5 Questions About Health Insurance You Should Answer Truthfully

5 Questions About Health Insurance You Should Answer Truthfully

Financial preparation and planning are an important and imperative step cum responsibility ones must take throughout life. A sudden death, health issue and so on can affect a family more than you think and plan your finances accordingly is a great step to keep the future of your loved ones stable if not perfect.

Though it may not seem like a necessary step, it is recommended that the earning member(s) of a family plan for their family in case of a mishap. One way of having a backup for such mishaps is applying for health insurance. These are so-called iron clad family protection options in case the sole provider(s) encounter death.

Though there are several health insurance plans out there, not every plan is as solid or as profound as an SBI General Health Insurance. Some policy companies will try to fool you into taking an expensive plan even though the plan does not cover much. Before choosing a plan, make sure you speak to your family members about the best plan and decide accordingly.

Read every term and condition before you sign documents. There are a couple of health insurance questions to ask before you sign any papers.

5 Questions You Must Answer Truthfully

1. Do you have any pre-existing health problems?
   Most people tend to lie in this part as they feel if they don’t they won’t get the plan they desire for their family. It is always important to remain honest about current health problems (if any) because if you’re caught in a lie, the insurance company may take you to court, and who would want that?
   
   
2. How much money do you make?
   Some people exaggerate their yearly income as some plans fall under certain income groups. It is recommended to state your actual income to avoid future problems.
   
   
3. Will my Family receive funds as soon as possible?
   This depends. Some agents claim that your family will benefit within a week of your death, but some companies drag you through the mud for months or even years. Just to be clear, have your agent give you a written application or proof of the benefit duration.
   
   
4. Will I Get a refund if I wish to switch plans with another company?
   Some companies say they do while others don’t. Be sure to have everything in written or in hard copy, so you do not face problems in the future.
   
   
5. Will my family get the whole amount after my passing?
   Well, this is a tricky question. While many policies like SBI General Health Insurance do ensure your family gets the sum insured, some companies and plans deduct money disguised as tax or so. You will need to talk to the agency in question before signing any documents. 

Here Are Some Other Health Insurance Questions To Ask Yourself Before Applying For An Insurance Plan

1. I have money saved up in case of a mishap. Do I still need to apply for financial protection after my death?
   Keeping aside money for your family in case of difficult times is a great way to secure your family financially. However, this isn’t enough. Insurance is a buffer that your family can rely on, something which no bank can freeze in case of suspicious activity. Also, those who apply for insurance are mostly exempt from tax.
   
   
2. What is the return policy after my tenure of insurance is met?
   To be honest, it depends upon the health insurance plan or policy you are investing in. Some have higher returns while others don’t. An SBI General Health insurance for a period of years mints you more returns than a plan for a certain term like a couple of months.
   
   
3. How much insurance do I actually need?
   This is a tricky question but a good one nonetheless. It really depends on your objective. You must invest enough to help get your family through at least a year. Below is an example to give you an idea of how much to invest. 

Let us assume the following:

• Your monthly earnings = Rs. 60,000
• Percentage cover for monthly salary = 80%.
• Your Monthly savings = Rs.18,000

Estimated years of financial support for dependents = 15 years

[80% of your monthly income (i.e 60,000) = Rs.48,000]

[48000-18000 = 30,000X12X15= 5,400,000]

Based on the example above, you need to invest at least INR 5,400,000 as your health insurance cover.

Note: the percentage you wish to pay per monthly income is up to you and not defined.

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5 Quick Tips About Mediclaim Renewal

5 Quick Tips About Mediclaim Renewal

The two main types of insurance that people buy all over the world are insurance of life and insurance for hospitalization and surgery. With the growth and the development of the Indian economy and society, healthcare is becoming a prominent shared goal and responsibility of the state and the citizens.

Hospitals and primary healthcare centers were few and far between when the British were exploiting India for two centuries. Ever since we won independence and took over the reins of governance in the Year 1947, we have built hospitals all over the country in both the public and the private sectors.

