Health Benefits along with Fixed Deposit Account, this article is about the benefits which is provided by the Fixed deposit along with other benefits which in common is about the good return in comparison with the other types of account. Fixed deposit account is only known for its return benefits but there are some other benefits which are available to only the fixed deposit account holder in a special deposit scheme only. Now you can scroll down below and check more details regarding “Health Benefits along with Fixed Deposit Account”
Health Benefits along with Fixed Deposit Account
Unique benefit: Health2wealth Scheme
Health2wealth is a scheme started by Dewan Housing Finance Limited (DHFL), which is a new scheme which is providing health benefits to the account holder along with the interest income. The health benefit provided with this scheme is that the account holder can withdraw some percentage of money for the health benefit if the account holder is not well and has to be hospitalised. Holder can withdraw some amount and has to reinvest the same.
Normally when you deposit some money in the Fixed deposit scheme than you cannot withdraw any amount before the maturity date, if there are withdrawals before the maturity period and if the holder withdraws than he has to bear the penalty amount. The corporate fixed deposit scheme provides you better returns but it also comes with the higher risk that if the company defaults than the amount would be taken by the bank and would be paid to the creditors of the company.
This health2wealth scheme comes with the allowance of the withdrawal as valid upto 75% of the deposited amount, if the account holder needs to be taken the treatment of the doctor and if he needs to withdraw the money than there will be no levy of penalty, but the point is that you will not be provided with the interest during the period of withdrawal and the period until which you repay.
The minimum amount of deposit in this scheme is Rs. 25000, and the minimum tenure for which it is required to be deposited is from 12 months to 60 months. The amount withdrawn has to be reinvested after it has been recovered from the insurance company.
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A deposit card has to be taken for this scheme and the card has to be taken for the hospital to be paid with the same card to avail the benefits. The deposit card can be used by any of the family members health issues.
This scheme is available to only Individuals, i.e. these scheme is not available to the corporates, HUF, partnership firms, association of persons, etc. There would be additional benefit from adopting the scheme that there would be additional accidental cover insurance worth Rs. 1 lakh.
Now learn how the interest working would go with the help of an example.
If you have deposited Rs. 5,00,000 on 1st September, 2015. If due to circumstances withdrawal has to be made on 1st November, 2015 worth Rs. 3,75,000. If on 1st January, 2015 if the money is again deposited. The interest calculation would be as under: (assuming interest rate 9% p.a.)
Rs. 5,00,000 * 9 * 2 months = Rs. 7500
Rs. 1,25,000 * 9 * 2 months = Rs. 1875
Rs. 5,00,000 * 9 * 8 months = Rs. 30000