Covid 19 has made everyone realize the importance of a fit body and healthy finances. Due to worsening lifestyle, increasing pollution, and unsuitable eating habits, one cannot assure a forever healthy body. But you can ensure the best possible treatment at the right time for a particular disease.
You may have noticed that meanwhile covid was at its peak, healthcare inflation was also increasing at a skyrocketing rate. You will be surprised to know that India had the highest healthcare inflation rate with 14% in 2021. Due to which many individuals were not able to avail proper treatment of the disease mainly because of lack of funds.
When it comes to a medical emergency, instead of selling your investments at discounted prices, or taking a loan from your family and friend, you can buy a health insurance policy which will not only help you in getting the best possible medical treatment to the disease but also helps you in maintaining financial stability.
To ensure safety and security, experts recommend getting health insurance during early adulthood when you are financially responsible. Early health insurance plan investment offers several benefits, including better insurance amount coverage, lower premium costs, no medical exams, and more.
Here is a guide that clearly describes the meaning of health insurance, factors that affect them, the various types of health insurance plans one can choose from, and much more.
What is Health Insurance?
A health insurance policy is a contract between you and an insurance company that provides financial protection for medical expenses or emergencies incurred.In simple words, we can say that in exchange for paying a monthly or annual premium, the insurance company covers all the costs of medical expenses, such as doctor visits, hospital stays, and prescription drugs, according to the policy’s terms and conditions during the time of your medical emergencies.
The coverage and benefits provided by health insurance policies can vary widely depending on the plan and insurer and may be tailored to meet the specific needs and preferences of the policyholder. You can buy a health insurance policy individually or if you are an employee, the company might also pay a premium on behalf of you.
Why is Health Insurance Important?
There are several reasons why a health insurance policy is important, including:- Financial Protection: One of the primary reasons to have a health insurance policy is to protect yourself and your family from the high costs of medical care. Medical expenses, particularly in the case of a major illness or injury, can be extremely expensive and can quickly add up to thousands or even lakhs of rupees. Having a health insurance policy can help cover these costs and prevent them from causing financial hardship, especially when you are facing a financial crisis.
- Access to Healthcare: Sometimes, due to high medical costs, you might not be able to get the right treatment for the disease or surgery required due to lack of sudden corpus. For example, heart surgery is unfortunately very common in India which costs from Rs 1.5L to Rs 5L. Health insurance helps you to walk through the process smoothly.
- Keep you healthy: Health insurance policies often cover preventive care services, such as regular check-ups, screenings, and vaccinations. These services can help you stay healthy and prevent more serious health problems from developing, which can ultimately save you money and improve your quality of life.
- Gives peace of Mind: Knowing that you and your family are secured by the health insurance as they can get the best possible treatment whenever they require is an ultimate peace of mind. With health insurance, you can focus on getting the care you need without worrying about the cost.
- Mental health and substance abuse treatment: Health insurance plans are required to provide coverage for mental health and substance abuse treatment under the Affordable Care Act. This ensures that individuals have access to the care they need to manage these conditions.
What are the Different Types of Health Insurance Plans?
The current health insurance options include the following:- Individual Health Insurance A single person is the target audience for an individual health insurance plan. As the name implies, it caters to the needs of an individual. The person who enrolls in this insurance plan is compensated for the costs associated with illness and medical bills. These medical insurance plans pay for all hospitalization, surgical, pre-, and post-medication costs up to the insured limit.
- Family Health Insurance Family Health Insurance Policy, also referred to as the Family Floater Plan, provides coverage for every member of your family under one roof. All of the members of your family, including your spouse, children, and seniors, are covered by family health insurance plans. One premium covers the entire family, which means that only one family member needs to pay it.
- Group Health Insurance A group of coworkers is the target audience for a group health insurance policy. Hence, if you run a start-up or corporate office, you should purchase these plans for your staff members. It is within the category of benefits provided to workers. You can purchase the cover as an employer to increase the rate of employee retention.
- Senior Citizen Health Insurance The Senior Citizen Health Insurance Plan is a health insurance plan designed specifically for individuals above the age of 60. This coverage is a suitable option for you if your parents or grandparents are older than 60.
- Maternity Health Insurance Together with the fundamental health insurance program, a Maternity cover can be purchased as an add-on. It provides coverage for infertility costs, childbirth (including medically required abortions), and newborn care for the first 90 days. There is a two-year waiting period for Maternity Insurance.
The plan's premium is determined based on the buyer's age and medical history. By paying an additional premium under the same plan, the insured person may also cover his or her spouse, children, and parents. There is a 2- to 3-year waiting time before you can start receiving benefits if you get insurance for an ailment that is already present.
