Frequently Asked Questions

What are the most traded derivatives?

How long does it take to open an account?

Yes, Motilal Oswal gives you a single sign in access to all your account details, trades and balances. Below is the procedure for the same Website Visit www.motilaloswal.com

Click on Login tab in the extreme right

Select My Motilal Oswal from the dropdown

Select login as Customer

Select login with as equity client code

Enter the password

Lite-Desktop Exe/Web Login to the Lite-Desktop

Lite-Web with your credentials Select reports- My reports

Enter the login id and password

How do I open a trading account with Motilal Oswal Financial Securities Limited (MOFSL)?

It’s simple. There are five easy ways for opening a power-packed trading account with Motilal Oswal

A. By Phone

Call 022-30896680 and our executive will fix up an appointment of one of our Investment Advisors with you, at a time convenient to you, to complete the formalities required for opening an account.

B. SMS

Simply SMS MOSLINFO to 7039005999 and our executive will give you a call back.

C. Branch

Just walk-in to any of our branches. To know the locations of our branches, click here.

D. Email

Drop us an email with your name and contact number at info@motilaloswal.com and we’ll call you back.

E. Online Visit www.ezonline.motilaloswal.com

1) Click on Open an Account

2) Fill up the Online Account Opening form

3) Call 022-30896680 in case of any queries and our executives will help you fill out the online account opening form

Does it cost me anything to open an account?

What documents are required for opening an account?

The following are the list of documents required

A. Proof of Identity Copy of PAN Card

B. Proof of Address Copy of any one of the following (Self Attested)

Passport

Ration card

Voters ID

Driving license

Electricity bill (not more than 2 months old)

Landline Telephone Bill (not more than 2 months old)

Bank Passbook

C. Bank Proof Copy of Bank Pass Book or Personalized Cheque leaf (For Existing Bank Account Holders Only)

D. Latest Photograph (Single copy)

What if I already have a Demat account with another Depository?

What are the different modes available for trading in MOSL?

How do I place my orders?

Can I place a trade on the phone?

What are the market timings?

What is Derivative Trading?

Where can I trade derivatives?

How BA Branches will know why they need to complete both esign process or only one esign?

How BA Branches know the image size of proofs at the time of proof uploading?

How BA Branches will get to know which DOB to be entered in system (If DOB differ with pan proof and aadhar proof)?

What action to be taken if error message is displayed as PAN number is allocated to a registered client?

If nominee doesn’t have PAN proof then how to proceed for nominee process?

Why system ask otp when we share link to capture live photo of a client?

What if BA Branches upload crop image in system?

How BA Branches will find they punched wrong bank details in system?

What to enter in mobile relation and email relation field, when message comes as 'Duplication Email or Mobile declaration not given'?

Brokerage and tariff details not displaying in dropdown?

Where to view the rejection raised by verifier?

Where is DDPI selection option?

Which sub-status to be selected for Individual, with nominee and without nominee codes?

Which fields to be filled in IPV details on Page 5?

In bulk PDF, which images have to be upload?

How to find out if the trading code is active?

Which account type to be selected on first page?

Where to add existing DP account in the form?

IPV name not found in dropdown?

While saving page 1, getting error as 'Select correct salutation'?

How to access my Backoffice reports?

"There are two access points for accessing statements:

• Top Bar >>Wallet icon>> Statements.
• Top Bar>> Profile I-icon>> Funds Statements.

By clicking, you can access the Ledger, Contract, P&L, and Trade History"

How to change theme?

How to disable/enable biometric login?

What are trading preferences?

• Single Click Execution: No confirmation page will be shown when placing an order.
• Retain order quantity: The quantity entered will be saved for your next visit to the order form, and this will be saved according to the exchange.
• Trade Notifications: Trade-related notifications will be received

Where can I access my notifications?

How to logout from the app?

What is Power cart?

How to use Power cart?

What are the maximum number of scrips/contracts I can add in power cart?

How to create multiple power carts?

Can I add and trade equity scrips and F&O contracts from power cart?

What are alerts?

How to use margin calculator?

How to add funds? – IMP

What are the medium available to add funds? – IMP

How much time is required to reflect the added funds in ledger?

How to withdraw funds? – IMP

There are two access points for withdrawing funds:

• Top Bar >>Wallet Icon>> Withdraw.
• Profile Icon>> Funds>> Withdraw.

By clicking, you will be shown the maximum withdrawal amount. By entering the same or less than the maximum withdrawal amount, you can withdraw that particular amount, and it will be credited to the selected bank. By default, the primary bank is selected.

How to access your recent transaction?

There are two access points for adding funds:

• Top Bar>> Wallet Icon>> Withdraw>> Want to see Recent Transactions.
• Profile Icon>> Funds>> Withdraw>> Want to see Recent Transactions

How much is the credit for holdings sell?

What is option store? – IMP

How to take call from option store? – IMP

Do I need to manually exit the position taken from options store?

What is difference between Order and Trade margin?

Can I trade in currency & commodity from Options store?

What are Option Brains? – IMP

How can I take the subscription for Option Brains?

How can I make trade from Option brains?

How to create Derivatives watchlist?

What are my positions?

What are open and closed positions?

What are carry forward positions?

Can I square off all my positions at a time? – IMP

What are the different Product types available?

Will my Intraday order be automatically squared off? If yes when?

What is Slicing? And how it is used?

What is AMO order?

What is order validity?

What is disclosed quantity?

How does stop loss works?

What is single click execution?

What is market and limit orders?

How to check my brokerage and other charges before placing order?

What is holdings pledge?

What is margin trading facility? – IMP

How do I pledge my holdings? – IMP

How much margin is released post pledging your holdings?

How to unpledge your holdings?

Can I sell my pledged holdings without unpledging? “ IMP

Why few of my holding is unavailable for pledging?

What are pledging/unpledging charges?

There are four types of charges for pledging and unpledging shares, including:

• Rs. 25 per scrip for the funding pledge
• Rs. 12.5 per scrip for the margin pledge
• Rs. 12.5 per scrip forunpledging
• Rs. 25 (Rs. 12.5 + Rs. 12.5) per scrip forunpledging and selling

You must pay the above mentioned charges whenever you pledge/unpledge the shares in your account. These charges will be deducted directly from your ledger account. When you engage in the process of pledging or unpledging shares, it is imperative to be aware that the aforementioned charges must be paid. These charges will be deducted directly from your ledger account, ensuring a seamless and transparent transaction.

How much time is required to receive margin post pledging?

How to activate MTF? – IMP

Client can activate Margin Trading Facility (MTF) in 2 ways:

• Login to Trader App.
• Click on the scrip you wish to Buy
• On the Equity order form selecting MTF you will get a pop-Want us to fund for your order? Click here.
• A Consent page will open.
• Click on I Agree for activating MTF.
• On Agreeing the consent -the MTF will be activated.
• One can place order Selecting MTF from Product Type in Order form

Client can also activate MTF facility through Orion Lite by selecting MTF as product while placing order, where system will populate MTF product activation link.

