies that SMC is providing to their happy customers so that they can avail tax benefits and save their savings on health expenses. A person can have the benefit of maximum INR 25,000 deductions on their insurance policy premium under section 80D. Whereas, for the senior citizen a person can avail deductions of maximum of Rs. 75,000.

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Do you know health insurance plan helps you save taxes on your investment too?

Health insurance is designed to help policyholders save money on health expenses. By investing in these plans, policyholders can avail tax benefits under the Income Tax Act. SMC Insurance offers a wide range of health policies that can help policyholders invest smartly and avail tax benefits. These plans also come with features and benefits that can be customized to meet the specific needs of the policyholders.

These are the plans that provide policyholders with a deduction on the premium paid towards health insurance under Section 80D of the Income Tax Act. In the case of an individual policyholder, the deduction is available for a maximum of Rs. 25,000. In the case of a family having a senior citizen as a member policyholder, the deduction is available for a maximum of Rs. 75,000. These deductions are available for both the policyholder and their spouse's ITR filing.

Here are different types of health insurance plans with a tax-saving component:

Individual Health Insurance Plans:
These plans offer financial protection to an individual against medical needs. Premiums are tax deductible.

Family Floater Health Insurance Plans:
These plans are designed for the entire family to cover the medical expenses applicable up to 6 members. One can save tax on all premiums paid.

Senior Citizen Health Insurance Plans:
Devised specifically for senior citizens and their specific medical conditions, these plans offer tax saving benefits too.

Group Health Insurance Plans:
Employers offer these health plans to their employees. Premiums on such plans are tax deductible.

Critical Illness Insurance Plans:
These plans provide a lump sum benefit for the diagnosis of specified critical illnesses. The premiums for such plans are usually high and come with tax benefits.

One can choose any of the above-mentioned health insurance plans and ensure the taxes are saved. It is advisable to compare different plans and then choose the one that best suits your needs and budget.

Here are some individuals who should consider buying these plans:

Self-employed individuals: If you are self-employed, you can save money on your taxes by investing in a health insurance plan.

Employees: Employees can save on their taxes by availing of a health insurance policy according to their needs.

Senior Citizens: Senior citizens can avail the tax benefits of up to Rs. 50,000

Families: Buyer can save on his taxes by availing the health policy.

HUFs: Hindu Undivided Families can save on their taxes by availing tax-saving health insurance plans.

It is important to remember that these plans come with some terms and conditions. You must read the policy document carefully before purchasing the plan.

Sickness never comes up with the ringing bells. Health insurance is necessary to protect yourself from hefty medical bills at the time of uncertain events and avail some extra benefits like mentioned below:

You can save money from taxes and utilize for better investments

Your financial planning becomes safe and sound

You are insured against medical emergencies

Your family is carefree as the medical insurance is always handy

You come across as a responsible citizen of the nation as you have invested in the right instruments

Your ITR filings and documents are always up to date making you eligible for more benefits

Some of the benefits of having a tax saving health insurance plan in India are:

Tax benefit under Section 80D:
Under this section, the premium paid towards the health insurance policy eligible for deduction from the total income.

Tax benefit under Section 80DD:
This section provides for deduction in respect of expenditure incurred on medical treatment of a disabled dependent.

Tax benefit under Section 80DDB:
This section provides for deduction in respect of expenditure incurred on critical illness medical treatment of a specified disease or ailment.

Tax benefit under Section 80U:
A tax benefit of Rs. 75,000 is available to persons with disabilities under Section 80U. The maximum amount that may claim is Rs. 1.25 lakh in the case of severe disability.

There are various benefits of having a tax saving health insurance plan in India. So, if you are looking for a health insurance policy, make sure to check if it offers any tax benefits.

Your health insurance premiums are excluded from your income tax burden for a specific tax year. If you have a family floater health insurance policy that covers you and your spouse as well as your children, the premium paid for each family member's coverage helps in saving your income tax amount. This aspect of the Income Tax Act provides benefits to the following members of your family:

A Hindu Undivided Family (HUF) can claim a tax benefit under this section if the premium of an individual member is subject to the upper limit of tax benefit under this section.

Many health insurance plans in India offer tax benefits under section 80D of the Income Tax Act. Below are the scenarios where you can get a deduction:

Buying health insurance for yourself can help you to get a deduction of up to Rs. 25,000 for the premium paid towards the health insurance policy.

Health insurance riders premiums are also entitled to get the tax benefit under section 80D.

The maximum amount of Rs. 25,000 or Rs. 30,000 can be reimbursed for preventive health check-ups. For example, if you pay a premium of Rs 20,000 toward Medi-claim and have a health check-up costing Rs. 5,000, the combined expenditures are deductible up to Rs. 25,000 under section 80D.

If you have purchased a health insurance policy for yourself and your spouse, you can avail deduction up to Rs. 25,000.

Buying a health insurance policy for yourself, your spouse, dependent children, and your parents below 60 years can help you in saving up to Rs. 50,000 in a financial year.

Senior citizens (aged 60 years or above) can claim a deduction of up to Rs. 50,000 for the premium paid in a financial year.

If you buy a health insurance policy that includes you, your spouse, dependent children, and parents aged above 60 years, you can claim a deduction up to Rs. 75,000 for the premium paid in a financial year.

The documents required to claim a tax deduction in India may vary depending on the type of deduction claim. However, some of the common documents required for claiming tax deductions in India include:

Income Tax Return Form:
This is the most important document required for claiming any tax deduction. The income tax return must be filed with the Income Tax Department and should be duly signed by the individual claiming the deduction.

Proof of Investment:
This could be in the form of bank statements, investment certificates or any other document that proves that the individual has made the investment for which deduction is claimed.

Bills and Receipts:
In case of deductions under sections 80C, 80D or any other section that allows deduction on expenses incurred, bills and receipts must be submitted as proof of expenditure.

Documents Relating to Loan:
In case the deduction is claimed under section 80E or any other section that allows deduction on interest paid on loan, documents such as loan agreement, bank statements, etc. must be submitted.

Other Supporting Documents:
Other documents may be required depending on the type of deduction claimed, such as a rent agreement in case of deductions under section 80GG (House rent) and medical reports in case of deduction under section 80DDB etc. It is advisable to check the complete list of documents required for claiming the deduction before filing the income tax return.

Tax Saving on Health Insurance Plans is the best way to reduce your taxable income. The best way to find the best Tax Saving Health Insurance Plans is to compare the different plans and choose the one that best suits your needs. You can also consult with SMC Insurance to get the best plan for you.

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Health Insurance Tax Benefit Plans - Under section 80 D

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Do you know health insurance plan helps you save taxes on your investment too? Health insurance is designed to help policyholders save money on health expenses. By investing in these plans, policyholders can avail tax benefits under the Income Tax Act.

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3 Risks of not renewing your motor insurance on time. 

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3 Risks of not renewing your motor insurance on time. 

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There are lot of people who are not giving importance to their motor insurance while it is mandatory in India. If it is not renewed before the due date you will be penalized by the traffic police and the renewal premium can also be high. View this post.

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5 Most Important Insurance Policies that you must have

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5 Most Important Insurance Policies that you must have

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Nowadays, natural calamities and man-made calamities can happen anywhere. Life is uncertain and it takes years to build your wealth and house. There are 5 most important insurance policies that you must have. Here is the list below.

·       Home Insurance

·       Third Party Insurance

·       Cyber Security Insurance

·       Personal Accident Cover

·       Health Insurance

Get detailed information about these 5 insurance policies in this blog

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Protecting your assets and valuables is an important step in creating and building personal wealth. There are so many uncertainties that can crop up and harm your belongings. Insurance is the most trusted financial risk mitigation tool that effectively saves you from colossal financial damages. In this article, we will discuss five insurance policies that you must have.

1. Home Insurance

Under a home insurance policy, the general insurance company promises to cover the financial damages caused to your home or its contents. It takes decades of savings to build a house and make it home but a single fire accident can burn everything to ashes. So, it is recommended that you have insurance on your house.
A home insurance policy covers your house against:
* Man-made calamities such as theft, riots, fire, etc.
* Natural calamities such as storms, earthquakes, floods, typhoons, tempests, etc.
There are three types of home insurance, such as:
* Structure insurance: It covers the structure of your house.
* Contents insurance: It covers the things and valuable items kept in your house.
* Comprehensive home insurance policy: It covers both the structure and contents.

Cybersecurity insurance, also called cyber insurance, is an insurance policy that a business entity can purchase to cover the financial risks associated with doing business online.

Relatively, Cybersecurity insurance is a new type of insurance. Hence, organizations taking cybersecurity insurance are considered early adopters today. However, organizations that do not buy cybersecurity insurance are slackers and they expose them to great risk.
Features of cybersecurity insurance policy

1. The cybersecurity insurance policy provides protection against theft of funds due to cyber hacking of the insured's digital wallet/credit card/ debit card, etc.

2. It provides protection in terms of defense costs for the claims made by an affected third party against the insured.

3. The policy provides funds for data recovery.

4. The policy protects the insured against claims made by the third party for classified data leak.

5. It provides cover against phishing.

6. It provides funds to prosecute the stalker.

7. The policy provides protection against financial losses caused due to a spoofed email attack.

8. It provides protection against the fraudulent use of credit card/ debit card/ e-wallet by a third party to make online purchases over the internet.

9. It provides defense cost against any third party claims in defamation/invasion of piracy due to publication of any of insured's digital media content.

10. It provides protection against financial loss due to a cyber-extortion threat.

An important thing to note is that cybersecurity policies are dynamic in nature and can change frequently owing to the fluctuating nature of the associated cyber-risks.

3. Personal Accident Cover

A personal accident insurance compensates you or your nominee in the event of death, injury, mutilation, or impairment caused due an accident. An accident can happen anytime with anybody. It covers pre and post hospitalization, hospitalization, and offers daily cash allowance up to 30 days. Personal accident insurance provides cover for loss of income for a certain period. Personal accident insurance plans also offer children educational benefits for the dependent children of the policyholder to help them continue their education.

A health insurance plan is a must-have insurance product for any individual. Seeing the cost of illness and the persistent in inflation in it in the country, you would be robbing your future self if you do not have a health cover for you and your family. A single accident or a tumor in your family can wipe away all your savings and render you bankrupt. A health insurance plan acts as a financial backup to meet any medical contingency with confidence. Health insurance plans also have attractive tax benefits under section 80D of the Income Tax Act 1961.
To suit the needs of different people there are different types of health insurance plans available, such as:
* Individual health Insurance
* Family floater health Insurance
* Group health Insurance
* Senior citizen health Insurance
* Women health Insurance
* Critical-illness Insurance
* Hospital daily cash

5. Third Party Insurance

Third-party insurance covers liabilities against third persons accruing due to any action of ours. For example, there is third-party liability insurance in the case of motor vehicles. If a person gets injured or dies due to getting hit by our car then we are liable to pay damages to that person. Third-party liability damages can be colossal - up to the tune of crores of rupees. Third-party liability insurance pays off the liabilities towards third parties on your behalf. In the case of motor insurance, third-party insurance is mandatory to have else you would be penalized by the traffic police.

Among the many important insurance policies that are available in the market, the 5 discussed above are mandatory to have as these are your closest assets. By paying a timely premium you can ease off a lot of stress and worry from your life.

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5 Most Important Insurance Policies that you must have

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Protecting your assets and valuables is an important step in creating and building personal wealth. There are so many uncertainties that can crop up and harm your belongings. Insurance is the most trusted financial risk mitigation tool that effectively saves you from colossal financial damages.

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Never drive under the influence of alcohol/drugs

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Never drive under the influence of alcohol/drugs

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Driving safely will lead you happy life and will help to claim in your motor insurance policy. So, it is been said that never drive under the influence of alcohol/drugs to make your life peaceful. There are several reasons that you will get to know that drinking and driving is not worth it.

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Old age people are more prone to illness than younger and their treatment is also costly and will last for longer period. Here, senior citizen health insurance comes handy where the old age people get the      medical insurance and the cost of treatment with cashless facility at the insurance network hospital. It provides financial security to the beneficiary. Senior citizen health insurance covers pre-existing conditions, hospitalization costs, coronavirus therapy and major sickness.

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Older individuals are more prone to certain illnesses and health states than those who are younger. The treatment of age-related health issues is both costly and generally for long-term. You won't have to worry about paying for medical expenditures resulting from old age illness if you have proper information about a senior citizen health insurance policy.

Senior citizen health insurance is a form of medical insurance that covers the cost of treatment at the insurance provider's network hospitals. It provides check-ups and cashless hospitalization for the elderly and financial assistance to the beneficiary. Senior citizen health insurance covers pre-existing conditions, hospitalization costs, major sickness, and coronavirus therapy.

Seniors who are over the age of 65 years can suffer from serious health issues as they get older. An emergency hospitalization of your parents might be both emotionally and financially draining.

Parents may use their health insurance to pay for the financial consequences of hospitalization. The following are the reasons why you should purchase a senior citizen health insurance policy:

It's important to have a health insurance plan that meets the unique needs of seniors. Senior citizen health insurance plans are designed to provide older adults with the coverage they need to maintain their health and wellbeing.
OR
Health insurance policy details needs to be updated with growing age so as to meet the unique requirements of the senior citizens. The plans are designed to provide coverage to the older adults so as to maintain their health and well-being.
Here are some of the key features OR Acknowledge the following key features of Senior Citizen Health plans -
SMC Insurance provides the best Senior Citizen Health Insurance options with benefits that cover almost all types of disease and health care facilities for elderly people.

A senior citizen policy provides several following advantages to older individuals:-.

A survey states that almost 90% of people aged 65 years and above are covered by some form of health insurance. Even though most of the seniors have health insurance, there are still some people who don't have coverage. This is a problem because many seniors cannot afford to pay for their health care expenses out-of-pocket.

There is no one-size-fits-all answer to this question, as the best decision will depend on the individual's needs and circumstances. However, most people agree that seniors who are healthy and have a good financial situation should buy health insurance. This is because health insurance can protect them from future unexpected medical expenses, which can be costly.

Seniors who are not healthy or do not have a good financial situation may want to consider government programs that provide healthcare coverage for low-income individuals and those who are 65 years or older, respectively. If you are interested in either of these programs, you can learn more about them on the official government websites.
The following are some of the most frequent types of coverage supplied by senior citizen health insurance plans: The following medical expenditures are not covered by a senior citizen health insurance policy:
Ultimately, the best decision about whether to buy health insurance will depend on the individual's circumstances. If you are unsure about what is best for you, it is always a good idea to talk to a financial advisor or healthcare professional expert. According to the National Council on Aging, "Health insurance is an important part of financial planning for retirement. It can help to protect you and your loved ones from high medical costs." So if you are a senior citizen, it is definitely something to consider for secure future!

Diseases or injuries acquired before the start of treatment

Self-inflicted injuries or suicide expenses

Treatment expenses for drug or alcohol addiction and rehabilitation

Expenses for non-allopathic therapy are not covered.

The cost of treating injuries sustained as a result of foreign military action or civil conflict.

Plastic surgery

The cost for the treatment of AIDS

Please note that the list of exclusions varies from one plan to another.

The best senior citizen health insurance plans offer comprehensive coverage for medical expenses, including hospitalization, doctor visits, prescription drugs, and more. They also provide financial protection in the event of a serious illness or injury.

To find the best plan for yourself, consider your needs and budget. Then, compare the features and costs of different policies. Let's understand this in detail:

In India, senior citizens are defined as those people who are aged 60 years and above. As per the latest Census data, there are around 10 crore senior citizens in India. As people age, their health needs change, and they become more vulnerable to serious health conditions. This is why it is important for them to have a health insurance plan that meets all their medical expenses.

When choosing a health insurance policy for senior citizens, it is important to compare the features and costs of different plans before buying one. The premium amount is based on factors such as the sum assured age of the policyholder, pre-existing medical conditions, and so on.

You can read about different senior citizen health insurance plans from the SMC website to easily compare different plans and find the best one for you. Make sure to read the fine print carefully before buying a policy.

Health insurance is meant for people of all age group. Medical insurance has now alleviated the burden of the worry associated with massive medical expenditures, emergency therapies, and day-care procedures.

Senior citizens who do not have health insurance will be at the risk of going bankrupt or, in severe circumstances; they may even need to lose their homes. One of the fundamental requirements for a secure and stress-free future is having health insurance.

Today, several insurance firms provide health coverage for the elderly, and each policy comes with its own set of benefits and limitations. Selecting the best plan from a sea of similar health programs may appear to be difficult, and in fact, this step should be done after conducting extensive research. An individual must assess the coverage and choose what he or she requires in the future.

Also consider the premium rates, riders and perks. Premiums are generally higher for those over a certain age since they have more years of experience.

In the case of an emergency, an elderly person does not have to worry about their financial position and can simply get a free health check-up with a good health insurance plan.

Finalizing a policy necessitates attention to several elements, such as premium rates, coverage or benefits, features, exclusions, and terms & conditions.

As we age, our health insurance needs to change. That's why it's important to have health insurance that meets the unique needs of seniors. Seniors have distinct health requirements from their Health Insurance Plan, which are different from those of teenagers.

Furthermore, the cost of medical treatment for seniors is considerably greater. You don't want your or your parents' long-term savings to go towards hospital expenses if you are a senior citizen or planning to get health insurance for them. Many healthcare insurance companies have introduced special Senior Health Insurance plans that meet the needs of older people.

Although a Family Floater Health Insurance Policy is available for the elderly, it is preferable to get a senior citizen health insurance policy or an individual health insurance policy since the premium varies significantly.
Here are some factors you should keep in mind while looking for the best senior citizen health insurance policy:
Furthermore, senior citizens' particular insurance plans provide extra advantages than standard health insurance. Most of the time, regular health insurance plans either don't cover elderly people or have limited coverage.

CompareDon't just buy the first senior citizen health insurance policy that you come across. Use an online insurance comparison portal to compare plans from different insurers and choose the one that offers the best coverage at the most affordable premium.

As you can see, there are many different health insurance options available for senior citizens. It is important to do your research and find the option that best suits your needs. According to a recent study, nearly 60% of seniors have some form of health insurance. However, only about 20% have a comprehensive plan that covers all their needs. Make sure you are one of the latter by shopping around and finding the right coverage for you. There are a lot of things to consider when you are looking for senior citizen health insurance. The most important thing is to find a plan that fits your budget and provides the coverage you need.

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Senior Citizen Health Insurance | Medical Insurance for Senior Citizens

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Older individuals are more prone to certain illnesses and health states than those who are younger. The treatment of age-related health issues is both costly and generally for long-term. You won't have to worry about paying for medical expenditures resulting from old age illness if you have proper information about a senior citizen health insurance policy.

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Maternity cover health insurance is that policy which is really very important for women during the time of pregnancy. It provides you the financial security during delivery. There are various benefits and features and SMC Insurance provides the best information about the maternity cover health insurance. Planning for extending your family then this health insurance will be beneficial for your spouse.

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Introduction

Maternity Cover Health Insurance is a policy that covers the cost of delivery and other medical expenses during pregnancy. It is an important health insurance policy for women as it ensures financial security during this period. SMC Insurance provides information about the best maternity cover health insurance policies in India. This article will discuss the features, benefits, and policy options.

What is Maternity Cover Health Insurance?

If you are planning for extending your family, it’s important to prepare yourself from all eventualities by purchasing maternity cover health insurance which covers the cost of medical care related to pregnancy and childbirth. This can include prenatal and postnatal care, as well as delivery costs. Some policies will also cover complications arising from pregnancy, such as ectopic pregnancies or premature births. One can opt for a standalone maternity policy or add it on as a rider to an existing health insurance policy.

Who Should Opt For It?

Pregnant women in India should opt for a maternity cover health insurance plan to ensure that they and their baby are covered in case of any unforeseen medical expenses. One can never predict when a health emergency might occur, and having a good health insurance plan will reduce your stress, and provides you financial security.

If you already have a health insurance policy, it’s important to check whether it includes maternity cover or not.  You can also add-on to your existing health insurance policy with a sum insured up to Rs. 50 thousand or more.

For those who don’t have a health insurance policy, standalone maternity insurance can be a good option. It’s important to compare different policies and make sure you understand the coverage and exclusions of the policy.

Why to Opt for Maternity Insurance?

Maternity Insurance is beneficial for those who want to be financially prepared for the costs associated with pregnancy and childbirth. The policy can also give you peace of mind, knowing that you and your partner will have access to good quality medical treatment if needed. For instance, if you have a history of complications during pregnancy or you are expecting twins or triplets, a maternity insurance policy can give you the financial protection.

How SMC Helps in Buying Maternity Cover Health Insurance?

SMC Insurance helps you in buying Maternity Cover Health Insurance by providing you with a platform to compare and choose different policies that best suit your needs. We understand the need of having access to quality medical care during pregnancy, and our team is always there to help you make an informed decision about your maternity cover.

We also offer a hassle-free online application process to get your maternity cover without any delays.

How Does Maternity Cover Health Insurance Work?

Maternity Cover Health Insurance works by financially protecting pregnant women and their children in the event of complications during pregnancy or childbirth. It can help pay for medical expenses related to prenatal care, delivery, and postnatal care. Some policies also cover breastfeeding support and new-born care.

Maternity cover can also be bought as an add-on to a standard health insurance policy or as a standalone policy. Some insurers also offer comprehensive maternity packages that include coverage for fertility treatments, miscarriage, and other complications related to pregnancy.

No matter what type of Maternity Cover Health Insurance plan you have, it is important to know and understand about how your plan works and what it covers. This will help you avail the most of your coverage and avoid any surprises down the road.

Maternity Insurance Benefits

Maternity Insurance Benefits are designed to help pregnant women and their families with pregnancy and childbirth costs. Some of the benefits that may be included in a Maternity Insurance policy are:

● Financial Aid for Prenatal Care
Maternity Insurance can help you cover the costs of prenatal care, including doctor’s visits, ultrasounds, and blood tests which is essential for healthy pregnancy.

● Fertility Treatment Coverage
If you are struggling to get pregnant, some Maternity Insurance policies will cover the costs of fertility treatments, such as in-vitro fertilisation (IVF).

● Miscarriage Coverage
If you have a miscarriage, some Maternity Insurance plans will cover the costs of your medical care and provide financial assistance for lost wages.

● Maternity Cover for a New-born Baby
Your Maternity Insurance policy may also cover the costs of your new-born baby’s care, including hospital stays, immunisations, and prescriptions.

● Tax Benefits
Premiums paid for maternity-specific health insurance plans are also eligible for a tax deduction of up to INR 25,000 per year under section 80D of the Income Tax Act, 1961.

Features of Maternity Cover Health Insurance

There are several health insurance firms in existence today that provide maternity coverage. Despite many different advantages and services provided by various firms, their fundamental characteristics remain the same. Before you purchase a plan, it’s vital to understand them in detail. Below are the key features of maternity cover health insurance:

● Waiting Period
There is a waiting period associated with maternity coverage. You will be able to collect the benefits only when this waiting period has passed. Some health insurance companies have a 9-month waiting period; others have a waiting period of up to 6 years.

● Complication from Pregnancy:
Your maternity insurance policy will also pay out a benefit if you suffer from any complications arising from your pregnancy. This could include premature births, ectopic pregnancies, or even miscarriages.

● Delivery Costs:
Your maternity insurance policy will cover the costs associated with your delivery, like hospital stay, medication, and any other necessary medical treatment.

● Ancillary Expenses:
A maternity insurance policy may also cover some ancillary expenses, such as ambulance charges and nursing care.

Eligibility for Maternity Cover Health Insurance

The eligibility criteria for maternity cover health insurance plans vary from one insurer to another. However, some general conditions must be met in order to qualify for this type of coverage. Your age must be at least 18 years when taking the policy. You will also need to provide proof of your identity and pregnancy. In some cases, you may also be required to undergo a medical examination. One can always check with the insurer to see if they have any specific requirements.

What is covered under Maternity Cover Health Insurance?

Following are some of the essential things that are covered under maternity cover health insurance plans:

● Cost of Delivery and Labour
Maternity insurance reimburses all out-of-pocket costs during delivery up to the amount of the sum insured.

● Caesarean Delivery
Caesarean delivery is an operation that is carried out to deliver the baby when a vaginal birth is not feasible for the mother or the kid. It will be covered by maternity insurance.

● Complications during Pregnancy
Some women develop medical problems during their pregnancy, which may need treatment. Your insurance will cover any pregnancy-related issues.

● Infertility Treatment
The insurer will reimburse the cost of infertility treatment if you or your partner is experiencing infertility problems.

● Terminations
Some medical problems may necessitate the termination of a pregnancy. The fees you incur for lawful terminations will be reimbursed.

● Rental of Hospital Rooms
Medical insurance will cover the costs of hospitalisation and room rentals.

What Is Not Covered Under Maternity Cover Health Insurance?

Exclusions are services that your maternity insurance will not cover. Some of the most common exclusions are:

Ectopic pregnancy

Consultation fees

The cost of obtaining and preserving stem cells

Birth control procedures

Infertility treatments

Hormone replacement therapy

The costs of medical care resulting from an assisted conception complication

Regular check-ups

Termination of pregnancy before 12 weeks

Non-allopathic therapy fees

Voluntary termination of pregnancy

Surrogate or vicarious pregnancy

Maternity Insurance Claim Process

When you file a claim, the following documents will be required:

Health/Policy Card

Policy Papers

Documents Related to Pregnancy

Claim settlement form fully completed and signed

KYC Documents, as asked by the insurance company

There are two methods for filing a claim:

Reimbursement Claims
If you choose a non-network hospital in an emergency, notify your insurance company within the first 24 hours of your stay. The hospital and TPA will review the paperwork, and if everything appears to be in order, your claim will be settled quickly, and you will get reimbursement for the amount you paid for treatment.

Cashless Claims
If your delivery is at one of the network hospitals, you may make a cashless claim request by simply presenting your Health/Policy Card to the Helpdesk. After completing your claim application, submit the signed form and any other required documents to the hospital along with TPA-Third-Party Association, and they will handle it from there. Your forms and papers will be verified, and if everything is in order, your claim will be approved.

Best Maternity Insurance Policy in India 2022

Care Health

Bajaj Allianz

Kotak

Star Health

ICICI Lombard

Cholamandalam MS

Bharti AXA

HDFC ERGO

Tata AIG

DIGIT

Max Bupa

Oriental

Future General

ManipalCigna

Universal Sompo

Edelweiss

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Maternity Insurance - Best Pregnancy Insurance Plans In India

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Maternity Insurance Plans: Maternity Insurance covers the hospital expenses for delivery, Hospitalizations and medicines. Top mediclaim riders, add-on and exclusion

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Never let a person without license drive your vehicle

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Never let a person without license drive your vehicle

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It is important that you get your hands on the latest car models but more important is to have the documents that gives you the authority to drive in the first place that is a driver’s license. Make sure a person driving your car have a valid license.

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As the technology has advanced now people can know about the different health insurance policies and their benefits by health insurance premium calculator. This calculator will help you to know how much premium you have to pay for your health insurance policy. By using online calculator an individual can get the quotes from different health insurers within minutes. To know the benefits of health insurance premium calculator read the blog page in the above link.

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With the advancement of technology, now it is quite easy to know about different health insurance policies and their benefits with the help of an online health insurance premium calculator. This tool lets you know about the premium amount that you need to pay for a particular health insurance policy. You can compare different health insurance policies using this calculator and choose the best one that suits your requirement and budget. One can easily get quotes from different insurers within minutes by using online calculator.

Most people are not aware of the fact that they can save a lot of money on their health insurance premiums by using this simple online tool. This calculator considers various factors such as your age, health condition, type of policy, sum assured, etc., and provides you with an estimated premium amount. You can use this online tool to compare different health insurance policies and choose the best one that suits your needs.

The term "premium" refers to the predetermined sum of money which you pay towards your health insurance policy regularly. It is important to remember that your premium is not the same as your deductible or co-payment. Your premium is a fixed amount, while your deductible and co-payment will vary depending on your services.

The premium amount is used to cover the cost of your health insurance plan. It is important to note that you must provide accurate information to the health insurance premium calculator to display your premium costs. This information includes your age, gender, smoking status, coverage type, and more.

It's also important to remember that your premium may change over time due to several factors, such as inflation or an increase in the cost of your health insurance plan. If you have any questions about your premium or want to learn more about how it is calculated, you can contact SMC insurance to get the answers.

Purchasing an online health insurance policy is a big decision. You not only have to choose the right plan for your needs, but you also have to choose how much coverage you need and the amount which you can afford to pay in premiums.

Below are some of the benefits of using a health insurance premium calculator:

It can help you make informed decisions by providing you with an estimate of your premium costs. This way, you can compare different plans and choose the right one for you.

A calculator is an important tool that can help you save time and money. It displays the premium cost for different health insurance plans in minutes.

It also shows the available rider's add-on benefits for different health insurance policies.

It enables you to conduct in-depth research by yourself and become aware of all the possibilities available to you, even before you ask different insurance companies and agents.

This way, the process of choosing a health insurance policy becomes seamless for you, assisting you in making a well-informed decision.

To use the health insurance premium calculator, you need to enter information on the website like your age, gender, zip code, smoking habits and type of plan you are interested in purchasing.

The calculator will then give you a quote for the premium. This is the amount of money you will need to pay for your health insurance each month. The premium may vary depending on the type of plan you choose and the company you go with. You can use the calculator to compare premiums from different companies. This will help you find the best deal on health insurance.

Entry Age and Gender
It is better to purchase the policy at a younger age because people are generally healthier and have less need for medical care. Premiums are generally lower. People are more likely to have critical illnesses such as heart disease, kidney problems, and so on at a higher age.

This is why senior citizen's health insurance policy has a high premium than a basic health plan. The premiums for females are lower than males of the same age because women live longer on average and have less health complications.

Medical History
It is a record of an individual's health, including previous illnesses, hospitalizations, and any other medical conditions. If you have a good medical history, you will be considered a low-risk customer, and your premium will be lower. However, if you have a history of serious illnesses, you will be considered a high-risk customer, and your premium will be higher.

Lifestyle
Lifestyle is also an essential factor for premium calculation. If you have a dangerous job or hobby, you will be considered a high-risk customer and will have to pay a higher premium. If you smoke or drink frequently, your premium rates are likely to be higher.

Plan Opted
Different plans vary in their premium amount according to the coverage provided to you. A carefully chosen and assessed health insurance premium calculator can help you get a lot of advantages and the desired premium without costing too much.

No-Claim-Bonus
If you have not made any claims in the previous policy year, you are eligible for a no-claim bonus (NCB). This NCB can be carried forward to the next year policy and can help you get a discount on the premium.

Policy Term
The policy term is the duration for which you want to be covered by the health insurance policy. A longer policy term will have a higher premium, while a shorter policy term will have a lower premium.
Here are few methods to reduce your health insurance premium:

No Claim Bonus:
NCB can help you to get a discount on the premium because it is a reward for not making any claims in the previous policy year. That is why it's best to avoid making claims for treatments with a low price bill.

Voluntarily Deductible:
A voluntary deductible is an amount that you agree to pay from your own pocket before the health insurer steps in to pay for the rest of the expenses. By opting for a higher deductible, you can reduce your premium.

Family Floater Plan:
Buying a family floater health plan is one of the most effective ways to reduce your premium. In a floater plan, all your family members are covered under a single health insurance policy.
As the number of people covered under the policy increases, the premium amount decreases.

Multi-Year Plan:
Consider purchasing a multi-year plan that will save your money on the whole premium because insurers provide discounts for long-term buyers.

Yes, they are reliable. It is easy to use and provides accurate results. This calculator is designed to help you calculate your monthly premium. It is important to remember that the amount you pay for health insurance may vary depending on your circumstances. One can use this calculator as a guideline to estimate how much they might expect to pay for health insurance. The premium amount is based on your information, such as your age, gender, smoking status, family size, and location. The premium may also vary depending on the type of coverage you select.

An online health insurance premium calculator is the best way to calculate your health insurance premium. It is easy to use and accurate. Persons who are planning to buy health insurance should use this calculator. It will help them to make an informed decision about the best health insurance policy for their needs. Using this calculator will reduce the risk of overpaying for health insurance.

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Health insurance Premium calculator - Calculate Premium Instantly

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With the advancement of technology, now it is quite easy to know about different health insurance policies and their benefits with the help of an online health insurance premium calculator. This tool lets you know about the premium amount that you need to pay for a particular health insurance policy.

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Metaverse is a virtual reality platform that allows users to create and share digital assets. An individual can create virtual space, or avatars using their computer camera and then interact with other avatars in the space through voice command or chat. This platform also allows users to add 3D objects such as furniture and decorations into the space they are creating. To enjoy this metaverse you need to have a VR headset like Samsung Gear VR or Google Cardboard. Both can be purchased online or in stores such as best buy.

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Will eCommerce Benefit from MetaVerse?

By 2035, the total economic value of virtual and augmented reality technology in shopping and education will reach $1.5 trillion. If this estimate is a real probability, then we can say with certainty that Metaverse is here to stay.

Metaverse will have a significant impact on eCommerce as it blurs the line between a real brick-and-mortar eCommerce world and the purely digital eCommerce universe.

So what exactly is Metaverse?

What happens when the physical world meets the digital one? Metaverse! It is the current buzzword in eCommerce. If you're unfamiliar with the word, it was coined in Neal Stephenson's landmark 1992 science fiction novel Snow Crash (published before Second Life was even a twinkle in Philip Rosedale's eye). He describes it as "a vast fleshed-out online world."

It describes a virtual shared hyper-realistic space where people can interact with each other in a simulated world, both as avatars and through objects.

Metaverse is a virtual reality platform that allows users to create and share digital assets. Users can build virtual spaces, or avatars, using their computer's camera and then interact with other avatars in the space through voice commands or chat. The platform also allows users to add 3D objects such as furniture and decorations into the space they are creating.

It provides an immersive virtual environment where people can communicate and collaborate. With the advent of virtual reality headsets and 3D-printed avatars, users can experience these spaces as their bodies-not just as disembodied avatars or pixelated characters on screen.

To begin using Metaverse, you will need a VR headset like Google Cardboard or Samsung Gear VR-both of which can be purchased online or in stores such as Best Buy. Facebook opened its first physical retail space in April after renaming itself 'Meta' in October 2021. They know what will trend in the future, and the name change was a strategic move to make the word an everyday lexicon.

Metaverse combines multiple innovations in technology. NFTs, social commerce, AR, VR, blockchain, wearable technologies - everything seamlessly converged to form a visual world for the user. It has already taken over as the most happening eCommerce trend.

Why Is Metaverse Important?

Metaverse is a concept that has been around for decades, but it's only recently started to gain traction in the real world. We'll talk about why metaverse matters.

The Metaverse is a digital reality created by converging virtually enhanced physical reality and physically persistent virtual space - a space that is persistent, shared, and open to anyone. It's open in the sense that there are no restrictions on who can enter it or how they can use it; this also means that anyone can create content within the Metaverse (as long as they follow some basic rules).

There are many potential applications of metaverses: they could be used as educational tools; they could serve as social media platforms; they could even replace Internet forums entirely! One thing is certain: with all this attention being paid to creating more immersive experiences online (like AR/VR), this technology will continue gaining momentum until it becomes mainstream enough for everyone.

How Does it Apply to eCommerce?

Now that we are addicted to the idea of our shopping needs happening from the comforts of our homes, I'm sure most of us would be delighted to have the brick and mortar store descend into our bedrooms while we shop. Metaverse allows us to try out stuff before buying them online or in-store. What a delight than the tedious sifting through reviews to determine if the product is legit or the right match?!

I'm sure most of us have started to try out clothes, makeup, specs, and gadgets online these days before gunning for that final purchase in-store or online, probably the latter.

How Can Metaverse Impact Retail eCommerce?

Metaverse is an expected game-changer for retail eCommerce.

Here's how it can impact your business:

Metaverse will enable retailers to better understand their customers and shoppers by providing them with actionable insights about their preferences, purchase history, and shopping habits. This information will help retailers deliver more relevant products and services and better experiences throughout the customer journey.

Retailers can also use this new technology to create personalized marketing campaigns more relevant to each customer. For example, if you visit an online clothing store that sells shirts, the retailer may provide you with a discount on your next purchase if they know that you're looking for similar products or services in the near future.

The more data retailers have access to, means they'll be able to develop better recommendations based on what consumers want-not just what they think might sell well based on previous sales figures alone!

Popular Metaverse eCommerce Trends for 2022

Quite a few industries have ventured into hard-core use of Metaverse in their trades. Let us touch upon some of them.

1. Digitized eCommerce Marketplaces

With the pandemic disrupting the traditional business flow, most eCommerce owners are looking to adapt to the new trends to bring in money, you and I included. Fashion and retail spaces are taking this opportunity to give an out-of-the-world customer experience and build a connection with their customers. The marketplaces are becoming a luxury experience for art connoisseurs, fashion mongers, and NFT collectors.

2. Transformations in the Social Networking Space

There is a considerable shift in the way social networking changed. Metaverse is the soon-to-be social platform for us to connect. Watch out for the trends so that you can advertise and shape your marketing tactics according to the audience. The Metaverse is an excellent place to connect with your future or existing customers, but on a deeper level than how we do things now.

3. Changes in Fashion Retail

FOMO, or "fear of missing out," has gripped the fashion industry first. All the big-middle-small segment brands are competing to get on board the bandwagon. - Louis, Ralph Lauren, Vuitton, Tommy Hilfiger, Burberry Balenciaga, Gucci, Nike Vans, Zara, and Forever 21 - all popular common names are in the game already. Virtual and physical apparel is taking center stage on their websites. No surprises there!

