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Phone:
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Location:
D-36, Saket Colony, Behind HDFC Bank Near Pink Square Mall, Govind Marg, Adarsh Nagar, Jaipur, Rajasthan 302004, India
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.
There Are Two Basic Types Of Insurance plans
Pure Protection: A Pure Protection plan is designed to secure your family’s future by providing a lump sum amount, in case of Death of the policy holder. Term Insurance is one of the Best ways to protect your family’s Future.
Protection and Savings: A Protection & Savings plan is a financial tool that helps you plan for your long-term goals like purchasing a home, funding your children’s education, and more, while offering the benefits of a Life Cover. In a protection & savings plan one needs to understand & plan about the goal by going through past yields given by the Insurance Plan. MWPA
Overall, the MWPA (Married Women's Property Act) in insurance provides married women or children with a mechanism to secure financial protection for them, while also offering legal and financial safeguards against unforeseen circumstances. It's an important tool for promoting financial independence and security among women and children in India.
In the context of insurance in India, MWPA stands for Married Women's Property Act. The MWPA in insurance refers to a provision that allows married women and their children to secure proceedings of life insurance policies of her husband in case of death of her husband for themselves, from any Creditors of her husband.
Here's how it works:
1. Protection from Creditors: One of the key benefits of using MWPA in insurance is that it provides protection to the insurance proceeds from the claims of creditors of the husband. This means that if the husband faces financial difficulties or liabilities, the insurance proceeds secured under MWPA are safeguarded for the benefit of the wife and children.
2. Beneficiaries: Policy holder can designate his wife or children as beneficiaries under the policy. These beneficiaries are entitled to receive the proceeds of the insurance policy upon the death of the insured.
3. Legal Framework: The MWPA provides a legal framework for ensuring that the insurance proceeds are utilized for the intended purpose, such as providing financial security to the wife and children, and are not subject to the claims of third parties.
4. Tax Benefits: Insurance policies taken under MWPA may also offer tax benefits, both in terms of premiums paid and the proceeds received, subject to the prevailing tax laws in India.
Health insurance is an insurance product which covers medical and surgical expenses of an insured individual or his/her Family (if they are covered) upto the available SUM ASSUED and Bonuses if Any. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly. It Also provide the pre and post expenses to the Individual, after hospitalization (Depending upon the wordings of the policy)
Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits.
For an individual who hasn't saved that much money, arranging for funds at the eleventh hour can be a task. This is particularly daunting for seniors, given that most ailments strike at an advanced age.
One way to provide for health-related / medical emergencies is by taking health insurance. Health insurance offers considerable flexibility in terms of disease / ailment coverage. For instance, certain health insurance plans cover as many as 30 critical illnesses and over 80 surgical procedures. The insurance plan disburses the payment towards surgery/illness regardless of actual medical expenses. The policy continues even after the benefit payment on selected illnesses.
With health insurance, you are assured of a more secure future both health-wise and money-wise. This makes health insurance policies critical for individuals, especially if they are responsible for the financial well-being of the family.
1. Individual Health Insurance: You can purchase an individual health insurance policy to provide cover for yourself, your spouse, your children and your parents. These policies typically cover all kinds of medical expenses, including hospitalisation, daycare procedures, hospital room rent and more. Under an individual health insurance plan, each member has their own sum insured amount. So, let's say you've taken an individual plan for yourself, your spouse and both your parents with a sum insured of INR 8 lakhs. Each of you will be able to claim a maximum amount of 8 lakhs per policy year against your health insurance.
2. Family Floater Health Insurance: A family floater plan allows you to cover your family members under a single policy and everybody shares the sum insured amount. These plans are typically more affordable than individual plans since the sum insured is shared. Let's say you purchase a family floater plan for you and your spouse with a sum insured of INR 8 lakhs. In a single policy year, you can make claims worth only INR 8 lakhs. Your spouse may make claims worth INR 6 lakhs and you could make claims worth INR 2 lakhs or vice-versa. Typically, family floater plans are ideal for young nuclear families.
