Insurance plan – Intuttitalia http://intuttitalia.com/ Wed, 29 Jun 2022 08:17:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://intuttitalia.com/wp-content/uploads/2021/10/icon-2-120x120.png Insurance plan – Intuttitalia http://intuttitalia.com/ 32 32 HFC partners with Britam to launch education insurance plan https://intuttitalia.com/hfc-partners-with-britam-to-launch-education-insurance-plan/ Wed, 29 Jun 2022 08:17:03 +0000 https://intuttitalia.com/hfc-partners-with-britam-to-launch-education-insurance-plan/ NAIROBI, Kenya, June 29 – HFC, through its bancassurance intermediary, has partnered with Britam Holdings Plc to launch a convenient and flexible education policy dubbed Elimu. The product is designed to enable parents to provide uninterrupted quality education to their children with high returns, flexible terms and guaranteed payouts. The education plan will be exclusively […]]]>

NAIROBI, Kenya, June 29 – HFC, through its bancassurance intermediary, has partnered with Britam Holdings Plc to launch a convenient and flexible education policy dubbed Elimu.

The product is designed to enable parents to provide uninterrupted quality education to their children with high returns, flexible terms and guaranteed payouts.

The education plan will be exclusively available from HFC and underwritten by Britam Holdings Plc as part of HFC’s diversification strategy which has seen it provide its customers with full banking services.

Robert Kibaara, HF Group CEO, said, “We are deepening our full-service banking offering, including bancassurance solutions, and this product will provide our customers with a way to plan and save for a quality education for their children while increasing insurance penetration in the country, which currently stands at just 3 percent.

“The collaboration between HFC and Britam will provide a customer-beneficial solution in an area that remains critical to all economies and the education sector,” he added.

The group CEO said the solution has also been tailor-made to meet diverse customer needs and allows for a high age limit of up to 60 years and seniority limits as low as 6 years.

“This partnership aligns well with Britam’s strategy of being a customer-centric organization by ensuring that we continually identify partners to work with to customize solutions aligned with consumer needs. As the leading life insurer in East Africa for a considerable number of years, education planning is something we pride ourselves on being your ideal partner of choice. Elimu is the brainchild of two brands that aim to deliver more value to HFC customers by building on our heritage and track record to ensure parents are able to give their children a quality education” Ambrose Dabani, Director principal of Britam Life Insurance,

Kibaara added that “adaptability to customer needs and excellence in service delivery are some of our main pillars and we will continue to partner with like-minded institutions to innovate products and services that not only promote financial inclusion, but also align with emerging customer needs.

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Have a health insurance plan? Here’s why you can also opt for a critical illness insurance plan https://intuttitalia.com/have-a-health-insurance-plan-heres-why-you-can-also-opt-for-a-critical-illness-insurance-plan/ Fri, 17 Jun 2022 10:31:56 +0000 https://intuttitalia.com/have-a-health-insurance-plan-heres-why-you-can-also-opt-for-a-critical-illness-insurance-plan/ If you have already purchased health insurance with adequate coverage, the need to purchase a critical illness plan may still exist. A health insurance policy popularly known as Mediclaim is different from a critical illness insurance policy in the way the two work. In a health insurance policy in the form of an individual policy […]]]>

If you have already purchased health insurance with adequate coverage, the need to purchase a critical illness plan may still exist. A health insurance policy popularly known as Mediclaim is different from a critical illness insurance policy in the way the two work. In a health insurance policy in the form of an individual policy or a floating family plan, the insurance company pays the hospital bill up to the insured amount of the policy. So, if the sum insured is Rs 5 lakh but the hospital bill is Rs 1.5 lakh, the insurer pays Rs 1.5 lakh to the hospital. But, in a critical illness insurance plan, the insurer pays the entire face amount and hence they are also called “defined benefit” plans.

The other key difference is that the individual policy or a floating family plan covers hospitalization costs arising from any illness or medical event. However, the critical illness policy will only cover specific conditions as defined in the policy document. Some of the major critical illnesses covered are heart attacks and other heart conditions, stroke, cancer, paralysis, kidney failure, coma, organ transplant, among others.

Therefore, as coverage differs and is relevant in different circumstances, one or the other is not a substitute for the other. One must have adequate coverage through an individual policy or a floating family plan and also have a separate critical illness plan. Once you have both – a Medicclaim policy and a Critical Illness policy, your health insurance coverage is complete. “An insured must supplement their health insurance coverage with a critical illness plan that provides full coverage and lump sum benefits in the event of a critical illness diagnosis. With critical illness insurance plans, policyholders are well placed to meet medical expenses incurred during treatment without parting with hard-earned savings,” says Parag Ved, Head-Consumer Lines, Tata AIG General Insurance.

