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Marriott Bonvoy Brilliant Card Relaunches With New Benefits

Marriott Bonvoy Brilliant Card Relaunches With New Benefits

Subscribe to the Select Newsletter!Our best selections in your inbox. Shopping recommendations that help upgrade your life, delivered weekly. Sign-up here.Marriott Bonvoy Brilliant card changesMarriott Bonvoy Brilliant™ American Express® CardOn the American Express secure site

  • Rewards6 Marriott Bonvoy points for each dollar spent on eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide Restaurants and on flights booked directly with airlines. 2 points on all other eligible purchases.
  • Welcome bonusEarn 150,000 Marriott Bonvoy® bonus points after you use your new card to make $5,000 in purchases on the card within the first 3 months.
  • Annual Fee
  • Intro APR
  • Regular APR
  • Balance transfer fee
  • Foreign transaction fee
  • Credit needed

Pros

  • Each Card renewal year, get up to $300 in statement credits per calendar year (up to $25 per month) for eligible purchases at restaurants worldwide.
  • One free night award every year after your card renewal month (redemption level at or under 85,000 Marriott Bonvoy points and certain hotels charge additional resort fees) at a participating hotel.
  • $100 property credit on a two-night minimum stay at the Ritz-Carlton® or St. Regis®
  • Complimentary Marriott Bonvoy Platinum Elite status
  • Global Entry/TSA PreCheck credit of up to $100 every four years

Cons

  • High $650 annual fee
  • No introductory 0% APR
  • Estimated points earned after 1 year: 50,955
  • Estimated points earned after 5 years: 254,775

Rewards totals may incorporate the points earned from the welcome bonusAnnual hotel credit shifts to diningThe card’s first change was announced in July, and it’s that the up to $300 Marriott Bonvoy hotel statement credit is being swapped for a dining credit that can be redeemed at any eligible restaurant worldwide. Although it still adds up to the same total, you’ll now only be reimbursed up to $25 per month over the course of 12 months, as opposed to being able to redeem the entire credit at once. Overall, this should give cardholders greater flexibility as they’re not locked into Marriott purchases to earn the statement credit. However, you’ll have to make sure you’re putting at least $25 a month worth of dining purchases on the card to ensure you’re getting maximum value.Free night award becomes more valuableThe Marriott Bonvoy Brilliant card previously offered an annual free night award worth up to 50,000 Marriott Bonvoy points. Now, the award can be used towards rooms costing up to 85,000 points, potentially allowing you to book higher-end hotels.Improvements to elite status benefitsCardholders now get Platinum Elite status instead of Gold Elite status, unlocking perks like free breakfast at some brands and upgrades to suites. Additionally, those chasing a higher tier of status now get 25 Elite Night Credits each year instead of 15.Opportunity to earn choice benefitsAlong with the enhancements listed, the card is introducing the opportunity to earn an “Annual Card Choice Award” by spending $60,000 on the card in a calendar year (starting January 2023). You’ll have the choice of five suite night awards, an additional free night award (worth up to 85,000 points) or $750 off a bed from Marriott Bonvoy® Boutiques.New welcome offerTo celebrate the refresh, now through Jan. 11, 2023, the Marriott Bonvoy Brilliant™ American Express® Card will offer new cardmembers an elevated welcome bonus of 150,000 Marriott Bonvoy points after they spend $5,000 in eligible purchases on the card in the first three months.Higher annual feeAs you might expect, the new benefits come at a cost. The annual fee on this card is now $650 (see rates and fees), up from $450. If you opened your card before Sept. 22, 2022, the new annual fee will take effect on your first renewal date on or after Jan. 1, 2023.Still, the annual fee can be offset if you take full advantage of all the benefits, with the new or enhanced perks bolded:

  • Complimentary Marriott Bonvoy Platinum Elite Status
  • One Free Night Award each year after Card renewal month that can be used for one night (redemption level at or under 85,000 Marriott Bonvoy points) at hotels participating in Marriott Bonvoy. Certain hotels have resort fees.
  • Up to $300 in statement credits per calendar year (up to $25 back per month) for dining purchases at restaurants worldwide
  • 25 Elite Night Credits each calendar year to use toward achieving your next level of elite status
  • Up to $100 property credit when staying two nights or more at the Ritz-Carlton® or St. Regis® properties
  • Annual Earned Choice Award: Each calendar year (starting January 2023), after making $60K in purchases, Card Members can select an Earned Choice Award benefit
  • Airport lounge access with Priority Pass Select Membership (enrollment required)
  • Up to $100 for Global Entry or TSA PreCheck application fee
  • Various travel protections
  • *Purchase and return protection

