It is’nt as bad as you think

Family protection

“Someone is sitting in the shade today because someone planted a tree a long time ago.”

–Warren Buffett

It is rightly said that “Health is Wealth”. Planning for medical costs is one of the important aspects of your financial planning. It is very important to ensure that you and your family are secure in the future both financially and medically. It’s more challenging to meet the medical costs over your savings. If you have a “Good Policy”, there is no need to dip into your savings.
We have seen instances where people will be saying that they purchased a cover that will not bear the entire medical expenses or they purchased a wrong policy which they got know after reaching the hospital.

What is Medical cover?

Each time we go to a doctor for viral fever, we never feel that the cost is high because we choose a doctor based on our spending capacity. But when you have some serious health-related issues where the cost for the treatment is very high and you’ll be felt with the only options- paying the cost from your savings.
So, to overcome such situations we buy Medical covers where you will transfer this risk to an insurance company for a price called “Premium”. If you buy a Medical cover, you get reimbursement of what you had spent and at times you may not get the entire amount (depends on the type of cover you buy).
Buying a good medical cover is a great deal because as of today you have more than 30 companies that offer a medical cover, also you have different policies wherein you’re supposed to choose a policy that suits you by going through the entire Boucher (which we usually don’t do).

Do I need to cover?

Yes, every individual should buy a medical cover to have a secured life. Generally, we will find the need to buy cover unless we face the situation or when we realize the importance of having a cover- how it will lend you a helping hand.

  • Always buy a policy even if you are covered by your office. It’s okay to have a double insurance cover.
  • People who are covered by government i.e., government officials don’t have to buy a cover.

Who can’t buy a cover?

  • People who are aged i.e., above sixty- getting a cover is difficult. This happens because companies are reluctant to cover older people and it also reduces the choice of having a good cover.
  • People with pre-existing diseases are not covered.

How much do I need?

Again this depends on the place where to live, what kind of hospital you want to go to and other concerns which you may have.

  • Generally, everyone should have a basic cover of 3-5 lakhs. Consider 3 lakhs for people who are from a small town and 5 lakhs for the people who are wealthy.
  • For the Nuclear family- it is good to have “Family Floaters” (a health insurance plan) that provides a cover to all the members of the family. Example: if you have a family floater of Rs 15 lakhs- any one or all the members in the family can use the cover in case of hospitalization. Paying premium feels heavier but you can see the usefulness of the premium paid when you’re hospitalized.

What policy do I buy?

Before buying a policy, research about the insurance company hospital reach. You need to know if Third-Party Agent (TPA) service is good or not and know about the claim experiences. You should be aware of some policies that will not pay the entire medical expenses, this is because you would have signed up for “Co-pay” (an obligation that you have agreed upon to share the medical expenses with the insurance company).
The cheapest policies are not always a good plan. Yes, the low premium can be a factor of your choice to choose a policy but it shouldn’t be the only factor.

Performance can be judged based on three factors:

  1. Price
  2. Benefits
  3. Claims


It’s important to know the cost of the policy both in terms of present and future perspectives. When you buy a term cover your premium gets locked, but the premium of medical cover changes as you age.

  • Compare the prices of the policy of different companies as of today and observe the changes in prices.
  • Ask your agent to show the price comparison at ten years difference. Suppose if your age is 40 ask for the price of the policy as it is today when sold at 50, because your policy may cost the least today, as time flies it becomes expensive.

Benefits :

You need to find out the policy which gives at least these benefits.

  • Look for the policy that doesn’t have a “Co-pay” clause wherein you need to share a certain percentage of cost with the insurance company. You can even do this by searching on the net against policies that have a complaint related to the co-pay clause.
  • Look for a pre-existing disease clause. People with pre-existing disease find it difficult to get a cover. It’s better to disclose your medical status, else they will have a tool in their hands to refute your claims.
  • Check if your policy has a “disease waiting period”. Usually, companies will have a period of 30-90 days during which they will not pay any claims – ”Waiting Period”.it’s better to look for a policy which doesn’t have any waiting period on the disease. Ask the company to give a list of all the diseases that fall under this clause.
  • Have a look at “sub-limits”, you have to look for this very carefully because these are the limitations on what the company will pay you. This clause will reduce the claim amount even more.
  • Know the exclusions- it’s good to get a list of all the diseases, conditions and medical services that are excluded in the policy.
  • It’s good to know on pre and post hospitalization costs that the policy will cover.
  • If you don’t make any claims in a year, you will be rewarded by the insurance company. It’s known as ‘No-Bonus Claims’ (NBC) where a certain percentage of cover will be raised for the same premium amount.