In the event of a serious illness, the impact on personal finances can be enormous. It has already been observed how lifestyle changes impact health and cause major ailments. “People today are more susceptible to serious diseases by leading a sedentary and changing lifestyle. The diagnosis and treatment of serious diseases like cancer can lead to huge medical costs, substantial hospitalization costs and ongoing rehabilitation costs for a significantly longer duration.Some critical illnesses may be debilitating in nature and warrant lifelong treatment and monitoring or impact the individual’s earning capacity.In addition, there are certain liabilities financial resources such as loans, children’s education and, when combined with high treatment expenses, this leads to a heavy financial burden,” adds Ved.

Tips for Deciding Which Critical Illness Insurance Plan to Buy

According to Ved, one should conduct thorough research to understand the product and then compare plans from various insurers. Some of the basics that need to be covered are below:

1. Number of critical illnesses covered by the policy – ​​the longer the list, the better. In addition, a person should assess whether certain critical illnesses such as cancer are comprehensively covered, i.e. cover for all stages of cancer, including early cancer.

2. Survival period – the shorter the survival period, the better

3. Sum Insured Offered Under The Policy – ​​A higher sum insured should be preferred.

4. Whether multiple critical illness events are covered by the plan or not – Conventional critical illness policies cease to exist upon the payment of a single critical illness claim under the policy.

5. If the policy offers waiver of renewal premium in the event of suffering from a covered critical illness.

6. Insurer brand – since these policies are renewable for life, the brand of the insurer should also be considered when choosing a critical illness insurance policy

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LIC launches “Dhan Sanchay” savings life insurance plan; details here https://intuttitalia.com/lic-launches-dhan-sanchay-savings-life-insurance-plan-details-here/ Tue, 14 Jun 2022 10:24:05 +0000 https://intuttitalia.com/lic-launches-dhan-sanchay-savings-life-insurance-plan-details-here/ Life Insurance Corporation of India (LIC) on Tuesday announced a new plan, effective from the same date. It is an individual, unlinked, non-participating savings life insurance plan that provides a combination of protection and savings. The company said the scheme provides a guaranteed income benefit during the payout period from the due date and a […]]]>

Life Insurance Corporation of India (LIC) on Tuesday announced a new plan, effective from the same date. It is an individual, unlinked, non-participating savings life insurance plan that provides a combination of protection and savings.

The company said the scheme provides a guaranteed income benefit during the payout period from the due date and a guaranteed termination benefit payable with GIB’s final payment.

The Dhan Sanchay plan is available for a minimum term of 5 years to a maximum of 15 years. It offers a level income benefit, an increasing income benefit, a single premium level income benefit and a single benefit.

Maturity benefits will be payable in the form of a guaranteed income benefit and a guaranteed termination benefit. In the event of the unfortunate death of the insured, the plan will provide financial support to the family for the duration of the policy after the start of the policy. Death benefits will be paid in a lump sum and/or in installments over a period of 5 years, at the option of the policyholder.

The plan takes care of liquidity through loan facilities. Optional runners are available with additional payment.

The minimum sum insured for the plan for options A and B is Rs 3,30,000, option C is Rs 2,50,000 and option D is Rs 22,00,000. There is no limit for the maximum bonus. The minimum age for entry is 3 years, depending on the option chosen.

The Dhan Sanchay plan can be purchased offline through agents, as well as online.

Also Read: The End of LIC’s Anchor Book Lockdown Approaches: What Should Investors Do?

Also read: LIC a valuable asset, investor panic is distressing: Government as stock hits all-time low

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Top Factors to Consider Before Buying a Children’s Insurance Plan https://intuttitalia.com/top-factors-to-consider-before-buying-a-childrens-insurance-plan/ Mon, 13 Jun 2022 07:36:47 +0000 https://intuttitalia.com/top-factors-to-consider-before-buying-a-childrens-insurance-plan/ Before opting for child insurance, you must consider various events for the child such as schooling, higher education, hobbies, sports, etc. and make provision for it. There are several options available to you when choosing a children’s plan. Several insurance companies offer plans for children. However, note that some of these plans are market-linked policies […]]]>

Before opting for child insurance, you must consider various events for the child such as schooling, higher education, hobbies, sports, etc. and make provision for it.

There are several options available to you when choosing a children’s plan. Several insurance companies offer plans for children. However, note that some of these plans are market-linked policies that allow policyholders to invest in both debt securities and stocks. There are also traditional plans that invest the investors’ premium only in debt funds.