4. AR/VR as Reckoning Force in Gaming & Gadgets

There has been a phenomenal growth in applying 3D Technology, AR and VR assemblies, and sonic systems in gaming. It will continue the course. AR/VR headset sales increased by a whopping 92.1% in 2021 worldwide, with 11.2 million units sold. (Stats: International Data Corporation (IDC) Worldwide Quarterly AR/VR Headset Tracker. You might already know this, with the frenzy around kids and adults alike vying to collect virtual pets, buy or sell digital assets in games, NFT collections, and such.

5. Art Galleries Gets Virtualized

Changing trends in the art world have taken the biggest leap in technology today. For those dealing with art online, this opens multiple doors of possibilities. Creators and collectors get the chance to showcase, sell, or collect to their heart's content. The shift in dynamics has converted decentralized art experiments feel like a cakewalk.

6. Digitized Real Estate

The shift is almost tangible in the real estate arena. Buy, rent, lease, and sell online without hassles. Arrange a property tour. Build a start-up. Verify everything online. Get your dream assets at the snap of a finger. We thought all of this happened in the US futuristic movies. But now, they are happening in the real world. A real estate industrial revolution is at hand.

Conclusion

As you can see, virtual and augmented reality technology has much potential to revolutionize retail eCommerce. Unfortunately, there's still a long way to go before we reach full adoption. But if you're looking for ways to get a first-mover advantage, you could start by adopting more immersive technologies like 3D product photography and VR tours in your store before everyone else does it too! The big brands have already gotten ahead of the game.

Hopefully, this article helped shed some light on the future of digital shopping. If there are any questions about this topic that I didn't answer yet, or if there's something specific about Metaverse trends that interest you most, let me know below!

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Metaverse in E-commerce | Metaverse Will Change E-Commerce Forever?

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Will eCommerce Benefit from MetaVerse? By 2035, the total economic value of virtual and augmented reality technology in shopping and education will reach $1.5 trillion. If this estimate is a real probability, then we can say with certainty that Metaverse is here to stay.

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Did you know the fact that damage to tyres, tubes or electrical components might not be covered by your policy. But you can have the add-ons to get covered all these expenses and get saved from financial losses.

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How to solve disputes when insurance claim is rejected?

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How to solve disputes when insurance claim is rejected?

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It is very pathetic to deal with the claim rejection when you are hospitalized due to medical emergency. You can be frustrated that time but you should not get panic as there are few steps to follow to avoid claim rejection or to change the decision of the insurance company. Check out these steps in the given link

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It is an absolute horrible position to be in when you get admitted to a hospital due to a medical emergency or for a procedure on the back of your health insurance policy and your claim gets rejected. At that moment, you feel betrayed by the insurance company.

Your frustration is understandable but you should not panic. Have a cool head and follow the following steps. You may be able to reverse the decision of the insurance company.

Step 1: Review your policy wordings

Read the insurance documents very carefully. The policy wordings spell out the extent of coverage in a policy. It has a list of exclusions that are not covered in the insurance policy. Check whether the denial of the claim is due to it falling in the excluded category. Also, check the claim denial letter that you might have received from your insurer. The claim rejection letter might have highlighted the reason for claim denial.

Step2: Call your insurer

Call your insurer and ask if there is any misunderstanding or if more documents need to be furnished. Sometimes a claim is denied because of a billing error or the insurance company requires more time to assess the genuineness of the claim. Sometimes a claim is rejected because the insured has concealed a material fact at the time of buying the insurance policy. If you are not satisfied with the response or argument of the insurance company then you can counter-argue through the mail. You can email the grievance cell of the insurance company and wait for their response. Keep records of all the communication with the insurer.

Step3: File reimbursement

If your insurance company rejects the cashless claim then file the reimbursement with a cover letter explaining the rightfulness of your claim. Also, send documents answering any query raised by the insurer. For filling reimbursement, stack all the hospital bills and discharge summary in a file and courier it along with the cover letter to the insurance company's registered administrative office. Also, send the scanned copies of the same documents via email to the insurer.

Step4: Learn the appeal process

You have the right to file an appeal if your reimbursement claim is also rejected by the insurance company. The law allows you to appeal in court as well as get your case reviewed by a third party. If you're filing for an appeal make sure that you do it within the deadline as specified in your insurance plan. You can check the process of filing the appeal on IRDA's website.

Your doctor and hospital should know that you are filing an appeal in court. To seek quick redressal, the first thing you should do is to file an appeal with an insurance ombudsman. The insurance ombudsman can resolve cases up to INR 30 lakhs. The Insurance Regulatory Authority of India (IRDAI) in a circular has authorized the ombudsman to handle complaints against the insurers if they delay claim payments beyond a specified time. The ombudsman would look into a partial or total repudiation of claims by any insurer. The ombudsman would act as a mediator between the insured and the insurer and would help the parties to come to a fair solution. At present, there are 17 insurance ombudsmen in India and each ombudsman has different branch offices spread across the country.

Conclusion

If you do not get desired or satisfactory solution from the ombudsman also then you can appeal in the consumer court. And then there are other levels also, such as the district court, high court, and The Supreme Court of India. You may fight for your legitimate case till the very end.

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How To Solve Disputes When Insurance Claim is Rejected?

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It is an absolute horrible position to be in when you get admitted to a hospital due to a medical emergency or for a procedure on the back of your health insurance policy and your claim gets rejected. At that moment, you feel betrayed by the insurance company.

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Women are now gain more power and they have become career driven and follow their own path. But when it comes to their health, women always ignore it and that why they are not able to handle their personal and professional life when they are diagnosed with breast cancer, menopause, cervical cancer and pregnancy because of financial losses and health. To know more about the health insurance plans for women read this blog.

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Several health insurance plans for women in India cover in-built pregnancy benefits, though these might not be very extensive. These plans are tailored for those women who are more vulnerable to diseases.

We have covered some of the insurance plans along with the coverage it provides -

Bajaj Allianz Women - Specific Critical Illness Insurance
This Health Insurance Plan for Women provides financial cover against eight critical ailments women are most prone to which includes:

Cancer Cover: This plan assures a guaranteed sum to the policyholder in case they are diagnosed with the following ailments:

Cervical Cancer

Breast Cancer

Vaginal Cancer

Ovarian Cancer

Fallopian Tube Cancer

Uterine/Endometrial Cancer

Burns

Paralysis

Congenital Disability Cover: If the insured is suffering from genetic disability, this plan ensures them to provide 50% of the sum assured.

Loss of Job Cover: In case, if a working woman loses her job after the diagnosis of her health condition, this plan will provide the coverage amount.

TATA AIG Wellsurance Woman Health Insurance Plan
TATA AIG Wellsurance covers the following:

Cancer along with 11 other critical illnesses are covered

Cashless hospitalization in-network hospitals

Inclusion of daily hospital benefit

Insured enjoys the benefit of convalescence

The insured can also claim the post-hospital benefit

In case of major accidents, cosmetic surgery benefits can also be availed

Insured can enjoy the tax exemption benefit under section 80D on the premium plans

In addition to this, it also has a value-added benefits such as free health helpline, discounts at the wellness center, and free health check-ups.

Care Joy Maternity Health Insurance Plan
This Health Insurance Plan for Women is considered to be an excellent option for a new mother along with their baby. It covers the hospitalization and maternity expenses.

The plan comes in two variants - Joy Today and Joy Tomorrow Plan

The Joy Today plan has the sum assured ranging from Rs. 3 Lakh to Rs. 5 Lakh. The maternity expenses are covered after 9 months of the waiting period.

Joy Tomorrow plan gives comprehensive coverage as it also includes newborn babies with certain health issues

It also covers the following:

Normal and Cesarean Delivery

Post Delivery Treatment Charges

Vaccination Expenses

HDFC ERGO my: Health Woman Suraksha Plan
This Health Insurance Plan for Women covers almost every critical ailment that a woman can encounter. There are various plans available under this policy. Below are some coverage plans and their benefits:

HDFC Women Cancer Plus Plan
It includes coverage for all the treatments along with the cancer treatment.

The types of cancer treatment included under this are:

The Sum Assured in this plan is between Rs. 1 Lakh to Rs. 1 Crore

Major illnesses such as Rheumatoid Arthritis and Systemic Lupus Erythematous with Lupus Nephritis, are covered

25% of the Sum Assured, or Rs. 10 Lakh is offered to the women who are in the early stage of breast or Cervix Uteri cancer

Benefits of job loss are also covered in the policy.

Women Critical Illness Essential Plan
This plan covers major illnesses such as - cancer, surgeries, and heart disease. There is a minimum of 90 days waiting period for major illness and 180 days for minor illness and procedures. Upon completion of 1 year, the insured can file claims for pregnancy and newborn baby.

Women Cardiac Plan
It covers cardiac and other heart-related problems and treatment.

Women Critical Illness Comprehensive Plan
The policy offers 100% of the sum assured for cancer treatment. Also, it provides benefits of first heart attack treatment, Angioplasty, Open Heart CBG, insertion of Pacemaker, and many more.

New India Asha Kiran Health Plan
This plan is tailored for women with only one girl child. People within the age group of 18 - 65 years can buy this policy. 10% of the extra sum assured is provided to the insured if they are suffering from any critical illness during the policy tenure.
Note: The policy is not applicable for mentally challenged or dependent women.
Women Assault and Burns
HDFC ERGO also covers physical injuries caused by assault and burns.

Reliance Health Gain Policy
Reliance Health Gain Policy offers cashless hospitalization and treatment in-network hospitals. This policy is available for both - a part of family floaters and individuals. In addition to this, the plan also offers:

Coverage amount restored upon depletion

The policy is available on easy installment as well

The insurer also covers domiciliary hospitalization expenses

The insurer may file a claim for organ donor costs and receive up to 50% of the sum insured, or a maximum of Rs. 5 lakh

Women with one girl child can avail up to a 5% discount on premiums

Star Wedding Gift Insurance Policy

There is no pre-issuance medical check.

Maternity and newborn baby coverage for up to two deliveries. It also covers some prenatal costs, such as a test to detect congenital defects in the fetus.

Inpatient care, pre-and post-hospitalization expenses, ambulance expenses, specified day-care procedures, pre-existing illnesses (with waiting periods), and non-allopathic care are all covered.

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Women Health Insurance plans - Compare Benefits & Premium

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Several health insurance plans for women in India cover in-built pregnancy benefits, though these might not be very extensive. These plans are tailored for those women who are more vulnerable to diseases.

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What is voluntary deductible and should you choose or not? Get to know about voluntary deductible in this post

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Blockchain Technology For Boosting Insurance Sector

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Blockchain Technology For Boosting Insurance Sector

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With internet technology blockchain is the next big thing in technology. People think that it is the component of the cryptocurrency. This impacted the individuality of the blockchain. However, blockchain is the record of the digital events that can be shared among many parties. For any update in the blockchain an agreement of majority in the system is required. Once  the information is entered in the blockchain it is never erased. Hence, every single transaction is traceable in the blockchain. Read more in the blog link.

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Often touted as the 'next internet', blockchain is the next big thing in technology. Since its inception, the word 'blockchain' has been used alongside cryptocurrency. That impacted its individuality as technology as people thought that it is a component of cryptocurrency. However, a blockchain is a record or ledger of digital events that can be distributed or shared among many parties. For any update in the blockchain, the consensus of the majority in the system is required. Any information once entered into the blockchain can never be erased. Hence, the record of every single transaction ever made is traceable in the blockchain.

These attributes of blockchain technology make it ideal to be integrated into the insurance industry. Blockchain technology drives efficiency and simplicity through the establishment of new financial services processes and infrastructure. That is why it is gaining momentum within the insurance industry.

The present insurance ecosystem is ridden with certain orthodoxies and pain points. The few pain points of the current insurance ecosystem are:

Inefficient exchange of information

Fraud Prone

Complex liability assessments

Use of middlemen

Manual claims review and processing

Underwriting is a significant component of insurance. Blockchain technology helps in accurate risk assessment and in this way it facilitates the underwriting processes by minimizing errors. Thereby it reduces overall costs, enhances client onboarding, and improves risk assessment.

Risk Assessment:

Blockchain provides transparent and trusted information on existing and past insurance policies. It shows the records of past claims history. Also, it enables a shared interface with trusted third-party data providers such as notary services, real estate registries, public records, etc.

Quoting:

Improves accuracy of risk determination which helps in pricing decision of the premiums. Blockchain technology works on smart contracts that capture obligations and terms binding the insured and the insurer.

Onboarding:

Enables capture of immutable, verifiable, and trusted information based on digital cryptography. It provides a seamless, fast, and transparent experience in binding policy to the insured.

In short, the benefits of blockchain technology are efficient exchange of information, improved risk profiling, and automation through smart profiling.

If we summarize the benefits of blockchain in the insurance sector, they are:

Simplified/automated claim submission

Reduced fraud loss

Enhanced customer experience and no manual inspection

Automated compliance

All over the world, insurance is moving towards 'insurance on the go'. The smart contracts that are used in blockchain technology as an inherent component, verify a claim faster and the claim is disbursed quickly. Also the smart ledger technology cuts down on inefficiencies, namely extensive claim processing times and high processing fees.

With higher compliance, there would be more trust and transparency. This would lead to customer retention. Retaining of customers is a major concern for insurers. Many do not get their policy insured as they see it as an unnecessary expense. But if the customers see a value in it through greater transparency as facilitated by blockchain technology, the customer retention would be on a higher side.

In conclusion

Blockchain technology is here to stay. It is futuristic and comes with a lot of pros. It is in favour of the insurance industry to embrace it and take benefit from its merits. The technology makes risk assessment and underwriting convenient for the insurer because of which it is able to charge the appropriate premium from the customer. The smart contracts make the claim process fast and easy. All in all, it is for the betterment and progression of the whole insurance ecosystem to integrate blockchain technology in its usage.

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Blockchain Technology For Boosting Insurance Sector

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Often touted as the 'next internet', blockchain is the next big thing in technology. Since its inception, the word 'blockchain' has been used alongside cryptocurrency. That impacted its individuality as technology as people thought that it is a component of cryptocurrency.

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Health insurance does not provide full coverage, hence there are some exclusions that you should know. It is very important to understand what is covered in your health insurance and what is not covered as this will come in handy while claiming the settlement. So, before buying the insurance you should read the policy documents carefully to avoid any claim rejections. To know more about the exclusions, link is given in the description.

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Health insurance doesn't provide end-to-end coverage. Exclusions are the list of services or medical situations that your health insurance policy does not cover. It is important to understand the exclusions to know how they might affect you at the time of claim settlement. Also, exclusions vary from policy to policy and even from insurer to insurer. It is always suggested to read the fine print of your policy documents carefully before purchasing so as to avoid any claim rejections.

There are several reasons why an insurer put some restrictions on their policy... It could be because the service is not medically necessary or because the insurer's network of providers does not cover the service. It could also be because the service is considered to be experimental or investigational. Whatever the reason, it is important to be aware of what is excluded from your policy so that you can make a suitable and informed decision about your coverage.
Common exclusions in health insurance policies are:
● Waiting Clause
Most policies have a waiting period clause in which policyholder needs to wait for a predetermined amount of time before they can claim for certain specified illnesses. Always read the waiting clause carefully to see if it applies to you.

● Pre-Existing Conditions
A pre-existing condition includes any illness or condition you had been suffering before purchasing your health insurance policy. Insurance firms will not cover any expenses related to pre-existing conditions for a certain period of time.
Surgeries - Most policies exclude surgeries like cosmetic surgery, joint replacement, dental surgery, etc., from coverage. Always check with your insurer about the type of surgeries which is not covered under your policy.

● HIV/AIDS and Other Communicable Diseases
Most policies exclude communicable diseases like HIV/AIDS from the coverage.
Permanent Exclusions - Some illnesses are excluded from all health insurance policies. These include diseases caused by nuclear weapons, congenital disease, damages due to war, etc.

● Hospital Costs
Costs for healthcare might be restricted in various ways, including sub-limits on room rents, doctor charges, and ambulance expenditures. Check health insurance exclusions and restrictions in the policy document so as to make yourself prepare in advance for an emergency situation which may arise in the future.

● Pregnancy
Although your policy may cover all costs, it might exclude claims expenses for birth, pregnancy, immunization, and so on. Pregnancy could take anywhere from one to two years before you can receive benefits.

● Alternative Treatment
Costs for alternative treatments like Ayurveda, Homeopathy, etc. are not covered under most policies.

Other than these, there could be other specific exclusions stipulated by various health insurance providers. Therefore it is important to understand all the terms and conditions of the policy to avoid any complications later on.

Health insurance exclusions can affect your health care coverage and costs in several ways.

In case of pre-existing medical condition, you will have to pay out of your pocket when the medical need arises for the same as it is mostly excluded from the plan.

If you have certain hospital costs excluded from your plan, you will be liable to pay those bills to the hospital from your pocket.

If your doctor prescribes you an alternative therapy that has a certain cost associated, the expenses will come to you as the insurance company is not liable to pay those expenses.

Owing to certain exclusions, you may not be able to get immediate medical reimbursement for your loved ones in times of an emergency.

There are many ways that health insurance exclusions can impact you and your family's healthcare coverage and costs. The best way to safeguard this is to buy health insurance riders (add-ons) that enable you to get coverage in the excluded situations. There are various kinds of riders offered by healthcare insurance providers in India. You can choose as per your specific healthcare needs to customize your policy appropriately.

If you have any questions about health insurance exclusions, don't hesitate to get in touch with SMC.

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Health Insurance Exclusions | What are not cover in Health Insurance

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Health insurance doesn't provide end-to-end coverage. Exclusions are the list of services or medical situations that your health insurance policy does not cover. It is important to understand the exclusions to know how they might affect you at the time of claim settlement. Also, exclusions vary from policy to policy and even from insurer to insurer.

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Third-party insurance covers upto INR 7.5L

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Third-party insurance covers upto INR 7.5L

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Did you know third party insurance covers upto INR 7.5 lakhs in case of property damage. But in case of accidental or death there is no such limit. Talk to an expert of SMC and get to know the detailed information of third party insurance.

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In health insurance, family floater health plan is that policy which covers not only individual but the whole family. In India families are in great stress due to financial strain with high health expenses. In such cases, family floater health plan may be a good choice for both financial and general health reasons.

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If you want to acquire the best family floater health insurance coverage to protect yourself and your loved ones, keep the following things in mind while making your decision:

Tip 1: Check the Policy for Inclusions
Your family floater health plan will include everything you need. Check your coverage for all covered benefits in detail to ensure you don't overlook anything. Because many health insurance companies offer a variety of family floater plans, one may cover a particular feature while the other doesn't.

The following are some of the most frequent family floater insurance coverages: the type of therapies, pre-and post-hospitalization treatment, in-patient care, hospitalisation costs, daycare operations, etc.

Tip 2: Do Not Miss Confirming the Room Rent Limit
Frequently, policy purchasers overlook the room rent restriction and pick the wrong room at hospitalisation. As a result of this, the claim is not completely resolved, leaving the policyholder to pay a percentage of their own money.

When it comes to medical emergency finances, you need to check in advance and choose the appropriate limit. Being informed about these issues will assist you in making an informed selection while booking a room.

Tip 3: Focus on the Waiting Period
Pre-existing health conditions are only covered after a specified waiting period if they arise during the coverage term. In general, plans have a 30-day waiting period before an insured may file a claim. However, this can vary. As a result, it is critical to be aware of the waiting period so that you know how long you will be able to submit your claim. It would also be ideal to verify this ahead of time to ensure that you are not taken advantage of by a plan with a longer waiting period.

Tip 4: Take Note of Exclusions
When you are purchasing a family floater health plan, make sure you know what is and isn't covered. Don't forget that exclusions are as important as inclusions. Check the exclusions while keeping each member of your family in mind. One exclusion may not impact one family member, but it could influence another.

Tip 5: Don't Skip CSR
Make it a point to look at the claim settlement ratio of the health insurance provider you're considering. Knowing your claims are processed and settled without issue is critical, which is why understanding CSR is so significant. However, keep in mind that claims must be genuine and comply with the policy terms.

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Family Floater Health Plan | Online Family Floater Medical Plan

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If you want to acquire the best family floater health insurance coverage to protect yourself and your loved ones, keep the following things in mind while making your decision: Tip 1: Check the Policy for Inclusions Your family floater health plan will include everything you need.

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3 Benefits of a zero-depreciation add-on

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3 Benefits of a zero-depreciation add-on

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With time your car depreciates due to wear and tear and whenever you claim for the insurance amount, it lowers the total amount. So, what is the solution? Watch this video to get full information.

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A Diabetic Health Cover Plan is that health insurance that covers you from financial losses and investments. Diabetes can be out of control anytime, so it is better to have health insurance plan that provides you coverage of diabetes to protect your money and health. Diabetes is caused due to various purpose like weight, age, genetic makeup, family history and most important lifestyle choices. A healthy diet can avoid this illness for a long time.

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A diabetic Health Cover Plan is a health insurance plan that offers coverage against expenses incurred for the treatment of diabetes. Diabetes can quickly get out of control and become a life-threatening and severe condition. Therefore it's important to get health insurance that protects your money and health. It may also be viewed as an investment option since unpredictable events may occur at any time and put you in a difficult financial position. Continue reading to learn more about health insurance for diabetes.

This type of health cover is important for people diagnosed with diabetes and helps manage the disease better. Diabetes is caused by a variety of elements, including age, weight, genetic makeup, family history, and, most importantly, lifestyle choices. Maintaining a healthy lifestyle and eating habits can be adopted to avoid this lifelong illness.

The SMC Insurance website provides you with all the necessary information on diabetic health care. You can compare different plans and choose the one that best suits your needs. SMC Insurance also offers you the option to buy an insurance plan online and receive instant coverage for your family. Buying a diabetic health cover plan from SMC Insurance is the best decision you can make to safeguard your health and finances.

Diabetic Health Cover Plan helps you to pay for the expenses incurred in the treatment of diabetes. This is how it works:

1. You will need to provide the insurer with proof of your diabetes diagnosis.
2. The insurance company will then reimburse you for the medical expenses that you have incurred for the treatment of diabetes.
3. The plan also offers preventive care and covers lifestyle changes that can help you manage your diabetes better.
4. You can also choose to add additional benefits to your health insurance plans, such as dental care and optical care.

There are several advantages of having health insurance for people with diabetes. While many insurance companies do not provide a diabetes-specific policy, this does not negate its usefulness. Insurers who do offer such a plan recognize the significance of providing such coverage.

The objective of insurance is to alleviate the financial pressure faced by diabetic individuals. Getting a diabetes health plan is usually a smart idea. Here's why:

Reduced Financial Strain:
The major advantage of the health plan is that it reimburses your hospitalizations and treatment expenses which are fully covered with the assured sum.

Understands the Intricacies:
The health plan does not just pay for your regular hospital bills but also for other ancillary treatments that you might require. For example, a person with diabetes might need to go for dialysis or foot surgery. These costs will be taken care by the insurance company.

Regular Check-ups:
The health plan also encourages Diabetics to undergo regular health check-ups. This is done to keep track on your health status and ensure that you are on the right medication.

Financial Advantages:
If you take out a diabetes plan and then do not use it for a year, your base sum assured may rise. These sorts of financial benefits ensure that if you get diabetes later in life, you won't have to worry about money.

Continued Coverage:
It would be considerably easier to renew your diabetes plan under this system. Diabetic patients frequently encounter difficulties when trying to renew their healthcare insurance coverage for diabetes. However, a diabetic specific healthcare policy would alleviate the problem.

Tax Advantages:
Charges are deductible under Section 80D of the Income Tax Act. Despite its significance, this should not be regarded as a compelling reason for a plan.

Online platform comes up with many more benefits as follow:

Instant Coverage: Once you have purchased a plan, you will be covered immediately. This is in contrast to the time when it took days to approve an insurance policy when buying it from an agent.

Saves time and Money: Buying a plan online is both quick and easy which saves your time and money. You can do it from the comfort of your home, without involvement of an agent.

Customizable: In addition of buying a plan specific to diabetes, you also have the option of customizing it to suit your needs. This includes choosing the sum assured and the benefits that you require.

Comparison Shopping: You can also compare the different plans that different insurers offer. This allows you to find the best price as per your required plan.

Convenient: Buying a health plan online is convenient because it allows you to take care of all the insurance-related formalities from the comfort of your home.

Easy to Renew: Online helps in easy renewal of your policy. All you have to do is log in to the website and follow the instructions.

The eligibility for a diabetic health cover plan is very simple. You need to be a resident of India and have valid IDs. In addition, you must also have a confirmed diagnosis of diabetes from a registered medical practitioner. Below are the other criteria that you need to meet in order to be eligible for a health plan:

Your age must be between 18 and 65 years.

You must not have any pre-existing medical condition.

When it comes to the healthcare, prevention is always better than cure. And with the right insurance policy in place, you can rest assured that you are taken care of, no matter what might happen. If you have a pre-existing condition like diabetes, there are policies available specifically for you. SMC Insurance offers a range of health plans that are designed to meet the needs of Diabetics. You can compare the plans and find one that suits your needs and budget.

Health insurance for diabetics is as essential as health insurance for those who are vulnerable. A comprehensive diabetic health insurance policy will include facilities like:

Cashless Hospitalization
The cashless component of your health insurance with diabetes coverage allows your insurance provider to settle your medical expenses and pays bill directly through the network hospital, so you won't have to pay anything out-of-pocket.

Cover for Day Care Procedures
Your health insurance policy would also cover you for daycare treatments that only need a certain period of time.

Pre & Post Hospitalization Cover
If you choose the health insurance that includes diabetes coverage, it will pay for everything from diagnostic tests before admission to post-hospitalization therapy and after-care costs.

A Diabetic health cover plan provides cover for expenses related to diabetes treatment. Some other advantages are:

Covers hospitalization expenses related to diabetes

It covers the cost of medicines and tests

Offers cashless treatment at hospitals across India

Provides 24×7 medical assistance

Covers pre-and post-hospitalization expenses

It has a no claim bonus which increases the sum insured each year

The Diabetic Health Cover Plan is an important safeguard for those who are at risk of developing diabetes or its complications due to lifestyle or hereditary factors. The policy also ensures that you have the access to quality treatment for diabetes and its complications.

The Diabetic Health Cover Plan covers expenses related to diagnosis, treatment and management of diabetes. This includes:

In-patient Hospitalization - Cover for medications & treatments within network hospitals

Ambulance Coverage -Ambulance Expenses Are Covered

HbA1C Check-up - Reimbursement for required diabetic check-ups

Organ Donor Charges - Covers the cost of organ transplants

Pharmacological treatments and experimental investigative therapies

Personal items for convenience and comfort

Pregnancy

There is a two-year waiting period for diseases like hydrocele surgery, joint replacement, hernia repair, and cataract surgery.

Medical devices that assist people with various impairments, such as hearing aids or wheelchair rental treatment

Hospitalization as a result of war or an act of war

A biological or chemical, or nuclear attack that results in hospitalization

Any kind of radiation can lead to a hospital stay.

Drug and alcohol abuse

AIDS, HIV, or other infections

Treatment to reduce weight

Congenital diseases

Cosmetic surgeries

It's essential for people having diabetes to have a health coverage plan that specifically caters to their needs. People with diabetes disease are at a higher risk of having health complications. As the age grows, the risk increases manifolds. So, people with diabetes need to have a health coverage plan in place. Diabetics Health Insurance Plan will help you to get the treatment in case you develop any health complications.

The right time to buy a diabetes health insurance policy in India is when you are young and have a clean bill of your health. This is because premiums for such policies are lower when you are healthy, and the policy has a longer duration. A diabetes health insurance policy can be a great way to cover your medical expenses in the event that you develop the condition. The policy can also be used to cover the costs of treatment and medication for diabetes. One can use the policy to cover any medical expenses incurred due to diabetes, including hospitalization, surgery, and treatment.

Diabetes cover health insurance is not very popular but necessary for those who are vulnerable to high risk. However, it is important to know, how to file the claim process. Most health insurance companies in India will require you to make a pre-authorization request for all claims related to diabetes. This means that you will need to contact the insurance company before going for any treatment or hospitalization.

For claim process, you have to provide a copy of your policy document, ID card, and hospital bills/invoices. In addition, you may also be required to provide a discharge summary and doctor's certification.

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Diabetes Health Insurance | Diabetes Cover Health Insurance

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A diabetic Health Cover Plan is a health insurance plan that offers coverage against expenses incurred for the treatment of diabetes. Diabetes can quickly get out of control and become a life-threatening and severe condition. Therefore it's important to get health insurance that protects your money and health.

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Consequences of not having a Motor Insurance Policy

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Consequences of not having a Motor Insurance Policy

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In India having valid motor insurance policy is mandatory otherwise it will lead to a legal offence. Motor insurance policy saves you from financial losses in case of accident, theft, or mechanical breakdown in your car. Whether, it is your commercial vehicle, taxi or private car you need to have motor insurance policy to safeguard your finances.

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Your motor insurance plan is your friend which protects you from financial losses in case of an accident, theft, or mechanical breakdown in your car.

In India, driving on the roads without valid third-party insurance is a legal offence. The traffic police fines you if found you without third party insurance. On repeat offence, your vehicle would be confiscated. A motor insurance policy safeguards your finances and helps you drive with peace of mind. Be it a two-wheeler, car, or heavy load vehicle, a motor insurance is a mandatory to have.

How costly it can be for you not having motor insurance?

Legal Liability
In case of an accident, if you are found without third-party motor insurance, then two cases can be filed against you. One criminal case would be for negligent driving and the second one is to get compensation from the family of the deceased or injured. Such a situation can put immense financial pressure and mental distress on you.

Fines and Penalties
If caught by the traffic police, heavy fines and imprisonment up to 3 months can be imposed under traffic rules.

Financial Burden
In case you are caught driving without a valid motor insurance policy, you'll have to pay unnecessary fines. The situation would be worse in case of an accident. In case of accidents, where the third person dies of gets injured, you would have to pay heavy amounts in liabilities. The amount of third party liabilities can be in crores. You might have to bear the medical expenses of the third person as well.

Own Damage
Cars are expensive assets. And damage or theft of your car can be a serious financial distress. Even a slight collision or damaged part can cause you to shells out thousands of INR in repairs.

So, just to save a little premium you can be in a big financial mess. It is always better to be well insured and avoid all these tensions. A comprehensive car insurance policy which covers both third-party liabilities as well as own damage comes with a lot of add-ons.

Benefits of Buying a Comprehensive Car Insurance Policy:

The benefits of purchasing a comprehensive car insurance policy are:

Covers accidental death up to 15 lakhs: The policy provides a death benefit up to INR 15 lakhs to the nominee in cases where the owner/driver dies in the car accident.

Bodily Injury: The insurance policy pays for the bodily injuries suffered by the policyholder due to the accident of the insured car.

Incidents such as theft, burglary, fire, etc. are covered.

Covers accidental damages: The policy also compensates for the repair expenses of the car after the accident.

It provides financial cover for the damages caused to the third-party due to the insured vehicle.

Cashless claim settlement when car is repaired after an accident in a network garage.

Add-ons are additional benefits that are available after paying an extra premium on your car insurance policy. These add-ons enhance the coverage and utility of your car insurance policy.

Some common car insurance add-ons are as follows:

Zero Depreciation Policy

Emergency Assistance Rider

Engine and Gear box Protection

Return to Invoice

No-claim Bonus Protector

Key Replacement

Conclusion

Not only because the policy is mandatory by law, as a wise person you must have the motor vehicle insurance policy for your motor vehicle. It gives you much needed relaxed mind that any unfortunate events that involves your car can be taken care of. There have been incidents where the car owner of uninsured cars had to sell off all their assets to pay off third party liabilities arising due to accidents. So don't be penny wise and pound foolish. Be insured!

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What are the Consequences of not having a Motor Insurance Policy

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Your motor insurance plan is your friend which protects you from financial losses in case of an accident, theft, or mechanical breakdown in your car. In India, driving on the roads without valid third-party insurance is a legal offence. The traffic police fines you if found you without third party insurance.

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How does third-party motor insurance work?

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How does third-party motor insurance work?

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Damage to another car from your car might be expensive for paying and, that is why third-party motor insurance comes at work. Third-party motor insurance covers accidental bodily injuries, accidental death and property damages. It saves you from financial losses and saves your money.

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For making it simpler and more easy insurance sector has also moved to digitization for easy claim management, on boarding, and customer support. Because of digital insurance and with cheap internet it us much easier to manage business online. Further, the smoothness of payment gateways and cyber security has also added an easy transition of digitization. Get to know more information in this blog.

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Digitization is making a foothold in every industry and the insurance industry is no exception. Just as other 'as-a-Service' models dominate the businesses, insurance-as-a-service is part of this digital innovation. IaaS is concerned with shifting the bulk of the insurance business to online mode. When we talk of insurance, it involves every process of insurance - from policy disbursement to claim settlement. Different insutechs specialize in different processes of insurance. IaaS is concerned with shifting the insurance business 100 percent on digital platforms to expedite the process and achieve more volume.

What is insurance-as-a-service?

Insurance-as-a-service is a fully digital insurance offering that covers end-to-end requirements for simpler claims management, onboarding, and customer support. An ongoing drive of the insurance industry towards digitization has put it on the verge of a paradigm shift. When we talk of insurance-as-a-service, we talk of the digital ecosystem that is providing an end-to-end solution.

In the present scenario in which we have high availability of internet-enabled devices and cheaper internet; it is much easier to conduct business online. The betterment of cybersecurity and payment gateways has also added to the easy transition to digitization.

Currently, insurers work solely as risk aggregators. They have limited and passive relationships with the customers, which increases their exposure to disaggregation, disintermediation, commoditization, and invisibility.

The insurance ecosystem is quite well developed in the automobile sector as more OEMs now come fitted with telematics from their conveyor lines in the factories. With these telematics, the insurers can assess the right value of the premium to be charged to the customer. Also, ride-sharing platforms such as Uber have grown stronger in network management. It has further contributed to growing insurance-as-a-service (IaaS).

Now you can take insurance for a certain amount of time, just like an online subscription. For example, you can take insurance for your car during a long car journey. So, if the journey is for two days you can take the own damage cover of car for two days. This concept is also called just-in-time insurance. Now models such as pay-how-you-drive and pay-as-you-drive have also emerged.

Insurance-as-a-Service is enabling insurers to move from risk aggregation to risk prevention. Executives must understand that while insurance products and related security services would always be at the core of the insurance business, services such as telematics would add to strengthen customer relations. Internet-of-Things (IoT) has taken the risk of undertaking accuracy to the next level.

The IaaS platform is easy to scale globally and the flexible and data-driven solutions can fit any type of business with ease. As-a-Service models are considered models which offer low barriers to entry.

The Three Common Insurance-as-a-Service models are:

Core service digitization
They offer service as a core process within insurance. They offer efficiency in specific areas, but as a limited 'as-a-service' model.

Internal process digitization
These are neither licensed insurance products nor provide insurance-specific solutions. These work to rebuild processes within a contained digital ecosystem.

Full-stack digitization
The full-stack insurers provide an end-to-end product, complemented by a comprehensive digital insurance infrastructure.

Conclusion

This is the era of Everything-as-a-Service (XaaS). The foremost spearhead of XaaS is SaaS (Software-as-a-Service). Anything integrated with technology can provide as a service and insurance is not an exception. IaaS has great scope and it is still in its nascent stage. Its full bloom would rake big numbers in the market for sure.

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Digitization is making a foothold in every industry and the insurance industry is no exception. Just as other 'as-a-Service' models dominate the businesses, insurance-as-a-service is part of this digital innovation. IaaS is concerned with shifting the bulk of the insurance business to online mode.

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Know Your Facts in your motor insurance policy

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Know Your Facts in your motor insurance policy

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People think that those who are not responsible with their car are the ones who need motor insurance policy. And if you are an experienced driver, you probably don’t need one. Here is the myth you will find in our Facebook post.

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During monsoon season mosquito breeding is much faster due to water-logging and with this vector-borne illness increases. People are afraid of dengue and every parent are aware that how dengue can affect anyone specially their children in the human body. These are the Aedes mosquitos that transmit the dengue virus and infect humans. Some might recover from dengue fever but others may suffer severe illness. Dengue health cover plan comes in critical illness insurance where the insurance company pays the lump sum amount to the policyholder if diagnosed with dengue fever.

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SMC Insurance offers various Dengue Health Cover Plans for different age groups and genders. So, who should opt for it?

If you are travelling to an area where dengue fever is endemic or if there is a risk of contracting the disease, then you should definitely consider buying a Dengue Health Cover Plan that provides coverage for dengue fever.

If you have a family history of dengue fever, then it is advisable to purchase a Dengue Health Cover Plan that provides coverage for the disease.

If you are pregnant, you should consider buying a Dengue Health Cover Plan that provides coverage for childbirth and delivery and coverage for dengue fever.

If you are a senior citizen, then you should opt for Dengue Health Insurance, which provides coverage for dengue fever and other age-related illnesses.

SMC Insurance help you to choose the best Dengue Health Cover Plan in India that provides coverage for diagnosing and treating dengue fever, including hospitalization, ambulance services, and other medical expenses. So, don't wait any longer. Get a Dengue Health Cover Plan today!
The dengue insurance plan works by reimbursing you for the medical expenses that you incur due to the dengue fever, including hospitalization, ambulance services, and other medical expenses. During pregnancy, the plan provides coverage for childbirth and delivery as well as you can rest assured that you will be covered for all expenses related to the diagnosis and treatment of dengue fever. Similarly, if you need to be transported to a hospital via ambulance, the dengue insurance plan will reimburse you for the cost of the ambulance ride.

The disease is considered seasonal in terms of medical sciences, but in the case of the peninsular region, as it is the scenario with the major part of India, the disease is somewhat all year round. The following are the benefits that the dengue health insurance policies provide:

The hospital stay and the medical expenses incurred during it, as well as nursing expenditures, are all covered. Because they usually handle outpatient costs, most general insurance policies do not cover this.

