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5 hacks for buying term insurance online

You must have definitely heard people stressing the importance of insurance coverage. It is even more evident during the ongoing pandemic where protecting your life and health has reinstated its importance. But before the pandemic took the world by storm, millennials and Gen Z did not place much emphasis on having a life insurance plan by virtue that health contingencies are mostly age-related. However, that isn’t the case anymore.

A term insurance policy is a pure life insurance product that offers financial coverage to the policyholder’s dependents in their absence. Unlike traditional insurance plans, a term plan does not offer any maturity benefits to the policyholder. However, there are some other term insurance benefits, which are as follows:

  • Affordable insurance premiums.
  • Coverage for entire life.
  • Payout of the entire sum insured.
  • Optional critical illness coverage.
  • Accidental death benefits.
  • Tax benefits under Section 80C of the Income Tax Act.

The insurance sector also witnessed many new buyers since the global health crisis; people have started to move towards smart and paperless ways of buying and using online insurance plans. Just like how most things are available online, insurance plans can also be purchased in just a few clicks. Here are some hacks on how to buy a term insurance policy online.

  1. Buy more for less

While the number one concern for many when buying a life insurance policy is its costs, buying a plan with lower coverage may become counterintuitive. Instead, one can choose to opt for a term insurance plan. Since a term insurance policy is a pure insurance product designed with insurance as its only objective, term insurance benefits include lower costs as the highlight feature. Depending on the insurance company and the policyholder’s health, the premium, for instance, for a 45-year policy will be the same or even lower as compared to a 35-year policy. Based on the threshold of the sum assured, the premiums vary, and hence, you can avail of better deals when you shop for a term insurance plan online.

  1. Considering the coverage of your plan

When shopping for a suitable plan among the plethora of term insurance plans in India, you need to remember to keep in mind the benefits that you actually require in your policy. If you choose to automate the payment and the policy renewal, you might actually end up paying for policy features that you don’t need or miss out on features (riders) that are available at a marginal cost.
For instance, the accidental death rider is offered by many term insurance plans and it offers a more comprehensive coverage by your policy. Thus, when opting for a suitable policy, make sure to sift through several available term insurance plans in India and then make a favourable choice.

  1. Opting for the right policy tenure

One of the advantages of using a term insurance cover to safeguard your life is that your family can continue to sustain their standard of living and avoid a debt-trap even when you are not around. But for that, it is essential to strategically choose the tenure of your term insurance policy. Typically, a term insurance policy should be for a tenure that is longer than the debt you need to service, like a home loan or the life event that you are planning for. This ensures there is a financial backup for your dependents to pay off any debt or meet the long-term financial objective without any hiccups. In this process, you can make use of a term plan calculator that helps to know not just the premium amount for suitable insurance plans, but also aids in the comparison of several alternatives.

  1. Choosing the ladder strategy

As the breadwinner of a family, you might be required to consider several different things when planning your finances. This includes your own retirement planning, your child’s education and even your spouse’s retirement. At the same time, you might be required to settle several liabilities like a home loan, education loan, etc. during this period. Using the ladder strategy of buying term insurance, you can choose to buy more than one policy and align the policy tenure of these plans with these specific financial goals. This way, in case of an untimely demise, the family members need not worry about meeting the large debt by using the proceeds of a term insurance cover.

  1. Opting for a suitable option of premium payment

Another nifty hack when buying term insurance online is choosing the right payment option. Terms insurance plans can either be purchased with a one-time premium payment or a periodic payment either annually or monthly. Based on what suits your financial needs, you can opt for the right premium payment. A term plan calculator can help you decide by determining how much amount you would be required to pay upfront.

