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What is Term Life Insurance?
Term life insurance is a safety net for your dependents in case of unfortunate and untimely death. This insurance is recommended especially for those who are sole breadwinner of their family. It is the cheapest way to cover yourself which enables you to support a worry-free financial future for your family.
How Term Life Insurance Works?
When you buy a term life insurance policy, the insurance company determines the premiums based on your age, gender, sum assured and health conditions. The insurance company may also inquire about your current medications, smoking status, occupation, hobbies, and family history. If there is an unfortunate death of the life assured during the policy term, the insurer will pay the policy’s face value to your beneficiaries. The benefit pay-outs may be used by beneficiaries to settle pending debts and have a stable living in your absence. However, if the policy expires before life assured’s death, there is no pay out given to anyone. But today there are plans available in the market which helps you get back your premiums on maturity.
Benefits of purchasing Term Life Insurance:
  • To replace lost income and pay living expenses
  • Cater to your family’s lifestyle requirements
  • Ensures financial protection against liabilities
  • Tax savings
  • Financial security for Kids in your absence
Additional Covers
Term Life Insurance offers customers to add additional coverages to their base life policies. The benefits can be added at an additional nominal cost. Below are few additional coverages offered:
  • Accidental Death Benefit
  • Critical Illness Benefit
  • Accidental Disability Benefit
  • Waiver of Premium Benefit
Importance of Term Life Insurance:
Simply because life is uncertain, and one can never predict what the future holds!
You hold the key to provide your family with adequate income in case of an unfortunate death.
  • Financial stability by securing the future at various life stage i.e., when you are young & unmarried, newly married, when you become a parent
  • Tax Benefits: Premiums paid are eligible for tax-benefits under Section 80C and Section 80D# of Income Tax Act
  • Boost your term plan by increasing cover amount
  • Various riders (add-ons) available
  • Very low premiums to protect your family when you need it most
  • Tax free death benefit under Section 10 (10D) of Income Tax Act
  • Highly Flexible and tailor-made plans available
  • Very low claim rejection
  • Fixed premiums for entire term plan, you pay much less in total
Help Section/FAQ:

You will receive personalized recommendation from Laxmi - the Artificial Intelligence, who is a friendly advisor and will hand-hold you through the entire process and recommend a solution that is a perfect fit for you.

Elephant.in offers a dedicated Digital Relationship Managers to cater all your issues any time after you buy a policy and for the same reason, you get assigned with a dedicated digital relationship manager for any support. Someone's always there to rescue!

Yes, things do go wrong but at Elephant.in we provide best-in-class claims service through our experienced and dedicated claims experts who will help you manage your claims effortlessly.

At Elephant.in insurance companies have been handpicked basis their service, prices and claims paying capability to create a smooth experience.
Our latest Insurance articles & videos
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    Published on: 29th May 2024
    10 Sneaky Reasons Your Health Insurance Claim May Not Get Approved

    In situations of unforeseen health-related crises, a health insurance policy comes in to save the day, promising financial help and facilitating the burden of healthcare costs. Notwithstanding, the claim settlement process isn’t direct all the time. Now and then, minor oversights or false impressions can prompt claim dismissal, leaving you feeling disheartened and financially unstable. In this blog, we will uncover 10 reasons why your medical coverage guarantee may get denied.

    Are you surfing the internet and searching for a health insurance policy customised to your necessities? Worry not! Visit Elephant.in and follow the 3 easy steps to get your policy instantly!

    1. Understanding Policy Exclusions

    Each health insurance policy has exclusions and conditions under which claims are not covered. These can go from prior conditions not disclosed during the beginning of the policy to specific treatments expressly excluded in the policy. Cautiously review your policy, comprehend the exclusions completely, and explain any questions to your insurer to avoid surprises during the claims procedure.

    1. Incomplete Documentation

    Organised documentation is key to having a seamless claims procedure. Ensure that you present all vital documents required under your policy. This normally incorporates clinical records, doctor prescriptions, diagnosis reports, and bills. Deficient or missing records can essentially defer or try and lead to claim dismissal, causing pointless pressure and financial strain.

    1. Pre-authorisation Problems

    Certain procedures require pre-approval from your insurer before availing them. The inability to acquire pre-approval, particularly for costly or specialised procedures, can lead to claim dismissal. Get to know your strategy’s pre-approval necessities and stick to them constantly to guarantee your claim sails through without a hitch.

    1. Not Renewing the Policy on Time

    The lapse of policy is one of the main reasons for the dismissal of a health insurance claim. Health insurance policies are generally valid for one year and should be restored yearly. If you neglected to renew the insurance on time and, in the meantime, fell sick during that period, your policy would be pointless, and your claims would be dismissed.