The dengue insurance protects your core medical or health coverage's No Claim Bonus, allowing you to spend it in cases of severe illness when it would be much more beneficial.

Because it is a low-cost, highly effective treatment for an acute condition.

A dengue health insurance plan provides comprehensive coverage to the policyholder, who may not have such protection under a standard health insurance policy. The following are some of the characteristics of dengue health insurance plans:

The typical duration of a plan is one year.

The age range between 91 days to 65 years is covered under dengue insurance.

In general, a dengue health plan will cover up to six people in a family.

Dengue health insurance plan can cover up to a maximum of four adults and five children in a family.

Apart from the expenses charged during dengue hospitalization, the policy would reimburse all pre-and post-hospitalization costs for up to 30 days.

Dengue insurance generally has lifelong renewability.

There are several advantages of opting for a dengue health insurance plan:

Prevents large out-of-pocket Expenses
A dengue insurance policy can help you cover most, of your medical expenses. This can help you avoid large out-of-pocket expenses, which can be a burden to bear.

Provides Peace of Mind
Dengue Health Cover Plan gives you peace of mind in knowing that you and your family are protected financially in case of dengue illness. This can be especially important if you have young children dependent on you.

Offers Many Coverage Options
Most Dengue Health Insurance policies offer a range of coverage options to choose the plan that best suits your needs and budget. This can be helpful if you know that you are likely to require medical treatment for dengue or another illness in the future.

Comes with a Variety of Benefits
Dengue Health Insurance policy comes with various benefits, such as access to a large network of hospitals and doctors, cashless treatment, and more. This can be helpful if you seek medical treatment for dengue in an emergency.

Affordable
Dengue Insurance is typically affordable, making them a great option for those who have tight budget. This can be helpful if you cannot afford to pay for medical expenses out-of-pocket.

The following are some of the covered expenses under a dengue health insurance policy:

Room rental, blood transfusion costs, ICU charges, and other hospital expenses are all covered in the dengue health cover plan.

Pre-hospitalization and post-hospitalization costs are covered for 30 days.

Dengue insurance typically covers diagnostic tests performed before or during your hospital stay.

Consultation fees to doctors, both pre and post-hospitalization.

The costs of all medications bought before, after, or during hospitalization.

Out of pocket costs include OPD consultation and treatment charges, diagnostic therapy fees, pharmacy expenses, and home nursing care

The following expenses are not covered under a dengue health insurance policy in India:

Cost of treatment for any illness other than dengue

There may be a 15- or 30-day waiting period before you can take advantage of this plan.

The cost of any treatment or medicine that isn't needed to cure dengue fever

Unauthorized persons are not eligible to avail of the benefits.

Outside of India, the cost of dengue treatment is not covered by the policy.

Religare Health Insurance

Aditya Birla Health Insurance

Apollo Munich Health Insurance

HDFC Ergo Health Insurance

ICICI Lombard Health Insurance

MAX Bupa Health Insurance

HDFC Health Insurance

SBI Health Insurance

Bajaj Health Insurance

Care Health Insurance

ICICI Health Insurance

LIC Health Insurance

TATA AIG Health Insurance

Royal Sundaram Health Insurance

Manipal Cigna Health Insurance

Reliance Health Insurance

Max Health Insurance

National Health Insurance

Oriental health insurance

United India Health Insurance

Future General Health Insurance

IFFCO Tokio Health Insurance

New India Health Insurance

United Health Insurance

Bharti Axa Health Insurance

Cigna Health Insurance

New India Assurance Health Insurance

TATA Health Insurance

Edelweiss Health Insurance

Kotak Health Insurance

Universal Sompo Health Insurance

Cholamandalam Health Insurance

Canara Bank Health Insurance

care Health Insurance

Manipalcigna Health Insurance

PNB Health Insurance

Royal Sundaram Health Insurance

Birla Health Insurance

Liberty Health Insurance

The eligibility criteria will likely include things like age, region of residence, and pre-existing medical conditions. Let's understand this in detail:

Age:
The age limit for coverage may vary depending on the insurance company. However, the cover is usually available for people below a specific age limit, such as 70 years.

Region of residence:
The cover is usually not available for people who reside in high-risk areas of dengue fever. These areas are typically tropical and subtropical regions where the risk of contracting dengue fever is high.

Pre-existing medical conditions:
People with pre-existing medical conditions may not be eligible for the coverage. This increases the insurance company's risk of paying out claims to treat these conditions. However, some companies may offer coverage to people with pre-existing conditions but at higher premiums.

It is essential to check the eligibility criteria before applying for coverage. At SMC Insurance website, you can get wide range of health cover plans that can meet the needs of different people.

A dengue health cover plan will help you to ensure that you have access to quality medical care and treatment if you contract dengue fever.

A health coverage plan that includes dengue fever protection can also help to reduce your overall travel costs. You will not need to worry about additional medical expenses if you become ill while away from home. Let's understand this in detail:

If you fall ill with dengue fever while travelling abroad, having a health coverage plan that includes dengue fever protection can help to ensure that you have access to quality medical care and treatment. This can help to reduce your overall travel costs including medical expenses, as you will not need to worry about additional medical expenses if you become ill while away from home.

The claim process for a dengue health cover plan is relatively simple.
Following is a list of the steps you will need to follow to file a claim:

Step 1: Gather your policy number, the insurance provider's name , and the service date.

Step 2: Submit a claim online by visiting the insurer's website.

Step 3: Wait for approval from the insurance company.

Step 4: Receive reimbursement from the insurance company.

It is important to note that each insurance company has its procedures for filing a claim. It is required to have a doctor's prescription to get any kind of refund on purchasing an over-the-counter (OTC) drug. Be sure to familiarise yourself with the specific policies of your health insurance company. Also, be sure to keep copies of all documentation related to your claim if you need to follow up with the insurance company.

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Dengue Health Cover Plan | Benefits, Premium, Coverage

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SMC Insurance offers various Dengue Health Cover Plans for different age groups and genders. So, who should opt for it? If you are travelling to an area where dengue fever is endemic or if there is a risk of contracting the disease, then you should definitely consider buying a Dengue Health Cover Plan that provides coverage for dengue fever.

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Most people think that health insurance comes handy in accidental or regular illnesses. However, there are health insurance policies which is also used for critical illness when diagnosed. Insurance companies are offering different health insurance plans with critical illness so that people can save their investments and also protect them from financial losses. A critical illness health insurance plan will pay lump sum amount to the policyholder if diagnosed with specified critical illness. Diseases are covered such as cancer, stroke, heart attack and kidney failure.

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When it comes to health insurance, most people think of policies that cover them in the event of an accident or regular illnesses. However, there is a special type of health insurance policy which is designed to provide coverage for those diagnosed with a critical illness disease.

In India, critical illness health insurance plans are offered by several different insurers. They can be purchased either as standalone policies or as rider policies attached to a life insurance or health insurance policy. In this guide, SMC Insurance gives its readers all the important aspects to know about critical illness health insurance plans.

A critical illness health insurance policy will pay out a lump sum benefit to the policyholder if diagnosed with a specified critical illness. These policies cover different critical illnesses, such as cancer, heart attack, stroke, and kidney failure. The benefit amount that is paid out will vary depending on the insurer and the type of policy. However, it is typically a percentage of the total coverage amount that is selected when the policy is purchased.

With the rising costs of medical care, critical illness health insurance plans can be valuable to protect yourself financially and your family if you are diagnosed with a critical illness. Most critical illness health insurance policy can give you peace of mind knowing that you will have the financial resources to cover the costs of treatment and other related expenses. People who have a family history of the critical disease should avail this policy as they are at a higher risk.

Critical illness health insurance policies are typically available for people between 18 to 65 years old. Some insurers may have age limits that are higher or lower than this, so it is significantly important to check with the insurer before purchasing a policy.
Few things you should at the time of purchasing a critical illness health insurance policy:

Those Who Have a Family History of Critical Illness
Hereditary diseases are common, and it may lead to serious conditions. So, if you have a history of a critical illness in your family, you're at a much higher risk of getting one. It's better if you consider buying critical illness insurance so as to protect yourself financially.

Those Who Work in High-pressure Occupations
High-pressure occupations have a significant connection with severe illnesses. According to market research, individuals who work in high-pressure environments are more likely to fall sick. Employees engaged in a job that puts a lot of strain on them should strongly consider purchasing medical insurance for critical illness.

People Who Are Over the Age of 40 Years
Individuals over the age of 40 years have a higher chance of developing a critical illness. Most people start facing some health problems at this age like blood pressure, diabetes, asthma etc. So, it's better to start thinking about getting Critical Illness Health insurance Plans if you are 40+ in age.

No matter how healthy you are, there is always a chance that you could get sick or injured. If you don't have health insurance, the costs of medical care can be very expensive. In today's world, the expenses for medical care are rising tremendously, so it is important to have a good health insurance plan. Taking Critical Illness Health insurance Plans is one of the ways to protect yourself financially if you fall sick with major disease.

SMC Insurance will help you by providing a wide range of Critical Illness Health insurance Plans. SMC has tie-ups with some of the leading insurance companies in India, so that you can become sure about getting the best possible deal on your Critical Illness Health insurance Plans. We will help you to compare different plans and choose the one best suited to your needs.

When you purchase a Critical Illness Insurance Plan, it is important to ensure that you are fully covered. You should read the policy documents carefully and make sure that you understand them completely. If you have any questions, you should ask your insurer or broker for help. It is also good to compare different plans before you buy.

Critical Illness Insurance Plans are designed to help you financially if you become seriously ill. They can help you to pay for treatment, medication, and other costs associated with your illness. Most Critical Illness Health insurance Plans will pay out a lump sum of money if you are diagnosed with a specified critical illness.

You can purchase Critical Illness Insurance Plan individually or add it as a rider to an existing health insurance policy. It is important to make sure that you are adequately covered for other eventualities such as hospitalization. An individual should understand all the terms and conditions of the policy before purchasing it.

The insured receives the following perks with Critical Illness Health insurance Plans:

● Easy Claim Process
Under Critical Illness Health insurance Plans, hospitalization is not necessary to collect benefits. This implies that a claim may be filed solely based on diagnostic identifications.

● Tax Benefits
Critical illness insurance provides tax advantages. The premium that you pay for a critical illness policy is allowed as a deduction under section 80D of the Income Tax Act.

● Act as Income Replacement
Critical illness brings a financial and emotional impact on the patient and his or her family. The insured receives a fixed amount from a critical illness insurance policy that he or she may spend on medical or treatment costs.

● Peace of Mind
Critical Illness Health insurance policies enable the individuals to pay for the treatment who have limited financial resources. It also allows them to concentrate on their recovery rather than worry about money.

● Add-On Covers
Critical Illness Health insurance Plans offer additional covers that provide financial protection in the event of an accidental death or dismemberment. These add-on covers are available at an additional cost.

● Treatment for a Disease on a Foreign Continent
The beneficiary receives a payment from a critical illness plan after diagnosis, which he or she can apply to get treatment in India or abroad. This implies that individuals may start treatment from anywhere at any time.

● Short Waiting Period
Short waiting periods are typical for critical illness insurance policies, which may be purchased immediately after the policy is issued. This implies that once insured, you can start taking advantage of the benefits right away after a short waiting period of 3 months.

There are several features of Critical Illness Health Insurance Plans that make them an attractive option for those looking for financial protection in the event of a serious illness. Below are some of the features that you may want to consider when comparing plans:

● Free look Period
A free look period is a time, typically 15 days which allows you to review your policy and make sure that it meets your needs and budget. If you are not satisfied with the policy, you can cancel it within the free look period and get a full refund of your premium amount.

● Lump-Sum Amount Paid
If you are diagnosed with major illnesses specified in your policy document, your Critical Illness Health insurance Plan will pay you a lump sum amount. You may use the money to cover medical expenses, or paying off the debt, pay the child's educational fees or for receiving medical treatment abroad etc. Quality Medical Treatment

You will be able to get the best medical treatment possible with the money you receive from a Critical Illness Health insurance Plan. Network hospitals are tied up with most of the critical illness insurance providers. So, you will be able to receive treatment from some of the best hospitals in the country.

● Lifetime Renewability Benefit
Most critical illness health insurance plans come with a lifetime renewability benefit, which means you just have to pay the required premium, and you will be covered under the policy for lifetime.

● No Medical Check-Up Required
Until a certain age, such as 45 years old, most Critical Illness Health insurance Plans do not require a medical examination as a necessary condition of coverage. This makes the process of buying a policy much easier and quicker.

The eligibility for Critical Illness Health Insurance Plans varies from insurer to insurer. Given below are the general eligibility criteria for Critical Illness Health insurance Plans:

The policyholder should be between 18 years to 65 years old.

Policyholders should not have any pre-existing medical problems.

Most insurers require that policyholders undergo a medical examination to determine their eligibility for coverage.

The waiting period for most critical illness insurance policies is initial 30 days.

A complete application form

Proof of age (such as a PAN or Aadhaar Card)

Proof of identity (such as a driving license or passport)

A medical examination report.

The following are some of the covered illnesses under Critical Illness Health insurance Plans:

Heart attack (first time)

Stroke

Open heart bypass surgery

Cancer up to the specified stage

Replacement or repair of heart valves

Dialysis is required for the kidney

Coma of specified severity

Bacterial meningitis

Muscular dystrophy

Major organ transplant

Transplantation of bone marrow

Motor neuron disease, commonly known as amyotrophic lateral sclerosis (ALS)

Multiple sclerosis

Aplastic anemia

Major burns

End-stage lung disease

Permanent paralysis of limbs

Loss of speech

End-stage liver disease

Deafness

Fulminant viral hepatitis

Pro Tip- The following list is only a sample, and it does not cover all the possibilities. Under various critical illness insurance policies, insurers cover a variety of critical illnesses.

Critical illness plans do not cover the following:

Death within 30 days of treatment of critical illness or surgery

A major sickness was discovered within the waiting period

HIV/AIDS

Hormone replacement therapy

Smoking, alcohol, or drug use resulted in a critical illness.

Dental care or cosmetic surgery

Internal or external congenital abnormality causes critical illness.

A medical emergency associated with pregnancy or childbirth

War, terrorism, insurrection, or conflict in the armed forces has proven to be a major cause of illness or death.

Infertility treatment or therapy to assist reproduction

If you have a critical health illness insurance policy, you may submit your claim simply based on a diagnosis report. To submit a claim under a critical illness insurance plan, the following papers are usually required:

Properly filled claim form

Detailed discharged summary

Photocopy of ID card

Medical certificate by the doctor showing the diagnosis of critical illness.

After the insurance agency has verified the information, a decision on your claim request will be made. Whatever choice is made, you will be informed about it.

Aditya Birla Activ Secure - Critical Illness Plan

National Critical Illness Health insurance Plans

Bajaj Allianz's Critical Illness Insurance Plan

Cholamandalam-ms Critical Healthline Plan

TATA AIG Critical Illness Plan

Bajaj Allianz's Critical Illness Insurance Plan

Care Super Mediclaim Critical Illness Plan

Bajaj Women Specific Critical Illness Plan

Care Assure Critical Illness Plan

HDFC ERGO Critical Illness Platinum Plan

SBI Critical Illness Plan

Bharti AXA Smart Health Critical illness Plan

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Critical Illness Insurance | Health Insurance for Critical Illnesses

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When it comes to health insurance, most people think of policies that cover them in the event of an accident or regular illnesses. However, there is a special type of health insurance policy which is designed to provide coverage for those diagnosed with a critical illness disease.

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This is the fact that motor insurance will not pay for regular wear and tear costs including mechanical / electrical breakdowns or failure due to rusting. Learn what is included and what is not included in your motor insurance policy.

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As per IRDAI guidelines, Corona Kavach Health Insurance covers all COVID-19 related hospitalisation medical expenses. This policy covers all the medical expenses related to COVID-19 up to the sum insured by the insurer.

SMC will assist you in providing authentic information like features and benefits, claim process and eligibility criteria. This will help to compare the policy more effectively.

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According to IRDAI guidelines, all COVID-19 related hospitalisation medical expenses are covered by the Corona Kavach Health Insurance. This health insurance policy helpsindividuals to get coverage against all COVID-19 related hospitalisation medical expenses up to the sum insured by the insurer.

SMC Insurance brings you all the essential information about the policy, including key features and benefits, eligibility criteria, and the claims process. This will help you compare and buy the corona health insurance policy more effectively.

The Indian Government has taken several precautions and made numerous efforts to address the coronavirus outbreak. The insurance business has also developed various COVID-19 basic and standard health insurance plans to cover hospitalisation expenses associated with the treatment related to COVID-19.

A Corona Kavach Health Insurance is an indemnity health insurance policy created to cover hospitalisation and medical expenses incurred during COVID treatment. This policy covers both pre-and post-hospitalisation medical costs, and provides domiciliary therapy costs and AYUSH treatment expenditures. A Corona Kavach Health Insurance Policy also covers the policyholder's other medical problems due to Coronavirus during their hospitalisation.

There are two types of Corona Cover Health Insurance policy-

Corona Health Insurance Policy for Individuals
This policy covers an individual for hospitalisation expenses related to Coronavirus treatment.

Corona Health Insurance Policy for Family
This corona health insurance covers the entire family under one sum insured limit, including dependent parents, dependent children, and spouse. The family insurance for corona covers up to 6 persons.

Corona Kavach Health Insurance should be opt by every Indian, whether they are service-class, self-employed, or business person, as the virus threat is not yet over. This policy will help individuals financially in unforeseen medical emergencies that can occur due to the deadly virus.

Corona Kavach health insurance is a new type of insurance that has been introduced in India to provide coverage against the novel Coronavirus.

There are several reasons why you should opt for Corona Kavach Health Insurance:

It provides financial protection against the Coronavirus.

It offers a lump sum benefit in case of death due to Coronavirus.

It covers the cost of treatment of coronavirus infection.

It is available at an affordable price.

The spread of the novel Coronavirus has led to a surge in the number of people opting for this insurance policy.

SMC Insurance is one of the leading health insurance aggregators in India. We offer comprehensive information on a wide range of health insurance policies, including Corona Kavach Health Insurance; our aim is to provide you all the necessary information while eliminating all jargon.

We will help you to understand the key features and benefits of the policy so that you can make an informed decision. We will also guide you the eligibility criteria and the claims process. Our team of insurance experts is always there to assist you in choosing the best health insurance policy for your needs.

Corona Health Insurance Policy works like any other health insurance policy. Under this policy, the insurer will reimburse all the medical expenses incurred for the treatment of coronavirus infection up to the sum insured. This includes hospitalisation expenses, doctor's consultation fees, cost of medicines and diagnostic tests, etc.

The policy also offers a lump sum benefit in case the policyholder is diagnosed with Coronavirus and needs to be hospitalised. After confirming the diagnosis, the infected person will get the policy benefit. There are no pre-medical tests required to buy this policy, and it can be purchased online as well.

The Corona Kavach Policy has several benefits, as follows:

● One-Time Payment
One can get covered by Corona Kavach Health Insurance with a one-time payment, unlike the standard health insurance policies, which require regular premiums.

● Affordable Premium
Since the Corona Kavach Policy was created by India's Insurance Regulatory and Development Authority (IRDAI) to alleviate financial strain during the coronavirus pandemic, it is now available at a low insurance premium.

● Short Waiting Period
The Corona Kavach health insurance Policy gives you 15-days waiting period before you can start receiving benefits, which is considerably less than the 60-90 days that most insurance providers demand.

● Tax Benefits
The premium paid for this policy is eligible for tax deductions under Section 80D of the Income Tax Act, 1961.

● Optional Cover for Hospital Daily Cash
Corona Kavach Health Insurance covers an optional Hospital Daily Cash plan, which can be added to the policy for an additional premium. The policyholder may use the cash benefit of 0.5% ofthe total insured amount for each day spent in a hospital during continuous hospitalisation for up to 15 days.

Corona Kavach Health Insurance offers many features and benefits that provide financial protection against the Coronavirus. Some of these features are:

The policy covers hospitalisation costs, including comorbidities, room charges, nursing and ICU expenses, surgeon's and doctor's consultation fees, and other miscellaneous medical expenditures.

The treatment costs of AYUSH are covered, which are Ayurveda, Unani, Siddha, and Homeopathy.

Expenses for pre and post hospitalisation are reimbursed for a specified length of time.

There is no limit on the room rental fee under this plan.

The cost of emergency medical transportation is covered to a specified limit by the insurer.

This insurance covers you for 3.5, 6.5, and 9.5 months at a time. That is 105 days, 195 days, and 285 days.

The following are the conditions that must be satisfied to acquire a Corona Kavach Health Insurance:

Your age should be between 18 to 65 years.

You must be an Indian citizen.

Children's minimum and maximum age are 1 day old and 25 years old, respectively.

● Home Care Treatment Cover
For individuals, receiving treatment at the home for Coronavirus, the Corona Kavach Health Insurance policy covers any health monitoring and other medication expenditures for up to 14 days.

● Post-hospitalisation Costs
You are covered for any medical expenditure up to 30 days after discharge from the hospital with the Corona Kavach plan.

● Pre-hospitalisation Costs
Several expenses are being paid before being admitted to the hospital, such as doctor visits, check-ups, and diagnosis. The Insurance policy covers diagnostic costs up to 15 days before admission.

● No Deductible
The minimum coverage is Rs 50,000, while the maximum coverage is Rs. 5,00,000.

● Cover for Road Ambulance
There is coverage of Rs. 2000 available for the use of road ambulances in case of emergency hospitalisation.

● Vaccination
This plan does not cover vaccination, immunisation, or other preventative therapy costs.
Medication without Prescription

● This sort of health insurance coverage won't cover any medication costs incurred without a doctor's prescription. Day-care Treatments
OPD treatments or day-care procedures will not be covered.

● Unrelated Diagnostic Expenses
Any hospitalisation costs for medical tests and examinations unrelated to COVID 19 diagnosis and therapy are not reimbursed.

● Unproven Treatments
The Corona Kavach Health Insurance does not cover any expenses resulting from any unproven therapy, services, or products that lack adequate medical documentation to back their effectiveness.

● Biological War
This strategy is solely concerned with COVID 19, it will not cover any claims incurred due to the war.

● Unauthorised Testing
The Government's plan does not cover testing done at a Diagnostic center that isn't authorised by the authorities.

● Diagnosis Outside India
This coronavirus insurance does not cover any medical expenditure outside the nation.

The process for filing a complaint is similar to that of other health insurance plans. The claim will be paid in cash, or you can go with the cashless option too.

Follow the below steps-

It is necessary to notify the insurer about the claim. You must inform the insurance company within 24 hours of being admitted to a hospital in case of an emergency. In the case of planned hospitalisation, at least 72 hours prior notice is required.

The insurance company reimburses the insured or pays the hospital bills directly if the claim is approved.

The insured must pay the cost and present a claim later in the case of claim reimbursement. The insured must submit a pre-authorised letter in the case of a cashless complaint.

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Corona Kavach Health Insurance | Covid 19 Kavach Policy

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According to IRDAI guidelines, all COVID-19 related hospitalisation medical expenses are covered by the Corona Kavach Health Insurance. This health insurance policy helpsindividuals to get coverage against all COVID-19 related hospitalisation medical expenses up to the sum insured by the insurer.

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Myth Vs Facts on Motor Insurance Coverage

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Myth Vs Facts on Motor Insurance Coverage

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Though motor insurance protects you from legal and financial liabilities but there are some parts that are not covered in motor insurance policy. There are variety of add-ons that you can buy on an extra cost and get extra coverage from engine to tyres and even accessories.

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All-new Mahindra Scorpio Coming Up With New Elements and Variations

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All-new Mahindra Scorpio Coming Up With New Elements and Variations

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All-new Mahindra Scorpio is coming up with new elements and variations and the cost will start around Rs 11.99 lakhs to Rs 19.49 lakh. This estimate is for manual transmission only. This fresh and new Scorpio N has got 5 trims – Z2, Z4, Z6, and Z8L. Test drive is going to start on July 5 and bookings will be open on July 30. Get to know more information in this blog.

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Mahindra has sent off the much-anticipated Scorpio N at a beginning cost of Rs 11.99 lakh, going up to Rs 19.49 lakh. Do note that this estimate is just for the manual transmission variations, with the valuing for the programmed and four-wheel drive adaptations to be declared soon. Mahindra Scorpio N gets five trims – Z2, Z4, Z6, Z8, and Z8L (where ‘L’ represents the extravagance pack, like the XUV700). Test drives for the Mahindra SUV will start on July 5, with booking set to open on July 30.

Scorpio N: variety-wise assessing and gear nuances

Scorpio N Z2: Rs 11.99 lakh (P)-12.49 lakh (D), MT only
Petrol: 200hp, 2.0-litre MT
Diesel: 132hp, 2.2-litre MT

Touchscreen infotainment

Steering mounted controls (petrol)

Second-row AC vents

LED tail-lamps

Electric power steering (petrol)

Hydraulic power steering (diesel)

Scorpio N Z4: Rs 13.49 lakh (P)-13.99 lakh (D), MT only
Petrol: 200hp, 2.0-litre MT, AT
Diesel: 175hp, 2.2-litre MT, AT, 4WD

8.0-inch infotainment screen

Android Auto and Apple CarPlay

Cruise control

2nd row AC vents

Fabric Upholstery

ESC

Hill Hold control

Hill descent control

Scorpio N Z6: Rs 14.99 lakh (D), MT only
Diesel: 175hp, 2.0-litre MT, AT

Sunroof

Infotainment with Amazon Alexa

7.0-inch multi-info display

Drive modes

Wireless Android Auto and Apple CarPlay

Connected car tech

Scorpio N Z8: Rs 16.99 lakh (P)-17.49 lakh (D), MT only
Petrol: 200hp, 2.0-litre MT, AT
Diesel: 175hp, 2.2-litre MT, AT, 4WD

Leatherette interiors

4WD Terrain management system

Push-button start

Passive keyless entry

Power folding wing mirrors

Side and curtain airbags

Dual-zone climate control

LED headlamps

LED projector fog lamps

LED daytime running lights

LED sequential turn indicators

18-inch alloy wheels (AT)

17-inch alloy wheels (MT)

Scorpio N Z8L: Rs 18.99 lakh (P)-19.49 lakh (D), MT only
Petrol: 200hp, 2.0-litre MT, AT
Diesel: 175hp, 2.2-litre MT, AT, 4WD

Powered front seat

12-speaker Sony sound system

Front parking sensors

Wireless charging (AT 4WD only)

18-inch alloy wheels (AT)

17-inch alloy wheels (MT)

Optional captain’s seats for the second row

2022 Mahindra Scorpio N: petrol variety partition

The Scorpio N gets the 2.0-liter, super petroleum motor that produces 203hp and 370Nm through a 6-speed manual transmission. In any case, the motor delivers 10Nm of additional force when matched to the 6-speed force converter programmed transmission that is just presented on Z4, Z8, and Z8L variations. Mahindra offers the petroleum powertrain as standard across the variations in a 2WD configuration. In any case, there is no 4WD choice with the petroleum range.

2022 Mahindra Scorpio N: diesel variety partition

Mahindra offers the 2.2-liter, mHawk diesel powertrain on the Scorpio N in two conditions of tune. The base Z2 and the Z4 variations highlight the motor in a lower condition of tune, delivering 130hp and 300Nm through a 6-speed manual transmission. The Z4, Z6, Z8, and Z8L variations in the meantime are controlled by the higher-spec motor with three drive modes – Zip, Zap, and Zoom.

In both manual and programmed transmissions, the motor puts out 138hp in Zip mode, though in Zap and Zoom, it produces 175hp. In the interim, it produces 370Nm with the 6-speed manual and 400Nm using the 6-speed force converter programmed. Dissimilar to the petroleum-fueled rendition, the brand offers 4WD with territory modes on all diesel-manual variations.

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2022 Mahindra Scorpio-N - Features, Variants and more

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Mahindra has sent off the much-anticipated Scorpio N at a beginning cost of Rs 11.99 lakh, going up to Rs 19.49 lakh. Do note that this estimate is just for the manual transmission variations, with the valuing for the programmed and four-wheel drive adaptations to be declared soon.

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It is very important fact to know that the motor insurance does not cover damages beyond the listed geographical area. So, if you are planning for a road trip which is beyond the registered location then, make sure you talk to an expert at SMC and extend the coverage.

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Cashless health insurance plan is beneficial at the time for emergency in the hospital when you need an urgent cash for hospital bills. The bills are settled by the insurance company. Get in touch with SMC experts to have the best cashless health insurance plans in India.

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● Cashless Individual Health Insurance
Any individual can buy cashless health insurance policy to protect themselves against sudden healthcare expenses. The hospital care and treatment benefits are provided at a network hospital of the insurance company.

● Cashless Family Health Insurance
In this insurance plan, a person may insure all of his/her family members under the same policy. The other individuals who are covered under cashless health insurance plan purchased by an individual are known as "Members".

● Cashless Health Insurance for Senior Citizens
People above 60 years of age can be covered under this policy. As per the policy terms, pre-existing diseases, ambulance charges and hospitalization expenses are covered for older people.

Cashless hospitalization works in two different ways:

1. Emergency Hospitalization
If you are hospitalized in the event of an emergency, you will require immediate medical care; therefore, you should get your cashless mediclaim setup started within 24 hours of being admitted. This is what you should do in case of an emergency:

At the network hospital, show your health insurance card and give them your policy number, the name of your insurance carrier, and the sort of health plan you have.

Fill out the pre-authorization form, and then the individual at the insurance desk will expedite your claim process. If you have no time for the TPA approval, you may pay hospital expenses and request reimbursement from your insurance company later.

2. Planned Hospitalization
In case of planned hospitalization, you must choose a network hospital to avail cashless services. Follow these steps below to use cashless healthcare at the hospital:

Call the insurance firm's toll-free number to find out about the local hospital's network.

Take your policy card to the hospital and request a pre-authorization form after you've decided the hospital for treatment. You can get this paperwork from the hospital's insurance desk or download it from the insurer's website.

Fill out the insurance request form at the desk, which will be cross-checked by the insurer for the authenticity.

Then the TPA (Third Party Administrator) will receive the document and process it, either accepting or denying it.

If your pre-authorization application is accepted, TPA will send you an email with an authorization letter stating the amount of treatment sanctioned.

According to the procedure in emergency situations, a TPA should complete an emergency hospitalization claim process request within 6 hours.

With cashless health insurance, you can access any of the network hospitals immediately and get cured from fast treatment.

In a cashless claim, the documentation required by the policyholder is comparatively less than reimbursement claim, as the insurance company and the hospital settle their accounts mutually.

Premiums paid for cashless health insurance are covered under Section 80D of the Income Tax Act, which helps in saving tax.

According to the coverage you select, pre-and post-hospitalization costs are covered, such as diagnosis, treatment, medical expenses, doctor's fees, etc.

Cashless insurance covers the medical expenses and different therapies such as dialysis and chemotherapy, surgery costs, room expenditures (according to policy), and other daycare treatments.

If you have a cashless facility, you are assured that your savings will not be used to meet medical expenses. You won't have to search for loans to cover expensive hospital costs.

Every cashless insurance plan has its own set of characteristics determined by the insurer who provides the coverage. Some of the most prevalent features of any cashless policy are as follows:

Medical Costs for Pre- & Post-Hospitalization

No-claim bonus

In-patient Care

Free Health Check-up

Cover for Domiciliary Treatment

Tax Benefits

Cover for Ambulance Charges

Cover for Critical Illnesses like Heart Attack, Cancer, Stroke, etc.

Free-look Periods

Cashless health insurance plans provide policyholders with following advantages:

If this policy is in effect, policyholders do not have to have carry cash-in-hand to cover medical expenses.

Some cashless health insurance plans will be accepted in other countries as well. An insurer needs to confirm from their insurer about the same.

It will provide tax advantages under section 80D of the Income Tax Act 1961. The following are the yearly income limitations for senior citizens and others: Rs. 20,000 for those over 60 years old and Rs. 15,000 for everyone else.

Some insurers also offer policyholders free medical check-ups on a regular basis.

Any individual looking for better financial management, especially in the case of medical emergencies, must buy cashless medical insurance. It can be profitable for self-employed persons who do not receive a regular income. For individuals who cannot pay for expensive medical treatments, a cashless policy may make a significant difference during an emergency. If you're going abroad on business, you may wish to consider buying health insurance since several organizations also provide coverage outside India.

Cashless health insurance plans in India provide coverage for a variety of medical expenses, including:

Cashless Health Insurance Plan is intended to help adults who are suffering from chronic pain. This includes hospital charges (room rent, nursing, boarding costs, pre-hospitalization, and post-hospitalization expenses), daycare bills, ambulance fees, domiciliary hospitalization costs, organ donor expenses, etc.

There is no cost for using the healthcare network.

The insurer offers no Claim Bonus.

The Hospital Daily Cash benefit is being provided.

Provide a variety of free health-related services and checkups.

While health insurance plans cover most medical emergencies and conditions, the cover is subject to some exclusion. These exclusions are of two types, temporary and permanent. Temporary exclusions are expenses that the policy won't cover for a period defined by the insurers, while permanent exclusions are expenses that the policy will never cover. These things could be:

Pre-existing illnesses

Congenital disease

HIV/AIDS

Non-medical expenses

Injuries or ailments acquired in the course of conducting illegal activities.

Routine medical exams

Dental procedures

Joint replacements unless it is necessitated by an accident

Experimental treatments

Injuries or medical conditions caused by terrorist acts or wars

While health insurance plans cover most medical emergencies and conditions, the cover is subject to some exclusion. These exclusions are of two types, temporary and permanent. Temporary exclusions are expenses that the policy won't cover for a period defined by the insurers, while permanent exclusions are expenses that the policy will never cover. These things could be:

Pre-existing illnesses

Congenital disease

HIV/AIDS

Non-medical expenses

Injuries or ailments acquired in the course of conducting illegal activities.

Routine medical exams

Dental procedures

Joint replacements unless it is necessitated by an accident

Experimental treatments

Injuries or medical conditions caused by terrorist acts or wars

People living in India have different options in health insurance plans. A cashless health insurance plan is one of the most popular health insurance plans in India. In this type of health insurance plan, the policyholder does not have to pay any medical expenses from his or her own pocket. This helps the policyholder to avoid any financial difficulties during a medical emergency.

Having a cashless health insurance policy will provide you peace of mind and reduces tension. It will save your time, energy, and work dealing with the insurance company's claim settlement procedure.

Select a network hospital from the list provided by your insurance provider.

Fill out the pre-authorization form at the insurance company's desk at the hospital to let them know.

In an emergency, you must report within 24 hours of arrival and, in the case of planned hospitalization, 48 hours before your stay begins.

Fill out the necessary paperwork and submit them and any other documentation you may need, such as ID verification, policy papers, and medical documents like a doctor's prescription.

Payment authorization is promptly granted when the insurance representative transmits the papers to his office to begin cashless therapy.

After all, the paperwork has been submitted and the insurance company has approved them, the payments are settled. If your cashless therapy is refused, you can submit a reimbursement claim right away after the treatment.

SMC Insurance is one of India's most reliable and reputed insurance aggregators. We offer a wide range of health insurance policies that are designed to meet the needs of everyone. Our cashless health insurance plans are one of our most popular products and offer policyholders a hassle-free claim settlement process. With over 4000+ network hospitals, we provide you with the best medical care without worrying about finances. To know more about our cashless health insurance policies, click here. www.smcinsurance.com

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Cashless Health Insurance Plan | Best Cashless Insurance Online

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● Cashless Individual Health Insurance Any individual can buy cashless health insurance policy to protect themselves against sudden healthcare expenses. The hospital care and treatment benefits are provided at a network hospital of the insurance company. ● Cashless Family Health Insurance In this insurance plan, a person may insure all of his/her family members under the same policy.

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People in India are getting more prone to cardiovascular problems. Open-heart surgery has gone up more than 100% and the cost of cardiac care has also increased. A cardiac care health insurance plan will save you from medical costs and financial losses. This plan covers heart-related medical treatments and procedures. For further information click on the link below.

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The cost of cardiac care is increasing at an alarming rate. In the last 5 years, the cost of a coronary angioplasty has increased manifolds. The cost of open-heart surgery has also gone up by more than 100%. People are becoming more prone to cardiovascular problems as we live through lifestyle-related problems and air-borne diseases.

A cardiac care health insurance policy saves you from the rising medical costs and provides financial security.

Cardiac health insurance covers the cost of heart-related medical treatments and procedures. This can include doctor visits, hospital stays, surgeries, and prescribed medicines. Some policies may also cover preventative care, screenings, rehabilitation and counselling services.

Cardiac health insurance comes with a maximum limit on the amount that the insurer will pay when the high-cost treatments are required.

Why is Cardiac Care Health Insurance Required?

Cardiac health insurance is an important tool for patients with heart-related health problems. If you have suffered a heart attack or have high-cholesterol difficulties and you are paying for expensive clinical treatments, cardiac health insurance can help you afford the medical care you need.

Most cardiac patients opt for this insurance as it offers:

Wide Coverage and Better Benefits
Policyholders get coverage for almost all heart-related treatments and surgeries. The benefits provided by these policies help you in getting the best possible care.

Option to Get Customised Cover
You can customise your plan and get a higher coverage limit as per your need. You can also add riders to your policy to get additional benefits.

Affordable Premiums
The premiums of cardiac health insurance policies are affordable as compared to the extremely high costs of the treatment. It is better to pay the premium and have the medical coverage handy.

Advantages of Cardiac Care Health Insurance Policies

It helps to cover the costs of all kinds of cardiovascular treatments for heart patients, such as day-care treatments, angiography, heart surgery, bypass or stenting.

