Personal Accident vs term insurance vs health insurance
| Product | Term insurance | Personal Accident | Health Insurance |
| Objective | provide financial support to your family after your death | provide financial support to yourself in case of a medical emergency with huge expenses. | |
| Premium Amount | affordable to the most | costly, particularly after a certain age | |
| Coverage | Covers Death & injuries Naturals & Accident | Death or permanent disability and medical expenses due to accident | Covers Hospital & medical bills due to hospitalization |
| Renewal Benefit | No benefit | you can avail No-Claim Bonus(NCB) in your next renewal. | |
| Tax benefits | section 80C 1.5 lakh | no benefit | section 80D upto 50K |
| validity | 1 year (can pay once) | 1 year | 1 year |
| accidental disability | not covers | covers | |
| Financial support due to accident or disability | covers income from job or salary | ||
| Combination | term+ Personal accident | Health + Personal accident | |
| Death due to illness or diseases | YES | NO |
Life insurance vs term insurance : term insurance no return at maturity but traditional life insurance plans for offer maturity benefit with high extra premium return 4-6% ideally lower than FD also called bonus.
traditional life insurance: endowment policy
insurance coverage + savings return on 4% (inflation rate 6-8) FD rate just above inflation rate. saving bank interest rate towrds inflation rate justbaove or below. Premium = insurance coverage +savings benefits: return on maturity accidental coverage: Personal accidents + natural death
Term insurance :
only for insurance coverage = benefits: Personal accident natural death Personal Accident policy: only on accident expires after 1 year. annual payments just like regular insurance but low
Return of Premium Term Insurance: f the policy holder survives the entire term of the plan, he will not get any benefit under the standard term insurance plan. However, when you select the “Return of Premium” term insurance plan, you will get the amount refunded at the end of the term. The premium of this plan is slightly higher than a regular term insurance plan.
premium rate difference term and endowment
30 years endowment plan for 1 cr sum = 1lakh per annum total 30lakhs 30 year term plan8500 annual to cover 1 crore risk coverage only on death, disability, accident personal accident policy 100Inr o cover 1 lakh – PM modi scheme pmjjby (Pradhan Mantri Jeevan Jyoti Bima Yojana) , but only on accidental death
health insurance:
only covers medical expenses. All the medical claims if in case of hospitalization in prescribed term 1 year or 1+ no annual payment: insurance means: risk coverage. no death benefits. foundation of finance :
NO Insurance:
you have to park some amounts not 10% its 100%. (its better to invest somewhere), tax benefits on insurance premium.
Central govt plant
Pradhan Mantri Jeevan Jyoti Bima Yojana
personal accident policy 100Inr cover 1 lakh
pmjjby and pmsby
Pradhan Mantri Suraksha Bima Yojana(PMSBY) Personal accident
The risk coverage under the scheme is Rs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 20 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Term Insurance
Under this plan, the risk cover in case of death of the life insured due to any reason is Rs.2 lakh. The amount of premium is Rs.436 per annum which is to be auto-debited.
Pradhan Mantri Jan Arogya Yojana (PM-JAY) Ayushman Bharat Health insurance
PM-JAY was earlier known as the National Health Protection Scheme (NHPS)
aims at providing a health cover of Rs. 5 lakhs per family per year for secondary and tertiary care hospitalization
- A hospitalisation cover up to 3 days
- A post-hospitalisation cover of up to 15 days
- A cover for all pre-existing conditions with no waiting period.
- No restrictions on the number of family members under the coverage of the scheme
- Cashless treatment at any government or private hospital in the country under the scheme
- Coverage for 1,393 procedures
- Coverage for the expenses for treatment, drugs, physician’s fee, diagnostics, ICU charges, etc.
- An annual premium of ₹30
ayushman bharat registration not available, only eligible candidates Below the poverty according 2011 census.
1) Ayushman Bharat:
2) Awaz Health Insurance Scheme:
3) Aam Aadmi Bima Yojana:
4) Bhamashah Swasthya Bima Yojana:
5) Central Government Health Scheme (CGHS):
6) Chief Minister’s Comprehensive Insurance Scheme:
7) Employees’ State Insurance Scheme:
8) Karunya Health Scheme:
9) Mahatma Jyotiba Phule Jan Arogya Yojana:
10) Mukhyamantri Amrutum Yojana:
11) Pradhan Mantri Suraksha Bima Yojana:
12) Dr YSR Aarogyasri Health Care Trust Andhra Pradesh State Government:
13) Telangana State Government – Employees and Journalists Health Scheme:
14) Rashtriya Swasthya Bima Yojana:
15) Universal Health Insurance Scheme:
16) Yeshasvini Health Insurance Scheme:
17) West Bengal Health Scheme:
