INSURANCE
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Insurance is a type of contract between an insurance company and the client in which the insurance company agrees that in the case of certain events the insurance company will either make payment to its client or meet certain costs for the client.  For example, in a car insurance policy, the insurance company agrees that if the car is damaged, the insurance company will pay the cost of repairing it. Insurance is a method to help ensure that you have sufficient resources to survive loss and uncertainty of life and property.

 

Why should women get insurance?

  • It provides financial support and reduces uncertainties in business and human life. It provides a cover against any sudden loss.
  • Life insurance also provides an investment channel. It enables systematic savings due to payment of regular premium. The insured get the lump sum amount at the maturity of the contract.
  • Medical insurance is essential in managing risk in health by providing support in case of health risk. Anyone can be a victim of critical illness unexpectedly and rising medical expenses are of great concern to everyone.
  • Insurance helps to financially secure the future of your family, in case of any unpredictable and unfortunate event such as death, accident or permanent disability.
  • It can help secure a suitable retirement plan to secure one's own future; even for those who you don't have a fixed income or are homemakers.
  • Insurance helps ensure economic stability, in case of spouse's death or permanent disability.

 

TYPES OF INSURANCE:

 

Property Insurance

  • Provides protection for your home. Homeowners insurance provides coverage for damage to structures and personal property.
  • This insurance covers the repair/ replacement of your property and furnishes protection against personal liabilities.
  • Because your home is most likely your most valuable asset, it is critical to insure it properly.

 

Life Insurance

  • Provides money to the person(s) or organization(s) named as a beneficiary by the policyholder on his/her death.
  • Some life insurance policies also function as investment vehicles by accruing value as premiums.
  • Employers may provide basic life insurance for employees during their tenure with the company. However, it is advisable for employees to maintain some level of separate coverage. At a later point if an employee loses her job due to health problems, it would be difficult get coverage for a new life insurance policy.

 

Medical Insurance

  • Anyone can fall sick and need medical care. With rising medical costs, a regular visit to a private doctor often does not cost less than Rs 500/-. One should be prepared for the kind of expenses that are incurred during hospitalization or treatment of critical illness.
  • Women often work hard in both their personal and professional lives, which can take a toll on them. Apart from most regular conditions, women are also prone to certain specific diseases like breast, cervical, ovarian cancers etc., the risk of which increases after the age of 40 years. It is thus essential for women to insure their health needs.
  • There are certain health insurance plans that are tailored specifically keeping women in mind. Women should choose plans that provide coverage on all women related diseases and maternity benefits as well.
  • However, one must not choose an insurance plan only because it claims to be women specific. Study the details carefully and then decide what works best for you.
  • It is always better to buy health insurance plans while you are young, as premiums are lesser at this stage.

 

Automobile Insurance

  • Automobile insurance protects you, your family and your vehicle in the event of injury or damage resulting from an array of occurrences.
  • The insurance policy will cover the cost of repairs or replacement and furnishes protection against personal liabilities.

 

Accident insurance

  • Accident insurance plans provide for accidental death benefit, disabilities (total or partial) and the expenses that come across in term of hospitalisation, transportation of patient and family.
  • It offers compensation in the event of demise, bodily hurts, impairment or mutilation resulting from an event, such as a violent, hazardous, visible and external means. The types of events that are included in such insurance are rail, road, and air, injury because of collision or fall, burn injury, drowning etc.

The policy guards your dependents (parents, spouse or children) from any economic repercussions in case of an unfortunate event.

 

GOVERNMENT INSURANCE SCHEMES:

 

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)

  • PMJJBY, launched by Prime Minister Narendra Modi, is a term life insurance policy that can be renewed either on a yearly basis or for a longer period of time.
  • It provides cover of Rs. 2 lakh in case of death of the scheme member due to any reason.
  • It is available to anyone between the age group of 18 to 50 years. The concerned person should also have a bank account.
  • People, who avail this policy before they are 50 years old, will be allowed to enjoy the risk of life cover till the age of 55 years. However, they will need to pay the premium on a consistent basis in order to be provided that benefit.
  • Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.
  • Initial enrolment period in the scheme was from 1st May 2015 to 31st May 2015, which was extended up to 31st August 2015. By this date eligible persons could join the scheme without giving self-certification of good health. Eligible persons can also join the scheme on any date by paying the premium for the full year.
  • In case of claim, the nominees/heirs of the insured person have to contact the respective bank branch where the insured person had a bank account. A death certificate and simple claim form is required to submit and the claim amount will be transferred to nominees account.
  • For renewal of Pradhan Mantri Jeevan Jyoti Bima Yojana, please visit http://www.jansuraksha.gov.in/

 

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

  • PMSBY is an accident insurance scheme, which offers a one-year accidental death and disability cover, which can be renewed annually.
  • The premium payable is Rs. 12 per annum per member and will be deducted from your bank account through an 'auto debit' facility in one installment on or before 1st June every year. However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of auto debit.
  • Under PMSBY, the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability.
  • Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of eyesight and loss of use of a hand or a foot. Permanent partial disability is defined as total and irrecoverable loss of eyesight or loss of use of a hand or foot. Accidents, any death or disability (as defined under PMSBY) resulting from natural calamities is covered under PMSBY. While death due to suicide is not covered, that from murder is covered.
  • All individual (single or joint) bank account holders in the 18-70 year age group are eligible to join PMSBY. In case you have multiple bank accounts in one or different banks, then you will be eligible to join the scheme through one bank account only. In the case of a joint account, all holders of the account can join the scheme. NRIs are also eligible, but if a claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian currency.
  • For renewal of Pradhan Mantri Suraksha Bima Yojana, please visit http://www.jansuraksha.gov.in/

 

Rashtriya Swasthya Bima Yojana (RSBY)

  • RSBY provides cashless insurance for hospitalisation in public as well as selected private hospitals.
  • It provides cover for hospitalization expenses upto Rs. 30,000/- for a family of five on a floater basis. Transportation charges are also covered upto a maximum of Rs. 1,000/- with Rs. 100/- per visit.
  • The premium for RSBY is different in different districts. Government covers the premium for RSBY. Central Government pays 75% of the total premium (90% in case of Jammu & Kashmir and North east States) while State Government pays the remaining premium.
  • Any family living Below Poverty Line (BPL), whose information is included in the district BPL list prepared by the State government is eligible for RSBY. The eligible family needs to come to the enrollment station, and the identity of the household head needs to be confirmed by the authorized official. Beneficiaries need to pay Rs. 30 per family at the time of enrollment.
  • An enrollment schedule for each village along with dates is prepared by the insurance company with the help of the district level officials. As per the schedule, the BPL list is posted in each village at enrollment station and prominent places prior to the enrollment and the date and location of the enrolment in the village is publicized in advance. Mobile enrollment stations are set up at local centers (e.g., public schools) in each village. To apply, visit the nearest enrollment centre in your area.