Knowing that you have cardiac health insurance can help ease any anxiety about the costs you have to incur during treatment. It also ensures getting timely treatment in the network hospitals.

Key Features of Cardiac Care Health Insurance

Cardiac health insurance comes with the following standard features:

Coverage for End-to-End Hospitalization
All kinds of hospitalization charges incurred during cardiovascular treatments are covered by cardiac health insurance policy.

Lump-Sum Reimbursement of Sum Insured
The policyholder can claim the total sum insured in case he/she is diagnosed with a cardiac disorder that may require long-term, expensive treatment.

Loss of Income Cover
As the policyholder is diagnosed with critical heart disease, they may lose their ability to earn. Cardiac health insurance provides coverage for loss of income, helping the insured to pay for day-to-day expenses.

Treatment Taken in Foreign Hospitals
Some cardiac insurance policies offer coverage for the treatment taken in specialised overseas hospitals. It is important to look for this provision while purchasing the policy.

Tax Benefits
As per Section 80D of the Income Tax Act, 1961, policyholders enjoy the tax benefits on the premiums paid, which is up to Rs. 25,000 for all kinds of health insurance policies, including cardiac care plans.

When you’re ready to purchase cardiac health insurance, be sure to compare plans offered by various insurance providers. This will help you find the best coverage for your needs at the most affordable price.

At SMC, we help you to compare cardiac care health insurance plans and find the perfect one for you. Give us a call today to learn more.

Cardiac Care Health Insurance Benefits

No matter how well one takes care of their heart, one is always prone to heart-related ailments due to erratic lifestyles and sudden pandemic situations. Following are some of the benefits of having cardiac health insurance:

Hospital Cash Benefit
This rider gives you a daily allowance for the no. of days you are hospitalised. This daily allowance can cover food, travel, lodging, etc.

Policy Continuity
If you wish to port your policy from one provider to another, you can retain the benefits as it is.

Lifetime Renewability
A good cardiac health insurance policy will have a provision for lifetime renewability. It means that you can continue the policy at any time, regardless of changes in your health condition.

What is covered under Cardiac Care Health Insurance?

Here are some coverage perks you may get under cardiac health insurance plans:

Coverage for In-hospitalisation Expenses
These are the hospital expenses, including treatment, medicines, ICU, and related expenses. These are paid by a cardiac health insurance plan, depending on the facility where the treatment is administered. It is always advisable to get the treatment at one of the network hospitals of the insurance provider.

Pre and Post-hospitalization Expenses
These medical expenditures are covered by regular health insurance and cardiac insurance plans too.

Domiciliary Hospitalisation/ OPD Treatment
Your cardiac health plan will also cover the costs involved with the homecare treatment in case of doctor recommendations.

Myocardial Infarction (First Heart Attack) Cover
The majority of heart insurance plans cover the cost of first hospitalisation and treatment for a heart attack if a blood flow obstruction to the heart causes damage to the cardiac muscle. Clinical symptoms such as chest discomfort, acute myocardial infarction, electrocardiogram, or other biochemical indicators may all aid in diagnosing myocardial infarction.

Refractory Heart Failure
This is covered only if a cardiologist has performed the evaluation or the report shows abnormal biomarkers, as defined in the policy language.

Annual Cardiac Health Check-ups/Wellness Program
Premiums for heart patients are higher, but their health insurance plans cover most of the medical expenses. Heart patients may obtain additional benefits from their policy, such as annual check-ups which will help them to determine if they need surgery or not.

Alternative Treatments
Heart patients can also avail benefit from hospitalisation, medical care, and alternative medical therapies, including Ayush treatment, homoeopathy, Unani, Siddha, and Ayurveda treatments.

What is Not Covered under Cardiac Care Health Insurance?

A few things are not covered under cardiac care health insurance. Let’s learn about them in detail:

Experimental Procedures
Health insurance companies often do not cover experimental procedures or treatments. If your doctor recommends an experimental treatment for your heart condition, you may have to pay for it yourself.

Out-of-network Care
If you receive care from a doctor or hospital which is not in your health insurance company’s network, the insurance company holds the right to deny the claim. This will be based on your actual agreement with the company depending upon the terms and conditions specified in your plan.

Certain Medications
Your health insurance plan may not cover some unapproved medications used to treat heart conditions, and this means that you may have to pay for these medications yourself. Please read the documents carefully before buying cardiac health insurance plan.

Self-inflicted Injury/Suicidal Attempts
If the heart patient harms himself/herself, the resulting injuries will not be covered under cardiac health insurance.

Substance Abuse
If the cardiac patient is hospitalized due to the excessive consumption of drugs or alcohol, the policy company will not pay for the medical expenses.

Internal Congenital Disease
Any internal disorders present in the heart patient by birth are not covered by cardiac health insurance.

Best Way to Claim Cardiac Care Health Insurance 2022?

If you are looking for the best way to claim cardiac care health insurance for 2022, you need to look   for a suitable policy from one of the top cardiac health insurance providers in India. This is the best way to ensure the coverage you need in an emergency. We at SMC Insurance can help you find the right policy. .

Documents Required to File a Claim

It is important to know the smooth execution steps of the claim process when you have a heart attack and need the sum insured. In general, you will need to provide the following documents:

A copy of your health insurance card

The name of your health insurance company

Your policy number

The name of the doctor who treated you

The date  on which you got the heart attack

The treatment that you received

Hospital bills

Proof of payment (if applicable)

Contacting Your Cardiac Care Health Insurance Company

Once you have been treated for a heart attack, it is important to contact your health insurance company as soon as possible. This will allow them to start the claim process and ensures that you get the best possible coverage.

Why Should I Opt for a Cardiac Care Health Insurance?

There are many reasons you should consider opting for a cardiac care health insurance policy. Here are some of the key benefits:

Geographical Coverage
One of the key benefits of opting for a cardiac care health insurance policy is that it offers you global coverage. This means that you can access medical treatment for your cardiac condition, no matter where you are in the world.

Premiums Amount
Another key benefit of a cardiac care health insurance policy is that the premiums are typically lower than for other types of health insurance policies. It means that you can get comprehensive coverage for your cardiac problem at a lower cost.

Service
When you opt for a cardiac care health insurance policy, you are assured of best service. It means that you will have access to the best medical professionals and facilities if you need to claim on your policy.

Waiting Period
One of the key benefits of a cardiac care health insurance policy is that there is usually a very short waiting period before you can start to make claims. You can get immediate protection for your cardiac condition.

Eligibility Criteria
The eligibility criteria for a cardiac care health insurance policy are typically much less stringent than other health insurance policies.

SMC helps you compare cardiac care health insurance quotes and find the best policy for your needs. We work with the top insurance providers to ensure that you have access to the best coverage possible.

When Should I Buy a Cardiac Care Health Plan?

If you have a pre-existing heart problem, it is important to buy a cover plan immediately. You may not need much coverage if you are young. However, if you smoke, you will need a comprehensive cardiac care health cover plan.

You must be able to afford the plan and pay the premiums timely, which is more likely if you are employed and have a secured job.

Ultimately, the best time to buy a cardiac care health plan depends on your circumstances.

Do you need the best advice on how, when, and why to purchase a cardiac care health insurance plan? SMC is here at your service.

Top Cardiac Care Health Insurance Plans Companies in India

Aditya Birla Health Insurance

Bajaj Allianz Health Insurance

Bharti AXA Health Insurance

Care Health Insurance

Chola MS Health Insurance

Future Generali Health Insurance

Iffco Tokio Health Insurance

Kotak Health Insurance

Niva Bupa (Formerly known as Max Bupa) Health Insurance

Manipal Cigna Health Insurance

National Health Insurance

Reliance Health Insurance

Star Health Insurance

SBI Health Insurance

Tata AIG Health Insurance

United India Health Insurance

Universal Sompo Health Insurance

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Cardiac Care Health Insurance | Features, Benefits, Review

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Buy online Cardiac Care Health Insurance Plan for Heart Patients cover heart-related illnesses & cardiac care. Get benefits of cardiac care health insurance today.

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2 Unique benefits from your no-claim bonus

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2 Unique benefits from your no-claim bonus

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There are 2 unique benefits from your no-claim bonus on your car insurance policy. These benefits are the discounts on premium of your car insurance. The insurance company gives 25% discount off on your car insurance renewal if you maintain your car. Secondly, as the policy stays with you so if you upgrade your car you can easily transfer it to your next car. For more information visit https://www.smcinsurance.com

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Ulip Child Plans are the best component with insurance and investment for your child’s future. It is that investment where a part of the paid premium is invested in various market funds and expected higher returns comparison to traditional life insurance and, the other part of the income provides you the insurance coverage. The invested money keeps growing and gives larger funds when your child needed for higher education or for marriage.

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If you are looking for a good insurance investment having features like high market returns, financial protection for your child's future and the life insurance component in one plan, then ULIP child plans are suitable for you!

It is a market-linked child investment plan where the policyholder can invest a part of the paid premiums in various market funds and expect higher returns than traditional life insurance. And the other part of the income helps you to get the insurance coverage.

.Thus, the invested money keeps on growing, and gives larger access of funds to the child when needed for education or a career.

The policyholder also gets the flexibility to choose and invest in the various investment components such as debt funds, equities, and balanced funds up to four times a year based on market performance. Parents who are willing to invest in their child's bright future can choose ULIPs based on their risk appetite and funds availability.

The flexible returns and the higher maturity benefits of such plans make them a preferred choice for all the smart investors.
With SMC, secure your children's future by comparing, evaluating and selecting the ideal ULIP child plan today!

Addition to Diverse Portfolio ULIPs allow you to diversify your investment portfolio and maximize your capital appreciation to help you build a bright future for your child. Furthermore, the provision to switch between debt, balanced, and equity funds ensures that you avail the maximum benefits from the best-performing instruments.

Auto Rebalancing When your funds move from one investment component to another, there is a high chance of adverse impact.The feature of auto fund rebalancing allows you to specify your investment preferences clearly and to keep it unaffected from the market fluctuations.

Death or Maturity Insurance Benefits Your ULIP child plan investment will continue to grow into a corpus during the insurance period. A maturity date can be set based on your child's future financial needs for education and career orientation. Even in adversity such as the policyholder parent's death, the insurance company pays the insured amount to the child, and the investment component remains in effect, allowing the funds to grow further.

Premium Waiver-Off In case of an eventuality with you, the future premiums are waived off. Yet, the investment component remains effective where the returns are collected until the plan's maturity date. As the policy matures, these investment returns are then given to the nominated child.

Maturity Benefits As we know, ULIP child plans are market-linked and continue even after the policyholder parent's death; the maturity benefits are often high. Even after removing additional policy charges such as fund management fees, mortality fees, and so on, the returns on investment still remain quite good. Additionally, the policyholder can choose whether the nominee receives the policy maturity benefits in predetermined installments or in a lump sum way.

Surrender Benefits The insured can cancel or surrender the policy anytime for any given reason, such as lack of funds or market volatility, but the plan's benefits will only be valid for a limited time i.e. 3 to 5 years depending upon the plan chosen. The specific period is determined by the number of years for which the insurance premium has been paid.

Note: If the insured wishes to withdraw part of the plan, he/she may do so after the policy has been in force for a minimum of 3 years and is subject to the policy terms and conditions.
Follow these steps to buy a ULIP child plan that can help you to maximize your investment.

Amount of Coverage Figure out the coverage amount, investment period, and investment amount per year and when you are likely to withdraw funds based on your needs. As a good investor, you must have a financial plan ready to make the right move and get the precise returns which you are looking for.

Calculate the Premium You must use a ULIP plan premium calculator to compute the premium based on your selected coverage amount. This online tool helps you to get the right figures and allows you to create a reserve amount you want to invest in the premiums.

Select the Child Plan As you enter the right information, you will be provided with a list of best performing ULIP plans based on your needs. You can choose the best one from the various available options.

Select a Payment Schedule Then you must decide whether to pay the premium in one lump sum or monthly installments. Once you have decided on a payment schedule, you can start your insurance by making the online payment via a safe and secure payment gateway. Once the payment is made and the insurance provider verifies the receipt, you will get your policy papers via email.

Note: It is always advisable to get in touch with an expert insurance advisor to know your investment options for ULIP child plans. At SMC, we are committed to provide transparent information in easy way to understand words while eliminating all insurance jargon. We are here to make your insurance purchase journey as pleasant as a summer breeze!
To guarantee that you select the right plan for your child, follow the tips provided below-

Premium Waiver Plans Premium waivers apply if the insured dies within the specified time frame. This feature of the child plans allows beneficiaries to receive the sum assured and the premium until the insurer pays the premium at the end of the maturity period. The payments are paid after the term, according to the policy guidelines. Always check to see if a child plan includes premium waiver benefits.

Transfer Options Choose a plan with a system transfer option to guarantee that your gains in the child plan investment are successfully secured. Also, make sure you have adequate risk coverage so that your death benefit is a substantial lump sum that can assist your child and family in the event of your death.

Depending on your budget and needs, there are various ULIP child plans to pick from. Compare the prices of numerous insurance companies and then select the ideal one.

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High Returns child plan | Online ULIP Child Plans

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If you are looking for a good insurance investment having features like high market returns, financial protection for your child's future and the life insurance component in one plan, then ULIP child plans are suitable for you!

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The Launch of All New Brezza 2022 – Loaded with Top-notch Features

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The Launch of All New Brezza 2022 – Loaded with Top-notch Features

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On 30th June Maruti Suzuki is going to launch their second-generation compact SUV Brezza. Bookings are already open. This new Brezza is going to heat up the Indian market as it is equipped with the features that you have dreamed in your car. Electric sunroof, 6 speed AT gearbox, 360 degree camera to headsup display and telescopic steering wheel.

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Maruti Suzuki is geared up to launch the second generation of their premier compact SUV Brezza on 30 th June. Bookings are open. This would spice up the already fiery compact SUV segment in the country. The company is launching the car with the tagline 'All New Hot and Techy' as it is loaded with high-tech features that would take it much ahead of the completion.

India's compact SUV segment is fiercely competitive as every car brand in India wants to rule this segment. SUVs are a new craze in the country and compact SUVs are the right fit for the pocket of India's rising middle-class. India has the world's largest middle class population and hence, the compact SUV segment is red hot in the country. Everyone wants to show the muscle of their SUVs on the road and enjoy a long drive in their off-roader.

The following is the list of all the compact SUVs in India.

How the all new Maruti Suzuki Brezza 2022 is going to change the dynamics of the market...

All the Muruti Suzuki Brezza is equipped with all the features that you dreamed of having in your car. From electric sunroof to a 6 speed AT gearbox, from 360 degree camera to headsup display and telescopic steering wheel - the all the Brezza has it all.

This time you won't see the Vitara nomenclature attached to the car as brand Brezza is a known brand in itself now. Vitara brand from Suzuki had a familiarity in the world of SUVs that is why the first generation of Maruti Suzuki Brezza cars used Vitara in their nomenclature to get brand recognition. But now that the Brezza brand is popular, the company did not feel the need to attach Vitara. Now brand Brezza has a good brand recall in itself.

This is not the first time Maruti has has dropped a prefix from a car's name. Few years back it launched its flagship compact sedan with the name Swift Dzire. Maruti Suzuki dropped the 'Swift' prefix when it launched the third generation of the car. Now the compact sedan is simply called 'Dzire'.

Here is a list of some new features of the upcoming Maruti Suzuki Brezza

Electric Sunroof

360 degree camera

9 inch touchscreen with 6 speakers

6 speed automatic gearbox

New front grill

1.5L L series naturally aspirated petrol engine

Heads up display

Wrap around LED tail lamps

Brand new Dashboard design

ESP, hill hold assist

New front and rear bumpers with faux skid

Floating roof design

Silver accent roof rails

New LED DRL's and headlamps

Might get a CNG variant as well

With these mighty features, the compact SUV is going to be safer and more fun to drive. The facelift of the car is going to make it look sharper and more elegant than its previous generation. With this new launch, Maruti Suzuki aims to have a firmer grip in the compact SUV domain in the country. As per reports, the all new Maruti Suzuki Brezza is compatible with IOT (Internet-of-things) devices that would help new age motor insurers to assess the right value of premium and charge the same from the customer.

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The Launch of Maruti Suzuki Brezza 2022 - Top notch Features

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Maruti Suzuki is geared up to launch the second generation of their premier compact SUV Brezza on 30 th June. Bookings are open. This would spice up the already fiery compact SUV segment in the country.

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How does a no claim bonus in motor insurance work?

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How does a no claim bonus in motor insurance work?

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No claim bonus is the reward a discount on premium where the insurance company rewards you on being a careful and responsible owner of your vehicle. This is the best feature that insurance company provides to every vehicle owner who maintains your vehicle. Our SMC experts are here to guide you about this impressive feature.

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With traditional child insurance plan you can get lot of benefits and future secure of your child. Features like tax benefits, risk protection and financial stability. This type of plan covers insurance and investment for your child’s future and at maturity the policyholder receives an assured amount and a guaranteed bonus.

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As a parent, it is always your aspiration to leave behind financial stability for your children, so that they do not have to face any problems in your absence.

A traditional child plan is a conventional type of insurance policy that combines insurance and investment for your child's better future. The insurance component guarantees that a child's well-being is safeguarding the case of a parent's untimely death. The investment component helps to grow your funds to build a bright future for your beloved child.

Child plans also come with the flexibility of partial withdrawals at key milestones during your child's life, such as higher education, purchasing assets, marriage etc.

Traditional Child Plans provide risk protection, tax benefits, and financial stability for you and your child. If you have limited funds available and have a very low-risk appetite, then you must explore traditional child plans as investment options. At maturity, the policyholder receives an amount assured and a guaranteed bonus.
Now, evaluate, compare, and purchase an ideal traditional child plan and gift a happy life to your child!
Below listed are the reasons for you to invest in a good child plan if you are a parent:

Financial Security Child plans pay a lump-sum amount in the event of the death of the policyholder who was paying the premiums for the child plan. This sum is tax-free and is generally enough to pay off urgent education fees without jeopardizing a child's further studies.

Long Term Investments If you do not want to compromise with your child's education at any time, you must go for a long-term investment in traditional child plans. Although the investing component helps you to build a significant fund, the power of compounding only works if you operate for a long-term, and a fixed timetable.

Protection Against Inflation In India, combating education inflation is a priority. When you add the cost of higher overseas education to this inflation, you should have a solid strategy so as to fulfill your child's dream. With a child plan, you can ensure the proper availability of funds for your child's future needs.

Investment Component Remains Alive Even after the parent's death Insurance Company not only pays a lump sum upon the death of a parent or guardian but also continues to invest on the insured's behalf. The investment returns are thus given to the child at the maturity of the plan.

Annuity Life Insurance Traditional child insurance plans are a kind of annuity plan that provide regular returns for the rest of your life after you make a premium payment for a specified period. Such annuities provide a steady income stream for your child's needs, and you do not have to worry about funds.

Premium Waiver Benefit In case of a parent's death, the child's life must not stop, and he/she should not be burdened with the premium payments. The waiver benefit added to the traditional child plan, offers this provision to waive off the rest of the premiums and allows the child to get the benefits stipulated by the insurance company. If the premium waiver is not a part of the standard policy, it must be added as a rider.

Tax Exemptions Section 80C of the Income Tax Act allows you to claim tax deductions on the premiums paid for the child plans. Section 10(10D) allows for tax exemptions on maturity benefits and lump sum assured. However, an interest-on-investment exemption is only available if the premium paid in any given year is less than one-tenth of the total maturity sum guaranteed.

Premium Payment's Flexibility There is a flexibility in paying a premium for traditional child plans, which means the premium can be paid in three different ways. It can be paid as a recurring pay premium throughout the term, a one-time pay premium, or a limited pay premium for a set number of years. The premium amount is determined by the sum guaranteed, the term of the policy and the maturity benefits of the chosen plan.

Protection Level Selection A child plan protects in an emergency by providing funds defined in the policy documents at the time of purchase. . You can choose the level of protection you need for your child at various milestones of life by adding riders and other benefits. The amount of premium you need to pay will vary accordingly.

Loyalty Advantages Loyalty bonuses are additional rewards for paying your premiums on time during the policy's term. These plans are frequently connected with traditional child plans and can be implemented in two ways: as a set proportion of the premium or as a percentage of the overall fund value.

Payment of the Sum Assured in a Single Installment Child plans offer a lump-sum payout of the sum guaranteed, from the maturity benefit due after the policy term is over. You can fix a maturity date according to your child's future financial needs, and the investment will continue to develop into a corpus during the insurance period. In the event of your death, the insurance pays the needful amount, and the investment plan continues.

Non-forfeiture Benefits These provisions in the traditional child plan allow you to continue receiving benefits even if the policy has lapsed due to non-payment of the premiums.

The following is a list of documents that will be required when purchasing a traditional child insurance plan

Age-Proof Passport, birth certificate, and 10th/12th-grade mark sheet.

Identity Verification Aadhaar card, passport, PAN card, and voter identification card.

Income Documentation Proof of income demonstrating the income of the insurance buyer.

Address Proof Telephone bills, the electricity bill, ration cards, passports, aadhaar card and driver's licenses are acceptable proof of address.

Form of Proposal Complete proposal form for availing the plan.

For a smooth and speedy claim process, follow the step-by-step claim procedure instructions below:

Notify Insurance Company
You must notify the insurance company as soon as you need to file a claim. You can visit a branch office, write an email, or call the toll-free number provided.

Submission of Paperwork and Evidence
You must submit the relevant paperwork and the claim form after informing insurance company. Specifications for the policy, dates of incidents, and nominees must all be presented.

Registering the Claim
The claim then has to be registered. The assessor then examines and validates the documents. If all of the paperwork is in place and the claim meets all criteria, the insurance company will approve it. There is no need for further research after the authorization has been acquired. Companies prefer to settle claim within 30 days.

For obtaining a traditional child plan, various insurance providers have different eligibility conditions. The usual age range is 0 to 15 years, with a maturity period of up to 60 years. The sum assured varies according to the plan you choose.
Below is a complete list of the top child insurance plans in India: Conclusion
The most efficient strategy to ensure your child's future is to buy a traditional child plan most suited for the specific dreams and aspirations of your child.

Getting started early, budgeting, and adding partial withdrawal benefit plans to your investment portfolio are all critical factors when choosing a child plan. Carefully examine the different options available and select the best one according to you needs.

"Invest in child plans today to get higher returns and gift a life your child deserves!"

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Guaranteed Child plan |Assured Child Education Savings Plan

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As a parent, it is always your aspiration to leave behind financial stability for your children, so that they do not have to face any problems in your absence. A traditional child plan is a conventional type of insurance policy that combines insurance and investment for your child's better future.

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Which category of motor insurance should you choose?

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Which category of motor insurance should you choose?

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In India motor insurance is mandatory and it is difficult to choose the category like private car insurance, two-wheeler insurance or commercial insurance. SMC is here to assist you with the right category of motor insurance and according to your preference.

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ULIP plan provides both life insurance and investment but standard ULIP plan don’t cover any permanent disability or critical illness. To have the complete coverage you will have to add riders by paying extra premium to increase the benefits of your ULIP policy.

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A Unit-linked Insurance Plan (ULIP) is designed to meet both your life insurance and investment requirements. However, unexpected events in life, such as a permanent disability or a critical illness, may limit your ability to earn, and these events are also not covered in standard ULIPs. To get complete coverage against unforeseen circumstances, you can add riders to enhance the benefits of your ULIP policy.

ULIP Plan Riders can be bought with your ULIP policy with an additional premium fee. It is an excellent way to boost the return possibilities and customize your plan. By purchasing a rider, you add new advantages and avail better benefits.

Insurance companies provide a variety of fund options based on investment objectives, time horizon, and risk profile. Every fund has a different level of risk and, as a result, offers a different level of return.

The following are the examples of common types of funds and their risk characteristics:

Cash Reserves
Money Market Funds are another name for them. Cash funds are low-risk investment tool that invest in cash, bank deposits, and money market instruments.

Debt Funds, Fixed Interest, Income, and Bond Funds
These are medium-risk funds that invest in debt instruments such as government securities, corporate bonds, and other low-risk fixed income instruments. While the rates of return are lower than those of equity, the risk is also lower. These funds have slightly higher returns than cash funds.

Balanced or Hybrid Mutual Funds
They are medium-risk investments that combine equity and fixed-income investments. These hybrid funds provide adequate exposure to both the stock market and debt instruments. Safer investments in debt lower the risk inherent in equity.

Equity Investment Trusts
These ULIP funds are considered medium to high risk because they primarily invest in company stocks with the goal of capital appreciation. Their performance varies up-down due to market fluctuations.

Accidental Disability Benefit Rider
Depending on the rider terms and conditions, this ULIP Plan rider pays out a lump sum amount if the life assured suffers from a total or partial disability due to an accident.. This rider can reduce your tension by providing financial assistance to your family to achieve goals in case of an accident.

Family Income Benefit Rider
This ULIP Plan rider provides financial assistance in the event of the life assured's death, accidental permanent disability, or the policy's first diagnosis of any of the specified critical illnesses. Under this rider, 1 percent of the rider sum assured is typically paid monthly for a minimum of 10 years. A consistent monthly income can help your family achieve their life goals.

Accidental Death Benefit Rider
In this case, the nominee receives a rider sum assured in addition to the death benefits of the base ULIP plan. Under the rider, the maximum sum insured could be the same as the base policy's sum assured. For example, if the base ULIP provides Rs. 10 lakh in life cover, you can purchase a maximum accidental cover of the same amount through this ULIP plan rider.

Critical Illness Benefit Rider
When a serious illness attacks, you need financial assistance to get the best care possible. You don't want medical expenses to deplete your savings. With a critical illness benefit rider, you can receive a lump sum benefit if one of the critical illnesses is diagnosed in you and your family. These illnesses may include various types of cancer, a first heart attack of a certain intensity, organ transplant, kidney failure requiring regular dialysis, major paralysis, etc.

Waiver of Premium Benefit Rider
Suppose your recurring revenue is disrupted for any reason, such as permanent disability due to an accident or inability to work due to a critical illness. In that case, a waiver of premium rider ensures that all future premiums towards your ULIP are waived off, and your investment and life cover continues uninterruptedly. This guarantees that your loved ones' life goals can continue to meet even if you cannot earn. The policy document defines the conditions that are eligible for benefits under this rider.

Improves Security
The main reason for adding riders to your life insurance policy is to protect your family from multiple risks. The worst could be the death of the policyholder which causes financial problem to the family. On the other hand, accidental disability and life-threatening illnesses with expensive treatments, can also add on your stress equally. Adding riders to your life insurance policy strengthens it and protects your family.

Minimal Management Difficulties
If you get an accidental and critical insurance policy, you will not only have to pay more premiums, but you will also have to maintain multiple policies. Another disadvantage of purchasing multiple policies is that you will be unable to combine benefits.
If you do not include the accidental or critical rider in your term plan, you are unlikely to receive the premium waiver benefit. This is because these claims act as a catalyst for premium waivers. You will not be able to add the premium waiver benefit if your policy does not already include these benefits.

Enhanced Protection
Adding riders expands your total pool of protection. For example, if your base life insurance policy provides a total assured benefit of Rs. 1 crore, a critical illness rider can increase it to Rs. 25 lakhs.

This is a significant benefit for riders because the death may occur before the final death in many cases, such as accidental deaths, prolonged hospitalization, and medical bills. As a result, to cover all of their expenses, your family will require far more funds than the death benefit.

You can explore SMC's ULIPs page to check the available riders and choose the one that suits your requirements. You can also get in touch with us and get a consultation from our insurance experts regarding the benefits of ULIP riders.. SMC Insurance helps you to enhance your investment benefits in every possible way. We are just a phone call away.

Incorporating a rider to your current ULIP increases overall benefits. It protects you and your family from various unexpected events without requiring you to purchase another insurance policy. You can use riders to ensure that your and your family's life goals are on track and are not hampered due to budgetary restrictions.

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ULIP Plan Riders | All About Riders in ULIPs

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A Unit-linked Insurance Plan (ULIP) is designed to meet both your life insurance and investment requirements. However, unexpected events in life, such as a permanent disability or a critical illness, may limit your ability to earn, and these events are also not covered in standard ULIPs.

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5 Reasons to buy your motor insurance online.

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5 Reasons to buy your motor insurance online.

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Comparing with the traditional shopping method buying an insurance online is much easier and feasible. Insurance can be purchased in a few clicks and you will also enjoy the benefit of special discounts on your motor insurance policy. Get to know more from our Facebook post.

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Education Loan or Child Insurance Loan – Which is Better?

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Education Loan or Child Insurance Loan – Which is Better?

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Did you ever think which will be a better option for your child’s future education loan or child insurance loan. Planning for your child’s future is major responsibility and that is where child insurance plays a vital role. Child insurance provides two benefits insurance and investment. Policyholder pays the amount of premium and part of that premium is invested in unit linked or traditional schemes. The other part of the premium is invested in life insurance where the company will pay the lump sum amount to your child after your death.

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"Money not spent is money well saved"

Planning for your child’s future expenses is a major responsibility of yours. Most often an argument gets stuck between a child insurance plan and education loan. As these are the most common options a parent goes for. Although an education loan may seem as a viable option but it cannot replace the need for you to invest and grow your own money.

Child insurance is a mixture of both an investment and insurance. For child insurance plans, the policyholder parent pays the periodic premiums. A part of this premium is invested in either unit-linked or traditional schemes. And another part of the premium is allocated for life insurance, under which the insurance company pays the child or guardian a lump-sum amount in case of the death of the premium paying parent during the policy term. Not only this, in the event of the death of the insured i.e. the premium paying parent, the insurance company continues the policy and pays the premiums on the behalf of the deceased.

How is child insurance a better option than education loan?

Both child insurance and education loan are helpful in funding the higher education needs of your child. You get tax benefits for both these options. For child insurance, you get rebate under section 80 C of the Income Tax Act, 1961 and for education loan you get tax benefits under section 80 E of the Income Tax Act, 1961. So how is a child insurance plan better? The answer is that the scope of child insurance is much wider. Read further to know why you should start investing in a child insurance plan if you are a parent.

1. Burden of repayment: In case of education loan, the burden of loan repayment falls on the shoulder of the child once their education gets over and job starts. The initial few working years of the child are spent in repaying the loan. The situation gets horrific if the child losses the job as the obligation to repay the loan is still there. And in these fluctuating times, job instability is not something you should not take into account. In case of child insurance, the money of the insured parent grows. So the higher education is financed through own money of the parent and hence, there is no burden of loan repayment.

2. Death Benefit: In case of child insurance plans, the insurance company gives a death benefit to the child of their guardian. Death benefit is a lump-sum amount given by the insurance company to the policy nominee upon the death of the insured as per the policy terms. This death benefit sum can be used in the upkeep and raising of the child. There is no question of such benefit in case of an education loan.Irrespective of the death of the parent of the child himself/herself, the loan has to be paid back. The parent becomes the guarantor in case of the education loan. In case of the unfortunate demise of the child, the burden of loan repayment falls on the aged parent. Whereas, in case of a child insurance plan – if the insured parent dies – the insurance company continues the policy and keeps paying the premiums on the behalf of the deceased to keep the child fund getting fatter.

3. Scope: The scope of an education loan is quite limited to the higher education for which the loan is being taken. Whereas, the child insurance plan gives money to fund various events of a child’s life such as higher education, marriage, or a major medical treatment. The freedom to use the proceeds from the insurance company lies with the child. Whereas, in case of education loan, the money received is used only for a dedicated purpose i.e. education.

Conclusion

It is better to start investing in a child insurance plan from now. Act in the present and grow your own money to be able to fund your child’s education rather than be dependent on a loan. You have more control over your money. Investing in a child insurance plan would train you to be more disciplined with your money. Why get your child into the burden of education loan repayment? Also, there is no guarantee whether you’ll get the required amount of education loan in the future. So, it is better to start planning from now. Go for a child insurance plan.

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Education Loan VS Child Insurance loan – Which is better?

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Planning for Child’s future financial goals is a challenge, Check education loan vs Child Insurance loan. Learn more by reading our blog

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A child plan offers two benefits investment and insurance for your child’s future needs when you are not there. The main motive is to make your child financially secure by having various child plans so that you can save lot of investments for your child’s higher education or marriage. We have various types of child plans where we help you to choose the best out of it.

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A child plan combines insurance and investment to help with long-term financial planning for a child's future needs. The main goal of such plan is to include an insurance component that will cover your child's requirements in the case of your death. These plans have variable payouts and can be used to pay for a child's education, marriage, or any other use where a substantial amount is needed.
From flexible payouts to choice of protection level, compare and buy child plans with SMC at the most affordable premium rates!
We are here to help you, to make a better choice from various available plans for your dear child. Take a look at your options and make an informed choice.

Choosing the right plan for your children's long-term development and growth is critical. The following are some considerations to keep in mind when selecting the best plan:

Set a Financial Objective
The plan should be purchased for a specific purpose or broad coverage. Knowing the correct goal makes it simple to find the best plan for your child. Many plans can be tailored to provide the optimum advantages while keeping the child's future goals in mind.

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Different Type of Child Plans | Child Insurance Plan Online

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A child plan combines insurance and investment to help with long-term financial planning for a child's future needs. The main goal of such plan is to include an insurance component that will cover your child's requirements in the case of your death.

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3 Reasons why you must buy a motor insurance policy

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3 Reasons why you must buy a motor insurance policy

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According to the stats India is increasing in accidental cases and theft. So, it is very important to purchase a motor insurance plan for your vehicle. There are lot of reasons you should know that why you are protecting your car and yourself. We have listed 3 important reasons for you.

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Financial Planning for Young Investors: 5 Misconceptions to Avoid!

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Financial Planning for Young Investors: 5 Misconceptions to Avoid!

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Young investors should always plan their investments early. There are different policies like term life insurance, health insurance that save taxes and also secure financially. To make your dream come true every young investor should start investing in health insurance and term insurance so that they don’t get stuck while fulfilling their dreams just because of the financial losses.

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Money not spent is money well saved

Young investors should always begin their investment planning early. A longer-term perspective with consistent investments will ensure that their savings and net worth will be secure when the need arises.

Without financial planning, we often tend to choose what we really want over what we really need. Consider the scenario in which you choose not to plan and just keep spending on whatever you want. One day you wish to buy your dream house but are unable to because of your low savings. Overspending results when you do not plan ahead.

Generally, young investors start their investing journey in search of quick money and aren't patient enough to adopt a buy-and-hold strategy. Many senior investors often if they had started their financial planning at an earlier age.

Managing your finances earlier is always better. Over the long run, regular investing and avoiding financial risk can help you build a considerable amount of money. We take a look at 5 misconceptions you should avoid when starting your investment planning.

1. Don't Underestimate the Power of Compound Interest

In compound interest, the interest is computed both on the principal and the interest accumulated over the previous period. The young investor gains compound interest not only on the interest but also on the principal amount.

In other words, if you were to invest ₹1,000 with a compound interest rate of 10% for a period of one year, your annual return would be ₹1,100. You would get your return the following year not on the ₹1,000 principal amount, but on the ₹1,100 you made in the first financial period. In this case, it will be ₹1,210 . Your investment continues to grow exponentially.

Investing in Mutual Funds, especially equity Mutual Funds, are long-term investments that will reap the benefits of compounding.

2. Leaving Emergency Funds Out of Financial Planning

An insurance policy is more of a safety measure.

The impact of unplanned events, taxes, and health expenditures are often not taken into account in financial planning. As a safety net for yourself and your dependents, Term Life Insurance and Health Insurance can be used to mitigate this risk.

Multiple tax deductibles and tax-saving schemes available in India can help you save money that would otherwise be wasted on high taxes. Insurance helps you achieve your long-term investment planning goals by providing liquidity at the right time.

3. Market Timing Isn't a Viable Strategy

By attempting to predict future market price movements, market timing refers to the process of making decisions about financial assets by buying or selling them. Avoid market timing until and unless you have enough experience and knowledge about the subject. Akin to gambling, you are more likely to lose money than to make money.

With financial literacy, you can make wise decisions about your money and learn to be cautious in your financial planning.

4. Your Credit Score Matters

Young investors rarely look at credit scores, even though they are essential. To maintain a good credit score, you must pay your bills on time and avoid keeping any dues that grow over time. This prevents you from falling into a debt trap. When you have a good credit score, you can obtain loans easily and at a lower interest rate and negotiate a better financial deal with the bank.

5. Don't Forget to Diversify Your Investments

Investing in diverse areas that react differently to the same event aims to maximise returns. The young investor is thus protected from exposure to investments that aren't doing as well in a particular period. The majority of investment professionals agree that diversification is essential to minimising risk while achieving long-term investment planning goals. Diversification with index funds is a simple and effective way to save time and money.

Takeaway

You can use a financial plan to materialise your long-term goals and aspirations. Through effective investment planning, you can manage inflation and generate passive income to maintain an emergency fund. Analyse data relevant to your financial planning. You can do so by consulting a financial advisor or learning in-depth financial planning. In order to make adjustments to any market fluctuations while planning an investment, young investors should monitor their progress periodically.

It is difficult to predict the future. But a solid financial plan can help you and your loved ones manage life's inevitable ups and downs.

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Financial Planning for Young Investors: 5 Misconceptions to Avoid!

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Money not spent is money well saved Young investors should always begin their investment planning early. A longer-term perspective with consistent investments will ensure that their savings and net worth will be secure when the need arises. Without financial planning, we often tend to choose what we really want over what we really need.

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A child plan provide insurance and investment for your child’s future needs. It is a kind of investment where your child will have the financial security when you are not with him. There are multiple benefits and offers that insurance companies are providing. Before buying any child plan you should compare with other insurance companies so that you can get the best policy for your child. Here are the top 10 child plans in India you should check out in this blog page.

