How to choose the best insurance company

Investing in insurance plans can be overwhelming and scary! It is a long-term commitment towards which you would be spending your time and finances. Insurance companies today offer a range of service packages that customers can choose from and as we all know, we invest not just in life insurance, but also in other asset and property insurances during our lifetime. The permanency of taking up an insurance scheme can make it seem more daunting than it really is. However, the difficulty faced in getting back on our feet during a period of loss without insurance is even scarier.

At the end of the day, insurance plans are services offered to us by a multi-million dollar industry and by keeping in mind a few pointers and taking our time, we can simply choose an insurance company that makes the most sense for our needs and the requirements of our family. This is what you have to look out for while choosing an insurance company.

  1. Customer feedback and consumer satisfaction: The first step is an obvious one! Before taking any crucial decision, we have to do considerable research on what our options are and what we have in store in taking the right decision. The online world has ample of information to offer us. Other than doing primary research, it is also advisable to talk to friends and family about their insurance companies and their experiences with the company. If you feel this could be a cumbersome process, you can choose to hire an independent insurance agent who will gather information from you and find the insurance company that best fits your needs and demands.
  2. Financial strength of the company: While deciding on an insurance company, goodwill and company feedback holds a lot of value. Positive customer feedback is a symbol of assurance that you are making the right choice. However, once you have narrowed down to three to four companies, dive deeper into the status and the capacity of the insurance companies and this refers to the financial capacity of the companies. Research into how the organization’s financial capacity and ability to cover claims have been for the past decade. This will help ensure there is no delay in the payment of the insurance claim because of the financial challenges of the company.
  3. Package comparison: Similar to most services available to us, the insurance companies also offer packages that the customers can choose from. Being a highly competitive market, there is a continuous shift in the insurance packages available and the type of coverage that the company offers to cover for their customers. At this point, it is more important than ever to step back and compare the coverage packages offered by the various companies before finalizing the insurance company of your choice.
  4. Cost of investment: This is really simple and straightforward! After comparing packages and company strength, the next step is to consider if the company of your choice offers prices that are affordable and make sense for your lifestyle. Although investing in insurance is crucial, we as individuals should make sure that our premium payments towards the insurance do not strain us financially.
  5. Consumer/customer interaction: Finally, we reach the most important point! Whichever company you choose, you will be with them for a long time; rest of your life if it’s life insurance. Thus, it is important to ensure that we have easy access to customer service at all times. It is also important to ensure that the company has impeccable customer service systems in place.

By just remembering the five points shared above, you will be able to choose the insurance company that is best for you. What are you waiting for? Start your search now!

0

10 Things You Didn’t Know About Life Insurance

 

It is often that we come to know, or are told that Life Insurance is a matter of solicitation, and truly so. By definition, Life Insurance is the insurance that pays out a sum of money either on the death of the insured person, or in some cases, after a set period. But that’s not all! There is much more to life insurance than what meets the eye. Here are 10 things that you didn’t know about this imperative financial step in your life!

1.  Life Insurance is an Investment

If one or more members of your family are financially dependent on you, then life insurance acts a great investment option.

2. Type of Life Insurance

There are essentially two types of life insurance, viz.-

Term Life Insurance – The best term insurance requires you to pay lower premiums, however they offer coverage only as long as the term you opted for. Of course, this type of insurance covers you for higher assured sum in case of eventuality, within the term of the insurance.

Benefit Plans – This type of insurance includes plans such as ULIP, Endowment and Money Back. It often requires higher premiums, but since it helps accumulate cash value over time, it proves to be worth every rupee spent. In this case, you are covered as long as you pay the premiums.

3. Life Insurance is Extremely Affordable

As is the case with almost all financial products, even life insurance varies in price from low to high, thus implying that regardless of your current financial standing, you can easily afford an insurance policy! Now isn’t that amazing?

4. It Is Never Too Early To Get On Board

Whether you are aged 25 or 30, you can almost always buy life insurance. After all the earlier you start, the more cash value you accumulate, the lower is the premium you pay and the better it is for you and your loved ones!

