Sum Insured V/S Sum Assured
Sum Insured vs Sum Assured
Maintaining health and life insurance policies has become critical in the contemporary financial scenario. Although these have become indispensable, the technical jargon of the insurance sector still overwhelms us. But to ensure enjoying the complete benefits of the policies, it is quite crucial to understand these terminologies well.
Difference Between the Sum Insured and Sum Assured
Two of the most significant and confusing insurance terminologies include the sum insured and the sum assured. Although these two terms seem to be the same, they are drastically different from each other. The former is applicable exclusively for health insurance and other general insurance policies, while the latter is applicable for life insurance. The utilities of these sums also hugely differ from each other.
The sum assured is the pre-fixed amount mutually agreed between both the insurer and the insured during the purchase of the plan. It denotes the amount that the policyholder is liable to receive from the insurance company once the concerned plan completes its term; or if the policyholder passes away during the policy term, his/her beneficiaries will receive this amount. Thus, the concept of Sum Assured is an exclusive concept of Life Insurance only and has no relevance in General Insurance Plans.
On the other hand, the Sum Insured is the optimum extent up to which the health/home/motor insurance company will bear the costs incurred by the policyholder, excluding the deductibles. If the total bill exceeds this pre-determined amount, the policyholder needs to bear the excess amount. Thus, the Sum Insured is the maximum amount of coverage the insurer would pay based on the clauses of indemnity. However, one can opt for multiple general insurance plans as well, where the total amount of claim payable, across all insurers together, should not exceed the total financial loss borne by the insured.
Sum Insured V/S Sum Assured: The Basic Difference in Concept and its Applicability
It is essential to clearly understand the difference between these two very common insurance terminologies to avoid misunderstandings during claim settlement. It will aid you in selecting the correct amount depending on the terms and conditions of the concerned plan.
So, in order for you to opt for the best life insurance coverage for yourself, you need to choose the Sum Assured according to a certain multiple based on your income, lifestyle, financial dependents, etc.
However, for you to ensure that you get the best in class healthcare treatment without having to worry about the financial aspects of the same, you should opt for a high Sum Insured so that your hospitalisation expenses are taken care of.
What is the Sum Insured? The Meaning
The amount of sum insured in any insurance plan is determined by the indemnity principle, which offers coverage or compensation against any injury, loss, or damage. This generally applies to non-life insurance products like home insurance, motor insurance, or health insurance. These plans simply reimburse the damages, losses, or costs incurred by the insured individual.
The premiums you pay for such plans depend on the value of the sum insured. The higher the amount, the higher the premium. The premiums that you pay towards health insurance are eligible for tax deduction under Section 80D of the IT Act.
For instance, if you possess a health plan worth a sum insured amount of INR 1 lakh. If with hospitalisation, your bill amounts to INR 50000, your health insurance provider is liable for reimbursing the entire amount, excluding the deductibles if applicable. However, if the hospital bill amounts to INR 2 lakhs, the insurance provider will bear costs only up to INR 1 lakh. You have to settle the remaining amount out of your pocket.
The principal target of the base amount of the sum insured is to get sufficient compensation for the losses or expenses incurred, providing no other sort of financial benefit.
How is the Sum Insured Calculated?
While calculating the basic amount of sum insured for the insurance plan you have selected, you need to consider certain crucial factors, including:
1. If you seek to insure any valuable asset, you need to accurately assess the cost of the concerned asset, to ensure complete coverage and compensation for any unfortunate loss or damage
2. With a health insurance plan, it is essential to go for a higher amount of sum insured to ensure sufficient coverage to secure the health of yourself and your family members with any medical contingency
3. With a family floater insurance policy, you must be wise enough to decide on sufficient coverage for all the members included in the plan
4. If you seek to insure your personal life, consider your current financial status, income, assets, liabilities, and other financial targets and plans
5. While considering the value of the sum insured, never fail to consider the effect of inflation, especially in the long term
6. Consider your current income and financial status, and opt for a befitting amount of the sum insured which is not too burdensome on your pocket
Can You Enhance the Sum Insured?
Yes, there are multiple methods where you can enhance your amount of sum insured if you find it to be insufficient:
1. During plan renewal:
While you are renewing your existing health insurance policy, intimate your respective insurance provider to enhance the amount of the sum insured for the new term of your insurance. However, you have to remember here that it will slightly your premium payability amount too.
2. Using cumulative bonus:
Several insurance providers enhance the sum insured amount to a certain extent for raising no claims during a policy term.
3. Getting a top-up plan:
You can also choose to purchase a top-up or a super top-up plan from your chosen insurer to enhance your overall coverage span.