  • Know the claim settlement history of the company.
  • Know the process for claiming the policy.
  • Look for the policy that has a good rating and also search for these parameters such as how many have made a claim and how many have complained.

What to do if you’re not getting a policy

1. Because of pre-existing diseases:

If you are not covered because of pre-existing diseases

  • You can buy a policy with sub-limits.
  • You can buy a policy which as “Co-pay clause”.
  • Buy a policy that has an exclusion period for your existing disease.

If you’re totally unable to get a policy, then you can start making investments in long term instruments, so that you would be able to cover your medical cost.

2. Because you’re aged:

Insurance companies are very reluctant to cover older people. What to do? The best way to get insured is by buying a “Top-Up Plan”, which is a kind of policy that will pay your medical expense after you pay a certain threshold amount.

3. Because of critical illness:

Critical illness like cancer can be covered as a part of the contract of your medical cover. Illness includes cancer, heart attack, kidney failure, stroke, major organ transplant, end-stage diseases of lungs and liver.

MyWay Wealth offers the purest form of life cover which is Term Insurance. Wherein you can get a cover of 1 crore to your family but just making a monthly payment between 600-700/-

Term Insurance

Hence buy Term Insurance on MyWay Wealth today and make your first step to Protect Your Family. Remember!

You have worked hard all your life, now make it work for you.

Self-Defense when it comes to Life Cover

Building Your Protection.

life cover

“Term life insurance is part of a good defensive game plan”.

Dave Ramsey.

Each time we go to the doctor for a fever, we don’t really think of the cost too much right? The fee is affordable because we choose our doctors given our own spending power. The prescription medicines also don’t break the monthly budget. But when you encounter serious cases like surgery for liver infection or a heart attack or a knee replacement, the cost plays a significant role.

How much cover do I need?

First, let’s understand what is Family Floater Medical Cover.

A family floater is a comprehensive medical cover for the whole family. Usually, the family floater plan covers the individual, spouse, and the children, but certain insurance service providers also have provision to provide cover for dependent parents, siblings, and parents-in-law.

For Example: If you have a 15 lakhs Family Floater Medical Cover for a family for father, mother and two kids – any or all of them can use the cover in case of hospitalization. For the years which you have made no claim the outflow of premium feels heavier and heavier. But it takes one way in the hospital to see the usefulness of the premium you have paid.

What policy should I buy?

First, a fall let’s understand “co-pay”:

Your health plan may require a copayment or (co-pay). Whenever you receive medical insurance. Co-pay is a charge that you need to pay in order to receive a specific medical service.

Let’s make it easy with an example:
Your policy has a co-pay clause of 10% and your medical expenditure is Rs 60000/- you have to pay 6000/- out of your pocket and insurer will cover remaining Rs 540000/-. You need to know that some policies will not pay the full amount because you signed up for something called co-pay. Which is Not exactly helpful! Whereas, some policies have limits to what you can spend on hospital services. You need to find out if the TPA (Third Party Administrator) service is good or not wherein you have to also make sure that if the hospital network is large or not.

  • One is how does it perform on the metric of price
  • Two does it perform on the metric of benefits.
  • Three is how does it perform on the metrics of claims.


It is important to know what the policy costs, right now and in the future and how much u would be able to get. Unlike a life cover, where your premium gets locked when you buy a term cover, the premium also changes in medical cover changes as we age.


We buy a medical cover so that when faced with a hospital bill, we don’t have to exhaust our savings. The deal is simple: you pay an annual premium when you get hospitalized, the insurance company pays your money.
But then it’s a complicated world. The insurance company has the ability to set up the game so that you lose.