5. The More the Coverage, the Better

You may think that the insurance is a just a way to help your family pay off your debts and manage immediate expenses, but the fact of the matter is that your insurance must cover the expenses for your family for at least 2-3 years if not more. Hence, you may need more coverage than you initially think.

6. Life Insurance Claims are Convenient

Since they are not based on an assessment of vehicle or property as in case of auto-insurance or fire insurance, life insurance claims get through fairly quickly, sometimes in a matter of 15-20 days!

7. Life Insurance Premiums are Usually Tax-Free

Life insurance premiums are often exempt from tax liabilities. As a matter of fact, the death benefits received by your family through your policy is also exempted from tax, thus ensuring that they get the maximum benefit from it.

8. You Can Take a Loan Against Your Insurance Policy

Yes, that’s true! Albeit, only in case of traditional policies such as Endowment and Money Back, and not for term policies. That being said, it is a great way to gain access to some additional funds, without putting up any asset as collateral!

9. Your Family Can Reap the Benefits Only If they Know How To

In order for your family to benefit from your policy, make sure you keep them updated regarding the whereabouts of your policy papers. It is also a good idea to introduce them to your agent.

10. Your Premium Will Be Fixed

The first time you take the policy, your premium is based on your health. The healthier you are, the lesser are your premiums. However, once you start paying the premiums, no matter how your health deteriorates, your premiums will always remain the same!

Now that you know all about there is to about life insurance, why not become an Insurance POS and help all those around you. If you want to know how to become an Insurance POS, simply visit www.payworldindia.com, and benefit from the numerous perks that you can earn!
*Insurance is a subject matter of solicitation.

10

Top 3 Reasons About Why to Start Life Insurance Early

Insurance is not an interesting topic of discussion when you are young and have just joined employment.When you have no responsibilities of a family, children’s education or dependents, you might not feel the need to start a life insurance policy.

But, today more and more young people, as early as in their 20’s, are looking to invest in insurance. It has become a part of the savings portfolio for young people. When you start life insurance early, you save on the premium amount, and also on taxes. Any financial advisor will tell you to plan early for your retirement.

The old trend of investing in life insurance when you are in your 30’s is no longer applicable or advisable. With changing lifestyles and habits, younger people are dealing with chronic health conditions. It provides financial security at the time of an unexpected tragedy.

The reasons for starting Life Insurance early are:

Insurance premiums are low when you are young- Numerous factors contribute towards determining the amount of premium to be paid. If you buy an insurance policy at a young age, you will be paying a far lesser amount in premiums than at a later age. The reason for this is that the negative risk factors are lower as most young people are healthy and health issues arise only at a much later age.

The maximum payout for an insurance company is when they have to pay at the death of an applicant, in case of life policies,insurance companies spread the premium amount in such a way that you pay the same amount for the tenure of the policy instead of paying less when you are younger and more as you grow older. But when you start young, the same policy will come at a lower price because you will be paying less, but for a more extended period.

Only a basic check-up is required to take an insurance policy which varies from age & sum assured desired.. Insurance companies do not insist on a thorough health check-up when you are young and healthy, but they expect you do a complete health check if you are older. The policy terms and package will change depending on your health condition.

Helps you save taxes- If you hold insurance and are paying a premium for it, you are eligible for tax benefits. Under Section 80C of the Income Tax Act, premiums paid for life insurance qualify for tax deduction.

The conditions for claiming tax deductions are: –

  • Only Individuals/HUF can claim the benefits even if the person is a non-resident
  • The policy can be in the name of an individual, spouse, and children
  • The maximum amount under this section is ₹1,50,000/-
  • In case the policyholder surrenders the policy before the prescribed amount of time, the tax deduction can be reversed

Acts as a source of income for your family- If you have dependents, be it your parents, spouse, children or siblings, an insurance policy acts as a safety net in case of a tragedy. It provides them with financial security when it is most needed. At the time of crisis, life insurance replaces the income of the breadwinner.

Conclusion

When you take a life insurance policy at an early age, you are not only securing your future but are also securing the future of your loved ones. To opt for an affordable life insurance policy, one can visit the Payworld outlet.