What is the interest rate for MTF?

How long will it take to activate Margin Trading Facility?

Do I need to have separate DEMAT account to avail Margin Trading Facility?

What if my stocks bought under Margin Trading Facility get appreciated? Will I get additional margin on it?

What if I receive dividend on MTF funded stocks?  - IMP

What will be the interest calculation?

How is the Interest charged & when does I need to pay?

How can I identify MTF orders in the order book?

How to identify pledged holdings in portfolio?

What are my holdings?

If I buy certain scrip, when will it be displayed in portfolio? – IMP

What is watchlist?

How to add/edit/delete scrip to watchlist?

How to track corporate action in watchlist? – IMP

What is show performance in watchlist? – IMP

How to toggle between the multiple watchlist?

What is heat map view? – IMP

What is the right age to buy health insurance?

Is a medical test mandatory to buy a health insurance policy?

What does cashless hospitalization mean in a health insurance policy?

At what age can I include my children in my health insurance plan?

What is a free-look period in health insurance?

What is the sum insured in health insurance?

What are pre-existing diseases or conditions?

Can a person have more than one health insurance policy?

I have my employer's group policy; do I need to buy a separate health insurance plan?

How to add my family members to my existing medical policy?

What are the documents required for purchasing a health insurance policy?

Can my friend buy a health insurance policy if he/she is not an Indian national but living in India?

What if I already have a health insurance policy, but just want to increase my sum insured?

What are pre and post-hospitalization expenses in health insurance?

What is Recharge/restore facility in health policy?

Which diseases are not covered in health insurance?

Does my health insurance policy cover healthcare expenses related to COVID-19?

How much health insurance coverage do I need?

Do health insurance plans cover diagnostic charges like X-ray, ultrasound or MRI?

Will I get coverage for pre-existing diseases?

Do health insurance covers robotic surgery & modern treatments?

What is a Cumulative Bonus in a health insurance plan?

Can I cancel my health insurance? If yes, will I get my premium back?

How does smoking affect health insurance premiums?

Under what conditions is my policy premium likely to increase at renewal?

There are several reasons why your health insurance premiums can increase during renewal. They are:

• Medical inflation
• Increase in your age
• Claims raised in the previous year
• Alteration in coverage benefits
• Diagnosis of a disease recently
• Policy lapse

What if I forgot to pay my health insurance premiums?

What happens to my health insurance policy after a health claim is filed?

What do you mean by No claim bonus in health insurance plans?

What if the insurance company refuses to settle my claim and I want to file a complaint?

What to do if I am admitted to a non-network hospital?

Does every network hospital provide a cashless facility?

What is the procedure for reimbursement settlement?

The process for reimbursement claim goes as follows:

1. Inform the insurer about your hospitalization and submit the filled-in reimbursement claim form within the prescribed time period from the date of your discharge from the hospital
2. Submit all the original and duly stamped medical reports, medical bills, hospital bills and hospital discharge card with the claim form
3. Doctor's follow-up prescription along with other required documents should also be submitted to the insurer. Keep copies of all submitted documents for future reference and retain them all
4. The insurer will verify your documents and contact you in case any clarification is required.
5. Usually, a health insurance claim is settled within 2-3 weeks of receiving all the documents

If I do not make a claim within a policy period, can I get a refund of my money?

What is the maximum number of health insurance claims allowed in a year?

What to do if my health insurance policy renewal date is missed?

Why should you avoid policy renewal during the grace period?

Do I get a discount on the renewal of the policy with the same health insurance company?

Can a health insurance policy expire if it is not renewed on time?

What if I miss the health insurance policy premium renewal date?

Can I increase my health insurance cover during renewal?

Is there a grace period for health insurance renewal?

Can I transfer my health insurance policy without losing renewal benefits?

What happens if my medical policy lapses during hospitalization?

If I increase my sum insured during policy renewal, will a waiting period apply?

What Is Insurance?

Why is insurance important?

How Does Insurance Work?

As mentioned earlier, insurance is a legal contract between the policyholder and the insurance provider.

The insurance policy carries all the details about the aspects and conditions under which the insurance provider will pay out the insurance amount to the policyholder or their nominee in case an unforeseen event occurs. Insurance is a financial tool which helps in ensuring financial protection of yourself and your family. Generally the person who has purchased the policy also known as policyholder has to pay premiums for the coverage available under the insurance policy. Any person can seek insurance from an insurance company.

What are the types of insurance available?

Health Insurance: Health insurance policies provide financial assistance to the policyholder in case they need to be admitted to the hospital for any kind of treatment. Additionally, some health insurance plans also cover the cost of treatment which are undertaken at home before the hospitalization or after discharge. There are several health insurance plans available in India such as Individual Health Insurance, Family Floater Plans, Critical Illness Cover, Senior Citizen Health Insurance, Group Health Insurance, Maternity Health Insurance and Personal Accident Insurance.

Life Insurance: Life insurance is an agreement between an individual and an insurance company under which the insurance company promises to provide a sum assured (death benefit) to the family of the life assured in the event of an unforeseen death of the life assured. In case of no death, a sum assured known as the maturity benefit is provided to the life assured at the time of maturity of the policy under selective life insurance plans. There are 6 types of life insurance policies available in India which are Term Life Insurance, Unit-Linked Insurance Plan (ULIPs), Child Protection Plan, Money Back Plans, Retirement Plans and Endowment Plans.

What are the tax benefits on insurance?

Apart from providing coverage from the unforeseen financial losses, insurance policies also lets a person avail income tax benefits. Below mentioned are some tax benefits that one can avail by purchasing an insurance policy under the Income Tax Act:

Section 80C: Under Section 80C of the Income Tax Act, premiums paid to purchase life insurance policy qualify for tax exemptions for upto Rs. 1.5 Lakh.

Section 80D: Under Section 80D of the Income Tax Act, premiums paid towards health insurance policy qualifies for tax exemptions.

Section 10(10D): Benefits under life insurance policy that shall be receivable by the life insured or the nominee also qualify for tax exemptions under Section 10(10D) of the Income Tax Act.

The premium paid for health insurance plans qualify for a tax deduction of up to Rs. 25,000 under Section 80D of the Income Tax Act. These plans also qualify for an additional Rs. 25,000 tax deduction for premium paid for parents’ mediclaim policy (Rs. 50,000 if parents are senior citizens).

Key Components of an Insurance Policy?

