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Are you looking to minimise the risk of losing the key person in your organisation?

Just like the breadwinner in a family is considered to be the key towards its survival, certain people in an organisation contribute significantly towards its growth and sustainability. These people are so important for the employer that losing them could leave the company unstable and in long-term debts for a considerable period. There is always […]

Individual life insurance is relatively more economical than joint life plans

Published in Mint on Nov 25 2016, Written by Abhishek Bondia I want to extend my life insurance cover to include my wife. Should I go for it or would it just be better to get another plan instead? —Atul Shandilya Yes, you should get a separate plan for your wife. There are limited […]

Know All About the Keyman Insurance

Have you ever considered insuring the most important asset of your business—your employees? If not, then it is the time to think about it. The sudden demise, illness or accident of any key person in your company can largely impact your profits. Most of us know that a term insurance policy helps in financially securing […]

Term Life Insurance Rates

Footnotes: 1. Date of birth has been assumed to be April 1st in the respective year for each. age group 2. Rates are for a male, non-smoker, delhi-based. 3. DHFL Pramerica, Star Union Dai-chi Insurance Co Ltd. are offline plans. 4. Claim settlement = Claims settled/(claims settled + claims rejected+ claims repudiated). 5. Exide Life […]

Go for insurers with claim settlement ratio of 85% or more

Published in Mint on Aug 16 2016, Written by Abhishek Bondia I am 50 years old and want to buy a term plan. Kindly suggest a suitable one. —Surendra Khemka You need to consider a few variables before finalising a plan. These include: sum assured, policy term and optional riders. Typically, a minimum sum assured […]

One may buy term insurance along with a home loan

Published in Mint on 23 June 2015, Written by Abhishek Bondia What is a free look period? Why is it important? —Bhargav In a free look period, a policy can be canceled without penalties. Typical premature withdrawal or surrender charges associated with life insurance are not applied during the free look period. When a policy […]

Why should one take riders with term life insurance

Riders are add-on covers insurers provide to enhance the scope of a life policy. Riders cover risks that are beyond the scope of the main life policy, resulting in a more comprehensive protection. The most common riders cover critical illness (or dreaded diseases) or personal accident (or accidental death and dismemberment). These add-ons step in […]

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Definitioner

Claim

Claim - means a demand made by You or on Your behalf for payment of Medical Expenses or any other expenses or benefits, as covered under the Policy

Sum Insured

"Sum Insured" means the sum as specified in the Schedule to this Policy against the name of Insured / each Insured Person, which sum represents the Company's maximum liability for any or all claims under this Policy during the Policy period for the respective benefit(s) against which the sum is mentioned in the Schedule to this Policy.

Policy

"Policy" means this document of Policy describing the terms and conditions of this contract of insurance, including the company's covering letter to the insured if any, the Schedule attached to and forming part of this Policy, the Insured's Proposer form and any applicable endorsement thereon. The Policy contains details of the scope and extent of cover available to the Insured/Insured Person, the exclusions from the scope of cover and the terms and conditions of the issue of the Policy.

Insured

"Insured" means the individual who has a permanent place of residence in India and on whose name the Policy is issued.

Illness

"Illness" means sickness or disease first diagnosed during the period of insurance for which immediate treatment by a Medical Practitioner is necessary.

Critical Illnesses

Critical Illnesses means diseases/illnesses limited to the following:

Cancer represented by a malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissue.
First Heart Attack involving death of a portion of the heart muscle arising from inadequate blood supply to the relevant area.

Coronary Artery Disease involving narrowing of the lumen of at least one coronary artery by a minimum of 75% and of two others by a minimum of 60%, as proven by coronary arteriography, regardless of whether or not any form of coronary artery surgery has been performed. Coronary arteries herein refer to left main stem, left anterior descending circumflex and right coronary artery.

Coronary Artery bypass surgery involving the actual undergoing of open-chest surgery to correct the narrowing or blockage of one or more coronary arteries with bypass grafts.
Heart Valve Surgery involving the actual undergoing of open heart surgery to replace or repair heart valve abnormalities.
Surgery to Aorta involving actual undergoing of major surgery to repair or correct aneurysm, narrowing, obstruction or dissection of the aorta through surgical opening of the chest or abdomen. For the purpose of this definition aorta shall mean the thoracic and abdominal aorta but not its branches.

Stroke referring to a cerebrovascular incident including infarction of brain tissue, cerebral and subarachnoid hemorrhage, cerebral embolism, and cerebral thrombosis.
Kidney Failure involving chronic irreversible failure of both kidneys requiring either permanent renal dialysis or kidney transplantation

Aplastic Anemia involving Chronic persistent bone marrow failure which results in anemia, neutropenia and thrombocytopenia requiring treatment
End Stage Lung Disease causing chronic respiratory failure
End Stage Liver Failure evidenced by Permanent jaundice ascites and Hepatic Encephalopathy.

Coma that persists for at least 30 days.
Major Burns representing third degree (full thickness of the skin) burns covering at least 30% of the surface of the Insured / Insured person's body.
xiv) Major Organ/Bone Marrow Transplantation involving human bone marrow using hematopoietic stem cells preceded by total bone marrow ablation; or any one of the human organs limited to heart, lung, liver, kidney or pancreas, that resulted from irreversible end stage failure of the relevant organ.

Multiple Sclerosis

Fulminant Hepatitis involving sub-massive to massive necrosis of the liver by the Hepatitis virus, leading precipitously to liver failure
Motor Neuron Disease characterized by progressive degeneration of corticospinal tracts and anterior horn cells or bulbar efferent neurons which include spinal muscular atrophy, progressive bulbar palsy, amyotrophic lateral sclerosis and primary lateral sclerosis.
Primary Pulmonary Hypertension with substantial right ventricular enlargement confirmed by investigations including cardiac catheterization, resulting in permanent physical impairment due to cardiac impairment resulting in not being able to engage in any physical activity without discomfort. Symptoms may be present even at rest
Terminal Illness involving conclusive diagnosis of an illness that is expected to result in the death of the insured person within 12 months.

Bacterial Meningitis involving bacterial infection causing in severe inflammation of the membranes of the brain or spinal cord resulting in significant, irreversible and permanent neurological deficit. The neurological deficit must persist for at least 6 weeks.

Accident

"Accident" means a sudden, unforeseen and unexpected physical event beyond the control of the Insured/Insured Person resulting in bodily injury, caused by external, visible and violent means.