If two family members are receiving care at the same time, you may submit claims for both up to the insurance's maximum. The oldest person to be covered under the plan's coverage determines the premium. Thus, try to avoid including individuals older than 60 in your family health insurance plan as they are more likely to become ill, which will affect the cost.
The premium for the group health insurance plan is reasonably priced. Some insurance providers permit unlimited refills of the covered amount if it runs out. Your hospitalization due to an accident, illness, severe disease, psychiatric illness, or pregnancy is covered by a group health insurance plan.
A policy for senior citizens covers the expenses of drugs, hospitalization due to an accident or illness, and pre/post-hospitalization and treatment. It also includes other benefits like psychiatric services and medical treatment at home.
Tax Benefits of Health Insurance
You can claim a deduction under section 80D of income tax act 1961 for buying health insurance policy for yourself and dependents. Here is the tax deduction details as follows-| Taxpayer Category | Deduction Limit for Health Insurance Premiums |
| Individuals up to 60 years old | Rs. 25,000 per year |
| Individuals up to 60 years old with health insurance for parents | Additional Rs. 25,000 per year |
| Individuals with parents who are senior citizens | Additional Rs. 50,000 per year |
| Senior citizens with health insurance for themselves | Rs. 50,000 per year |
How Does a Health Insurance Policy Work?
A health insurance policy works by providing financial protection for medical expenses incurred by the insured individual. Here is a detailed explanation of how a health insurance policy works:- Choosing a Policy: The first step is to choose a health insurance policy that suits your needs. You can either purchase an individual policy or a group policy offered by your employer. Different policies have different coverage limits, deductibles, and copays.
- Paying the Premium: You will need to pay a monthly or annual premium to maintain your health insurance coverage. The premium amount will depend on the type of policy you choose and the coverage amount.
- Seeking Medical Care: When you are under medical care, you can either visit a healthcare provider within your insurance company's network or choose an out-of-network provider. It is recommended to choose a provider within the network as they have pre-negotiated rates with the insurance company.
- Submitting a Claim: After you receive medical care, you will need to submit a claim to your insurance company. This claim will include the details of the medical service, including the date of the service, the name of the provider, and the cost of the service.
- Reviewing the Claim: Your insurance company will review your claim to determine if it is covered by your policy. If the claim is approved, your insurance company will pay a portion or all the cost of the medical service, up to the coverage limits of your policy.
- Paying Deductibles and Copays: You may be required to pay deductibles and copays as per the terms of your policy. A deductible is the amount you need to pay out of pocket before your insurance company begins to pay for medical services.
- Renewing Your Policy: You will need to renew your health insurance policy annually or as per the terms of your policy. This will involve paying your premium and reviewing any changes in the coverage or benefits provided by the policy.
How to Choose Right Health Insurance Policy?
Choosing the right health insurance plan can be a daunting task, as there are many options available, and it can be difficult to determine which plan is best suited for your needs. Here are some steps to consider when selecting a health insurance plan:- Assess your health needs: The first step in choosing a health insurance plan is to assess your own health needs. Consider your current health status, any chronic conditions you may have, and any medications or treatments you require. Also, think about your family's health needs if you are purchasing a family plan.
- Understand the diverse types of plans: There are several types of health insurance plans, and each plan has unique features, such as network restrictions, copays, and deductibles, so it is important to understand the differences between them.
- Check the provider network: If you have a preferred doctor or hospital, make sure that they are included in the plan's provider network. If you visit an out-of-network provider, you may be responsible for a larger portion of the cost of care.
- Compare costs: Look at the plan's premiums, deductibles, copays, and coinsurance to determine the total cost of coverage. Consider how much you can afford to pay out of pocket for medical expenses and how often you typically visit the doctor.
- Review coverage for essential health benefits: The Affordable Care Act mandates that all health insurance plans cover certain essential health benefits, including preventive care, prescription drugs, mental health, and substance abuse services, & maternity and newborn care. Make sure the plan you are considering covers these benefits.
- Consider additional benefits: Some health insurance plans offer additional benefits, such as wellness programs, vision, and dental coverage. Determine if these benefits are important to you and if they are worth the additional cost.
- Read the plan's summary of benefits and coverage: Every health insurance plan is required to provide a summary of benefits and coverage, which outlines the plan's costs, benefits, and limitations. Make sure to review this document carefully before deciding.
- Seek advice from an insurance agent or broker: An insurance agent or broker can help you navigate the complex world of health insurance and provide guidance on selecting a plan that meets your needs and budget.
Who Needs Health Insurance?
Everyone can benefit from having health insurance coverage, regardless of your age, gender, income, or health status. Here are some specific reasons why diverse groups of people may need health insurance:- Individuals and families: Health insurance can provide financial protection against unexpected medical expenses, such as emergency room visits, surgeries, and hospitalizations. Without insurance, these costs can be prohibitively expensive and may result in significant debt.
