BimaKavach - Simplifying Business Insurance in India

 Home insurance covers damages caused to the insured home and the contents in it. There are several types of home insurance policies, including building insurance and contents insurance. Building insurance covers damages to the structure of the home, while contents insurance covers damages to personal property inside the home. You get coverage for losses or damages caused due to theft, fire, flood, and other natural disasters.

 Travel insurance policies cover unexpected losses or expenses that may occur while travelling. These policies are designed to cover events such as medical emergencies and lost, or stolen luggage. You also get coverage for trip cancellations, or flight cancellations/delays. Travel insurance policies come in different tiers of coverage and can cover a range of travel-related expenses.

 Life insurance is a type of insurance policy that provides financial security to your loved ones in the event of your death. It guarantees a lump sum payout to the beneficiaries named in the policy. The premiums for the policy depend on various factors such as the policyholder's age, health, and lifestyle. The insured’s family members can use the policy amount to cover expenses such as children’s higher education fees, or pay off debts, etc.

 There are several types of life insurance policies available, each designed to meet different needs. Here are some of the most common types of life insurance policies:

 Term life insurance covers the policyholder till a specified time, typically 10, 20, or 30 years. The beneficiary receives a lump sum payout assured in the policy in case of the policyholder’s demise during the term. Term life insurance usually comes at a less expensive premium than other types of life insurance policies because it provides coverage for a limited period.

 Whole life insurance provides coverage for the lifetime. The policyholder can get a whole life cover for up to 99 years of age. The premiums for whole life insurance policies are usually higher than those for term life insurance policies. In this, the policyholder, if he/she survives the policy term, gets a lump sum amount at maturity. In case of the policyholder’s demise, the beneficiary will receive the sum assured on the policy.

 ULIP gives dual benefits of insurance and investment plans. You get a life cover and the opportunity to invest in various funds basis your risk appetite. This type of insurance policy helps you in savings and growing your wealth. A portion of the premium will go towards insurance coverage, while the remaining goes towards investment.

 You can invest in different assets such as equities, debt, and hybrid to generate returns. ULIPs also offer a partial withdrawal facility after the lock-in period (5 years) ends. You also have the flexibility of switching from one fund to another. This facility comes in handy when you are nearing your goal, wherein you can switch from an aggressive fund to a debt fund.

 Like the ULIPs, endowment plans also offer life cover and build a corpus for essential life goals. However, endowment plans give guaranteed returns. A certain portion of the premium goes towards the sum assured, while the other portion is invested in low-risk avenues.

 In case of your demise during the policy term, the nominee will get the sum assured. In case you survive the policy term, you get the sum assured as a maturity amount along with the accumulated bonuses. Thus, endowment plans fulfil the dual needs of insurance and investment.

 Money-back policies are like endowment plans, except they pay a certain amount at pre-defined intervals during the policy term. For instance, a money-back policy of 15 years term will pay a certain amount at the end of the policy’s 5th and 10th year. On policy maturity, it pays the maturity benefits along with the accumulated bonuses.

 Life cover comes for a long term, up to 99 years of age. Term life comes for a short term like 10, 15, or 20 years.

 You get insurance policies for short and long term. You can choose to buy a policy for one year or more.

 The nominee receives the sum assured in case of insured’s demise, or the insured receives the sum assured at maturity upon survival.

 You can avail cashless claim or reimbursement claim facility. In cashless claim, the claim will get settled directly between the network service provider and the insurer. In case of reimbursement, you will receive the amount in your registered bank account.

 When choosing the right health insurance plan for your specific needs and budget, it’s important to consider all the options available to you. However, we understand that this is easier said than done, and that there are a lot of confusing factors to keep in mind.

 Whether you’re trying to find the best type of plan to choose through your employer-sponsored coverage, or you’re just beginning to look into your individual health insurance options, this guide aims to breakdown the basics and provide you with additional resources to supplement your insurance journey.

 You can also reach out to our team of licensed insurance agents for additional help at any time. This is a free service and there is no obligation to purchase. Our agents are here to offer you unbiased help so that you make the right decision for you and your budget.

 There are several different types of insurance plans you can buy to get coverage for health and other care like routine vision or dental.

ENO Meaning

 Employer-sponsored: This health insurance coverage is also called group or small group coverage. This is the type of health insurance you usually get through work. Group health insurance allows you to split the cost of your monthly premium with your employer, and you’ll pay other cost-sharing payments.

 Individual and Family Plans: This health insurance is coverage you enroll in by yourself. These plans, also called Affordable Care Act (ACA) plans or Obamacare plans, are available to everyone. You can either buy them through your state or federal marketplace, health insurance companies, or brokers like eHealth.

 Medicare: Medicare is a federal health insurance program that insures seniors aged 65+. Beneficiaries can choose to get their coverage through a private insurance company with a Medicare Advantage plan, also called Medicare Part C, or through the government. If they stick with Original Medicare, they can get extra coverage with a Medicare Supplement Insurance plan and prescription drug coverage through Medicare Part C. If you qualify for Medicare, you can find more information or shop for Medicare plans with eHealth.

 Short-term: Enrolling in short-term, or temporary, health insurance plans can help bridge any gaps in coverage you may have for short periods of time (anywhere from a few months to 3 years in some states).

 Dental: Most medical insurance does not cover routine dental care. In order to get insurance for things like cleanings or root-canals you’ll need to enroll in a separate dental insurance plan.

 Vision: Most medical insurance does not cover routine vision care. In order to get insurance for things like eye exams, glasses, and contacts you’ll need to enroll in a separate vision plan.

 Other: In addition to these most common types of health insurance, there are some other types of health insurance that either require special circumstances to qualify for or only cover specific needs (accident insurance, Medicaid, CHIP, etc.). Check out eHealth’s resource center to find out more about all health insurance plan types or contact a licensed agent with eHealth if you’re not finding what you’re looking for.

 Other: In addition to these most common types of health insurance, there are some other types of health insurance that either require special circumstances to qualify for or only cover specific needs (accident insurance, Medicaid, CHIP, etc.). Check out eHealth’s resource center to find out more about all health insurance plan types or contact a licensed agent with eHealth if you’re not finding what you’re looking for.

 These abbreviations may be familiar to you since they’re thrown around a lot when talking about insurance, but what do they mean?

 Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs) are two of the most popular types of major medical health insurance plans. There are a few notable differences between HMOs and PPOs:

 Primary Care Doctors and referrals: With an HMO you’ll have a primary care doctor who you (and your family) will go to for most health care needs. If you want to see a specialist, you must get a referral from your primary care doctor. You also cannot receive coverage for going out of network. With a PPO you do not need to name a primary care doctor, get a referral to go to a specialist, and you may have to pay more for out of network care.

 Premium costs: HMOs tend to have lower premiums than PPOs – though this can differ from plan to plan.

 Plan costs: With HMOs deductibles are rare and copays are usually minimal, though this can differ from plan to plan. PPOs may have deductibles and may have higher copays.

 Filing claims: With HMOs you typically don’t have to file any claims yourself. With PPOs you may have to file some claims – especially if you go out of network for care.

 When deciding between an HMO or a PPO it’s important to consider your budget but also your health care needs and preferences. For instance, if you’re on a tight budget an HMO may be a better option for you. However, if flexibility with your health care is important to you a PPO may be the right choice.

 Making these decisions can be difficult and daunting considering you typically are locked into your plan for a full calendar year. If you’re having a hard time making a decision, or just need someone to talk through your options with, eHealth’s licensed insurance agents are here to help you make the right decision for your specific needs.

 If you need help making the decision between an HMO or a PPO for your small business, eHealth can help with that too!