Same earning ratesThere are no changes to the card’s earning rates:

  • 6X points at participating Marriott Bonvoy properties
  • 3X points at restaurants worldwide and on flights booked directly with airlines
  • 2X points on all other eligible purchases

Other Marriott Bonvoy credit cardsThere’s no question that the annual fee is high, and you should never put yourself in financial constraint just to hold a credit card. If you prefer a card with a lower (or no) annual fee, Marriott Bonvoy has plenty of other options:Marriott Bonvoy Bold® Credit Card

  • RewardsEarn up to 14X total points for every $1 spent at over 7,000 participating Marriott Bonvoy® hotels, 2X points on other travel purchases (from airfare to taxis and trains) and 1X point on all other purchases
  • Welcome bonusLimited Time Offer! Earn 60,000 Bonus Points after you spend $2,000 on purchases in the first 3 months from account opening.
  • Annual fee
  • Intro APR
  • Regular APR18.24% – 25.24% variable on purchases and balance transfers
  • Balance transfer feeEither $5 or 5% of the amount of each transfer, whichever is greater
  • Foreign transaction fee
  • Credit needed

Marriott Bonvoy Boundless® Credit Card

  • RewardsEarn 3X points per $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining; 1 Elite Night Credit towards Elite Status for every $5,000 spent; earn up to 17X total points per $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® Card, and 2X points for every $1 spent on all other purchases
  • Welcome bonusLimited Time Offer! Earn 100,000 Bonus Points after you spend $3,000 on purchases in the first 3 months from account opening.
  • Annual fee
  • Intro APR
  • Regular APR18.24% – 25.24% variable on purchases and balance transfers
  • Balance transfer feeEither $5 or 5% of the amount of each transfer, whichever is greater
  • Foreign transaction fee
  • Credit needed

Marriott Bonvoy Business® American Express® CardOn the American Express secure site

  • Rewards6X Marriott Bonvoy points for each dollar spent on eligible purchases at hotels participating in the Marriott Bonvoy® program, 4X points for each dollar of eligible purchases at restaurants worldwide, at U.S. gas stations, on wireless telephone services purchased directly from U.S. service providers and on U.S. purchases for shipping, 2X points on all other eligible purchases
  • Welcome bonusLimited Time Offer: Earn 100,000 Bonus Marriott Bonvoy Points after spending $4,000 in purchases on your new Card in your first 3 months of Card Membership. Offer expires 11/2/22.
  • Annual fee
  • Intro APR
  • Regular APR
  • Balance transfer fee
  • Foreign transaction fee
  • Credit needed

Marriott Bonvoy Bevy™ American Express® CardOn the American Express secure site

  • RewardsEarn 6X Marriott Bonvoy® bonus points on eligible purchases at hotels participating in Marriott Bonvoy; 4X Marriott Bonvoy points on up to $15,000 in combined purchases per year at restaurants worldwide and at U.S. supermarkets (then 2X points); 2X Marriott Bonvoy Points on all other eligible purchases
  • Welcome bonusEarn 125,000 Marriott Bonvoy® bonus points after they spend $4,000 in eligible purchases on their card within the first three months
  • Annual fee
  • Intro APR
  • Regular APR
  • Balance transfer fee
  • Foreign transaction fee
  • Credit needed

Marriott Bonvoy Bountiful™ CardInformation about the Marriott Bonvoy Bountiful™ Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards6X Marriott Bonvoy Points on purchases at hotels participating in Marriott Bonvoy; 4X Marriott Bonvoy Points on up to $15,000 in combined purchases per year at restaurants worldwide and at U.S. supermarkets; 2X Marriott Bonvoy Points on all other eligible purchases
  • Welcome bonus125,000 Marriott Bonvoy points after they spend $4,000 in eligible purchases on their Card in the first three months
  • Annual fee
  • Intro APR
  • Regular APR18.24% to 25.24% variable
  • Balance transfer feeEither $5 or 5% of the amount of each transfer, whichever is greater
  • Foreign transaction fee
  • Credit needed

Bottom lineFor rates and fees of the Marriott Bonvoy Bevy™ American Express Card, click here. For rates and fees of the Marriott Bonvoy Brilliant™ American Express® Card, click here.For rates and fees of the Marriott Bonvoy Business® American Express® Card, click here.*Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply.  Please visit americanexpress.com/ benefitsguide for more details.  Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. .