Role of Sum Insured in General Insurance:
The sum insured amount also applies in the context of general insurance. Here it refers to the optimum limit till which you are eligible to raise claims for covering the medical treatment costs considering the terms of the concerned plan.
You can use a part of it and claim the remaining balance for the following claim until the policy expires or exhausts, whichever happens earlier.
You can utilise the amount of sum insured for yourself as well as for other members of your family, provided it follows the terms and conditions of the concerned plan.
For family floater plans, this amount is flexible, implying that all the covered members possess equal access to the amount of sum insured and does not remain constant for any single member.
Opting for the Right Sum Insured for Your Health Insurance Policy:
You must select the right amount of sum insured for your plan. For instance, if you buy a health plan that covers several ailments. But you develop a health condition that requires a considerable fund for treatment.
You raise the claim, only to discover that the claim amount is higher than the insurer’s payout limit. You have to settle the excess dues out of your pocket, and that may prove to be burdensome for you. This may deplete a significant portion of your savings.
Purchasing a health plan was right. But you weren’t careful about selecting the sufficient sum insured amount that resulted in such financial drainage.
To avoid such unfavourable circumstances, it is crucial to choose the correct sum insured amount.
Importance of Opting for the Right Amount of Sum Insured:
Choosing the correct sum insured amount is highly essential for the following reasons:
1. A lower amount of the sum insured signifies a lower premium amount which you will have to pay later. Therefore, a comparatively higher sum insured margin will enhance your medical emergency fund
2. A sufficient amount of the sum insured will aid in protecting your savings
3. Ensuring proper financial protection against medical contingencies retains your peace of mind
4. In the case of the family floater plan, it is essential to maintain a high amount of sum insured. As all the family members share the sum insured amount, a lower amount may prove to be insufficient, especially if there are multiple claims in one year. A higher sum insured amount ensures sufficient coverage.
Factors Responsible for Determining the Amount of Sum Insured:
Some prominent factors that determine the actual amount of sum insured are as follows:
1. Life stage and age:
Your family responsibilities remain low while you are still young. It increases with age when you marry, expand your family and so on. Your necessity for a higher amount of sum insured increases with age.
2. Number of dependents:
When your total number of dependents is high, it is better to opt for a higher sum insured amount to ensure sufficient coverage for all.
3. Health status:
In case you possess any health condition or have a hereditary medical history of any particular ailment, you must consider choosing a comparatively higher sum insured amount.
4. Lifestyle:
If you lead a fast life with little or no time for exercise, you risk falling ill more often. A higher sum insured ensures better coverage protection for frequent claims.
Understanding Sum Assured- The Basic Meaning:
The sum assured denotes the amount in a life insurance plan, that is pre-determined and mutually agreed upon by both the insurer and the insured during the time of policy purchase. It is the amount that the insurance provider is liable to pay to the policyholder at the end of the policy term. Unfortunately, if the policyholder passes away during the policy term, this amount is received by the legal beneficiaries of the concerned policyholder.
The amount of sum assured remains constant throughout the policy tenure. The premium value of the insurance plan depends on the amount of the sum assured decided. Once the insurance provider pays the amount to the policyholder or his/her beneficiaries, the insurance plan gets automatically terminated and ceases to exist.
This concept is especially applicable to life insurance plans, securing your life as a policyholder as well as your near and dear dependents in the case of your absence.
A life insurance plan with guaranteed returns can be payable in a specific mode according to your convenience. You can opt for a lump sum payout or payouts at regular pre-fixed installments.
The premium payout can also be paid according to your choice, either annually, half-yearly, monthly, or quarterly, You can even avail of a loan facility against your existing life insurance policy. Moreover, you must also note that guaranteed insurance policies in India enjoy tax benefits.
The premiums that you pay towards these insurance policies are eligible for tax exemption under Section 80C of the IT Act. The maturity proceeds and the death benefit enjoys tax benefits under Section 10(10D) of the Indian Income Tax Act.
You can possess a guaranteed return life insurance plan maintaining a sum assured amount of INR 15 lakhs, on the completion of the plan or during your untimely and unfortunate demise during the plan term. This implies that your legal nominee will receive this sum on your untimely demise during the policy tenure.
How is the Sum Assured Calculated?
Selecting the correct amount of sum assured proves to be critically essential as it possesses the possibility to secure your future along with your near and dear family members despite your absence. To determine this value critically, you have to wisely consider these factors for determining the sufficient amount of sum assured that suits your budget well:
1. The amount sum assured must be sufficient for deftly covering all the financial responsibilities like supporting your minor child’s future education, marriage, buying a new home, supporting your family’s other financial requirements, etc.
2. The sum assured amount must be sufficient to act as a strong financial support for all the dependents in your family, like your parents, spouse, kids, etc.