Below mentioned are some components to help you understand what is insurance and how does it work:

1. Premium Amount: Premium of an insurance policy is the decided amount that you need to pay for the insurance coverage. It is typically known as regular payments which can be made monthly, quarterly, half-yearly or annually. There are various factors on which the premium of an insurance policy is calculated by the insurance provider. The idea behind that is to check whether the insured person is eligible for the type of insurance policy they want to purchase.

2. Policy Limit: Policy limit is defined as the maximum amount that an insurance provider will pay for the losses covered under the insurance policy. This is determined on the basis of policy tenure, loss and similar other factors.

3. Deductibles: Deductibles under an insurance policy refers to the amount that the policyholder has to pay before the insurance provider settles the claim. Deductibles shall be applicable as per the policy’s terms and conditions.

Can I return my policy immediately after I purchase it?

You can return the policy stating the reasons why you disagree with terms and conditions of the policy

within the free-look period as per regulations of IRDAI. For Life Insurance policies, the free-look period is of generally 15 days (30 days for online policies) from the date of receiving policy documents.

Can I purchase more than 1 health insurance plan? How are the claims settled in this case?

Why should I buy a health insurance plan?

What is a health insurance plan?

How is health insurance premium determined?

Different health insurance plans have different premiums. The insurance companies determine premiums after considering various factors that are explained below:

1. Type of Insurance Plan: Your health insurance premium is based on the type of plan you choose. If you choose a critical illness insurance plan, then the premium will be high. If you choose an individual health insurance policy, then the premium will be different from that of a family floater plan. To know the difference in health insurance premiums, you can use Insurance Dekho's health insurance premium calculator.

2. Age of the Insured: With age, you become more prone to health issues and are more likely to make health insurance claims. Therefore, you are required to pay higher premiums if you buy health insurance plans in later stages of life. This is why it is recommended to buy health insurance policy when young.

3. Policy Term: Most health insurance plans come for a period of 1 year, 2 years, or 3 years. Greater the policy term you choose, the greater will be your coverage, and hence higher will be your health insurance premium, and vice versa.

4. Lifestyle Habits: If you drink alcohol or smoke regularly, then you may be denied health insurance completely. However, there are some insurance companies that cover you for the same, for which they charge high premiums. This is because, with these lifestyle habits, you are more prone to health issues.

5. Family Medical History: Before deciding your health insurance premium, the insurance company will ask about your family medical history. This is because if someone in your family has a certain disease that you are also vulnerable to, then the insurance company will charge you a higher premium due to increased risk.

6. Sum Insured: Health insurance plans come with different sum insured options that you can choose from as per your budget and requirement. The higher the sum insured, the higher the medical coverage and hence higher the health insurance premium. But it is not recommended to compromise on the sum insured to save on premiums. This is because it will not cover you adequately in the time of need.

Can I avail coverage benefits if I get hospitalised for less than 24 hours?

Under what conditions are my policy premium likely to increase at renewal?

Healthcare Inflation - Inflation in healthcare is soaring at a rate of 12% to 18% which comprise the costs of medicines, hospital admission costs, medical advancements, etc. It leads your insurance companies to increase your sum insured every year which increase your premium too during policy renewal.

Age of Policyholder - Increase in age can also impact your health insurance premium while renewing the health insurance policy, especially for those touching 60 just before renewal.

Change in Coverage - If you change your health insurance policy coverage during the renewal process either by adding some add-on covers to your plan or by changing your insurer altogether, it may increase your premium.

What if I forgot to pay my health insurance premium?

What happens to my health insurance plan after a health claim is filed?

What is Health Insurance?

Benefits of Buying Health Insurance Plans Online?

Buying a health insurance policy online comes with several benefits. Take a look at them below:

• Easier to Compare Plans - It is easier to compare health insurance plans from different insurers to make an informed decision.
• More Convenient- It is more convenient to buy the policy online as you do not have to visit the branch of the insurance company or take an appointment to meet an insurance agent.
• Online Discounts -It allows you to avail discount on premiums for buying the policy online.
• Lower Premiums- Health plans are available for a lower premium online as insurance companies save a lot on operational costs.
• Minimal Paperwork- The process of buying a health insurance policy online involves minimum to zero paperwork.
• Policy Available 24x7 - A health insurance policy can be purchased online any time of the day, even on public holidays, which is not possible in offline buying.
• Digital Payment Options - It allows you to avoid cash payments and use digital payments methods to pay the premium online safely.
  Instant Policy Purchase - A health insurance policy is issued instantly when purchased online unlike offline buying.
• Time-saving- It saves you a lot of time as the policy is issued within a few minutes of buying.

Key Benefits of Health Insurance Plans in India

Health insurance plans offer a variety of health benefits to the insured depending on the plan. Following are the key benefits of buying a health insurance plan in India:

• Hospitalization Expenses -A health insurance plan covers the medical expenses incurred on getting admitted to a hospital for more than 24 hours. It includes room rent, doctor’s fee, medicine cost, diagnostic test fees, etc.
• Pre & Post Hospitalization Expenses -It covers the medical expenses that you may have incurred on an illness before getting hospitalized as well as follow-up treatment expenses incurred after getting discharged. The pre-hospitalization and post-hospitalization expenses are covered up to a fixed number of days as specified in the policy document.

• ICU Charges -A health insurance plan also covers the cost of availing treatment in an ICU during hospitalization.
• Ambulance Cost -It covers the cost of ambulance services availed to reach the nearest hospital during a medical emergency.
• Cashless Treatments -All health insurance providers in India offer cashless treatment facilities at their network hospitals. You do not have to worry about arranging money to pay the hospital bills if you get admitted to a network hospital as it will be settled by your insurer under cashless claims.
• Day Care Procedures -It also covers the cost of availing day care treatment that requires hospitalization for less than 24 hours.
  Pre-existing Diseases -The best health insurance policy also provides coverage for pre-existing diseases after you have completed the waiting period. Usually, pre-existing diseases are covered after a waiting period of 2 to 4 years.
• AYUSH Treatment -It covers the cost of availing medical treatment through AYUSH School of medicines that includes Ayurveda, Unani, Homeopathy, Siddha and Yoga.
• Medical Check-ups - Most health insurance companies in India offer free preventive health check-up facilities to the insured at regular intervals depending on the policy terms and conditions.

How to Calculate Health Insurance Premium?

In order to keep the policy in force, regular payment of a fixed premium is essential. Did you ever think about how this premium is calculated? There are certain factors that affect health insurance premiums such as the medical background of your family, sum insured, cumulative bonus, your personal medical history and so on.

Based on that, you might want to calculate your premium to figure out how much you would have to pay for the policy. It can be done through a health insurance premium calculator. A premium calculator is an online tool that calculates the premium to be paid as per the information provided by you, such as the preferred sum insured, age of the insured, etc.

What is Covered in a Health Insurance Plan?

