Thanks to the medical inflation, the medical treatment, and health care expenses have become sky-rocketing. It has become very crucial to buy health insurance. The key to buying best health insurance plan is a comparison. Compare health insurance plan before you buy one. The health insurance market has so many insurance products to offer that so many health insurance buyers end up being confused.
The terms & conditions, features sub-limits, and limits aren’t revealed and the insurance buyer makes a misinformed decision. It becomes very difficult for individuals to select an insurance product that fulfills their insurance needs and offers the value for their money at the same time. Most of the insurance-buying decisions are made based on the lowest price, recommendations of the insurance agents and claims rates. In the end, it results in the partial settlements or claim rejection. A ranking for ten customer segments, including the premium rates, star ratings, and relevant characteristics for the each category. This was done in order to reduce the pain of selecting an insurance plan that fulfills all the particular insurance needs of the policyholders. All this was done to understand that what makes an insurance plan a good health insurance plan for the young couples. For obvious reasons, the insurance needs of a young person are different from the insurance needs of the old couple. Now, a majority of the young couples don’t give into the pressure of having kids. They will have kids if they really want to have otherwise, they are happy without that. We live in the times where both the partners are working professionals. Work keeps them away from their family and they live in a nuclear family. Women are ambitious now. They want to excel in their domain, they want their career graph to go high as they want to touch the sky. Methodology The families and individuals were classified by altering the 'sagacity' segmentation method so that it could suit a wide range of people. The highly relevant characters in medical plans were divided into 5 categories on the basis of its importance for a specific customer segment. These five segments are—Critical, Motivation, Standard, Luxury and Do Not Matter. These rankings consider product pricing, the current one as well as the one charged by the insurance provider as the insured person grows old. The individual weight and its allocation are based entirely on the claims information available in the public records that are published by the (IRDA), Insurance Regulatory and Development Authority of India. The premium sum for Rupees 5 lakh coverage for Young couples who don’t want children' in Delhi, having the age of as 31 years includes a 14 percent service tax. The premium ratings consider the current rate applicable long with the aggregate effect of the total increase in the premium as the person ages. In the ‘Final Rating', the characteristics have a pricing of 30 percent and the weight of 70 percent. Regain benefit of the automatic availability of the sum insured at the consumption during the policy period.
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Medical urgencies can strike anywhere, anytime and with anyone. To be safe, secure and achieve your financial goals, it is a must to buy adequate medical insurance for yourself and your family members. If you have a health insurance plan, good for you. Now, take one step forward and secure your well-being by buying a critical illness insurance plan. A critical illness policy irrespective of the hospital bill pays the total sum insured.
When it comes to buying an insurance plan, don’t buy any plan in a rush. Compare critical illness insurance plan and then zero down a plan of your choice. There isn’t a specific age to buy a critical insurance plan. To be on safe side, the middle-age individuals and individuals with adverse family history must not delay buying critical illness insurance plans as they are prone to critical illness. Coverage Limitations Most of the general insurance providers offer critical illness plans but each plan has different benefits, features, and cover choices. The number of critical ailments covered by the insurance providers also varies. Majorly, insurance providers cover 8 to 20 major critical diseases. Some common diseases covered by most of the critical illness plans are coronary artery bypass surgery, cancer, heart attack, kidney failure, stroke, aorta surgery, major organ transplant paralysis, and heart valve replacement. The amount of coverage is Rs. 1 lakh and some insurance providers offer coverages worth crores rupees. Watchouts It is very important to watch out all the critical illness policies is the waiting period. If it is a new insurance plan, no claim is permissible by the insurance providers till the time period of 90 days. After the renewal, the waiting period isn’t valid after that. When a critical illness is diagnosed, most insurance providers apply a condition i.e. the claim amount would be paid if the insured person survives for the time period of 30 days. Reliance General Insurance and Apollo Munich, don’t have such clause of a survival period, whereas SBI General has survival period of 28 days. What to look out for? Few health insurance plans allow the add-on of a critical illness plan in their current plan. But there is a limitation on the sum insured in the critical illness policy as it is associated with the sum insured of the health insurance plan. Select a critical illness policy instead of opting for the riders in your current health insurance plan as it provides better coverage and a high sum assured for the critical illness. Before selecting a critical insurance policy, pay close attention to the plan details. Read carefully the exclusions and inclusions mentioned in your plan. It is recommended to consult your family physician as you will get a better understanding of the various medical technical jargons. When you apply for an insurance plan fully disclose about your past and present medical conditions to you insurance provider. It is very important to start adopting a healthy lifestyle and leave your financial worries behind as your critical plan of any medical urgency. Medical insurance is a blessing in disguise. It helps you when a medical emergencies strike unexpectedly. The thing with the medical emergencies is that they come unannounced. It is a matter of days and sometimes a matter of hours and medical emergencies are converted into financial emergencies. This is where a health insurance plan acts as a savior.