3. The adequacy of the sum assured amount must cover all your outstanding liabilities even during your absence.
4. Your current age is a major determinant in choosing the right amount of sum assured. In case you are purchasing a life insurance plan at a relatively young age, it is better to choose a comparatively higher sum assured amount, as your life expectancy remains comparatively higher under normal circumstances.
5. The amount of sum assured must be determined by your current income and financial status such that it suits your budget well. It must not feel burdensome for you.
What is Sum Assured in Health Insurance?
In health insurance, the sum insured denotes the pre-determined amount mutually agreed between the policyholder and the insurance provider. The latter is liable to cover the expenses incurred by the former in the case of any specific insured medical occasion. However, Sum Assured is a concept of Life Insurance. But, in Fixed Benefit Health Insurance Plans, there is a Sum of Money that is Assured to the insured person, in case any of the listed events occur.
We can utilise an instance for a better understanding.
A 50-year-old male individual possesses a recurrent family medical history of cancer. He purchased a Critical Illness cover in his 47th year, and in the same year, he was diagnosed with intestinal cancer. The treatment required considerable financial aid.
The sum assured of his insurance plan amounted to INR 25 lakhs. He raised a claim by submitting all the relevant documents and on verification, his insurance provider approved and settled his claim, following the plan terms. This financial backing helped him get the necessary medical treatment and eventually became a cancer survivor.
You have to notice here that the amount of the sum assured in health insurance is a lump sum benefit. You can utilise this amount according to your preference and convenience. It is not exclusively fixed for treatment purposes only. You can even save a part of this amount for your dependents or as an emergency fund.
Factors to Consider while Opting for the Right Amount of Sum Assured:
Choosing the right value of sum assured depends on several factors. Since it is based on personal requirements, every person’s target is different. Therefore, a wise investment is essential to ensure optimum coverage and protection and enjoy the benefits of possessing life insurance. Some major determinants of selecting the right amount of sum assured include:
1. Age:
The basic rule is that young people enjoy comparatively higher coverage at lower premiums. Therefore, for a middle-aged family person, opting for a higher sum insured amount is critical.
2. Income:
Your selection of the sum assured amount must be based on your income status, and well-planned for the long term, so that it does not prove to be a financial burden.
3. Lifestyle:
Assess your expenses and lifestyle, and pick a befitting plan that will offer sufficient coverage even in your absence, even in the long run.
4. Assets and liabilities:
While choosing the amount of sum assured, the real-time value of assets and liabilities must be taken well into consideration. It must be enough to offer sufficient coverage and maintain a decent lifestyle even under unfortunate circumstances.
Difference between the sum insured and sum assured
| PARAMETERS | SUM INSURED | SUM ASSURED |
| DEFINITION | The optimum amount received from the insurer in the case of any specifically insured event | A pre-fixed amount that the nominee receives if the policyholder passes away during the policy term |
| DETERMINANTS | Depends on the value of the insured asset. In the case of health insurance, it is determined by PEDs, past medical records, etc. | The value is dependent on several factors like age, liabilities, income, assets, etc. |
| NUMBER OF CLAIMS | Unlimited; multiple claims can be raised as long as the sum insured lasts | Usually a single-time assured lump sum payout |
| UTILITY | Used for indemnity-based plans, offering coverage for a specific insured event or occasion | Can be utilised according to the requirements and conveniences of the policyholder |
| NATURE OF BENEFIT | This is not a maturity benefit | Depending on the type and category of the concerned plan, the sum assured can turn out to be a maturity benefit, like in the case of life insurance |
| APPLICABILITY | Applicable for non-life insurance products like home, motor, or health insurance | Applicable for guaranteed return plans and life insurance plans |
| BENEFIT | Does not offer any monetary benefit, it reimburses the amount of damage or loss | The monetary benefit is either paid to the insured individual or the nominee |
Relation Between Sum Insured and Sum Assured:
Although the terms sum insured and sum assured seem to be similar, they are not. They grossly differ from each other in their utility, nature, and applicability.
The sum insured is usually applicable for non-life insurance products and used for indemnity-based plans, while the sum assured is exclusively a life insurance term with guaranteed returns and can be utilised according to your convenience.
The sum insured does not offer any maturity benefit and only covers the damage or loss you have incurred against any particular insured event.
Frequently Asked Questions
You can purchase a plan with a high value of the sum insured by paying a higher premium. The sum insured value and the premium amount are directly proportional to each other.
Yes, you can do it during plan renewal or by adding a top-up or super top-up plan to your basic policy.
Deductible refers to the fixed amount you need to bear during claim settlement. These are usually fixed at 10% of the total claim amount. However, it varies from one plan to another and must be clarified before proceeding.