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Here is a detailed guide on the top most child plans in India and their benefits. You must understand the investments you will have to make and the benefits you will get from each plan. With this clear understanding, you can make an informed decision.

Aegon Life Rising Star Child Insurance Plan

This is a unit-linked child insurance plan which seeks to provide the child with financial security in an emergency. The plan contributes to create a financial cushion, ensuring that all future financial expenses of the child are met. Benefits of the plan are:

The plan ensures the child's financial security and educational needs by providing triple benefit insurance coverage until the child reaches the age of 25.

The plan provides various fund options to choose from, depending on one's needs and suitability.

The plan provides liquidity through partial withdrawals after the policy has been in place for five years.

The plan allows you to expand your insurance coverage during the policy's term.

Aviva Young Scholar Advantage Plan

This is a non-participating unit-linked insurance plan that is intended exclusively to meet children's financial needs. The plan ensures that the youngster is fully protected in the event of any unforeseen circumstances. Benefits of the plan are:

If the insured survives until the policy's maturity date, a maturity benefit equal to the policy fund value is offered to the insured.

The policyholder might choose for systematic partial withdrawal after 5 years of coverage.

The policy ensures liquidity and allows partial withdrawals.

Bajaj Allianz Young Assurance Child Plan

Bajaj Allianz Young Assure is the ideal savings plan that provides a financially secure future for your child and provides the life insurance protection. The plan assists the child in achieving significant life milestones. Benefits of the plan are-

On the policy's maturity date, the policyholder receives a guaranteed maturity payout and guaranteed additions.

The insured is paid a vested bonus plus a terminal bonus at the policy's maturity.

On important milestones in the child's life, the policyholder can opt to receive the maturity benefit over 3, 5, or 7 years.

Additional rider benefits are available to supplement the policy's coverage.

Bharti AXA Life Child Advantage Plan

This is a non-linked participating life insurance plan with the option of choosing between money-back or endowment option. Benefits of the plan are-

The plan provides a built-in premium waiver benefit.

The plan provides the flexibility of choosing different child plan options like?????????.

Birla Sun Life Insurance Vision Star Plus

This is a traditional participation insurance plan that offers regular assured payouts for financing a child's education. The plan safeguards the child's future in case parents are unable to do so. Benefits of the plan are-

The nominee will get the death benefit if the policyholder passes away. Furthermore, no premiums will be required in the future.

On the maturity date, the accrued bonuses will be paid.

The child plan policy will not lapse if you stop paying your premiums after at least three years, but it will continue to operate on a reduced paid-up basis.

HDFC SL Youngstar Super Premium Child Plan

This is a unit-linked insurance plan that assists in the accumulation of cash for use at various phases of a child's life, such as financing higher education, or marriage, or setting up the business etc. Benefits of the plan are-

The policyholder can customise the plan as per their requirement and suitability.

The plan offers the combined benefit of insurance coverage and investment.

ICICI Pru Smart Kid's Regular Premium

This is a Unit Linked Insurance Plan that assists in the creation of a financial corpus for the child better future while also providing insurance coverage. Benefits of the plan are:

The child plan provides comprehensive protection for the child's financial future.

There are two different portfolio strategies in the plan.

The benefit of loyalty addition and wealth booster is provided as part of the policy for long-term investment.

Kotak Head Start Child Assure Plan

This is a unit-linked insurance plan ensures that all the future financial requirements of the child are taken care of even in the absence of the policyholder. Benefits of the plan are-

The plan ensures the financial security of the child through triple benefits.

The plan offers the option to invest in a wide range of funds.

Max Life Siksha Plus Super

This is a unit-linked insurance plan assures that all of the child's future financial needs are met even if the policyholder is not there. Benefits of the plan are-

The child plan assists the insured in building wealth for the child's secure financial future.

The plan's triple benefit ensures the child's financial security.

The plan allows policyholders to invest in a variety of funds.

Reliance Nippon Life Child Plan

This is a complete child insurance plan that provides guaranteed benefits at major milestones. Along with meeting the child's future financial needs, the plan also provides insurance coverage in the event of unforeseen circumstances. Benefits of the plan are-
The policy provides guaranteed periodic benefits.
Life coverage throughout the duration of the policy is included in the child plan.

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Top 10 Best Child Insurance Plans In India For 2022

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Here is a detailed guide on the top most child plans in India and their benefits. You must understand the investments you will have to make and the benefits you will get from each plan. With this clear understanding, you can make an informed decision.

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9 Secrets to saving on your motor insurance premium

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9 Secrets to saving on your motor insurance premium

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Do you know how to save money on your motor insurance premium even if you protect your car? There are 9 secrets that you should know about saving on your motor insurance premium. Check out this link where you will get to know these 9 secrets to save your money.

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Investing in EPF or PPF: Which is Better?

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Investing in EPF or PPF: Which is Better?

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There are two types of provident fund one is employee provident fund and second is public provident fund. EPF is that fund where an individual can save for his retirement. It is a government savings plan to secure employee’s future. It also offers multiple benefits to the employee. This also provides higher returns in comparison to PPF and also a better investment option. These investment also provides tax benefits of up to Rs. 1.5 lakh under section 80C of the Income Tax Act.

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In a provident fund, an individual can build retirement savings. It is government-managed retirement savings plan to secure the employee's future. The savings scheme offers multiple benefits to the employee. As an easy investment tool with higher returns, provident funds can also help you retire early. Employees in India are exempt from income tax on provident fund contributions up to Rs 1.5 lakh under Section 80C of the Income Tax Act.

There are two main kinds of provident funds. The Employee Provident Fund (EPF) account is a savings program for companies with at least 20 members of the workforce. The other kind is the Public Provident Fund (PPF) account which any Indian citizen can open.

Find out which is the right one for you by reading more!

What is an Employee Provident Fund?

The Employee Provident Fund (EPF) scheme is administered by a government organisation called the Employee Provident Fund Organisation. Investing in EPF requires the participation of both employers and employees. Each must contribute 12% of the employee's monthly basic salary (Basic + Dearness Allowance) to the fund. Upon retiring or changing jobs, the individual can withdraw the entire EPF contribution as a lump sum with interest. EPF accounts may also be transferred from one organisation to another in case the employee changes jobs.

In India, an employee's salary is paid after the employer deducts a certain amount as PF. It might seem that one is unable to spend their in-hand salary. However, the program encourages them to save some for the future. Investing in EPF (Employee Provident Fund) helps employees accumulate sufficient retirement corpus.

If an employee has made regular monthly contributions to the provident fund account for at least 15 years, he or she is assured of receiving the pension benefits after age 58. Compared with any other form of investment, employees can earn a higher return by investing in EPF.

According to EPFO rules, up to 90% of the accrued interest may be withdrawn to build or buy a home under the early withdrawal option. EPF accounts may also be used for home loan repayment.

What is a Public Provident Fund?

Introduced by the Government of India in 1968 as a small savings scheme with statutory backing, PPF seeks to encourage long-term savings. Investing in PPF for post-retirement financial security is recommended due to the attractive returns after 15 years of lock-in. The scheme offers an investment option for generating a decent return coupled with income tax advantages.

Not restricted to only salaried employees, anyone can start investing in PPF with a minimum deposit of ₹500. PPF accounts can be opened without a minimum age limit by any Indian citizen. In the case of minors, accounts can be opened in the name of a parent or legal guardian.

EPF vs PPF

EPF amounts can be liquified as and when needed to meet personal requirements of the employee. Even resignation from a job or company change can lead to withdrawal of funds in an EPF account. PPF deposits, however, cannot be withdrawn until they reach maturity, which is 15 years after they are deposited. One can extend this period in five-year blocks.

In the event of job loss or self-employment, the money in an EPF account will stop earning interest after 3 years and will be taxable. The same is not true for investing in PPF. One can use a PPF account as collateral to avail of loans. As a government-backed investment, PPF returns are fixed and guaranteed.

The age restriction allows only employees to invest in EPF accounts. Whereas anyone can start investing in PPF with an amount ranging from ₹500 to ₹1,50,00. While PPF investment amount and eligibility criteria are comparatively more flexible than investing EPF, EPF returns are more favourable than PPF. Using the average monthly balance calculation method, investment in EPF compounds early.

Which one's Right for You?

A higher EPF interest rate has historically been the case than a lower PPF rate. However, equity exposure makes EPF investments more susceptible to market fluctuations. The provident funds savings schemes are unique in their own way with their own features, suitable to the evolving needs of Indian citizens. If you meet the requirements and are eligible, you can select from any of the savings schemes mentioned above.

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Investing in EPF or PPF: Which is Better? | Compare EPF or PPF funds

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In a provident fund, an individual can build retirement savings. It is government-managed retirement savings plan to secure the employee's future. The savings scheme offers multiple benefits to the employee. As an easy investment tool with higher returns, provident funds can also help you retire early.

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Does Your Comprehensive Car insurance Policy Cover damages caused due to riots?

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Does Your Comprehensive Car insurance Policy Cover damages caused due to riots?

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Car will always be a costly asset as every year car rates increases. So, it is necessary that you keep your car insured. Your car can get damaged due to riots and for that comprehensive car insurance policy saves you from financial losses. Read More!!

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You might be the most skillful driver in your vicinity, but that does not guarantee that your car cannot get damaged. Most often than not, our cars get damaged because of no fault in our driving. Your car can get hit by some car from behind, or a tree trunk can fall over it in a thunderstorm. Or worse, it can be vandalized while being parked in a place where a riot breaks out. Now you might be in doubt whether your car insurance policy covers damages to your car due to riots. Read further to get your answer.

How effective is a comprehensive car insurance policy?

A car insurance is a legal document and one of those insurance policies that a car owner must have else there would be fines and penalties by the traffic department. However, many people are not fully aware about the multiple ways in which car insurance policy can help you in case of your vehicle damage.

The main benefits of purchasing a car insurance plan are:

Covers accidental damages: The policy also compensates for the repair expenses of the insured car after the accident.

Incidents such as burglary, theft, fire, etc. are covered.

Covers accidental death up to 15 lakhs: The policy provides a death benefit up to the tune of INR 15 lakhs to the nominee in cases where the owner/driver dies in the car crash.

Bodily Injury: The plan compensates for the bodily injuries suffered by the policyholder due to an accident of the insured car.

The plan provides financial cover for the damages caused to the third-party due to the insured vehicle.

Cashless claim settlement when car is sent for repairs after the accident in a network garage.

Scenario in the case of riots

Riots and protests are quite rampant in India. So, does your comprehensive car insurance policy cover damages to the car due to violent riots? The answer is "yes." A comprehensive car insurance policy covers all the own damages to the car. However, if you take only third-party insurance then you won't get any compensation for your car getting damaged in a riot or from any other cause.

How to select car insurance policy?

Nowadays, there are many insurance broker websites like www.smcinsurance.com on which you can compare plans of scores of insurance companies conveniently. Go to such websites and read plan features, coverage, inclusions, and exclusions.

The type of car policy, its inclusions and exclusions are clearly mentioned on these portals.

You may directly call the insurer to clarify doubts, if any.

What to do in case of a riot?

If you have parked your car in a riot affected area then don't try to get amidst the violent crowd. First, try to save yourself and your loved ones. After the riot is over only then go and check your car. If unfortunately, you find your car damaged then take photographs from all the angles to collect evidence. File an FIR with the nearest police station and then intimate your insurance company. Do not enter your car as it might be risky.

Documents needed to file the insurance claim

To raise a claim for a car damaged in a riot you need to file the following documents.

1. Policy Document: The policy document is the first document to be submitted in any type of insurance claim. The insurance company would verify the currency of the policy and whether you have the right coverage.

2. Claim Form: The insurance company requires you to fill the claim form ad send to them. The claim form of the insurance company can be downloaded from the website of the insurance company.

3. First Information Report (FIR): You need to file an FIR of the act of vandalism in your area and send it to the insurer to substantiate your claim.

4. Fire Brigade Report: If the vandalism has been at a large scale then there is a possibility that a fire brigade would have been involved. A fire brigade report would help your case.

5. Newspaper reports: If the riot is covered in the newspaper, you may send the cutting of the report to the insurer. It would further strengthen your claim.

6. Garage bills: If you have chosen not to go for cashless claim but reimbursement instead then you would be required to send the garage bill as well.

7. Any other document: Your insurer might ask any other document to be sent as well.

Conclusion
Your car can get damaged badly if parked in a riot affected area. It is better to have an all-inclusive comprehensive car insurance policy as it covers all your own damages. Car is an expensive asset. Hence, it is important that you keep it insured.

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Comprehensive Car insurance Policy Cover damages caused due to riots?

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You might be the most skillful driver in your vicinity, but that does not guarantee that your car cannot get damaged. Most often than not, our cars get damaged because of no fault in our driving. Your car can get hit by some car from behind, or a tree trunk can fall over it in a thunderstorm.

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A child plan is a long term financial planning which includes insurance and investments for your child’s future. The main purpose of the plan is to secure your child’s requirements and future when you are not there. There are life insurance benefits of child plans where you can save some investments for your child’s future needs.

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A child plan combines insurance and investment to help with long-term financial planning for a child's future needs. The main goal of such plan is to include an investment component that will cover your child's growing requirements of funds even after your life ends.

These plans have variable payment options and can be used to fund the different milestone requirements in a child's life like higher education, marriage etc.

Now let us look into the child plan benefits equivalent to life insurance to understand and make an informed decision.

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Life Insurance cover for child plan | Benefit of child plan

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A child plan combines insurance and investment to help with long-term financial planning for a child's future needs. The main goal of such plan is to include an investment component that will cover your child's growing requirements of funds even after your life ends.

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Claiming Your Own Damages VS Third–party Liability Claim

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Claiming Your Own Damages VS Third–party Liability Claim

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You have taken car insurance policy for your car to save yourself from any financial losses and legal liabilities. You also paid the premium on time to keep the policy running. But what if you want to redeem the claim? There is a process to file a claim which is a hectic task. No worries SMC has got you covered.

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Smc Insurance Brokers Pvt. Ltd. - You got yourself a motor insurance policy to get protection from financial losses and legal liabilities. ✅  You paid your due premiums and did everything required of you to keep the policy running. ✅  But what do you do when you need to redeem the claim? How do you figure that process out? 🤔  Yes, filing a claim for an insurance policy can be quite a tedious task, but SMC has got you covered!  For further information contact us at https://smcinsurance.com or call us at 1800 2666 3666.  #SMC #smcinsurance #insurance #insurancebroker #insurancepolicy #owndamage #thirdparty #claim #liability #settlement #Documents #motorinsurance #carinsurance #autoinsurance #cars #comparison #FacebookPage #facebookpost #facebookmarketing #aage_ki_soch | Facebook

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You got yourself a motor insurance policy to get protection from financial losses and legal liabilities. ✅

You paid your due premiums and did everything required of you to keep the policy running. ✅...

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In India child plans are the most beneficial in financial planning as it not only secures your child’s future but also provides life insurance and tax benefits as well. On your premium payments you will be saving tax of upto Rs. 1,50,000 per year under section 80C of the Income Tax Act 1961.

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Child Plans in India, besides protecting your child's future, provides life insurance to you, and helps you to invest funds in the right insurance instruments. It also helps in various tax benefits.

A smart investor is the one who explores and studies all kinds of benefits he/she will receive by investing in an insurance policy or coverage plan.

SMC is here to help you to understand the specific child plan tax benefits which you are entitled to get, when you choose a suitable plan for your child's bright future.

Let us read in detail.
The tax benefits for a child plan that policyholders can claim are:

Tax Deductions on Premium Payments
This advantage is provided under Section 80C of the Income Tax Act 1961. Policyholders can get tax benefits on premium payments for up to Rs. 1,50,000 per year. The tax exemption applies to the premiums paid in a financial year.

Save Taxes on Maturity Amount Payment
Section 10 of the taxation act also provides tax savings on the total maturity amount (10D) accumulated during the policy's term. The policyholder becomes eligible for the maturity benefit at the end of the policy tenure. The lump-sum amount received is tax-deductible, which means you do not have to pay any tax on this amount.

Tax Deduction on Medical Treatment Payments
For the amount of money incurred on the child's medical treatment, policyholders can claim up to 33% of the tax advantages. This deduction mechanism is found in Section 80DDB of the Income Tax Act. For a minor disability, policyholders can claim up to 40% of the tax deduction. The claim for a tax deduction may increase up to 80% for major disabilities.

Tuition Fee Payment
A one-of-a-kind tax advantage allows policyholders to deduct taxes under Section 80C. When you pay the child's tuition fee in school using the partial withdrawal amount from the child plan, you can claim a tax deduction on the amount paid up to Rs. 1,50,000 each year including other investments. However, exemption under this section is available only for up to two children..

Higher Education Loans Payments
Child education plan tax benefits are available on the utilization of insurance policy to pay for a child's higher education debts. The interest payable on such loan is deductible under Section 80E of the Income Tax Act. However, such loans must only be used for the purpose of a child's education.

Policyholders do not need to follow particular procedures to claim tax advantages on a child plan. All the tax advantages are subject to the insurance plan's terms and conditions. When a policy maturity period arrives, you will earn tax advantages along with the maturity benefits u/s 10(10D).

Child plan tax benefits are processed in the same way. When you file your ITR, the income tax department will automatically give you exemptions on these payments and maturity benefits earned.

It is essential to find out more about the tax advantages of the specific plan you select for your child. SMC Insurance's expert insurance advisors are here to help you understand the child plan tax benefits with clarity and help you to make the best decision for your investments.

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Child Plan Tax Benefits | Tax Saving Child Insurance Plan

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Child Plans in India, besides protecting your child's future, provides life insurance to you, and helps you to invest funds in the right insurance instruments. It also helps in various tax benefits. A smart investor is the one who explores and studies all kinds of benefits he/she will receive by investing in an insurance policy or coverage plan.

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9 Situations not covered by your motor insurance

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9 Situations not covered by your motor insurance

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It is very important that when you buy a motor insurance policy you should read their terms and conditions thoroughly because there are some exclusions you might not know. You will find the detailed information in our Facebook post.

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In India the retirement age is 60-65 years but some people wants to retire at their early age. So, for that they need to think about their financial planning. This can only be achieved by aggressive returns from investments. It is necessary that you need to have the annual return if you are planning to retire early. For monthly income an individual can invest in endowment policies and for the long term mutual funds are the best options for the returns.

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Instead of waiting until you are old to retire, you can do so when you have achieved financial independence.

Over the past century, medical advances have resulted in an increase in life expectancy for an average human being in India. Many of us who wish to retire earlier can do so to pursue our dreams, achieve our personal goals, and simply enjoy life to the fullest.

However, the question arises: how feasible is it to retire early today?

Only a few people manage to escape from the rat race as early as they can afford to. Start investing as early as possible if you want to achieve financial independence. The concept behind this is that whatever you have saved, the annual return you receive from investment generates a sufficient corpus to cover your annual household expenses. Planning for early retirement is complex. However, simplifying your approach by making the right decision is easy. This article tells us how to reach financial independence earlier and enjoy a comfortable retirement.

Start Now to Retire Early

When you are a young investor, you have a much greater chance of retiring early if you play the right cards at the right time. The ideal time for planning for early retirement is when you receive your first salary. Investing with compound interest will help you build wealth and achieve early retirement. Albert Einstein once said, "Compound Interest is the eighth wonder of the world". Start investing as early as possible to become self-sufficient and achieve financial independence.

Let's understand this with the help of an example:

An individual aged 25 wishes to retire at the age of 60 and requires Rs 5 crore to fund their retirement based on their annual expenditure. In the case of an investment with an annual interest rate of 12%, the young individual will only have to invest about Rs.6,850 every month. A 45-year-old adult with the same financial profile will have to invest about Rs.86,050 per month in his retirement plans!

Increased Cost of Living

It is an established fact that life gets more expensive over time due to rapid inflation. During the Covid-19 pandemic, disruptions were caused in supply chains, causing significant shocks to the global economy, and the Russia-Ukraine war further exacerbated these problems.

Cost of living increases every year, which should be factored in when planning an early retirement. It is also important to consider that healthcare costs grow as one gets older. In such instances, medical insurance comes to save from the crippling financial effects brought by any medical emergency. As a safety resort, insurance helps you maintain your financial independence in times of such emergencies. Insurers increase premiums for health insurance as a person's age increases. Begin investing in health insurance and term life insurance which suits your needs.

Adjust Your Current Budget

Increase your savings and reduce your spending.

Putting small financial changes into practice will result in a colossal benefit in the long run. Make saving and investing a habit. It is essential to create a budget to know where your money is getting spent and how you can mitigate it. Invest the money you manage to save for your financial independence. You can maximize your investment returns by paying off your debts and investing wisely.

If you are a salaried employee in India, you are most likely to be eligible for the Employee Provident Fund. Provident Fund is a government-backed savings scheme which generates passive income for your retirement. With an interest rate of 8.10%, both the employee and employer contribute to the provident fund account, building a long-term growth portfolio.

Compromising on certain luxuries, like buying a refurbished car instead of going for the next top model launched in the market. Draw a realistic budget that suits your requirements. It requires smart decisions when planning for early retirement. Consistent investment with disciplined spending habits will benefit your goal to retire early.

Retirement Planning

Realistic retirement planning in the present will ensure a comfortable future where you can independently achieve your dreams and goals. Consult your financial advisor today for asset allocation and the right retirement plan for you. Systematic Investment Plan (SIP) with mutual funds is recommended for retirement investments. It is a safer route to access the fluctuating stock market. As your salary increases, you can start small and slowly increase the principal amount.

What's the best way to go about it?

Identify the monthly income you would need during your retirement. You can meet the gap by investing in endowment policies. Returns from mutual funds investments are long-term. If you have decades between the time you have to retire and now, use the time to invest and generate wealth with compound interest.

The average age of retirement in India is 60 - 65. If you are seriously planning to retire early, you would need to achieve financial independence. This can only be achieved by aggressive returns from investments and realistic budgeting in the present. Remember, if you plan to retire early, you would need to have enough savings as your post-retirement period increases too. It is important to save an amount that can generate an annual return through investments that covers your needs and wants. Although subjected to market risks, it is prudent to consult your financial advisor regarding any investment and insurance you plan to take on.

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Instead of waiting until you are old to retire, you can do so when you have achieved financial independence. Over the past century, medical advances have resulted in an increase in life expectancy for an average human being in India.

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Are Insurance Companies Rethinking their Approach to Cryptocurrency?

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Are Insurance Companies Rethinking their Approach to Cryptocurrency?

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Insurance companies are trying to get closer to cryptocurrency so that your cryptocurrency exchanges will be covered against any mishaps. Most of the insurance companies are trying to use the benefits of blockchain technology and invest in cryptocurrency so as to use the digital currency like fiat currency in the future.

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The 11th edition of Goldman Sachs' annual insurance survey revealed that some of the world's top Chief Insurance Officers are looking into or have invested in cryptocurrency. For the first time ever, financial giant Goldman Sachs is asking insurance companies about their plans to invest in cryptocurrency.

JP Morgan made history in 2019 when they launched their cryptocurrency, JPM Coin, and became the first bank to build digital payments using blockchain technology. Cryptocurrency has recently replaced real estate as one of the banking giant's preferred alternative assets. The insurance industry is increasingly taking an interest in digital assets after it has been on the sidelines for many years. Traditionally a risk-averse industry, major insurance companies are dipping their toe into the water by establishing new teams focused on assets like cryptocurrency, hoping to benefit from the sector's notably rapid growth.

How Interested are Insurers in the Cryptocurrency Domain?

Industry leaders of financial services worldwide are responsibly exploring the possibilities of investing in cryptocurrency. This is driven by a growing demand from clients to understand better and manage the risks involved.

In connection with their licensed broker Superscript, Lloyd's of London, an insurance provider to businesses, has developed the first ever crypto insurance product that protects crypto businesses against technology liability like ransomware attacks and business interruption. As part of its expansion plans, it will cover directors and officers, custodianship, and cryptocurrency mining by the end of 2022.

Superscript gives an explanation on why this is happening. Crypto businesses have had difficulty building and accessing insurance products due to the knowledge gap between the insurance industry and crypto businesses. Their products aim to bridge the gap and build more potential to invest in cryptocurrency firms in the insurance market.

Marking the potential, the Global Head of insurance asset management of Goldman Sachs believes insurers would be interested in being able to settle policies in cryptocurrency if cryptocurrency becomes a transactable currency. More insurance companies will accept crypto premiums in the future, as they do with dollars, rupees, or euros.

According to a Deloitte report, several key players in the health and life insurance industries are exploring how blockchain technology can improve their records, transactions, and interactions with stakeholders securely to manage risk and grow their business. With rising regulatory concerns, the cryptocurrency industry is looking for ways to gain public credibility and the trust of major investors. Aiming to do so, it hopes to attract a broader mainstream audience that will invest in cryptocurrency. Insurance also increases the credibility of crypto firms and their associated activities.

What Does it Mean for You?

Insurance companies are getting closer to the cryptocurrency industry, which means your cryptocurrency exchanges will be covered against any mishaps. The more secure decentralized digital assets become, the more insurance companies and investors will be attracted, presenting new possibilities and increasing accessibility. Major insurance companies look to incorporate the unique benefits of blockchain technology and invest in cryptocurrency as a way to use a digital currency like fiat currency in the future.

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Are Insurance Companies Rethinking Their Approach to Cryptocurrency?

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The 11th edition of Goldman Sachs' annual insurance survey revealed that some of the world's top Chief Insurance Officers are looking into or have invested in cryptocurrency. For the first time ever, financial giant Goldman Sachs is asking insurance companies about their plans to invest in cryptocurrency.

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Do I have to pay from my pocket, even after buying a motor insurance plan

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Do I have to pay from my pocket, even after buying a motor insurance plan

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This is very informative thing that you can reduce your car insurance premiums. You can get the details from this link where you will get to know how you can reduce your car insurance premium.

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Education costs are increasing day by day and that is where child plan comes into contact with every parents. Parents want their child’s future safe and for this they need a best financial planning. With child plan return calculator parents get an estimate as to how much they are going to invest and will receive a specific return for their child’s financial security. By adding the investment plan of monthly or yearly and the term period parents can get the options of various child plans that is offered by insurance providers.

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Every parent’s primary concern is their child’s well-being. With growing inflation and increasing education costs, it’s more important than ever to have a substantial amount in hand to help your child grow in every aspect of life.

The child plan return calculator is an online tool that gives policy buyers or parents an estimate of how much money they will need to invest for a certain policy term if they want to receive a specific return or partial withdrawals for a child’s financial security.

By simply adding the information such as monthly or yearly investment amount, term of investment, and desired maturity term, a parent can get the options of various child plans according to their preferences offered by insurance providers in India.

To use the calculator, simply follow the steps:

Visit Insurer’s Website
Go to the ‘child plan calculator’ page on the insurer’s website and enter basic information such as your name, age, phone number, and your child’s age.

Enter the  Amount
Enter the premium amount which you can afford easily to invest on child plan on the monthly or yearly basis.

Policy Tenure
Enter the policy duration of the child plan according to your child’s needs. Remember, the higher the tenure period, the larger will be the financial corpus for the child’s future.

Rate of Inflation
Before determining the final amount, the child plan return calculator considers the inflation rate. The policyholder can select a percentage of inflation between 3% to 8%.

Rate of Return
In the final step, the estimated rate of return must be chosen based on the type of plan. For instance, when compared to a child ULIP plan, a child savings plan provides lower returns. The calculator will display the required monthly investment amount for the child plan by pressing the next button.

With the right insurance partner, comparing and making decisions becomes an easy task. SMC is an ideal partner for you to purchase the best return plan for a child providing you with the following benefits-

20+ Insurance Partners
SMC provides a comprehensive guide for numerous child plans by doing partnership with top insurers in the country.

Over 17 Lakh Claims Resolved
We are your reliable partner because we have helped in the claim settlement process for more than 17 lakh policyholders.

70 Lakh+ Policies Sold
By facilitating comparisons between the best insurance providers, we help you make the right decision to manage your finances.

Unbiased Advice
One of the key advantages is that SMC provides impartial advice for all insurance policies.

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Child Plan Return Calculator | Child Plan Calculator

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Child Plan Return Calculator - Calculator help you to calculate your investment so that your child education never suffer, Easy to use with quick result.

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All You Need to Know About Luxury Car Insurance

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All You Need to Know About Luxury Car Insurance

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Luxury cars are very expensive and also a symbol of status too. Their spare parts are also too costly and that is why Luxury car insurance comes here to protect you from financial losses. Also, it is necessary that your luxury car is insured as it is mandatory in law as well.

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A luxury car is an embodiment of comfort, style, and elegance. In most societies, these cars are celebrated as a sign of achievement and arrival in life. For many, owning a luxury car is a relentless dream. For some, it is a mark of being born with a silver spoon. In short, these cars are a symbol of status. Hence, there is no price for guessing that these cars are quite expensive and any scratch or damage to these cars can result in substantial repair bills. This is where luxury car insurance comes to the rescue. We'll discuss in detail about luxury car insurance in this article.

Importance of buying a luxury car insurance policy

Luxury cars are expensive. Hence, parts and components of luxury cars are highly costly to replace when damaged or stolen. Having a luxury car insurance would ensure that you won't be paying the cost of repairs out-of-pocket. Yes, there are terms and conditions in the insurance policy but having your expensive assets insured always proves to be in your favour.

Another important reason to get your luxury car insured is that mandate of law that requires any motor vehicle moving on public roads to have third party insurance at least. A third-party insurance cover is the most basic level of motor insurance cover that pays for the damages to any third party because of your vehicle. Failing to get this insurance leads to fines and punishment from the traffic department.

Although a comprehensive insurance policy (which covers both own damages and third-party liabilities) is not mandatory by law, but it is highly advised if you own a luxury car. Theft or a major damage to your expensive car can really pinch hard if there is no insurance to share the loss.

What is the difference between luxury car insurance and any other car insurance?

The main difference between standard car insurance and a luxury car's insurance is the IDV or Insured Declared Value. IDV is often understood as the market value of the insured vehicle. However, that is not the case. An IDV is the highest amount or the upper limit the insurer is willing to give in case of total loss of the vehicle. A total loss happens in case of theft of the car or damage beyond repair.

Since the IDV of a luxury car is much higher than that of a standard car, the premium payable for the insurance of a luxury car would also be significantly higher. In case of online luxury car insurance policy purchase, you can select the IDV from the drop down list of values available.

How costly is luxury car insurance?

The exact premium cost for luxury car insurance depends on a lot of factors such as:

Make and model

Brand

Vehicle's age

Claim history

Location where the car is driven

No claim bonus (If applicable)

The insurer chosen

The policy selected

From where can you get the premium rates for your luxury car?

There are many digital insurance websites that have online premium calculators. These calculators have sliders that can be moved using the drag feature of the cursor of your mouse. For various levels of IDV you can calculate the premium for your luxury car on these digital insurance calculators.

Add-ons that you must take for your luxury car

The following are the add-ons that are highly suitable for luxury cars.

Zero Depreciation Policy:
Normally, your luxury car insurance plan deducts depreciation when paying your claim. However, if you have the Zero Depreciation Rider then your entire claim amount would be paid. So, if you want your car insurance company to cover the whole amount of loss, then you should go for a Zero Depreciation Policy. Since a luxury car is expensive it's repair costs are also going to be expensive. You won't want to lose a lot of amount to depreciation during claims.

Emergency Assistance:
This add-on is also called roadside assistance. With this add-on you can avail the benefit of round-the-clock mechanical assistance when your luxury car suffers a mechanical breakdown. You just have call on the toll-free number of the insurer and it will send a mechanic to the place you are stranded. The company would also arrange for towing facility if required. Some insurance policies also cover the cost of staying at a hotel if car cannot be repaired in a few hours. It is highly advisable that you take this add-on cover for your luxury car as you might get robbed if stranded at a lonely place outside that parameters of the city.

Return to invoice:
Every car owner is scared of total loss of the car which can happen in case of severe accidents or theft of the car. A luxury car owner should fear it even more. In case of total loss, the general insurance company is legally obliged to compensate the Insured Declared Value (IDV) of your car.

IDV is lower than the cost of new car as it is adjusted for depreciation. Hence, you would have to bear the rest of the amount out-of-pocket to replace it with a new car of that same make and model. If you take return to invoice add-on then the insurance company would pay the price at which the car was purchased.

By going for this add-on benefit, you'll get the invoice value of the luxury car from the insurer in the event of total loss.

Engine and Gear Box Protection:
The luxury car insurance policy pays you only in the event of accident or theft but not for natural wear and tear. However, due to multiple reasons, the internal components of your luxury car such as the engine or the gear box get damaged. Getting these parts repaired or replaced especially in case of a luxury car involves a huge cost. The cost of repairs includes labour charges, mechanic costs, engine-cylinder reboring, compression test costs, etc.

They are not covered in a regular luxury car insurance policy but with an Engine and Gear Box Protection cover you get the cover for them also.

Key Replacement:
You get two keys from the car manufacturer at the time of purchase of the car. The keys of luxury cars are technologically very advanced and that is why they are very costly. Some people don't buy a new key when they misplace one and keep using the other one. This is a risky practice. The insurance company asks to show both the keys at the time of claims. Failing to do so can lead to rejection of the claim as the car can get stolen if that misplaced key falls into wrong hands. That is seen as negligence by the insurance company. You can save this trouble by taking a key replacement add-on.

No Claim Bonus Protection:
No-claim bonus or NCB is the discount on premium that you get at the time of renewal for not claiming during the previous year. The No-claim bonus keeps increasing with every successive claim-free year and grows up to 50% of the premium. You earn your NCB driving carefully and defending your car against theft. A single claim can wear away your earned. But there can be times when your car may suffer damages due to factors such as floods and fire. With the No-claim bonus protection cover you can file a claim for such damages without eroding away your No-Claim Bonus.

Prominent Luxury Car Brands in India

Ways in which you can save premium

You can save the premium on your luxury car insurance in the following ways.

Save NCB by driving carefully.

Comparing insurance plans online before buying.

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All You Need to Know About Luxury Car Insurance

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A luxury car is an embodiment of comfort, style, and elegance. In most societies, these cars are celebrated as a sign of achievement and arrival in life. For many, owning a luxury car is a relentless dream. For some, it is a mark of being born with a silver spoon.

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3 Types of coverage you get with your motor insurance

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3 Types of coverage you get with your motor insurance

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In motor insurance you get 3 types of coverage such as Damage to the vehicle, Accidental Disability or Death and Third-Party Liability.  So, it is very important to insure your vehicle so that you are financially secure when your car gets damaged.

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Smc Insurance Brokers Pvt. Ltd. - With a motor insurance policy, you get a strong all-round shield.  It protects you from stressing about -  👉 Damages to the vehicle and exorbitant repair costs 👉 Expenses related to death or disability caused by accidents 👉 Financial and legal liabilities, when it comes to the other person  It is the safety net you need. So insure your vehicle, now!  For further information contact us at https://smcinsurance.com or call us at 1800 2666 3666.  #SMC #smcinsurance #insurance #insurancebroker #insurancepolicy #carinsurance #motorinsurance #car #coverage #thirdparty #invest #investing #financialplanning #facebookpost #FacebookPage #facebooklikes #aage_ki_soch | Facebook

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With a motor insurance policy, you get a strong all-round shield.

It protects you from stressing about - 
👉 Damages to the vehicle and exorbitant repair costs
👉 Expenses related to death or...

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A child insurance plan is a long term financial planning that combines insurance and investment for your child’s future. This plan main goal is to cover your child’s requirement in your absence. Before investing for your child you must know the best benefits and features of child plan.

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A child plan combines insurance and investment to help with a long-term financial planning for a child's future needs. The main goal of such plan is to include an insurance component that will cover your child's requirements in the case of your death. These plans have variable payments and can be used to pay for a child's education.

From premium payments to applicable charges, know all about insurance policies for your child before investing, you must understand the best benefits and features of a child plan. Let us begin.

Choosing the correct strategy for your children's long-term development and growth is critical. The following are some of the child insurance plan advices that you must follow to ensure that you select the ideal plan for your child-

Recognise the Requirements You must understand the purpose of purchasing the plan-Is it for a specific reason or for a broad coverage. Knowing the correct goal makes it simple to choose the best strategy for your child. Plans may be tailored to deliver the highest possible rewards based on the child's future prospects.

Evaluation of the Risk Profile The key to determine your risk-bearing capacity is evaluating and analysing your profile. Children Unit Linked Insurance Plans is a good option if you want to take less risk. These plans provide returns that are tied to the stock market. You can also do transition from an equity to a debt-based portfolio. Traditional Plans, which provide set returns, is a good choice if you want to make a secure investment.

Weighing Benefits and Chargers Not only you should look into the virtues of a child's plan, but also analyse the costs associated with it. If a ULIP child insurance plan is a possibility for you, you should read the small print and go through the prices under several headings. Make an investment decision after assessing the advantages and disadvantages thoroughly.

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Best Child Plans Benefits and Features | Buy Online Child Plans

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A child plan combines insurance and investment to help with a long-term financial planning for a child's future needs. The main goal of such plan is to include an insurance component that will cover your child's requirements in the case of your death.

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Top 10 InsurTech Companies Changing the Insurance Landscape in India

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Top 10 InsurTech Companies Changing the Insurance Landscape in India

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Insurtech companies are continually developing AI and data-driven solutions to make the insurance sector more reliable. In this era technology advancements like big data analytics and blockchain are helping in effective policy management, fraud detection and claims processing. Here are the list of top 10 insurance companies that you will get to know in this blog.

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While leveraging technology, InsurTech companies in India are continually developing AI and data-driven solutions to make the insurance sector even more reliable and investment-worthy. Technological advancements in the insurance sector like Big data analytics and Blockchain are helping in effective policy management, claims processing, and fraud detection. These innovations have pushed Indian InsurTech Market to second position in the Asia-Pacific region, after China, as per a report by S&P Global Market Intelligence.