National Insurance mediclaim renewal is a critical date in your annual calendar that you just cannot afford to miss.

Increased Life Spans

Ever since the advent of antibiotics and our understanding of the germ theory of disease, people are living longer than ever before. Vaccinations have been invented which are administered from birth till the time that one is an adolescent and a young adult.

However, the genetic legacy of our species also ensures that bodies start moving towards decay, disease and death from middle age till the time we pass away usually between our 70s to 90s.

Our life expectancy depends on how well-to-do we are financially and how healthy our genes are. Our life span depends on the income group that we belong to as well as the life span of our grandparents, great grandparents and parents.

Insurance As A Great Leveller

One equalizing and democratizing factor is now available on the market in the form of National Insurance mediclaim renewal. Even if we belong to the middle-income category or a low-income category in society, as long as we make it a point to invest a decent amount in annual National Insurance mediclaim renewal, we will be well-protected in times of medical emergency.

Another reality that you need to keep in mind is the escalating cost of quality healthcare in India. Private sector players in healthcare often charge unaffordable and usually astronomical amounts for hospitalization and unavoidable surgeries.

The sad reality is that the state has not been able to invest as much as was needed to provide quality healthcare in government hospitals. The wait for necessary surgeries is agonizingly long, and the standards of hygiene and comfort are often not at the level that many people would be comfortable with.

In such a situation, one is left to one’s own devices. To ensure that you do not erode your wealth on hospitalization and surgeries for yourself and for the members of your family, you need to ensure that you pay your National Insurance mediclaim renewal annual premium on time.

In case you happen to be without mediclaim cover for even a day, no one can guarantee that a medical emergency will not strike on that very day. It is in the nature of random chance that a crisis of any nature can strike any day whatsoever. Customers who are wise and responsible make it a point to pay their National Insurance mediclaim renewal on time.

New Disease Germs Proliferating In The World

With the eradication of much biodiversity over the last century and the control that we are gaining over many diseases and microbes, many new forms of diseases like swine flu and bird flu are now afflicting human beings.

The provision of public health, hygiene and the prevention of diseases are dynamic and moving public goals. As customers, we need to ensure that we pay our National Insurance mediclaim renewal premiums on time.

It makes eminent sense to purchase bundled family mediclaim plans. Such plans cover both parents as well as dependent children.

Injuries That Lead To Hospitalization

Hospitalization need not be necessitated only by illness. It is also possible for injuries to land one in the hospital and in the surgical wards. If you have paid your National Insurance mediclaim renewal on time, you and your family members will also be covered in case of injuries that may lead to hospitalization.

Overseas Travel Mediclaim Cover

It is advisable for you and your family members to be covered by mediclaim when you travel overseas on business or pleasure. Given the difference in the values of different global currencies (say the U.S. Dollar versus the Indian Rupee) and the Dollar or Euro-linked costs of hospitalization and healthcare abroad, it can lead to serious erosion of your wealth in case you do not purchase mediclaim when you travel abroad.

Also Visit: Why Renew Your Policy of National Insurance Company Online?

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7 Precious Tips To Help You Get Better At Health Insurance

7 Precious Tips To Help You Get Better At Health Insurance

Today the rise of technology has also led to the onslaught of many new diseases in the world. These diseases cannot be ordinarily combated with say taking few pills but have to be treated well.

Some of these treatments are not really cheap and tend to burn a hole in the pocket. At times like these, a health insurance plays a very vital part to save your sanity and those around you. The IFFCO Tokio health insurance at all times seems to be a more viable choice. Let’s look at how you can get the best health insurance that suits your needs and finances.

Tip 1: Choose an Insurance That Is Suitable To Your Needs.

While choosing a health insurance, it’s important to understand what parameters are you looking forward to in a health insurance. Say, for example, you’re closer to being a senior citizen, then you would need a health insurance that caters to senior citizen. Or, you frequently travel, then you would need a travel health insurance. Or you can buy something that covers hospitalization and basic health necessities like IFFCO Tokio health insurance called the individual health protector policy.