No, once the sum assured is fixed during policy purchase, it cannot be altered under any circumstances.
Typically, the sum assured benefit is not applicable in any insurance other than life insurance. However, certain plans do offer this facility. You need to clarify the details of your chosen plan to know it well beforehand.
The facility of the sum insured is exclusively applicable for non-life insurance products. However, certain special plans offer if for life insurance plans too. You can ask your insurer to know the specific details.
Yes, of course, you can do so for both life and non-life insurance plans. It is easy, fast, and paperless. You can purchase and renew it anytime, anywhere according to your convenience.
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You can think of it like a subscription fee that you pay on a monthly or yearly basis and as long as you pay this fee, your life insurance plans will keep your family financially protected. If, unfortunately, something happens to you during the policy term, the insurance company pays the sum assured to your family. So, when you see a company advertising their term plan as “₹1 crore cover for just ₹500 per month,” know that the amount of ₹500 is your premium. But is this number fixed for all? Calculation is the most important part here. Key Factors That Decide Your Premium Insurance companies always calculate. They study a bunch of factors and refer to data to decide your risk level. If you are on a high-risk side, your premium will naturally be higher. Here are the top factors considered: Age– The Younger You are, the Cheaper the Premium Age is literally the first thing insurers look at. A person in their 20s will pay a much lower premium than a person in their 40s, even for the same coverage. This is because younger people are naturally healthier and there are lower chances of their death. Buying a life insurance term plan early is always cheaper. Health Condition– What’s Your Medical History Insurance companies often ask for health details or even a medical test before they issue term life insurance policies. A person with conditions like diabetes, high blood pressure, heart issues, or some other serious illnesses is at increased risk. A healthy and fit person will pay less and the one with pre-existing health problems will pay more. Lifestyle Habits– Smoking, Drinking etc Smoking is never liked by insurers and they charge smokers up to 40–60% more than non-smokers for the same life insurance plans. Similarly, those who consume excessive alcohol also face higher premiums. The reason is simple. These habits tend to shorten life expectancy and increase insurer’s risk. Occupation– What’s Your Nature of Work? People with a regular office job are considered at low risk. Those who work in high-risk jobs (like mining, construction, armed forces etc) will be charged higher premiums. After all, these professions involve greater danger to life. Policy Term and Coverage Amount In providing longer term plans, the insurer is taking a risk for more years and so, they cost more. Similarly, a higher sum assured means a higher premium. But at the end, term insurance remains the most cost-effective way to get large coverage. Gender– Women Often Pay Less Stats show that women live longer than men and so, the premiums for women under life insurance term plans are often slightly lower. Yes, men of the same age and health profile have to pay extra. Family Medical History Insurers may charge more if genetic diseases run in your family like heart issues or cancer. However, if your family history is clear of illnesses, you may most likely enjoy lower premiums. Add-On Benefits (Riders) Riders add an extra protection. Accidental death cover, critical illness cover, or disability benefit are very useful but they also increase the premium. A term plan with a critical illness rider will be more expensive than a plain policy with the same coverage amount. Let’s take an example to understand premiums. Varun, age 25, buys life insurance term plan of ₹1 crore for 30 years. The annual premium is ₹8,000. Abhishek, age 40, buys the same policy for 20 years. He pays ₹22,000 per year. Here, Abhishek pays almost 3 times more for the same coverage. Why? Because he wasted so many years waiting. It shows how age and health are such big factors in premium calculation. How Do Insurers Actually Calculate? Let’s make things very simple for you to understand. So, all insurance companies use “mortality tables”. These are data banks of statistical information that is all regarding life expectancy. In this, they look at: The age bracket you fall in Chances of survival at different ages Risk factors, if any, like smoking, diseases or occupational hazards They use this data to calculate the total cost of covering you. On top of it, they add in extra charges for expenses, riders and profit margins and that’s how it’s decided what your final premium will be. So, for example the company is calculating the car insurance amount. Now, the premium of a person with a clean driving record will obviously be less than that of someone with a history of accidents. Why Premiums Differ Between Companies As it ever happened that you found out that one insurer is offering a life insurance term plan for a lesser price than the other for the “same” cover? Yes, it happens because: Not all insurers use the exact same data and assumptions. Some may also offer lower premiums to attract more customers to buy. Some insurance plans have built-in benefits that just make the plan costlier. That’s why it’s always recommended to compare life insurance plans before signing up for one. How to Keep Your Premium Low: Useful Tips Buy Early– Don’t wait for your later years. The younger you are, the less you
