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What is Insurance Loan ?

Loan Insurance, also known as Loan Protection Insurance, is a product designed specifically to cover your monthly loan payouts in case of temporary/permanent disability, loss of job, or any such eventuality. It protects the borrower from defaulting on loans. It provides coverage for the insured loans; the borrower can use the loan insurance amount to repay the personal loans that have been insured. The insurance policy you choose decides the specific events that are going to be covered under the insurance.


Do I Really Need a Insurance Loan Plan ?

Insuring your home loan with an insurance plan is a must. As the home loan amount is typically in several lakhs, it is essential to get a cover so that the liability of repaying it does not fall upon the family members in the case of death of the borrower.

Type of Insurance Loan Plans

Individual Health Insurance Plan :

As the name recommends, a singular health care coverage plan offers cover for the individual as it were. This arrangement covers your clinical costs for hospitalization, injury, room lease, and then some. This approach offers aggregate guaranteed which can be utilized by just a single individual for example the individual covered under the arrangement

Family floater insurance plan :

Under a family floater plan, you can cover your whole family under a solitary arrangement. The aggregate safeguarded for these arrangements are generally higher than standard individual medical coverage plans. The total guaranteed is accessible for all the relatives protected under the arrangement. The best part about this arrangement is that you can get cover for your whole family for a little exceptional sum.

Critical illness health insurance plan :

Basic ailment health care coverage strategy offers cover extraordinarily for basic ailments like stroke, kidney disappointment, organ relocate, malignant growth, and that's only the tip of the iceberg. Treating basic diseases can get costly and an arrangement like this can set aside a ton of cash in the event that you at any point were determined to have a basic sickness.

Group health insurance plans :

Group health insurance plans are highly popular in the corporate sector. Medium and large-sized enterprises use this insurance policy to offer cover for their employees in time of a medical crisis. It is a benefit that most employees expect when joining a company and this helps the employer retain their employees.

Benefits Insurance

Cover against Uncertainties

It is one of the most prominent and crucial benefits of insurance. The insured individual or organizations are indemnified under the insurance policies against losses. Buying the right type of insurance policy is indeed, a way to get protection against losses arising from different uncertainties in life.

Cash Flow Management

The uncertainty of paying for the losses incurred out of pocket has a significant impact on cash flow management. However, with an insurance policy by your side, you can tackle this uncertainty with ease. The chosen insurance provider pays in the event of happening of an insured event whenever they occur.

nvestment Opportunities

Unit linked insurance plan, , invest a part of the premium into several market linked funds. This way, they enables you to invest money regularly to benft of market linked returns and fulfil your life goals.

Tax benefits

AOther than the protection benefits of insurance policies, you can also avail income tax benefits.The premium paid to buy life insurance policies are eligible for deduction from the taxable income, Under Section 80C of the Income Tax Act. The upper limit for these deductions is Rs. 1.5 Lakh.

Get an Insurance to Stay Protected (NCB)

Insurance plans such as term plans and health insurance plans from Max Life Insurance helps you safeguard yourself and your family's financial standing and lets you earn multiple other benefits. So, now that you know 'what is insurance?', how it works, you should consider taking the one that suits you and stay secured!

Peace of mind

With a health insurance policy at hand, you can be rest assured breathe easy and focus on what really matters –i.e. rest and recovery


You and your family members also become eligible for free health checks at the nearest network hospital of the insurance company.

Restoration of Sum Insured

Under this feature, you don't have to worry once your sum insured is exhausted. Most of the health insurance plans come with sum insured restoration bnefit, which restores the sum insured as per the policy's TnCs.

Coverage for Coronavirus

Your standard health insurance offers coverage against Coronavirus. The insurance will pay off in-patient and outpatient expenses incurred during the treatment of COVID-19.

Frequently Asked Questions

Insurance Loan Frequently Asked Questions

  • What is General Insurance and what are the different kinds of General Insurance?