Another data by Mordor Intelligence predicts the Indian insurance market to reach INR 220 Billion by 2024, which presents opportunities and challenges at the same time. In India, the insurance market is highly underdeveloped, with only 3% of the population being life insured and only 1% holding non-life insurance policies, as per the latest Economic Survey released by the Ministry of Finance. This opens doors for InsurTech companies to innovate further, grow and cater to the unmet insurance demands. Let us take a look at the top 10 InsurTech companies in India that are leading the way in much-needed innovation and are expected to make a big impact in the coming years.

SMC Insurance

Incorporated in 2007 with a collective men-year domain experience of 100 years, SMC Insurance is a Delhi based Direct Insurance Broker registered with Insurance Regulatory and Development Authority of India (IRDAI). It is a digital insurance aggregator company leading InsurTech in India.

With expertise in Risk Management, Underwriting Management, and Claims Management, the digital insurance service provider takes pride in its unique workforce blend infused with the valuable experience of veterans and unflinching enthusiasm of youth. The reason it is known for providing contextual and relevant insurance offerings to the growing youth demographic in India while eliminating all unwanted and confusing jargon.

While progressing forward, SMC generously uses technology and innovation to make the insurance claim settlement process faster and easier. Specifically, the company has a strong presence in motor insurance and garnered business worth INR 2,000 Cr. in the FY 2021-22. With having served over 10 million + customers and a workforce of 450+ employees, SMC has grown to become one of the most trusted names in the industry in the past three decades.

It is today indisputably considered among top 5 Retail Insurance Brokers in India
Some key highlights of the company include:
● It has a pan-India presence with having served over 10 million+ customers.
● The company sells around 8 lakh + policies every year.
● Presence in 239 cities covering across country
● Extensive distribution Captive network with no aggregation of business.

As a premium wise insurance broker in India, the company has grown rapidly and is expected to make a big impact in the coming years.

● Website: https://www.smcinsurance.com
● Corporate Office: Parsvanath Metro Mall, Near Pratap Nagar Metro Station,
Pratap Nagar, New Delhi-110007
● Contact: +91-11-66222266
● Email: smc@smcinsurance.com

PolicyBazaar

PolicyBazaar is an insurance company that offers a wide range of insurance products, including health, life, and car insurance. The company is headquartered in Gurgaon, India, and was founded in 2008. PolicyBazaar has a wide network of partners, including major insurance companies such as Bajaj Allianz, HDFC Life, and ICICI Lombard. One of the company's key differentiators is its online insurance marketplace, which allows customers to compare and buy insurance policies from various insurers, making it the top insurance broker in India.

Digit

The company has been in business for over 6 years and offers a wide range of insurance products in India. Digit is a customer-centric company and offers a wide range of insurance products that cater to the needs of its policyholders. The company offers insurance products such as health insurance, motor insurance, travel insurance, and home insurance. Due to its fast-growing customer base, the company has been able to offer its products at a competitive price. The company has a strong focus on customer service and offers a hassle-free claims process, making it one of India's top insurance brokers.

PayTM Insurance

In 2010, PayTM began offering innovative payment solutions. It also has protection auxiliaries such as Paytm Life Insurance Ltd and PayTM General Insurance Ltd. Working as one of the top insurance brokers in India, Paytm provides you with the best insurance policies from the leading insurers of the country. You can easily compare and buy insurance policies that fulfil your requirements. The company has a strong focus on providing the best customer service and offers a hassle-free claims process.

Acko

Acko is a startup founded in 2016 by Varun Dua that offers insurance products using technology to make them more affordable and accessible to users. The company is one of the best insurance brokers in India and has a strong focus on the digital space. Acko's products are sold through its website and app, and it has a partner network of retailers. The company has tie-ups with several e-commerce platforms, and its products are also available through these platforms. One can buy Acko products through the company's website, app, or partner network.

Website: https://www.acko.com/

Email: hello@acko.com

Address: 2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main road,
Sector 2, HSR Layout, Bengaluru, Karnataka - 560102

Contact : 1800 266 2256

RenewBuy

This is an insurance company in India that offers a wide range of insurance products to cater to the needs of its customers. Founded in 2015, the company has a strong focus on customer service and offers its clients a wide range of products. RenewBuy also has a strong online presence and offers a convenient way for customers to purchase and manage their policies.

Coverfox

Coverfox Insurance was founded in 2013 and has a strong focus on customer service. The company has a strong online presence and offers a mobile app for its customers with a wide range of products, including health insurance, car insurance, and life insurance. As the top insurance broker in India, Coverfox Insurance is committed to providing the best possible service to its customers adayffers 3 days express claim settlement feature.

Turtlemint

This is one of the top insurance brokers in India set up in 2015 and acts as an insurance web aggregator. Turtlemint allows people to compare and buy insurance policies from a range of Indian insurers on its website. The company is headquartered in Mumbai and has a pan-India presence, making it one of the most convenient platforms to purchase insurance policies from. Some of the products that are available on Turtlemint provide insurance services like health insurance, car insurance, two-wheeler insurance, term life insurance and travel insurance. This is one of the top insurance brokers in India.

OneAssist

Over the course of recent years, OneAssist has grown to be the main supplier of security equipment. The firm provides machine and information insurance protection. It's also one of the top insurance brokers in India and gives complete security to urban families. OneAssist has its headquarters in Mumbai and has a national presence. The company was established in the year 2011 and had since provided quality insurance services to its customers. Some of the products that are available on OneAssist include mobile insurance, gadget insurance, travel insurance etc.

PolicyBoss

Giving its customers the power to choose from a range of top 10 insurance companies, PolicyBoss Insurance is one of the top insurance brokers in India. The company has a wide range of products that cater to the different needs of its customers. Some of the products offered by PolicyBoss Insurance include health insurance, motor insurance, travel insurance, and Cyber Security. PolicyBoss Insurance has a team of experienced professionals who are always ready to help its customers in choosing the right insurance policy. The company has a strong online presence and provides its customers with a hassle-free experience.

How InsurTech Companies are Changing the Insurance Landscape in India?

1. Making it easier to buy insurance: In the past, buying insurance was a cumbersome process that involved filling out lengthy forms and meeting with insurance agents. However, InsurTech companies are making it easier for customers to purchase insurance policies online. Customers can now compare different policies and choose the one that best suits their needs in just a few clicks.

2. Reducing fraud: Fraud is a big problem in the insurance industry. InsurTech companies bring forth innovative mechanisms to help insurers detect and prevent fraud. For example, some companies are using data analytics to identify suspicious claims.

3. Improving customer service: InsurTech companies are leveraging technology and AI to improve customer service. For example, some companies are developing chatbots that can answer customer queries and help them file claims instantly.

4. Making insurance more affordable: Insurance is often seen as a luxury product that only the higher income groups can afford. However, InsurTech companies are making insurance more affordable for middle and lower income groups by offering cost-effective products, online discounts and continuing schemes from time to time.

5. Empowering customers: InsurTech companies give customers more control over their insurance policies. Customer-friendly online insurance aggregators like SMC Insurance allow insurance buyers to customise their policies to suit their needs better.

Parting Thoughts

Insurance penetration in India continues to be as low at about 3.76%, with strong demand but supply being a gap. Insurance products need to reach the remotest parts of the country, and only technology can facilitate such a manoeuvre. Thus, InsurTech proves to be an exciting and rapidly growing industry with immense potential. It is time for InsurTech players to create pathbreaking processes and bring India to the global insurance map.

Some Interesting Facts

How many Insurtech companies are there in India?
Over 100+ Insurtech companies in India provide innovative solutions in the insurance space.

Which is the best motor insurance company in India?
SMC Insurance is leading the pack as the best motor insurance company in India. The company generated 2,000 Cr business in the motor insurance sector.

What are the current trends in the insurance industry?
The current trends in the insurance industry are personalised product offerings, contextual policies, increased use of data and analytics, and focus on customer experience.

Are we in a hard or soft insurance market in 2022?
The current insurance market is hardening, which means that premiums are increasing, and insurers are becoming more selective in the risks they are willing to cover. However, technology disruption brings interesting changes making insurance a coveted investment instrument.

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10 InsurTech startups changing the insurance market tendency

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While leveraging technology, InsurTech companies in India are continually developing AI and data-driven solutions to make the insurance sector even more reliable and investment-worthy. Technological advancements in the insurance sector like Big data analytics and Blockchain are helping in effective policy management, claims processing, and fraud detection.

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When you buy car insurance policy do you compare it online? If yes then SMC insurance provides all the information that you need to know while buying and compare car insurance online so that you can compare it easily and can choose the best car insurance for your lovely car.

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Do you compare prices before you buy insurance policy?

If yes, then it is equally important to buy car insurance only after making suitable comparisons online.

You must compare car insurance policies from different insurers to get the best coverage for your vehicle based on the premium, level of coverage, benefits and other features. But, with so many options available in the market, it can be a difficult and time-consuming task to compare car insurance policies.

To make it easier for you, SMC insurance provides all the essential information that you need to know about car insurance policies in India. When you compare car insurance online, we provide you comprehensive list of benefits and factors to keep in consideration.

Why to Compare Car Insurance Online?

It is always good to compare car insurance before buying a policy. By doing so, you can be sure to get the best possible premium rate for your needs.

There are few different ways to compare car insurance. One way is to call various insurance companies and ask for quotes. However, this can be time-consuming, and you may not get the most accurate information.

Another way to compare car insurance is to use an online comparison site such as SMC. You can get quotes from multiple insurers quickly in a single go.

When you compare car insurance online, you will be asked to provide some basic information about yourself and your vehicle. This includes your contact information, driving history, and the make and model of your car.

You will see a list of insurance companies offering different policies and rates. You can take your time, check information precisely and find the right one for you.

Online is a great way to compare car insurance and it saves your time and money. Be sure to research and compare policies from multiple insurers before taking a decision.

How to Compare Car Insurance Rates Online?

Below are the easy steps to compare car insurance online:

Step 1. Go to the car insurance comparison page on the SMC website.

Step 2. Add the required personal details and the information of your vehicle.

Step 3. Get a list of insurance providers who are offering comprehensive and third party insurance for four-wheelers.

Step 4. Research each company thoroughly to know their terms and conditions.

Step 5. Compare the premium amount and the inclusions provided by each company.

Step 6. Compare the benefits provided by the insurance companies, such as premium discounts and NCBs

Step 7. Choose the company which is providing maximum coverage at a reasonable premium amount.

Step 8. Go through the policy document carefully before signing up. When looking for information online, you may also learn more about various aspects of insurance coverage, such as inclusions, exclusions, discounts and more.

Comparing insurance plans is considerably easier and faster when done online and with complete information in hand. Now that you know how to compare car insurance rates online follow the above steps and choose the best policy.

What are the Benefits of Comparing Car Insurance Policy Online?

There are several benefits of comparing car insurance policies online, some of which are listed below.

● Get the Best Deal
By comparing policies online, you can get the best deals and discounts.

● Saves Time
Comparing car insurance policies online is a time-saving process.

● Saves Money
By comparing different policies, you can save considerable money on your insurance premium.

● Get Better Coverage
By comparing different policies, you can get a policy with better coverage.

● Get Quotes from Different Insurers
You can get quotes from different insurers when you compare car insurance policies online. This will help you to choose the best policy for your needs.

● Get Customised Policies
Most online car insurance policy comparison allows you to customise your policy. This means that you can add or remove certain features from your policy as per your requirements and budget.

How SMC Helps to Compare Car Insurance Policy

To make you understand the comparison between different policies in an easy way, we have a team of executives who are always available on call and on our website to serve you.

When you compare car insurance policies online with us, we provide you with a range of options. Below are some of the features that make SMC different from other sites:

● Transparency
We believe in being transparent with our customers. You can check all the information on the website, see the prices of different policies and then compare them.

● No Hidden Costs
We don’t have any hidden costs. The price you see on our portal is the same price you need to pay for your policy.

● Easy to Use
Our website is easy to use. You can find all the necessary information you need at one place.

● Fast and Simple
We make it easy for you to compare car insurance policies. We have a quick and simple process that takes only a few minutes.

● Customer Assistance
We’re here to help you at every step of the way. If you have any queries or doubts, our team is always available to help.

SMC offers you the facility to choose from various add-ons (insurance riders) to get the amazing offers on your policy.

Factors to Consider While Compare Car Insurance

There are a few factors you need to take into account while comparing car insurance policies:

● Coverage Amount
You should consider the amount of coverage you need, i.e. comprehensive or third-party coverage. This will depend on factors such as the value of your car, your driving skills, etc.

● Car Insurance Premium
The insurance premium is the amount you pay for the coverage of your car, and one should always remember that they need to balance the premium amount and the coverage. A lower premium means less comprehensive coverage, while a higher premium might give you complete protection but might pinch your pocket more.

● Add-On Covers
Add-ons are additional benefits that you can avail by paying an extra premium. These covers provide enhanced protection to your car. Some of the popular add-on covers are engine protector covers, roadside assistance covers, zero depreciation, consumables cover etc.

● Car Insurance Policy Exclusions
Car insurance policies have certain exclusions. It is important to be aware of these before you purchase a policy. Some of the common exclusions in a car insurance policy are intentional damage or loss, wear and tear, mechanical or electrical breakdown, etc.

● Claim Settlement Process
The claim settlement process is one of the most important factors to consider while comparing car insurance policies. A good insurance company will have a hassle-free and quick claim settlement process.

● Cashless Garages
Another factor to consider is whether the insurance company has a tie-up with any cashless garage in your area. A cashless garage is one where you can get your car repaired without paying any money out of your pocket. The insurance firm will directly settle the bill with the garage owner.

● Insured Declared Value
IDV is the maximum amount the insurance company will agree to compensate if there is a total loss or theft of your car during the policy period. The IDV is calculated based on the make and model of your vehicle, its age and depreciation. You need to choose an IDV that accurately reflects the value of your car.

● No Claim Bonus
When you compare car insurance policies, always check for the provision of a No Claim Bonus (NCB). If you have not made any claim during the policy period, you will be eligible for an NCB. This discount can be quite substantial (starts from 20% and goes up to 50%) and can help you save money on your premium.

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Compare Car Insurance | Buy & Renew Car Insurance Policy

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Get car insurance quotes online and choose the right policy for your car , Get extra Benefits, Riders Option and Features to buy online car Insurance.

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12 Ways to power up your motor insurance

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12 Ways to power up your motor insurance

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When you think about the car insurance you are confused what to check in benefits in car insurance policy. Here are 12 ways to power up your motor insurance so that you never get panic when you are on the way to your trip with your family.

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Smc Insurance Brokers... - Smc Insurance Brokers Pvt. Ltd.

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Smc Insurance Brokers Pvt. Ltd., Delhi, India. 1,866 likes · 317 talking about this. One of the largest and professional Direct insurance Broking House in India accredited by Insurance Regulatory and...

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Car insurance is very important as without this you will be penalised by the traffic police and that is why people use to do car insurance renewal before their car insurance policy expires. Renewing your car insurance is very important so that you are financially secured.

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Car insurance protects you from accidental losses to the vehicle or other property, also provides medical coverage against accidental injuries, and offers coverage for the third-party losses too.

Apart from these prominent ones, there are some other reasons why renewing your car insurance policy is important:

● Legal Offence
If your old policy has expired and you have not renewed it, you can be in a difficult situation. In future, if you are being caught by the police driving without having insurance, you might be imposed with a heavy fine or can even face imprisonment.

● No Cover & Claim
You will not be eligible for any claims after your car insurance policy has expired. As a result, if your vehicle is damaged, your insurer will not be responsible for compensating you for your losses, and you will have to bear the heavy expenses to cover the entire costs.

● Protects you from third-party liabilities
If your vehicle causes an accident in which another person is injured or their property is damaged, your insurance policy will cover the resulting liability claims. This protection is important as it shields you from paying for these damages out of your own pocket.

● Loss of NCB (No Claim Bonus) Benefit
If you do not make any claims on your car insurance for the entire policy year, you get entitled to NCB (no claim bonus), If your car insurance policy is not renewed within 90 days of expiration, your NCB can be cancelled. Losing your NCB discount might result in a significant increase in your premium for the next year.

● Scope for Inspection
If your insurance policy expires, your company may demand the vehicle before reinsurance. This may increase prices owing to two major reasons: the cost of inspection and, if your automobile isn't deemed to be in good condition to be insured, there will be a possibility that you'll have to pay a higher premium.

Online car insurance renewal is the best way to avail policy as it makes you eligible for many discount offers provided by the insurers. The entire online renewal process can be completed in just few minutes. You have to provide the relevant details along with the previous policy number, pay through a safe and secure online payment gateway and receive your policy online.
So why to wait? Renew your policy today with SMC and enjoy the journey by assuring yourself with protection coverage.

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Car Insurance Renewal | Compare and Buy, Renew Car Insurance Online

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Car insurance protects you from accidental losses to the vehicle or other property, also provides medical coverage against accidental injuries, and offers coverage for the third-party losses too. Apart from these prominent ones, there are some other reasons why renewing your car insurance policy is important: ● Legal Offence If your old policy has expired and you have not renewed it, you can be in a difficult situation.

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Child insurance plans is the most important plan that provides two benefits savings and investments. It provides the parents to save money for their child future. Education cost is rising day by day and for higher education parents need to invest for their child’s future whether it is for child education or marriage.

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A child insurance plan is a specialized life insurance plan that has been designed to safeguard the future of the child. This plan has elements of both savings and investments. It provides the parents with an easy platform to save money in a disciplined way for a child. It is very difficult to save money on your own. A child insurance plan enables you to save money in a systematic order.

For example, when you know that you have to pay INR. 5k per month for the child insurance plan you would do that anyhow else the policy would lapse. The fear of not letting the child insurance policy to lapse makes you save. This disciplined and systematic saving helps you build a huge corpus that can be used to sponsor the education of the child.

The rising cost of education is the biggest worry of Indian parents. The systematic savings feature of the child insurance plans helps them build money that can fund the education of the child. A part of the premium that a parent pays for a child insurance plan is invested in a fund. This fund grows over a period of time and when the child turns 18, he/she gets this sum as a maturity benefit of the plan. With the help of child insurance plans, a parent can safeguard the financial future of the child.

What happens when the premium paying parent dies?

The big worry for the child is the untimely death of the parent. In the event of such an unfortunate scenario, the insurance company pays a lump-sum amount called the death benefit to the guardian of the child. Also, the insurance company continues paying into the child fund on behalf of the parent. In this way, the fund keeps growing without any hindrance. This is called the life insurance component in child insurance plans.

Riders that can be attached to child insurance plans

Child insurance plans are life insurance plans and therefore, you can add the following riders to these plans.

1. Accidental Death benefit – By adding this rider to your child insurance plan your child gets a higher sum assured if your death happens because of an accident.

2. Disability benefit – The insurance company pays a lump-sum amount if the premium paying parent attains some disability.

3. Critical illness rider benefit – Under this rider, the insurance company pays you a lump-sum amount if you contract a critical illness. A critical illness is a severe disease that can prove to be fatal if not treated in time.

Don’t make the child insured under the child insurance plan

Many people get confused by child insurance plans. They think that under child insurance plans they should get the child’s life insured. But it is a wrong practice. Under a child insurance plan, the life of the premium paying parent should be insured and not the life of the child. The idea behind a child insurance plan is to protect the interest of the child. The child’s future should be protected if she loses the earning parent. That is why the life of the parent should be insured in the plan. Hence, the life insurance component in the child insurance plans applies to the parent and not the child. The child is the benefactor of the child insurance plans but is not the insured. The policyholder of a child insurance plan is the parent who is taking the policy for the benefit of the child.

Similarly, no grandparent should be insured in the child insurance plans. If the grandparent is buying the child insurance with natural love and affection then he/she can give the money to the parent of the child to buy child insurance. Only the parent should be the life insured in case of child insurance plans.

Conclusion

Being a responsible parent you should safeguard the interest of the child in every way. By building a solid corpus through child insurance plans you might beat inflation and be able to make a good future for the child. A child insurance plan covers your life also. You know that life is so uncertain. If anything happens to you, the life insurance company would pay a death benefit to your child or child’s guardian and keep the policy continued by praying the premiums on your behalf.

Rishabh https://www.smcinsurance.com/

“Rishabh is brilliant writer and an expert in the insurance domain. He has spent the last 8 years working for a few top-notch FinTech and EdTech companies. He is a writer by day and a reader by night.”

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Importance of Having Life Cover in Child Plans

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A child insurance plan is a specialized life insurance plan that has been designed to safeguard the future of the child. This plan has elements of both savings and investments. It provides the parents with an easy platform to save money in a disciplined way for a child.

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IS ANY KIND OF DEATH COVERED IN TERM INSURANCE?

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IS ANY KIND OF DEATH COVERED IN TERM INSURANCE?

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A term insurance plans provide the most highest coverage to the policyholder at an affordable price. It is true that not all types of death are covered in Term Insurance. There are some terms and conditions you should read about before buying the term insurance plans for process claiming.

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A term insurance plan is the most sought-after life insurance plan as it provides the highest coverage to the individual at affordable prices. It is a very common understanding that life insurance plans cover any type of death. But is it really true? No, it is not.

Not all types of death are covered in term insurance plans. There are certain excluded death events that you should know about. Therefore, it is very important that you read the policy documents carefully before purchasing.

Death Types that are covered in Term Insurance

Death due to natural causes

Term insurance plans cover deaths happening due to any type of natural cause such as disease. The disease can be an existing disease or a newly diagnosed disease. It can be a sudden death due to events like a cardiac arrest or it can be due to a prolonged or critical disease. The life insurance company would pay the full sum insured to the nominee if the death of the insured happens due to natural causes.

Accidental death

Term insurance cover death due to an accident. Moreover, there is an accidental death rider which can be taken along with a normal term insurance plan. If you take the accidental death rider then your nominee gets an additional sum assured along with the basic sum assured as promised in the term plan if you die in an accident.

There are some death events that are excluded from term insurance plans. They are discussed below.

Adventure Sports or hazardous Activities

Yes, participating in adventure sports such as parachuting, skydiving, rafting, bungee jumping, etc. is seen as voluntarily exposing yourself to life risk. That is why the life insurance companies exclude such deaths. Apart from adventure sports, if you die participating in any other hazardous activity then also the insurance company denies the claim to your nominee.

Death due to drug overdose

Yes, if you take any medicine or drugs over the limit prescribed by the physician and due to that death takes place then the insurance company would deny the claim.

Death due to driving under the influence of alcohol or drugs.

Although death in road accidents is covered and if you have an accidental death rider your nominee gets an additional sum assured, however, if you die driving under the influence of alcohol or drugs then the claim would be denied.

Participation in criminal activities

If you die while performing some criminal activity such as robbery, gang war, etc. the insurance company would deny the claim.

Homicide

If the policyholder is insured and the court suspects the nominee the insurance company would hold the sum assured till the time the nominee is cleared of the charges. And if the nominee is found guilty then he/she is not entitled to any death benefits of the policy.

Suicide

In case of death by suicide in the initial 12 months from the date of commencement of the term insurance plan, the nominee is entitled to 80% of the premium paid if the policy is non-linked. In cases where the policy is linked, the nominee gets 100% of the premiums paid.

However, if the insured commits suicide after the completion of 1 year of the plan or after paying the second annual premium, the nominee gets the death benefit subject to terms and conditions. There are some life insurance companies that do not provide coverage for suicidal death.

Self-inflicted Injuries

If the insured dies due to self-inflicted injuries then the insurance company does not pay the claim.

HIV/AIDS

If the insured dies due to HIV/AIDS or any other sexually transmitted disease then the insurance company would not accept the claim.

Death due to natural calamities

If the insured dies due to a tsunami, earthquake, lightning, or any other natural calamity then some insurance companies can deny the claim of the nominee.

Conclusion

Term insurance plans are some of the most potent tools to safeguard your family’s future. However, there are certain terms and conditions involved in claim processing. Not every type of death is covered in term insurance plans. Hence, you must educate your nominee when the claim can be filed under such policy.

Rishabh https://www.smcinsurance.com/

“Rishabh is brilliant writer and an expert in the insurance domain. He has spent the last 8 years working for a few top-notch FinTech and EdTech companies. He is a writer by day and a reader by night.”

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Term Insurance Cover : Types of Death Covered in Term Insurance

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A term insurance cover is the most sought-after life insurance plan as it provides the highest coverage to the individual at low prices.

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Driving your car without car insurance policy can lead to loss financially as you will have to pay fine to traffic police around INR 2,000 or the driving license could be suspended if you found driving without car insurance. If you want to be financially safe then you should have the best car insurance online for any unpredicted events.

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Looking for the best car insurance online and need an advice?

You are at the right place. Keep reading!

Driving car without an insurance policy is an offense in India, and the police can confiscate the vehicle. You may have to pay a fine of up to INR 2,000, or your driving license could be suspended if found driving without having active car insurance. One should always select the best car insurance to be financially secure in case of any unforeseen events.

SMC helps you by providing  insurance options matching  your needs. The best car insurance online is just a few clicks away.

There are many car insurance companies in India, and it may become complicate to select the best car insurance online.

However,  this article will discuss the various factors you should consider while buying a car insurance policy.

What is Car Insurance

Car insurance is a legal contract between the policyholder and the insurer to cover the financial losses that may arise due to an accident resulting in the damage to the car, or theft of the vehicle. The policyholder has to pay a premium to the insurer, and in return, the insurer agrees to pay for the losses as mentioned in the policy.

Car insurance is of two types – third-party liability insurance and comprehensive insurance. Third-party liability insurance covers the damages caused to the third party and their vehicle. Comprehensive insurance covers both third-party liability and the policyholder’s own damages.

How to Choose Best Car Insurance Online?

There are many ways to select the best car insurance online. However, the most important thing is to compare different policies and choose the one that offers maximum coverage at a reasonable price.

Some of the factors that you should consider while buying car insurance are:

Check the Claim Process
Make sure to purchase the car insurance which provides you maximum coverage at the time of needs. So follow the procedure for making a claim  in a right way. It will ensure you the excellent car insurance coverage at the time of claim in the future.

Check the Renewal Process
The renewal process of your car insurance should be simple and hassle-free. One should check the process, documents required for renewing the policy and whether there are any charges for doing so.

Select the Suitable Cover
You should always select the coverage suitable for your needs. A comprehensive insurance policy with third-party liability is recommended to you  if you  drive frequently. However, you can also choose the  third-party liability insurance policy if your car is not very old and you do not drive it frequently.

Compare the Premiums
Before purchasing the policy, you should always compare car insurance rates onlineto get the premium amount of different policies. The premium is the amount you have to pay to the insurer for the policy. It is advisable to go for a policy with a lower premium to help you save money in the long run.

Check the Add-On Covers
Always check the add-on covers (car insurance riders) offered by the insurer. Add-on covers are optional and come at an additional cost over and above your premium. Some popular add-on covers are engine protector covers, zero depreciation covers, etc. You can select the add-on covers as per your needs and budget.

Ask SMC if you don’t Understand Something or Need More Information

SMC is the leading insurance aggregator in India. We help you compare car insurance online and select the best car insurance online policies from leading insurers in India. We have a team of experienced insurance experts who can help you with all your insurance needs.

SMC helps you in following ways while selecting the best car insurance policy for your vehicle:

We help you understand the various types of car insurance policies available in India.

We help you compare the best car insurance online and select the one that suits your needs.

We provide you with all the necessary information and hidden conditions about the policy.

Our experienced insurance experts will help you with all your insurance-related needs and queries.

If you are looking for the best car insurance online, then SMC is the right place for you.

Use Car Insurance Premium Calculator to Compare Quotes from Different Insurers

A car insurance premium calculator is an online tool that helps you calculate the premium for different car insurance policies.

To use the premium calculator, you need to enter details like your car’s make and model, your car’s age, car registration number, etc. Once you have entered these details, the premium calculator will give you the premium for different policies from different insurers.

Using the premium calculator, you can easily compare car insurance policy premiums of different policies and select the best car insurance online policy for your needs. However, you should keep in mind that the premium is not the only thing you should consider while selecting a policy. You should also consider the features and benefits of the policy.

Best Car Insurance Online With Claim Settlement Ratio

Here, we are providing the list of insurers’ claim settlement ratios for the year 2022. You can use this list to select the best car insurance online policy for your needs:

Car Insurance Companies | Claim Settlement Ratio (CSR)
IffcoTokio General Insurance | 95.30%
Hdfc Ergo General Insurance | 91.23%
Universal Sompo General Insurance | 90.78%
Tata Aig General Insurance | 90.49%
New India General Insurance | 89.60%
Sbi General Insurance | 89.51%
Bajaj Allianz General Insurance | 88.83%
BhartiAxa General Insurance | 87.99%
Icici Lombard General Insurance | 87.71%
National General Insurance | 85.71%
Reliance General Insurance | 84.26%
United India General Insurance | 82.93%
Kotak General Insurance | 82.81%

Here is all the essential information  while choosing the best car insurance online policy for your vehicle. However, if you don’t understand something or need more information, feel free to contact SMC. We will be happy to help you with all your insurance needs.

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Car Insurance Online | Buy & Renew Car Insurance Policy

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Buy Car Insurance Policy With 24x7 Assistance, You can compare car insurance plans based on their eligibility, coverage, claim process

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Term insurance is a type of life insurance where the buyer pays the premium to the insurance company and company agrees to pay a lump-sum or period payment to the nominee or legal heir in the event of passing away of the policyholder. It is important to note that only an earning person can be insured under a term insurance plan.

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Benefits of Investing in a Term Insurance Plan

Term insurance is the most basic, easy-to-understand, and a very cost-effective life insurance policy available in the market. Not only does it safeguard the financial future of your family, it provides you the much needed peace of mind. With a term insurance plan, you know that your loved ones would not struggle in case anything happens to you in this unpredictable world. We have listed below certain reason why you should invest in a term insurance plan. Here they are:

Most Affordable Life Insurance :
Term insurance plans are a great value-for-money. They have the reputation of being the most affordable life insurance plans on the planet. You can avail a very high coverage at relatively a very low premium. It is advised that you go for a term insurance plan in a young age because the older you get the costlier would be the premium for you due to the higher risk factor. For example, if you are a 26-year-old non-smoker, you can get a Term Insurance Plan with a cover of INR 75 Lacs for the next 35 years, by paying the annual premium of INR 7,000 per annum including taxes.

Future Proofs the Financial future of dependents :
Not only does a term insurance plan replaces the income of the deceased, a part of the amount received as the death benefit from the life insurer can be used to pay off the unpaid loans or credits of the deceased. Otherwise such liabilities fall on the shoulders of the legal heirs. You won't want your loved ones to be bothered by your creditors in case anything happens to you, right? So make arrangements while you are still alive, hale and hearty!

Saves Taxes :
Tax saving is one of the many reasons why you should invest in a term insurance plan. As per Section 80C of the Income Tax Act 1961, the premium which you pay for your term insurance plan is deductible from your taxable income up to the tune of INR 1.5 lacs. Also, the proceeds that your nominee would get as the death benefit is totally exempt from income tax in accordance with Section 10(10)D of the Income Tax Act 1961. Hence, term insurance is a good tax planning tool as well.

Inflation-proof Premium :
The premium at which you buy the term insurance plan gets locked at that value. You pay the same premium throughout your policy term. For example, your policy term is 40 years and you buy the term plan in 2022 at a certain premium. You would pay the same premium every year for the entirety of those 40 years. In short, even in 2060 you would pay the same premium to the company. That is why it is advised to enter in a term plan as soon as possible. However, the tax that you pay on the premium would change as per the amendments in the tax laws.

Customizable Plan :
A term insurance plan is a highly customizable as there are quite a few riders or add-ons available which can enhance its coverage and utility. By paying some extra premium, you can avail these extended benefits on your existing term insurance policy. The types of riders attachable to your term insurance plan differ from company to company. You have to check which rider facility your preferred life insurer is providing you before making your purchase decision.
Some riders that are commonly attached with term insurance plans are discussed below. The types of riders attachable to your term insurance plans are:

Accidental death benefit
This add-on enhances the death benefit in cases where the insured dies of an accident. Accidents can happen anytime and anywhere. In most cases, accidents involve huge medical cost as well and the death is more sudden as compared to prolonged diseases. Thus, accidental deaths don't give much time to prepare themselves both mentally as well as financially. If you have this rider attached to your regular term insurance plan then your nominees would get more than the sum assured amount if you die due an accident. Some accidental benefit riders provide up to double the sum assured to the nominee in case of accidental death of the insured. For example, the sum insured in Mr. X's term plan is INR 50 lacs. He has got an accidental cover that doubles the death benefit attached to his term plan after paying some additional premium. Unfortunately, he dies in a car crash. His nominee would get a sum of INR 1 crore from the life insurance company. This rider is suitable for those who want their dependents to get a sizable coverage in case of their sudden demise. Note that the basic sum assured will still be paid to your nominee if death doesn't take place due to an accident.

Partial and Permanent Disability Benefit
In many cases, the insured does not die after an accident but gets severely injured. Sometimes, these injuries can cause partial or permanent disability in the individual. Such a disability can affect the earning capability of the person. The partial and permanent disability rider is designed to cover this loss. Under this rider, the life insurance company pays a certain percentage of the sum assured to you which can be used to meet your expenses. Most plans offer up to 10 percent of the total sum assured or even more to the insured each year.

Critical Illness Cover
There are certain diseases that can become fatal if not treated in time. These diseases are called critical diseases. The cost-of-illness of these diseases is very high, almost unaffordable for an average person. Many die of such diseases only because they did not have the funds to take proper treatment. A critical-illness rider can be a real life saver. This add-on provides a lump-sum to the insured or his family upon diagnose of such a disease. The insured can use this sum for treatment as well as to compensate for the possible loss of income caused by the severity of the critical disease. Common critical illnesses are cancer, stroke, heart attack, kidney failure, etc. Having this rider attached to your term insurance plan can certainly enhance its utility.

Waiver of premium rider
This rider protects the continuation of your term insurance policy against the financial hiccups you might face in your career. Term insurance is generally a long-term commitment. You have to keep paying the annual premiums for a few decades. In such a long term, you might face situations such as economy crash, joblessness, etc. due to which you might not be able to pay the premiums. The term insurance policy lapses if you do not pay the premium. But if you have the waiver of premium rider, your policy continues to be in force even if you are not able to pay the premium. Under this rider, the insurer waves-off all your future premiums but you still enjoy the policy benefits.

Income benefit rider
This rider is literally an income replacement plan. It provides a regular income to the dependents of the insured after his/her demise. This regular monthly income is a certain percentage of the total sum insured. It acts as a supplementary income to the aggrieved family. So these are some of the riders that you can attach with your term insurance plan to spice it up. The events for which you take these riders may not occur in your life but there is always a risk. And we take insurance for inherent risks, right? Therefore, check what riders suit your preference and load your plain vanilla term insurance plan with much more exciting benefits.

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Term Insurance | Compare and Buy Online Term Insurance Plan

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Term insurance is the most basic, easy-to-understand, and a very cost-effective life insurance policy available in the market. Not only does it safeguard the financial future of your family, it provides you the much needed peace of mind. With a term insurance plan, you know that your loved ones would not struggle in case anything happens to you in this unpredictable world.

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Is Term Insurance Confined to Domestic Boundaries of India?

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Is Term Insurance Confined to Domestic Boundaries of India?

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Indian Insurance industry has made their welcome move of providing insurance to NRIs. Lot of Indians work in foreign countries and their parents are living in India. So, it is very important to have term insurance for NRI. However, it is to be noted that not all NRIs can get the term insurance plans as certain Middle Eastern or African are banned by life insurance companies of India.

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Ishaan, aged 32, was working in the US as a software engineer for the last 5 years. He was living his dream in New York. His ageing parents lived in Delhi and were proud of their son's achievements. Ishaan's father had to close down his business due to COVID. Now Ishaan's parents were dependent on the money sent by him as he was their only son.

Ishaan had robust health and a charming personality. All was going well. But on an unfortunate day, Ishaan's company called his home and told his father that their son lost his life in a car crash. The news was shattering for his parents and they were inconsolable. Losing their only son who was their old age's hope was mind-numbing.

Being the only son, Ishaan knew his responsibilities. That is why he had taken a term insurance plan with an accidental death rider when he was 25 and working in Bangalore. His wise decision of continuing his term insurance even when he started working abroad saved his parents from going into a financial mess. The life insurance company paid the complete sum insured along with the accidental death benefit to his parents. Although they could never come out of the grief of their son's passing away but they could support them financially only due to their son's sane decision. Yes, term insurance plans cover deaths in a foreign land.

If you had any confusion about whether your term insurance policy would cover your death in a foreign country - the answer is yes - but there are certain terms and conditions of coverage. As per the policy guidelines, if the insured dies outside the domestic boundaries of India, the nominee is entitled to the benefits of the term insurance plan. You may intimate the insurer when you plan to move abroad but it is not a condition that you should.

Now we shall address another important question - Can an NRI buy term insurance in India?

An NRI (Non-resident Indian) is an Indian Citizen who has been living abroad for the purpose of business, employment, or any other purpose, or an Indian who resides for less than 182 days in India during a financial year. Here are some important points that you should know about term insurance if you plan to relocate to a foreign country.

The policy buyer must be an Indian citizen at the time of policy purchase. This ensures coverage, even when he/she is traveling or staying abroad for employment or education.

The policyholder must not have applied for or planning to apply in the near future citizenship of a foreign country.

An NRI who doesn't have any term insurance policy in India but wishes to have one can have it in two ways:

1. An NRI can purchase a term insurance policy when personally present in India while taking care of the procedures and underwriting formalities. After completion of the formalities, the NRI is issued the policy and it is treated as any other term insurance policy.

