Life insurance
Amount paid to the family members\dear ones after the demise of the person insured
Term Insurance
- The only correct Life insurance type.
- Buying any other Life insurance type is fooling yourself and cheating your dear ones as Term insurance only gives your dear ones very good money to take care of themselves after your demise.
- Others Life insurance types will give them very less.
- Coverage amount paid upon the death of the insured.
- No payment in case the insured does not dies during the coverage period.
- Insurance and Investment must NOT be mixed!!!
- Do not buy money-returning insurance because premium is high
- For making money invest in mutual funds
- Ideally term insurance policy should be till the age 55-60 years
- Buying online directly may give you concession
Mediclaim Insurance
- Only covers hospital related expenses
- Does not before & after hospitalization expenses
- Less premium
Healthcare Insurance
- Comprehensive, covers many aspects of hospitalization and many more health issues.
- Go for Aarogya Sanjeevani Health Insurance policy.
- It’s terms and conditions are specified by IRDAI, the topmost insurance authority of India.
- The insurance companies cannot fool you in the name of exclusions in this policy.
- 2 years waiting period
- 5 % Co-payment
- Can combine with other special disease related policies
Govt. Insurance Schemes
- Pradhan Mantri Suraksha Bima Yojana: Accidental insurance with a premium of Rs. 12 per year.
- Pradhan Mantri Jeevan Jyoti Bima Yojana: Life insurance of Rs. 2 lakh with a premium of Rs. 330 per year.
- Rashtriya Swasthya Bima Yojana: Health insurance to poor (BPL), domestic workers, MGNERGA workers, rikshaw-pullers, building and other construction workers, and many other categories as may be identified by the respective states.