    1. Not Adhering to Claim Filing Timelines

    There isn’t a moment to spare while recording claims. Every health insurance plan specifies a particular period for submission of the claim, commonly ranging from 30 to 180 days from the date of discharge. Surpassing this period can prompt claim dismissal. Present your claim documents expeditiously to keep away from unnecessary delays and complexities.

    1. Failing to Disclose Pre-existing Conditions

    While acquiring a health insurance plan, complete transparency concerning prior conditions is important. Even unrelated illnesses can be grounds for rejecting claims if not disclosed earlier or if their severity is misrepresented. Tell the truth and be upfront about your clinical history to ensure your policy stays valid and claims are handled reasonably.

    1. Exceeding Coverage Boundaries

    A sum assured is the maximum amount a health insurance policy will pay for medical expenses. Ensure your treatment costs stay within the limit as far as possible. Surpassing the assured sum can bring about a partial claim settlement or even dismissal of the claim, leaving you responsible for the leftover expenses. So, be mindful of your coverage limits during your treatment and hospital stay.

    1. Overlooking Waiting Periods

    Numerous health insurance policies have waiting periods for specific treatment procedures or prior conditions. This implies you probably won’t be qualified for the inclusion of a particular condition until a period has passed after the start of the policy. Understanding and sticking to these waiting periods is critical to keep claim dismissal and ineligibility at bay.

    1. Updated Policy Terms and Conditions

    At times, insurers may adjust the insurance terms and conditions, for example, the coverage benefits and premiums. As a result, your claim may get denied if both your coverage and your policy have been altered.

    1. Fraudulent Claims

    Deliberately submitting bogus or fabricated data in your claim is fraud and can have serious outcomes. This includes fabricating medical records, exaggerating symptoms, and requesting reimbursement for non-covered expenses. Taking part in such unscrupulous practices puts your claim in danger and risks cancellation of the policy and possible legal repercussions.

    Conclusion

    Understanding these reasons for claim rejection enables you to approach the process with informed vigilance, despite the complexity of the health insurance landscape. By cautiously evaluating your insurance terms, carefully setting up your claim documents, and sticking to pre-authorisation necessities, timelines, and inclusion limits, you can fundamentally expand your possibilities of claim approval and ensure seamless procedures during health-related crises. Keep in mind that being honest and open with your insurer and seeking professional guidance when required are tools for securing your well-being.

    To clear any further inquiries, contact our specialists by messaging us at support@elephant.in. Or call us on our help number: 1800 266 9693! Visit Elephant.in to get the best quotes!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/05

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    Published on: 28th May 2024
    Premium Reduction Tactics for Your Health Insurance Plan

    Premiums for healthcare coverage keep on increasing, all thanks to the rising medical services costs, which can cause financial distress. There are strategic ways of bringing down the premiums of your healthcare coverage plan, ensuring you get sufficient coverage without burning the last rupee.

    1. Get Insured at a Younger Age

    Time is your companion concerning health insurance premiums. Beginning a health insurance plan at an earlier age, preferably in your 20s or 30s, offers huge cost benefits. Young people commonly represent a lower hazard to insurance providers, which means they are offered lower premiums when compared to people who get themself insured at an older age. This early investment reaps financial rewards throughout your policy years, providing long-term savings and peace of mind.

    2. Assess Your Needs and Get Coverage Accordingly

    Not all health insurance plans are made equivalent. Fight the urge to just renew your current policy without exploring options. Conduct planned research and compare the various options by different insurers you come across and then make the decision accordingly. Break down your necessities and clinical history to recognise a policy that lines up with your current and expected medical necessities. Clarify some issues by asking questions and taking expert guidance to make sure that you are not shelling out excess money for coverage that is not necessary.

    3. Consider Preventive Healthcare

    Remember that prevention is better than a cure. In addition to the fact that it is great for your well-being to focus on preventive healthcare, it could get you a good deal on your health insurance plan, helping you save costs. Numerous insurers offer discounts to people who effectively take part in preventive healthcare, boosting a proactive way to deal with prosperity.

    4. Harness the Magic of No Claim Bonus: Rewarding Responsible Choices

    The No Claim Bonus (NCB) is an important reward offered by insurers for having a claim-free year. Your health insurance plan’s premiums drop in recognition of your responsible health management with each claim-free year. This incentive empowers preventive care and mindful claim filing, bringing down your financial burden in the long run. Keep in mind that even minor claims can reset your NCB to zero, so ask your doctor for concerns and think about alternative cures for non-critical illnesses.

    5. Explore Cost-Sharing Options

    To bring down the expense of your health care coverage plan, consider cost-sharing options like deductibles and co-pays. A deductible anticipates that you should pay a sum before the insurer starts taking care of expenses. Similarly, a co-pay includes sharing a part of the claim amount with the insurer. While these choices raise personal costs at first, they fundamentally diminish your premium, making health insurance more affordable. Cautiously assess your financial situation before deciding on these choices.