3. Senior Citizens Health Insurance: These health plans have been designed specifically keeping the medical needs and requirements of senior citizens in mind. Most senior citizens policies offer additional cover, such as domiciliary hospitalisation and even some psychiatric benefits. Since older citizens are more likely to have health issues, these policies may require a full medical check-up beforehand and could be more expensive than regular insurance policies.
4. Critical Illness Insurance: There are a number of lifestyle-related diseases that are on the rise. Health issues such as cancer, stroke, kidney failure and cardiac diseases can be very expensive to deal with and manage long-term. This is precisely why critical illness insurance policies have been created. They can either be purchased as a rider or add-on with your regular health insurance plan or separately as their own plan. These policies offer cover for very specific issues and often provide claim payouts as a single lump sum payment after the diagnosis of a critical illness.
5. Top-up Health Insurance:
A top-up health insurance plan gets activated only when the sum insured of your regular health policy gets
exhausted. The plan comes with a deductible amount, which is opted by the policyholder at the time of buying
the policy. Only when you pay the deductible amount, you can claim your top-up insurance plan.
You can pay the deductible amount from your own pocket or through another health policy. However, you need
to cross your deductible limit in a single hospitalization bill. Moreover, you can claim your top-up
insurance plan only once in a policy year.
6. Group Health Insurance:
Unlike individual and family floater policies, group health insurance plans can be purchased by a group
manager for a large number of individuals. For example, an employer can purchase group insurance for all
their employees or a building secretary may purchase such a plan for all the residents of the building.
These plans are fairly affordable, but they often only provide cover for basic health issues. Employers
often purchase these plans as an additional benefit for employees.
Purchasing health insurance is crucial for a number of reasons. Let's take a look at the most important benefits of our health insurance policies:
1. Helps Deal with Rising Medical Costs: People purchase health insurance policies to safeguard their finances against ever-rising medical costs. An accident or medical emergency could end up costing you more than a few thousand rupees. With a medical insurance plan, you enjoy cover for everything from ambulance charges to daycare procedures, making it easier for you to get the care you need to recover.
2. Critical Illness Cover: People purchase health insurance policies to safeguard their finances against ever-rising medical costs. An accident or medical emergency could end up costing you more than a few thousand rupees. With a medical insurance plan, you enjoy cover for everything from ambulance charges to daycare procedures, making it easier for you to get the care you need to recover.
3. Easy Cashless Claims: Every health insurance provider will tie-up with a number of network hospitals where you can enjoy cashless claims. This makes the entire process of receiving emergency medical care much easier. At a network hospital, you aren't really required to pay for any of the covered treatments. For all valid claims, we'll take care of the medical costs, without you having to pay for anything, except non-covered expenses and the mandatory deductibles.
4. Added Protection: If you enjoy cover under a group health insurance plan, you may wonder why you should purchase your own health insurance policy. Well, individual health insurance plans offer provider more and better cover than group plans. Additionally, if you happen to leave the group at any time, you risk losing the cover, which could make you and your finances vulnerable.
5. Tax Savings: Under Section 80D of the Income Tax Act, 1961, premiums paid towards the upkeep of health insurance policies are eligible for tax deductions. For a policy for yourself, your spouse, your children and parents below the age of 60, you can claim a deduction of up to INR 25,000 per year from your taxable income. If you've also purchased a policy for a parent who is over the age of 60, you can claim an additional deduction of INR 50,000.
Key Points to Remember when Selection/Comparing Health Insurance Under Section 80D of the Income Tax Act, 1961, premiums paid towards the upkeep of health insurance policies are eligible for tax deductions. For a policy for yourself, your spouse, your children and parents below the age of 60, you can claim a deduction of up to INR 25,000 per year from your taxable income. If you've also purchased a policy for a parent who is over the age of 60, you can claim an additional deduction of INR 50,000.
