B 702 Solitaire Corporate Park, Nr. Divya Bhaskar Press, S. G. Highway, Ahmedabad 380054 +919638344999
406, 4th Floor, ‘Senate’ Aura Biplex, Above Kalyan Jewellers, S. V. Road, Borivali (West), Mumbai 40092 +919022461040
|Insurance Cover||It provides coverage only for hospitalization, accident-related treatment and pre-decided diseases for a pre-specified limit. It does not provide any compensation for the loss of income due to accident and also doesnot provide any add-on coverage.||A health insurance plan offers comprehensive coverage against hospitalization charges, pre-hospitalization charges, post-hospitalization charges, ambulance expenses. Additionally, it offers compensation in case of loss of income as a result of an accident. It offers additional coverage on critical illness, personal accident coverage, maternity coverage etc.|
|Critical Illness Cover||It does not provide coverage for critical illnesses.||It provides critical illness coverage for more than 30 plus critical diseases such as cancer, stroke, kidney failure, etc.|
|Claims||The number of claims are restricted to the amount of sum assured (insurance cover) and can be made as many times till the sum assured (insurance cover) is exhausted||Except the claims pertaining to accidental & critical illness coverage, insured can file as many claims as long as his/her insurance cover isnt exhausted. Claims of accidental & critical illness is paid only once during the year/policy duration.|
|Hospitalisation||It is imperative to get hospitalized in order to get the benefits of claim in mediclaim.||It is NOT necessary to get hospitalized to get benefits of health insurance, even for day care benefits payments.|
Mainly there are 3 types of bonuses:-
- Reversionary bonus – The reversionary bonus is a bonus added to the value of Life Insurance policy. The profits made by the company are allocated to each with-profit policy at the end of the year. It gets accrued during the policy tenure & is paid in addition to the specified Sum Insured (life cover) at the time of claim of maturity.
- Interim bonus – Generally, bonuses are calculated at the end of the year. However, in cases where the policy matures or death occurs during the interim period of two successive bonus declaration dates, then bonus is calculated for the period from last bonus payment date. This is called Interim bonus.
- Terminal bonus – The terminal bonus is like a loyalty bonus paid only once, that is at the time of maturity, as an appreciation for maintaining the policy in-force till maturity. It’s also known as Persistency OR Cash Bonus, the value of which is not guaranteed and is disclosed only on the time of maturity.
|Term Plans||Endowment Plans|
|Term plans provide only protection for a specified policy duration||Endowment plans provide both protection & investment component within|
|Only death benefit offered||It offers both death benefit & survival benefit (comprising of returns in terms of bonuses)|
|It mainly covers loss of income due to sudden loss of life||It helps build a corpus for any major cash requirement situation during the course of policy duration or on maturity like Children’s education, marriage, purchase of house/property, retirement planning etc.|
|Premiums are cheaper compared to an endowment plan||Premiums are higher compared to term plans|
|Pure Term Or Term with return of premium are its versions||Pure Endowment and Anticipated Endowment (money back plans) are its version|
Generally, your life insurance cover should be able to cover your & family’s living expenses + loans/liabilities (if any) for next 10 years in situation of your sudden demise.
As a general practice, calculation for the minimum life insurance cover required by you is your Annual Income * 10 times + loans/liabilities (if any).
- To provide financial security to the family in a sudden event of untimely death.
- To save systemically and create corpus enough to help you sail through your twilight years comfortably – retirement planning.
- To help you achieve your dreams for your children’s education & marriage.
- To provide financial security against any sudden unplanned expenses (using Life/Mediclaim/Vehicle insurance etc.)
Be Wealthy intends to provide entire gamut of ‘after sales services’ at your doorstep for all your existing insurance investments – services pertaining to renewal reminders/deposit, claim settlement support, structured formatting of the existing investments, existing investment portfolio analysis & consultancy on its realignment vis-à-vis financial goals, call center support for services pertaining to insurance investments etc.
In addition to these, Be Wealthy also provides personalized services for your IT return filing and creating & registering of will & testament.