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The Importance Of Sanctuary Cities In The US

A sanctuary city is a word that refers to American communities, counties, or states that limit cooperation with federal immigration officials to shield unauthorized immigrants from deportation. At the county and state levels, policies prohibiting partnership with immigration detainers are usually in place. Sanctuary policies in cities frequently mean that local officials do not inquire about a person’s immigration status. Many local law enforcement authorities support the measures, claiming that executing federal immigration rules is a job they don’t desire. They claim that their communities rely on immigrants to come forward and report crimes. The government cannot prevent the police from pursuing immigrants who commit crimes by any protected policies. However, ICE demands to detain these localities routinely ignore undocumented immigrants apprehended by local authorities for petty offenses or investigations. Examples of sanctuary cities in the US include Chicago, Cambridge, Concord, New Orleans, Boston, etc.

Sanctuary policies come in a variety of shapes and sizes, but they generally fall into one of the following categories:

  • Policies limit state and local law enforcement’s authority to make arrests for federal immigration infractions or detain people on civil immigration warrants.
  • Agreements in which ICE deputizes local law enforcement officers to enforce federal immigration laws are prohibited by policies.
  • Local governments are prohibited from engaging in a contract with the federal government to detain immigrants.
  • Policies prohibit immigration detention centers.
  • Policies prohibit police officers or other city employees from inquiring about a person’s immigration status.
  • Rules limit how much information about immigrants is shared with the federal government.
  • Policies limit local police reactions to federal immigration detainers.
  • Policies prohibiting ICE from entering local jails without a court order.

Effects of sanctuary cities in jurisdictions that do not involve ICE.

  • There is less crime.
  • The average household income is relatively high.
  • Poverty has decreased.
  • The percentage of people who rely on government aid is low.
  • The labor force participation rate has increased over time.
  • The ratio of employment to population is higher.
  • Unemployment has decreased.

Reasons why some communities choose to be sanctuary cities.

Firstly, many individuals across the country see immigration as a beneficial process and a human rights problem and believe it is the responsibility of U.S. citizens and politicians to assist in the protection of all people. People fleeing conflicts, poverty, and famine fall into this category. Chicago is one of these cities, with sanctuary policies stating that city authorities will not assist in the investigation or prosecution of persons purely based on their residency status. Likewise, Chicago does not discriminate against non-citizens when it comes to city services aimed at the poor and even provides a local I.D. that immigrants can use for transportation and library access.

Secondly, in terms of economic growth, several communities around the country where illegal immigrants work contribute to the community and industrial development. Undocumented workers, contrary to popular opinion, do pay taxes. They spend more in taxes than they will ever get back on their investment. Compared to native-born citizens of the United States, undocumented employees cannot file for social security benefits, are less likely to receive welfare, and have lower dollars spent on public entitlement programs.

Lastly, from a constitutional standpoint, being an illegal immigrant is a civil offense, not a criminal, according to the U.S. Constitution. Punishments for criminal crimes include jail time. Penalties are imposed for civil infractions. Deportation is currently the accepted consequence of being in the United States without authorization. Many people consider this a form of punishment and thus a human rights concern.

Pros and cons of sanctuary cities.

Pros

  • Undocumented immigrants and law police have a stronger relationship in sanctuary communities.
  • The Tenth Amendment protects sanctuary policies as legal.
  • Undocumented immigrants are protected from federal immigration rules in sanctuary communities.

Cons

  • Criminals are harbored in sanctuary communities, posing a threat to U.S. residents.
  • Federal laws obligate state and municipal governments, but sanctuary policies defy them.
  • Due to sanctuary legislation, local and state police personnel cannot carry out their duties.

Some people are against sanctuary cities in the U.S. Sanctuary cities have emerged as a contentious topic in the national debate about immigration and crime. The current argument is on whether sanctuary cities provide a haven for hardworking illegal residents or hardened undocumented criminals, increasing the level of crimes. This is controversial to research. Even though incarceration rates in the United States have risen, research repeatedly demonstrates that immigrants are less likely than native-born Americans to commit crimes. Unauthorized immigrants account for 11.3 million people in the United States. Around 9 million people live in families that include people with various legal statuses. If the entire population is afraid of being arrested and deported if they interact with authorities, they will be hesitant to report crimes, make statements, or testify in court. As a result of this chilling effect, cities become less secure for everyone.

