Is Your Life Insurance Enough for Your Family’s Future?

When planning your finances, you take into account adequate health insurance, motor insurance, investments, and savings for a rainy day. But do you take into account your life insurance premium? The answer, in most cases, would be “Yes!” But the real question is, are you certain that you are optimally insured?

Studies have shown that Indians are some of the most underinsured people in the world, when it comes to life insurance. While the rule of thumb is that you should be insured for at least 10 times your annual income, rapid inflation no longer leaves us with that option. It’s time to take a careful look at your life insurance policy, because if some unforeseen tragedy takes place, you won’t have a second chance at securing your family’s future.

Of course, there are objections to this. No one likes to think of the future in terms of negative what-ifs. “Why do I need to pay a high premium for a big life insurance policy I probably won’t even need?” is how most people think. But consider that life insurance is the one part of financial planning that is done not for ourselves, but for our loved ones. In the event that you are not there to take care of them financially, your life insurance policy has the power to ensure they never lack for anything – and for this, you must be adequately insured.

Why term insurance for individual person

Insurance as the name suggests provide assurance of payment of fixed sum of money in the event of unexpected loss against payment of some predictable sum of money called as premium. It is tool to hedge against the risk of contingency. Thus it transfers all the risk from the insured to the insurer or the insurance company for a certain fee. Hence, insurance policy allows individuals, businesses and other entities to protect themselves against potential losses and financial adversity in exchange of a reasonable premium.

Why Term Insurance: When an individual starts earning, he is expected to earn till the time he retires and his family is dependent on his income. With his recurring income and his savings, he fulfills his various financial goals. However, life is uncertain and an unfortunate event such as death or permanent disability can cease his capacity to earn. Hence every individual is required to protect his family against any unfortunate attached to his life so that his family continues to enjoy the same standard of living even if he is not alive.

 

Term insurance allows individual to take huge sum assured with small premium. For example: a 30-year-old man who wants to get his life insured for Rs.1 crore has to shell out only Rs.7,000 to Rs.8,000 every year to protect himself for next 30 years.

Tips for choosing the right Health Insurance plan

When it comes to health insurance , there’s no one-size-fits-all plan that you can rely on. Of the numerous plans in the market, you will find that each is unique in some way, with its own benefits and limits. This makes purchasing health insurance a difficult task where painstaking research is sometimes required, before you find the right plan for you.

Before you go plan-hunting, there are some questions you need to ask yourself:

• What is my financial ceiling?
• What do I have to cover? Am I responsible only for myself? Do I have dependents? Am I planning for retirement yet? Am I already retired?
• How often do I need to visit the doctor?
• How much premium can I afford?
• Do I have any pre-existing medical conditions?
• How comprehensive a plan do I want?
• Do I need regular dental and/or vision check-ups?
• Do I use many prescription medicines?
• How much preventive care do I want?
• Am I constantly exposed to hazards such as the possibility of an accident, exposure to toxins, a weak immune system, etc.?
• Am I at risk of any hereditary diseases?

7 things to increase the effectiveness of motor insurance

Various claims of Insurance plans

Various claims of Insurance plans - 

 

Please note that it is important to notify us before seeking any medical consultation while you are traveling abroad (unless it is an accident or emergency). We have a coordinating doctor on duty to speak to you and provide medical advice. We can also provide medical referral for any specialist doctor or hospital. 

Our travel claim process is simple and easy!

 

Delay of Baggage

Documents Required:

• Signed Claim Form
• Copies of boarding Pass/Ticket/Baggage Tags
• Copies of correspondence with the Airline authorities/others certifying the delay
• PIR Report (to be obtained from the airline authorities)
• Details of compensation received from Airlines/other authorities
• Bills and receipts of purchase of emergency toiletries and medicines

Procedure:

• Obtain confirmation of the delay from the airline.
• Claim Form can be obtained from our Assistance Department
• Fill in the Claim Form and submit all documents to the address mentioned on the policy schedule.

Loss of Passport

Documents Required:

• Copy of new passport
• Copy of previous passport (if available)
• Copy of return tickets
• Proof of complaint to the local police
• Details of expenses incurred in obtaining fresh passport

Procedure:

• File a complaint with the local police
• Contact the Indian Embassy, wherever necessary
• Submit all documents to the address mentioned on the policy schedule

Tuition Fee

Documents Required:

• Duly filled in claim form
• Copy of the receipt of payment of advance tuition fee
• Letter informing the school regarding the inability of the student to continue the semester duly acknowledged by the school.
• Discharge card of hospitalization along with detailed medical report and all investigation reports

Procedure:

• Obtain confirmation of inability to attend school from the school authorities
• Claim form can be obtained from our Assistance Department
• Fill in the Claim form and submit all documents to the address mentioned on the policy schedule

Accident to Sponsor

Documents Required:

• Duly filled personal accident claim form.
• Copy of the death certificate of the deceased.
• Death Summary from the hospital where last treated.
• Letter from the school authorities intimating about the balance tuition fee if any for the course
• Any other documents if required will be informed by the claims department of Bajaj Allianz

Procedure:

• Inform our Assistance Department regarding the incident
• Submit all documents to the address mentioned on the policy schedule

Family Visit

Documents Required:

• Duly filled Medical Sickness or Personal Accident claim form.
• Certificate from the doctor treating the you mentioning the requirement of an attendant and reasons for the same.
• Travel tickets in original along with the copy of the visa and passport.

Procedure:

• Inform our Assistance Department regarding the condition of the you.
• Obtain prior authorization that the travel of the family member will be covered.
• Submit all documents to the address mentioned on the policy schedule.

Personal Liability

Documents Required:

• Full statement of the facts in writing.
• Witness statements
• Any other documents relevant to the incident, including Summons, Legal Notice, etc.

Procedure:

• Inform our Claims Dept. immediately (at the address given on the policy schedule below) giving full details of the incident.
• Do not commit any benefit/compensation or enter into an agreement.