1. HOW TO CHOOSE THE BEST HEALTH INSURANCE POLICY IN INDIA?

The Indian health insurance market is flooded with various health insurance plans each of which offer something beneficial to the policyholder. Judge the plan on the following parameters to choose the best one –

The coverage features - look closely at the coverage features offered by the plan. They should suit your coverage requirements and be as exhaustive as possible.

The premium rate - the premium of the plan should be in proportion to the coverage features offered.

Waiting period - pre-existing illnesses are not covered in the first few months or years of the plan. If you have any pre-existing illness try and look for a plan with the lowest waiting period.

Premium discounts - the best health plan should offer premium discounts to reduce your premium.

NCB - the No Claim Bonus should be high so that the sum insured increases when you don’t make a claim while the premium remains the same.

Networked hospitals - the best plan should have an exhaustive list of networked hospitals wherein you can make a cashless claim. Claim settlement ratio - the higher the claim settlement ratio the better are your claim settlement chances.

2. HOW MUCH HEALTH INSURANCE COVERAGE DO I NEED?

Your health insurance coverage needs should depend on the following factors –

The members covered - if you are buying a family floater plan the coverage should be sufficient to cover each member. If there are dependent parents in the floater cover, try and opt for a higher sum insured.

Your lifestyle expenses - should dictate the coverage requirements. If you seek hospitalizations in single rooms, your health insurance should have a high sum insured.

The expected cost of treatments expected expenses in case of a medical contingency is one of the foremost considerations. Understand medical inflation, the possible cost of hospitalisation and then decide the coverage you need.

Your employer's health insurance - if you are employed and are covered under an employed sponsored group health insurance plan, you should weigh the coverage of that plan before choosing the coverage under an independent policy.

3. HOW TO PORT A HEALTH INSURANCE POLICY?

Porting is shifting or changing plans or company within a policy year. Under the feature of porting you can change your health insurance plan or your health insurance company. To port an existing plan you mustraise a porting request your current insurance company. Keep in mind, the request has to be raised at least 45 days before the renewal of an insurance policy date. The request should be shared with the new company. When you port, you can retain the no claim bonus and avail the waiting period credit . For example, a policy has a waiting period of 4 years and you have raised a request for porting after two years. In this case, 2 years will be deducted from the waiting period of your new policy – so it means you have to wait for only 2 more years, instead of an additional 4 years.

4. WHAT ARE THE VARIOUS RIDERS AND BENEFITS AVAILABLE IN A HEALTH INSURANCE?

A health insurance plan might have optional additional coverage features called riders which enhance the level of coverage at an additional premium. Some common riders found in health plans are as follows –

Critical illness rider - a list of specific critical illnesses is covered in case the insured suffers from a covered illness, a lump sum benefit is paid under critical illness plan

Hospital cash rider - a daily cash amount is paid in case of hospitalisation during the term of the policy.

New born baby rider - available in health insurance plans with a maternity cover wherein health expenses incurred on a new born baby are also covered.

Maternity rider - covers the delivery expenses for health plans which do not have an inbuilt maternity cover. Maternity Insurance covers pre-natal and post-natal expenses.

Room rent waiver - waives the limit on room-rent when health plans have a sub-limit on room rents.

Personal accident rider - pays an additional benefit in case of accidental death and disablements.

5. WHAT ARE PRE-EXISTING DISEASES OR CONDITIONS FOR HEALTH INSURANCE?

In a health insurance policy, pre-existing diseases or conditions represent those ailments or illnesses which the insured is already suffering from when buying a fresh policy. If the insured is suffering from existing ailments and is aware about them, the information is to be shared with the insurance company. If not notified, claims arising out of such pre-existing conditions are rejected by the company on grounds of non-disclosure.

There is a waiting period applicable in all health insurance plans. This waiting period is specifically designed to cover pre-existing illnesses. Complications arising out of pre-existing conditions are covered only after the completion of the waiting period. During the waiting period, if any complications arise, the policyholder will bear the cost of treatments. In case of critical pre-existing conditions, the health insurance plan might also exclude coverage for related complications even after the waiting period. Some common pre-existing illnesses include diabetes, hypertension, etc.

