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The worry that tops the list for a parent is, “how to meet the rising cost of education?” You start saving for your children quite early. You plan and save to be able to deal with the costs of higher education or to make their life financially secure till the time they become independent. A child insurance plan is an important step in the direction. Child plans are designed in a manner that you are able to provide financial support to the child at crucial stages in their life.
Maturity of child plans generally coincides with specific stage in the life of a child like going for a professional course or higher education, stepping into a new career or marriage. These stages are typical at the age of 18 years, 21 years or 24 years. For you, these are occasions when you might need extra funds to manage the situation comfortably. So, planning for child insurance also gives you a peep into your own future financial requirements over the time as the child grows. Buying a child plan is an important decision where you need to consider a lot of factors.Consider before you buy:
• PAYER BENEFIT AND WAIVER OF PREMIUM - Premium waiver in a child plan implies that if the parent does not survive the policy term, all future premiums will be waived off and the policy will still remain in force. The child will get all the maturity benefits as planned. Many companies have Premium Waiver inbuilt in the child insurance policy, whereas others offer it as riders. It is always better to include payer benefit or premium waiver in the child insurance policy.
• ALLOCATION CHARGE - Allocation charge is the amount deducted by the insurance company from the premium before investing in various funds. It varies as per the type of fund, maximum being for equity funds, and minimum for debt funds. It reduces with the risk involved. Allocation charges may be negligible in traditional plans but more prominent in ULIPS.
• RIDERS AVAILABLE - To ensure that the child plan does not lapse in case the payer does not survive the policy term, there are certain riders available with it. The most important child plan riders are payer benefit and waiver of premium. Other riders are dreaded diseases or personal accident benefit. Depending upon the insurance company and the insurance policy, these can be inbuilt, optional, or not available. It is important to select the riders carefully.
• GUARANTEED BENEFIT - Guaranteed benefit is a percentage of sum assured that is guaranteed by the insurance company in addition to the maturity amount. This assured amount is given to the policyholder for the number of years the premium has been paid. It is payable at the maturity date along with the maturity amount.
• LOYALTY ADDITION - Loyalty addition is an additional amount declared from time to time. It is a percentage of the sum assured and is in addition to the guaranteed benefit. It largely depends upon the performance of the insurance company. It is calculated on the number of years that the premium has been paid for. The percentage of additions varies every year.
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We need our investment funds to not only grow as well as to be secure too. We need enough cash to be available to our family to dodge a financial crisis, even in our nonappearance. Investment connected plans consolidate the advantages of Investment and Term-Life Insurance.
A part of the premium that you pay for an investment connected insurance plan is utilized to give insurance protection and the rest is invested where the cash grows. We can arrange these investments such that their maturity dates coincide with crucial and important occasions e.g. children’s higher education, marriage fund, retirement fund and so forth. These plans can be traditional where the returns are ensured or ULIPS where the investment part of the premium is invested in funds of your choice.Must know for investment plans:
MAXIMUM MATURITY AGE - Maximum maturity age is the age up to which you can put resources into a policy. In most conventional plans it will be settled in light of the policy duration and your age at the time of taking the policy. In a ULIP, you have the adaptability to pick an investment period although maximum maturity date is still fixed.• PREMIUM PAYING TERM - It is the term for which you pay the premium. For specific plans it is the entire tenure of the policy, for a few, it is an altered term like 5 years, 7years, 10 years and so forth. A few plans, for the most part the ULIPS are more flexible. Premium paying term varies in light of particular policy and also if it is a customary policy or a ULIP plan.
• GUARANTEED ADDITION - Guaranteed addition is a rate of aggregate guaranteed ensured by the insurance company in addition to the maturity amount. This guaranteed sum is given to the policyholder as indicated by the number of years the premium has been paid for. It is payable at the maturity date alongside the maturity sum. It is pertinent to the conventional plans only.
• RISK COVER -Risk cover is the amount guaranteed or the demise advantage i.e. the sum for which you have been insured. This sum is payable only to the nominee in the event of death of the insured individual.
• MATURITY BENEFIT -Maturity benefit is the survival advantage or the maturity sum that one gets in the wake of finishing the duration of protection. Maturity benefit incorporates the ensured sum, guaranteed additions and bonus (non Guaranteed).