If there are senior citizens in your family then it becomes very important to have senior citizen mediclaim policy. Senior citizens are more prone to the need of emergency medical intervention and this is why they must have access to medical facilities round the clock. Before you buy any health insurance plan, you must know the important details regarding the cashless mediclaim policy. In case you already have a cashless health insurance plan, it will upgrade your knowledge so that your claim process is free of any hassles. Here are the five things that you must know about the cashless mediclaim policy. 1. You don’t have to bear any load of making payments- When you avail cashless mediclaim facility you don’t have to make any payment from your own pocket that would be reimbursed later on. In order to settle the bill, the bill raised by the hospital is sent directly by the third party administrator (TPA). 2. Know about the tie-Ups- You can avail the facility of cashless hospitalization only in the insurance providers’ network authorized hospitals. The hospital should have a tie-up with the insurance provider. When you buy an insurance plan, your insurance provider list of network authorized hospitals will be provided by your insurance provider. Details regarding the third party administrator (TPA) will be provided in the insurance policy. 3. Inform the Hospital- At the time the patient is admitted to a hospital, the attendant or anybody from the family needs to inform the hospital that the patient is covered under a cashless medical insurance plan so that there is no room for any inconvenience and the billing process goes on smoothly. 4. Always carry your insurance card- When the patient is taken to the hospital, everybody is in a hurry as they want to take the patient to the hospital as soon as possible. In this rush, people usually forget to carry the patient’s insurance card which is issued by the insurance provider. If you need to avail the cashless facility offered by your insurance provider don’t forget to carry the patient’s card so that there is no delay in providing him/her the much needed medical treatment. 5. The need of preauthorization form- The insured person needs to fill up a pre-authorisation form and send it to third party administrator. This process is handled by the hospital. 6. The TPA is the decision making authority- The TPA is in charge of approving or denying the claim on the basis of the terms, conditions, and limits formulated by the specific insurance plan. TPA’s decision along with the expenses limit is informed to the hospital. As per the law, it is compulsory for every vehicle owner to buy automobile insurance for his car. If you already have bought insurance for your vehicle, it is great. In case you haven’t, like it or not, you need to get your car insured. Before you select an insurance plan for your vehicle, you must pay attention to some points so that you buy the best insurance plan for your vehicle. Maruti insurance policy offers good vehicle insurance plans. You can check them out.
Keep the points mentioned below in your mind when you buy a car insurance policy. 1. Cashless Claim Settlement This is an important factor when you opt for a car insurance plan. A cashless car insurance plan lets you file an insurance claim for your vehicle repair without any cash handling. It becomes the claim process very easier and convenient. Car insurance providers partner with various garages in order to offer cashless claims to their clients. Vehicle insurance, ensure to check how many network garages are listed. 2. NCB, Discounts, and Deductibles When you buy an insurance plan; pay attention to the details in regard with the NCB, discounts, and deductibles. It will help you to get the maximum benefits from your insurance plan. Information regarding NCB will help you stop filing unnecessary claims. 3. Customer Care and Claims Assistance Around the Clock Ask this crucial question to your prospective insurer -how long they will take to process a registered claim? The time taken for providing the claim service is an important element in determining the convenience offered by any insurance provider. 4. Insurance Provider’s Claim Settlement Ratio This is another important element to consider before finalizing a vehicle insurance provider/plan. Ask them about the number of filed claims against the number of settled claims. It ties with the claims service turnaround time. If the claims settlement ratio is higher, the reputation of the insurance provider is better. 5. Type of Insurance Plan What type of plan your insurer is offering you? A Third-Party cover or a comprehensive policy? It includes adequate additional benefits or not? Do not accept any other insurance plan. Ideally, a motor Insurance plan should be beneficial to you as an insurance buyer in case you have to you file claims because of any unfortunate incident. You must review your options carefully and select an insurance plan policy that offers you the benefits and fulfills your insurance needs. 6. Reviews of the Insurance Providers Carefully go through the reviews posted on the insurer provider’s website so that you can have the access to the first and information. Reading about the services provided by the insurance provider to other customers and their experience is a good way to analyze the quality offered by a specific insurance provider before you make any choice. These were the points that you need to consider before buying a car insurance plan. People usually buy the first insurance plan they come across It is of utmost importance to pay attention and read the fine print of the insurance plan so that you are able to understand even the minute details regarding your medical insurance plan. If you don’t do that, it might leave you’re with an unpleasant experience and you will end up regretting the choice you have made.