You need to find out the policy gives at least eight benefits:

  • Ensure that you have a policy that does not have something called a co-pay clause.
  • Check for a pre-existing disease clause.
  • Check if your policy has a disease waiting period.
  • Check if your policy has sub-limits.
  • Check for exclusions.
  • Ask how much of the costs before and after hospitalization the policy will cover.
  • Ask for a list of day care procedures that don’t need you to stay.
  • Look at the no claims bonus feature.


Your search for that good policy is not over until you understand the claims history of the company you finally choose. You know telecom service is good or not when you use it. So these are the questions that you must think about at the time of buying your policy. Ask the agents these questions on claims before you buy.

  • How many claims does the company settle?
  • Look at the claim-complaints data and look for a policy that has less than thirty.
  • Complaints on every 10,000/- claims made.

What to do if you are not getting coverage because of a pre-existing disease?

You can buy a policy with sub-limits, co-pays and with an exclusion period for your ailment. The sub-limits are the limits wherein the policy will pay for certain diseases and for the room rent and the cost related to it will be paid. And co-pay is where you agree to share the cost with the company. These are restrictive but better than not having a policy.

Strategies for Senior citizens:

Let’s understand what is top-up-plan:
In simple words when you are hospitalized, the insurance will pay you the sum insured. So if you top up it will kick your certain threshold limit.

Here is an example:

Top up health cover
Rs 10 lakh cover
Rs 5 lack of threshold
Covers between 5-10 lakh only
Regular health insurance
Rs 5 lakh cover
Covers only up to 5 lakh

Along with your work cover, you should have a family floater. You live in a small town in India and have a family floater between 3 and 7 lakhs. You live in the metro have a minimum of 15 lakhs family floater. You are over sixty have a top-up plan to bump up your basic cover.

A Quick Take Away

We have understood the importance of a Life Cover, as it helps us to protect our loved ones. What happens if you are not around your loved ones? You still want them to be happy and secured right? Hence its also important to consider another variant of insurance which is “Term Insurance”.

Advantages of Term Plan:

  1. Term insurance is the simplest form of life insurance to understand.
  2. Term insurance is a sensible choice for people who are building a family.
  3. Lower initial cost when compared to an endowment plan.

MyWay screen shot

We all know insurance can protect your family. MyWay Wealth protects your family with Term Insurance. Protect your family today and be a Hero!

Happy Investing!!


Term Insurance

Term Insurance vs Other Insurance Policies

The life insurance you buy is the security blanket you carry for your family. There are many types of life insurance policies in India. Let’s take a look at them and understand why Term Insurance is the best option when it comes to life insurance:

1. Endowment Plan [Insurance plus Savings]

This life insurance plan gives you a combination of insurance and saving. The premium you pay is divided into two where a certain amount is kept for life cover, while the rest is invested by the insurance company. Sounds amazingly attractive right? Because here if you outlive the policy term, the company will offer a maturity benefit. Moreover, these plans promise to offer bonuses periodically, which are paid either on maturity or to the nominee under death claim. It sounds like it concentrates more on what you get when you live rather than what your loved ones get when you die, which is the whole point of life insurance in the first place. But on death, the maturity is payable to the nominee. But how much is the question!

Let’s say that you take an endowment plan for 30 years for which you pay a premium of Rs 20,000 – Rs. 25,000. What do you get in the end? The maturity sum received would be Rs. 10 lakhs approximately. Would that take care of all the troubles?

Hence it’s important to remember that the whole purpose of a life insurance policy is not to make returns rather, to protect your family in the event of your untimely death. It’s best not to mix life insurance with investment options. To make returns there are other options like Mutual Funds, that help you to earn substantial returns by making investments that are based on your financial goal and risk appetite.

2. Unit-linked insurance plan (ULIP)

This particular combination of insurance and investment is a comprehensive life insurance products that look to provide productivity towards the money invested. The premium you pay towards a ULIP goes partly as your risk cover (insurance) while the rest is invested in funds. You can invest in various funds (bonds, equities, debts, market funds, hybrid funds) offered by the company based on your risk appetite.

For instance, you take a ULIP for 20 years with premium payouts of 20,000 every year, and you have assured a sum of Rs 2 lakhs along with whatever amount you receive on an investment. The great thing about it is that you are putting your money to good use, but you might as well earn the returns through Mutual Funds that give you more flexibility as per your risk appetite and have the freedom to invest with complete transparency in secure platforms like MyWay Wealth.