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Life is so unpredictable that one day, you feel your future is safe & secure and the other day, some unpleasant event can turn everything upside down. While you can’t know what’s going to happen, you can be ready for the unexpected with life insurance for family. It ensures financial stability to your family when you’re not around to provide for them. But the real question is how much life insurance coverage is actually required by your family? Too little coverage is of no use and too much involves paying unnecessarily higher premiums. It takes some thought and planning to find the right balance so let’s make it simple for you. Why Life Insurance Matters At the core of it, life insurance aims to provide financial security to your family when you are not here for them anymore. It brings in income, pays off debts (if any) and even ensures your dependents continue to maintain their standard of living. Life insurance isn’t about the policyholder but those who are left behind. Think of it as an invisible shield that will protect the home, education and future plans of your dear ones. Here’s what the life insurance plans will help with: Cover the everyday household expenses Repay any outstanding loans eg. home loan Support the education and milestones of your kids Create separate fund for medical or other unexpected costs protect the retirement years of your spouse or the needs of dependent family members The Smart Coverage Rule Most experts will agree on the point that ideally, your life insurance coverage should be 10x to 15x of your annual income. Yes, not the same. So, let’s say you earn ₹12 lakh per year, then your coverage has to be between ₹1.2-₹1.8 crore. But why? Logically and practically, it will ensure that your family has enough to take care of their regular expenses, life goals and even future inflation and they don’t face hard times. However, this rule is just a basic advice. Your personal situation like debts, lifestyle and family responsibilities will influence the correct coverage amount for you. Factors That Decide Your Ideal Coverage The best life insurance plan actually depends a lot on your personal and financial situations. Here are the key factors that help you calculate: Monthly Expenses of Your Family: The first thing is to estimate your household expenses. Then you multiply that amount by 12. This will give you the annual cost of living. Now you can calculate for at least coming 10–15 years. Current Loans and Liabilities: If you have a home loan or maybe a car loan or any other debt for that matter, your life insurance should be enough to clear those dues after you. Education and Future Goals of Your Children: Your child’s higher education or marriage expenses are big-level financial goals that must be secured. So, these need to be thought of. Your Current Savings and Investments: If you already have savings or investments in place, like a fixed deposit or mutual fund, it can cover a portion of your family’s needs. Hence, you won’t need as much life insurance. Inflation: With every year, the cost of living increases. Your life insurance for family should also consider inflation so that the amount you get remains sufficient for the years to come. Types of Life Insurance Plans to Choose From Ideally, it’s always protection first and then investment. However, each family has its unique needs. Exploring the available life insurance plans will help you make a better decision: Term Life Insurance: It’s the most straightforward and affordable plan that provides large coverage at a low premium. You only get protection; no savings or maturity benefit. This will give you maximum coverage within a limited budget. Whole Life Insurance: Just how the name implies, this will cover you for your entire life. There may also be a savings element that builds cash value over time. This makes it useful for creating long-term wealth and asset planning. Endowment Plans: These plans bring the benefits of both insurance and savings. If all goes well and you survive the policy term, you receive a lump-sum amount. This money will help you in your retirement, for your child’s marriage or other life goals. Unit Linked Insurance Plans (ULIPs): These are the perfect mix of insurance and investment. Some part of your premium goes toward life cover and the rest of it is invested in market-linked funds. If you want both protection and wealth growth, this is it! Common Mistakes that People Make Many people buy life insurance just because they think that they have to. They never fully understand their needs. Keep these points in mind: Underestimating coverage needs: People choose a smaller sum to save on premiums. This may actually leave your family short of funds after some time. Ignoring inflation: A ₹60 lakh policy might sound large enough to you today but it surely won’t hold the same value in the next 8-10 years. Not reviewing policies regularly: Since your income and family responsibilities grow through the years, your coverage amount should also be updated. Relying solely on employer insurance: It’s not good for the long term because corporate insurance ends when the job is over. Ignoring debts and expenses: You have to include all your loans, bills and other financial commitments while doing the math. How do You Calculate the Correct Insurance Amount? Okay, so there is a simple formula for it that goes like- Total coverage Required= (Annual Expenses × Years of Support Needed) + Outstanding Loans + Long-term Goals – Current Savings/Investments For example: Annual expenses = ₹5.5 lakh Years of support = 12 Outstanding loans = ₹23 lakh Future goals (education/marriage) = ₹25 lakh Existing savings = ₹17 lakh Then, your coverage amount comes out to be: (5.5 × 12) + 23 + 25 – 17 = ₹97 lakh or almost ₹1 crore and hence, you ideally need a life insurance cover of around ₹1 crore. How Adequate