    6. Consider Family Floater Plans

    If you have a family, explore family floater plans. These plans cover the entire family under a single sum assured, often at a lower premium compared to individual plans, especially for younger family members. This option promotes cost-effectiveness and simplifies the procedures of claims, guaranteeing all the members of the family receive complete coverage under one umbrella. Nonetheless, remember that the total sum assured is shared by the whole family so pick a policy with adequate coverage based on your family’s expected necessities.

    7. Stay Informed

    The universe of health insurance is continually advancing. Keep up with updates from your insurer, new plan offerings, and regulatory changes. Routinely survey your health insurance plan and its terms. To ensure you are aware of your coverage and can make informed decisions regarding plan modifications or renewals, don’t be afraid to seek clarification from your insurer or consult an insurance advisor.

    8. Purchase Health Insurance for a Longer Tenure

    By and large, the renewal time of most health insurance plans is done yearly, except there are some insurance plans accessible with policy terms of 2 or 3 years. Picking a health insurance plan with a longer tenure empowers the insured party with discounts and benefits on the premium of around 5% to 15%, which can be a significant saving. It is prudent to pick plans with extended policy terms to acquire higher yields in the long haul.

    9. Choose a Higher Deductible Option in the Insurance Plan

    The deductible is what one pays toward the start of the health insurance coverage. The insurance premium goes down when the deductible is raised. It is, however, important to select a higher deductible cautiously since it would mean raised well-being-related costs that one would have to bear without help.

    Conclusion

    A reduction in your health insurance premiums doesn’t need to be an overwhelming task. By utilising the above techniques and focusing on an informed independent direction, you can explore the intricate world of health insurance with certainty. Keep in mind that a very organised and cost-effective health coverage plan is an investment in your prosperity, giving important security and genuine serenity for yourself and your friends and family.

    Still looking for a health insurance plan that fits your requirements? No more searching because Elephant.in’s AI build platform helps you in every stage of selecting, buying and after purchase experience seamlessly.
    To clear any further doubts with our specialists, message us at support@elephant.in or call us on our toll-free number: 1800 266 9693!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/04

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    Published on: 28th May 2024
    Renewing Your Health Insurance: Key Steps and Considerations

    As the year turns another page, so does the validity of numerous health insurance policies. For many people in India, recharging health insurance coverage carries a blend of vulnerabilities. While exploring the renewal process may be monotonous, understanding the vital steps and considerations can make your decisions more impactful. In this blog, we explain the steps you should take to make sure your health insurance keeps protecting you and your family.

    Are you looking for a perfect health insurance policy? In just three easy steps, you can get a health insurance policy that fits your needs at Elephant.in!

    1. Understanding Renewal Periods and Deadlines

    Missing your strategy restoration cutoff time can have unanticipated outcomes, leaving you weak even with startling health-related crises. It is essential to be aware of your policy’s renewal period, which is typically communicated via renewal notices or the website or mobile app of your insurer. To avoid policy lapses and potential waiting periods for pre-existing conditions, you must promptly renew your health insurance within the allotted time frame.

    1. Evaluating Your Needs

    Life is constantly evolving, as are your healthcare necessities. Take a moment to evaluate your current circumstances before renewing. Has your family’s situation changed? Have you fostered any new well-being concerns? Does your ongoing arrangement address your developing necessities? Being aware of your needs permits you to renew health coverage with a plan that aligns with your present and expected future prerequisites.

    1. Exploring Your Options

    Loyalty is commendable, but so is exploration! While renewing with your existing provider is convenient, don’t shy away from comparing alternative options. Research plans offered by other insurers, focusing on coverage scope, sum assured, network hospitals, claim settlement ratios, and premium costs. Remember, the ideal plan isn’t a one-size-fits-all solution – tailor it to your unique needs and budget.

    1. Decoding Terms and Conditions

    Renewing isn’t just about clicking a button. It’s about understanding the updated terms and conditions of your renewed policy. Carefully review changes in coverage inclusions and exclusions, premium adjustments, network hospital modifications, and claim settlement procedures. Feel free to clarify any doubts with your insurer or an independent insurance advisor to renew your health insurance with complete transparency.

    1. Check Your Claims History

    Your claim history holds valuable insights. If you haven’t recorded any claims during the past policy year, you may be qualified for a No Claim Bonus (NCB), prompting decreased premiums upon renewal. This reward for responsible health management incentivises preventive care and can significantly ease your financial burden. Conversely, a high claim history may lead to premium hikes or stricter policy terms. Utilise this information to adapt your healthcare approach and renew health insurance with informed decisions.