While choosing a health policy ask yourself –

• What is the insurance cover that you want?
• What is the amount that you’re willing to spend?
• What is the coverage area that you’re looking for?

Tip 2: Look, And Research At The Various Types Of Health Insurance That Are Sold.

While accessing the different types of health insurances that are made available, you need to make sure what’s the one that is tailor made for you, and that can look after you and your family. For example, IFFCO Tokio health insurance has many such insurance plans, but one would need to study them to see which is better suited. Let’s take a look.

Name of the Plan	Insured Amount	Age	Coverage
Swasthya Kavach Family Health Insurance	Rs. 2 to 5 Lakhs	3 months to 80 years	Ambulance charges Daily cash allowance Hospitalization Allowance Organ Donor Expenses
Individual Mediashield Policy	Rs. 1 to 5 Lakhs	3 months to 80 years	Nursing expenses Daily allowance Hospitalization charges Health checkup cover
Critical Illness Insurance Policy	--	No age limit	Cover for major illnesses like Renal Failure, Cancer, organ transplant, etc.
Family Health Protector Policy	Up to 7 Lakhs	Up to 80 years of age.	Hospital room expenses Ayurveda or Homeopathy expenses Surgery, Pacemaker, Radiotherapy, etc., expenses. Critical illness cover
Health Protector Plus Policy	--	Up to 80 years of age.	Critical Illness cover Hospitalization expenses Health Checkup cover Vaccination expenses
Personal Accidental Insurance Policy	--	5 years to 70 years	Death Loss of eyesight Loss of Limb Permanent disability Employee, education, cumulative benefit, etc.
Individual Health Protector Policy	--	Up to 80 years of age.	Higher sum for critical illness Base charges for hospitalization, nursing, health checkup, etc. Ambulance charges Ayurveda or Homeopathy charges

Tip 3: Check That Your Health Insurance Policy Has A Wide Range Of Doctors And Connected Hospitals.

As a first-time policy applier, it is essential to check that the chosen company has a wide range of hospitals in their network. This is to ensure that they are always connected, and you wouldn’t have to go running from one place to another. Also, check that the network contains medicals stores. The IFFCO Tokio health insurance is connected with around 280 hospitals across the country.

Tip 4: Check That The List Of Exclusions Is Lesser In The Health Insurance Policy.

Most health insurance providers issue a list of exclusions that do not come with the health policy. These may also include a list of illnesses that do not come under the policy. These exclusions may be permanent or may change from time to time. Ensure that when choosing a policy, a thorough research on the exclusion section is taken into account.

Tip 5: Benefits In A Health Insurance Policy

Ensure that you always check on the benefits of the individual policies that you choose. Some benefits may be as simple as hospital room charges, or you may also include cumulative benefits for non-usage of policy. IFFCO Tokio health insurance policy offers daily allowances, ambulance charges, reimbursement of basic sum insured at the end of 4 years, post hospitalization benefits, etc.

Tip 6: Check The Coverage Of The Policy

Always check on the coverage of the policy. Check if you want a policy for only 6 months or more. Based on this coverage choose the one that is suitable for your family and you.

Tip 7: Always Consult The Policy Provider And Ask For Expert Advice.

The best way to choose the right policy is to consult an expert in the market. Similarly, check the response given to you by the insurance provider. A good consulting team that gives you pertinent advice is what goes a long way when choosing your policy.

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Why Renew Your Policy of National Insurance Company Online?

Why Renew Your Policy of National Insurance Company Online?

Gone are the days, when policyholders visit the insurers’ offices to buy or renew their existing policies. With the internet industry booming, insurers have allowed the customers to avail its services online as well, which sound more convenient. Not only in the insurance sector, has the internet had a large impact on every facet of our life.
Contributing to the race, National Insurance Company has introduced an online renewal of its policies, which means you can renew your existing policies with the company by relaxing on your favorite couch at home. National Insurance Company online renewal has made the process hassle-free. However, you need to be careful about few simple steps while renewing your policy online with National Insurance Company.