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Introduction As we age, we start taking our health more seriously. But with rising medical costs, we can’t rely only on savings or family support. Health insurance is important for adults and super essential for senior citizens. The right policy covers you in medical emergencies without draining retirement funds. Choosing from so many health insurance plans available in the market can be so overwhelming. The best health insurance policy for seniors will always be the one that lets them access quality healthcare without financial worries. Choosing insurance for senior citizens is not the same as for younger people because their health needs and risks are very different. Here we will discuss what to look for, how to compare the various options and how to choose the right cover. Why Senior Citizens Need Special Health Insurance Regular health insurance plans are often not suitable for older adults. The reason is simple. With increasing age, there’s a rise in medical needs, doctor visits and chances of hospitalizations. Most definitely, the policies designed for younger people don’t offer the coverage that seniors really need. Here are the reasons that make senior citizen health insurance so crucial: Higher medical risks– Older adults are obviously more prone to illnesses. Heart disease, diabetes or joint problems are common. Rising treatment costs– With every passing year, the cost of hospital stays, surgeries and medicines is going up. Limited income after retirement– Most seniors depend on their pensions or savings. This may just not be enough to cover sudden expenses. Peace of mind– Having a health insurance means the financial load is off from your pocket and emergencies can be handled. Features of a Good Senior Citizen Health Insurance When you’re looking for the best health insurance policy for seniors, take a little time to decide but don’t jump on the first policy you see. After all, you must carefully compare the options and look for these key features: Higher Sum Insured You can never expect the medical bills and so, the higher the sum insured, the better. It’s generally recommended to go with plans that offer at least ₹5–10 lakhs cover for insurance for senior citizens. Pre-Existing Disease Cover Most seniors already have certain health conditions like diabetes, high BP, or arthritis when they are looking for a plan. A good policy should start covering these after a short waiting period. Shorter Waiting Periods Some policies actually make you wait for about 3–4 years before covering pre-existing conditions. Always look for policies that start providing cover in 1–2 years. Cashless Hospitalization An insurer with a wide network of hospitals will make hospital stays easy. You will get cashless treatment and don’t have to worry about arranging money on the spot. Daycare Procedures With science being so progressed, modern treatments don’t require long hospital stays. Hence, daycare procedures should be a part of the best health insurance policy for seniors. Ambulance & Home Care Cover Getting extra benefits like coverage for ambulance charges and home treatment can be such a huge help during emergencies. Affordable Premiums with Value Honestly, plans with the lowest premiums are not always the best. Try to balance the cost with the benefits and coverage you get and the insurer’s claim settlement record. Factors to Consider Before Buying Health Insurance for Seniors Reading brochures is not enough while choosing the right health insurance plans. You also need to consider some points while making a purchase: Age Limit of the Plan Some policies only accept people up to 65 years of age. If you’re older, look for senior citizen health insurance that caters to even above 70 or 75 years. Co-Payment Clause In many policies, seniors are asked for co-payment (sharing a part of the bill). For example, if co-payment is 20% and the bill is ₹1,00,000, then the individual will pay ₹20,000. Hence, look for a lower co-payment. Renewal Age The policy should offer lifetime renewability, which means that the cover should continue smoothly even at a very old age. Coverage for Critical Illnesses Many old people fight with heart conditions, kidney failure and even cancer. The best health insurance policy for seniors is the one that covers critical illness. Claim Settlement Ratio The claim settlement record of the insurer tells a lot about its reliability. A higher ratio means there will always be better chances of your claim getting approved quickly. How to Compare Senior Citizen Health Insurance Plans When comparing senior citizen health insurance, we mostly focused on premiums and coverage but actually, we must look at a few more things. Here’s a checklist you must refer to: The premium vs the benefits you get Waiting periods for covering existing illness Hospital network size Percentage of co-payment Extra benefits (like ambulance, home care and alternative treatments) You can make a simple comparison table with a few policies so you can know which one gives the most value. Common Mistakes to Avoid While Buying Insurance for Seniors Going only for the cheapest plan– The biggest mistake! Remember that low premiums may also mean there are chances of high co-payment % or exclusions. Not checking exclusions– Common illnesses like cataracts or knee replacements for seniors are also excluded by some plans. Ignoring the waiting period– If the senior person is already having a condition, a waiting period of around 4 years might be too long. Skipping lifetime renewability– Some policies stop their benefits at a certain age and so, seniors are left uninsured later. Not reviewing the hospital network– the nearest hospital should also be covered, else you won’t get cashless treatment. Tips for Getting the Best Health Insurance Policy for Seniors Start early– Naturally, the earlier you buy a plan, the lower the premiums you have to pay. Waiting till 70+ is not a good idea. Choose family floater carefully– If your parents are very old, it’s better to take an individual insurance for senior citizens instead of a floater. Read the fine print– Before signing, go through all the documents