There are plenty of health insurance plans available in the market. If you are not happy with your health insurance plan, mentioned below are some choices that you can make. 1. Make use of the Free-Look Period You might be wondering if it is possible to cancel your medical insurance plan before its due date. The answer is yes, you can. When you have read your fine print of insurance plan and you’re convinced that it is not the right plan for you, feel free to exit the plan during the free-look period. The Insurance Regulatory and Development Authority of India (IRDAI) have made it compulsory for the insurance providers to offer a 15 day free-look period, that commence from the moment you get your policy document. One thing to keep in mind is this option could be availed only if your insurance plan is a three-year long-term plan. 2. Buy an Insurance Plan That Offers your Preferred Medical Treatment The medical insurance plans come with the exclusions and specific waiting periods related to certain illnesses, pre-existing illness or medical treatments. In case you have purchased a medical insurance plan that doesn’t meet your medical expectations, start looking for the one that actually does. For instance, some plans provide coverage for Ayurvedic treatment, Unani and Homeopathic medicine and some don’t. 3. Top-Up Plans In case you are worried that your sum assured is low, you can always buy a top-up insurance plan. It is a plan that comes with a high deductible. It is useful when you have exhausted your sum insured during undergoing a medical treatment. A top-up insurance plan acts as a shield. Its premium doesn’t cost that much and it helps to boost up your coverage that to at a lower price. 4. Port Your Insurance Plan You can avail the option of porting your current health Insurance plan from your current health insurance company to another insurance company as per your preference. Make sure that your new insurance provider must provide you with the waiting period credits along with the same sum assured that was provided you in the previous policy. Note- You can port your insurance policy 45 days before its due date. 5. File a Complaint If you are not happy with the services provided by your insurer, you can make a complaint to the Grievance Redressal Officer of your insurance provider. The complaint must be in writing. You need to submit the relevant documents supporting your complaint. Don’t forget to get a written acknowledgement of your complaint and make sure that the date of filing the complaint is mentioned. Under Daily Hospital Cash feature, an individual is covered at the time medical emergency. The policyholder gets a fixed amount of money on each day during the hospitalisation. The pay out for daily cash allowance by your insurance provider is excluding the total hospitalization expenses. You are free to use this allowance as you need them. Since it is not related to health insurance policy, you can claim both the health insurance policy and as well as the daily hospitalization cash.
Difference between Mediclaim Policy and Daily Hospital Cash Plan? These two terms are totally different, so don’t confuse. The below passage explains the difference between Daily Hospital Cash Plan and Mediclaim plan.
L&T Health Insurance Plan Health insurance policies offered by L&T General Insurance Company are the most selling insurance products in the market. It provides protection to your life by providing the best medical assistance in case of medical emergency. The health insurance policy covers the cost of hospitalization in case of medical emergency. L&T Health insurance policy provides different kind of coverage and benefits to its policyholder, for example, it covers hospitalization expenses, tax benefits, pre and post hospitalization expenses. Some Amazing Benefits Offered Under L&T Health Insurance Policy Health Insurance L&T health insurance plan provides some amazing benefits when you meet with a medical emergency. It helps you avoid financial stress when you meet with a medical emergency. Cashless Treatment – under its health insurance plan you can avail cashless treatment at its network hospitals. Ambulance Charges – this health insurance plan also provides ambulance charges incurred due to hospitalization. Daily Cash Allowance – This feature does not offer a sum assured amount. When you choose for a Daily Hospital Cash Allowance Plan, you also need to select how much amount you need as a daily benefit. This could range between Rs. 500, Rs. 1,000, Rs. 1,500 and upwards. The premium for this benefit depends up on the amount you choose under your plan. Per and Post Hospitalization – L&T health insurance plan covers the pre and post-hospitalization expenses prior 60 days of the hospitalization and 90 days after the discharge. While buying any health insurance plan form the market, it is important to know some important factors. Consider the following tips before buying a health insurance policy form the market:
It is important for you to assess the health risk and compare it with the fact that the medical care expenses have been rising at more than 20% every year. Therefore, medical care expenses are becoming out-of-the-pocket for common people. Many a time it becomes impossible to avail better medical services due to high medical care expenses.
