Portability of health insurance refers to the ability of an individual to transfer their health insurance coverage from one plan to another without losing benefits or facing penalties. This concept is particularly significant in the context of changing jobs, relocating to a different state, or simply seeking a better insurance plan that meets one’s evolving […]
Comparing Term and ULIP Plans: How Life Insurance Differs
Term insurance and Unit Linked Insurance Plans (ULIPs) are two distinct types of life insurance products that cater to different financial needs and goals. Term insurance is a pure life cover that provides financial protection to the policyholder’s beneficiaries in the event of their untimely demise. It is characterized by its simplicity and affordability, as […]
Understanding the Meaning of Sum Assured in Your Policy
Sum Assured is a fundamental concept in the realm of life insurance, representing the guaranteed amount that an insurer agrees to pay to the policyholder or their beneficiaries upon the occurrence of a specified event, typically the death of the insured individual. This figure is predetermined at the inception of the policy and serves as […]