You can also become an Insurance POS with Payworld & offer Life, Health & General insurance to your customers under one roof. Visit http://bit.ly/PW-IPOS to register now.

*Insurance is the subject matter of solicitation.

**Sugal & Damani Utility Services Pvt. Ltd. is a Registered Composite Corporate Agent with License no.CA-0171.

5

Insurance for People in low income Category and the Idea Behind It!

Insurance for low income people

Payworld is a customer-centric company, which has always strived to offer something novel, and something that has high value for money to the end-users, and Payworld Insurance POS is no different. So what prompted this company to foray into a field, which has more or less never existed for people from low-income strata? Well, to begin with, financial inclusion among the tier 2 /tier 3 cities is Payworld’s motto, and insurance is an integral part of financial inclusion.

Let’s just have a look at the Insurance Penetration, as far as Life and Non-life in India For the year 2016 it’s as low as 2.72 % & in Non-Life it’s merely 0.77%.These figures shows there is a huge scope for Insurance in India & also motivates companies like us to look for innovative insurance products which gives new meaning to insurance.

However, more than anything else, what encouraged the directors to take this astounding step was the fact that when it comes to people from low-income backgrounds, financial security is close to nil. Whatever income is generated on a daily, weekly or monthly basis is all used up, towards basic amenities and/or facilities like education, healthcare etc. There are absolutely no savings, whatsoever. In such a scenario, paying a hefty premium towards an insurance policy is next to impossible for these people. It is for this very reason, that Payworld worked closely with various companies offering financial products to come up with insurance products giving due consideration to the average income of the people and their needs.

Thanks to the extensive research, Payworld eventually managed to come up with special low-cost insurance plans for those people who cannot afford to pay the premiums for the other insurance plans available in the market. Moreover, Payworld is India’s leading insurance solutions provider that has the freedom to offer Life, Health as well as General Insurance, all under one umbrella. Not only does this help the people in finding the plan that best suits their needs, but also ensures that their investment offers better value for money.

In order for this simple yet innovative idea to be accepted by the people for whom it was intended, the company extended the following services across all its Insurance Point of Sale or Insurance POS:

Easy and convenient Money transfer
Air/Rail/Bus Ticketing & Hotel Booking
Unified payment acceptance
PAN Card Application Services
Loan and utility services

However, even this did not suffice. It was then that Payworld went ahead to create informative campaigns that can help people realize the long-term benefits of insurance. Pertaining to this effort and the company’s incredible network of merchants, Payworld has managed to insure more than 12K lives in a short span of 10 months.

Though the company can still be said to be in its nascent stages when it comes to offering Insurance solutions, it will surely go a long way in insuring the lives of those who are constantly working in high-risk environments and are unable to the mounting premiums. With the company’s allegiance towards offering the best of plans in the most accessible, affordable and flexible manner, the day when India’s majority low income population will be insured isn’t far away!

Payworld: Retailer Signups

87

Life, Health and General Insurance – Under One Roof

Payworld is an Indian multimode payment solutions company that has been catering to businesses and general customers for quite some time now. Now, we have also set foot in the insurance sector with the aim of providing customers with the best value for money insurance plans they can get. Currently, in India, insurance is a luxury that not everyone can afford. And we at Payworld hope to change the status quo by enabling people who could not afford insurance before to be able to actually avail insurance policies. Insurance is a necessity, and we truly recognize this fact.

Types of Insurance at Payworld

Payworld offers all three types of insurance policies through Insurance POS (Point Of Sale),i.e., Health, General, and Life. All your insurance needs, under one roof.

How and Why Payworld is a one-stop place for all your insurance needs?

When a person decides to buy multiple insurances policies, one has to go through different insurance agencies. It is because it is rare for an insurance agency to provide all the three types of insurances under one roof. Not only is this tiresome, but it also a waste of a lot of time, and in the modern world, time is one of the most precious things you can find.