- Young adults: Young adults who are just starting out in their careers may not have access to employer-sponsored health insurance or may not be able to afford the cost of individual coverage. Obtaining health insurance can help them stay healthy and avoid the financial risks associated with unexpected medical bills.
- People with chronic conditions: Individuals with chronic health conditions such as diabetes, heart disease, or cancer require ongoing medical care and treatment, as the treatment for these diseases can be very costly. Health insurance can help them manage these expenses and ensure that they have access to necessary treatments and medications.
- Seniors: As people age, their health care needs tend to increase. Medicare is a government-sponsored health insurance program that provides coverage to seniors and can help them manage their medical expenses.
Also Read: Renewal Process For Your Health Insurance Policy in India
How to Buy a Health Insurance Plan in India?
Buying a health insurance plan in India can be a daunting task, especially with the substantial number of insurance companies and policies available in the market. However, with a little bit of research and understanding of the process, you can choose the best policy that fits your needs and budget. Here is a step-by-step guide on how to buy a health insurance plan in India:- Assess your healthcare needs: The first step in buying a health insurance policy is to assess your healthcare needs. Consider your age, health status, medical history, family medical history, and other factors that may affect your health in the future. This will help you determine the type of coverage you need, and the amount of coverage required.
- Research insurance companies and policies: Once you have assessed your healthcare needs, research various insurance companies and policies available in the market. Look for policies that meet your needs and are affordable. Check the policy features, benefits, and coverage limits to make an informed decision.
- Compare policies: Compare the policies of different insurance companies based on features such as the coverage amount, premium amount, waiting period, network hospitals, and exclusions. Consider the policy's claim settlement ratio and the insurer's reputation in the market.
- Select a policy: Once you have compared various policies and insurance companies, select the one that best fits your needs and budget.
- Purchase the policy: You can purchase the policy online or offline. To buy a policy online, visit the insurer's website, select the policy, and fill in the necessary details. You can pay the premium online through net banking, credit card, or debit card. If you prefer to buy the policy offline, visit the nearest branch of the insurance company or contact a licensed insurance agent.
- Provide accurate information: Make sure to provide accurate information while buying the policy. Any incorrect information or non-disclosure of material facts may lead to rejection of the claim.
- Keep the policy documents safe: Once you have purchased the policy, keep the documents safe. You may need them at the time of filing a claim.
How Much Does Health Insurance Cost?
The cost of health insurance can vary widely depending on a variety of factors, including:- Type of plan: The type of health insurance plan you choose can greatly affect the cost. For example, a high-deductible health plan (HDHP) typically has lower monthly premiums but higher out-of-pocket costs, while a plan with a lower deductible may have higher monthly premiums but lower out-of-pocket costs.
- Age: Older individuals may pay more for health insurance than younger individuals, as they typically have more health concerns.
- Location: The cost of health insurance can also vary by geographic location, with some areas having higher premiums than others.
- Health status: Your current health status can also affect the cost of health insurance. Individuals with pre-existing conditions or a history of health problems may pay more for coverage.
Difference Between a Medi-claim Plan or a Critical Illness Insurance Plan?
Medi-claim plans and critical illness insurance plans are both types of health insurance policies that provide financial protection for medical expenses.A Mediclaim policy, also known as a health insurance plan, covers the cost of medical treatment for a range of illnesses and injuries. It typically covers hospitalization expenses, doctor's fees, diagnostic tests, and medication costs. A Medi-claim plan is designed to provide financial protection in the event of a sudden illness or accident.
On the other hand, a critical illness insurance plan provides a lump sum benefit if the insured person is diagnosed with a specified critical illness, such as cancer, heart attack, or stroke. The benefit is paid regardless of the actual cost of treatment and can be used to cover medical expenses, lost income, or other expenses associated with the illness. Critical illness insurance is designed to provide financial support to help cover the additional costs associated with a serious illness.
Factors To Consider Before Deciding on A Health Insurance Plan
Choosing a health insurance plan can be a complex decision, but here are some crucial factors to consider before making a decision:- Your health needs: Consider your current and future health needs, including any pre-existing conditions, regular medication, and any planned surgeries or medical procedures. Choose a plan that provides adequate coverage for your specific health needs.
- The network of healthcare providers: Check if the insurance plan has a network of healthcare providers that includes your preferred hospitals and doctors. If not, you may have to pay higher out-of-pocket costs for out-of-network care.
- The cost of the plan: Compare the monthly premium, co-payments, deductibles, and other out-of-pocket expenses for each plan. Choose a plan that fits your budget and offers fair value for money.
- Coverage limits: Review the coverage limits, exclusions, and waiting periods for each plan. Make sure you understand the maximum amount the plan will pay out for each type of medical expense, and whether any treatments or conditions are excluded.