Why Should You Renew Your Policy Online?

• By renewing your policy with National Insurance online, you can save both the time and money. The online renewing process of the company is getting popular among the customers. Within a blink of your eyes, you can renew your policy and this is all safe. 
• You can renew the policy at any time as there is no time boundary, provided you maintain the minimum grace period of 90 days. You’ll definitely find the online renewal process of National Insurance Company more convenient and r relevant if you compare it with others online. 
• Also, most of the customers prefer to visit the website online as it clearly defines each plan, benefits, claim settlement process, renew terms, premium rate and assists you throughout the process. 
• You no need to stand in long queues or visit the insurer office to renew your policy. All you require s some basic documents handy and a working wifi connection. Within a few clicks, you can renew your lapsed policy and avail the benefits. 
• Again, by visiting the official website of the company, you can also get some additional discounts on the product or can negotiate on your premium. Hereby, National Insurance online renewal process is a great deal as it saves you by ease the whole process.

Various Plans of National Insurance Company:

National Insurance Policies:

• Overseas Mediclaim Business and Holiday Plan 
• National Parivaar Mediclaim Plan 
• National Parivaar Mediclaim plus Plan 
• Overseas Mediclaim Employment and Studies Plan 
• National Mediclaim Plus Plan 
• National Mediclaim Plan 
• Parivaar Mediclaim Plan 
• Gramin Swasthya Microinsurance Plan 
• Gramin Suraksha Bima Yojana
• Two-wheeler Insurance Policy

Apart from these, the company has also entered into industrial risk insurance, rural insurance and commercial risk insurance at the same time. It offers a variety of products keeping the needs of its customers in mind. However, before buying any plan it is advisable to understand your requirement and select the plan. When it comes to NIC, its claim settlement process or renewal policy is famous in the market and the company is most approachable due to its robust services. It is also considered as a second largest general insurance company in India and has been in the same line from the ages. You can avail the various plans of the company at affordable rates.

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Overview of Critical Illness Health Insurance by SBI

Overview of Critical Illness Health Insurance by SBI

SBI Critical Illness insurance plan provides coverage against thirteen most dangerous critical illnesses. The plan provides a fixed sum assured, regardless of the actual medical charges. It helps to bear the expenses of the treatment regarding the critical illness and staying financially stable at the same time.
This article will be your guide to critical illness health insurance plan by SBI

Key Features Critical Illness Health Insurance Plan by SBI

The critical illness insurance plan SBI health insurance is available in 2 variants.

• 1 year Plan
• 3 year Plan

The selection of the policy period is your personal decision.

Coverage of Critical Illness Health Insurance Plan by SBI

The plan offers insurance coverage for 13 critical illnesses. The benefit of insurance is payable if the insured individual is alive for a specific period of more than/equal to 28 days when the illness was diagnosed. 

Here are the 13 critical illnesses covered by this insurance plan.

Specifically, 1 critical illness claim is allowed by the insurance provider during the insured’s lifetime. The critical illness plan ceases to exist instantly after the first payment of the first benefit of critical illness as per the plan. The maximum sum insured amount as per the critical illness coverage for any person is Rupees 5 Lakh which includes all the plans which are issued by the insurance provider. 

The minimum entry age for SBI General’s critical illness insurance plan is 18 years, and the maximum entry age is 65 years.

Exclusions of Critical Illness Health Insurance Plan by SBI

The exclusions mentioned below apply to the admissible benefits as per this plan and no coverage would be provided for the circumstances and for the conditions/ treatments/ tests mentioned below. 

• Pre-existing illness, or conditions and complications related to it. 
• There is a waiting period of 3 months from the date when the policy is issued. 
• Any congenital conditions or illness. 
• Any sane or insane attempted suicide or self-inflicted illness or injury on purpose. 
• Any Sexually transmitted diseases or conditions, mental and nervous disorders, Acquired Immune Deficiency Syndrome, and Human Immune deficiency Virus infection. 
• Consumption of alcohol, drugs, hallucinogens or any intoxicants unless it is prescribed by a doctor and it is taken as per the prescription.