    1. Increase Assured Sum Under Policy

    As healthcare costs consistently increase and inflation decreases the purchasing power, looking into your health insurance policy is crucial. Try not to just renew- now is the right time to proactively upgrade protection. Make sure your coverage keeps up with your changing needs and is sufficient to cover your anticipated expenses. Keep in mind that sufficient health care coverage is an interest in your prosperity, offering peace and financial security while confronting unexpected medical circumstances.

    1. Consider Getting A Top Up Plan

    Proactive planning is key when renewing your health insurance. Take into consideration the anticipated requirements you will have for healthcare in the upcoming years. Are intending to begin a family? A top-up rider with maternity benefits can cover everything you need for this exciting but expensive time. Does your family history suggest a predisposition to certain critical illnesses? Adding critical illness cover offers true serenity and monetary security in testing times. If you’re hoping to extend protection to your whole family, consider a family floater plan, which streamlines coverage for the entire family under one umbrella, possibly offering cost savings when compared to individual plans.

    Conclusion

    Renewing health insurance is a proactive step towards protecting your prosperity. By understanding the process of renewal, taking into account your increasing necessities, exploring choices, interpreting policy updates, and recognising your claim history, you can explore this vital stage with certainty. Keep in mind that a health insurance policy renewal implies renewed protection, giving you the power to confront the future with peace, knowing that your health is prioritised and safeguarded.

    Visit Elephant.in to find the most reasonable health insurance quotes! Send us an email at support@elephant.in or call our toll-free support number at 1800 266 9693 to get in touch with our professionals!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/03

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    Published on: 24th Apr 2024
    Difference Between Comprehensive And Bumper to Bumper Car Insurance

    Choosing a car insurance that is perfectly fit to your needs can be a difficult task for many as there are so many options in the market. Comprehensive car insurance and bumper-to-bumper car insurance are the two most popular insurance policies in India. In this blog post, we will explore the key differences between the two insurance policies so that you make an informed decision while you are out in the market purchasing insurance.

    What is a Comprehensive Car Insurance?

    Comprehensive insurance can be considered as a huge shield that covers various aspects. It goes beyond the basic protection and offers protection against:

    • Accidents: Met with an accident? This type of insurance covers the cost of repairs you may need after an accident.
    • Theft: It repays you for the vehicle’s insured declared value () if it gets stolen.
    • Fire: All the damages that may be caused to your car due to a fire breakout will be covered under this insurance policy
    • Natural Disasters: It assists you by covering the cost of damages caused by disasters like floods and earthquakes.
    • Riots & Strikes: Damages caused to your car due to these activities are also covered under this insurance.

    In addition, you can tweak your insurance policy! Add-on covers are offered by many insurance providers:

    • Engine Protect: In case your engine breaks down, this cover helps in covering for the costs of repairs or replacements.
    • Return to Invoice: This cover reduces the gap between the vehicle’s current value and its on-road cost during claim settlement.
    • Personal Accident Cover (PAC): In case of an accident where either you or the passengers in your car need financial assistance to meet the costs of injuries/hospitalisation, this cover comes to the rescue.

    Here is the catch: When parts are replaced after a claim, depreciation (reduction in value due to age) is applied. This implies you might need to pay a portion of the repair and replacement costs from your hand. Also, your car insurance doesn’t cover the wear and tear of the car, electrical/mechanical breakdowns because of negligence, or

    Bumper-to-Bumper Insurance: An Upgraded Protection

    A supercharged version of comprehensive car insurance is called bumper-to-bumper car insurance. It offers every one of the advantages of comprehensive insurance, however with a significant advantage:

    • No Depreciation on Parts: You get the full cost of repairs or replacements for most car parts after an accident, no matter what their age. You will not have to shell out money from your pocket.
    • Enhanced Coverage: When compared to comprehensive car insurance, bumper-to-bumper car insurance provides broader coverage. This includes coverage for consumables like ointments and filters utilised during repairs.

    Sounds perfect, right? Well, almost. Here are some considerations:

    • Higher Premiums: Added security comes at a price. The insurance premiums for bumper-to-bumper car insurance are higher when compared to comprehensive car insurance.
    • Renewal Restrictions: Some insurance providers put limits on who can get bumper-to-bumper car insurance, particularly for older cars. Check the renewal terms prior to picking this option.

     

    Choosing Your Champion: Comprehensive vs. Bumper-to-Bumper

    Depending on your car’s age and your tolerance of risk, the best choice will differ. Let’s break it down:

    • New Cars (Up to 3 Years Old): Depreciation is negligible for new cars. An effective choice for such cars will be opting for comprehensive insurance with add-ons like engine protection and return to the invoice.
    • Pre-Owned Cars (3 to 5 Years Old): Depreciation is considered for these cars. Opting for comprehensive insurance with a zero depreciation add-on for parts like engines and headlights is advisable.
    • Older Cars (Above 5 Years Old): Depreciation of value can be critical for older cars. As the complete repair costs are covered under a bumper to bumper car insurance, it becomes a more alluring choice for car owners

    Conclusion

    To maintain your peace of mind and to safeguard your prized possession: your car, it is important that you choose the perfect insurance protection that suits your needs. Once you comprehend the various coverage options and their requirements along with their differences, you can make a well-informed decision and choose the perfect insurance plan that is suited to your needs.