What is a Children’s Insurance Plan?
With a children’s plan, a child’s needs are taken care of even if the parents are not around. These plans provide guaranteed payments to fund the child’s education and hobbies so they can lead a comfortable life. Children’s plans are known to offer higher returns compared to traditional investment avenues such as PPFs or FDs. That said, choosing a suitable child diet is not easy.

Here are some things you should consider before buying a kids plan;

1. Starting early with these types of investments secures the child’s future from the start. These plans usually have a long-term horizon to invest in, which helps investors build their wealth periodically. Therefore, according to experts, choose a plan that encourages long-term investment.

2. Choose a plan that suits your child’s needs and goals, as each child’s goals and ambitions are unique. That way, experts say, you’ll have the right financial planning in place to help your child achieve their dreams.

3. For investors with a high risk appetite, equity linked plans are the ideal option with a considerable duration of at least 10 years or more. this way your investment will grow, as long-term stocks tend to give good long-term returns. Also ensure that the children’s plan has a balanced mix of debt and growth funds as well as risk coverage.

4. For investors with low risk appetite, endowment plans could be opted for. If you don’t like to take risk on your investments, endowment plans will not only provide you with adequate coverage, but will also provide protection against volatile market conditions.

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What coverage should I take out in term insurance at age 40? https://intuttitalia.com/what-coverage-should-i-take-out-in-term-insurance-at-age-40/ Wed, 08 Jun 2022 07:21:44 +0000 https://intuttitalia.com/what-coverage-should-i-take-out-in-term-insurance-at-age-40/ I win ₹2 lakh per month at the age of 40. I have three dependents – my wife, my six-year-old son and my one-year-old daughter. I currently have term insurance coverage of ₹75 lakh from ICICI Pru, which will end at the age of 65. Please advise if this is sufficient insurance or do I […]]]>

I win 2 lakh per month at the age of 40. I have three dependents – my wife, my six-year-old son and my one-year-old daughter. I currently have term insurance coverage of 75 lakh from ICICI Pru, which will end at the age of 65. Please advise if this is sufficient insurance or do I need to increase the insurance period or insurance coverage?

-Name masked on request

The Sum of 75 lakh insured with coverage till age 65 is not enough for you after seeing your monthly income which is 2 lakh per month. It is generally recommended to provide coverage at 10-15 times annual expenses. Other factors are also taken into consideration before purchasing term insurance. For example, the most difficult situation one can leave to one’s family is a lot of debt. If someone has an outstanding home loan, which is their primary expense to take care of, assess significant life events and goals, consider a retirement corpus for your spouse, consider your existing wealth, etc

Whereas in your case, a multiple of 10 is suggested to account for rising inflation, rising school fees for his children, and health costs for your parents. At a multiple of 10, your coverage based on future household expenses would be 2.25 to 2.5 crores.

Now coming to the second question for a correct term of insurance – In view of the increase in longevity and the earning horizon, it is necessary to consider the pure term protection plan as an income replacement and a form of estate planning. With changing lifestyles and longevity, long-term cover helps with income replacement and inheritance and estate planning, so it is advisable to purchase long-term insurance up to the age of 100 years.

Question answered by Sanjiv Bajaj, Co-Chairman and Managing Director of Bajaj Capital.

(Send you queries and views to mintmoney@livemint.com)

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LIC’s Bima Ratna Insurance Plan: What You Need to Know | India Business News https://intuttitalia.com/lics-bima-ratna-insurance-plan-what-you-need-to-know-india-business-news/ Mon, 30 May 2022 09:27:00 +0000 https://intuttitalia.com/lics-bima-ratna-insurance-plan-what-you-need-to-know-india-business-news/ LIC on Friday launched an individual life insurance plan called Bima Ratna. Aimed at the domestic market, it offers a combination of protection and savings. Here are some features of the plan: Death benefit : The death benefit is payable, on the death of the insured, for the duration of the policy after the date […]]]>