“Health insurance plans play an important role in financial planning” below are some points that support this phrase.
In case if we are not covered under a health insurance plans it means that we need to allocate a huge amount of money regularly to meet the medical care requirement. The corpus amount can be saved by not spending on medical care when you have health insurance plan. This amount can be set aside to build a decent savings, which can be used for your post-retirement expenses.
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In cases of pre-existing diseases every insurance policy has certain waiting period so ideally for every new policy the coverage for pre-existing diseases should be excluded from the health insurance policy for a certain period from the date of portability. But instead of this loss, you will be able to get the benefit of the period served under old health insurance policy and there is no waiting period when you change your insurer. Remember that portability does changes the premiums figure, this amount will be entirely dependent up on the new insurer's norms.
The aforementioned points illustrate that the health insurance plays an important role in financial planning. So whenever you are planning to buy any health insurance plan make sure you do plenty of research and take advise from an insurance agent or broker. Public awareness about the importance of health care and medical insurance is increasing every day and the demand for health insurance coverage is too. Youngsters are aware of the benefits of health insurance plans and they are actively purchasing insurance plans to live a safe and secure life.
Your health insurance policy will not cover you against the expenses incurred due the treatment of critical illness. Unfortunately, many of us think that our health insurance plan will cover the critical illness expenses, whereas it will not. For any such medical condition it is very important to be covered under a critical illness insurance plan. Importance of Critical Illness Plan Generally, youngsters are considered healthy, but due to unhealthy life style and eating habits youngsters are more prone to critical diseases. For this reason, it is essential to be covered under a critical illness plan to deal with such situation strongly. Most of them ignore the importance of coverage offered under critical illness. Unhealthy lifestyle is causing several health disorders, for example, cancer, heart disease and diabetes. These health problems are increasingly affecting young individuals under the age of 35 years. Medical conditions such as juvenile diabetes that affect children are also rising. The growing health problems are the result of the change in lifestyle. Benefits under Critical Illness Plan Critical illness health insurance plans are designed to cover the specific medical condition and providing a safety net against critical illnesses such as cancer, heart attack, paralysis, organ transplant, kidney failure, bypass surgery, stroke etc. Generally, sum insured option under critical illness health insurance ranges between Rs.1 lakhs and Rs.10 lakhs. Critical illness treatments need higher costs therefore insurance company offers higher sum insured options Following are the features of critical illness health insurance plan:
Your basic health insurance plan will cover you against the expenses incurred due to hospital bills, but it will not offers additional benefits like a 2nd opinion for the type of treatment for the critical illness, will be very useful. Critical health insurance plan covers much more than just hospitalization bill and provides multiple benefits to its policyholders. If you are the primary earner in your family and you need medical treatment for any critical illness and you are not allowed to go office or work. In this case the financial need of the family will suffer, but being covered under a critical illness cover ensures that you and your family meets the regular needs and avail treatment, without any financial crisis. Life is uncertain anything can happen anytime. Personal accidental insurance plans help you meet the medical emergency requirements arising out of any unfortunate event like accident in your life. It covers the risk financial crisis and provides the best medical services during an unforeseen event like accidents.