6. WHAT IS HEALTH CARD?

When you buy a health insurance policy you get a card along with the policy documents. This card is called a health card. The card contains the name of the insured, the policy number, name of the insurance company and the contact details of the in-house claim settlement department of the company among other details. If the company uses the services of a TPA (Third Party Administrator), the name and number of the TPA is also mentioned on the card. IThere are separate health cards for each family member in a family floater plan. The health card lets you avail the cashless claim facility at networked hospitals. It serves as the proof of the policy and provides necessary details to allow for cashless treatments at network hospitals.

7. WHAT IS THE RIGHT TIME TO BUY HEALTH INSURANCE POLICY?

There is no right time to buy a health insurance policy. Buy the policy as early as possible and include even the youngest members of your family in the cover. A health insurance plan should be bought once you become financially independent. A plan at a young age will come with lower premium, and in most cases, minimum or no medical checkup. The plan will help take care of hospital bills, doctors’ fees and related expenditures in case of accidents, other emergencies and even seasonal ailments like coughs and colds. People of all ages should have health insurance to meet with routine and unexpected medical expenditures.

8. WHAT IS SUM ASSURED IN HEALTH INSURANCE?

The sum insured in a health insurance plan is the coverage amount. Claims made up to the sum insured would be paid by the company. Costs exceeding the sum assured are to be borne by you. Thus, sum insured represents the maximum claim liability which the insurance company undertakes to pay in case of any covered medical expenses.

9. WHAT IS THE WAITING PERIOD FOR HEALTH INSURANCE?

Waiting period means the period during which health insurance coverage is not allowed for certain diseases or ailments. Some of the different waiting periods are as follows –

Waiting period for pre-existing illnesses - if the insured suffers from a medical ailment when buying a new policy, that ailment and its related complications are not covered for a stipulated time. This waiting period for pre-existing illnesses usually ranges from 1 to 4 years.

Initial cooling-off period - there is a waiting period of 30 days to 90 days from the plan inception during which medical contingencies, except those occurring from accidents, are not covered.

Waiting period for specific treatments - there is a waiting period of 1 to 4 years for covering specified treatments like hernia, fistula, piles, cataract, joint replacement surgeries, etc.

Maternity waiting period - if the plan has a maternity cover, the cover is available only after a specified waiting period. This period ranges from 2 to 6 years.

10.DO HEALTH INSURANCE POLICIES COVER OUTPATIENT EXPENSES TOO?

Yes, there are some health insurance plans which allow coverage for outpatient expenses. This coverage is called OPD coverage and includes expenses incurred on doctor’s consultations, investigative reports, medicines and also dental treatments. OPD treatments, however, are covered up to a specified limit. Moreover, this feature is, usually, available in a health plan with a high sum insured levels of Rs.5 lakhs and above. Some health plans allow an optional coverage for outpatient expenses. You can choose to opt for this cover by paying an additional premium.

1. WHAT IS MY RISK COVERAGE IN THIRD PARTY LIABILITY?

Third party liability does not cover you or damages caused to your vehicle. It only provides coverage for the damage caused to the third party vehicle, damage to property and medical costs for the person affected.

2. WHAT ARE THE EXCLUSIONS IN A COMPREHENSIVE MOTOR INSURANCE POLICY?

The major exclusions of a comprehensive motor insurance are:

Accident taking place beyond geographical limits i.e. outside India

Driving under the influence of drugs and alcohol

Electrical / mechanical breakdowns

Vehicle used for unlawful purposes

Loss /Damage attributable to War /Mutiny / Nuclear risks

3. WHAT ARE THE BENEFITS OF OPTING FOR DIFFERENT ADD-ON COVERS?

A comprehensive motor insurance policy can be enhanced by opting Add-ons. Some of the common Add-ons and their benefits are:

Zero Depreciation/ Depreciation Waiver Cover : Maintains the value of your vehicle thereby allowing you to maximize claim amount without worrying about depreciation.

No Claim Bonus Cover (NCB) : Allows NCB even after making a claim in the previous year.

Personal Accident Cover : Covers you or your driver in case of injury or death due to accident.

Engine and Electronic Circuit Cover : Expenses towards engine and the inner circuits are covered.

Daily Cash Allowance : Your insurer will pay you a certain allowance for the days while your vehicle is being repaired in a network garage, or provide a standby vehicle

Roadside Assistance : This cover comes in extremely handy if your vehicle breaks-down and you need assistance like reaching out to a mechanic, arranging a tow-truck, helping in case of lost keys or medical aid if an accident occurred.

