Types of Insurance
Health Insurance – Your key to Peace of Mind!
Health Insurance helps to cover the cost of medical care, ensuring you don’t face financial strain during an illness or injury. With the right plan, you gain access to quality care, preventive services and protection against high medical costs.
Health insurance policies cover the following common covers. Do look out for additional covers and add on’s offered before finalizing the plan.
a. Hospitalization due to an illness or injury (24 hours hospital stay mandatory with an active line of treatment)
b. Pre hospitalization costs like diagnostic tests, doctor consultations, medicines etc
c. Post Hospitalization costs like medicines, follow up doctor visits etc
d. Day Care procedures: With the advent of medical technologies, certain procedures can now be completed in a few hours and does not require a hospital saty. Such procedures are covered and do not require the mandatory 24 hour hospitaliation. Common examples are Cataract surgeries. Dialysis. Chemotherapy etc
Things to consider: To ensure you have the right cover, we recommend you to check the following:
A. Sum Insured: Is the coverage amount enough to cover your present and future medical needs? Opt for a cover that meets the current medical costs.
B. Exclusions: There are listed exlusions in the policy and we urge you to review the same to avoid last minute surprises. Common exclusions are time bound like 30 days from policy start date for hospitalizationdue to illness, 24 months for slow growing conditons like cataract, knee replacements etc and 36 / 48 months for Pre existing condiions. In addition, there could be conditional exclusions based on your health conditions.
C. Coverage: Do look out for what the policy covers and check for add ons that could further enhance the coverage.
D. Network Hospitals: Do review the list of network hospitals offering cashless claims for greater convenience. Gateway highly recommends that customers disclose all known pre existing conditions to the Us / Insurance company while considering a plan. This ensures that all details are correctly captured at the time of purchase giving a fair chance to the Insurance company to assess the proposal. Wrong / incomplete declarations can lead to rejection of claim and / or cancellation of policies.
Motor Insurance – Drive with confidence
Motor Insurance protects you financially incase ofaccidents, theft or damage to your vehcile. It also covers third party liabilities ensuring you are protected incase of another persons losses / injuries.
Whether you are looking for a comprehensive cover, third party liabilty or something in between, our team will help you find the right policy at best prices. We offer cover for Private cars, Two wheelers, Commercial vehicles like Buses, trucks, trailers and even Trade insurance.
Motor Insurance commonly covers three major areas:
A. Own Damage: This covers any damages to your vehicle due to an accident, or natural calamities like earthquake, floods etc. This also includes complete Theft of vehicle or parts.
B. Third Party Liability: This covers your legal laibility incase your vehcile causes injuries or damages to someones else’s property.
C. Personal Accidnet to Owner Driver: This covers Accidental death and disability casued due to an accident while driving the vehicle. You could also add Personal accident and legal liability cover for paid drivers, employees etc.
There are a number of innovative add on covers available across Insurance companies. Some commonly available add on’s are:
A. Zero Depreciation / Bumper to Bumper cover: This covers pays for the depreciation costs that are usually excluded ensuring minimum out of pocket expenses.
B. Engine and Gear box: This covers damages caused to engine and gear box in an accident or natural disasters like floods etc
C. Return to Invoice: Pays the invoice value of your car incase of a total loss or theft.
D. Cost of Consumables: This cover pays for commonly excluded single use items like engine oil, lubricants etc ensuring minimum out of pocket expenses
Things to consider: To ensure you have the right coverage, we recommend to check the following:
1. Insured Declared Value (IDV): This is the value of you car isnured under the policy. Lower IDV would reduce the cost of premiums however would also lower the claim payouts in case of a theft or total loss. Do ensure you seek optimum coverage to ensure complete cover.
2. No Claim Bonus (NCB): NCB is the discount given at renewal for each claim free year. Do ensure you share the correct NCB doscunt slab. Incorrect NCB discount could lead to premium recovery or cancellation of policy. Gateway highly recommends that you keep a track of your renewals to avoid lapsation of policy. This would ensure continuous cover. We also urge that our customers follow all traffic rules and regulations as responsible citizens of the country.
Life Insurance – Protect what matters most
Life insurance is designed to provide financial protection and peace of mind, ensuring that loved ones are taken care of financially in the event of policyholder’s demise.
Amongst the various life insurance plan, some of the commonly purchased plan are as below:
1. Term Life Insurance: This plan offers financial security to the family in the event of demise of the policy holders. You can opts for a coverage period from 5 upto 40 years. It is the most affordable plan with a death benefit without an invsetment component.
2. Whole Life Insurance: Offers a lifelong protection upto 99 or 100 years. Accumulates cash value over time which can be borrowed or withdrawn.
3. Endowment plans: Offers a life coverage for a specified period along with a maturity benefit if the policyholder survives the policy term.
Things to consider: To ensure you derive the maximum benefits from your policy, do check the following
1. Coverage: Is the coverage opted for in line with your family’s current and future income requirements. Do consider the inflations costs as well year on year
2. Terms and Conditions: Do review the terms of cover and claims payout to avoid any last minute surprises.
Gateway recommends: To ensure that your family is financially secured in an unforseen event of death of the poilicy holder, do invest appropriately to cover all living expenses and debts that may be incurred.