LIC on Friday launched an individual life insurance plan called Bima Ratna. Aimed at the domestic market, it offers a combination of protection and savings.
Here are some features of the plan:
Death benefit :
The death benefit is payable, on the death of the insured, for the duration of the policy after the date the risk begins. In its brochure, the “death face amount” is defined as the greater of 125% of the basic face amount or 7 times the annualized premium. The death benefit shall not be less than 105% of the total premiums paid (excluding any additional premiums, rider premiums and taxes) up to the date of death.
Guaranteed supplements:
From the 1st to the 5th year, LIC will pay guaranteed supplements of Rs 50 per Rs 1000 basic sum insured. From the 6th to the 10th year of insurance, LIC will pay Rs 55 per Rs 1000 basic sum insured. LIC will pay a guaranteed supplement of Rs 60 from the 11th to the 25th year of insurance per basic sum of Rs 1000 insured. In the event of death under an in-force policy, the guaranteed bonus in the year of death will be for the full year of the policy.
Risk start date:
If the policyholder’s entry age is less than 8 years, risk under this plan will begin either 2 years from the effective date of the policy or from the of the policy coinciding with or immediately following the attainment of 8 years of age, whichever occurs first. For those aged 8 or over on entry, the risk will begin immediately from the date of issue.
Grace period :
A grace period of 30 days is granted for the payment of annual, half-yearly or quarterly premiums and 15 days for monthly premiums from the date of the first unpaid. If the premium is not paid before the expiration of the grace days, the policy lapses. If the death of the insured occurs during the grace period but before payment of the premium then due, the policy will be valid. Benefits are paid after deducting such unpaid premium and the remaining premium, if any, due from the date of death and before the next policy anniversary.

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LIC Bima Ratna Life Insurance Plan: 9 Things to Know https://intuttitalia.com/lic-bima-ratna-life-insurance-plan-9-things-to-know/ Mon, 30 May 2022 05:50:00 +0000 https://intuttitalia.com/lic-bima-ratna-life-insurance-plan-9-things-to-know/ has a new life insurance product called Bima Ratna, an unlinked, non-participating individual savings life insurance product that combines protection and savings. The policy was launched on May 27, 2022. Here is an overview of the key details of the LIC Bima Ratna policy as per the product brochure available on the LIC website. Policy […]]]>
has a new life insurance product called Bima Ratna, an unlinked, non-participating individual savings life insurance product that combines protection and savings. The policy was launched on May 27, 2022.

Here is an overview of the key details of the LIC Bima Ratna policy as per the product brochure available on the LIC website.

Policy objective

This plan provides financial assistance to the family of the policyholder in the event of the premature death of the policyholder during the term of the policy, as well as periodic payments on the survival of the policyholder for predetermined periods of time. to meet a variety of financial needs. With a loan facility, this approach addresses liquidity issues.

How to buy LIC Bima Ratna

This product can currently be purchased through corporate agents, insurance companies, marketing companies (MFIs), brokers, CPSC-SPVs and POSP-LIs engaged by these intermediaries viz. corporate agents, insurance marketing companies (IMFs) and brokers.

Death benefit

The “sum insured at death” plus accrued Guaranteed Top-ups will be paid on the death of an Insured during the period of insurance following the start date of the risk.

Where “Sum insured at death” means the greater of 125% of the basic sum insured or seven times the annual premium.

According to the LIC brochure, “This death benefit payment shall not be less than 105% of the total premiums paid (excluding any additional premiums, rider premiums and taxes) up to the date of death.”

Survivor benefit

A specific proportion of the basic sum insured will be paid if the insured life survives for each of the stated durations during the period of insurance, provided the policy is in force.

Maturity benefit

According to the LIC Bima Ratna pamphlet, “On the life insured surviving the stipulated maturity date provided the policy is in force, the ‘sum insured at maturity’ together with accrued guaranteed additions, will be payable. Where “Sum insured at maturity” is equal to 50% of the basic sum insured.”

Guaranteed additions

LIC will pay guaranteed increases of Rs 50 every basic sum of Rs 1000 insured from the first to the fifth year. From the 6th to the 10th year of insurance, LIC will pay Rs 55 per basic sum of Rs 1000 promised, and from the 11th to the 25th year of insurance, the guaranteed increase will be Rs 60 per basic sum of Rs 1000 insured.

In the event of death while the insurance is still in force, the guaranteed supplement in the year of death will be for the entire insurance year.

Guaranteed supplements under a policy will cease to accrue if premiums are not paid on time.

The guaranteed supplement for the policy year in which the last premium is received will be added pro rata to the premium received for that year in the case of a paid-up policy or when a policy is surrendered.

Risk start date

If the insured’s entry age is less than 8 years, risk under this plan will begin 2 years from the start date or 2 years from the policy anniversary coinciding with or immediately following reaching age 8, whichever comes first. .

The risk will start immediately for people aged 8 or over.

Acquisition date

“If the policy is issued on the life of a minor, the policy shall automatically vest in the insured on the policy anniversary coinciding with or immediately following the age of 18 and shall be deemed, upon such vesting, be a contract between the company and the insured life,” according to the LIC brochure.