Key Replacement : Covers the expenses towards replacing a lost key.

Return to Invoice : In case of total damage within the 1st year of your vehicle, it covers you for the entire value of the vehicle.

Loss of Personal Belongings : If due to theft or burglary your personal belongings and valuables in your locked car are lost, you can claim for their value.

4. HOW IS MY MOTOR INSURANCE PREMIUM CALCULATED?

Car insurance premium is calculated based on the following factors:,/h6> Vehicle Model and Manufacturer State/ Region where the vehicle is registered Age of the vehicle Insured’s Declared Value (IDV) Availability of No Claim Bonus (NCB) Add-on covers opted

5.WHAT IS INSURED DECLARED VALUE (IDV) AND HOW IS IT CALCULATED?

Insured Declared Value (IDV) is the fixed maximum amount the insurer will reimburse in case of damages or loss of the vehicle. IDV is calculated as the current market value of the vehicle, as listed by the manufacturer and installed accessories, if any, less the depreciation value of the vehicle.

6. WHAT IS THE PROCEDURE FOR MOTOR INSURANCE CLAIM?

Several untoward incidents can lead to a motor insurance claim. In case you need to file one, follow these general instructions:

If your vehicle has been involved in an accident:

Note the number of the other vehicle/s

Note the contact details of the witnesses (if any)

Contact your insurance provider on their toll free number and inform them about the incident

Based on the case, the insurance advisor will swing into action and

help you with the list of documents required and the next step

Based on the nature of the incident, you might be required to file an FIR at the nearest police station

7. WHAT ARE THE MOST COMMON REASONS FOR CLAIM REJECTION?

Some of the common reasons for claim rejection are:

Lapsed policy

Inordinate delay in intimation of claim to the insurance company and police

Providing incorrect claim information due to oversight by customer

Any mis-selling of policies that may have taken place at the time of buying a policy

Deliberate damage

Use of private vehicle for commercial purposes

Driving under influence of drugs or alcohol

Unauthorised modifications to the vehicle

Also Read: What can Prevent Rejection of Motor Insurance Claims?

8. CAN I CLAIM FOR DAMAGES IN CASE SOMEONE ELSE WAS DRIVING MY VEHICLE AND THE VEHICLE MET WITH AN ACCIDENT?

If the driver is a valid license holder, and the vehicle has comprehensive insurance, you can register a claim. However, to avail compensation for medical care of the driver, a personal accident rider must be availed.

1. Are life insurance policies worth it?

Term life insurance is particularly worth it because it's the most affordable type of life insurance available that provides a tax-free lump sum of money for a financial safety net. It's called "term" because the policy lasts a set amount of time and then expires, after which you will no longer be covered by it.

2. What happens to my life insurance if I don't die?

If you die during the term, a death benefit is paid out. If you don't die during the term, the policy terminates at the end of the term. ... A major benefit of this type of policy is that the premium money returned to you is completely tax-free, as it is not considered income but simply a refund of premiums.

3. Do you get your money back at the end of a term life insurance?

Most term life insurance policies do not have a return of premium component. If you have a traditional term life insurance policy, you won't be refunded your premiums when the coverage period has ended.

4.Does life insurance make sense?

Term life insurance, unlike permanent life insurance, does not have any cash value and therefore does not have any investment component. However, you can think of term life insurance as an investment in the sense that you are paying relatively little in premiums in exchange for a relatively large death benefit

5. Is it OK to have multiple life insurance policies?

It is perfectly legal to have multiple life insurance policies. You simply have to be able to justify the amount of coverage you request. ​Can I apply for multiple life insurance policies at the same time? Yes, you can apply for multiple life insurance policies simultaneously.

6. What is the maximum age to get life insurance?

In general, very few companies will issue a policy past age 85, and some set their maximum age at issue to age 80 or 75. There are several different types of life insurance available to seniors who have not reached that maximum age, some of which remain in force until death.

7. Can you take out a life insurance policy on someone without their knowledge?

Not only do you need to prove insurable interest to buy life insurance on someone, you also need their consent. It would be nearly impossible to buy life insurance on someone without them knowing because most insurance companies will require a medical exam from the insured person.