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Life Insurance
Benefits of Term Life Insurance
- Death Benefit: In the unfortunate event of death of life insured during policy term, the nominee shall receive the Total Payout as a Lump sum amount or a combination of Lump sum & Monthly amount.
- Lump sum amount to take care of immediate financial liabilities.
- Monthly income to sustain the family lifestyle.
- Tax Benefit: The premiums paid for Term Life Insurance are Tax free under section 80(C) upto an amount of Rs 1,50,000.
- Rider Benefits: Riders are an important addition to the basic plan offering & provide an option to customize the coverage to the life insured.
- Accidental Death Benefit rider offers an additional sum assured over the base plan offering in case death occurs due to an accident.
- Accidental Disability rider offers an immediate lump sum payment on occurrence of any disability due to an accident.
- Critical Illness rider offers an additional sum assured over the base plan offering if the life insured is diagnosed with one of the critical illnesses mentioned in the rider.
- Waiver of Premium rider offers the waiver of all policy premiums in case the life insured is diagnosed permanent disability or critical illness.
- Option to increase Death benefit: Certain plans have offerings where the life insured can increase the life cover at key stages in life like marriage , birth of child
Health Insurance
Benefits of Health Insurance Health Coverage
- Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements, like a family health plan offers complete cover to all members of a family under a single umbrella.
- Medical Bills: Coverage against medicinal expenses incurred, including pre and post hospitalization
- Pre-existing Diseases: Coverage for any pre-existing disease is provided to you after a certain waiting period.
- Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical
- Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 75,000.
- Tax benefits are subject to changes in tax laws.
- Other Benefits: As an innovative feature, OPD expenses are now covered under few Insurer plans and don’t require hospitalization for minimum 24 hours for claim reimbursement. Standalone OPD plans are also available in the market.
Car Insurance
Helps You Stay Legally Compliant
A car insurance helps you stay legally compliant as according to Indian Motor Tariff, every car owner is mandatorily required to have at least a third-party car insurance policy. The absence of which is punishable with a fine of Rs. 2,000 and/or imprisonment of up to 3 months
Protection Against Third-Party Liabilities
A car insurance policy helps you mitigate third-party liabilities such as bodily injuries, temporary/permanent disability, death as well as property damage. While, the compensation of third-party property damage is limited to Rs. 7.5 Lakh, there is no compensation cap in case third party bodily injuries, disability or death
Helps You Stay Legally Compliant
A car insurance helps you stay legally compliant as according to Indian Motor Tariff, every car owner is mandatorily required to have at least a third-party car insurance policy. The absence of which is punishable with a fine of Rs. 2,000 and/or imprisonment of up to 3 months
Protection Against Own-Damages
A car insurance policy helps you keep yourself financially secured against the own-damage expenses of your car. Damages incurred in road accidents, natural calamities, man-made disasters, fire, explosion, vandalism, etc are covered under standalone own-damage as well as comprehensive car insurance plans
Coverage Against Theft
A car insurance policy also provides coverage in case of theft of your car. In case your car gets stolen, your insurance company provides you with your car’s Insured Declared Value (IDV) which corresponds to the market price of your car
Personal Accident Cover
With a car insurance policy, you can also get a personal accident cover of up to Rs. 15 Lakh which offers a coverage in case of death, bodily injuries as well as disability of the policyholder in a car accident
Bike Insurance
Helps You Comply With Law
A motorcycle or scooter insurance helps you comply with the law. According to the Indian Motor Tariff, every bike owner is compulsorily required to hold at least a third-party bike insurance plan. Driving without a valid third-party bike insurance plan attracts a penalty of Rs. 2,000 and/or imprisonment of up to 3 months.
Protection Against Third-Party Liabilities
A bike insurance plan covers the financial liabilities that you may incur towards a third-party like bodily injuries, disability, death and property damage. The coverage for property damage is limited up to Rs. 1 Lakh.
Protection Against Own-Damages
A bike insurance plan covers the own-damage expenses of your bike which may incur due to accidents, fire, theft, natural and man-made disasters, etc. Such coverage is provided under standalone own-damage plans and comprehensive bike insurance plans
Coverage Against Theft
A two-wheeler insurance plan gives you coverage even if your bike/two wheeler gets stolen. In such cases, your insurer will provide you with your bike’s Insured Declared Value (IDV) which will be equal to the market price of your bike at the time of policy purchase
Personal Accident Cover
You can include a personal accident cover of up to Rs. 15 Lakh in your bike insurance plan to cover bodily injuries, disability or death of the bike insurance policyholder