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Should you choose early exit benefit in term insurance?

Should you choose early exit benefit in term insurance?

But, remember there are no free lunches, and the early exit benefit, too, comes with stringent conditions. Early exit is a benefit that is similar to the terminal illness rider, premium break, etc., available on a term insurance policy. It is different from a term plan with a return of premium (TROP), in that it allows policyholders to discontinue their term policy within a specified window and get the full premium back, net of GST, paid till that point. Currently, three insurance companies offer this benefit on their term insurance policies (see table). Different from TROP In TROP, the full premium (excluding GST) is paid as survival benefit at the end of the policy term if the policyholder lives through the entire term of the policy. If the policy is surrendered mid-term, policyholders are paid the surrender value (assigned after the first two years). TROP is an expensive feature as the premium on the former works out to almost double the premium on a regular term plan (see table). This is because the insurer guarantees a payout to the policyholder/beneficiary in TROP, unlike a pure risk term cover that only pays death benefit. Premature exit benefit, on the other hand, comes at no premium difference.   Mint View Full ImageMint  Exit benefit gives policyholders an option to terminate their term plan prematurely within a limited, predetermined window. But here is the catch: The duration within which you can discontinue the policy to get the premium back is 1-5 years and opens up when you turn 55-60 years, typically the age when you are closer to fulfilling your financial liabilities and may not need life insurance any longer. So, instead of paying the premium for a longer duration as with TROP, you can terminate the policy a little before maturity and get back the premium. Do note that the worth of the premium amount erodes each year on account of inflation. For instance, if the total pemium for a 40-year TROP of ₹1 crore paid over the policy term works out to ₹8 lakh, you will be paid back this premium in lump sum after the policy matures. However, if you were to consider inflation of 6%, the value of ₹8 lakh would be just ₹80,000 after 40 years. The same concept applies to the early withdrawal benefit too, but you would pay a much lower premium and for a shorter duration. Take note that if the policy is discontinued outside of the exit window, you will not get your premium back. Is it really zero-cost? It is not accurate to advertise this benefit as ‘zero-cost term plan’ because only the base premium amount after deducting 18% GST is paid back. The extra premium that is paid on add-on features is also deducted by some insurers.
“The big upside is that the policyholder does not have to pay an extra fee or a higher premium to avail it, unlike in the case of TROP. The additional benefit comes at zero cost,” said Sajja Praveen Chowdary, business head, term life insurance, Policybazaar.com. Devil is in the details Policyholders should take note of the stringent terms around the withdrawal window. For instance, in the case of HDFC Life’s plan, the exit window opens in the 30th year, but the benefit is not available during the last five years. So, if you were to buy the policy for 35 years, you will qualify for the benefit after 30 years but won’t be able to avail it because of this clause. However, if the policy term is 36 years, you will get a one-year window between the 30th and 31st policy year to avail the benefit. Similarly, with Bajaj Allianz Life policy, the policyholder has to fulfil two conditions to qualify for the benefit—the policy term is at least 35 years and policyholder’s age should be 68 years or more at the time of policy maturity. Should you buy it This benefit will work well for those who want to terminate their life insurance policy once they no longer need it. The exit benefit will prompt more people to buy pure risk term insurance. “India as a market is used to getting money-back from insurance. It would take a massive campaign of the size of polio eradication to change this mindset. Given this mindset, the zero cost or early exit proposition will hopefully get many sceptics who earlier shied away from buying a pure risk term insurance to sign up for one,” said Mahavir Chopra, founder, Beshak.org. Read the terms around early exit carefully before signing up. Also, since the window is a short one and will open 25-30 years later, mark it now so that you don’t forget to avail it.

