Intrested in Life Insurance? Buy Mediclaim through best insurance agent in mira road, how to buy in General and life insurance & other tips & points to remember before buying Life insurance, mediclaim and general insurance.
What is Life Insurance? all leading insurance companies service provider in mira road
Life Insurance, in simple terms, is a contract which is signed between an individual and an insurance provider, wherein the insurance provider guarantees to pay a certain sum of money (sum assured) in case of the insured individual’s death. In order to avail this protection, the insured pays a certain amount as premium towards maintaining the policy.
It is nothing but a safety net which provides financial security/protection against loss of life. The primary purpose of a life insurance policy is to protect the financial interests of the insured’s family.
While one might think that this is a recent concept, studies have shown that it has been around for centuries, with different variations of insurance dating back to 1750 BC.
There are 3 basic aspects related to life insurance, namely:
Premium - An individual is accorded cover only if he/she pays a certain sum of money towards the policy. This is termed the premium. One can consider it to be the initial investment which offers returns in the future.
Death Benefit/Sum Assured - This is the money which the insurer assures to pay to the nominee/beneficiary of the policyholder after his/her demise. This varies based on a number of parameters.
Term - An insurance policy provides protection for a certain period of time. This is called the term, and it could vary based on the type of policy chosen.
Life Insurance for NRIs - What you should Know
With an increasing number of NRIs or Non-Resident Indians looking to buy life insurance policies from India, Indian life insurance companies have started to capitalised on this previously untapped segment. So, if you are an NRI or a PIO (Person of Indian Origin), here are a few things you should know about purchasing a life insurance policy in India.
As per the laws set by the FEMA (Foreign Exchange Management Act), Non-Resident Indians (NRIs) can purchase life insurance policies, irrespective of whether they are currently residing within the geographic bounds of the country or not.
The premium payable will remain the same whether you are in Indian national residing in the country or an NRI, provided that the risk remains the same. Thus, if you are residing in a country that is categorised as high-risk, you will have to be prepared to pay a higher premium.
As an NRI, you can make your premium payments online via remittance from the country you are residing in, from a Non-Resident Ordinary (NRO) Account, or a Foreign Currency Non-Resident (FCNR) Account.
Certain insurers have limitation on the sum assured that can be offered to an NRI if they take-up the pre-policy medical screening in a foreign country. The same limit would be higher if you went through your medical screening in an insurer-approved diagnostic centre in India.
A life insurance policy will cover the policy buyer’s death regardless of the country in which it occurs. However, the benefits payable by the plan will completely be repatriable only if the premium was paid in foreign currency. If the premiums were paid in Indian currency, the payout will not be completely repatriable.
As an NRI, you will have to make sure to compare various plans that are available in the market before you choose a policy. Ensure that you take factors like the sum assured, policy benefits, premium payments, and the insurer’s terms and conditions into consideration, and opt for a policy that will provide you coverage as per your needs.
Health Insurance industry in India is seeing a groundbreaking change due to private insurance providers offering customized plans to the consumers. These plans are tailor-made considering the varied requirement of customers. For example, there are plans customized only for diabetic patients, cancer patients, etc.
Health Insurance is a type of insurance that covers the insured's medical and surgical expenses. Depending on the policy terms and conditions, the insurer either pays the insured in the form of reimbursement or offers a cashless facility at the listed network hospital of the Insurance Company.
Certain benefits offered under Health Insurance Plans are:
You can also opt for additional Riders along with a Comprehensive Health Insurance Policy to enhance your health insurance plan even better. This may include,
Health Insurance is divided into 4 categories which includes comprehensive health insurance, family floater cover, surgery cover and individual cover.
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