insurance

Health Insurance

Medical care has become an expensive affair today. Instant catering to huge hospital bills may not be probable for all. With big diseases like cancer, cardiac problems, severe joint problems, etc. becoming common, it has become difficult for the common masses to bear the expenses at ease.

As per a survey, less than 10% of the population of India has the ability to pay Rs. 5 lakh or less in case of a surgical emergency. Mediclaim is the best answer in such a situation. With a mediclaim, an individual or a family can lead a stress-free and worry-free life and any inconveniences related to health will be taken care of by the insurer.

Many people are still most comfortable purchasing from an agent. Are you one of them? Then have a look at this guide:

  • Always choose a reputed health or medical insurance provider in order to reduce the probability of facing problems in service or claims.
  • Listen to your agent carefully to know about the product’s specifications. In particular, understand the exclusions and co-deductibles.
  • Another question to ask your agent: Is the claims procedure simple? What are the claims statistics of the provider?
  • Don’t hesitate to ask your agent any question regarding your policy or provider…it is important to be completely clear on it from the start.
  • Final point to keep in mind once you buy your health insurance plan: be sure to collect the receipt of the payment made – it is your right!

Frequently Asked Questions

What are the benefits of the Health Insurance portability for the Policy holders?

What do you mean by Pre-Existing Disease?

A pre-existing disease is a condition, ailment or injury that already exists at the time you buy a health insurance policy and these PEDs are generally excluded from the policy coverage for an initial waiting period. It could be diabetes, hypertension, thyroid, asthma etc

In a health insurance policy, what does cashless hospitalisation means?

Cashless hospitalization is a process wherein the insured person doesn’t have to pay a medical expenses out of his pocket in case of a hospitalization or surgery and the entire . However, you may have to pay certain deductibles or non medical expenses at the time of discharge.

What are pre- and post-hospitalisation expenses?

Whenever you plan have a surgery there are certain pre hospitalization expenses such as diagnosis cost, consultations etc similarly post discharge there could be similar expenses to monitor the health of the insured patient, such expenses are termed as pre and post hospitalization expenses.

General Insurance

The Indian insurance sector is rapidly moving towards international standards of free (risk-based) market pricing and new/innovative product offerings. Big changes have occurred over the last seven years, during which the sector was opened to private participation, but with foreign direct investment (FDI) capped at 26%.

In line with forecasts for a continuation of solid growth and strong domestic demand, the number of insurers in the private sector will keep growing. Major foreign players see opportunities to increase both volumes and types of products. With the regulator possibly lifting the ceiling on foreign ownership to 49%, the capacities of domestic partners would no longer constrain capital levels for joint ventures. Until 2000, the general insurance sector had only four public sector players, formed after the nationalization of 107 general insurers. The public enterprises – Oriental Insurance Company of India (OIC), National Insurance, Company of India (NIC), New India Assurance Company of India (NIA) and United Insurance Company of India (UII) — were located in Delhi, Kolkata, Mumbai and Chennai respectively. They primarily focused on their immediate regions and there was little competition, leading to a near monopolistic environment.

Motor Insurance

You need motor insurance when you buy a motor vehicle. Motor insurance covers your vehicle, be it a motorcycle, a car or a lorry, in case of accidents or theft. There are three common types of motor insurance available: third party; third party, fire and theft; and comprehensive cover. The level of your coverage dictates what you can claim if your vehicle sustains loss or damages.

Personal Accidental Policy

Personal Accident insurance or PA insurance is an annual policy which provides compensation in the event of injuries, disability or death caused solely by violent, accidental, external and visible events. It is different from life insurance and medical & health insurance. You can either take a PA policy for yourself or a group policy for your family, protecting you and them anywhere in the world, anytime of the day. PA insurance provides 24-hour worldwide insurance protection.

Home Insurance

Home Insurance, or Houseowner / Householder Insurance as it is also known, is one of the most important insurance policies you can buy in your adult life. Your home is one of the largest financial investment you’ve made, and that’s why it’s so important to protect it.

There are three main types of policies which you can buy to protect your home:

In line with forecasts for a continuation of solid growth and strong domestic demand, the number of insurers in the private sector will keep growing. Major foreign players see opportunities to increase both volumes and types of products. With the regulator possibly lifting the ceiling on foreign ownership to 49%, the capacities of domestic partners would no longer constrain capital levels for joint ventures. Until 2000, the general insurance sector had only four public sector players, formed after the nationalization of 107 general insurers. The public enterprises – Oriental Insurance Company of India (OIC), National Insurance, Company of India (NIC), New India Assurance Company of India (NIA) and United Insurance Company of India (UII) — were located in Delhi, Kolkata, Mumbai and Chennai respectively. They primarily focused on their immediate regions and there was little competition, leading to a near monopolistic environment.

There are three main types of policies which you can buy to protect your home:
BASIC FIRE :

Buying a house or setting up a business is a dream of Individuals. But have we ensured that the huge investments made is protected with adequate insurance. There is always a chance of these precious investments being damaged by unfortunate and unexpected events like fire, explosions, natural calamities or riots, etc.

HOUSE OWNERS POLICY :

This policy provides additional coverage compared to the basic fire policy. It may include loss or damage due to flood, burst pipes, etc.

HOUSE HOLDERS POLICY :

This is a policy which covers your household contents and includes coverage for fatal injury to you as the insured. This policy does not cover damage to the house itself.

Frequently Asked Questions

01. What is General Insurance and what are the different kinds of General Insurance?

02. When should I purchase a Health Insurance Plan?

Health Insurance Plans offer a cover that helps you meet the costs of medical emergencies. Since such medical emergencies can occur at any point in life, it is always a good idea to invest in Health Insurance policies as early as possible. Ideally, it’s a good idea to purchase a Health Insurance plan when you’ve landed your first steady job. That way, you can promptly pay your premiums when they are due, and you can enjoy the benefits of a medical cover too.

03. What does Travel Insurance cover?

Travel Insurance covers a host of insurable incidents. The exact roster of instances varies from one plan to the next. But broadly speaking, here’s what you can expect a Travel Insurance plan to cover:

  • Personal accident cover
  • Hospitalisation expenses
  • Trip delays, cancellations or interruptions
  • Loss or damage to baggage checked-in
  • Loss of passport

Some Travel Insurance plans have exclusive clauses that specify how events like accidents sustained in adventure sports may not be covered. It’s best to read the terms and conditions to know exactly what incidents your Travel Insurance plan includes.

04. Are there any tax benefits associated with Health Insurance?

Yes, Health Insurance does offer tax benefits to the investor. Specifically, Section 80D of the Income Tax Act, 1961, allows the premiums paid for Health Insurance plans to be deducted from the total income of the Assessee. This has the effect of reducing the total taxable income, thereby reducing the tax burden. The limit of deduction depends on whom the policy is purchased for (whether for self, family or parents), on the age of the purchaser and on the age of the parents. Senior Citizens get higher limits of deduction.

05. What is the eligibility criteria for purchasing General Insurance?

The exact eligibility criteria for General Insurance depends on the kind of insurance you are looking for, the terms associated with the policy and the insurance provider you choose. Different kinds of insurance pose different insurance eligibility criteria. For instance, Health Insurance policies may contain age limits and require you to undergo a medical examination. Travel Insurance may come with eligibility criteria related to the nature of travel. To truly understand the eligibility criteria, it is best to read the terms and conditions of the policy carefully.

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