Settlement option

According to the copy of the LIC brochure, “The LIC Settlement Option is an option to receive a maturity benefit in installments over a 5-year period instead of a lump sum under a policy in force and paid. This option may be exercised by the Policyholder during the Insured’s minority or by the Insured aged 18 or over, for all or part of the maturity proceeds payable under the policy. The amount chosen for this option by the policyholder/insured (i.e. the net loss amount) can be either in absolute value or as a percentage of the total loss proceeds to be paid. »

Table 2

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Lic Unveils Bima Ratna Savings Life Insurance Plan. 10 key features https://intuttitalia.com/lic-unveils-bima-ratna-savings-life-insurance-plan-10-key-features/ Fri, 27 May 2022 13:49:29 +0000 https://intuttitalia.com/lic-unveils-bima-ratna-savings-life-insurance-plan-10-key-features/ The product can be purchased through corporate agents, insurance marketing companies (IMFs), brokers, CPSC-SPVs and POSP-LIs engaged by these intermediaries viz. Corporate agents, insurance marketing companies (IMFs) and brokers LIC’s Bima Ratna plan provides financial support to the family in the event of the unfortunate death of the insured during the term of the policy […]]]>

The product can be purchased through corporate agents, insurance marketing companies (IMFs), brokers, CPSC-SPVs and POSP-LIs engaged by these intermediaries viz. Corporate agents, insurance marketing companies (IMFs) and brokers

LIC’s Bima Ratna plan provides financial support to the family in the event of the unfortunate death of the insured during the term of the policy and also provides periodic payments for the survival of the insured at fixed durations to meet various needs financial.

Additionally, the plan supports liquidity needs through a loan facility.

Here are the main features of the new plan:

1. Death benefit:

LIC provides death benefits on the death of the insured person for the term of the policy after the risk start date plus accrued guaranteed additions.

LIC defines the sum insured at death as greater than 125% of the basic sum insured or 7 times the annualized premium. This death benefit payment will not be less than 105% of the total premiums paid (excluding any additional premiums, rider(s) and taxes) up to the date of death.

However, in the case of a minor under the age of 8, in the event of death before the start of the risk, the benefit due will be the reimbursement of the premium(s) paid (excluding taxes , any additional premium(s) and endorsement(s), if applicable), without interest.

2. Survivor benefit:

In its survivor benefits – LIC will pay 25% of the basic sum insured at the end of each 13th and 14th year of insurance if the duration of the plan is 15 years. For a 20-year term plan, LIC will pay 25% of the basic sum insured at the end of each of the 18th and 19th policy years. If the insurance plan is for 25 years, then LIC will pay the same 25% at the end of each 23rd and 24th policy year.

3. Maturity Advantage:

In its Bima Ratna brochure, LIC explains that on the life insured surviving the stipulated maturity date, provided the policy is in force, the “sum insured at maturity” together with accrued guaranteed top-ups, will be payable . When “the sum insured at maturity” is equal to 50% of the basic sum insured.

4. Guaranteed supplements:

From the 1st to the 5th year, LIC will pay guaranteed supplements of 50 per 1000 basic sum insured. While from the 6th to the 10th year of insurance, LIC will pay 55 per 1000 basic sum assured, and the guaranteed addition will become 60 from the 11th to the 25th year of insurance per 1000 basic sum insured.

In particular, in the event of death within the framework of a contract in force, the guaranteed supplement in the year of death will be for the full year of the contract.

However, if premiums are not duly paid, guaranteed top-ups cease to accrue under a policy.

In the case of a paid-up policy or in the event of a surrender of a policy, the guaranteed addition for the year of insurance in which the last premium is received will be added in proportion to the premium received for that year, LIC said.

5. Eligibility Requirements and Other Restrictions:

LIC offers a minimum basic insured amount of up to 5,000,000. There is no limit to the maximum basic sum insured, however, it will be in multiples of 25,000.

The duration of the policy varies from 15 years, 20 years and 25 years. However, the term of the policy will be 15 and 20 years if the policy is purchased through POSP-LI/CPSC-SPV.

Under the Bima Ratna, the premium payment period is 11 years for a policy period of 15 years. While it is 16 years and 21 years for insurance periods of 20 years and 25 years.

The minimum age is 5 years of completion for an insurance period of 15 years. While 90 days from completion for 20 and 25 year policy terms.

The maximum age is 55 for the 15-year insurance periods, while the age is 50 and 45 for the 20- and 25-year insurance periods.

Also, the policy can be purchased at age 65 minus the term of the policy if purchased through POSP-LI/CPSC-SPV.

The minimum contract maturity age is 20 for the 15-year and 20-year contract durations. While the age of maturity is 25 years for a contract period of 25 years.

The maximum age of maturity is 70 years.

