Congratulations on your marriage. You’ve promised to love and cherish each other no matter what, in sickness and health, for better or worse. But did you promise to have adequate insurance?
Most wedding vows don’t mention insurance, but now is the perfect time for you and your spouse to review your coverage to ensure your finances are protected in case of accidents or other emergencies.
So here’s what to consider and what steps you should take to get the coverage you need as a couple.
1. Health Insurance
With increasing medical costs, health inflation rates, and diseases, health insurance is necessary. But it’s important to know that just buying health insurance won’t be enough. You also need to make sure that the policy you buy is made to fit your specific needs.
Thus, regardless of how lucrative a policy sounds, you should examine a few factors before committing to it. You need to check the following things:
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Requirements:
First, determine your greatest requirements when purchasing a policy. A person’s essential requirements for health insurance might vary from person to person. For example, you may have a strong requirement to have a pre-existing illness. If you want to buy a policy, ensure it covers this disease, and its terms apply to people who already have it.
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The coverage amount:
In accordance with the rule of thumb, one’s health insurance coverage should be six times his or her monthly salary. This means that if you earn Rs. 50,000 per month, the amount of your health insurance coverage should be Rs. 3 lakhs.
In any case, the amount of coverage should be determined based on one’s own needs. As an example, a cover of Rs 1 lakh may be sufficient for an individual policy, but may not suffice for a floater policy. In any case, the amount of coverage should be determined based on one’s own needs. For instance, a cover of Rs 3 lakh might be enough for an individual policy but might not be enough for a floater policy.
The exact benefits offered:
For a detailed understanding of the benefits offered under your policy, read the policy documents, speak with your agent, or consult a trusted financial advisor like Rurash. In addition to inpatient hospitalization, what are the terms and conditions related to daycare procedures, whether or not your policy has any room rent limits, and what are the conditions relating to pre-and post-hospitalization care?
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Enhancing the coverage amount:
Due to the rising cost of healthcare, it is imperative that every member of your family has adequate health insurance coverage. And what might be sufficient for today might not be enough tomorrow.
Check the policy’s terms and conditions for the no-claims bonus. Find out how much the no-claim bonus is and what the policyholder gets for a “no-claim year.” So, you can pay less for your premiums without lowering the quality of your coverage.
So, instead of buying a single policy with a higher value, you can save money by combining a base health insurance policy with a top-up policy. Both can be from the same insurance company or a different company.
Rurash Financials recommends a few health insurance plans that you should consider for safeguarding the health of your loved ones.
2. Care Health Insurance
The Care Health Insurance Limited is a direct subsidiary of Religare Enterprises and a member of the Religare Group. We Rely on Care Health Insurance as they .deliver wide-ranging health insurance plans to meet the diverse healthcare needs of their customers. They are proud of their claim settlement ratio of 95.2%, which is one of the highest in the industry. As per our checklist, we found the following relevant features in their health insurance plans
- a health insurance plan that ensures you never run out of coverage.
- Unlimited Automatic Recharge Can Be Utilized for Related illness Hospitalization Also
- No Claim Bonus Upto 200% Which is the Highest in Industry
- Personal Accidental Coverage for Primary Insured Members
- Annual Free Health Check Up for All Insured Members
- Pre – Post Hospitalization Expenses Covered For 60Days & 90Days
- Health Insurance up to 6Cr for your family
- cashless treatment at 16000+ network hospitals
- Comprehensive Family Health Insurance Plans
- No Pre-Policy Medical Check-Up
- Cashless claim approval time of approximately 2 hours.
As we can Care Health Insurance offers an exciting, well-covered insurance plan, preparing you to tackle any medical emergency and compensating you well with a no-claim bonus of upto 200% and many more helpful features such as a no-pre-policy checkup.
3. Life Insurance
When jotting down your requirements, you may also come across the need for life insurance. When it comes to life insurance, you may also have to check the following checklist to understand the perfect plan for you
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Get to know your life insurance options
In general, life insurance can be classified into two categories: term coverage and permanent coverage. In the case of term life insurance, coverage is provided for a set period of time, such as a 20- or 30-year term. As opposed to term life insurance, permanent life insurance provides coverage throughout your lifetime, provided you pay your premiums on time. A cash value can be built over time under certain types of permanent life insurance, such as whole life and universal life.
