Investment plans also act as tax-planning tools, as many avenues help reduce tax liability. There are different types of investment plans, and by choosing the right one, you can invest according to your needs and grow your savings.Read Less
Tailored Life Insurance Solutions for your long-term Life Goals.
Just as having health insurance plan is essential, it is equally crucial to have the right kind of policy/policies for a comprehensive cover. To know which insurance policy to buy, you should first be aware of the different types of insurance policies available in India.
There are broadly four kinds of health insurance plans:
This is the most basic and popular form of health insurance product available in the market. A mediclaim policy covers the cost incurred due to in-patient treatments or hospitalization of the patient. The cost incurred during the hospitalization is either reimbursed or paid by the insurance company through a cashless facility. Mediclaim policies do not usually cover pre-existing diseases. Mediclaim policies are of two types - individual and family floater. In a family floater policy, you can include your spouse, kids and even dependent parents.
A Top-up plan is an additional cover, which kicks in when you have exhausted the cover limit of the base mediclaim policy. For example, if you have a base policy of ` 5 lakh cover and a top-up cover of ` 7 lakh, the top-up cover comes into picture only if you have exhausted the ` 5 lakh limit. Top-up plans are always taken in combination with a mediclaim policy. They are cheaper than the base mediclaim policy.
One of the limitations of common mediclaim policies is that they only cover the hospitalization expenses. However, when one is in hospital, there are many other different kinds of costs that you incur such as medicine, physiotherapy, transportation costs and so on. A hospital cash benefit plan gives a fixed daily cash payout, the amount of which depends on the premium you are paying. Typically, you are paid a sum of ` 1,000-` 3,000 per day of hospitalization. A hospital cash benefit plan can be bought as a rider with a mediclaim policy or as a stand-alone policy.
A critical illness cover is a health insurance plan that gives a one-time lump sum amount in case of detection of any specified critical illness. The amount paid depends on the sum assured opted under the plan. A critical illness cover is offered as a rider with a life insurance policy or as a stand-alone cover. A stand-alone plan is better as it covers more critical illnesses (30-35 diseases) than a critical illness rider does (10-20 diseases). Adding riders like accidental partial/full disability covers can further expand the cover of a standalone critical illness plan. Typically, the sum assured under a critical illness cover could be as high as ` 50 lakh. Bajaj Allianz has recently launched Health Care Goal which covers as many as 36 critical illnesses, including various heart ailments and cancer. It comes with four variants to help you meet your specific requirement.
One should opt for a combination of two or more types of health plans to get a comprehensive cover. While Mediclaim helps in case of hospitalization, Critical Illness cover is a must-have in case one gets a Non-Communicable Disease (NCD). It would help if you opted for a combination of different types of health plans based on your age, health profile and life circumstances.
A contingency plan for a medical emergency is crucial to ensure that our journey towards our life goals is not cut short because we had to spend money on medical expenses. Timely and a comprehensive health insurance is a must have for protecting your savings in case of medical emergency.
A suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.
Read MoreA suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.
Read MoreA suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.
Read MoreA suitable financial plan may be defined by its components. Amongst other things, one aspect, it may be incomplete without, is a steady amount of investment.
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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.
The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.
The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.
For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.
This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Allianz Life Insurance Company Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.
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Claim Settlement Ratio of 99.29%~
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