... Introdcution Your workspace is your safe space. You spend years building it and invest your money and heart in maintaining it. But what if one night there’s a spark in faulty wiring that sets off a fire? Or there’s a huge theft that wipes away your valuable stock? Such risks are always there and cause a big loss to businesses every year. This is where commercial property insurance will protect you from the unexpected. Now the question here is: Is your precious property really covered against fire and theft or are there any loopholes that might surprise you when you need this protection most? Why Fire & Theft Coverage Matters so Much? Profits, sales and growth keep the energy of running the business alive but you also have to protect what you already have, right? Two of the most common risks that most businesses face are fires and theft. You could be operating a small coffee shop or a big factory, the threats remain the same. Fire Risks: There could be some electrical faults, short circuits, accidents in the kitchen or even natural disasters. It all can cause fires that not only damage the building but also destroy the assets in the facility. Theft Risks: Robbers and burglars can break in and take away your stock and other stuff. This leads to loss of valuable machinery, office equipment or even inventory. Property insurance helps you recover from all such losses that can otherwise be almost impossible. Insurance will make sure that you don’t have to start all over again after a disaster. What Does Commercial Property Insurance Cover? If you have a good commercial property insurance plan, it will be a solid financial shield. Depending on the policy, it will cover damages caused by fire, theft, destruction and natural disasters. Usually, this is what it includes: Protection of Building: It covers the whole structure, including the walls, roof, floors and installations. Coverage of the Contents: All the office furniture, machinery, equipment, computers, inventory and other assets in the space are protected. Fire Damage: You will be reimbursed for losses that are caused by fire accidents, explosions or lightning. Theft or Burglary Losses: If the items are stolen or any damage is caused by forced entry during a burglary, it will be covered. Business Interruption (Optional): Some commercial property insurance plans offer an additional benefit of covering the loss of income in case your business has to temporarily shut down after a fire or theft. Common Shortfalls in Fire & Theft Protection Many businesses make the mistake of assuming that having commercial property insurance means they’re fully covered. However, you must know that all policies are not the same. Some may even carry their limitations that can cost you later like: Underinsured Property: If the coverage value is less than the actual worth of your property and assets in it, naturally, you’ll get less money than your claim. Exclusions in Theft Coverage: While some policies do cover burglary, there’s no coverage for employee theft. Normally, the cover is only for a clear theft or there was forced entry into the premises. Old Equipment or Furniture: Some insurance providers don’t provide any insurance for outdated machinery or would give only partial value for these old assets. Temporary Assets: If you transfer your stock or equipment to a different place and it gets damaged in a fire there, it might not be covered without any specific mention. It’s very important to understand these gaps to get assured protection from your commercial property insurance plan. How to Ensure Your Property Insurance is Fully Covered from Fire & Theft We have some simple steps that business owner should follow for assured safety: Review Your Policy Regularly The needs of a business change with time. There could be purchases of new equipment, space may be renovated or operations could expand. Your property insurance policy should also match your current situation. Understand the Exclusions The fine print has all the details, so read it carefully. There may always be some exclusions in commercial property insurance plans like if fire is caused due to negligence and it causes damage or if employees steal something. With the right information, you can add useful riders or additional coverage. Go for an Adequate Sum Insured Going for a lower coverage amount to save on premiums is not right. If your policy covers only ₹30 lakh but assets are worth ₹70 lakhs, then it’s pointless. You’ll face huge losses in both fire or theft situations. Ask About Business Interruption Cover Being covered for fire or theft damages is good but will you also get help for the days your business is not able to operate because of the damages? With business interruption cover, you continue having an income during downtime. Compare Multiple Commercial Property Insurance Plans There are many policies that you can choose from. It’s good to compare different commercial property insurance plans to find which one offers your business the best fire and theft coverage. Example of Fire & Theft Coverage Saving Businesses: A sudden electrical fire happened in a popular cafe that destroyed all the furniture and kitchen equipment. But since the owner has the right property insurance, he got reimbursement for repair work and replacement of things. Hence, the cafe could reopen in just a few weeks. Tips to Reduce Risks of Fire & Theft While you can get the necessary financial protection from insurance, prevention is always better. These simple steps can help: Install fire alarms and sprinklers to control the situation. Regularly maintain electrical wiring and equipment. CCTV cameras and security systems should be used to keep an eye. Conduct background checks of the employees before hiring. Secure all points of entry and exit to reduce the chances of theft. Besides providing the protection, these measures also reduce the premium for your commercial property insurance. Why Businesses Often Overlook Full Coverage Insurance is an investment. However, many small and medium businesses avoid
