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Crucial insights and expert advice that simplify insurance concepts and offer strategies for protecting you, your loved ones, and your assets.

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Should Term Plans Cover Loan EMIs Automatically?

Mehul Kashyap, a 38-year-old bank manager in Pune, had a simple ritual every month. Once his salary was credited into this account, a third of it went straight towards the EMIs for his home loan. For both Mehul and his wife, Shreya, this wasn’t just a financial sacrifice, rather a shared dream. They wanted to raise their children in a house that they could call their own. Everything was going fine until things changed last year when Mehul passed away in a car accident. Amid the emotional grief, Shreya also faced the daunting financial stress. With her salary, it would be impossible to sustain their livelihood and also pay the EMIs. Things became worse with bank reminders, and Shreya feared losing their beloved home. This is where term insurance could have made all the difference. If Mehul had coverage linked to automatic EMIs, the loans would have been better settled, giving Shreya some peace and stability in such a tough phase of her life.

Term

The Concept of “Joint Term Insurance” for Business Partners

The story of 35-year-old Rishi Dhandania and his wife, Kritika Dhandania, didn't simply start with their marriage. It started 5 years ago when they started a business together. What started as two friends opening a bakery shop soon turned into a chain of cafes across Indore. Rishi and Kritika have been working hard and have taken their business to a highly profitable level. While Kritika manages operations, Rishi handles the creative side and finances. One morning while sipping coffee on the balcony, Kritika asked Rishi a question, “How will you manage everything alone if something happens to me one day?” Though it was tough for Rishi to answer this, both of them knew it was an important question. Their income and family responsibilities were definitely co-dependent. Loss of any one of the partners can take a toll on the emotional and financial health of the other. It was when this business couple learned about joint term insurance. The very same day, Rishi purchased the policy to secure their financial future.

Health

The Growth of Cashless Treatment in Tier-2 and Tier-3 Cities

Suchita Sharma, a 32-year-old government employee from Sultanpur, Uttar Pradesh, was advised to purchase medical insurance with a cashless treatment facility. Suchita, coming from Surat, a tier 2 city, didn’t understand the importance of cashless treatment as she was under the misconception that hospitals in her city were not that expensive. However, after being suggested many times, she purchased medical insurance. A few years down the line, due to an unfortunate event when Suchita was admitted to the hospital for severe chest pain, the doctor suggested surgery that would cost around ₹1.5 lakh. Thanks to her medical insurance, Suchita could get the surgery done without having to make an advance payment, which is otherwise a mandate for the hospital. But since the hospital was a part of the heart insurance company's cashless network, Suchita didn’t have to deal with the financial burden. Cashless settlement has become an integral part of health insurance companies. Let’s analyse the growth and role of cashless settlement in tier 2 and tier 3 cities.

Term

The Rise of “Lifestyle-Based” Premiums in Term Insurance

Akshay Tiwari and Aakash Sahni, both corporate lawyers based in Delhi in their early 20s, decided to purchase term insurance to build a reliable life cover. Akshay Tiwari was a fitness enthusiast who made healthy lifestyle choices every day. Aakash Sahni was a regular smoker who rarely took time for exercise. Both of them applied for a term insurance with the same insurance company. Still, Aakash Sahni was shocked to see the stark differences in premium cost and coverage that he was offered compared to his friend. While Akshay got high coverage at an affordable premium, Aakash had to compromise on the coverage and pay significantly higher premiums. But why did the insurance company discriminate between the two? The answer is simple: Their lifestyle choices. Akshay was a healthier individual, which, according to the insurance company, reduced the chances of a claim. On the other hand, Aakash Sahni had a lifestyle that exposed him to higher health risks, resulting in higher chances of claims under the term plan. The age-old adage, "health is wealth," stands true even in the case of purchasing term insurance. Let’s understand the relation between lifestyle and term insurance premium in detail so that you are in a better position to make an informed decision while purchasing a policy.

Term

Why Some People Outlive Their Term Policy – And What to Do Next?

Ramesh Tripathy, a 25-year-old bank employee, first purchased term insurance for 25 years. At the time of purchasing the policy, he was young, married, and had a home loan going on. He just wanted to secure the financial interest of his family in case of any unfortunate incident with him. Fast forward, 25 years later. Now, Ramesh Tripathy is 50 years old and is already planning his retirement. He is leading a peaceful life with grown-up kids, his own home, and a healthy life. His term policy has also just expired as he outlived the policy. He always thanks the almighty for life has been kind to him! However, since the past 2- 3 years, Ramesh has been thinking, “Is it too late to buy another life insurance now?”, “Do I still need a life insurance policy?” Well, Ramesh is not alone in this dilemma. There are many who come to this junction in life where they outlive their life insurance policy. Let's explore what you can do after you have outlived the term policy tenure!

Health

The Debate Around Insurance for Alternative Treatments (Ayurveda, Homoeopathy)

Renu Shastri, a 52-year-old Mathematics teacher in Kanpur, struggled with chronic back pain for a long time. Last year, when her daughter Veena took her for an Ayurvedic massage, Renu felt immediate relief. The Ayurvedic practitioner there even assured that regular Ayurvedic medicines and therapy could help ease the pain and avoid surgery. But Renu wasn’t sure if the treatment costs were covered under their health insurance or had to be paid out of their pockets.

Jio Insurance Broking Ltd

Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)

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