2. An NRI, while residing in a foreign country can purchase a term insurance policy from India via the Mail Order Business facility. The policy issuance is done after verification by a notary, Indian diplomat, or an Indian embassy official in a foreign country.

Features of NRI term insurance plans

Sum Assured: The sum assured can be in the range of Rs.2 lakhs to Rs.1 crore. In case of death of the NRI, the death benefit is paid to the nominee in his/her NRE (Non-Resident External) account. The sum assured depends on the NRI's job, country of residence, and income of the policyholder.

Policy Term: The policy term ranges between 6 months and 25 years. The minimum entry age is 18 years and the maximum age lies between 55 years and 60 years.

Premium: The premium of NRI term insurance plans depends on several factors like health condition, habits, policy term, payment frequency, sum assured, and riders chosen, if any. The premium is paid through the policyholder's NRO/NRE bank account. There is no difference between the premium for residents and non-residents.

Documentation: An NRI has to submit the following documents to the insurer to start the policy enrolment - Age and income proof, proposal form, attested passport copy, health report, application fee equivalent to the first premium payable, etc. Additional documents required are income tax returns, a certificate from a chartered accountant, a copy of the employment contract, a personal financial questionnaire, etc.

Claim Initiation: In case of death of the insured NRI outside India, some additional documents are required to be submitted for raising the claim, such as an Employer certificate along with leave and contact details, an Embalming certificate by the embalming establishment, if the body has been embalmed to preserve it on death, copy of death certificate verified by the Indian Embassy located in the country of death, and lastly, translation of all the document if their originals are not in English.

Conclusion
Providing term insurance to the NRIs is a welcome move by the Indian insurance industry given the large size of the Indian diaspora dwelling in foreign countries. Many Indians work abroad but have parents back home in India. However, it is important to know that not all NRIs can get term insurance plans in India. Certain Middle Eastern or African countries are banned by life insurance companies in India. If the NRI resides in these countries then a term insurance policy would not be issued. USA and UK are the most preferred countries by the insurance companies to provide term insurance plans to the NRIs. If the NRI plans to leave citizenship of India and take citizenship of the new country then he/she cannot take term insurance from Indian companies. It makes sense that he/she avail term insurance plan from that country as there would be fewer hassles and paperwork.

For more details, you can log on to www.smcinsurance.com and get in touch with our experts to guide you better.

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Is Term Insurance Plans Confined to Domestic Boundaries of India?

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Ishaan, aged 32, was working in the US as a software engineer for the last 5 years. He was living his dream in New York. His ageing parents lived in Delhi and were proud of their son's achievements. Ishaan's father had to close down his business due to COVID.

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Term insurance is that shield where your family financially do not fall apart when you die. It is the most effective plan as the premium is low and pays the entire coverage amount. Term Insurance provides more coverage and benefits that protects your family member in managing their finances after your death or if you are unable to work due to disability. Finding the best term insurance plan is very confusing so visit SMC to know about the best plans available online.

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As an online aggregator, we strive to fulfill your needs and offer you the best insurance plans available in India. On SMC's widespread website, you can purchase term insurance plans from the best insurance companies in India, absolutely hassle-free.
Are you the family's sole breadwinner? Consider this for a moment: What will your family do if something unforeseen happens to you? What about the education and future of your child? How will your family survive without you? This is where a term insurance policy will come to rescue you!

What is Term Insurance Plan?

Term insurance is the best way to ensure that your family's finances do not fall apart when you die. A term insurance policy is a highly cost-effective way to protect your family's financial future because it has low premiums but pays out the entire coverage amount when you die.

The term insurance policy provides more coverage and additional benefits that assist your dependent family members in managing their finances after your death and if you are unable to work due to disability or major illness.

Finding the right term insurance plan can be exhausting. Visit SMC to know about the best plans available online at ease.

How to Choose Best Term Insurance Plans in 2022

Below are the factors to help you choose the best plans available online:

Make an Estimation of Cover Amount: Figure out an estimate what? based on your age, family requirement, lifestyle, current loans, and financial responsibilities. Also, it is very important to keep inflation in mind.

Pick a Trustworthy Insurer: Choose an insurance company with the following qualities:

High Claim Settlement Ratio

The solvency ratio must be above the minimum mandate, constantly

Sound financial record, and market reputation

SMC has the best and trustworthy insurance companies listed at a single platform.
Select a Policy Term: Many insurance companies in India offer various insurance policies with different policy terms. Choose the plan term 20 times more than your age.

Choose a Convenient Payment Method: The mode of payment affects the premiums as well because it removes the commission of the agent's. So, choose a method that is feasible to you.

Best Term Insurance Plans in India 2022

The best term insurance plan looks after your family in your absence. Below are some of the best term insurance plans available in India:
Compare and buy the best term insurance plans online on SMC.
Conclusion

Now that we know the best term insurance plans are available in India, so, do not wait for the correct time Choose, the best plan for yourself and your family's financial security. Make your purchase wisely, as a lot depends on the plan you choose.

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Term Insurance - Compare & Buy Best Term Insurance Plan

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As an online aggregator, we strive to fulfill your needs and offer you the best insurance plans available in India. On SMC's widespread website, you can purchase term insurance plans from the best insurance companies in India, absolutely hassle-free. Are you the family's sole breadwinner?

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What Should I buy – ULIP or Mutual Funds?

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What Should I buy – ULIP or Mutual Funds?

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There has always been a discussion on ULIP and mutual funds for financial planning. Many of the investors think that they are rivals in the market. They are not similar products as they have basic differences between them. ULIP is a life insurance products and are regularized by IRDAI. It also provides death benefit to the nominees. This means that when you if any mishap happens to the policyholder the nominee will get the sum assured from the company. ULIP is subjected to market risk and grows over a period of time.
Whereas, the mutual fund is a financial instrument wherein an AMC (Asset Management Company) manages the money of investors. The mutual fund company collects the fund from the investors and invest in various securities like bonds, stock and money market instruments etc. Mutual fund scheme performs according to the performance of these underlying assets.

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ULIP or Mutual Fund is an age-old debate amongst financial planners and investors. Many think of them as arch-rivals of the finance world. Apparently, they might seem like similar products; however, if you look closely, you'll find that they are quite different products.

Let us discuss in detail the minute differences and similarities between the two as we proceed in this article. The basic difference between the two is that ULIP is a life insurance product which has components of investment as well, whereas Mutual funds are pure investment products.

What is ULIP?

ULIP is an acronym for Unit-linked Investment Plan. They are life insurance products and hence, are regularized by the IRDAI. Being a life insurance product, ULIPs provide your nominees a death benefit. It means that if any mishap or loss of life happens to you within the policy term - your nominee would get a sum assured from the insurance company. A part of the premium that you pay for ULIPs is invested in unit-linked markets. This fund is subjected to market risks and grows over a period of time.

A ULIP plan is different from other life insurance plans because it provides no guaranteed returns as the underlying assets in which the funds are invested are volatile. ULIP is a high-risk life insurance plan but can provide high returns.

What are Mutual Funds?

A mutual fund is a financial instrument wherein an AMC (Asset Management Company) manages the money of investors. The mutual fund company collects funds from the investors and invests them in different securities such as stocks, bonds, and money market instruments, etc. How your mutual fund scheme performs depends on the performance of these underlying assets.

Mutual funds are a pool of investments that are managed by professional fund managers. These fund managers are educated in financial markets and have a better sense of picking and choosing stocks and other financial instruments. So, on your behalf, they invest your money in the market. In this way, you can leverage the expertise and in-depth knowledge of these professional fund managers.

Difference between ULIPS and Mutual Funds

To take this discussion ahead which of the two is a better investment option, let us throw some light on the following points.

Return on investment

ULIPs provide a lower rate of returns as they promise a fixed sum irrespective of the investment plan making money. On the other hand, mutual funds provide returns depending on the risk factor. Equity mutual funds are inherently riskier and offer higher returns, while debts mutual funds have lower risk and offer lower returns.

Lock-in period

ULIP being an insurance product has a lock-in period of 5 years. That means you cannot redeem your investment before 5 years of paying the premiums. That means if you surrender the policy before 5 years, you won't get any returns from the insurance company. But if you look at Mutual Funds, they have a lock-in period of one year. However, in the case of ELSS, the lock-in period is three years.

Transparency

ULIPS are quite complex products that offer both life cover and investment. ULIPS are less transparent in disclosing the underlying expenses and asset allocation. Mutual funds are comparatively open about the holding in the portfolio and the fee charged.

Taxation benefits

The premiums paid under ULIP schemes are exempt from Income Tax up to the tune of INR 1.5 lakh in a year. This means that the premium paid for ULIPs can be deducted from your total taxable income. Whereas mutual funds do not allow any tax deduction, the only exception is ELSS which has tax benefits. Tax on mutual funds is 10% and 15% for long-term capital gains (LTCG) and Short-term capital gains (STCG) respectively for equity funds. For debt funds, it is 20% for long-term capital gains (LTCG) and as per the investor's slab rate in case of Short-term capital gains (STCG).

Expenses

SEBI has put a cap on expense ratio of mutual funds to 1.05% while there is no such cap on ULIPs. Hence, mutual funds offer professional services at a lower cost. The fund allocation charges can go much higher in case of ULIPs.

Risk Cover

Since ULIPs are a type of life insurance policies they cover the risk on your life. In simpler words, if you meet your unfortunate demise during the tenure of the policy the insurance company would pay a lump-sum amount called as 'death benefit' to your nominee. This amount can be used to pay-off your pending loans and payables. There is no such risk cover in mutual funds.
ULIPs VS Mutual Funds
The table above shows the various aspects on the basis of which you can compare whether you should go for ULIPs or Mutual Funds.

Which is better - ULIP or Mutual Funds?

Both these financial instruments have their pros and cons and give tough competition to each other. However, ULIPs shine brighter in the sense that they provide a life cover as well.
Let's understand this with help of an example.
Mr. X buys a ULIPS plan for INR. 6 Lakhs and Mr. Y buys a mutual fund of the same amount. Both were travelling in a cab together. The cab met an accident in which both lose their lives. The nominee of Mr. X gets Rs. 6 Lakhs but the dependents of Mr. Y won't get anything.

So, the people who invest in mutual funds have to buy a separate life insurance plan to safeguard the future of family members. People who are looking for pure investment options should go for mutual funds as they are more flexible and do not have any locking period. People who buy these plans for tax savings should definitely go for ULIPs.

Now let's discuss where you can park your money.

Top Performing Equity Mutual Funds

Top Performing Debt Mutual Funds

Top Performing Tax Saving Mutual Funds

Top Performing Liquid Mutual Funds

Best ULIP Plans To Invest In 2022
In Conclusion
ULIPs and Mutual Funds are both very popular investment vehicles. ULIPs have a slight edge because they provide better tax-saving features and the life cover quotient. In case of ULIPs, you can get the benefits of life insurance and investments in a single plan. However, if your aim is to start investing in the stock market then Mutual Funds is the best way to start. Mutual funds are relatively less risky than individual stocks as professional fund managers manage them and loss suffered by some stocks is compensated by the gain in other stocks. So, you must take advice from a professional financial planner before investing in these financial products.

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ULIP or Mutual Funds? Which will provide you better returns?

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ULIP or Mutual Fund is an age-old debate amongst financial planners and investors. Many think of them as arch-rivals of the finance world. Apparently, they might seem like similar products; however, if you look closely, you'll find that they are quite different products.

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Child Money Back Plan is the best option for both life insurance and investment opportunities. This plan is for fulfilling your children demands such as schooling, higher studies and marriage. On maturity the policyholder will get the amount equal to the sum assured plus any applicable bonus. There is also a flexibility in this policy where you can pay the premium monthly, quarterly and even annually.

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Child plans offer both life insurance and investment opportunities. This policy allows policyholders to protect their children's future while building up an investment portfolio to meet significant life milestones. The parent is the policy owner, while the kid is the beneficiary, in the case of a child insurance policy.

Child Money Back Plans are one-of-a-kind programs that cater to the many demands of growing children, such as schooling, higher studies, marriage, etc. . . . At maturity, the policyholder receives an amount equal to the sum insured plus any applicable bonus. Premium payments can be made monthly, quarterly, or even annually. These non-linked money return plans stand out because they provide survival benefits.
Now, understand and compare the different child plans easily!
The requirements for obtaining a child money back plan vary from one insurance company to the next.

It matures up to 60-65 years old and has a general age restriction of 0-15 years.

The sum guaranteed varies according to the insurance period selected, some plans have no requirements, while others need 5-10 times the yearly cost.

To take a money-back child plan, you must submit the following documents-

Proof confirming the child's identity, and a parent or grandparent availing of the insurance/ Identification proof the child, parent or grandparents availing the insurance

Proof of the child's and proposer's age

Proof of address of parents/ Address proof of the parents

Photographs of the person taking the child plan, and the child

Proof of the parent's income

The signed proposal form

Below listed are the top insurance companies providing child plans in India in 2022

LIC's New Children Money Back Plan

HDFC Child Plan

Max Child Plan

ICICI Child Plan

Kotak Mahindra Child Plan

Aditya Birla Child Plan

Tata Aia Child Plan

SBI Life Child Plan

Exide Life Child Plan

Bajaj Allianz Child Plan

Pnb Metlife Child Plan

Reliance Child Plan

Aviva Life Child Plan

Sahara Child Plan

Shriram Life Child Plan

Bharti Axa Child Plan

Future Generali Child Plan

Ageas Child Plan

Canara Hsbc Child Plan

Aegon Life Child Plan

Pramerica Life Child Plan

Star Union Child Plan

India's first Child Plan

Edelweiss Tokio Child Plan

You must submit a claim discharge form, filled out and signed by the policyholder to file a survival on the maturity claim. The policyholder's bank account information would also be necessary for the claim amount to be credited immediately. In the case of a death claim, you must notify the company about the insurer's death. The following papers should be included with the claim form 3783 and submitted to the insurance company:

Insurer death certificate

In case of unintentional death, the police will file a police report, panchnama, inquest report, post mortem report.

Medical records in the event of an illness-related death

Any other documents required for further documentation/ investigation

The insurance company would then check the paperwork and process the claim. The nominee's bank account information should also be given to pay the claim straight to the nominee's account.

The insurance firm charges a certain fee for providing services, and these can be withdrawn from your premium or removed from the overall fund amount by cancelling units. However, various insurance providers charge different rates and have different payment schemes, and these fees must be factored into your investment selection to make it cost-effective.

It's crucial to pick the correct strategy for your children's long-term development and growth. When choosing the child plan, keep the following in mind:

You may use a simple tool called the child plan calculator to compute the required amount at the time of maturity. It provides you with an estimate of how much money you will need to protect your child's future. One of the unique aspects of such a calculator is that it takes inflation into account when calculating the monthly amount needed to fund the child plan. There are no costs associated with utilising the calculator, and it is available online for free.

To use the calculator, go to the insurer's website and look for the 'child plan calculator.' Then, along with the total amount you will spend on the coverage, input the child's name. Giving the needed inputs will calculate the return quantity required at maturity. The time range for accumulating the fund returns must then be determined. The projected inflation rate must be entered in the following step. Understanding the current economic situation is required to input the rate. The estimated rate of return from the child plan must be established in the last phase. Depending on the time and risk involved, the type of child plan has an impact on this. The calculator will calculate the monthly budget to invest in managing the money for the number of years specified on entering these values.

In the event of death, the money-back child plan does not cover a few circumstances. The following are the child plan's exclusions:

Risky Sports Participation
If the insured dies due to participating in high-risk activities such as racing or rock climbing, the insurer will not pay any claims.

Criminal Activities
Child insurance does not cover death caused by illicit or criminal conduct.

Conclusion
A child insurance plan is the most effective way to safeguard and secure your child's future. Understanding and comparing the best plan for your child requires a thorough examination of the many plans available on the market. When it comes to choosing an ideal child plan, starting early, budgeting, and diversifying your portfolio with partial withdrawal benefit plans are important factors that must be considered.
Get started today to secure your child's future!

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Child Money Back Plan -Feature Benefits, Premium Rates

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Child plans offer both life insurance and investment opportunities. This policy allows policyholders to protect their children's future while building up an investment portfolio to meet significant life milestones. The parent is the policy owner, while the kid is the beneficiary, in the case of a child insurance policy.

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Child education plans are very important now days for securing your child’s future. Choosing the best short term child education plan will not only provide higher education for your child but also they give life insurance. These plans can be taken in the form of short term and long term based on your child’s education. You will see the complete list of short term child education plans in India in this blog.

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Child education plans are effective investment tools that help you to save funds for your child's education needs. These plans include a life insurance component for you and provide an option to invest a part of the premium towards the future needs of your child.

The one-time lump sum payment at the end of the policy period assures that neither you nor your child will have financial difficulties when it comes to pay for higher education.

Such plans can be taken as long term or short term child education plans, based on your child's education objectives and funding needs.

For example, if you want to send your child for overseas graduation, you can purchase a fixed tenure child education plan for 10-12 years as per your return needs. Enough funds will get accumulated by the time the child is ready to go for studying abroad.

Below is a complete list of short term child education plans in India:

AEGON Life Rising Star Insurance Plan

Aviva Young Scholar Secure

Bajaj Allianz Young Assure

Bharti AXA Life Child Advantage Plan

Birla Sun Life Insurance Vision Star Plus

Edelweiss Tokio Life EduSave

Exide Life New Creating Life Insurance Plus

Future Generali Assured Education Plan

HDFC SL YoungStar Super Premium

ICICI Pru SmartKid Solution

IndiaFirst Happy India Plan

Kotak Headstart Child Assure

Max Life Shiksha Plus Super

PNB MetLife College Plan

Pramerica Life Future Idols Gold Plan

Reliance Life Child Plan

Sahara Ankur Child Plan

SBI Life- Smart Champ Insurance

SBI Life- Smart Scholar

Shriram Life New Shri Vidya

Smart Future Income Plan

SUD Life Aashirvad

TATA AIA Life Insurance Super Achiever

Wealthsurance Future Star Insurance Plan

Economic Variables
It's critical to realize that your child's savings and investments will only be put to use in the future. When settling the amount of sum assured, a range of economic variables must be considered. Inflation, rising school costs, and healthcare costs are some examples of these variables. If you have a separate account for these sufficient funds, you may accurately determine the best approach and prepare a premium budget for availing the policy.

Premium Waiver Benefits
This feature helps the child to receive the full benefit that was promised when the policy was purchased, at the time of maturity. Make sure you add premium waiver benefit rider with the policy.

Log in to the insurer's website and look for the short-term child plan benefits, policy tenure, premium to be paid, premium payment options offered, provision of the riders that can be added, and other options such as partial withdrawal and maturity benefits.

You must compare these factors among various education plans available and choose the best that helps you to meet your needs.
Alternatively, you can use SMCIB comparison tools to compare and buy your dear child's best short-term child education plan for your dear child.

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Buy Best Short Term Child Education Plan

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Child education plans are effective investment tools that help you to save funds for your child's education needs. These plans include a life insurance component for you and provide an option to invest a part of the premium towards the future needs of your child.

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Living Life and Keeping Financially Healthy Amidst Uncertainties

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Living Life and Keeping Financially Healthy Amidst Uncertainties

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Future is uncertain and we never know what will happen next in our lives. Covid-19 has already taken lot of lives. People who do not have big properties and assets should plan their investments. To overcome the financial losses and cybercrimes you should invest in insurance plans to have insurance benefits and you can safeguard your hard earned income and savings.

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The COVID-19 pandemic has taught us that the whole world can go under haphazardness and calamity so easily. The recent pandemic has exposed the fragile systems that we have in place. No amount of economic development or technological advances can assure smooth sailing of life. The coronavirus is just one big example that we have witnessed in the present times. However, the thing to worry is that there are plenty of such calamities to come in the future. The ongoing Ukraine-Russia war is possibly the ignition point of World-war 3. The major superpowers of the world are waging cold wars and trade wars against each other to establish their supremacy.

There are some countries that are taking the malicious routes such as cyber wars and bioweapons to gain power and control over world affairs. Things are not looking stable at a global level and this instability is causing a great havoc in the financial markets. So, you need to be prepared to safeguard your financial as well as personal interests with even more planning.

The following are the eminent threats that are predicted by the global experts.

Cyber Washout

In today's world, data is the most lethal weapon for companies to succeed. Analysis of data helps businesses predict market trends, consumer behaviour, and helps in measuring the ROI of processes. Imagine a company loses all its data all of a sudden due to a cyber-attack. It can lead to severe consequences, such as:

Data is an integral part of the production. The production department is the first to suffer if there is any loss to the data. Thus, any network outage or cyber-attack can lead to lost files which may result in lost sales and staff downtime. Such damage to productivity can raise questions on the mere survival of the company.

If your company loses data it can't serve clients. The word spreads fast in the market and brings a lot of negative publicity for your business. Brands have to spend a ton of money on PR to repair its image.

Leakage of confidential information

Data leakage can lead to your business secrets getting revealed to your competitors because of which you might lose your edge. Also, if customer's personal data get leaked from your platform then they can sue you as per the personal data protection bill, 2019. This can lead to loss of customer loyalty as well.

Data loss brings with it several financial and legal complications. In many cases, the company is unable to recover from the consequences of data loss and has to shut down its operations.

You can prevent cyber-attacks or data washouts by keeping your systems and software fully up-to-date, ensuring endpoint protection, installing a Firewall, and hiring a highly trained cyber protection team. This investment can save you from big financial losses or possible business closure.

Cyber washouts can harm people at a personal level also. Imagine you wake up to a message that your bank account has been clean swiped. To avoid such calamities you can take insurance against cyber frauds. Yes, insurance is available for cyber frauds as well.

Another World War

The Ukraine and Russia war is not just a war between two countries. It is highly possible that it might be the ignition point of another world war. If that happens then we can brace ourselves for a major recession that follows after wars. We all would have heard stories of the great depression in the 1930s post World War1 and in the 1940s after World War2. The whole global economy suffers badly when war happens. Apart from the heavy loss of human lives, wars have severe economic impacts such as loss of working population, shortages, inflation, a rise in debt and disruption to normal economic activity. One can argue that wars can create huge opportunities for countries which are not participating in them as it creates demand from the worn-torn countries. The demand of arms and artilleries can create lots of employment.

But that demand represents a huge opportunity cost. This concept is known as the broken window fallacy. The resources spent on repairs and restoration of the aftermath of wars could have been spent on something more productive. On the whole, wars cause irreplaceable damage to the planet's resources.

For instance, the recent Ukraine-Russia war has forced many countries to lay sanctions on Russia. This has disrupted the Russian economy and has brought the value of rouble down. The Moscow stock exchange has closed and Russian oil trades are at their lowest. The ripple effect of the Russia-Ukraine war is seen in the stock markets of various countries including India. A country like Ukraine which has given to the world tech giants like Whatsapp, Paypal, Readdle, Clean My Mac, Snapchat, Jooble, Revoult, Solana, and Grammarly is a facing a collapse at the hands of the Russians. In these times, it is recommended that you curb the flashy side of you, check your expenses and save money.

Inflation

One of the biggest worry for businesses and households is inflation. Inflation is the percentage increase in prices of commodities and services over a specific period of time. Inflation shrinks your spending and saving capacity. For businesses, growth rates below the inflation level means that there is less money left for investments, dividends, and future growth/expansion plans in the years to come. In such a scenario, the central banks of the countries make use of monetary policy that checks inflation. The central banks can keep a tab on inflation is by keeping interest rates high. That means that if the interest rate is 12% and inflation rate is 10% then the individual's savings are growing instead of depreciating.

Moreover, by keeping the interest rates high the central bank ensures that not too much money is flowing in the system. That curbs the demand and when demand is lesser than supply, the prices automatically comedown. Also, when interest rates are high the businesses prefer keeping the money in the bank. This drains out the excess liquidity in the system.

Inflation is a big problem. If your earnings are not able to keep up with the rise in prices then you would not be able to maintain your current living standards.

One of the basic needs of a human being is good health. The medical industry is one of the most impacted sectors by inflation. The health inflation increased to 8.4% and 7.7% in May and June 2021, respectively. That means if you would be spending increasing amounts on medical treatments in times to come. So you are exposed to a very high risk of eroding all your savings on a single need of hospitalization. Therefore, it is highly recommended that you get covered in a suitable health insurance plan. Health insurance is one of the most important insurance products that you should invest in as it provides you a financial backup to meet medical contingencies. Similarly, you should invest in life insurance plans and investment plans to keep building a corpus that you might need in the future.

Another Pandemic

The COVID-19 pandemic might be the deadliest viral outbreak that people might have seen in over a century. But if we speak strategically then such extreme events aren't as rare as we think. "The most important takeaway is that large pandemics like COVID-19 and the Spanish flu are relatively likely," said William Pan, Ph.D. The Spanish flu is considered to be the deadliest pandemic in modern history which killed more than 30 million people between 1918 and 1920.

Microsoft Chief, Bill gates warned governments and asked them to get ready for future pandemics and smallpox terror attacks by investing considerable amounts in research and development. In a recent interview, Mr. Gates suggested that the governments should practice "germ games" to respond to such events. "It will take probably about a billion a year for a pandemic Task Force at the WHO level, which is doing the surveillance and actually doing what I call "germ games" where you practice," he added.

There are many countries that are suspected to develop bioweapons that can create artificial pandemics and cause fierce loss to human life and bring major world economies down on their knees.

However, the COVID-19 pandemic has taught our generation the norms to follow in case of such pandemics. Businesses are adapting to the digital infrastructure at a rapid pace. Digital technologies can help businesses continue many of their operations. Companies are planning to go asset light and add fuel to content operation. The relatively new concept of "phygital" i.e. physical plus digital business processes is quite high in demand. According to a recent survey, businesses are increasingly prioritizing content creation to drive more awareness and revenue. As content is a very important tool in digital marketing. Digital technologies facilitate remote working. Remote working is a great concept in the wake of an ongoing pandemic. Also, it saves so much fuel if employees don't travel to offices.
Bottom Line
Future is uncertain and dynamic. It is constantly posing so many threats to individuals and corporates at large. Nobody had thought in mid-2019 that the world would stop in a few months. We do not know what horrors the future holds for us. People who do not have big properties and money churning assets must save and invest. There is no other option. You do not know for how long you would be able to generate an active income. Therefore, you must plan for passive sources of income. You must invest in insurance plans to safeguard your business and personal assets and employ cyber security layers to protect against cybercrimes.

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How to keep life living and financially healthy during uncertainties

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The COVID-19 pandemic has taught us that the whole world can go under haphazardness and calamity so easily. The recent pandemic has exposed the fragile systems that we have in place. No amount of economic development or technological advances can assure smooth sailing of life.

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Things You Should Know About Waiting Periods In Your Health Insurance Policy

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Things You Should Know About Waiting Periods In Your Health Insurance Policy

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It is very important to understand that when you buy any health insurance policy it does not become functional at the same time. Pre-existing disease has waiting periods and also certain diseases are also not covered in health insurance plans. Before buying any health policy you should check the terms and conditions and also the waiting periods for certain diseases to avoid any claim rejection.

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Diseases that you already have at the time of buying the health insurance plan are called pre-existing diseases. As per definition, pre-existing diseases are those diseases that are diagnosed at least 48 months prior policy purchase. The pre-existing diseases (PEDs) can be BP, diabetes, etc. Generally, these diseases have a waiting period of 3-4 years in a health insurance plan.

Waiting Periods for Specific Ailments/Procedures

There are many diseases such as hernia, tumor, ENT disorder, cardiac ailments, cancer, etc., that have a specific waiting period. The waiting period for these plans ranges from 2 to 4 years.

There is an initial waiting period for registering claims in every health insurance plan. The initial period varies from company to company. However, generally, the waiting period is between 30 to 90 days. Accidental claims are an exception to this as the nature of the accident is sudden.

Critical Illnesses Waiting period

Critical illnesses are certain ailments that can prove to be fatal if not cured in time. Many health insurance plans have a waiting period of 90 days to cover critical illnesses.

Many health insurance plans also offer maternity benefits. The waiting period to cover maternity benefits and the expenses of the newborn can range from 9 months to 36 months.

Bariatric surgery is performed on patients who have obesity issues (wherein the BMI of the individual is above 40). Health insurance companies now cover bariatric surgery with a waiting period of around 2 years. You can check your obesity levels by using the BMI calculator based on current height and weight.

Why do health insurance policies impose waiting periods?

People might buy health insurance policies when they are diagnosed or have a suspicion of a disease so that they are saved from bearing its expenses. The insurance companies understand this and that is why they impose waiting periods. The thing to understand here is that the insurance companies are here to do business. Insurance covers the probability of you getting a disease or injury but it does not undertake a risk which is already there, for example, pre-existing diseases.

Similarly, if there was no waiting period to cover maternity expenses. Had there not been a waiting period to cover maternity benefits aspiring parents would have bought a health insurance plan just before planning a baby.

Had there been no waiting period to cover bariatric surgery all obese people would have bought the health insurance plan to undergo the surgery. In this way, the insurance companies would have suffered heavy losses.

Can you reduce the waiting period?

Yes, you can. Some companies allow you to reduce the waiting period under a health insurance plan. For that, they charge an extra premium. For instance, the waiting period for pre-existing diseases (PED) is 4 years. Several health insurance plans come with a feature PED waiver feature through which you can reduce the PED waiting period to 2 years.

Normally, in group health insurance policies offered by employers to their employees, waiting periods do not apply. Also, employees can get a health insurance plan without a waiting period if they convert their corporate health insurance plan into an individual health insurance policy. As per an IRDA guideline, an employee can get his corporate health insurance plan into an individual health insurance plan at the time of separation from services. In such cases, the employees are given a policy without the waiting period as they have already spent a considerable amount of time being part of that group cover policy.

Conclusion

As your health insurance plan matures, you become eligible to claim for more diseases and health conditions. That is why it is very important to keep a running health insurance plan and pay your premiums on time. Health insurance is a very important shelter that saves you and your family from going into financial crisis because of medical emergencies. Yes, there is a waiting period to cover certain diseases but in due course, these ailments would also be covered.

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Things You Should Know About Waiting Periods In Your Health Insurance

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Diseases that you already have at the time of buying the health insurance plan are called pre-existing diseases. As per definition, pre-existing diseases are those diseases that are diagnosed at least 48 months prior policy purchase. The pre-existing diseases (PEDs) can be BP, diabetes, etc.

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How to choose health insurance cover for non-communicable diseases in India after the pandemic?

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How to choose health insurance cover for non-communicable diseases in India after the pandemic?

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Non communicable disease affect lot of people and it kills around 41 million people each year globally. Choosing the best health insurance cover can benefit and protect from the financial stress. A value based model can help you with the best health services in minimum cost.

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Non-communicable diseases (NCDs) are chronic ailments that can affect a person over a prolonged period. It is the leading cause of morbidity and mortality across the globe. This public health crisis is affecting the majority of the population at an alarming rate. According to WHO, NCDs kill around 41 million people each year globally. Hence, this major crisis requires global attention, predominantly affecting socio-economic development.

The significant types of non-communicable diseases are:

Effects of NCDs During Pandemic

When the pandemic began, the prevention and treatment of non-communicable diseases took a significant hit. The impact was global, and the people with NCDs were at a higher risk of infection, eventually leading to death. Apart from that, since healthcare was already burdened, many people who needed treatment for NCDs like cancer, cardiovascular diseases and diabetes couldn't move to hospitals to receive appropriate medicine and treatment. Now, as we still fight the pandemic, many alternative therapies have gained traction, like telemedicine which has replaced in-person consultations to encourage people to take the consultations from home.

The health scenario in India is burdened with the rise in non-communicable diseases. The treatment for the non-communicable disease is primarily out of pocket expenses. The past two decades saw an overwhelming surge in the stats of premature deaths caused due to the disease. The majority of these deaths occur in low and middle-income countries.
Impact of Non-communicable Diseases on Adolescents and Youth
The non-communicable diseases are seen equally in younger people compared to older people. The people at risk of NCDs are mostly aged between 30 and 69. The reason for such an increase is the lifestyle changes seen in young cohorts. The NCD deaths are primarily associated with poor lifestyle choices in adolescence. The diseases are linked to imbalanced diets, sitting in a place for a longer duration for work, stress, physical inactivity, alcohol abuse, tobacco and drug use, unhealthy food habits, and erratic eating habits. The list of reasons is endless. Apart from these, heavy air pollution is another contributor to chronic non-communicable diseases.

While the focus of cohorts developing non-communicable diseases is often narrowed to the adult population, adolescents are mostly overlooked. In fact, this lifestyle illness is primarily found in adolescents, where anxiety disorders and mental health disorders are the major contributors to non-communicable diseases.
The Current Situation of Health Insurance Pertaining to Non-communicable Diseases
The pandemic has affected all income groups equally, and the impact and health side effects it brought were terrible. While quality treatment is everyone's right, it is not accessible to the masses due to the rising medical costs, and the financial costs deter people from seeking the required care.

NCDs, a persistent illness, need frequent checkups and treatments that can further burden one's household. The treatments with non-communicable disease without insurance result in high out of pocket expenditure that can lead to impoverishment, especially in low and middle-income groups. Statis back this up, stating that India's out-of-pocket expenditure is 64%, whereas the figures are as low as 20% in developed countries. Despite this situation, numerous middle-class households haven't taken health insurance. The reason is that the private insurance sector is primarily catering to the rich or the poor and not tapping the middle-income groups that cover the vast population of 70 crores.

While health insurance can be a boon to lower and middle-income families, they find it challenging to access goof plans offering simple products with higher coverage. Likewise, affordable insurance for the young encourages them to take up insurance plans for a healthy future. Additionally, penetrating remote areas and educating people about the significance of health insurance for non-communicable diseases can also inculcate the realisation in people to invest in an adequate health insurance plan.

Drawbacks of Existing Insurance Plans

The current insurance plans for non-communicable diseases have only a few inclusions. The policies cover only if you are diagnosed with the listed illnesses. Hence one can avail only partial benefits for the less severe considering and does not cover chronic conditions like diabetes, asthma, or multiple sclerosis even if one has availed of a comprehensive plan.

The comprehensive plans will not cover pre-existing conditions as well. Therefore, when a person needs an inclusion, he needs to pay extra premiums or add-on health rider plans to the base plan to get the risk covered. When a person opts for a plan with wellness benefits, the premium is higher. However, value-based insurance design can facilitate end-to-end insurance policies for non-communicable diseases.

How to choose health insurance cover for non-communicable diseases post-pandemic?

Need for a Value-based Health Insurance Design

Value-based insurance design is a strategy where the insurance purchaser can hold providers accountable for cost and health care quality. Hence this type of insurance design will increase health care quality while decreasing costs by using the incentives to promote and improve health. This is done by covering preventive care, wellness visits and benefits like medications at low or no cost. These measures offered by plans will help curb expensive therapies in the future. However, this type of insurance model is relatively new to India, but it will help improve the affordability of health insurance plans. This eliminates the current drawbacks of the added cost of inclusions and higher premiums.

Changes Expected from Insurance Providers

With the pandemic situation, many middle-income households have been struggling for sustaining their daily expenses. While treatment of morbidities can hurt their finances, buying a health insurance plan is also not feasible. This is because most plans provided by the health insurance policy are not affordable for middle-class people.

The plans can be designed to offer buyers the flexibility to lower the current insurance costs, and affordable packages can be aware of the terms and conditions. Promoting cost-effectiveness at the Forefront will benefit the middle-income group.

A complicated claim settlement policy can put you through hassle during troubled times. When the claim settlement policy is cumbersome, it will take a lot of time to complete the entire process. Choosing health insurance providers with excellent customer support, a robust online presence, and a simplified claim process will help. Additionally, it is crucial to select insurers who offer a high claim settlement ratio to ensure your claim won't get rejected unless the reason is valid.

The current situation with health insurance policies is that one needs to buy a basic health insurance plan and customise it with add-ons called health riders to expand their requirement. According to the policyholders' condition, providing direct riders plans can help affordability and focus on outcome-based packages. Many features of comprehensive health plans are unused in a person's lifetime. Instead of having to buy a comprehensive plan and paying for all the features, one can purchase specific rider based programs.

Meaningful Collaboration of Health Care and Health Insurance

If health care and health insurance can collaborate meaningfully, customers can benefit from it. The aim should be to provide maximum value in partnerships and promote population health management. The policyholders can benefit from quality care benefits at lower costs. Large hospitals should collaborate with insurance companies to provide more accessible health care treatments at lower prices. With more and more hospitals joining hands, they can prioritise value-based care.

With pandemics, many have prioritised health while also saving for unprecedented situations. Hence choosing a health insurance plan that prioritises customer needs and offers customised solitons while also being affordable would be the best choice.
Conclusion
In the past two years, the focus shifted to infectious diseases due to COVID-19 spread. However, the non-communicable diseases threat is not over. The hectic lifestyles, erratic diet practices, and adulterated consumables are on the rise posing a threat to mental and physical health.

Thus, lifestyle-related diseases are on the rise and becoming common even in the younger generations. Choosing health insurance plans that can cover customised wellness benefits and treatment costs can protect one from financial stress. A complete cover plan like a value-based model can help provide the best health services in minimum cost assurance to the masses.

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How to choose health insurance cover for non-communicable diseases

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Non-communicable diseases (NCDs) are chronic ailments that can affect a person over a prolonged period. It is the leading cause of morbidity and mortality across the globe. This public health crisis is affecting the majority of the population at an alarming rate. According to WHO, NCDs kill around 41 million people each year globally.

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Are psychological disorders covered in Health Insurance?

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Are psychological disorders covered in Health Insurance?

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Patients are always hesitate talking about their mental illness as people are very judgemental. Few of the insurance companies are covering mental illness in their insurance plans.

