Health Insurance 334 views June 16, 2019

Health and Term Insurance Plans Offered By WishPolicy

As the name suggests, “Wishpolicy” is all about wishing your choice of policy and buying it. Be it term insurance, health insurance or two-wheeler insurance, this insurance web aggregator realizes that not all plans suit every need. The need to inform and educate about insurance precedes the idea to buy an insurance policy. This explains why customers will find insurance plan features and benefits listed along with their premium prices on its site.

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Term Insurance Plans Sold By Wishpolicy

Currently, Wishpolicy has tied with the following life insurance companies in India to sell term insurance plans. These include:-

Aegon Life Insurance Company

Multiple benefits available at low insurance prices explain why the Aegon Life iTerm Insurance Plan sold by this company continues to be popular among customers. Lack of knowledge about insurance and its innate benefits explains why Indian customers look for cheap term insurance plans. However, one cannot say that this plan has gained popularity only because of the low charges involved. Features including a high claim settlement ratio (CSR) of 96.45 percent coupled with monthly payout options and provision of add-on riders including accidental death and permanent disability ensure that policyholders are secured against sudden, unforeseen events or incidents. Till date, more than four lakh customers have bought this policy and the number is gradually increasing. Tax benefits on both premium charges and sum assured are added benefits that are common to every life insurance policy.

Canara HSBC OBC Life Insurance Company

Talk about gender biases, this life insurance company favors its female customers, albeit in a positive way. Women planning to buy term insurance plans sold by this company can avail rebates on premium charges given by it.

Moreover, the term policies sold by this company cater to low-income customers looking to buy term insurance. Dubbed as an affordable life insurance cover option, the Canara iSelect Term Plan is mostly preferred by newly employed youth or people with low-income levels.

Many customers complain that the money earned today loses its value in the long run due to rising inflation. Also, the amount of sum assured chosen while buying the plan may not suffice unforeseen liabilities or expenses in the future, thus, explaining the company’s focus on increasing term life insurance plans. This plan sold on Wishpolicy’s site includes the benefits of an increasing amount of sum assured by one-fourth of the original death benefits chosen after every five years till the 20th policy year.

Choosing add-on rider covers at nominal additions to premiums help. Terminal illness cover available free of charge ensure early claims on terminal illnesses. Accidental death cover ensures an added amount of sum assured to the nominee(s) on the accidental death of the policyholder.

Tax benefits under Section 80C and Section 10(10D) of the Income Tax Act remain the same as in other life insurance policies.

Aviva Life Insurance Company

The Aviva i-Term Smart plan, unlike most other term insurance plans sold by life insurance companies in India, allows its policyholders the benefits of an increasing term cover to beat the impact of inflation. Moreover, policyholders do not have to undergo any medical checkup or go through medical underwriting before opting for this cover, which means that anyone interested to secure a larger amount of sum assured for dependents can choose to pay for it.

The critical illness cover ensures that the policyholders are secured against 16 critical illnesses or any disability due to disorder by paying additional premium charges.

Aviva’s i-Term Smart fits every budget. This means that customers do not have to spend a major part of their incomes on premium charges. While the minimum amount of sum assured is Rs 75 lakhs, policyholders can opt up to a sum assured of Rs 25 crores subject to the insurer’s underwriting guidelines.

Three premium payment options including monthly, semi-annually or annual modes are available and policyholders can apply for a change in premium payment frequency at any point of time during the policy period.

Tax benefits under Section 80C and Section 10(10D) continue to remain the same under the policy and are subject to change as per the tax regulations.

Max Life Insurance Company

Not all customers find it convenient to pay premium charges throughout the entire policy period. This calls for term insurance plans that must embed within them the facility of paying limited premiums. Max Life Online Term Plan Plus requires its customers to pay premiums till the retirement age only, i.e., until they turn 60 years old.

Policyholders can opt for monthly or lump sum death payouts or both. This enables the policyholders to choose a payout that they believe would benefit their nominees or dependents. While lump sum payout ensures that the nominees have enough in hand to meet their future expenses, monthly payout options suit best for nominees who may not be financially literate and, thus, inept to handle a large amount of money. Policyholders usually opt for a combination wherein the insurance company gives a part of the sum assured in a lump sum while the rest is disbursed in equal monthly installments over a period as predetermined while making the policy proposal.

Diagnosis of serious health problems and their consequent treatment may make it difficult for the policyholders to pay premiums regularly. Keeping this in mind, the insurance company waives off premium charges for their policyholders afflicted with critical disorders.

An added amount of payment over and above the policy’s premium charges ensures a comprehensive critical illness cover against 40 critical health problems.

Kotak Life Insurance Company

The Kotak e-Term Plan Life Option is an affordable life insurance plan that involves affordable premium payment corresponding to an adequate cover. This level of affordability means customers can opt for a higher sum assured without having to pay excessive premium charges.

Moreover, add-on covers like accidental death rider can be availed at just Rs 48 additional premium charges while the critical illness cover ensures that the policyholders are covered against 37 critical disorders and resulting disability. Premium charges are waived on the diagnosis of serious health problems or accidental disabilities at no extra charges.