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Introduced As much as it’s exciting to have your own car, ownership is not easy. It comes with many responsibilities and amongst the most important ones is having the right car insurance. In India, having insurance for car is actually a legal requirement. Speaking of insurance, should you go for monthly premium payments or annual plans? Also, how do you find the cheapest insurance for car that gives you the required coverage? Let’s learn the difference between monthly and annual premium plans and also compare their costs, benefits, and drawbacks to know what might suit you better. What is Car Insurance? When you get an insurance for car, you get protection against financial losses in case there’s an accident, theft or damage. In such situations, you don’t have to pay huge amounts from your pocket because, as per policy terms, your insurance company will take care of it. Here’s what a good car insurance usually includes: Third-party liability– It covers damages or injuries that are caused by you to another person. Own damage cover– Damages that happen to your own vehicle due to accident, theft, fire or natural disasters are covered with this. Add-ons– You can also incorporate a few extra features like zero depreciation, roadside assistance or engine protection to make the policy even stronger. A comprehensive coverage is a very good idea because it gives all-around protection. However, many people look for the cheapest insurance for car because it offers both affordability and benefits. Monthly Premium Plans vs Annual Premium Plans When you are buying car insurance, the insurance providers often give you two options to make the payment: Monthly Premium Plan– Premium is paid in smaller amounts every month. Annual Premium Plan– You can also pay the entire premium at once every year. Now, both options have their own set of pros and cons that we must know about: Monthly Premium Car Insurance As discussed, you don’t have to pay a lump sum in one go but a small amount every month. Pros: Smaller payments are obviously easier on the pocket. It’s a lot flexible because it’s ok you don’t want to commit a large amount at once. Very practical for people on tight monthly budgets. Cons: It actually ends up being more expensive in the long run because you’ll be charged extra for opting for monthly installments. Policy may lapse in case of missed payments In India, not all companies offer the option of monthly insurance for car Annual Premium Car Insurance Opposite to the monthly option, in this, you pay a one-time payment for the premium for the whole year. Pros: If you look in the long term, it comes out as cheaper compared to monthly payments. You don’t have to worry about missed payments or the policy getting lapsed. You may also get discounts for annual payments, making it an affordable and cheapest insurance for car Cons: Since it’s a bigger one-time payment, it will certainly feel heavy on the pocket. It’s not really flexible for those who prefer smaller and periodic payments. Cost Comparison: Monthly vs Annual Premiums Let’s take an example to understand both types of car insurance plans. Person X was looking for the cheapest insurance for car and selected a monthly plan at ₹1,200 per month and by the end of the year, he paid ₹14,400. His friend, person Y, opted for an annual plan at ₹12,500 and ended up saving nearly ₹2,000. Y also had more peace of mind since he didn’t have to remember that there’s a monthly payment coming up. This is a simple example that shows that yes, monthly plans do feel lighter on the pocket initially but annual plans are actually more cost-effective in the long run. One-time yearly premiums are overall cheaper but if you prefer smaller and manageable installments, opt for monthly. Which Option is the Cheapest Insurance for Car? If you are on your hunt to find the cheapest insurance for car, you must go with an annual premium plan. This will give you financial benefit because: Insurers tend to provide discounts for one-shot payments. There are no extra charges added. You also stay away from the risk of missing your monthly payment. However, if you need to manage the existing cash flow and stay budgeted for the month, monthly plans will be more convenient for you. While overall they cost slightly more, you will be comfortable. Factors That Affect Car Insurance Premiums There are certain factors that influence the decision to make monthly or annual payments: Car Model & Age– Insurance amount for luxury and new cars is more than for older and smaller cars. Location– Metro cities have higher accident and theft risks and hence, higher premiums. Coverage Type– If you need comprehensive insurance, it would surely cost more than just third-party coverage. Add-ons– If you add extra benefits, it will add to the total cost. No Claim Bonus (NCB)– Not claiming insurance in a year gets you a discount on renewal. If you want the cheapest insurance for car, it’s suggested to choose only the essential coverage and skip any unnecessary add-ons otherwise, you will have to pay more. Benefits of Comparing Car Insurance Plans With so many insurers in the market, you can only find the most affordable insurance for car by comparing different policies. You can refer to online comparison tools for a quick and easy reference. Better Coverage for Lower Price– Each insurance company offers different or unique benefits at almost similar costs. Discounts & Offers– Some insurers also run festive discounts, offers on online purchases or even loyalty rewards. Customized Plans– You can tailor your car insurance by adding only the features you really need. Tips to Save Money on Car Insurance Some small steps can really help you land the cheapest insurance for car with the right protection: Opt for Higher Deductibles– If you agree to pay a small amount during claims, your premium can be lowered. Maintain a
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