6. Risk start date:

In the event that the entry age of the insured is less than 8 years, the risk under this plan will commence either 2 years from the commencement date or the anniversary of the policy coinciding with or immediately after reaching 8 years of age, whichever is earlier. For people aged 8 or over, the risk will begin immediately.

7. Payment Options:

The Settlement Option is an option to receive the Maturity Benefit in installments over 5 years instead of a lump sum under an in-force, paid-up policy. This option may be exercised by the Policyholder during the Insured’s minority or by the Insured aged 18 or over, for all or part of the maturity proceeds payable under the policy.

The amount chosen for this option by the policyholder/insured (ie the net loss amount) can be either in absolute value or as a percentage of the total loss proceeds to be paid.

There are monthly, quarterly, semi-annual and annual installments under the policy.

The minimum monthly payment is 5,000, while it is quarterly 15,000, half-yearly 25,000, and annually 50,000.

If the net claim amount is less than the amount required to provide the minimum payout amount as elected by the policyholder/insured, the claim proceeds will be paid in a lump sum only.

8. Payment of premiums:

Premiums can be paid regularly at annual, semi-annual, quarterly or monthly intervals (monthly premiums through NACH only) or through payroll deductions.

9. Grace period:

A grace period of 30 days is granted for the payment of annual, semi-annual or quarterly premiums and 15 days for monthly premiums from the date of the first unpaid premium. During this period, the policy is deemed to be in force with the cover of risks without interruption according to the terms of the policy. If the premium is not paid before the grace days expire, the policy lapses.

The above grace period will also apply to rider premiums which are payable together with the base policy premium.

10. Alarm Clock:

If the premiums are not paid within the grace period, the policy will expire. An expired policy can be reactivated, but within 5 consecutive years from the date of the first unpaid premium but before the due date.

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Oregon Health Insurance Plan May Require Use of Multiple Federal Funding Options – State of Reform https://intuttitalia.com/oregon-health-insurance-plan-may-require-use-of-multiple-federal-funding-options-state-of-reform/ Tue, 24 May 2022 07:00:00 +0000 https://intuttitalia.com/oregon-health-insurance-plan-may-require-use-of-multiple-federal-funding-options-state-of-reform/ Members of Oregon Bridge Healthcare Program Task Force discussed the possibilities of building and funding a Basic Health Plan (BHP) to provide health insurance to low-income Oregonians on Tuesday. Get the latest information on state-specific policies for the healthcare sector delivered to your inbox. The state of health emergency (PHE) is expected […]]]>

Members of Oregon Bridge Healthcare Program Task Force discussed the possibilities of building and funding a Basic Health Plan (BHP) to provide health insurance to low-income Oregonians on Tuesday.

Get the latest information on state-specific policies for the healthcare sector delivered to your inbox.


The state of health emergency (PHE) is expected to end on July 15th if the Biden administration does not extend the declaration for another 90 days. The task force was formed to create a bridging program to provide coverage for people leaving the Oregon Health Plan (OHP) when the PHE ends and his suspension from Medicaid redeterminations is lifted.

Task force members have previously discussed federal funding options to support a health insurance plan for low-income residents during a May 10 meeting. They considered three financing options, including the implementation Item 1115 of the Social Security Act, the Affordable Care Act (ACA) Item 1331and the ACA Section 1332. They revisited those options on Tuesday.

Jeremy Vandehey, director of the Oregon Health Authority’s Division of Health Policy and Analysis, said he was working with CMS officials to determine the most viable avenues for securing federal funding for a coverage plan for people below 200% of the Federal Poverty Level (FPL) who are not eligible for OHP.

Section 1115 provides a quick and simple path to implementation. But that forces the state to pay 40% of that cost, which falls short of budget targets, Vandehey said.

Section 1331 is designed to provide states with a BHP for people who are between 138 and 200 percent of FPL, and maximizes federal contributions, Vandehey said. If implemented, it would remain in place unless removed by the state.

“Section 1115 is the quickest and easiest route, but funding is a significant hurdle,” Vandehey said. “With section 1131, there is no option, there is less flexibility, but the journey is direct.”

A viable path to creating a plan that covers affected residents and providing that coverage before they lose their current coverage could involve implementing different phased funding options. The first step would be a short-term 1115 waiver to provide cover quickly, followed by the gradual introduction of a 1331 BHP as a permanent cover option.

“That would be allowed with a commitment from the state to implement a full BHP,” Vandehey said.

Although task force members should plan coverage options with the expected July 15 end date of the PHE in mind, waiver 1115 may not be necessary if extended. A 1115 waiver would serve as a safety net, said Sen. Elizabeth Steiner Hayward (D-Portland), who co-chairs the task force.

