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Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

 

The contract is valid for payment of the insured amount during:

The date of maturity, or
Specified dates at periodic intervals, or
Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner.  

By and large, life insurance is civilisation's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of every person:

  • That of dying prematurely leaving a dependent family to fend for itself.
  • That of living till old age without visible means of support.

Life Insurance Vs. Other Savings

Contract Of Insurance:

A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection: 

Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:  

Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy instalment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half yearly or yearly). 

For example: The Salary Saving Scheme popularly known as SSS, provides a convenient method of paying premium each month by deduction from one's salary. 

In this case the employer directly pays the deducted premium to LIC. The Salary Saving Scheme is ideal for any institution or establishment subject to specified terms and conditions.

Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief: 

Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force.  

Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It: 

A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. 

Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies. 

Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

 


  • Protection for your family during all time of medical uncertainties .
  • Need not have ready cash, any emergencies can be attended.
  • Receive best of the services at hospitals.
  • Avail Tax exemption u/s80D.
  • Your financial savings are undoubted, that which in meant for your dreams/goals.
  • Make life ensure & tension free.
  • Pre & post hospitalization covered. 
  • Policy for Individuals.
  • Family floater policy.
  • Diabetic Care Policy.
  • Policy for Senior Citizen.
  • Policies that provide Maternity Benefits.
  • Student Care Policy.
  • Travel Insurance (for individual & family). 
  • Accident Care Policy.

The term health insurance (popularly known as Medical Insurance or Mediclaim) is a type of insurance that covers your medical expenses.The concept of health insurance is new in India but its awareness is growing fast. Health insurance comes in handy in case of severe emergencies. Life is unpredictable, insurance can make it safe and secure from bearing huge financial loss. A health insurance policy is a contract between an insurance company and an individual. Sometimes it is associated with covering disability and custodial needs. The contract is renewable annually. 

Health insurance is affordable and carries the assurance and freedom from insecurities that threaten normalcy now and then. The type and amount of health care costs that will be covered by the health plan are specified in advance. Health plans are available in two formats, individual and group plans. In an individual policy you are personally the owner of the policy. While in a group plan, the sponsor owns the policy and the people covered under it are called its members.

  • Direct Claim settlement , not through third parties
  • Cashless facility at some of the best hospitals across the country
  • Any Age Enrollment and Assured Renewability of the Policy for Life
  • No extra loading on premium even if you claim
  • All Day-Care Procedures covered - We pay for Medical Expenses for Day Care Procedures when you, as an in-patient undertake procedures for a period of less than 24 hours in a hospital
  • No sub-limit on ICU charges and Room Rent in the Hospital - Covered Up to Sum Insured
  • Maternity Benefit Covered - Up to 2 Deliveries - This benefit is available after you and your spouse have been covered for 24 months continuously
  • New Born Baby Covered - All newborn babies (where we have paid the maternity claim) are automatically covered from birth until the next renewal of the Policy
  • Vaccinations for Children covered - First year vaccinations for all newborns are covered under the Policy
  • Health Check-Ups On Renewal for all members Covered in the Policy - Every year for Gold and Platinum and every second year for Silver members
  • Emergency Ambulance - Actual expenses covered up -to Sum Insured in Max Bupa network hospitals
  • Health Relationship Program - Health services and products up to 10% of renewal premium will be available every year on Renewal of the Policy
  • In the First Year of the Policy after the First 90 days waiting all claims covered - No separate exclusions of 1st year and 2nd year lists after the 90 days waiting period)
  • All claims arising from emergencies from day one of the policy are covered (Both Accidental & Non-Accidental Emergencies are Covered)
  • Comprehensive Cover : From 2Lakhs, to 50 Lakhs
  • One policy covers upto 13 relationships.

Tax Saving : You also save Tax under Sec 80D of Income Tax Act. Tax benefits are subject to change in Tax laws.

Highlights:

When it comes to planning for medical emergencies financially, one tends to worry mainly about the hospital bills. Medical care comes with a price tag and arranging for funds during crisis may lead to running from pillar to post, making a dent into your savings or worse. Sudden hospitalization can wreak havoc on your finances and impact your regular financial liabilities. Universal gives you the smart alternatives to stay on top of such situations by wisely choosing right health insurance policy from pool of policies in the market. We will help you to choose between individual plans, family floater plans or Senior Citizens plans as per your requirement.

Policy Coverage:

  • Hospitalisation expenses – Takes care of payment or reimbursement of hospitalisation expenses incurred by the policy holder for treatment of disease, illness, injury in a Hospital.
  • Domiciliary hospitalisation – Takes care of expenses involving medical treatment for a period exceeding three days for disease, illness or injury, where the treatment is actually taken at home.
  • Day care treatment – Takes care of expenses incurred in case of day care treatment where 24 hours of hospitalisation is not required due to technologically advanced treatment.
  • Pre and post-hospitalisation expenses – Takes care of pre hospitalisation expenses prior to hospitalisation and post hospitalisation expenses incurred following discharge from Hospital for specified days.
  • Critical Illness – A separate and additional sum insured for diagnosis of different critical illnesses. 

Add on Covers:

  • Lifetime renewal allowed
  • Renewal discount of 5% for every claim-free year, up to a maximum of 25%
  • Reimbursement of cost of medical check-up for every block of four claim-free years

Exclusions:

Among the major exclusions under the policy are-

Pre-existing diseases/illnesses/injuries/conditions. However, the same would be covered from the 5th year of the Policy after four continuous renewals with the Company without break 

Medical expenses incurred for treatment undertaken for disease or illness and/or for critical illness within 30 days of the inception date of this Policy. This exclusion doesn't apply for subsequent renewals with the Company without a break.

Benefits under Critical Illness section of the policy within 60 days of inception of the policy

Expenses incurred on treatment of specified conditions such as Cataract, Hernia, Gastric and Duodenal Ulcers etc. (For complete list, please refer to policy wordings)  

Personal exclusions if any mentioned in respect of any one or more specific insured persons covered.