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/02

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    Published on: 20th Apr 2024
    All You Need To Know About Bumper To Bumper Car Insurance

    When an extra cover of zero depreciation is purchased alongside comprehensive insurance, it is referred to as bumper-to-bumper car insurance. The cover ensures that the policyholder is repaid with no deductions that happen because of depreciation in case of an accident. This blog will explore the details of this protection so you are informed before settling on a protection plan that is good for your requirements.

    What is Bumper-to-Bumper Car Insurance?

    It gives complete financial protection to your car and is an appealing choice for car owners when compared with standard car insurance. A normal comprehensive policy considers depreciation during the process of claims which directly impacts your claim amount. While a bumper-to-bumper car insurance, the policyholder gets the full claim amount as it doesn’t consider depreciation.

    What is Covered Under a Bumper-to-Bumper Car Insurance?

    In bumper-to-bumper car insurance, protection for various parts of your car is given. It doesn’t take into account deductions due to depreciation and totally compensates for the damages caused. This means that if you meet with an accident, you will be compensated completely, with no deductions.

    The parts that are covered are as follows:

    Bumpers Damages caused to both the bumpers (Front and back)
    Exterior Tail lights and Head Lights Damaged or broken headlights and tail lights
    Side Mirrors Damaged or broken side mirrors
    Windshield & Windows Cracked or shattered windshields and windows
    Alloy Wheels Dented or scratched alloy wheels

    What are the Exclusions in Bumper-to-Bumper Car Insurance?

    Bumper-to-bumper car insurance gives total coverage but there are certain exclusions. They are as follows:

    Wear and Tear Gradual damage to parts due to regular use (e.g., faded paint)
    Mechanical Breakdown Engine failure or other mechanical issues not caused by an accident
    Engine Damage from Oil Leakage Damage to the engine due to a leak
    Accidents Due to Negligent Driving If the policyholder’s negligence during driving caused the damages
    Unapproved Modifications Damages to parts not approved by the car manufacturer
    Natural Disasters (Unless Specified) Floods, earthquakes, or other natural disasters (check your policy for details)

    How to Purchase a Bumper-to-Bumper Car Insurance?

    While buying or renewing a comprehensive insurance policy, bumper-to-bumper insurance can be purchased with it. To get zero depreciation coverage, you need to pick this add-on while customising your insurance plan.

    Tips to Purchase A Bumper-to-Bumper Car Insurance

    Car owners need to consider these things before buying bumper-to-bumper car insurance. They are as per the following:

    • Compare quotes given by various insurance providers to track down the best fit for your requirements.
    • Ensure the insurance provider you choose is trustworthy and has a decent claim settlement record.
    • Review the agreements of the insurance policy carefully to understand what is covered and what are the exclusions under the policy.

    Factors Affecting Premiums for Bumper-to-Bumper Car Insurance

    The premiums are affected by things like the IDV (Insured Declared Value) of your car, your driving record, your age, the make and model of your car, and your location. Your premiums can be brought down by:

    • Increasing your voluntary deductible
    • Maintaining a clean driving record
    • Installing anti-theft devices
    • Renewing your policy promptly
    • Avoiding frequent claims

    Conclusion

    For Indian car owners, it is ideal to purchase bumper-to-bumper car insurance in the present day and age as the expenses of owning a car are rising. Alongside coverage, it additionally gives genuine peace of mind to the car owner. You can safeguard your car by choosing smartly assuming you understand what the policy covers, the premiums you need to pay, and its advantages. It stays the most ideal choice for safeguarding your car as it gives total coverage which ensures financial well-being.

    Want to get car insurance tailored to your needs? Reach out to us at support@elephant.in or on our toll-free support number- 1800 266 9693, to talk to our experts! We will help you acquire a car insurance that is customised to your needs!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/01

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    Published on: 19th Mar 2024
    Understanding No Claim Bonus in Health Insurance Policies

    Understanding the concept of the No Claim Bonus (NCB) in health insurance is essential to making informed decisions and safeguarding one’s wealth. The intricacies of NCB are discussed in depth in this blog post, with an emphasis on its significance, benefits, and crucial application for policyholders in the field of medical coverage.

    Get insured in 3 easy steps! Visit Elephant.in and fill out the details, compare prices and get your health insurance policy instantly!