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Need to protect rights of policyholders with high-value health covers

Need to protect rights of policyholders with high-value health covers

Of all the people I interact with, I find that the more educated and well-to-do group is highly conscious of their health insurance needs. This cross-section of people have seen and read about tens of cases where families have gone bankrupt or under a huge pile of debt due to health issues. So, they seek to cover themselves adequately. The insurance industry also indulges this group. From offering sum insured of up to ₹1 crore to covering treatments abroad, high networth individuals (HNIs) have a lot to choose from. However, the rights of such policyholders need better protection. The grievance redressal mechanism is a good example. All personal-focused insurance policies list the insurance ombudsman as the adjudicator for claim disputes between the insurer and insured. Such listing is irrespective of the sum insured. In reality though, the ombudsman adjudicates claims only up to ₹30 lakh. So, in case the claim amount exceeds this threshold, the policyholder has to look at other forums such as the consumer court. Most policyholders are not aware of this nuance. In case of a dispute, they are more likely to follow the rules laid down in the policy. This would eventually lead to frustration as they would have to move from one forum to another. The insurance ombudsman has been set up as a specialized forum with knowledge of insurance specific rules and precedents. This enables faster and more relevant outcomes for the policyholders.

Plaintiffs lose this advantage when they move out of such forums. While there is a case to increase the limits for this forum, the least the insurer should do is disclose this nuance in the policy wordings rather than apply a generic template to all policies. Another example is the rather arbitrary clause, ‘reasonable and customary’, which allows the insurer to make deductions in claims. Most policies carry this clause, which stipulates that the policyholders incur expenses in line with the prevailing charges in the relevant geographical area. This clause can be prejudicial to the policyholders with higher sum insured, who choose to opt for treatment in tertiary hospitals. The obvious conflict of interest starts where the party who ascertains the reasonableness of the expense, and the party liable to reimburse the expense is the same i.e., the insurer. Each insurer is free to determine the definition of ‘reasonable and customary’. Some insurers routinely apply this clause for deductions. In one particular case, an insurer refused to admit charges for a second doctor consultation in a day, because one visit is customary. In a country, where less than one in five people are insured, the behaviour of an average patient is driven by lack of purchasing power. A person, who bought a ₹50 lakh cover, should not be expected to behave in a similar way. In fact, the way an insured person rationalizes the annual premium payment is to believe that the sum insured will be at its disposal to get the best of care. One way to solve this conundrum is to be more specific about what the insurers believe to be ‘reasonable and customary’. Insurers should publish their schedule of non-admissible charges and a manual on customary practices. This would help avoid ambiguity at the time of claim and help policyholders select an insurer; whose claim practices are amenable to their lifestyle. A third example was the ultra vires condition imposed on policyholders during the pandemic. All general insurers came together to define an acceptable charge for room rent and treatment expenses for Covid based on some classification of hospitals. It was a unilateral announcement and was not signed off either by the policyholders or by hospitals. Many hospitals refused to accept these limits, and went on to charge patients as per their norms. As a result, policyholders faced deductions and were forced to negotiate with the insurer. In some cases, insurers accepted the push-back and reversed deductions. But, it was a less than ideal experience for policyholders. Many in the industry justified it as a mitigation to ensure viability for the insurer, considering the pandemic to be an unforeseen event. The insurers were able to reduce their liability and protect shareholder capital, but eroded a bit of their goodwill and long-term assets. However, we should not miss the forest for the trees. The insurance industry is still in early stages of development. So far, its focus has largely been on increasing penetration. Events like the pandemic occurred only for the first time in the industry’s existence. It needs to address several gaps. The regulator is consistently coming up with measures to protect policyholders. The standardization of exclusions was one such major landmark regulation, which removed significant ambiguities in exclusion wordings. I am hopeful that the industry would very soon take steps to make claim settlement more transparent. Strangely, HNIs can afford to take a hit of one-time catastrophic loss. But, they also realize that cash does not get replenished, as the sum insured does after one year. They realize that once your health is affected, it becomes more difficult to accumulate cash again and the propensity to fall ill goes up. The group should be seen as torch-bearers of right financial behaviour. As an industry, we have to do better to build trust with the policyholders, including the wealthy ones. Protecting their rights and avoiding surprises should be one of our top priorities.
Abhishek Bondia is principal officer and MD, at SecureNow.in.