    Health Insurance, which insures the health of the policyholder Home Insurance, which covers residential properties Vehicle Insurance, which covers automobiles, cars, and other kinds of vehicles, depending on the specific terms of the policy Travel Insurance, which insures the policyholder against several mishaps/accidents that could occur during travel

  • When should I purchase a Health Insurance Plan? ?

    Health Insurance Plans offer a cover that helps you meet the costs of medical emergencies. Since such medical emergencies can occur at any point in life, it is always a good idea to invest in Health Insurance policies as early as possible. Ideally, it’s a good idea to purchase a Health Insurance plan when you’ve landed your first steady job. That way, you can promptly pay your premiums when they are due, and you can enjoy the benefits of a medical cover too.

  • What does Travel Insurance cover?

    Travel Insurance covers a host of insurable incidents. The exact roster of instances varies from one plan to the next. But broadly speaking, here’s what you can expect a Travel Insurance plan to cover: Personal accident cover Hospitalisation expenses Trip delays, cancellations or interruptions Loss or damage to baggage checked-in Loss of passpor All you have to do is tell us about your healthcare needs and we will offer you the right plan. You can throw in the add-ons you prefer, fine-tune the coverage and proceed to the payment once you are satisfied with the coverage. Once you pay the premium, the policy will be mailed to you, and coverage of your medical insurance policy will commence instantly!

  • Are there any tax benefits associated with Health Insurance?

    Yes, Health Insurance does offer tax benefits to the investor. Specifically, Section 80D of the Income Tax Act, 1961, allows the premiums paid for Health Insurance plans to be deducted from the total income of the Assessee. This has the effect of reducing the total taxable income, thereby reducing the tax burden. The limit of deduction depends on whom the policy is purchased for (whether for self, family or parents), on the age of the purchaser and on the age of the parents. Senior Citizens get higher limits of deduction.

  • Can I buy General Insurance online? And is it safe to do so?

    Buying General Insurance online is certainly possible. In fact, a number of insurance service providers, including ICICI Bank, offer the option to avail of General Insurance coverage online. And while we’re on this subject, it’s not only safe to buy General Insurance online, it’s also beneficial in a number of other ways. The advantages of buying insurance online include quicker and easier application, lower premiums and the ability to read the documentation first-hand.

  • What is the eligibility criteria for purchasing General Insurance?

    The exact eligibility criteria for General Insurance depends on the kind of insurance you are looking for, the terms associated with the policy and the insurance provider you choose. Different kinds of insurance pose different insurance eligibility criteria. For instance, Health Insurance policies may contain age limits and require you to undergo a medical examination. Travel Insurance may come with eligibility criteria related to the nature of travel. To truly understand the eligibility criteria, it is best to read the terms and conditions of the policy carefully

  • Conclusion This should give you a fair idea of what General Insurance is all about. You can choose from many different kinds of General Insurance, depending on the asset you wish to insure. In each category of General Insurance, you can further select from among different insurers and a variety of insurance plans. All in all, it’s easy to customise your insurance cover as per your needs, given the range of options in the market.

  • What if my health insurance policy lapses when I am hospitalised?

    There can be two situations. First, where you get hospitalised before the policy expiry date and notify the insurance company before the policy lapses, and the policy lapses when you are still in the hospital. In the second situation, you may be hospitalised during the grace period, the policy lapses then, and you inform the insurance company about the same during the grace period. In both cases, the insurance company will compensate for the coverage availed, as per the terms and conditions stated in the policy document.

  • Can I avail coverage benefits if I get hospitalised for less than 24 hours?

    Yes. Most health insurance plans cover you for medical treatments that do not require hospitalisation of at least 24 hours. These are known as daycare procedures. Daycare treatments are performed under local or general anaesthesia in a clinic, hospital, or daycare center. Some daycare treatments that health insurance plans cover you for are chemotherapy, eye surgery, sinusitis, dialysis, angiography, etc.

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