When you buy different types of insurance policies from different agencies, the chances are that you may end up biting more than you can chew in terms of making premium payments. The reason for this is, going to different agencies means that they will probably not consider the other insurance policies that you have already undertaken, and will most likely offer you a plan that you just cannot afford. But, when you buy both your Health and Life Insurance policies or any other General Insurance policy for that matter from the same agency, you will benefit from the fact that the agency already knows about your existing burden, and will consider that while offering you plans.

Payworld Insurance POS is a one-stop shop that can serve all your insurance needs. So, you can always be assured of getting the best plans possible, without wasting your time going through the myriad number of insurance agencies currently operating.

Special Low-Cost Insurance Plans

As mentioned already, Payworld is a company which believes that Insurance is a necessity and every person in the world needs to be able to avail an insurance policy. And that is why we have come up with special low-cost insurance plans for those people who cannot afford to pay the premiums for the other insurance plans available in the market right now. Our low-costplans provide customers with the best value for money, not only do you get to secure your life, but you also get to feel a sense of satisfaction about getting the right value for the money you spend.

Healthcare is an expensive, and in a country like India where most often than not, the government hospitals are just not adequate, people are forced to turn to private hospitals for treatment. And treatment in private hospitals does not come cheap. The only way to pay the bills of these big private hospitals is by availing Health Insurance, but Health Insurance is not cheap either, and a lot of people cannot afford to buy one. But that is not the case anymore, Health Insurance plans offered through Payworld are some of the most affordable ones around, it means those who could not afford proper Healthcare before, can afford it now.

Good News! You can even become an Insurance POS with us! Check out what’s in it for you!

Becoming a retailer with Payworld is as easy as 1,2,3. All you have to do is to click on the link.

16

The Best Idea to Start a Promising Business within ₹ 8000/-

In the present times, getting your dream idea funded is as difficult as nailing jelly to a tree. It is for this very reason that innumerable people have given up on their dream of building their own enterprise and giving wings to their dreams. But, not anymore!

For what it’s worth, a game-changing business is not about the funds it has to begin with, it is more about the potential that the idea has and the work you’re ready to put in to make the most of that potential. Today, we discuss some astounding business ideas for you that do not need any more than a meager sum of Rs. 8,000 and promise you great returns. So, read on to know more about these awe-inspiring prospects.

  1. Mobile and DTH Recharge

Given the traditional structure of the Indian society, even in today’s times of digital advancement, the larger chunk of people prefer getting their Mobile and DTH recharges through the nearest retailer. This has been made extremely easy and profitable by the Payworld Application, which allows a retailer to start offering these services with a trading balance of as less as ₹ 1,000. For all you know, you don’t even have to take the effort of initiating tie-ups with different Telecom providers or DTH services. The Payworld Application comes packed with all of them and offers lucrative commissions in turn.

  1. Insurance

Payworld enables retailers to sell all 3 lines of Insurance policies i.e. Life, Health & General to customers by converting them into Insurance Point of Sale or Insurance POS. All you need is service activation fee of ₹ 500, to begin with, and as you can guess the opportunities are limitless. After all, every member of every family in your vicinity needs all the three types of insurance policies. Don’t they?

  1. Bill Payment

As a retailer, you can conveniently use Payworld Bill Payment services to pay various kinds of utility bills like electricity, water, gas, landline bills and post-paid bills for the customers. Again, you will need ₹ 500 to activate this service considering the amount for the same, it is easily manageable and truly worth your while. Considering every family you cater to needs to pay at least 4 out of these 5 bills every month, your incentive will be more than satisfactory.

  1. E-Shopping

As is known to one and all, a large majority of people in India are not tech-savvy. However, even such people know the benefits of e-shopping and want to explore the same. As a Payworld retailer, you can help such customers to shop on various e-commerce portals. In turn, you stand a chance to earn commissions on the sales. Here, you will need to make an investment of about ₹ ­­­­­­­1250, to activate this service.  Now isn’t that a piece of cake.

