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IRDAI slaps Rs 20 lakh penalty on Birla Sun Life Insurance

The Insurance Regulatory and Development Authority of India or IRDAI for short is responsible for regulating the working of insurance companies in India. Since its inception, the IRDAI has been consta...
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CPSE ETF FFO – AN ENERGIZING OFFER

Date: 14th Jan 2017 FFO Application: 18-20th Jan and Listing by 10th Feb, 2017 Amount to be raised: maximum of Rs. 6,000 cr. Managed by Reliance Nippon Life Asset Management Central PSEs, Exchange Tra...
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How to Place a Sell Order?

Although this doesn’t involve any sort of rocket science, there are still a lot of people who find it difficult to understand how stock trading works and in spite of being all educated and stuff,...
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The Benefits you can Leverage from Postal Life Insurance Policy

Postal Life Insurance (PLI) is the oldest insurance provider in the country that was launched under the Queen Empress of India. At that time this scheme was introduced as a welfare scheme for the bene...
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Failed To File Income Tax Returns? Here Is What You Should Do !

Normally salaried tax payers get their tax amount deducted from their salaries through Tax Deducted at Source (TDS) before March 30 th every year. But sometimes in our day to day rushes we tend to fai...
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6 Facts to Consider When Identifying the Best Stocks

Investment at the right time and in the right field can reap high benefits in the future. But, to have such a chance in the future, it is important to start preparing right from today. Everyone wants ...
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4 Ways To E-Verify Your Income Tax Returns

  According to a rule enforced by the Income Tax Department, an ITR filing process is not complete until the assessee verifies their returns through one of the many avenues created specifically f...
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5 Factors to Consider Before Buying Medical Insurance

In our country, the inflation in healthcare cost is constantly on the rise. A critical illness in the family can plunge them into severe financial distress. This makes it inevitable to equip yourself and your loved ones with adequate health insurance.

There are many who would not purchase health insurance because they are already covered under the corporate health insurance umbrella of their employers. It should be noted that the group health insurance plan offered by employers do not safeguard the employee from all medical conditions. Effectively, the coverage of such policies is usually not comprehensive enough to support all your healthcare needs.

       You should identify if the employer’s healthcare plan offers protection for all your dependents.

       You should also check the type of illnesses that your employer’s health insurance plan covers. This is particularly significant if you or your dependent has a history of known medical conditions.

       If the employer’s group insurance does not offer you sufficient coverage, then you should ideally purchase additional health insurance for your needs.

However, there are a couple of things to keep in mind when you look for a suitable insurance plan:

1.      Your requirement - When planning to get your family insured, you need to consider:

a.      the age of each member of your family

b.      if anyone is suffering from chronic illnesses, and,

c.       the medical history of the family

You should be aware that most health insurance plans have a mandatory waiting period for medical conditions that are pre-existing. So, you should plan and apply for a health insurance policy accordingly. If relevant, it is a great idea to include maternity coverage in your policy. 

2.      Sum insured - This is one of the most critical factors that drive your decision on a health policy. The sum insured is effectively the maximum amount of cover that is provided for medical expenses in a policy year. There is a direct correlation between the sum insured and the policy premium. You can decide on your sum insured by exploring factors that form the basis of this value, such as, your area of residence (because medical expenses  are usually higher in metro cities), the medical history of your family, and your medical expenses in the recent past. If you need a greater amount as sum insured, you will be required to pay higher premiums. In effect, you need to confirm that the sum insured is sufficient to cover your medical requirements.

3.      Coverage - You can choose to obtain an individual health insurance policy or a family floater plan. If you have a family, it is advisable to purchase a family floater plan, as the per person premium will work out to be cheaper in comparison to multiple individual policy premiums. Only if any family member has some pre-existing health issues should you buy him/her an individual medical insurance, while the rest of the family is covered by a family floater plan.

4.      Exclusions - If anyone in your family suffers from an illness that is not covered by the policy, your claim will be rejected, and you will have to bear the expenses yourself. In order to avoid such unpleasant situations, you should be aware of the exclusions in your medical insurance. It is prudent to ensure that hereditary diseases are included in the coverage as well.

5.      Network hospitals - Cashless hospitalization facilities can only be availed at network hospitals. So, browse through the list of network hospitals in the policy and see if it is inclusive of the facilities that you generally visit. Also check if the empanelled hospitals have good reputation and provide quality services. Additionally, you should identify if the policy covers hospitals in other cities, as you should be able to access network hospitals wherever you travel in the country.

Buying a medical insurance policy should be a well-thought-out move. The above pointers will assist you in identifying one that best suits your needs.

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Ultimate Retirement Calculator - Retire Sooner Than You Think

  A retirement calculator is a lot more beneficial than many people think; and truth be told, a necessity in the kind of world we live in. Majorly, it does an estimating of retirement savings nee...
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How much should you save for your child?

In today’s world, most parents start saving for meeting the diverse needs of their children. At the same time, it is important to understand that saving alone is not enough. It is fundamental to save ...
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SBI Insurance launches SBI Life Shield

SBI Life Insurance Co. Ltd. is a shared undertaking between State Bank of India – the largest public sector lender in India and BNP Paribas Cardif. SBI holds the majority 74 per cent share while PNB P...
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Why You Need Stock Market Advisors for Long Term Investments?

If you plan to invest in stock market or consider a long-term investment, whether or not you entail financial advice will be governed by a number of factors, including what product you are looking for...
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