- Customer service: Research the insurer's customer service and reputation for handling claims. You want to choose an insurer with a good history of responding to inquiries, processing claims quickly, and resolving issues efficiently.
- Additional benefits: Some plans offer additional benefits, such as wellness programs, telemedicine, or prescription drug coverage. Consider these benefits when comparing plans.
Eligibility Criteria to Buy Health Insurance
The eligibility criteria for buying health insurance may vary by country, insurance provider, and plan. However, here are some common eligibility criteria that are often required by health insurance providers:- Age: Health insurance plans are typically available for individuals of a certain age range, which can vary depending on the insurer and the plan. In general, health insurance plans may be available to individuals between 18 and 65 years of age.
- Medical history: Health insurance providers may ask for details of your medical history before approving your application. Some insurers may reject applications from individuals with pre-existing medical conditions or charge higher premiums to cover the higher risk.
- Income: Some insurers may require you to provide proof of income to determine your eligibility for coverage or to determine the premium you will pay.
- Nationality and residency: Some insurers may only offer coverage to individuals who are citizens or legal residents of the country where the policy is issued.
- Occupation: Some insurers may consider your occupation when determining your coverage eligibility or setting the premium. For example, individuals with high-risk jobs may have to pay higher premiums.
- Tobacco and alcohol use: Insurers may ask about your tobacco and alcohol use as they can be factors in determining the cost of coverage.
Documents Required to Buy Health Insurance
The documents required to buy health insurance may vary by country, insurer, and type of plan. However, here are some common documents that are often required by insurers:- Identity proof: A government-issued ID card such as a passport, driver's license, or Aadhaar card may be required to verify your identity.
- Address proof: A utility bill, rental agreement, or any other document that can verify your residential address may be required.
- Age proof: A birth certificate, passport, or other age verification documents may be required.
- Medical history: Some insurers may require you to provide medical history details, including any pre-existing conditions or ongoing treatment.
- Income proof: Some insurers may require you to provide proof of income, such as salary slips or income tax returns, to determine the premium you will pay.
- Passport size photograph: A recent passport-size photograph may be required for identity verification purposes.
- Proposal form: You will be required to fill in a proposal form that includes your personal details, medical history, and details of the plan you want to purchase.
FAQs – Frequently Asked Questions
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What do you mean by a waiting period in health insurance ?
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Till when will my health insurance be valid ?
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What will happen If I forget or miss paying the health insurance premium ?
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Can I keep more than one health insurance policy ?
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Is there a limit on the number of health insurance claims that I can avail in one year ?
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When can I add my family members to my policy ?
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What is the perfect age to buy health insurance ?
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What is a cumulative bonus in health insurance ?
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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No Liability
This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.
The Facilities Provider or ABCL or ABC Companies shall have absolutely no liability in connection with the information and Material posted on this Website including any liability for damage to your computer hardware, data, information, materials, or business resulting from the information and/or Material or the lack of information and/or Material available on the Website. In no event shall ABCL or ABC Companies shall be liable for any for any special, incidental, consequential, exemplary or punitive damages for any loss, arising out of or in connection with (a) the use, misuse or the inability to use this Website; (b) unauthorized access to or alteration of your transmissions or data; (c) statements or conduct of any third party on the site; or (d) any other matter whatever nature relating to this Website.
Further, the Facilities Provider cannot always foresee or anticipate technical or other difficulties. The facilities may contain errors, bugs, or other problems. These difficulties may result in loss of data, personalization settings or other facilities interruptions. The Website does not assume responsibility for the timeliness, deletion, mis-delivery, or failure to store any user data, communications, or personalization settings.
The Facilities Provider, ABCL, ABC Companies and the providers of information shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained at this Website.
Manner of Use of Personal Information
All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.
Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,
You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.
Use of Website in India
This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.
Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.
In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.
You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.
Third party websites
This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).
USE of APP
In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.
Postings and monitoring
The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.
Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.
We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.
If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com
Use of Cookies
You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.
Facilities Changes and Discontinuation
The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.
ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.
Compliance with the Law
You agree that you will not:
- Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
- Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
- Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
- Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
- You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.
Restrictions on Commercial Use or Resale
Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.
No Endorsements
All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.
Promotional Offers
You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.
Charges for use of Website
There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).
No Endorsement
You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.
In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.
Electronic Communications
These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.
Assignment
You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.
Legal Disclaimers
The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.
The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.
Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.
No Solicitation
No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.
The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.
Statutory Disclosure
ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF. Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.
Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.
Force Majeure
The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.
Indemnification
You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.
No Waiver
The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Exclusive Agreement
You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.
Termination
Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.
Governing Law and Jurisdiction
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.
These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.
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