Article on Health Insurance

Article on Health Insurance. post 1 of 3

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byMurphyblog •July 31, 2022

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Income protection during illness is need of the day

Data from other countries reveals that:

A person is 50 times more likely to lose his house through illness as he

is through fire, and three times more likely to suffer a loss of income from an illness as from an accident.

The chances of suffering an illness, which is financially damaging, is 30 per cent during a working lifetime.

And yet, India has no illness income protection insurance and little accident protection

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Insurance:

In correct lane Insurers offer a lot of add-on covers that provide policyholders many benefits and have become an integral part of a comprehensive car insurance package. Motor insurance constitutes of own damage and third-party insurances.

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When should one opt for disease-specific medical insurance covers?

Hence, you have Apollo Munich offering niche plans like Dengue Care, Energy to cover diabetes and hypertension and Maxima to insure outpatient treatment. Star Health and Allied Insurance has been offering niche plans for heart related disease (Cardiac Care) and diabetes (Diabetes Safe) for some time.

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Should you go for a dengue insurance cover?

A serious bout of dengue entails a hospital stay of three to five days. Though insurers say the claim size is between Rs 30,000 and Rs 40,000, treatment at a private hospital can cost Rs 65,000 to Rs 70,000. "We have settled claims up to Rs 1 lakh," says Somesh Chandra, COO, Max Bupa Health Insurance.

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Why travel insurance is a must:

Among all documents associated with overseas travel, insurance is viewed as the most unnecessary.

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Traditional insurance to lose sheen:

Consumers may soon make a shift from traditional insurance products, which typically give low returns, to high return insurance products such as Ulips, says a top official of online insurance comparison portal. “These (traditional policies) are faulty schemes. With increasing awareness, life insurance products like term insurance(pure protection plan), critical illness, personal accident and low-cost Ulips would gain ground,” claimed Yashish Dahiya, the founder CEO of online insurance comparison portal Policybazaar.

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Best Health Plans For You:

How do you buy a health insurance plan? If you just settle with the plan your agent sells or are happy

knowing you have bought the cheapest plan, there is a bit of unlearning and a lot of learning in store for you. A health insurance policy packs in several features and caveats. To give you a ready comparison, we designed Mint Mediclaim Ratings (MMR), which was developed by SecureNow Insurance Broker Pvt Ltd,

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Should you insure your mobile or laptop?

When Mumbai-based Gautam Raiker purchased a new mobile phone in April, he also purchased insurance with it. The insurance was from New India Assurance Company, the largest general insurance company. The cost of the phone was Rs 12,000 and the premium for the insurance was Rs 1,500 for a year. Since the insurance was sold by the store from where he purchased the phone, documentation was easy. Besides, it was not very expensive.

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Don’t get lured by discounted offers on car insurance:

Here's why you need to be cautious Mis-selling happens when you buy a policy via an insurance agent. "If you negotiate hard with an agent, he may lower the value of your car, hence lower your insured declared value (IDV)," says Deepak Yohannan of MyInsuranceclub.com. Say your car is valued at Rs 7 lakh and you are asked to pay a premium of Rs 22,000.

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Smart Tips for Car Loan & Insurance:

Insurance can be tricky for buyers and sellers, if they are not aware of how it works and the pitfalls to avoid. This is especially true for used cars. Think of all the issues that crop up immediately. Is the seller willing to transfer the insurance to the buyer or does he want to cancel the existing insurance? Can the seller utilise the no-claim bonus (NCB) for another car, in future?

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WHICH health insurance product do you need?

OWING to the increased cases of lifestyle diseases, health insurance is becoming a necessity for the people

and consumers are now becoming more aware and value conscious as compared to a few years back.

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Term Insurance is the best kind of insurance:

Life insurance is a necessity – make no mistake about this. However, it is not an investment. It is the only means of providing security to your family against your untimely death or to yourself during your old age. Therefore, the yield on investment per se, to that extent is of lesser importance. The ‘cover’ or ‘protection’ overrides all other considerations. However, note that it is a necessity, if and only if, the demise of the bread winner of the family will put immense financial pressure on the family members left behind.