“If the emergency extends into December, we probably won’t need a 1115 waiver until we have 1331 in place,” Hayward said. “But we are going to apply for a 1115 waiver, so we have that as a safety net in case the PHE ends before our 1331 is operational, so people don’t lose their coverage and we have to reinstate them. ”

The working group was formed after the adoption of House Bill 4035. The bill directs task force members to create a transition program with lower reimbursable costs than current market options and to consider a plan with no reimbursable costs. It does not provide specific guidelines for monthly premiums. Minnesota and New York both have BHPs, and OHA health policy analyst Tim Sweeney discussed their benefits to members.

Minnesota has a sliding scale for premiums for people who are between 160 and 200 percent of FPL, ranging from $4 to $28 per month, Sweeney said. There are no deductibles and modest co-payments for members. New York recently eliminated all premiums and there is no deductible in its BHP, he said.

Kirsten Isaacson, a member of the task force, said deductibles pose significant barriers for low-income residents.

“Seeing New York and Minnesota with plans without a franchise, I appreciate that,” Isaacson said. “And I lean towards that area. I would like to leave deductibles and co-payments off the menu.

An Oregon bridge plan could also provide a dental coverage option, if that becomes practical as task force members identify priorities. Task force member Matthew Sinnott noted that the Minnesota and New York BHPs include dental plans and said he would like Oregon to include dental coverage as well.

“We pride ourselves on being pioneers,” Sinnott said. “I wouldn’t want the bridge to be a bridge too far.”

Members of the working group will review coverage services and member costs that would be included in an Oregon BHP at future meetings. They will also decide on a federal funding option. Their next meeting is scheduled for June 14.

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Participating or non-participating endowment insurance plan in Singapore for you https://intuttitalia.com/participating-or-non-participating-endowment-insurance-plan-in-singapore-for-you/ Thu, 19 May 2022 08:14:19 +0000 https://intuttitalia.com/participating-or-non-participating-endowment-insurance-plan-in-singapore-for-you/ – Advertisement – What is a staffing plan? An endowment plan is a two-for-one product. It offers insurance coverage but also premiums based on investment returns. Before you run for the hills, endowment plans are not the same as the infamous investment-related plans. The two are quite different, but more on that later. Endowment plans […]]]>

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What is a staffing plan?

An endowment plan is a two-for-one product. It offers insurance coverage but also premiums based on investment returns. Before you run for the hills, endowment plans are not the same as the infamous investment-related plans. The two are quite different, but more on that later.

Endowment plans are policies that give you insurance coverage and act like a savings plan. Their main goal is to help you achieve your financial goals. This can include saving for your children’s future education or preparing a decent amount of money for a happy retirement. Many buy endowment plans for exactly these reasons.

An endowment plan has the potential to be very useful to you, provided you understand exactly what you are signing up for.

Endowment insurance plans
Monthly premium payment
Fixed maturity time
Comes with a life insurance component
Guaranteed money
Short-term and long-term plans available

Features of Endowment Plans

Before diving into the various existing policies, it is important to understand what staffing plans are. The majority of endowment plans on the market today have these traits in common:

1. Regular bonuses

Endowment plans require you to pay regular premiums throughout the life of the plan. These payments can be monthly, quarterly or even annually. The amount you pay for this premium may also differ from policy to policy. Nevertheless, recurring payments are commonplace when it comes to staffing plans.

2. It’s an insurance plan

All endowment plans have an insurance component (usually life insurance). When you pay that monthly premium, some of that money goes into your insurance coverage and what’s left goes into an investment fund. Each company and plan may differ in the exact ratio of investment to coverage.

3. Fixed maturity period

Endowment plans operate for a pre-allocated term, ranging from three to twenty years. Short-term plans, like the 3-year Tiq plan, are much rarer because investments tend to fare better over the long term.

Once your plan has matured, you will receive a payment. Sometimes consumers do not know the exact amount they will receive. Providers usually quote a sum when you sign up, which is the smallest amount you’ll receive after the plan expires.

Note that this value may be less than the sum of your bonuses, depending on the type of endowment plan.

Introduction to Participating and Non-Participating Staffing Plans

So you might be wondering: what types of staffing plans are available? True to the title, there are mainly two types of endowment plans – with and without participation. These two can vary in many ways, and it is important to understand the difference between the two.

Participating Staffing Plans

When you join a participating endowment plan, you agree to participate in the profits of an investment fund. Thus, you will receive dividends determined by the performance of the fund. The payment consists of two parts:

1. Sum insured

This is a fixed sum of money that is promised to you. Once you cash out after the policy matures, you are assured of that sum in full.