There are other misconceptions associated with sanctuary cities, such as ICE agents’ tasks are hampered by sanctuary city legislation, sanctuary policies protect criminals, and undocumented immigrants benefit financially. They are rewarded for their efforts when they report crimes. These myths are associated with an increased danger to the public, whereas sanctuary cities have reported lower crime rates. There is no statistically significant link between rising crime rates and city sanctuary policies. As the United States’ population and ideas continue to increase, it is critical to view immigration through the prism of humanity rather than as a cost of imprisonment. Cities and communities that have declared themselves sanctuary continue to set an example.

While cities may argue that they should be allowed to operate as sanctuary cities, the next Administration and Congress may try to punish sanctuary towns by reducing federal funds to local governments. As a result, if a sanctuary city’s policy prohibits exchanging information with federal officials, it will already face budget losses. Any changes in federal funds resulting from a city’s failure to carry out a detainer request would almost definitely require Congress’ approval.

Wrapping up

Immigration is a problem that affects communities all around the country. From the perspective of human rights, welcoming immigrants and providing them with resources and help will achieve considerably more than arresting and deporting them. According to the research, illegal immigrants do not pose a significant threat to communities; instead, they positively impact them.

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Benefits of Organ Transplant Feature in Health Insurance Policies

Since the dawn of the 20th century, health care has seen an exponential growth. The rate at which the medical field continues to grow increases with each passing year. At this point, medical science has advanced enough for patients to get their organs replaced by newer and healthier ones. However, with newer technologies and practices the cost of healthcare gets even higher than before. The same applies to organ transplants. Moreover, until very recently, most insurance companies did not cover the expenses that are involved in organ transplants like harvesting screening etc. At the same time, India has experienced a sharp rise in the instances of organ transplants.

However, health insurance has seen a lot of change in this regard and is still gradually evolving to make organ transplants much easier. Many insurance providers in India are taking an initiative to create insurance products that have a provision for organ transplant support.

Health insurance coverage for organ donation and transplant in India

A case of organ transplant is a sign when critical illness insurance comes handy. Organ transplant requires two major things. The first is an organ donor and the second is an organ receiver. Hence, these are the two primary concerns that health insurance needs to address. Health insurance coverage is valid for diagnosed conditions, procedures, surgeries, and other treatments that require hospitalization. So, if you are an organ receiver, health insurance makes it absolutely clear that their coverage will include payment for tests and procedures that are involved in the transplanting of the organ. Moreover, the coverage will only be up to the limit of the sum insured. * Standard T&C Apply

However, other expenses that are connected to organ donation will not be included in the policy. These expenses will have to be covered by the organ receiver out of their own pocket. There are some insurance companies that cover those expenses as well. But, getting that coverage included in your policy will make the premium higher.

Expenses associated with the organ donor

There are 6 main types of medical expenses that have to be covered in regard to the organ donor. These expenses include:

  • Organ screening to check whether the organ donor is compatible with the organ receiver. This includes the donor’s blood group and overall physical well-being.
  • Pre-hospitalization costs need to be covered after the donor has been finalized. Organ donor might have to take certain medication, treatment, etc. before they can be hospitalized for organ donation.
  • Hospitalization costs for the organ donor’s admission and stays in the hospital. This includes the cost of the room, nursing expenses, doctor consultations, etc.
  • Cost for the organ transplantation surgery is the main cost of the entire procedure. This includes the cost of harvesting the organ, transplanting it into the recipient, fees of the surgeon, etc.
  • Post-surgery complications are also a cost associated with the process. This can include costs like recovery, adapting the body after the loss of an organ, etc.
  • Post-hospitalization costs are the final piece of expense that is required. This includes medication for the donor, follow-up consultations with the doctor.

* Standard T&C Apply

Out of all the costs mentioned above, the only costs that are not covered under health insurance are pre-hospitalization, post-hospitalization costs of the donor, and post-surgery complication expenses. Even some companies that do offer these coverages place a sublimit or restriction on the money that can be spent on it.

These are some benefits as to how health insurance comes handy when an organ replacement is required. When buying, make sure that you purchase a cashless health insurance for a hassle-free claim experience. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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