    No Claim Bonus: Explained

    NCB is a monetary incentive proposed to policyholders by insurers for each claim-free year. Going past being a financial incentive, NCB is a consolation for policyholders to zero in on preventive clinical consideration, which adjusts the interests of insurers and policyholders toward a common goal of success.

    Types of No Claim Bonus

    In the health insurance industry, insurers frequently provide bonuses for not making a claim. Private and public sector insurers offer NCB to policyholders who fall under the qualification standards. By and large, there are two kinds of NCB in a health insurance plan. The types are as follows:

    • Cumulative Bonus: The inclusion sum increases by a fixed rate when the policyholder has a claim-free year. Remember that the premium that must be given continues as before. This increase happens for every claim-free year.
    • Renewal Discounts: For every claim-free year, the rate of premium of the policy decreases by a particular percentage under this type of no-claim bonus. The insured sum remains the same under this kind of bonus.

    Advantages of A No-Claim Bonus in Health Insurance

    NCB in health insurance has many benefits. Some of these benefits are:

    • You can financially protect yourself and your family in the event of a health crisis with the assistance of the NCB.
    • The NCB in health insurance is adaptable. The no-claim bonus will not be affected when switching insurers. The bonus you have accumulated over the years will remain and be applicable. The bonus can be transferred to the new insurer.
    • The benefit of a no-claim bonus encourages the policyholder to stay healthy and fit and only file a claim when it is required.
    • The cost of renewing the health insurance plan is reduced as a result of the plan offering more coverage at a lower cost.

    Applicability of No Claim Bonus

    Not all insurance policies offer the no-claim bonus feature. Policies that do offer NCB often come with certain terms and conditions. It is vital to go through the policy documents in detail while you are in the market looking to buy a health insurance policy so that you are well informed whether it offers NCB features or not.

    The benefits of a no-claim bonus are very useful. This reward can be benefitted under both an individual health insurance plan and a family floater health insurance plan. A family health floater plan covers the whole family while an individual plan just covers a solitary individual.

    Make the Most Out of the No-Claim Bonus

    From well-being initiatives that add to keeping up with great health to making informed choices to forestall unnecessary claims, policyholders are empowered to effectively partake in the amplification of their NCB benefits. To get the most out of their no-claim bonus, policyholders can follow these tips:

    • Preventive Care: Frequent check-ups, scheduled vaccinations, and screenings are your companions. Assuming command over your well-being keeps minor issues from growing into costly claims.
    • Claim Awareness: Being well-informed about your policy’s exclusions will help you avoid making unnecessary claims for expenses that are not covered.
    • Stay Informed: Keep yourself updated about IRDAI regulations regarding NCB and potential changes in your insurer’s policy terms.

    Conclusion

    In conclusion, understanding and utilising NCB can transform your health insurance experience. By staying updated about NCB and its advantages and guidelines, you unlock a useful tool for managing your healthcare costs and well-being. Therefore, make NCB your trusted companion throughout your healthcare journey and pave the way for long-term financial security and health.

    Visit Elephant.in to find the most suitable health insurance quotes! To get in touch with our professionals, send us an email at support@elephant.in or call our toll-free support number, 1800 266 9693!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/14

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    Published on: 02nd Apr 2024
    Understanding Tax Benefits: How Health Insurance Impacts Your Taxes

    In the complex world of personal finance, tax planning and health insurance are tightly linked. As we explore the evolving world of India’s healthcare and taxation framework, understanding how your health insurance plan impacts your taxes becomes vital. This broad guide plans to clear up the complexities, allowing you to make informed decisions for both your well-being and financial prosperity.

    Understanding Tax Benefits – The Lay of the Land:

    First, let us understand the landscape before we get into the particulars of tax deductions. The Indian Income Tax Act, 1961 offers different tax reductions connected to health care coverage plans, and these can be astoundingly valuable in decreasing your income tax payable.

    1. Section 80D

    Maximising Your Deduction: Note that the tax deduction limit varies based on age. This limit applies to the total premium paid for all covered individuals. So, a young working couple can claim up to Rs. 50,000 (Rs. 25,000 each) as a joint deduction if both have individual plans. The deduction amount, however, increases to Rs. 50,000 per fiscal year for senior citizens above the age of 60.

    2. Critical Illness Cover

    This additional deduction for critical illness cover acts as a double shield. Besides the fact that you get the advantage of inclusion for hazardous illnesses, you also additionally save taxes!

    3. Preventive Check-ups

    Proactive healthcare is promoted by this deduction, which encourages regular checkups that may help detect health issues early and prevent complications. Keep in mind, qualified expenses incorporate a wide range of tests, from glucose and cholesterol levels to mammograms and prostate tests. Additionally, you get Rs 5000 tax benefit.