3. Money Back – Periodic returns with insurance cover

A unique kind of insurance package, wherein a specific portion of the sum assured is paid to the insured on periodic intervals as a survival benefit. It serves like a source of income in a way along with the eligibility to receive the bonuses declared by the company from time to time. This is a way for you to meet your short-term financial goals.

For example, you take on a Money-back Policy for 20 years with Rs.20,000 – Rs.25,000 as your premium each year. You have been assured a sum of Rs.5 lakh which will be paid to you on regular intervals along with accrued bonuses

4. Whole Life Insurance – Life coverage to the life assured for whole life

Unlike the term insurance, which is for a specified term, whole life insurance covers you for your whole life, or in some cases, up to the age of 100 years. The sum of coverage is decided at the time you purchase the policy and is paid to the person you nominate the time of claim along with bonuses if any. But say you were to outlive the age of 100 years, the company would pay you the matured coverage amount.

In comparison to term plans, the premiums are much higher but it offers the facility for partial withdrawals after the premium payment term.

3. Term Plan [Pure risk cover] – Recommended

This is true life insurance. Unlike other life insurance products, this concentrates on one thing alone, covering for the loss of your life. This plan assures the dependants a specific sum of coverage with no hassles whatsoever. There is an option to widen up the coverage. The death benefit can be payable as a lump sum, monthly payouts, or a combination of both as per your choice. The only catch is that there is no payout if the life assured outlives the policy term.

For instance, let’s say you are a non-smoker male looking for a term life plan of Rs.1 crore cover. It will cost you approximately Rs.6, 800 to Rs.10, 500 every year. Doesn’t seem too costly, does it? Term insurance is best known for delivering high assured coverage at low premium rates. Say you’re the breadwinner of the family, in the case of your untimely death, your family is supported with an enormous amount of money which helps them to replace the loss of your income. Moreover, the money could be utilized to pay off loans, monthly household expenses, child’s education, child’s marriage, etc.

Now that you know Term insurance is the best form of life insurance. Don’t hesitate to buy a Term Insurance Plan with MyWay Wealth today.

Term Insurance - Ashish

Term Insurance Explained: What, Why and How

Term insurance is a pure risk cover product. It pays a benefit only if the policyholder dies during the period for which one is insured. Term life insurance provides for life insurance coverage for a specified term of years for a specified premium. The premium buys protection in the event of death and nothing else.

The three key factors to be considered in term insurance are:

  • Sum assured (protection or death benefit)
  • Premium to be paid (the cost to the insured), and
  • Length of coverage (term).
Invest in Term Insurance

Do women need Term Insurance?


“Someone is sitting in the shade today because someone planted a tree a long time ago.”

-Warren Buffett

This phrase is so true when we speak about our Mothers. Mothers play such a significant role in our lives. The lessons they teach structure our lives beautifully. A woman has so many responsibilities to fulfill at various stages of her life, be it the role of a daughter, a sister, a wife, a mother and if you’re a working woman, then you’re even the bread earner of the family. As women, we know every nook and corner of our house and understand the needs of every family member; their favorite food, their outing spot, the gadgets they like and even their financial needs. We always want to protect our families from every trouble.

But what if we are not around our family? What happens when we cannot cater to their needs? What if we face an untimely death? Still, as mothers, we want our families to have a peaceful life after we have left them. For this, we need to prepare our families both mentally and financially. This arises the need for Women especially to have

“Term Insurance”

Term Insurance is the purest form of Life insurance, wherein you need to pay a fixed amount as a premium to a certain amount known as Sum Assured. And in case of your unfortunate death during the policy term, your family receives the amount.

Why should a working woman opt for Term Insurance?

  • The conventional thought is that men are the bread earners of the family, even though women work. Let’s imagine your income stops for a while. Can anything substitute that income? No, right? So a women’s salary is also a major source of income for the family. Also, Term insurance is provided based on the total income of the family. Hence your salary matters.
  • Since you’re a working woman you would help your partner in taking care of the expenses of your family. A term cover is essential because, in the absence of your income, it would help your partner to handle the expenses all by himself. Let’s say, for example, School fees of the children, EMI, loan, rent, etc.