Most health insurance companies in India cover the following medical expenses under a health insurance policy:

• In-patient Hospitalization Expenses -The hospitalization expenses incurred during the treatment of an illness or injury are covered provided the hospitalization is for more than 24 hours.
• Pre-existing Illnesses or Diseases -After the completion of the waiting period, you can file a claim for the expenses incurred on the treatment of any pre-existing illness or condition.
• Pre and Post-Hospitalization Expenses -Medical expenses incurred on blood tests, x-ray, and other medical check-ups that are required before hospitalization are taken care of by the insurance company. Similarly, the cost of medicines and preventive health check-ups that are done to ascertain your health after the discharge from the hospital is covered under the health insurance plan.
• Ambulance Charges -Although the coverage amount varies from insurer to insurer, most medical insurance plans cover emergency ambulance charges.
• Maternity Cover -Medical expenses incurred during the pregnancy and delivery are covered along with newborn baby expenses.
• Preventive Health Check-ups -Regular health check-up facilities are also made available in some health insurance plans in India.
• Day-care Procedures -Daycare treatments where hospitalization is not required for more than 24 hours are covered. It includes eye surgery, dialysis, and other common daycare surgeries as mentioned in your policy document.
  Home Treatment Cover -It also covers the expenses incurred on getting medical treatment at home on the advice of a medical practitioner.
• AYUSH Benefit -A health insurance plan also reimburses the medical costs incurred on Ayurveda, Unani, Siddha, or Homeopathy treatment up to a specified limit.
• Mental Healthcare Cover - All health plans in India cover mental illnesses as per the Mental Healthcare Act, 2017. IRDAI has directed all insurers to amend health policies to cover the treatment of mental illnesses, like acute depression, bipolar affective disorder, schizophrenia, etc. by 31st October 2022.

What is Not Covered in a Health Insurance Plan?

The following medical expenses and situations are not covered in a health insurance plan:

Unless there is an accidental emergency, claims arising during the initial 30 days of buying a health insurance plan are not covered.

• Coverage of pre-existing diseases is subject to a waiting period of 2 to 4 years
• Critical illnesses coverage usually comes with 90 days waiting period
• Injuries caused by war/terrorism/ nuclear activity
• Self-inflicted injuries or suicide attempts
• Terminal illnesses, AIDS, and other diseases of similar nature
• Cosmetic/plastic surgery, replacement of hormones surgery, etc.
• Dental or eye surgery expenses
• Bed rest/hospitalization and rehabilitation, common illnesses, etc.
• Treatment/diagnostic tests and post-care procedures
• Claims arising out of adventure sports injuries

Key Factors to Consider before Buying a Health Insurance Plan

There are a few factors that you should consider closely to make the right decision while buying a health insurance plan:

• Check the Scope of Coverage -The policy coverage and the sum insured amount will decide the type of illnesses and surgeries that you can claim during the policy term. Closely look at the benefits offered like hospitalization expenses, daily cash benefit, COVID hospitalization cover, critical illness cover, maternity cover, etc. while choosing a health plan.
• Adequate Sum Insured -The sum insured amount is a crucial deciding factor in selecting a medical insurance policy. Looking at the ongoing inflation it is advisable to buy a health insurance plan with a minimum sum insured of Rs 10 lakh that can go up to Rs 1 crore. If it;s a family floater policy or senior citizen insurance, the higher the sum insured the better the coverage will be.
• Policy Type -There are different types of medical insurance policies that are available in India. As per your requirement, you can choose to buy individual health insurance, senior citizen health insurance, family floater or critical illness plans. Moreover, you can buy Top up and Super Top up health insurance along with your existing health plan to enhance the coverage. This is beneficial in case your base sum insured gets exhausted during the treatment. You can choose this option at the time of policy purchase and renewal.
• Waiting Period Clause -Your health insurance policy only comes into action once the initial waiting period is over. If any claim is filed during the initial waiting period except for accidental hospitalization claims, the insurer can reject it. Moreover, the waiting period clause also applies to pre-existing diseases like thyroid, blood pressure, diabetes, etc. It is also applicable to specific illnesses, treatments, and maternity cover. You can choose a plan with a minimal waiting period.
• Co-payment Clause -Your medical insurance policy may have a co-payment clause, which means a certain percentage of the claim amount should be borne by you (insured). The co-payment option does not have any effect on the sum insured. It allows you to reduce your premium to a certain extent but certainly increases your out-of-pocket expenses. Only opt for this clause if you can pay off a portion of your hospitalization bills, that can be 10% and above without a financial burden.
• Room Rent Sub-limits -A health insurance plan may have various sub-limits and the most common one is the room rent sub-limit. For instance, if your medical insurance policy comes with a sum insured of Rs 3 lakh with a sub-limit of 1%on daily room rent, then your room cost will be covered up to Rs 3,000 per day. Any additional amount on room rent will have to be paid from your own pocket. So, a health plan with no or minimal sub-limits is advisable.
• Network of Cashless Hospitals -Check the list of network hospitals for an insurance company where cashless claims can be filed. The maximum number of network hospitals you have in your vicinity,the better are the chances of availing cashless hospitalization benefits.
• Lifelong Renewability Option -Medical insurance policies are usually renewed every year. When the policy term is about to end, in order to continue the insurance coverage, the insured has to pay the insurance premium at the time of renewal. When buying a health insurance plan, choosing a plan with a lifetime renewal option is beneficial in the long run.
• Premium Loading Factor -Premium Loading is the additional amount that is charged to a risk-prone policyholder in the premium, especially in senior citizen health insurance plans. Choosing a medical insurance plan with no loading will save you from paying an extra premium. Some insurers also charge a claim loading. This aspect, though ignored in the beginning, usually increases your out-of-the-pocket expenses at the time of claim.
• Check the Claim Settlement Ratio -This is an important criterion to assess the credentials of an insurer. You should always go with a company with a good claim settlement record. A claim settlement ratio above 80% can be an ideal choice.

Does Your Health Insurance Policy Cover Coronavirus (COVID-19) Treatment?

Yes, your existing health insurance policy covers the cost of COVID-19 treatment. Several health insurers and general insurers have already launched health insurance plans for coronavirus that cover the medical expenses incurred on the treatment of coronavirus. After the IRDAI guidelines, two special standard health insurance products, namely Corona Kavach policy and Corona Rakshak policy were launched and are being purchased by a lot of people already. Let’s check out these two COVID insurance products and how they are different from basic health plans.

• Corona Kavach Policy

It is an indemnity based health insurance plan that covers COVID hospitalization expenses, home treatment, and AYUSH treatment costs. The cost of masks, gloves, ventilators, oxygen cylinders, PPE kits, is also covered.

• Corona Rakshak Policy

Corona Rakshak policy is a benefit based product that provides a lump sum payment for hospitalization (minimum 72 hours) expenses upon the diagnosis of coronavirus during the policy term. The minimum policy term is 3.5 months and the maximum is 9.5 months.