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How to get a wellness discount on health insurance

How to get a wellness discount on health insurance

Chetan and his wife recently got a 100% return of premium on their family floater health policy. And it was not much of an effort either. All they did was complete 10,000 steps a day for over 300 days in a year. Launched in 2021, Aditya Birla’s Activ Health Platinum Enhanced Program waives the entire premium at the time of renewal if you maintain your fitness. Chetan is among those 1,000 policyholders, who have got their full premium back against their health score. A total of 10.87 lakh members have generated their well-being score under this policy, says Mayank Bathwal, chief executive officer at Aditya Birla Health Insurance. “I bought the family floater policy at a premium of ₹14,600. My wife and I crossed the number of active days that the company required for us to get eligible for 100% discount. The company’s app would showcase how many points we have collected so far. It motivated us to continue our health journey. I renewed my policy in July with the health returns that we had collected,” says Chetan.   MintView Full ImageMint How to measure active days? One active day is equal to 10,000 steps or 300 calories burned or a 30-minute gym session per day. One needs to hit 13 active days every month to gain 100% health returns. “If you are into yoga or swimming that cannot be measured on the app, you can take a fitness assessment test every six months. in such cases, policyholders can either visit our centres or get it done at home,” says Bathwal. While wellness benefits are part of most insurance policies, Aditya Birla claims to be the only insurer in the world offering 100% discount on renewal of premium. Insurance companies such as ICICI Lombard Health Insurance, Bajaj Allianz Health Insurance and Star Health and Allied Insurance offer limited discounts that vary in different policies. In the case of Bajaj Allianz, it is 12.5%, subject to the fulfilment of all the criteria, For Star Health, it is up to 10%. ICICI Lombard recently launched a new OPD (outpatient) and Wellness rider, ‘BeFit’, in which it offers up to 25% discount on the basic renewal premium. “We have seen about 10% of customers who have availed of the wellness benefit discount during policy renewal,” says Bhaskar Nerurkar, Head – Health Administration Team, Bajaj Allianz General Insurance. Data from Policybazaar shows over 30% of people have renewed their policies through wellness points in Q1 FY23, compared to 20% during the same period last year. Aditya Birla Active Health, Aditya Birla Active Assure Diamond, Niva Bupa ReAssure, Star Comprehensive, Star Health Young Star, Care Plus, and Manipal Cigna Prime are among the most popular wellness renewals in that order.
Senior citizens The premium on senior citizen policies is too high. If they maintain good health, they too are eligible for such discounts. Take the case of 68-year-old Veena Pradhan, who pays ₹31,000 as annual premium on her health insurance policy. She is into yoga and completes her share of step-count. She, too, received 100% premium back minus GST. “We understand that 10,000 steps are strenuous for senior citizens, so we have reduced it to 7,500 for them,” says Bathwal. Bajaj Allianz Health Insurance has plans to launch more customer-centric products for targeted groups like senior citizens, young women, and children. For example, wellness features for senior citizens may include fall detection, emergency care, health tracking monitoring and concierge services, etc. In fact, discounts on renewal premiums are just one part of wellness programs. There are multiple other benefits. For example, one can buy medicines and other health-related products or can pay for diagnostic tests from insurer’s service partners with the health points collected. Besides, policyholders get access to doctor consultation and health coaches for free. If customers follow the advice, it adds up to their well-being score. Innovation on the way South African health insurer Discovery Health has pioneered in the field of wellness benefits. Its decades-old comprehensive incentive-based wellness program Discovery Vitality not just offers health-related rewards but also retail, airline, travel discounts and more. The wellness score improves if you shop for healthy food. A similar model is expected in the country to incentivise healthy lifestyles. Aditya Birla has already tied up with seven lifestyle partners such as Amazon, Uber and Samsung. Policyholders can convert their health score into reward points when interacting with them. Another big innovation in wellness could be about how and what you eat. “Customers are willing to share their lifestyle. If they post pictures of their breakfast, lunches and dinners, there are technological tools that can help assess if the food is nutritional. Those who maintain healthy food habits will get incentives. We have it in our roadmap for our health insurance products,” says Sanjeev S, chief business officer, ACKO General Insurance. One needs to be aware of cybersecurity concerns though. “Companies thrive on data. While they may incentivize people who stay fit, based on the data collected, it is worth noting that even companies with robust systems can get hacked. So, share only those things that are necessary. If a health insurance app wants to track your heart rate or calories, it makes sense, but you should deny the permission if it wants access to your photos/gallery or microphone,” says Mandeep Gill, co-founder, Labour Law Advisor. People are increasingly driven towards a healthy lifestyle. Wellness discounts will not just help in better insurance penetration but also result in fewer claims. It’s a win-win situation for both, the policyholders and insurers.

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