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The basic fundamentals of life insurance and pension are different. Where Term-Life insurance covers the risk in case of the death of the earning member, a pension plan is taken to ensure that after a certain age, you can provide for yourself. Yet most pension plans combine the benefits of insurance and pension. Any pension plan has two phases;first is the accumulation phase when you pay towards your annuity. Second is annuitization phase, where you receive regular payments from your annuity that you have created over the time. Looking into your future, you will have to take certain decisions now to get the right pension plan.Must know for investment plans:
MAXIMUM MATURITY AGE - Maximum maturity age is the age up to which you can remain invested in a policy. In most traditional plans it will be fixed based on the policy duration and your age at the time of taking the policy. In a ULIP, you have the flexibility to choose an investment period although maximum maturity date is still fixed.• PREMIUM PAYING TERM - It is the duration for which you choose to pay the premium. For certain plans it is the whole tenure of the policy, for some, it is a fixed term like 5 years, 7years, 10 years etc. Some plans, generally the ULIPS are more flexible. Premium paying term varies based on particular policy and also if it is a traditional policy or a ULIP plan.
• GUARANTEED ADDITION - Guaranteed addition is a percentage of sum assured guaranteed by the insurance company in addition to the maturity amount. This assured amount is given to the policyholder according to the number of years the premium has been paid for. It is payable at the maturity date along with the maturity amount. It is applicable to the traditional plans only.
• RISK COVER - Risk cover is the sum assured or the death benefit i.e. the amount for which you have been insured. This amount is payable only to the nominee in case of death of the insured person.
• MATURITY BENEFIT - Maturity benefit is the survival benefit or the maturity amount that one gets after completing the duration of insurance. Maturity benefit includes the guaranteed amount, guaranteed additions and bonus (non Guaranteed)
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Health insurance policies act as a shield to safeguard you against unexpected medical emergencies and keep your family's finances stable in such a testing time. Remembering the rising medical expenses and spurt of illnesses purchasing a health insurance is required. A medical emergency can thump anybody's door and effect a man both emotionally and financially. Thus, financial advisors propose that it is reasonable to purchase a health insurance plan at right time in life.Top Reasons to Buy Health Insurance Plans
Let’ summarize the top reasons to convince you to buy a good mediclaim policy.
1. CORPORATE HEALTH COVER IS INSUFFICIENT
With rising medical costs, the significance of health insurance policy can't be exaggerated. Check the expense of a two day's hospitalization for a regular ailment and afterward compare it with your organization's insurance coverage. When you will resign, retire or change a job, your corporate health plan will come to a halt. So it is beneficial to purchase an individual health plan.
2. INCREASE IN INCIDENCE OF LIFE THREATENING DISEASES
Tragically, India is still struggling with life threatening diseases. The impact of these sicknesses is felt on the productive workforce from 35-65 years. Likewise, heart diseases among Indians happen five to ten years sooner than in some other population around the globe. News about individuals dying in Swine influenza across the nation has made a panic in almost all parts of India. Sadlly, the number of individuals who are influenced with Swine influenza is more than 10,000 and the loss of life has now come to 2000. In the course of recent couple of years, the rise of infectious diseases has expanded and risks are high that these diseases might turn out to be more deadly in near future. By the year 2020, seven out of each ten deaths in developing areas are expected because of non-communication diseases (NCDs).
3. BETTER FINANCIAL PLANNING
Mishappening and medical emergency can happen without notice and good health policy will guarantee that you are adequately secured for any crises. It is difficult to compute the amount you will spend on health care in a year yet having health insurance plan helps you to pay for sudden medicinal expenses. You can likewise purchase family plans that will cover entire family. More often, these family plans are much less expensive than having numerous individual health plan. Additionally, you can settle on critical illness plan alongside personal accident cover to address your divergent health care needs.
4. TAX BENEFITS
You can get exemption for paying the premium under Section 80D of the Insurance Act. This year, India’s Finance Minister Mr. Arun Jaitley has increased the limit of deduction in health insurance premium to Rs 25,000 from Rs 15,000. For senior citizens, the new limit is Rs 30,000.
5. VALUE FOR MONEY
Other than dealing with the expense of hospitalization, health insurance companies likewise offer daily hospital cash allowance for costs incurred on food, driving from home to hospital and all other every day hospital charges. There are some insurance agencies which deal with the policyholder's recovery expenses also. Numerous health insurance companies have extended their scope ambit to incorporate domiciliary treatment. Although, these customized and high-end advantages accompany higher premium so make a point to read the policy documents precisely before purchasing.
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