Eligibility Criteria to Buy a Health Insurance Plan

The eligibility criteria to buy a health insurance plan depends on a number of factors such as the age of the policyholder, pre-existing diseases, etc. In most health insurance plans, the following eligibility criteria should be met:

Criteria

Specifications

Age Criteria for Adults

Entry age for Adults: 18 to 65 years

Age Criteria for Dependent Children

Entry age for Children: 90 days to 25 years

Pre-medical Screening

Above the age of 45/55/60 years

Pre-existing Disease waiting period

2 years to 4 years

• Age Criteria- The entry age criteria for adults and children varies and can range from 18-65 years and 90 days to 25 years respectively. The actual age can vary from one medical insurance policy to another.
• Pre-medical Screening-Pre-medical examination is required for applicants mostly above the age of 45 years or 55 years. However, most of the senior citizen health plans require pre-medical tests before policy issuance.
• Pre-existing Diseases-Any pre-existing illness is covered after the completion of the waiting period i.e. 2-4 years. Most health insurers ask the applicant if they are going through any medical conditions like blood pressure, diabetes, cardiovascular diseases, kidney problems, etc. at the time of buying a health insurance plan. If you are a smoker or an alcoholic, then you need to disclose it to the insurance company.

Why Compare Health Insurance Plans Online?

Comparing health insurance quotes online helps you in choosing the best health plan to suit your healthcare needs. Sometimes, it can also get confusing to select the best health insurance plan as so many insurers offer different health insurance products with impressive features.

Here are some of the major advantages of comparing and buying a health insurance plan online:

• Access to Accurate Information: It offers easy access to every medical insurance policy available in the market. It also saves the buyers from dealing with the insurance agents who are known to provide unreliable and biased information most of the time.
• Easy Comparison of Different Health Plans: Comparing different health insurance plans online is both time-saving and convenient. You don’t have to keep meeting with the agents to compare and choose the best plans. Additionally, several tasks, such as paying premiums, renewing the health insurance plans, etc., are also easier via online mode.
• Find a Policy with Suitable Premiums: If a customer buys a health plan online, he/she will be able to compare the premium and opt for the one that fits in the budget. Also, no brokerage or agent fees are levied and hence, the buyer ends up saving a significant amount of money.
• Availability of Provider/Plan Reviews: You can check an insurance company’s ability to meet your claim requests by comparing the Claim Settlement Ratios online on our website. Doing so will help you get an overall idea of an insurer's reputation, enabling you to make an informed decision.

Which Factors Affect Health Insurance Premium?

With the advancement in medical facilities, health care costs have also increased. The main benefit of health insurance is that it takes care of healthcare expenses. It offers financial security to you and your family in the event of an unanticipated serious illness or accidental injuries that could drain all your savings. Here is how the cost of your insurance premium is determined:

• Medical History: Your medical history is one of the major determinants of the health insurance premium. Almost all health insurers in India make pre-medical tests mandatory (after a certain age) before buying a health insurance policy. While some insurance companies don’t make medical screening mandatory, they do consider your current medical conditions, lifestyle-related health risks and the medical background of your family. That is why medical insurance premium for smokers is higher than other people.
• Gender and Age: Age is another important determinant of the medical insurance premium. The premium varies based on the age of the insured person. That is why it is recommended to buy a policy at a young age because the cost of the premium is low for young applicants. Elderly people are vulnerable to cardiovascular diseases, and other critical illnesses such as cancer, kidney problems, etc. For this reason, senior citizens medical insurance premium is usually on the higher side. Also, the cost of the premium for women’s health insurance is lower in comparison to the male candidates due to the lower risk of stroke, heart attack, etc.
• Policy Term: The premium for a 2-year health insurance plan will be higher than a 1-year plan. However, almost all insurance companies offer a discount on long-term medical insurance plans.
• Type of Health Insurance Plan: The type of health insurance policy you select also affects the cost of the premium. The higher is the coverage, the higher will be the premium. With the help of an online health insurance premium calculator, you can compare the premium for different health insurance plans before buying.
• No-Claim-Discount: If you have not made any claim during your previous policy term, then you can earn NCB or No Claim Bonus discount. Also known as a cumulative bonus, the savings on premium ranges from 5 to 50 percent depending on the number of claim-free years. It is also one of the most important factors that are taken into consideration while calculating the cost of the premium.
• Lifestyle: If you drink or smoke regularly, chances are high that you will be charged more premium amount. In some cases, the insurer can also reject your medical insurance policy request.

How to File a Health Insurance Claim?

Health insurance plans come with additional benefits of cashless treatment and expense reimbursement by the insurer. One can file a claim for expenses incurred as per the sum insured limit of the health insurance policy. Following are the two types of claim processes:

1. Health Reimbursement Claims

For the treatments availed in the non-network hospitals, the policyholder can file a claim for reimbursement of the treatment charges. Once the treatment is completed, the insured needs to settle the bill, collect all the documents, and then file a claim with the Insurer or the TPA for reimbursement.

2. Cashless Claims

If the treatment is availed in a network hospital or cashless hospital, then the policyholder will be eligible to avail cashless treatment services. Once the treatment is completed the insurance company settles the bill directly with the hospital.

For both cashless and reimbursement claims the procedure for planned and emergency hospitalization may vary as given below:

• In Case of Planned Hospitalization
• In case of planned hospitalization, you need to inform the insurer at least 48-hours before the treatment.
• Once you get the approval from the TPA, you can then file for reimbursement and cashless claims on submission of the claim form
• Also, submit other related documents like medical bills, reports, discharge summary, etc.
• Once the approval is provided, the claim amount is paid to you by the insurer in case of reimbursement claims.

• In the case of cashless claims, the hospital bill is directly settled by the insurer
• In Case of Emergency Hospitalization
• In case of emergency hospitalization, you need to inform the insurer within 24 hours of getting hospitalized.
• Showcase your health card at the hospital
• Submit the pre-authorization form to get TPA approval for emergency hospitalization for cashless claims
• If approved, the insurer will settle the claim amount directly with the network hospital
• If you fail to get TPA approval, you would need to file for reimbursement later.
• Submit all the required documents like hospital bills, discharge bills, etc.,
• The claim amount will be paid to you

Documents Required for Health Insurance Claim Reimbursement

In the event of a hospitalization, the policyholder needs to submit certain documents as mentioned below:

• Discharge card issued by the hospital/network hospital
• In-patient hospitalization bills signed by insured for authenticity
• Doctors; prescriptions and medical store bills
• Claim-form with insured's signature on it
• Valid investigation report
• Consumables and disposables prescribed by the doctors with complete details
• Bills of doctors’ consultation
• Copies of the Insurance policy from the previous year and the current year/copy of ID Card of TPA
  Any other document(s) asked by the TPA

What are IAP's?