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Only rule of buying health insurance is adequate cover:

Antony Jacob, Apollo Munich Health Insurance When buying a health insurance policy for the first time, we advise people not to choose the lowest-priced policy, as it is not always the best in terms of coverage, inclusions and benefits. Customers should compare health insurance policies by the extent of coverage benefits each one provides. Factors like sub limits, co-payment, claim related limits, exclusions, hospital network and claim track record should form the basis of comparison.

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Add critical illness policies to your insurance portfolio:

With lifestyle illnesses, such as cancer, heart attack, stroke, paralysis, becoming more common and advances in medical technology ensuring patients survive such ailments, critical illness (CI) covers are the third essential risk protection, after term life and health insurance.

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The People's Choice remained low premium insurance policy:

Rising inflation in the country and the common man upset but escalating costs for security and savings to insurance policy is also necessary in such attitude of the public in the country now seems to be far from large to process premium options now much lower premium policy options are preferred. This survey has revealed. According to the survey, the average premium of 20.47 per cent per year as compared to Rs 20 122 to Rs 16004 per capita has remained.

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Only rule of buying health insurance is adequate cover:

Single-disease covers offer comprehensive coverage for that particular disease and serve as an add-on cover to regular health insurance policies. If you have dengue, your health insurance policy will only cover expenses for inpatient treatment. But Dengue Care also reimburses your outpatient bills. It also has a low premium of `444. As customers seek specialised products, I foresee a trend of specialised products in health insurance continuing for a long time to come.

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Loopholes in maternity plans:

Insurance companies say that maternity is not an illness, and expect you to plan for it. Well, that’s the

underlying philosophy behind the waiting period clause which is typically stretched to between two and six years for such policies. For instance, maternity expenses incurred before and after child birth procedures are covered under Apollo Munich’s Easy Health Individual Premium after a period of six years. Max Bupa’s Heartbeat Gold, on the other hand, extends maternity beneRs.ts after two years’ waiting period.

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Financial tips for single moms:

The first thing that a newly-single mother should do is assess where she stands financially. She may have received a

large sum, either as compensation after divorce or the death benefit of her husband’s life insurance policy.

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Why you should be the nominee in husband’s life insurance policy

When Suman Chopra’s husband died of a heart attack in 2013, the world turned upside down for this Delhibased teacher. Even as she coped with the emotional trauma, she was hit with another shock. Her mother-in-law staked claim on a `32-lakh life insurance policy taken by her husband in which she was a joint nominee with Suman.

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Govt gift scheme has limited benefits:

While the idea is good, operational issues like who will pay the insurance claims and what happens in case of death of the insured need to be ironed out, he adds. The insurance is useful in the event of something untoward happens to the insured. Otherwise, the returns on the FD are negligible, since the interest is used to pay the premium, points out Sen.

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Why you should consider a cancer insurance policy:

For instance, if the life assured is diagnosed as suffering from a cancer of defined severity, a percentage of the policy sum assured, subject to applicable limits, is paid in lump sum. Usually, for the purpose of paying the cancer benefit, the disease is divided into different stages of severity. The insurance payout depends on the stage of the cancer and claims previously admitted under the policy. Some policies also offer free regular cancer check-ups during the entire duration of the policy term.

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Take individual home insurance even if living in an apartment:

Second, you still need to buy insurance for household contents such as furniture, appliances, jewellery, and art. Also, if the structure and content are insured with two different insurers, then at the time of claim, you would need to work with both of them. Third, under individual home insurance, you have the option to insure the house at local circle rates instead of just the cost of reconstruction.

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Commonest mental illnesses outside insurance cover in India:

In its definition of health, World Health Organisation (WHO) includes physical, mental as well as social well being.

However, when it comes to health insurance, Indian companies don't provide for the most common mental illnesses, despite

them affecting around 10% population.

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