Insurance is one of the smartest investments you can make for your family and yourself.
Once you understand the many types of life insurance, how they fit into overall financial planning, when they’re appropriate and famous, and how to find a suitable carrier, you can start building a policy that gives you the right amount of protection as well as return.
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In Health Insurance following Covered We Provides.
- In-patient Hospitalization Expenses –The hospitalization expenses incurred during the treatment of an illness or injury are covered provided the hospitalization is for more than 24 hours.
- Pre-existing Illnesses or Diseases – After the completion of the waiting period, you can file a claim for the expenses incurred on the treatment of any pre-existing illness or condition.
- Pre and Post Hospitalization Expenses – Medical expenses incurred on blood tests, x-ray, and other medical check-ups that are required before hospitalization are taken care of by the insurance company. Similarly, the cost of medicines and preventive health check-ups that are done to ascertain your health after the discharge from the hospital is covered under the health insurance plan.
- Ambulance Charges – Although the coverage amount varies from insurer to insurer, most medical insurance plans cover emergency ambulance charges.
- Maternity Cover – Medical expenses incurred during the pregnancy and delivery are covered along with newborn baby expenses.
- Preventive Health Check-ups – Regular health check-up facilities are also made available in some health insurance plans in India.
- Day-care Procedures – Daycare treatments where hospitalization is not required for more than 24 hours are covered. It includes eye surgery, dialysis, and other common daycare surgeries as mentioned in your policy document.
- Home Treatment Cover – It also covers the expenses incurred on getting medical treatment at home on the advice of a medical practitioner.
- AYUSH Benefit – A health insurance plan also reimburses the medical costs incurred on Ayurveda, Unani, Siddha, or Homeopathy treatment up to a specified limit.
- Mental Healthcare Cover –All health plans in India cover mental illnesses as per the Mental Healthcare Act, 2017. IRDAI has directed all insurers to amend health policies to cover the treatment of mental illnesses, like acute depression, bipolar affective disorder, schizophrenia, etc. by 31st October 2022.
A general rule of thumb says people should buy health insurance plans with a sum insured of at least half of their annual income. Considering medical inflation, experts suggest buying a medical insurance policy of at least Rs 10 lakh. But it’s not that simple.
Health insurance coverage should be tailored to the medical needs and circumstances of the people. Broadly, the ideal coverage amount for medical insurance depends on three factors:
- City of residence (i.e. tier-1, tier-2 or tier-3 cities)
- Age or life stage of the insured
- Cost of hospitalization expenses in future (while considering medical inflation)
A low sum insured of Rs 5 lakh may be sufficient for a young person living in a tier-3 city with no pre-existing disease. However, an older person with pre-existing diseases or someone living in a tier-1 will have to opt for a higher sum insured of at least Rs 10-20 lakh to cover their medical expenses adequately.
To know your ideal medical insurance coverage amount, check out the table given below:
| Types of Plans | Ideal Health Insurance Sum Insured | ||
| Tier-1 City | Tier-2 City | Tier-3 City | |
| Individual Health Insurance Plan | Rs 10 lakh & above | Rs 5-10 lakh | Rs 5 lakh |
| Family Floater Health Insurance Plan | Rs 30 lakh & above | Rs 20 lakh & above | Rs 10 lakh & above |
| Senior Citizen Health Insurance Plan | Rs 20 lakh & above | Rs 15 lakh & above | Rs 10 lakh & above |
*Disclaimer: The above sum insured is suggestive and may vary as per the age and medical needs of the people.
Alternatively, people can also opt for a Rs 1 crore health insurance policy that has become extremely affordable these days. A Rs 1 crore health policy can come in handy for the treatment of a critical illness that goes on for a long duration or treatments taken abroad. You can easily get a Rs 1 crore health cover by paying approximately Rs 1500 more premium.
Additionally, people can also opt for a base health insurance policy with a low sum insured and buy a top-up cover with a high sum insured, which is more affordable
The following medical expenses and situations are not covered in a health insurance plan:
- Unless there is an accidental emergency, claims arising during the initial 30 days of buying a health insurance plan are not covered.
- Coverage of pre-existing diseases is subject to a waiting period of 2 to 4 years
- Critical illnesses coverage usually comes with 90 days waiting period
- Injuries caused by war/terrorism/ nuclear activity
- Self-inflicted injuries or suicide attempts
- Terminal illnesses, AIDS, and other diseases of similar nature
- Cosmetic/plastic surgery, replacement of hormones surgery, etc.
- Dental or eye surgery expenses
- Bed rest/hospitalization and rehabilitation, common illnesses, etc.
- Treatment/diagnostic tests and post-care procedures
- Claims arising out of adventure sports injuries
In case your vehicle meets with an accident, you should notify the police and take spot pictures. Click pictures of your vehicle as well as the other vehicle from all angles and focus on the damages. Exchange crucial information from the driver of the other vehicle, including policy number, motor insurance provider, name, phone number, etc. Contact your insurer and file a claim in order to get your damages covered. Keep your car keys and belongings safe.
Generally, a vehicle insurance policy is valid for one year and it has to be renewed prior to the due date in order to avoid any lapse in the policy. For a smoother insurance experience, always pay the motor insurance premium before the due date. If your policy has lapsed then your automobile would undergo an inspection. In addition to that, if a comprehensive insurance policy remains lapse for a time period of more than 90 days, the benefit of “No Claim Bonus” isn’t provided.
“No Claim Bonus” is the benefit accumulated to a policyholder in case he hasn’t filed any claim throughout the policy period. According to the present Indian norms, it varies from 20-50 per cent for the comprehensive insurance plan. NCB isn’t applicable for a third-party motor insurance plan. If a claim is filed, then the “No Claim Bonus” is lost for that policy period. NCB is provided to the policyholder and not to the insured car, two wheelers or commercial vehicle.
Life Cover: Amount that the family receives on the demise of the policyholder (should be 10 times your annual income).
Cover till age: The age till which the term plan protects your family (generally opted till 70).
Payment Frequency: Premiums can be paid monthly or annually. Annual premiums have a 10% discount.
Life cover or sum assured is to take care of your family’s expenses in your absence. Expenses include household expenses, which will increase with time due to inflation and any existing loans.
The thumb rule is to take a cover of 10 times your annual income. Why? Let me explain with an example:
Annual Income = 10L
Monthly expense = 35,000/month i.e. 4.2L/year
Loan = 20L
As per trends, your expenses double in 10 years due to inflation. Net expenses for the next 20 years would be 1.3 Cr. Adding 20L to pay off your loan, your family would need approx 1.5 Cr as your Life cover
Term insurance should cover you until your financial responsibilities are over. 1. Do you want cover till you retire? (since your financial obligations will be over). We recommend 65 in this case. 2. Do you want to leave a legacy amount for your family? We recommend 75 in this case as life expectancy is 70 in India.