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The validity of a health insurance policy depends on the type of plan you have:
● Individual and Family Floater Plans: These typically have a validity of one year. You need to renew them annually to maintain coverage.
● Long-Term Health Plans: These plans offer coverage for 2-3 years, eliminating the need for yearly renewals. However, the premium is paid upfront for the entire policy term.
● Senior Citizen Plans: These plans can have varying validity periods (specify period range) depending on the insurer which may vary from regular plans.
A waiting period is a specific timeframe during which certain medical conditions or treatments are not covered by your insurance plan. This period usually starts from the policy start date. Common waiting periods include:
● Initial Waiting Period: This is typically 30 days and applies to most claims except for accidents.
● Pre-existing Conditions: These conditions diagnosed before policy purchase may have a waiting period of 2-4 years.
● Specific Treatments: Certain procedures like maternity care or cosmetic surgeries might have specific waiting periods.
It's crucial to pay your premiums on time to avoid any lapse in coverage. Here's what happens if you miss a payment:
● Grace Period: Most insurers offer a grace period of 15-30 days to make the payment without any lapse in coverage.
● Policy Lapse: After the grace period, your policy lapses, and you lose coverage. To reinstate it, you'll need to pay the outstanding premium along with a late payment fee and might have to undergo fresh medical checkups if the lapse period is on higher side. Insurer may ask you to sign Good Health Declaration and/or undergo medical check up.
● Renewing Lapsed Policy: Some insurers might allow reinstating a lapsed policy after a waiting period and re-evaluation of your health status.
Yes, you can usually add family members like spouse, children, and dependent parents to your existing health insurance plan. This is called adding dependants. The process and eligibility criteria varies depending on the insurer and plan type. Some plans offer family floater options that automatically cover dependents under a single sum insured.
Yes, you can take multiple health insurance policies, but there are some things to consider:
● Duplicate Coverage: Ensure the policies don't offer overlapping coverage for the same medical expenses.
● Claim Settlement: Each insurer might have different claim settlement processes, potentially leading to complexities.
● Premium Costs: Having multiple policies means paying multiple premiums, increasing your overall financial burden.
It's generally recommended to choose a single comprehensive health insurance plan that adequately covers your needs instead of multiple overlapping policies. You are advised to consult a financial advisor or an insurance agent who understands your specific needs and provides the best suitable option to you.
Whole Life Insurance with Cash Bonus
Flexible Bonus Payouts
Two options for benefit payouts
Life Cover
Tax Benefits^
Give:
₹1 lakh for 6 years
Get:
₹14.48 lacs#
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ABSLI Akshaya plan is a non-linked participating individual savings life insurance plan. (UIN: 109N136V04)
#Scenario: ABSLI Akshaya Plan, Age 35, Healthy Male, Premium Payment Term: 6 years, Policy Term: 25 years, Benefit Option: Long Term Income, Premium Rs.1lakh p.a. (Rs.100,000X6), Cash Bonus Payout Frequency: Annually in Arrears, Sum Assured: Rs 710,000. Assumed @8% p.a., Cash Bonus (if declared) p.a. = Rs 23,004, Total Cash Bonus (if declared) (A)= Rs 5,75,100, Terminal Bonus (If declared) + Sum Assured (B) = Rs 8,73,300, Total Benefit (A+B) = Rs 14,48,400. Assumed @4% p.a., Cash Bonus (if declared) p.a. = Rs 8,520, Total Cash Bonus (if declared) (A)= Rs 2,13,000, Terminal Bonus (If declared) + Sum Assured (B) = Rs 7,95,200, Total Benefit (A+B) = Rs 10,08,200.
1Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
The information provided above is intended solely for general reference and educational purposes and is subject to terms, conditions, and regulatory guidelines on health insurance products.
ADV/6/25-26/345
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