Car/bike  Insurance not only provides financial protection to the car/bike but also provides cover for injuries to driver, passengers or pedestrians, and their property. It pays for damages to your car due to accidents, vandalism, theft, fire, man-made/ natural disasters, and third-party liability. Considering the exorbitant repair costs these days even a minor damage can cost a fortune. The Motor Vehicles Act also requires every vehicle on the road to at least have a valid third-party liability cover, i.e. cover that pays for bodily injury, loss of life and damage to property of a third person that was caused by an accident with your car/bike.

Health insurance, also called as Mediclaim, is way to pay for advance medical treatments, that typically require you to be in-hospital overnight. It also covers certain other day procedures like cataract surgery, etc that don’t require you to be hospitalized but are expensive nevertheless.

Once your claim is accepted, insurance company will pay for all medical expenses related to the claim, as long as you have not exhausted the sum assured of the policy for the year. If your policy has co-pay or a deductible, you will need to pay that part. You may also need to pay some portion of the claim if your plan has limits, like a room rent limit.

Rest assured, on Wondercase you can clearly see how much your out of pocket will be for a claim, for each and every plan.

Life insurance term plan pays your family the death benefit as mentioned in the policy in case of your death while the policy is in force.

In comparison to investment-type life insurance plans, term life plans only get you a death benefit and not other return. However, the death benefits you get is very large in comparison, typically 500-1000 times your annual premium. It would take an investment earning 10% interest for more than 65 years – a lifetime – to get a 500X return!

Term insurance is also quite cheap, e.g. for a 30-year-old, a cover of 50 lakhs, costs about Rs. 4,000 per year.

Once you buy a Term Plan, keep your nominee aware of the latest policy copy. To make the claim, your nominee has to intimate the insurance company and provide necessary documents which will include copy of death certificate, hospital records, if any, identity and bank account proofs.