  1. Travel Bookings

Payworld retailers can book Air / Train / Bus tickets, Hotel Reservations along with Travel Insurance on behalf of their customers for both, domestic as well as international locations. This can be done with great ease through the Payworld Application. One just needs to activate this incredible travel service with a minimal service activation fee of ₹ 8,000. Trust us, when it comes to earning great returns on your investments, it doesn’t get better than this. Not convinced yet? Let us share a true story with you. Mr, Avinash Singh Yadav, a 30-year-old graduate from Sheopur, Madhya Pradesh, invested the small sum and kick-started his small business of travel bookings, from his father’s grocery shop. Within a span of just 1 year, not only was he able to generate a significant income but also rented his own shop in one of the prime locations of the city. Now doesn’t that sound like a dream come true?

So, what are you waiting for? Now that you know some truly promising ideas of setting up your business that too on a minimal budget of ₹ 8,000 and less, go ahead and help your dreams take that much-awaited flight in the world of reality. For all you know, you could be India’s next star entrepreneur!

* Service activation charges can be changed anytime without prior information.

* For latest fee/charges, please contact on Payworld Helpline number 011 3315 8888.

76

All You Need To Know About The Payworld Commission Structure!!

All You Need To Know About The Payworld Commission Structure!!

Payworld is a unique business opportunity where you can earn money with very low investment. A consumer can do transactions by visiting Payworld retail touch points and paying in cash. Allowing you to start your business with as low as Rs 1000 only, Payworld solemnly believes in ‘Invest Less, Earn More’. However, commencing your own business online requires undertaking many challenges and decisions that need to come together at the right time. The barriers to entry into the online market is much lower than the traditional businesses.  The margins are a priority for all retailers looking for business online. Payworld is one such option that aims to help the masses to have an opportunity to dwell into digital or online business. With Payworld starting your business requires nothing more than a smart phone with net connectivity. You can opt for the services as per customer demands. Initially, on registration only two services – Mobile Recharge and DTH Recharge are available without any activation cost. To avail the other services, one needs to pay a activation fee which differs service to service. One can increase their trading limit by Online payment methods like Net Banking & Debit Cards and never let the business opportunity missed.

Services Offered by Payworld –

1. Money Transfer
2. Rail E-Ticket
3. Bill Payment
4. Mobile Recharge
5. DTH Recharge
6. Air Reservation
7. Bus Reservation
8. Hotel Booking
9. Insurance (Health, Life, General & Travel)
10. E-Shopping
11.  GST Filing
12. Digital Wallet
13. MPOS / Mini ATM Device
14. Cash Management Service

How the Payworld Commission Structure Works?

Whenever a customer uses Payworld service through the retailer, the retailer earns a percentage of transaction amounts as profit. Payworld offers a specific commission structure for all services. For example, a customer asks for a recharge of Rs. 100. Payworld offers a commission of approximately 0.5%-3% on mobile recharges. Keeping this in mind, the retailers earn 50 paise – Rs 3 on one transaction. Higher the number of transactions, higher the commission earned.

Commission Structure for Specific Services- 

1. Money Transfer – upto 1.00%
2. Rail E-Ticket  – ₹ 7 – 18 per ticket
3. Bill Payment – upto ₹ 4 per transaction
4. Mobile Recharge – 0.50% – 3.00%
5. DTH Recharge – 0.50% – 3.00%
6. Air Reservation – 0.01% – 5.00%
7. Bus Reservation – 0.01% – 5.00%
8. Hotel Booking – 7 %
9. Insurance (Health, Life, General & Travel) – 10% – 20%
10. E-Shopping – 1.50% – 6.50%
11.  GST Filing – Launching Soon
12. Digital Wallet – 0.3%
13. MPOS / Mini ATM Device – upto ₹ 2 per transaction (for withdrawal)
14. Cash Management Service – ₹ 5 – 25 per transaction

*Commission rates subject to change.
*These are indicative values only.

Why Choose Payworld?

With presence in over 630 cities in India, Payworld has engraved it’s name in over 1 lakh retail outlets for carrying out the business and provides assistance to low income group in day to day activities.  Payworld offers an intelligent electronic transaction processing platform where the customer can perform transactions by visiting the retail outlets and by paying in cash. These retail touch points uses Payworld’s application that can run on Laptops, Computers or Android smartphone.