Who are IAP's ideal for?

Is there a lock in period?

What are the different types of IAP?

What is an RIA?

Can I customize an IAP?

How can I track my IAP investments?

Can I invest more or top-up invest in IAP?

How do I exit or sell the stocks in IAP?

I have a low fund balance, what should I do? Can I place an order for IAP?

How can I cancel my eMandate linked with a subscription?

What is rebalancing?

What is the time duration between rebalancing?

Can I choose which stocks to buy or sell?

What if I forget to approve the orders?

What if I miss a SIP date?

How does SIP work?

Is there lock in period for IAPs?

What amount can I withdraw at any given time?

Can I do stock transfer on withdrawal?

Who are IAP's for?

Who manages IAP?

How is IAP better than buying a single stock?

Can I invest in IAP with SIP?

Can I Choose which stocks to buy or sell in IAP?

What happens if I forget to approve the orders?

What is rebalancing?

Can I choose to buy or sell units while rebalancing?

How can I approve my order?

Is there a minimum period for SIP?

What is the age limit to buy term plan?

Why should you buy term insurance?

To Protect your family: Being a sole earning member of your family, you are responsible for the well-being of your parents, spouse, and children. Buying a pure term insurance plan is important to make sure that you meet the obligations of your family even when you are not around.

To Pay Off your loans: You might have built different assets such as an office, vehicle, or home through loans. This plan ensures that the weight of these borrowings will not cause any financial difficulty to your family after you.

Stay Prepared for uncertainties: Just like life insurance plans, in case of your unforeseen death, the benefits from a term life insurance plan can help your family pay for their regular expenses and also accomplish their long-time objective.

What is Term Insurance Plan?

Why is term policy important?

Can I purchase 2 term life insurance?

How do I know which term policy to select?

How much term insurance plan should I take?

What if the life assured survives the term period?

The life assured does not receive any benefit or returns in case (s)he survives the policy term, unless the policy has return of premium benefit included.

I'm a 30-year-old male with an annual income of around Rs 5 lakhs. How much should my term insurance plan cover be ideally?

At 30, you have approximately another 30 years of potential earning ahead. If we consider a raise in your annual income every two years, you should have enough capital to consider a term cover of Rs. 1 Crore. It is important that you factor in the rate of inflation and decide a cover accordingly before buying the most suitable term plan.

Does Term Policy Cover COVID-19?

Should I declare myself a tobacco user if I'm an occasional smoker?

When should I buy term insurance?

Does term insurance plan cover all kinds of deaths?

Is buying term life Insurance policy a good idea?

What is the cost of Term Insurance?

How much Term Insurance Plan do you need?

Which is the best term policy in India 2023?

How does a term insurance plan work?

The 5 features of term life insurance plans are:

• Low entry age
• Long-term protection
• Easy to buy
• Easy premium payment options
• Protection of liabilities

What are the 3 benefits of term policy?

Below are the top 3 benefits of Term life insurance plan:

• High life cover at affordable premium rates
• Additional Riders such as critical illness coverage, accidental death benefit coverage
• Tax Benefits as per the prevailing laws of IT Act, 1961

Do the terms and conditions of a policy change over the policy tenure or with age?

Is term policy covered under 80D?

Is term insurance plan tax free?

Is ITR mandatory for term insurance?

Are there any monetary benefits of investing in a term policy?

Do we get return in term insurance plan?

What is the minimum income in term policy?

What is 1 crore term life insurance?

Which is better: Term insurance plan or Whole life insurance plan?

Who dictates what the premium amount for a term plan should be?

For a term plan purchased today, would the premium change in the future?

How important is the gender of the life assured?

Why is the use of tobacco/nicotine a determining factor for term insurance plan premium rate?

What happens if I don't pay the term life insurance premium?

What is the consequence of the life assured dying before the premiums of term life insurance have been duly paid?

What am I entitled to if the premiums are duly paid off and I survive the term period of a term plan?

Can claims raised against term life insurance be rejected?

Yes, the insurer can reject a claim on the grounds of:

• Misrepresentation of actual information
• Withholding accurate information
• Fraud

How is a term insurance plan claim processed?

What is covered against critical illness in term insurance plan?

Should I take critical illness cover with term plan if I have health insurance?

Which is the best term plan with critical illness cover?

Best term plan with critical illness cover is a plan that meets the following criteria:

Illnesses covered: Determine the number of critical illnesses covered under your term life insurance plan. If you have a family history of any cardiac disease or any other major ailment, ensure these are covered

Adequate sum assured: Always consider the average cost of managing major ailments while determining the size of a cover. Always take inflation into account.

What is a term plan with a critical illness?

What are riders in term life insurance?

Term Insurance riders are additional attachments made to an existing term policy at affordable premium rates, giving the policyholder additional coverage, thus enhancing the utility of the policy. Different types of riders that one can avail of are:

• Accidental death benefits
• Accelerated Death Rider Benefit
• Premium Waiver
• Accidental Disability Benefit Rider
• Critical illness
• Income Benefit

Should we take riders with a Term Insurance plan?

Which rider is best with term life insurance?

What is the term rider?

What is the cost of riders?

What are the benefits of purchasing a rider?

• Additional Coverage
• Cost-effective
• Choose as per your needs
• Tax-saving Benefit
• Multiple benefits in a single policy

What Is Insurance?

Why is insurance important?

How Does Insurance Work?

As mentioned earlier, insurance is a legal contract between the policyholder and the insurance provider.

The insurance policy carries all the details about the aspects and conditions under which the insurance provider will pay out the insurance amount to the policyholder or their nominee in case an unforeseen event occurs. Insurance is a financial tool which helps in ensuring financial protection of yourself and your family. Generally the person who has purchased the policy also known as policyholder has to pay premiums for the coverage available under the insurance policy. Any person can seek insurance from an insurance company.

Which is the best life insurance plan?

Does tobacco and alcohol consumption affect life insurance premiums?

Can I return my policy immediately after I purchase it?

Can I purchase a new life insurance policy even when I already have one?

What are the Documents Required for Term Life Insurance Claim Process?

You can file a life term insurance claim by submitting the following documents:

• Duly filled term life insurance company’s claims form (available online and offline)
• Medical records like the death/discharge summary, admission note, and test results
• Original term policy documents
• Post-mortem report (if applicable)
• Death Certificate
• Photo and ID Proof of the nominee (Voter ID, Adhaar Card, PAN Card)
• Nominee’s cancelled cheque and NEFT mandate form

Why is buying life insurance important?

Life insurance policy can help an individual to ensure financial security of their family.

In case of your unforeseen demise during the policy tenure, the financial burden of fulfilling financial requirements will on to to your family members who were fully dependent on your income, under such circumstances a life insurance policy will provide a death benefit to your family members which will allow them to fulfil their financial requirements in your absence.