You May Also Visit:- Hospital Daily Cash Insurance By SBI

Hospital Daily Cash Insurance By SBI

Hospital Daily Cash Insurance By SBI

There is nothing in life that follows a pre-decided pattern. An illness, ailment or accidental body injury can take a toll on your finances. SBI General health insurance offers hospital daily cash that helps you to take control of such situations.
The plan offers you the fixed benefit for every day of hospitalization regardless of the hospitalization benefit. It offers the extra-layer of protection as it looks after the additional charges that aren’t covered by your basic insurance.

In the case of the accidental bodily injury or illness occurs or manifests during the policy duration which causes the hospitalization, then the benefit of hospitalization would be paid as per the predefined deductibles.

Exclusions

SBI General health insurance won’t be liable for the following situations.

1. Any condition, illness or injury for which you’ve been diagnosed and the received medical treatment, had symptoms or signs before buying your policy and any ailments contracted within the first 30 days of the start of your plan.
2. Specific diseases and surgeries such as hydrocele, hernia, etc will be covered when the waiting period of one year is over.
3. Particular diseases such as hysterectomy, cataract etc. will be covered when the waiting period of two years are over.
4. Joint replacement surgery would be covered when the waiting period of three years are over. If a joint replacement surgery is required because of an accident, then it will be covered.
5. Treatment due to pregnancy and childbirth including c-section, and any treatment regarding the pre-natal and post-natal care.
6. Any treatment related to mental disease/illness, psychological or psychiatric disorders.
7. Any treatment expenses related to AIDS.
8. Any treatment arising due to any substance abuse, drug or alcohol consumption and de-addiction treatment.
9. "Day care Treatments” expenses are not included.

Plan Options

SBI General health insurance comes in 4 options that provide the daily cash benefit. The following are details of these plans.

All You Require to Know About IFFCO Tokio Individual Medishield Policy

All You Require to Know About IFFCO Tokio Individual Medishield Policy

Individual Medishield Policy one of its kind health insurance plan introduced by IFFCO Tokio General Insurance Company. It is one of the popular IFFCO Tokio health insurance policies available in the market. Buyin this policy, you can avail cashless hospitalisation facility at 3000+ network hospitals in India.
Also, your pre and post hospitalisation expenses are being reimbursed. Let’s have a detail glance at the policy here:

IFFCO Tokio Individual Medishield Policy at a Glance:

Eligible Age	The minimum age to avail the coverage offered by the policy is 3 months and maximum age is 80 years. Children from 3 months to 5 years are eligible to be covered if both parents are included.
Policy Type	Individual.
Terms & Conditions	Up to the age of 45, there is no medical check-up required. After attaining 45, one need to do check-ups like blood sugar, ECG and urine test for getting the coverage. In case of age beyond 55, additional medical checkups are required.
Renewability	You are required to renew the policy time to time. The insurer provides online renewal facility also. However, it is mandatory to renew the policy before it expires or within 30 days from initiation.
Features	You can avail the treatment in India only.
Scopes	All resident individuals can apply for the policy.
Sum Assured	Avail family health package cover on discounted premium rate.
Premium	To get the hospitalisation facility, it requires the patients to be hospitalised at least for minimum 24 hours.
Discount	Ayurvedic and Homoeopathic hospitalisation expenses are also included.
Bonus	For every claim free year, obtain a cumulative bonus of 5% at renewals. The maximum of you can avail is 50%. If a claim is made then 10% of the bonus will be reduced at next renewal.
Exclusions	For any pre-existing illness to be covered, a waiting period of 3 years is applicable.         Any pre-existing disease for a period of 3 years is not covered.         Any expense related to spectacles, contact lens or hearing aids is not covered      Dental expense is excluded      Cost of external medical equipment are excluded

What is Covered?