In general, term life insurance offers lower premiums but does not accumulate cash value. Furthermore, permanent insurance coverage may be more expensive, but you may be able to borrow from your accumulated cash value if you find that you need it. Consider this when comparing insurance policies.
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Assess your life insurance needs
Next, it is necessary to determine how much coverage is appropriate. It is important to understand that this number will vary from person to person and will depend on what your objectives are when purchasing life insurance. An amount that is less than the full policy amount may be sufficient if your aim is to leave behind enough money to cover burial expenses. Alternatively, if you wish to leave behind enough money to cover your loved ones’ expenses, pay off your debt, or ensure that your children receive a college education, a larger death benefit may be preferred.
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Choose your beneficiaries
In the event of your death, your beneficiary receives a death benefit payout from your in-force policy. You may choose to name your spouse as your beneficiary, for example, if you are married. Alternatively, you may choose one of your adult children or a sibling. Before naming a beneficiary for your policy, consider who you would like to benefit from your policy.
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Choose your riders and payout options
Riders are optional coverages that are available for addition to your policy. You may include a long-term care rider in the policy if it is offered, allowing you to receive living benefits to cover long-term care expenses.
There are several advantages to adding riders to your life insurance policy, but there are also some drawbacks. Think about what is most important when it comes to riders and how that may cause your premium to rise.
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Finalize your policy
Your checklist for buying life insurance ends with underwriting after you’ve provided all your information and completed the medical exam. During this process, the life insurance company examines your application and assesses your risk level before issuing a policy. Upon approval, you must sign the paperwork and pay your initial premium, along with the ongoing monthly premiums.
Based upon the extensive checklist and well-researched requirements, Rurash offers the following life insurance plan from HDFC Life & Max life.
Life Insurance – Recommended Life Insurance Plans
1. HDFC Life Sanchay Plus
A Life Sanchay Plus plan provides a secure future for the entire family while building a legacy that will last a lifetime for them. It is a non-participating, non-linked savings insurance plan offered by HDFC.
The plans have the following features that are in sync with the aforementioned checklist, making a solid recommended option
- Guaranteed benefits – Rest assured of the returns
- Tax benefits – You may be eligible for tax benefits as per prevailing tax laws
- Flexibility – Guaranteed benefits as a lump sum or as regular income
- Life Long Income option – Guaranteed income till age 99 years
- Long-Term Income option – Guaranteed Income for a fixed term of 25 to 30 years
- Optional Riders – Enhance your protection coverage with rider options on payment of additional premium
- Death Benefit- In case of death of Life Assured during the policy term, the death benefits equal to the Sum Assured on Death plus Accrued Guaranteed Additions shall be payable to the nominee.
2. Max Life Insurance
In a joint venture between Max Life Insurance Company Limited and Axis Bank, Max Life Insurance offers various policies designed to meet the needs of its customers. With the passage of 15 years, the company has progressed in the country and has built a strong reputation.
Following our checklist, we found the following features which make it a worthy plan for recommendation
- A Term Plan that adjusts to your needs and protects your family against uncertainties.
- You have the assurance of a 98.01% Claim Settlement Ratio.
- Get additional Sum Assured on Accidental Death (through ADB option)
- Get back all Premium(s) paid on survival till maturity with the Return of Premium option
- Avail of Waiver of Premium on the diagnosis of Critical illness (through WOP CI option)
- Tax benefits as per prevailing tax laws.
- Special premium rates for female lives and non-tobacco users.
Now that we know what to check while buying an insurance plan, the confusion comes with which plans to go for since there are tons of them.
If you wish to make an informed decision among the many medical insurance products on the market, you may consult with a trusted name like Rurash Financials and select the ideal plan suited to your specific needs and requirements.
Rurash Financials is one of India’s investment management firms, providing financial solutions to augment the client’s wealth and facilitate building a legacy.
In case of any query, call us at +91 892 895 1737, or you can email us at: insurance@rurashfin.com
Also Read: Buy Low, Sell High: The Secret to building incredible Wealth for the future