How to choose the right sum assured under life insurance?

What is Term Insurance?

Term insurance is a type of life insurance that offers coverage for a fixed time period, i.e. called policy 'term' at low premium rates. Term insurance plans offer a financial benefit to the policyholder's nominee in case of the unforeseen death of the policyholder during the policy tenure.
For example, A 18-year-old healthy and non-smoker male can buy a term life cover of Rs. 1 Crore for his family for the next 30 years at Rs. 428/ month only.
Term Plans

• ?1 Crore Life Cover @ Starting from? 16/day+ VIEW PLAN
• ?50 LAKH Life Cover @ Starting from? 8/day+ VIEW PLAN
• ?75 LAKH Life Cover @ Starting from? 12/day+ VIEW PLAN

Why should you Buy Term Insurance?

You might think, why should I buy a term plan? Well, look at these 3 reasons why you need term life insurance:

To Protect your family: Being a sole earning member of your family, you are responsible for the well-being of your parents, spouse, and children. Buying a pure term insurance plan is important to make sure that you meet the obligations of your family even when you are not around.

To Pay Off your loans: You might have built different assets such as an office, vehicle, or home through loans. This plan ensures that the weight of these borrowings will not cause any financial difficulty to your family after you.

Stay Prepared for uncertainties: Just like life insurance plans, in case of your unforeseen death, the benefits from a term life insurance plan can help your family pay for their regular expenses and also accomplish their long-time objective.

Who Should Buy Term Life Insurance?

Types of Individuals Benefits

• Young Professionals:

Young professionals who are just starting their careers and a lot of them are not married and have no dependents may get married and have to financially support their dependent parents and kids.

It is better to buy a life term plan at a young age because after buying the plan, the premium amount stays the same throughout the life of an individual.

The younger the age of the policyholder, the lower the term life insurance premium will be.

Similarly, the older your age is, the higher the term plan premium will be.

• Newly Married:

A term life insurance plan is a financial safety net for your spouse even in your absence.

In case you are not with your life partner, the term life insurance policy provides financial coverage to the nominee and takes care of their liabilities.

• Working Women:

With a life term policy, women can protect the financial future of their spouse, children and parents.

The payment benefit from this plan could help take care of any outstanding loans, and debts, or even help their family members meet their future financial obligations.

• Taxpayers

Term policy offers tax benefits under section 80C which helps taxpayers to lower their tax liabilities.

• Parents

Parents are usually the only financial support for their kids. Thus, the best way to secure the financial future of your children is to have a term life insurance policy.

During the policy term, a death benefit is paid to the beneficiary of the term insurance plan in case of the unfortunate demise of the insured person i.e., parents.

With this financial safety net of term plan, they never have to worry about their children’s dreams.

• Retirees

If you are a retired person, you can avail of the term life insurance plan even after the age of 55-60 years.

If you have a non-working spouse or child, you must buy a term life insurance policy that provides financial protection against income loss or in your absence.

In case something happens to you, the payment from the term plan will help them to maintain living standards without a fixed income.

• Self-Employed People

As a self-employed individual, you don’t earn a fixed income monthly because of an uneven income source.

Along with that, you may have also availed of personal or business loans from banks and creditors.

Buying a life term plan to protect your family members becomes essential as it ensures that your dependents remain financially protected even in your absence.

What are the Benefits of Buying Term Policy?

Apart from providing financial security to your family, you can avail of these important benefits of buying a term insurance plan:

• Higher Sum Assured at Affordable Premiums

Pure term life insurance plan offer a large amount of life coverage at an affordable premium rate. This life cover can pay for several years of lost income.

• Safety for Loans and Liabilities

The term insurance plan also helps in providing safety for the dependents from your fiscal liabilities such as loans or any other debts that you have. They can easily pay all the debt amount from the benefits received.

• Cover against Critical illnesses

Various term life insurance plan also provides critical illness benefits to help you get good treatment for different life-threatening diseases/ailments without worrying about the expenses or bills. Policyholders can easily avail of critical illness cover for diseases mentioned under the plan by buying a critical illness rider with a term plan.

• Tax Benefits

Term plan offers tax savings benefit up to Rs. 1.5 lacs on the premium amount paid under section 80C of the Income Tax Act, 1961. Also, the lump sum benefit paid under this plan is exempted from taxes under section 10(10D).

• Support in the case of Disability

Accidents can occur anytime anywhere and may lead to permanent or temporary disability. Disability coverage with a term policy will provide financial support to your family in case of accidental disability.

• Death Benefits

In case of the unforeseen event of demise during the tenure of the policy, the nominee/ beneficiary of the policy receives the total death benefit chosen at the time of commencement. He/she can also select to receive a regular income along with a lump sum payment in case of your absence.

• Maturity Benefits

Term life insurance plans don’t come with any survival or maturity benefits. If one wants maturity benefits, then a TROP (Term Return of Premium) plan is suggested.

• Survival Benefits

A standard term plan does not have any survival benefits if you outlive the policy term. However, a term plan with a return of premium plan also provides you with a lump-sum payment or regular income in the form of guaranteed benefits to help you achieve varied financial objectives. This plan pays back the sum that is at least equivalent to the total paid premium. You get these guaranteed payouts at the end of the plan tenure.

• Multiple Premium Payment Options

Term life insurance provides the flexibility to select the premium payment term. You can choose a regular pay option through the policy term or a limited pay option.

What are the types of term life insurance riders?

Let us take a look at some of the important term insurance riders that you can add to your base plan:

• Accidental Death Rider

This rider is added to the basic when the policyholder dies because of an accident during the rider’s tenure.

Accelerated Death Benefit Rider

In this, the individual receives a partial advance amount of their sum assured in case of a terminal illness.

• Critical Illness Rider

Critical Illness benefit is paid when you get diagnosed with kidney failure, heart attack, cancer, stroke, etc.

• Family Income Benefit Rider

The family gets regular income each month if the life assured dies or meets with an accidental permanent total disability or is diagnosed with any critical illnesses.

• Permanent and Partial Disability Rider

Additional benefit equivalent to the rider sum assured is paid on total and permanent disability due to an accident.

• Waiver of Premium Rider

This rider waives off future premium payments when assured can no longer pay premiums because of critical illness or permanent total disability, or death because of an accident.

What are the types of insurance available?