    4. Employer-Provided Plans

    If your employer offers a medical coverage plan, view yourself as lucky! The sum paid by your employer as premiums is not added to your taxable pay, substantially decreasing your liabilities. Keep in mind that this advantage applies just to the sum paid by your employer, not on any extra premium you contribute separately.

    5. Section 80C

    Section 80C permits certain investments and expenses to be tax-exempted. By planning your investments in such a  way that they are spread diversely across various options like NSC, unit-linked insurance policies (ULIPs), the public provident fund (PPF), etc., you can claim deductions up to Rs 1,50,000. By taking tax benefits for health insurance plans under 80C, you can avail of a reduction in your tax burden.

    Some Things To Keep In Mind When Availing Tax Reliefs

    LET US Take a look at the things you must remember while availing tax deductions under Section 80D:

    • Tax deductions are not applicable for health insurance premiums paid for in cash.
    • If health insurance premiums are paid in parts by an individual and the parent, it makes both of these parties eligible for tax deductions.
    • Premiums paid for siblings, grandparents, uncles and aunts are not qualified for tax deductions.
    • Section 80D states that health insurance premiums when paid on behalf of working children are not eligible for tax relief.
    • Group health insurance premiums the employer pays do not qualify for tax relief.
    • No deduction is provided on the service tax and cess amount added to health insurance premiums.

    Conclusion

    As we conclude this guide on tax benefits on health insurance plans in India, the meaning of informed direction becomes obvious. Along with safeguarding you from health-related crises, your health coverage plan is a fundamental instrument for tax reduction. Utilise your obtained information, talk with specialists, and build a strong foundation for strength for financial prosperity that can get through future vulnerabilities.

    Visit Elephant.in to get the best health insurance quotes, tailored to your needs! Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693 to get in touch with our experts!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/11

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    Published on: 14th Mar 2024
    Understanding Coverage Options & Benefits of Family Health Insurance

    In the world of insurance, health insurance is the most sought-after. A health care insurance that covers your whole family under one single policy is called family health insurance. A determined sum is insured and shared among all the members of the family.

    It is important to diligently pick the correct family health insurance plan to safeguard your family’s well-being. However, exploring the various advantages and features can be challenging. Through this blog, we hope to help you understand the various coverage options and benefits of family health insurance plans so that you can make informed decisions for your family’s well-being.

    Understanding Coverage Options: Weaving a Safety Net for Every Need

    A range of coverage options come under a family health insurance plan, taking care of different necessities. Coverage options under a family health insurance plan are as follows:

    • Cost of Hospitalisation: Costs of hospitalisation of over 24 hours are also taken care of under a family health insurance policy.
    • Organ Donor Expenses: In an occasion of emergency when an organ transplant is fundamental, the costs of obtaining the organ and the donor-related costs are covered.
    • Ambulance Charges: Expenses of availing the ambulance service during a health-related crisis are also covered under family health insurance.
    • Pre and Post-Hospitalisation Expenses: The clinical costs generated before hospitalisation (clinical examination, tests) and after release (follow-ups) are covered up to a specific number of days.
    • In-house Treatment: Opting for medical treatment at home is an expensive deal. Having family health insurance helps in financing the in-house treatment.
    • Mental Illness Cover: A family health insurance plan helps cover costs for the treatment of mental illnesses like depression and anxiety. It also aids in covering the costs of preventive medications for the same.
    • Maternity Care: Hospitalisation and clinical costs pertaining to labour, pre-birth and post-pregnancy are covered under a family health insurance plan. Along with that, the costs of regular check-ups as well as ambulance services are also taken care of under this plan.

    What are The Benefits of Family Health Insurance Policy?

    Family health insurance plans rise above simple monetary protection, they come with a set of advantages that promote complete prosperity:

    • Affordable premiums: Opting for a family health insurance plan is low-cost when compared to acquiring personalised health insurance for each member of the family. Thus, the plan allows affordable coverage and is lighter on your pockets.
    • High coverage for all members: The sum insured under the family floater policy can be used entirely by any member who falls ill. As such, each family member has complete access to the sum insured and can avail of high coverage if you choose an optimal sum insured level.
    • Maternity coverage : This cover is allowed under many plans: For a young couple who would be starting a family shortly, family health plans having maternity coverage is a good choice. These plans allow coverage for maternity-related expenses.
    • You can opt for a comprehensive cover: Family health plans come with different coverage benefits, and you can compare and choose a plan that has the most inclusive coverage features.
    • Easy addition of members: Family floater plans allow you the convenience of adding new family members. Depending on the terms and conditions of the policy, you can easily obtain coverage for a new member, for example, a newborn child. You would simply need to request the insurer and pay an extra premium.
    • Tax benefits: The main advantage of family health insurance plans is that they open doors to tax benefits. A tax reduction of INR 25,000 will be granted when acquiring family health insurance. In the case of senior citizens, this reduction amount increases to INR 50,000.