2. Benefits Not Guaranteed

Non-guaranteed benefits are all investment fund premiums. It depends on the performance of the fund, so these can be high but also very low. Insurers typically provide customers with an estimate of how much money they can earn based on past results, but none of this is guaranteed.

How do participating staffing plans work?

A fraction of the premium paid by all policyholders will be pooled into a single fund. This will then be invested in various assets such as corporate bonds, properties and many more. Each insurer has a different strategy, but they all have one goal: to achieve significant returns for the insured and the company.

Bonuses

There are three main types of bonuses you can earn if you decide to sign up for a crowdfunding plan.

1. Reversion bonus

Your insurer will regularly declare a reversion premium. Reversible means ‘right to own’ and therefore once a reversion bonus is declared, you will be entitled to that amount. This bonus will be added to the guaranteed amount of your policy. In other words, if a policy provider declares a survivor’s premium, you are guaranteed that money in full.

2. Cash dividends

Cash dividends, on the other hand, do not contribute to the sum insured. Instead, they are immediate cash payments that the insured can choose to withdraw, apply to future premiums, or reinvest with the provider.

3. Terminal Bonuses

Not to be confused with survivor premiums, a terminal premium is a lump sum payable that you can get once your policy expires or when you make a claim. Terminal means “at the end” and therefore a terminal bonus is another bonus you can earn after the expiry period.

Surrender of a participating policy

Since the insurance component of an endowment plan is life insurance, the cost of terminating a policy prematurely is extremely high.

Also, the payout you will get may be very low, or less than the amount of premiums paid so far. This payout comes from an accumulation of declared bonus cash. Usually this only happens after a minimum period, and the value of the cash accumulation may not be much less than the premiums you have paid so far.

Therefore, it is recommended that you be prepared for consistent bonuses and the high commitment that comes with the plan before signing up for it.

Are participating endowment and linked investing the same thing?

Short answer: no. They are similar in that they both involve investments and are often confused with each other.

In an investment-linked plan, you are not guaranteed any initial return. In comparison, a participatory endowment plan guarantees you a base sum. You will receive at least this base sum in full when the policy matures. All other investment-related perks fall under unsecured bonuses and are just extra treats.

There are more differences between the two, but for the most part, the sum assured is where they diverge the most.

Benefits and Risks of Participating Staffing Plans

The benefits of such plans are numerous.

1. Grow your savings and get insurance

A participating endowment plan can be ideal for people looking to grow their savings while getting an insurance package. It may be cheaper than trying to do both individually.

2. Safer option than investing alone

Insurers usually hire seasoned professionals to support the investment fund. Since the money is pooled by other policyholders, a fund’s portfolio can be diversified, making returns much more stable. Participating Capital Accumulation Plans are considered a low-risk investment.

But, just as traditional investments are risky, so is an equity endowment plan.

3. Risk of small returns

Markets are volatile and the losses may be all too real. That’s why many people avoid participating capital accumulation plans, especially when the sum guaranteed is less than the total premium you pay. A participating endowment plan is not for the faint hearted.

Staffing schemes without participation

Non-participating endowment plans are quite simple, as they do not include any unsecured benefits.

As the policyholder, you will not be entitled to any profit made by the company and the money you will receive when the policy matures is guaranteed. There is no investment involved. So if you are risk averse and prefer to be on the safer side, a non-participating endowment plan may be something to consider.

Surrender of a non-participating contract

Like its participating counterpart, the cost of premature termination of a non-participating contract is also very high. Also, non-participating policies may not have a cash value because there are no declared premiums. It’s important to do your research and understand how much you could actually receive if you want to cash out your policy prematurely.

Here’s our advice: don’t.

Key points to remember

Summary of participating and non-participating policies

Participant Non-participant
Riskier Less risky
Stand to win the initial sum and additional bonuses Stand to win only the initial sum assured
Potentially higher cash value Potentially lower cash value

Are staffing plans for you?

Yes Nope
You need insurance coverage You already have insurance coverage
You need a relatively stable investment You are looking for high returns (redirect to stocks or SSB)
You are ready for a long-term commitment You shouldn’t commit long

Conclusion

Depending on your current financial situation, savings habits, and future life goals, endowment plans may be something to consider for all the benefits they provide to their holders. If you want to learn more, check out some of the best staffing plans here. Whether or not you choose to enroll in an endowment plan, we hope this article has helped you become better informed to make the best choice for you.


The article Participating Versus Non-participating: Find the best staffing insurance plan in Singapore for you originally appeared on ValueChampion.

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