• Health Insurance: Health insurance policies provide financial assistance to the policyholder in case they need to be admitted to the hospital for any kind of treatment. Additionally, some health insurance plans also cover the cost of treatment which are undertaken at home before the hospitalization or after discharge. There are several health insurance plans available in India such as Individual Health Insurance, Family Floater Plans, Critical illness Cover, Senior Citizen Health Insurance, Group Health Insurance, Maternity Health Insurance and Personal Accident Insurance.
• Life Insurance: Life insurance is an agreement between an individual and an insurance company under which the insurance company promises to provide a sum assured (death benefit) to the family of the life assured in the event of an unforeseen death of the life assured. In case of no death, a sum assured known as the maturity benefit is provided to the life assured at the time of maturity of the policy under selective life insurance plans. There are 6 types of life insurance policies available in India which are Term Life Insurance, Unit-Linked Insurance Plan (ULIPs), Child Protection Plan, Money Back Plans, Retirement Plans and Endowment Plans.

For a term plan purchased today, would the premium change in the future?

What is the eligibility Criteria to Buy a Term Insurance Plan?

• 18 years - 65 years
• Policy Tenure
• 5 years (may vary with insurer) - No limit for the term plan (may vary with insurer)

How to Calculate Term Life Insurance Premiums?

How much Term Life Insurance Cover do you Need?

As per industry experts, your term policy coverage should be at least 15 to 20 times your existing annual income. You can get this easily by calculating HLV (Human Life Value). HLV is a numerical process of computing the amount of term life cover that you may require.

There are various insurers that offer human life value calculator. It helps the policy buyers to get an idea of how much sum assured amount they require for a term policy. The human life value calculator calculates the sum assured amount based on the simple formula of time value for money. An individual just needs to enter certain details such as the current age, expenses, present year income, and estimated future inflation rate, in order to get the sum assured amount that they should opt for.

How to File a Term Insurance Plan Claim?

Here is a step-by-step guide on how to file a term life insurance claim online:

Step 1: Intimate the Term Life Insurance Claim

You need to inform the insurance company of the policyholder's death as soon as possible and submit the company's claims form with the required documents. You can download the claims form online from the company's website.

Step 2: Assessment of Claim

The insurance company will receive and assess the authenticity of the claim and check if the documents and details provided are accurate or not.

Step 3: Settlement of Term Life Insurance Claim

Depending on the outcome of the assessment the insurance company will either accept or reject the term claim. If all the documents and details provided are correct, the insurer will approve and transfer the claim amount to the nominee's bank account within 30 days of claim intimation.

What are the tax benefits on insurance?

Apart from providing coverage from the unforeseen financial losses, insurance policies also lets a person avail income tax benefits. Below mentioned are some tax benefits that one can avail by purchasing an insurance policy under the Income Tax Act:

Section 80C: Under Section 80C of the Income Tax Act, premiums paid to purchase life insurance policy qualify for tax exemptions for upto Rs. 1.5 Lakh.

Section 80D: Under Section 80D of the Income Tax Act, premiums paid towards health insurance policy qualifies for tax exemptions.

Section 10(10D):Benefits under life insurance policy that shall be receivable by the life insured or the nominee also qualify for tax exemptions under Section 10(10D) of the Income Tax Act.

The premium paid for health insurance plans qualify for a tax deduction of up to Rs. 25,000 under Section 80D of the Income Tax Act. These plans also qualify for an additional Rs. 25,000 tax deduction for premium paid for parents; mediclaim policy (Rs. 50,000 if parents are senior citizens).

What are the Factors that Affect Term Premium Rates?

Term life insurance premium rates are computed through an underwriting process that employs the use of various statistical and mathematical calculations around the insured person. Some of the major parameters which can affect the term plan premium rates are:

• Age: Younger individuals are at a lower risk of getting life-threatening diseases. Younger people are offered lower life term insurance plan premium charges than an older person who is likely to claim much earlier.
• Gender: As per various studies, women tend to live longer than men. So, many insurers charge a lower premium to women because they have a higher probability of paying more premiums.
• Family's Medical History: An individual whose family has a history of ailments such as cancer or heart attack, has an increased probability of contracting or diagnosing these diseases. This is the reason more instances of these ailments increase premium amounts.
• Smoking and Drinking Habits: The premium rates for smokers and alcohol users are more in comparison to non-smokers.
• Policy Duration: If the policy term is longer, then you will end up paying a high amount of premiums as the insurer will have to cover your life for higher risk. And, a small policy tenure will have a low rate of premium as compared to a longer one.
• Occupation: Individuals working in industries such as shipping, transport, gas, mining oil, etc. are at higher risk of accidents. Thus, in such cases, the term plan premium rates will be higher as compared to a desk job.

What are the key Components of an Insurance Policy?

Below mentioned are some components to help you understand what is insurance and how does it work:

1. Premium Amount: Premium of an insurance policy is the decided amount that you need to pay for the insurance coverage. It is typically known as regular payments which can be made monthly, quarterly, half-yearly or annually. There are various factors on which the premium of an insurance policy is calculated by the insurance provider. The idea behind that is to check whether the insured person is eligible for the type of insurance policy they want to purchase.

2. Policy Limit: Policy limit is defined as the maximum amount that an insurance provider will pay for the losses covered under the insurance policy. This is determined on the basis of policy tenure, loss and similar other factors.

3. Deductibles: Deductibles under an insurance policy refers to the amount that the policyholder has to pay before the insurance provider settles the claim. Deductibles shall be applicable as per the policy’s terms and conditions.

How does a term insurance plan work?

What are the factors that affect the calculation of a life insurance plan premium?

What are the Features of a Term Insurance Plan?

The 5 features of term life insurance plans are:

• Low entry age
• Long-term protection
• Easy premium payment options
• Protection of liabilities

What are the Different Variants of Term Life Insurance?

Let us take a look at some of the types or variants of term insurance plans available in India:

Variants of Term Insurance

• Level Term life insurance plan

Death benefit is offered in a lump sum amount at low premium rates

• Increasing Term Policy

Increase life cover on an annual basis with changes in life stage

• Decreasing Term Plan

Life cover decreases every year at a fixed rate

• Convertible Term Plan

Convert limited period term plan into whole life insurance

• Term Insurance with Return of Premium

Upon maturity, return of the paid premiums, along with the death benefit during the policy term.

• Zero cost term insurance

This term plan variant allows you to exit at a specific life stage

What is Research 360?

What is Research 360?

In what ways can traders derive benefits from Research 360?

What features does Research 360 offer for technical analysis?

How stock screeners on Research 360 can help investors develop investment strategies?

Are there any tutorials or guides available for using Research 360?

Can Research 360 be accessed on mobile devices?

Does Research 360 provide fundamental data through its Stock Screener?

What are research ideas?

What are different categories in Research Ideas?

What are baskets?

Where will my invested baskets be shown?

What is TGS?

How can I take the subscription for TGS?

Are there subscription plans available for Research 360?

Can I build multiple screeners and watchlists within Research 360?

How to create a TradingView account?

What browsers does TradingView support?

How to make deposits and withdrawals?

I want to practice trading without risking real money. How can I do it?

Where can I find tutorials and guides for TradingView?

How much does it cost?

How to create a TradingView account?