    Conclusion

    Picking the right family healthcare coverage plan is fundamental to achieving your family’s long-term prosperity. By learning the intricacies of the various coverage options and benefits of family health insurance, you can confidently navigate the healthcare landscape and have peace of mind knowing that your loved ones are protected. Your investment in family health insurance today will be rewarding as it will ensure that your family is safe and secure.

    To clear any further doubts, please reach out to our specialists by messaging us at support@elephant.in or call us on our toll-free help number: 1800 266 9693! Visit Elephant.in to get the best family health insurance quotes!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/13

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    Published on: 09th Mar 2024
    The Hidden Advantages of Employer-Sponsored Health Insurance

    In the present day and age, organisations have understood that their workers are a fundamental part of their prosperity and quite possibly their most significant resource. Organisations ensure that their workers are all safeguarded, similar to any of their different assets. In India’s developing healthcare landscape, employer-supported health insurance arises as a protector, guaranteeing the well-being of the employees. This blog intends to unwind the hidden benefits of these group health insurance plans, digging into the subtleties that make the most essential part of employee welfare.

    A group health insurance policy can be procured easily in 3 steps! Visit Elephant.in, fill up the necessary form, compare quotes, pay and instantly get the policy!

    Comprehensive Coverage for Employees

    Employer-supported health insurance in India goes past the essentials, offering broad coverage custom-made to meet the particular requirements of employees. From hospitalisation costs to short-term medicines, these plans act as a strong security net, guaranteeing the employees acquire quality medical care without any financial strain. Additionally, these plans frequently incorporate coverage for pre-existing conditions, making them beneficial for employees with existing medical concerns. This adds a layer of inclusivity, guaranteeing that a wide range of employees can benefit from the insurance plan.

    Financial Security During Health Crises

    In a period where there are plethora of potential threats to an individual’s well-being, employer-supported healthcare insurance gives financial security during health emergencies. It is a safeguard against high medical costs, offering employees the genuine serenity that their expenses during such emergencies are covered, lifting a heavy burden off their shoulders. Moreover, a few policies incorporate critical illness coverage, giving a single amount payout in case of serious clinical problems. This element helps with taking care of treatment costs as well as helps in tending to lifestyle changes that might be important after diagnosis.

    Cost-Effective Health Coverage

    Employer-sponsored health insurance’s cost-sharing mechanisms are one of the hidden benefits. Employers contribute to the critical portion of the premiums, making it a practical choice for employees. This ensures that a larger portion of the workforce has access to comprehensive health coverage in addition to easing the financial burden on employees. Besides, with group insurance policies, the risk is divided among a bigger pool of people, prompting favourable premium rates. This collaborative method makes health insurance more reasonable for employees, regardless of their health conditions.

    Wellness Programs for a Healthier Workforce

    Along with health insurance for staff, numerous employers incorporate well-being programs into their health care coverage plans. Standard well-being check-ups, preventive care events, and fitness programs add to encouraging a culture of prosperity, making employees more proactive about their well-being. Employers are progressively putting resources into employee health well-being platforms and applications, giving customised well-being tests and insights. This proactive methodology prevents diseases as well as advances a positive way of life among employees.

    Tax Benefits:

    Health insurance premiums paid by employers are generally tax-deductible as a business expense. Additionally, employer contributions to employees’ health insurance premiums are typically excluded from employees’ taxable income, resulting in tax savings for both employers and employees.

    Access to Quality Healthcare Facilities

    Various employer-supported group health insurance plans have tie-ups with good clinics and medical service providers. Employees will have easier access to high-quality healthcare facilities as a result of this, making it easier for them to get the right treatment when they need it. Health camps and screenings in the workplace can elevate this advantage for employers. These on-location medical services can improve accessibility and also cultivate a proactive way to deal with health management among employees.

    Conclusion

    An essential part of employee welfare is employer-sponsored group health insurance policies. Keep in mind that these group plans are not a one-size-fits-all answer. In any case, their hidden benefits ought to be considered carefully. In embracing these benefits, organisations are not merely investing in health insurance they are investing in the prosperity and vitality of the collective future.

    To get the best quotes on employer-sponsored group health insurance, visit Elephant.in! Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693 to get in touch with our experts!

    *Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/23-24/12

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  • For Employers
    The elephant has given a wide range of options at the best price to our employees under a single umbrella. A very unique business model and a bridge between retail insurance and corporate package.
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Alliance Insurance Brokers Pvt. Ltd.
8th Floor, Gold Crest, 10th Road, Juhu, Vile Parle (W), Mumbai 400 049, India
Email
Monday - Saturday
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CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
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