• If any physical injury occurs within the policy tenure, it covers hospitalisation costs incurred for treatment.
• ICU charges and Room rent are covered applying a specific limit.
• A maximum of 0.5% of the basic sum insured is provided for registration, service charges and surcharges.
• Pre and post hospitalisation nursing charges are included.
• Surgeon, Anaesthetist, consultant’s fee is included.
• The policy also covers medicine costs, expenses for oxygen, pacemaker, artificial limbs, operation theatre costs, dialysis, chemotherapy etc. 
• Up to 1.0% of the basic sum insured is offered as ambulance costs, which don’t exceed Rs. 1,500. 
• You can avail daily allowance of Rs. 250 for hospitalisation.
• Domiciliary hospitalisation facility is available.
• Get pre and post hospitalisation costs reimbursed for a maximum period of 60 days each.
• Organ donors can avail hospitalisation expenses during an organ transplantation of the insured person.
• Health-check up expenses after 4 claim free years 
• In case of specific treatments, package costs of hospitals are covered

Hence, you can consider Iffco Tokio Individual Medishield Insurance Policy, which provides financial assistance to you and your family in case of an illness or accident resulting hospitalisation. You can avail cashless hospitalisation facility at its network hospitals and remain stress-free during an unforeseen situation. By purchasing this plan online, you can also avail extra benefits associated with the plan including fast claiming process, fast application and last but not the least discount on premium. For detail information, visit the insurer’s website.

Group Health Insurance or Individual Health Insurance: A Comparison

Group Health Insurance or Individual Health Insurance: A Comparison

When it comes to group or individual health insurance, it is always contentious to say which one is more beneficial as both have their own shares of contribution towards the financial market. If you are not new to the term ‘Health Insurance’, you perhaps feel the urge of having a plan that secures your health.

Bur for a newbie, it is good to know how health insurance is a handy choice for meeting all hefty medical expenses during an emergency. Moreover, you can invest for long-term as well, knowing the fact that your health is protected, which otherwise can leave you bankrupt.

Group insurance is when a group of people is provided with medical coverage by an employer or an association. On the other hand, the medical insurance you buy on your own is individual health insurance. No doubt there are N numbers of health insurance places introduced by various insurance companies which might create perplexity in choosing the right plan for you. However, in terms of health insurance, Tata Aig Health Insurance is one of the trusted names in the market. However, before buying one, you should compare both the policies and select the one as per your requirement. Though both provide basic health coverage, there are some prominent differences, which you should consider at the time of buying one. In this article, we try to provide an apparent comparison of group and individual health insurance.

Group Health Insurance	Individual Health Insurance
A group health insurance plan is initiated by the employer for a group of employees.	Individual plan caters to an individual and can be framed as per his needs.
Cumulative risk of all the members is the deciding factor of premium rate.	During the time of determining the premium rate, factors like age, family medical history, health etc. are considered.
The members are part of this plan till the time they work with the organisation.	An individual can choose the plan-tenure as per his convenient.
No member can use the policy for your personal need such as applying for a loan.	This is opened by your name which allows you to use this as an asset to apply for a loan.
The service provider can cancel your coverage at any time. It is the sole controller of the policy.	You can control the policy as per requirement. This will be discontinued only if you give consent.
Medical examinations are not compulsory up to the definite amount of coverage.	At any cost, medical tests are mandatory to open an individual health insurance policy.
Premium is liable t o be deducted from the salary directly.	The individual requires paying the deductibles on given time.
Group policies are to some extent cost effective, can avail maternity facility.	Individual plans are expensive and very few individual plans cover maternity coverage.
You need not worry about pre-existing diseases as your group plan covers them as well. You can file a claim after a waiting period of 30 days.	Pre-existing diseases are covered after 12 months or can exceed more. Again, you can’t make a claim during the waiting period unless it is an emergency.
After your retirement, the group health insurance policy is no use of yours or even you are not a part of this plan than.	You can renew the individual plan each year by paying a minimal premium for a long-term period.

If we compare the benefits of both the plans, group insurance plan seems more effective but only for the time, you are associated with the organisation. Once you leave, there is no use of this policy. So, a stand-alone health insurance place is what we can suggest for you!