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Since long, mental disorders are considered taboo in India. Hence, patients are always hesitant in speaking about their mental illnesses as society was highly judgmental about such issues. Even insurance companies did not cover psychological disorders in their policy plans. But now, things are changing for the better. In the recent past, many popular sports personalities have taken breaks from their sports to nurse their mental illnesses. Even some famous film personalities have openly discussed these issues and how they have dealt with it.

Many popular personalities from every sphere of society have come forward to talk about their issues such as depression and other mental illnesses. According to WHO, 56 million Indians suffer from depression, and 38 million suffer from some anxiety disorders. Post the pandemic, cases of mental disorders have risen exponentially across the globe.

Keeping the high number of mental disorders cases in mind, the Insurance Regulatory and Development Authority of India (IRDAI) has directed health insurers to cover mental illnesses that include psychological disorders as well. The regulator has asked health insurers to add mental illnesses to their regular health insurance plans.

What are psychological disorders?

Mental health includes emotional stability, social as well as psychological well-being of a person. A psychological disorder affects the thinking pattern of the patient. It affects their cognitive skills, learning ability, memory, and emotional stability.

A person is said to be suffering from mental disorders if his/her ability to think, work, behave, and stress handling ability gets impaired. As per WHO records, 1 in 20 Indians suffers from a mental disorder. A mental disorder can spoil the whole family.
Mental illnesses covered under health insurance

Acute depression

Attention deficit or hyperactivity disorder

Anxiety disorders

Bipolar disorder

Post-traumatic stress disorder

Dementia

Psychotic Disorder

Obsessive-compulsive disorder (OCD)

Mood disorder

Schizophrenia

Does health insurance cover mental health?

Fortunately, few health insurance companies, after the directions of IRDAI have started covering mental illnesses in their insurance plans. With the rising number of patients who are suffering from some or the other form of mental disorder, it was a welcome and a much-awaited move by IRDAI to bring the mandate of covering mental disorders into the ambit of health insurance plans. Till 2018, mental disorders were not covered in health insurance plans. The scope of health insurance was limited to physical ailments.
Benefits of covering mental health
There are numerous benefits of purchasing a health insurance plan that covers mental illnesses as well. Some of these are mentioned below:

The mental health insurance plan covers hospitalization costs, treatment and diagnostic expenses, ambulance charges if required, room rent and the cost of medicines.

A patient suffering from a mental disability that affects his/her memory, cognitive skills, decision-making skills, behaviour and mental capacity, is also provided insurance cover under the policy.

Some insurance companies also cover OPD charges, including consultation, counselling and rehabilitation of the patient.

The Premium, inclusions, exclusions and additional benefits vary from one insurance company to another.

How much is the waiting period for mental health benefits?

Just like pre-existing diseases, mental disorders are covered after a waiting period. Most health insurance companies that cover mental illnesses impose 2 years waiting period. Hence, that means expenses for mental illnesses would be covered. Also, you have to be hospitalized for more than 24 hours to claim from the insurer. The waiting period may differ from insurer to insurer. That is why it is important that you check the terms of your policy carefully before buying.

What does mental health insurance not cover?

The following expenses are not covered in a mental health insurance cover.

Mental Retardation

Abuse of drugs or alcohol

Outpatient consultations (unless specified)

Who should buy mental health insurance?

In the current scenario, life has, overall, become highly stressful. More and more people are getting affected by mental illnesses, particularly depression. Especially, in the post-Covid times, people have to face many problems such as job cuts, pay cuts and other issues that have negatively affected their financial stability. In such conditions, it has become important to purchase a health insurance plan that covers mental disabilities as well. Apart from this, people who have an ancestral history of mental illnesses are more susceptible to such diseases and thus, they should opt for mental disease cover under their insurance policy. Last, but not the least, people who have undergone any trauma such as an accident or losing a family member etc., should also purchase a mental health insurance plan.
Conclusion
To make the long story short, if you want to play it safe in these stressful times and to lessen your financial burden, it is imperative that you must go for a health insurance plan that provides enough cover to mental illnesses and helps you in meeting the treatment expenses.

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Does Psychological disorders covered in Health Insurance?

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Since long, mental disorders are considered taboo in India. Hence, patients are always hesitant in speaking about their mental illnesses as society was highly judgmental about such issues. Even insurance companies did not cover psychological disorders in their policy plans. But now, things are changing for the better.

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Why people in India do not prefer buying life insurance policies?

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Why people in India do not prefer buying life insurance policies?

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As we all know life insurance policies are must for everyone but still people have trust issues on insurance companies and due to that they just buy life insurance for only saving tax. Right now, 988 million Indians are not covered under any kind of life insurance plan.

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It is that time of the year when we are running to file our ITRs and looking out for life insurance plans which can get us some rebate under Section 80C. Our accountants are scolding us that why we did not do that earlier. The last-minute haphazard left me wondering why so many Indians do not prefer buying life insurance policies in India. And those who do it for tax saving purposes only.

On some thinking, we concluded that Indians have trust issues with insurance companies. Most Indians do not get life insurance coverage mainly because they either do not value its importance or either they believe it to be an unnecessary expense. At least 988 million Indians are not covered under any kind of life insurance plan - a number higher than the entire population of Europe.

As per the research of leading reinsurer Swiss Re, those who have life cover have only 8 percent of what it should have to cover their family needs. This is much lower insurance coverage adequacy in comparison to 44 percent in Japan, 67 percent in Australia, and 84 percent in Taiwan.

Even after knowing how uncertain life is and the death of the breadwinner of the family can pose a severe threat to the survival of the family many Indians are not buying life insurance policies. What could be the reasons?

After a careful study, we have jotted down the following reasons why a majority of Indians are not investing in life insurance plans.

Except for term insurance plans, life insurance plans can be considered expensive and they have lock-in periods. So, if somehow you are not able to pay the future premiums, the insurance company forfeits the money paid earlier and you get no returns. Your hard-earned money gets wasted. Most people in India struggle to make ends meet. In that scenario, investing in an intangible product like insurance is not considered an urgent expense.

Many people are too lazy to put any effort and look for a suitable life insurance plan for them. Buying a life insurance policy is a serious business as it is a long-term commitment and the future of your family depends on it. There are 24 life insurance companies operating in India. Researching and comparing the most suitable life insurance plan is a task that many people try to postpone as much as possible.

There are many types of life insurance policies ranging from simple term insurance plans to complex unit-linked insurance plans. Many Indians find life insurance plans confusing. Most life insurance policies in India are not pure protection plans but endowment or ULIPS. People who are looking for only protection plans have very few options.

India has a lot of young population. 22 percent of India's population lies in the age group of 18-29 years. Young people are generally quite healthy and they are under the illusion that nothing could happen to them. So, they consider investing in life insurance policies waste of money. Many of the younger lots prefer spending money on recreational activities.

In the past, there used to be many incidents where insurance agents sold life insurance products to people after concealing some vital terms and conditions because of which customers faced problems at the time of claims. That is why many people still hesitate in investing in life insurance plans. However, the perception of people is changing fast with more awareness programs conducted by the government.

Insurance provided by the employer

A lot of Indians are covered under group life insurance plans provided by their employers. That is a reason why many Indians don't buy a separate individual life insurance plan. The coverage in the group life insurance plans is very basic which may not fulfil the needs.

People Working in Unorganized Sector

82% of India's workforce works in the informal unorganized sector. For people working in the unorganized sector, it is difficult to get issued a life insurance policy from private insurance companies. However, there are government-sponsored life insurance schemes for these people, such as Pradhan Mantri Jeevan Jyoti Bima Yojna.

India is a highly religious country where many leave things to God rather than planning for contingencies or unforeseen events. Such fanatical faith can impair people's vision to see things more practically. Many Indians believe that God would do no harm to their family and that is why they can donate handsomely to temples but won't buy life insurance policies.

This attitude is mostly seen amongst the female population of the country. The income of a woman in India is still considered a secondary income. If many of the houses are life insured, the earning female members rarely invest in life insurance. Their income matters too. Because of this mindset, a large chunk of the population is bereft of life insurance.

By not taking life insurance people are not enjoying the following benefits.

A Perfect Tool For Financial security

As per finance experts, you should take a life cover of at least 10 times your annual income. Ideally, it should be 20 times the annual income. This amount is considered to be decent enough for your family to maintain the same living standards that they are used to while you are alive and earning. With a good life insurance cover, your children can continue their studies, your pending debts can be paid-off without burdening your family, and every other expense can be managed comfortably as before.

Most people are not disciplined enough to save money or build a solid corpus by habit. However, by investing in life insurance plans that offer maturity benefits they can save systematically due to the lock-in feature of these plans. Many of these plans have a lock-in period of 5 years before which you cannot withdraw any money. In this way, you are able to save and build a substantial amount of corpus.

Solve the ill effects of dying early

Plans like term insurance prove to be angels for surviving family members in cases where the life assured meets an untimely death. Losing the breadwinner of the family is like cutting the roots of a tree. The grieving family not only deals with the immense emotional loss but also the financial hazards that await them. The proceeds that come from the life insurance plan bring the much-needed respite.

You might live over 30 years post your retirement. That is a lot of time to live without an income. Also, at an advanced age, you are faced with increasing medical expenses. If you don't have any source of regular income at that age then life becomes a burden and you live with fear and dependency on others. Plans such as pension plans arrange for a regular income for you once you stop working. Therefore, it is better for you to plan timely to avoid problems in the future.

Arranges funds to deal with critical diseases and disabilities

Life insurance plans become even more useful when you equip them with certain riders that are discussed above. Being diagnosed with a critical disease can be nothing short of a haunting experience. It becomes even scarier if you do not have the funds to take the required treatment. A critical illness rider not only provides the lump-sum funds needed for treatment but also makes up for the loss of income due to such a dreadful disease. Similarly, a disability not only brings in emotional frustration and physical difficulty but jeopardizes your earning capacity also. A disability rider provides a lump sum to make up for the loss of income and waives off your future insurance premiums as well.

Some life insurance plans are unit-linked and have the potential for giving higher returns. The unit-linked insurance plans invest your premiums in three types of funds i.e. Equity Funds, Debt Funds, and Hybrid Funds. A thing to note is that you are given an option to switch between these funds anytime as per your liking.

According to your risk appetite and ambition, you can choose whether to buy unit-linked insurance plans or traditional saving plans.

Different plans for different needs

The several types of life insurance plans and the attachable riders fulfil different needs of human life. The different financial risks of life are identified by insurers and an insurance plan is curated to solve that problem. Hence, for the various risks, your life is exposed to you can count on life insurance plans for help.

The most valuable thing in this world is peace of mind. Your mind can be at peace when you know that you have cover for most of the problems that can arise in your life. Thus, by being adequately life insured you can sleep calmly.

Life Insurance Comes With Lucrative Tax benefits

The payout that you or your nominee gets from the life insurance company is fully exempt from income tax under section 10(10D). And the premiums that you pay for life insurance plans are deductible from your taxable income up to a certain limit. This limit varies from plan to plan. However, the most common deduction for these plans is up to INR 1,50,000 under section 80C of the Income Tax Act 1961.
Conclusion
The penetration rate of insurance in India is almost pathetic. A lot needs to be done on that front to make the nation stronger and more secure. With more awareness and rising income levels, the situation is expected to change. The integration of digital technology in insurance is playing a huge role in propelling the insurance sector in the nation.

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Life insurance policies: Why people are not taking interest?

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It is that time of the year when we are running to file our ITRs and looking out for life insurance plans which can get us some rebate under Section 80C. Our accountants are scolding us that why we did not do that earlier.

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Everything You Need To Know About Roadside Assistance

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Everything You Need To Know About Roadside Assistance

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Make your trip happening and hassle free with your family by having a roadside assistance in your insurance plan. Your car insurance can save you with this feature and you can enjoy your road trip with your family without any worries.

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Imagine you plan to go on a long road drive with your spouse and two small kids on a weekend. You are happy, the kids are cheerful, and your wife is joyful. You start the car engine, and off you go. The traffic lessens, and roads widen as you move out of the bustling city. Your family is having a gala time under the starry sky as you go. And then the anti-climax happens - your car breaks down.

You check your car but the flaw is beyond your understanding and you get stuck on a dark lonely road with your kids. Scary, isn't it? Car breakdown is common but if it happens at an odd hour where finding a mechanic is difficult then it is a concerning situation to be in.

In such situations, your car insurance policy can save you only if you have a Road side Assistance Rider attached to it.

What is Roadside Assistance Rider?

A road side assistance facility is an add-on cover in which your insurance company arrange for mechanic help or towing facilities in cases where you get stranded on a road due to a car breakdown. By paying some extra premium you can equip your car insurance policy with a Roadside Assistance Rider. This rider provides on-the-ground assistance in case of tire bursts, batteries dozed-off, empty fuel tank, and more.

The following are the benefits that you get in a roadside assistance cover.
Helpline
Often the issue in the car is minor but you do not know how to address it. Under the roadside assistance cover, you call your insurance company and they'll align a person from whom you can take instructions and fix the issue in your car. In this way, you can fix the car yourself and there is no need to wait for the mechanic.
Tire Burst/Flat Tire
A flat tire is a common issue, especially during long journeys. A flat tire can spoil the fun of a long drive. However, with roadside assistance, you just have to call on the helpline number and help will reach you, irrespective of where and when you are stranded.
Battery Jump Start
Sometimes the car's batteries doze off and the engine doesn't start even after repeated attempts. You can call the mechanic by dialling the roadside assistance number and the mechanic/s would arrive at your location to jump-start your car.
Towing the Car
Sometimes the damage in the car is intense and the mechanic sent by your company is not able to resolve the issue. In such a scenario, your car insurance company arranges for towing away of the car to the nearest automobile workshop.
Refuelling
Sometimes there is leakage in the fuel tank due to which your car run's out of fuel. You can call the roadside assistance number. The mechanic would come with fuel and fix the cause of leakage in your car.
Enhanced Cover
Some insurance companies even arrange for boarding and accommodation of the policyholder who is stranded because of a car breakdown. Some insurance plans include the arrangement of transportation also.

Conclusion

People who do not opt for a roadside cove in their comprehensive car insurance policy are the ones who undermine its importance. It can save you from a lot of dangers. Being stranded at an unknown place far from your home can expose you to risks such as robbery, snatching, etc. Further, it may hamper many of your commitments such as meetings or appointments. It is always best to have a trusted team to help you out in such a desperate condition.

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All you need to get knowledge about Roadside Assistance

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Imagine you plan to go on a long road drive with your spouse and two small kids on a weekend. You are happy, the kids are cheerful, and your wife is joyful. You start the car engine, and off you go. The traffic lessens, and roads widen as you move out of the bustling city.

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The Economics of Electric Vehicles Insurance in India

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The Economics of Electric Vehicles Insurance in India

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Pollution is rising day by day and also in debate. However, electric vehicles is the only option for possible solution. In 2022, many car manufactures have entered in the EV segment which is more valuable till now.

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Amidst the global climate change and rising pollution debates, Electric Vehicles (EVs) are seen as part of the possible solution. EVs are thought to be the biggest transformation in transportation in the last century. The future of mobility is at a crucial juncture where we are dealing with depleting conventional fuels and the adverse effects of rising pollution levels. Hence, the voices supporting the invention of engines that can run on cleaner and renewable sources of energy are getting stronger. Till now, EV seems to be the most viable solution - both from a climatic and economic point of view.

As of 2022, many car manufacturers have entered the EV segment and various parts of the EV value chain. Large sums of capital are being in it, still, EV is not mainstream as of yet. However, one should not discredit EVs as any new technology takes time to gain acceptance and pick up the pace. The future of mobility is electric. With the rise in consumer demand and favourable government policies keeping in mind the climatic benefits, EV is here to stay and cause disruption in the automotive market.

In the last two years, the sale of EVs has been on the rise and rapid growth is expected in the times to come. As per a KPMG survey done on automotive executives, by 2030, electric vehicles would constitute 39 per cent of the new vehicle sales in India. The country's EV market could be worth around $206 billion (INR 14,42,000 crores) by the end of this decade.

But the transition from conventional vehicles to EVs would have a fundamental change in risk for manufacturers, distributors, and insurers.

Any discussion around vehicles is incomplete without talking about their insurance. Yes, car insurance for electric cars is a very important topic that needs to be addressed. The features and benefits of car insurance for EVs are the same as for petrol/diesel cars. However, electric car insurance is more expensive.

The reasons why car insurance for Electric Vehicles is expensive in India

There are a few factors that make car insurance for EVs costlier in the country, such as:
The cost of electric cars
Just like any new technology, EVs are significantly more expensive than their petrol/diesel counterparts. As you know, the insurance premium is directly proportional to the value of the asset insured. So, naturally, the car insurance for EVs is higher than petrol/diesel cars in the same segment.
Battery replacements are common in Electric Cars
Batteries constitute a big part of the total cost of an EV. One of the major bugs discovered in EVs is that their batteries wear off quite frequently. You may have to keep replacing them in a short span of time. The batteries that power EV cars are lithium-ion batteries. The replacement of batteries involves a huge cost. Thus, there is a great risk for the insurance company which results in higher car insurance premiums.
Electric car parts are costlier
Electric cars are still in their nascent stages. The infrastructure around EVs is new and in experimental stages. Also, there are not many manufacturers of EV spare parts as of yet. That is why electric car parts are very expensive. This increases the financial risk for insurance companies as the insurer would have to pay more when such parts would have to get replaced due to theft or damage to the EV.
Fewer talent to repair EVs
EV cars have highly complex car parts that very few mechanics in India can repair. Hence, the talent pool required to repair EVs in India is quite limited. That is why repairing charges are high. This adds to the perceived risk for the insurers and thus, they charge a higher premium for the same.

Also, read about roadside assistance so that you don't get stuck in between while travelling by your car.

Efforts taken by the government of India and IRDAI to promote EV cars in India

Lithium-ion batteries constitute a major part of the cost of an EV car. The government has reduced GST on these batteries from 28% to 18%. This would bring the cost down for the car owner and the ripple effect can be seen in the car insurance premium as well.

The IRDAI is planning to charge 15% lesser premium for third-party insurance for EV cars as compared to petrol/diesel cars. The third-party component in motor vehicle insurance is fixed by IRDAI.

Things you can do to bring down your EV car insurance premium

You can adopt the no-agent-no-commission approach by buying car insurance policy online. There is a highly efficient digital infrastructure available through which buying car insurance online is easy.

A voluntary deductible is an amount you agree to pay out-of-pocket in the event of claims. The more of voluntary deductible you agree to opt the lesser would be the liability and risk on the insurer. Thus, you can reduce your car insurance premium if you opt for voluntary deductible.

You can reduce the risk of theft of your car by installing an anti-theft device in it. By this device, the risk for the insurer is significantly reduced. Thus, the insurer can give some discount on the premium.

There are occasional discounts on the websites of insurers. You must keep an eye on these discounts to avail the benefits of getting a lesser premium on your car insurance for your EV.

An NCB is the reward you get in the form of discount on renewals for not claiming. It is best for you to take precautions and reduce the chances of damage or theft of your EV as much as you can. You can accumulate the NCB for year-on-year basis and get a discount of up to 50% on car insurance renewals.

Conclusion

There is no doubt that EV is the future of the way we travel. Car makers are doing innovations and upgrading their technologies to make Electric vehicles more affordable. As of present, it is expensive to insure EVs but as their costs reduce and supporting infrastructure gets built, we can expect the premiums to come down. The government is also making efforts to promote EVs and devising favorable strategies. Electric cars are surely the future of mobility.

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Electric Vehicles Insurance in India | Get To Know About The Economics

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Amidst the global climate change and rising pollution debates, Electric Vehicles (EVs) are seen as part of the possible solution. EVs are thought to be the biggest transformation in transportation in the last century. The future of mobility is at a crucial juncture where we are dealing with depleting conventional fuels and the adverse effects of rising pollution levels.

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Health Insurance Benefits: Why to Opt Sum Insured Reinstatement?

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Health Insurance Benefits: Why to Opt Sum Insured Reinstatement?

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In every health insurance plans there is a limitation on pre and post hospitalization bills which is also known as sum insured. This is true that higher the sum insured amount the health policy will be costlier as you get more coverage.

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Your conventional health insurance plans cover your hospitalization bills and other related medical expenses such as pre-hospitalization and post-hospitalization expenses but up to a certain limit. That limit is called the sum insured. The sum insured is directly proportional to the amount of premium you agree to pay. In simpler words, the higher sum insured you'll choose the costlier it would be.

What is exhaustion of sum insured?

Suppose you buy a health insurance policy of INR.5 lakhs that covers you and your family. The amount of INR.5 lakhs in the policy is the sum insured. That means the hospital bills going over and above INR.5 lakhs in a year would be paid out-of-pocket by the policyholder.

If you use up the whole sum insured early in the year, you'll expose yourself to uncovered medical risks for the remaining part of the year.

However, the good news is that there are some health insurance plans available in the market that offer you the feature of reinstatement or restoration of the sum assured.

What is sum insured reinstatement in a health insurance plan?

Just like you refill your pen when the ink gets finished the insurance company refills or reinstates the sum insured once it gets exhausted or used-up.

Like in the above example, if you have a conventional family floater health insurance policy of INR.5 Lakhs which covers you and your wife. Suppose you had to undergo a bypass surgery and you use up the whole INR.5 Lakhs as promised in your health insurance plan. Later in the year, your wife gets badly injured in a car accident and needs hospitalization and surgery. You would have to bear all her treatment expenses from your own pocket. However, if your health insurance policy has sum insured reinstatement benefit then after the exhaustion of your sum insured the insurance company would have replenished it. The medical expenses of your wife could have been covered from that fresh reinstated sum-assured. The biggest benefit of the reinstatement benefit is that you get more coverage by paying comparatively less.

Types of Reinstatement Benefits

There are two types of reinstatement options in health insurance benefits available and we suggest that you must read your policy document closely before choosing either one of them.

Complete exhaustion of the Sum Insured: In this option, the health insurance company reinstates the sum insured when the original sum insured is fully exhausted.

Partial exhaustion of the Sum Insured: In this option, the health insurer reinstates the sum insured even at partial exhaustion of the sum insured.

Features of the reinstated sum insured in a health insurance plan

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Health Insurance Benefits: Why to Opt Sum Insured Reinstatement?

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Your conventional health insurance plans cover your hospitalization bills and other related medical expenses such as pre-hospitalization and post-hospitalization expenses but up to a certain limit. That limit is called the sum insured. The sum insured is directly proportional to the amount of premium you agree to pay.

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Yes, We Can – Grab Benefits Of Life Insurance Free For Entire Life!

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Yes, We Can – Grab Benefits Of Life Insurance Free For Entire Life!

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As we all know that for an individual two insurance policies are the most important term and health insurance, so with the right planning and direction a person can get himself and financially secured by having insurance for free for the next 30 years. Read out more in this blog to get the detailed information.

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You read the title correctly, with effective planning you can get insurance for free for the next 30 years of your life. For an individual, health insurance and term insurance are the most important insurance plans. As you read further, you'll know how you can plan and avail these two insurance policies for free for the next three decades.

How much cover you need?

Let's start with an assumption. If you are a 30-year-old and take term insurance of INR 1 crore for 30 years, your annual premium would be around INR 15000 per year. If you pay the premium for the next 30 years, you would be paying around INR 450000 to the insurance company.

Similarly, if you buy a health insurance policy of INR 5 lacs at the age of 30 for you and your spouse it would cost you around INR 12000. In the next 30 years, if I take the mean premium to be INR 20000 (as health insurance premium increases with age), you would be paying around INR 600000.

So, for term insurance of INR 1 crore, and health insurance of INR 5 lacs for you and your wife, you would be paying a total of around INR 1050000.

Now how can you earn this amount so that this INR 1050000 becomes free for you?

Invest in Life Insurance Stocks

The last 3-year CAGR of India's 2nd and 3rd largest life insurance companies are 34% and 30% respectively. That is pretty impressive. Going by these calculations, it can be predicted that if you invest INR 1 lac in any of the above two stocks, it would grow at least by 20 times if you stay invested in it for 30 years. Let's assume these predictions come true then INR 1 lac invested today would be worth INR 20 lacs in 30 years. The capital gain of INR 19 lacs after adjusting for 10 percent tax would be INR 17.1 lacs.

You must set aside a portion of your income for investment purposes as real wealth comes when your money works for you to create more money. Start small but commit to investing your money. Many people in India understand the importance of insurance products but they don't buy or are underinsured because of affordability issues. By investing your money smartly you can create a parallel income for yourself.

Investing in the stocks of life insurance companies can be a wise decision as the insurance sector is growing exponentially in India. The insurance sector is among those sectors that are integrating the latest technological advancements aggressively in their processes. So, you can expect a great return on your investment and use that return to pay insurance premiums.

By planning wisely you can create different streams of income. True wealth is created when you employ your money to create more money. And investing in the stock market is one of the most common ways in which people earn a side income. While you are investing in the stock market, it is very important that you pick the best stocks. Going by the performance of the stocks of top life insurance companies, you can invest your hard-earned money in their stocks. The good news is that LIC (the largest life insurer in India) is launching its IPO (Initial Public Offering) for the first time. It is a highly anticipated launch and many first-time investors are opening new Demat Accounts for investing in its stock.

It would be the biggest IPO launch in the history of India as LIC anticipating to raise around INR 90,000 crores. Over 1 crore new DEMAT accounts would open as investors do not want to miss out on this opportunity.
Conclusion
It is seen that many people in India are aware of the benefits of insurance products but they do not invest in them because of financial issues. They expose themselves and their dependents to great risk by not taking an insurance cover. If they plan their finances well and invest in the stock of the companies from whom they seek buying insurance cover then they can pay the premiums from the resultant capital gains. This is a very smart and innovative way to avail yourself of insurance free for the next 30 years.

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Yes, We Can - Grab Benefits Of Life Insurance Free For Entire Life!

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You read the title correctly, with effective planning you can get insurance for free for the next 30 years of your life. For an individual, health insurance and term insurance are the most important insurance plans. As you read further, you'll know how you can plan and avail these two insurance policies for free for the next three decades.

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Evolution of Life Insurance Industry Post Pandemic

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Evolution of Life Insurance Industry Post Pandemic

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Get detailed information about the impact on life insurance industry post pandemic. How the ongoing pandemic has affected the life insurance industry?

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The ongoing pandemic has had a huge impact on every industry and has forced companies to alter their ways of functioning. The modern timelines can easily be divided into two eras - pre-COVID times and post-COVID times.

COVID-19 has completely changed our finances, lifestyles, and the way we conduct our businesses. Life insurance is one such industry that transformed its operations to adapt to these changing times. As the pandemic progressed, people could see the fragility of life and realized how important life insurance is. The second wave of the COVID-19 was deadlier than the rest in India. The demand for life insurance policies has exploded since and the insurance companies are raking huge amounts from premium collections. As per the Economic Survey 2020-21, the premium income has increased by 9.74% from the previous year. The life insurance penetration increased to 3.2% in 2020 from 2.82% in 2019. (Source: Economic Times) To meet this high demand, insurance companies are integrating new technologies and transforming their processes.

Here are a few changes that life insurance companies have implemented.

The pandemic made the government impose pan India lockdowns. This led to the closure of offices and limited staff. The digital infrastructure built over the years became a boon in these testing times. Insurance companies had good capabilities to conduct business online, but this necessity gave impulse to eKYC and online insurance policy issuance.

Seeing the high demand for life insurance policies, IRDAI allowed insurers to issue their insurance policies online through eKYC and digital signatures. This helped both customers and insurance companies to avail and sell insurance policies respectively.

2. Online sales

Insurance companies are aggressively promoting their websites and putting a lot of impetus on online sales. With online payment gateways becoming more secured and the internet becoming cheaper, people can buy insurance policies conveniently. Allowing eKYC by the regulator has also contributed to the surge of the online insurance business. We are living in an age where people are getting used to the quick delivery of products without stepping their foot out of their homes. Companies like Zepto and Blinkit have raised the bar of customer expectations. That is a reason that insurance companies have upgraded their online platforms to expedite the insurance buying process.

3. Online customer service

For people who are comfortable only when someone handholds them in buying insurance policies, insurance companies implemented AI-integrated chatbots. These chatbots give solutions to all the queries of the customers. Apart from chatbots, the insurance companies also employ armies of customer support staff to provide telephonic support to the customers.

4. Mobile applications

Many insurance companies have launched mobile applications that are user-friendly and use advanced user interfaces to enhance customers' insurance buying experience. With the use of mobile applications, the customer can compare and buy insurance plans anywhere conveniently. Just like the websites, the insurance companies have launched mobile applications in vernacular languages to have a stronger reach and acceptability.

5. Technology integration

The ML (Machine Learning) and AI (Artificial Intelligence) technologies driven systems are reading consumer behavior and keeping a trajectory of their purchase history. Using this data, consumers are advised of suitable insurance products. The social media platforms have implemented AI-driven algorithms which display on the screens of consumers, advertisements of those insurance products that would solve their specific needs.

Also Read: How to redefine life insurance needs in India after the pandemic?

Conclusion

Post-COVID, insurance companies have shifted much of their offline business to online mode. Online buying and selling of insurance adhere to the social distancing norms as there is contact-free policy issuance. As they say, necessity is the mother of invention - the pandemic has forced the life insurance sector to unlock new possibilities and become future-ready.

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Evolution of Life Insurance Industry after Pandemic an Overview

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The ongoing pandemic has had a huge impact on every industry and has forced companies to alter their ways of functioning. The modern timelines can easily be divided into two eras - pre-COVID times and post-COVID times. COVID-19 has completely changed our finances, lifestyles, and the way we conduct our businesses.

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Get to know about the common terms and terminologies of health insurance before buying the health policy.

Read out the blog for to get the detailed information of health insurance terminologies

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Health insurance is one of the most important insurance products to have for an individual. Hence, it is better that you are aware of some of the common terms and terminologies of health insurance.

Key Terminologies Used in Health Insurance

Assignee:

It is the person who gets the benefits of the health insurance policy.

Claim:

It is the amount of hospitalization bill and related expenses requested by the insured from the insurance company as cashless claim or reimbursement.

Applicant Age Criteria:

A person between 18 to 60 years is eligible for buying a regular health insurance plan, whereas those above 60 years are eligible for renewable term plans.

Drug Formulary:

It is the list of medicines that are covered under the health insurance plan.

Effective Date:

It is the date from which the policyholder's cover begins.

Pre-Medical Screening:

You need not undergo any medical test to buy a health insurance plan in India. Also, if you are diagnosed with any illness after buying an insurance policy, it will be covered under the rider 'Pre-existing Disease'.

Pre-Existing Diseases:

Before buying a health insurance plan, any ailments you were suffering from are covered under the rider 'Pre-existing Disease'.

Provider:

It is any person or institute that provides medical care. It can be a doctor, nurse, hospital, or nursing home.

Rider:

A rider is an add-on or additional cover that you can attach to your health insurance policy to enhance its utility by paying some extra premium.

Maternity Cover Rider:

It pays for expenses related to pregnancy, labour and delivery.

Critical Illness Rider:

It covers illnesses such as heart attack, stroke etc.

Accident Coverage Rider:

It provides coverage in case of accidental injuries that led to permanent disability or loss of life.

Hospital Daily Cash Rider:

It allows you to make cashless claims at network hospitals for your medical expenses.

Room Rent Waiver:

It waives off the room rent in case of hospitalization or travelling.

Sub-Limits on Room Rent:

Some insurance providers offer a limit on room rent called "sub-limits." In other words, this indicates the maximum amount an insurance company must pay in the event of a claim. This restriction is usually 1% and 2% in the case of ICU expenditures.

Co-Payment:

A co-payment is a fixed amount of money that policyholders are required to pay towards the cost of their health insurance. In case of an accident, the insurance company and policyholder split the expenditure. A co-payment may be set at a percentage or in currency. So, in order to preserve your funds, you should get health insurance with no co-payments.

Network Hospital:

Tie-ups with health insurance firms allow policyholders to receive treatment without paying anything at the hospital. If a policy does not include this function, you will be required to pay for your medical bills yourself and get them reimbursed by the insurance company later. The feature of getting cashless treatment has several advantages.

Cumulative Bonus:

Cumulative bonus is the health insurance equivalent of NCB (No Claim Bonus) that we have in case of car insurance. For every claim free year, the sum insured increases by a fixed percentage as per policy, but cannot increase by more than 50% and that too if the policy was continuously renewed.

Deductible:

A deductible is a cost-sharing provision in a health insurance policy. In this you agree to share a fixed amount or fixed percentage of the claim amount out of pocket. The more the deductible the lesser would be the premium.

Dependents:

Spouse, aged-parents, or unmarried children of the insured.

Exclusions:

These are expenses that are not covered in the health insurance policy.

Free Look Period:

You get a 15 days free look period after the purchase of the health insurance policy. If you do not want to continue your policy, you can discontinue within this period for a full refund.

Grace Period:

You generally get 30 days after your due date to get your policy renewed without losing the accumulated benefits of the policy. Any medical emergency happening between the due date and the grace period is not covered.

Insurer:

It is the insurance company that provides you the health insurance.

Long-term care policy:

These areinsurance plans that provide specified services for a specified period of time. These services include custodial care, nursing care, and home health care services.

Long-term disability insurance:

Under this insurance cover, the insurance company pays a monthly income to the insured if he/she becomes disabled or incapacitated.

PoSP (Point of Sale Person):

It is the person who has cleared certain exams conducted by the IRDAI and is authorised to sell insurance products.

Premium:

It is fixed period payment made by the insured to the insurance company to avail the insurance cover.

Pre-Existing Diseases:

These are diseases which you have at the time of purchasing the health insurance plan. Because of this, health insurance plans include a waiting period before coverage begins instead of providing immediate coverage. There are no claims allowed during this time, so make sure you get a health insurance plan with a limited waiting period.

Medicare:

Medicare Supplement Plans:

These are the plans that are offered by private insurance companies to help fill the "gaps" in Medicare coverage.

Morbidity:

It is the condition of suffering from a disease or medical condition.

Network Hospitals:

It is the group of hospitals and nursing homes empanelled with the insurance company. The insurer provides cashless claim facility if the insured get admitted in the network hospitals to avail treatment.

Non-network Hospitals:

Your insurance company does not collaborate with every nursing home, clinic, or hospital. These institutions that do not have any collaboration with your insurer are called non-network hospitals.

Outpatient Department Treatment (OPD):

It is the patient's visit to the doctor or hospital for diagnosis and treatment, not for the purpose of being hospitalized.

Out-of-pocket Maximum:

It is the maximum amount of money that you would be spending out-of-pocket for medical reasons. This includes copayments, deductibles, and coinsurance, but in addition to your regular premiums. After adjusting this amount, the insurance company pays the rest of the expenses throughout the year.

Policyholder:

It is another name for the proposer of the policy. A policyholder is liable to pay the premiums of the policy and is entitled to the ownership of the policy as well.

Policy Period:

It refers to the tenure up to which the policy is valid.

Portability:

It is a feature of health insurance policies in which you can change your health insurer if you are not satisfied with your present insurer. In this way, you can protect your policy tenure.

Pre and Post Hospitalization Coverage:

Your health insurance policy covers medical expenses of 30 days prior and 60 days post-hospitalization. These expenses may include doctor visits, pharmacy bills, laboratory tests, etc.

Psychiatric Cover:

A few years ago, mental illnesses were not covered under health insurance plans. However, after 2018 directive of IRDA, psychiatric treatments are covered under some health insurance plans.

Refill Sum Insured:

Your existing sum insured can get exhausted when you file claims. With the refill or reload facility, your exhausted sum insured is reinstated in the policy.

Renewal:

A health insurance policy has to be renewed after certain duration, generally, every year. Hence, renewal is the process through which a policyholder can stop the benefits of a policy from lapsing and ensure continued coverage.

Reimbursement:

It is a form of claim settlement in which you first pay the hospital bills out of your own pocket. Later, you can file a claim to the insurer to pay you back the expenses incurred by you at the hospital. Reimbursement claim settlement generally happens in case you decide taking treatment in a non-network hospital.

Sum Insured:

It is the maximum amount that the insurance company is liable to pay in case of a medical emergency. The sum insured works on the principle of indemnity. That means the insured cannot make any profit out of a loss. For example, if the sum insured in the health insurance policy is INR.5 lakhs and the hospital bill is of INR. 2 lakhs then the insurance company would pay INR. 2 lakhs not INR.5 lakhs.

Senior Citizen Health Insurance:

Some health insurance plans are specifically made to cater the needs of people over the age of 60 years. These plans are generally more expensive than ordinary health insurance plans.

Terminal Illness:

These are diseases which cannot be cured. These diseases are considered to get progressive until the death of the patient. End-stage cancers and advanced heart conditions are some of the common examples of terminal ailments.

TPA or Third Party Administrator:

TPA or Third Party administrator is a company/agency /organization holding license from Insurance Regulatory Authority (IRDAI) to process claims - corporate and retail policies in addition to providing cashless facilities as an outsourcing entity of an insurance company.

Underwriting:

It is the process by which the health insurance companies determine whether to extend coverage to an applicant and/or set the policy's premium.

Waiting Period:

Some diseases or ailments are not covered from the day you purchase the health insurance policy. This is the period during which certain benefits of the health insurance policy are not available to the policyholder.

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Health insurance is one of the most important insurance products to have for an individual. Hence, it is better that you are aware of some of the common terms and terminologies of health insurance. It is the person who gets the benefits of the health insurance policy.

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Do you want to know more about SMC Insurance

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Do you want to know more about SMC Insurance

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Get to know more about SMC Insurance get connect today. Compare insurance policies offered by various insurers in India. for better guidance Read our blog now. blog.smcinsurance.com

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Health Insurance is a growing sector that offers security during an unprecedented illness. It covers medical and surgical expenses that arise due to an...