Payworld also has an 100% subsidiary called Payworld Money. Payworld Money is an RBI approved PPI  (Pre-Paid Instrument – Digital/Mobile Wallet) issuer which has users doing domestic money remittances through the assisted mode and one that facilitates secure payments. Payworld mainly focuses on reaching out to the unbanked population for more cashless transactions making the financial inclusion task easier for the government and the users.

148

How to choose the Best Health Insurance Policy ?

Selecting a health insurance plan is a decision which is certainly not an easy one. It is something which helps you as well as your family when you need it the most, so ensure you pay attention to every minute detail while finalizing the one for you and your family. Many health insurance providers tell how their health insurance plans are the best for you but the reality is far from that and this comes to fore as a shock. So, how could one ensure that the plan they are choosing their plan is the best? In this blog, we talk about what all things to look closely at when it is about staying in the pink of health.

1. Understanding of Health Insurance Plans
Broadly talking, there are 2 categories of Health Insurance Plans available in the markets.
a) Individual Health Insurance Plan
b) Family Floater Health Insurance Plan
Depending upon your needs and your means, you can choose a plan out of these two. If you have a family, then you should prefer the latter plan as it is cost-efficient & time-saving.

2. Age is an Important Factor
Hit the iron when it’s hot. As they say Fun is like insurance the older you get the more it costs.So start early in your life, many policy providers come up with premiums for younger age group policyholders. On the other hand, as you age, some or the other diseases tend to surround you and you are supposed to undergo compulsory pre-policy medical checks. Majorly all Health insurance Companies goes for compulsory medicals for the client’s post 45 years of age.

3. A 360 Degree Cover-up Plan
Many health insurance providers have sub-limits and capping on their various plans. Here is an understanding of both the terms. Sub-limit is the division they come up with i.e. some have 80-20 sub-limit where you can claim only 80% of the total whereas the remaining amount of 20% needs to be submitted by you. Capping is in regards to the room rent. Some providers set a limit on the room rent they provide on their particular plan and anything that exceeds that amount is borne by the individual itself. To make sure that you get quality treatment, ensure that your plan covers everything and there is no sub-limit or capping barrier.

4. Always Prefer Cashless Facility Plans
Generally, the insurance companies ask you to pay the bill at the hospital and then apply for reimbursement. This is a very time- and energy- consuming process. In a case of an emergency, one might not even have money to pay at the hospital billing counter. So better is to go cashless when it comes to choosing a health insurance policy. This way, you just need to pay attention to your/ patient’s health while everything else is taken care of by the insurance company.

5. Check the No-Claim Incentive
If in a particular year, there is no claim on the policy from your side, many companies offer an incentive- increased sum insurance claim- cumulative bonus. Depending upon companies and their various plans, this may vary from 5% to 10% to 50%. On the other hand, some companies offer a premium reduction. Going the cumulative bonus way is always better.

6. Check Whois The Third Party Administrator (TPA)
The middleman between the Insurance Company, healthcare provider, and the customer is known as the Third Party Administrator. TPA comes to fore when it is time to process the claim. This happens to be a time-taking process as there are certain levels involved. Many companies, however- now process claims in-house. Go in for these and save a lot of your time.

7. Be transparent While Declaring Your Health Status
If you have an existing health issue, declare it beforehand. Sometimes we forget that and other times we try to avoid thinking we will have to shell out more money. But declaring it at the time of form-filing is best as it does not become a hurdle when you go in for the claim, just in case.

8. Read & Understand the Exclusions Carefully
Last but not the least, always pay attention to what is being excluded in the plan you are about to choose. Some necessary things are sometimes excluded from the policies which you realize at the delicate moment. It is sure that you check that the following don’t play a spoil-sport:
a) 30-day exclusion
b) 1-year exclusion of certain diseases and procedures
c) 2-year exclusion of certain diseases and procedures

Note: Kindly refer the policy brochure for the list of diseases covered/ excluded and the procedures involved.

53