So having an accidental insurance plan is the best way to live safe and secure life. There is a wide range of accidental insurance plans available in the insurance market, but it is necessary to know, which one will be the best for you and your requirement. If you are looking for the best plan in the market that suits your requirements, all you need to do is read this article which includes all the important things you should know about personal accident insurance plan. 1.) Accidental Death Plan This is the main motive behind buying a personal accident insurance plan. Almost every accidental plan covers accidental death. Within 90 days from the date of the accidental injuries, arising out of an accident the insurance policy pays the sum assured to the nominee. 2.) Permanent total disability This means the policy also provides coverage, in case of permanent total disability/ unable to work/ not able to earn for the entire life due to disablement. The person who loses the sight or limbs is also eligible for this coverage. The terms and conditions under the policy differ from policy to policy, so make sure you read the detail of the policy carefully, such as inclusion and exclusion of the policy. 3.) Permanent Partial disability This plan covers the certain percentage of the total sum assured under permanent partial disability. In case the policyholder suffers from permanent partial disability due to an accident the amount will be paid to the policyholder or nominee within 90 days of the unforeseen events like an accident. It is only eligible for the person who he or she is suffering for the continuous period of 6 months. In case the person dies before the claim settlement the sum assured will not be paid. 4.) Child Education Benefit It is only applicable when the children are covered under the plan. It pays 5% of the sum assured or Rs. 50000/- whichever is lower in case the policyholder dies or becomes totally permanent disable. 5.) Miscarriage Cover In case the insured person meets an accident that arises the situation of miscarriage, it covers the situation as it pays the certain percentage of sum assured to the policyholder. If the delivery condition arises because of accident it will be covered by an insurance company under your plan. 6.) Funeral Cover In case, the policyholder dies because of the accident the insurer pays an amount of 5000 for funeral expenses. Family and individual both are covered under the plan, for individual it is 100% of sum assured and for spouse it pays 50% and for children, it pays 20%. 7.) Eligibility A person aged between 18 years to 65 years is eligible to apply for this plan and children aged between 5 years to 21 years are covered under this plan. These plans are issued for both individual and family, the family plan includes spouse, children, and dependent parents. 8.) Renewal Make sure you look for the renewal of the policy. It should be a quick and easy method, try to opt for the online medium. Make sure it provides some grace period to renew the policy. Younger people who drive through roads everyday are prone to accidents. This risk cannot be avoided but the better idea to deal any such case is to have a Personal accident insurance plan. It covers you against the high medical cost arising out of a medical emergency.
Personal accidents are not covered under your health insurance plan, so it is always better to be prepared for such unfortunate events in your life. Health insurance plan and personal accident insurance plan are two different products that provide financial assistance at the time of medical emergency. Health insurance plan covers the medical cost, in case of any health related problems but not when you got injuries due to an accident. For such accident, you need to be covered under a personal accident insurance, which takes care of the best medical care and financial need at the time of medical emergency. There are more than 100 accidental insurance plan and their providers in Indian insurance market. It might be possible that you get confused between these policies. This article is a perfect guide to buying the best personal accident insurance plan from the market. Now, read the benefits and coverage that you should consider while buying personal accident insurance plan: Death Coverage Consider a plan that offers full sum insured in case death occurs due to an accident. It is true that life insurance offers equal to sum assured to the nominee, in case of death caused due to accidental or natural. But personal accident insurance plan pays the sum assured only in case of accidental death. Coverage for Children Education Along with this death cover, the policy should also provide children education bonus. Consider this amount around Rs.5, 000 per child maximum for 2 children. This will help you to safeguard your children’s future after your life. Permanent Total Disablement Think of a situation that due to an accident if you become disabled for life, how you will earn your livelihood. Make sure your personal accident insurance plan offers total sum assured. Permanent Partial Disablement In case you met with permanent partial disability unlike permanent disability as mentioned above then your insurance provider must pay you the certain percentage of sum assured depending on the level of disablement. The percentage of total sum insured offered under the plan varies from policy to policy. Temporary Total Disablement For example, you met with an accident which causes minor injuries that need few days or week bed rest for recovery. Make sure your insurance provider pays a certain percentage of sum assured as a benefit. Again this percentage varies from policy to policy and company to company. Along with the aforementioned features, you should also consider some interesting offers from the insurers like a cumulative bonus for the claimless year, family discounts, medical treatment expenses, etc. Few Important Tips to Buy Personal Accident Insurance Plan Write Down Your Requirements It is very important and the first step you should consider while buying a personal accident insurance plan in the market. Make a list of your own requirements, for example, the coverage and benefits you wish to have under your plan. This will help you to buy the plan that will fulfil all your requirements. Compare Online Before finalizing any plan you should compare different plans available in the market. Comparing on the basis of its coverage, benefits, and premium amount will help you to buy the best accidental plan. Consider Lower Premium The lower premium will help you to avoid high expenses, to do so you should choose the coverage that is beneficial and use to you. Buy It Online Last but not the least is buying a personal accident insurance plan online. This will help to save your money and time. |