What is the use of a term plan for a homemaker?

  • Even if you don’t make monetary contributions, your absence would still leave a huge void in your family.
  • Your partner or your siblings would have to carry forward your responsibilities.
  • With the help of term insurance, your partner or siblings can cut down on their work hours or part-time jobs and dedicate their time in fulfilling your responsibilities. (Planning of your child’s marriage /education or taking care of your parent’s medical needs). They would receive a fixed amount of income, that would cater to their financial necessities and goals.

Women receive certain special benefits with term insurance such as:

  • Special premium rates especially for women.
  • If you don’t smoke, then you receive attractive premium rate benefits.
  • Comprehensive protection with the option to choose Critical illnesses rider and other added riders as well with your term plan

How do I get Term Insurance done?

Working women normally have a busy schedule, an easier way to handle finances would be to use digital platforms. MyWay Wealth – India’s most trusted app for Direct Mutual Funds, is one such digital platform that offers Term Insurance. All you need is a few minutes on your smartphone and you will be able to provide a cover of 1 crore to your family, with the same amount with which you get a Netflix monthly subscription.

You may delay but life will not, and lost time is never found again. Hence plan your Term Insurance on MyWay Wealth app today and be rest assured regarding your families well-being. 

Term Insurance

5 Reasons people should NOT opt out of Term Insurance

Do you know that there are so many different kinds of Life Insurance? You have your Unit linked insurance plan (ULIP) which gives you insurance along with an investment opportunity. There are these very famous Endowment Plans that promise insurance along with savings. And many more like Money back, Child’s Plan, Retirement Plans, etc. Term insurance, also known as “pure risk cover” is one such variant of Life insurance policy where the dependents get a sum assured by the insurer, redeemable on the death of the policyholder during the tenure of the policy. It is quite simple and extremely valuable. However, people tend to perceive it as a costly expense compared to other insurance plans, as there are no returns. Here are 5 reasons why people opt out of term insurance and shouldn’t do so:

1: I don’t get my money back!

Insurance is bought for all the wrong reasons like greed, taxes, fear, etc but the only real reason to buy insurance is security. Put an endowment plan under the microscope and see it serves the purpose for which you pay the premium. Can you justify it? No, because it is a product that dances around security instead of actually providing it. Term insurance is very simple in terms of providing absolute security. You pay a price to ensure your dependents of any troubles after you die. It is not a tool of investment, but a guarantee to receive a fixed amount if something happened to you. If you are hungry for returns the most ideal option is an investment in Mutual Funds. But term insurance will return a fixed lump sum in the event of your death.

 2: It’s very expensive!

When you check on the amount a person normally pays for an insurance policy compared against the average term insurance premium will show you the truth. Term insurance is lower in terms of premium as compared to endowment plans and Unit-linked plans. To many people, it seems like a costly affair, but what you must remember is the pot of gold in the end instead of looking solely at the current costs to bear.

3: Other schemes have better benefits!

The term insurance simply acts as a financial safeguard for the family, it is affordable, receives tax deduction under Section 80C and the best of all is the value over cost. The premium you pay to maintain the policy adds up to peanuts compared to the real value of the policy. A popular diversion which leads to losing the essential aim of insurance is the fancy add-ons that other schemes provide. Don’t mix your investment with your insurance!

4: I have more important things!

People often opt out of paying their term insurance because they find it plausible to spend it on things like education, marriage, medical bills, etc. But you just have to ask yourself what happens when you die? Who will take care of it all? It doesn’t mean you shouldn’t save up for such things, but in order to avoid unloading these burdens on your loved ones, it is recommended to take term insurance.

5: It’s a luxury, not a need!

There is a false impression going around that term insurance is a luxury and it is not a necessity for everyone. You spend time and money every single day to increase their security in terms of health, financials, etc. So it seems fitting to protect the ones you love from any troubles when you’re not around. It is for everyone who wants to keep their dependents safe.

Ignorance is never bliss in our world. It is always good to understand what you want before you lock into any insurance scheme, verify the big picture of every option you have.