The policyholders also have the option to choose from may choose between immediate, level recurring or increasing/recurring options. This means that the policyholders can leave behind a sum assured in a manner that would take care of the nominees’ liabilities in the long run.

HDFC Life Insurance Company

HDFC Life Insurance sold by HDFC Life Insurance Company, a renowned life insurance company in India, promises 5.5 percent discount on both regular and limited term premium options. This means that HDFC Life policyholders have to pay lower than what one usually pay towards term insurance. The limited premium option ensures that policyholders have to pay towards insurance only for a limited period. Most customers prefer to pay premiums only until they reach the retirement age. Also, limited premium payment option allows scope for lower premium payments.

Add-on covers including an early claim on terminal illness, accidental death benefit are available at no extra charges. Moreover, the company allows premium waiver options in the event of the policyholder’s disability due to accident or disability.

This term policy extends to a whole life policy, thus, allowing the policyholders to stay covered for their entire lives subject to the condition that they pay premiums regularly.

Health Insurance Policies Sold By WishPolicy in 2020

Wishpolicy has tied up with the following insurance companies in India to sell health insurance policies. These include:-

HDFC Ergo General Insurance

This company sells Health Surakhsa Plus that includes benefits including:-

  1. No room rent sub-limits
  2. Big sum insured cover
  3. 144 Daycare procedures
  4. AYUSH benefit

Other features include:-

– In-patient treatment;

– Pre-hospitalization cover

– Post-hospitalization cover

– Day care procedures

– Organ donation

– Emergency ambulance cover

Customers opting for HDFC ERGO Health Suraksha Insurance Plan can also avail benefits like:-

–  The amount of sum assured starts from Rs 3 lakhs and can go up to Rs 10 lakhs

– Policyholders can opt for an individual health insurance cover or a family health cover as per the need

– Policyholders can opt for a yearly policy or a two-year policy period

– The company has not defined any maximum age limit which means customers of any age can opt to buy this policy

– Policyholders can avail tax benefits on the premiums paid towards health insurance plans

Optional benefits that the policyholders can avail by paying extra premiums include:-

– Maternity Expenses

– Critical Illness Benefit Cover

– Outpatient Dental Treatment Expenses

– Co-payment Benefits

Star Health and Allied Insurance Co. Ltd.

The Star Comprehensive Health Insurance sold by this company includes features including lifetime renewability, cover for pre-existing disorders in addition to having a large number of hospitals within its network.

Some of the prominent features of this health insurance plan include:-

– More than 8000 network hospitals

– Four years’ waiting period for pre-existing disorders

– Incurred Claims Ratio is 61.76%

– More than 98 percent of grievances resolved

In addition, the policyholders can avail the benefits of the accident care individual health insurance plans that include:-

– Health insurance coverage policy for accidental death or disability (temporary or permanent)

– An increased amount of compensation up to Rs 15000 each week for up to 100 weeks

– Educational grant for dependent children

– An accumulated amount of bonus to the tune of 5 percent on health cover each year. This amount may go up to 50 percent of the health cover amount.

Care Health Insurance Company

A prominent name in the health insurance sector, buying this insurance ensures a comprehensive health cover to the tune of Rs 6 crores with lifetime renewability. Other features that explain its increasing reputation among interested customers include:-

– Automated recharge of the sum insured amount in case the claim amount exceeds the coverage. This facility is available at no extra cost, thus, ensuring that your family is not bereft of the necessary medical cover when needed.

– Policyholders who do not make any claim during the policy period are entitled to a 150 percent increase in the amount of Sum Assured

– Irrespective of any claims history, the members covered under the health policy are recommended for yearly health check-up without any extra costs

– Policyholders, aged less than 60 years and who had opted for a sum assured less than Rs 40 lakhs, do not have to undergo any medical checkups before buying the policy

– Last but not least, this insurance company has tie-ups with more than 5000 hospitals, thus, aiding in cashless and hassle-free claim settlement.

Ensuring Cover Through Insurance

Insurance is an imperative element of financial planning in today’s times. As liabilities and responsibilities continue to increase, one needs to buy a term insurance plan and a health insurance policy to ensure an adequate cover against possible risks to life and health problems.

It is important that people today buy a term insurance plan with an adequate amount of sum assured after taking into consideration all existing and potential liabilities, current expenses of living, the value of assets and the extent of their liquidity in addition to the standard of living of your loved ones. Term insurance is bought to cover for your expenses in your absence and ensure that the future of your dependents or nominees is not hampered due to financial crisis stemming from your sudden and unforeseen death.

The old adage “Health is Wealth” holds true in today’s times too as an increasing number of people continues to be afflicted with serious health problems and seeks treatment for their grievous health disorders. Hospitalization expenses and medical costs of treatment continue to rise, thus, making it imperative for people to choose and pay for health insurance policies. The idea is to choose an adequate cover that would cover costs of treatment keeping in mind the number of members covered under the policy bought. Depending on your income and your vulnerability to health issues, choose which of individual health plan or family health cover would suit your need and be in sync with your budget.

Insurance is like a protective shield that must be bought to protect. However, to seek the benefits of its protective effect, it is important that you buy the right insurance plan. Just log on to www.wishpolicy.com, compare the plans given on the policy and pay for the one that suits you best.