Want To Save On premium When Buying Medical Insurance?

The tips listed in this article will guide you in buying health insurance and saving on premium!

None of us like to shell out extra bucks. Most of us are looking to save our money, whatever the situation or occasion may be. The same holds true for when we are buying health insurance.

A medical insurance is a must by all means; but what about the premium that we have to pay? Now that is something we can surely do away with right?

Well if life turned out the way we thought it would, I would have been a Nobel Prize winner and you a millionaire. Now we can’t entirely eliminate premiums from our lives but we can certainly work towards reducing the cost of them.

Does that sound good enough? If yes, then these tips listed below will help you in purchasing the best medical insurances in a way where you can save your premium!

A Note To Remember: Various Factors Affect The Premium That You Pay

It is vital for policyholders to note that health insurance premiums keep undergoing transformations every year. However, if you purchase a life-insurance plan, then the premium is paid only after the policyholder is deceased. That way, the premium for lifetime insurance plans is fixed. 

 

·        In case you find your health deteriorating, you will end up paying more premium as it has a direct relation to the benefits of the policy taken up by you.

·       

     You may also end up paying a high premium if you don’t claim any medical benefits for more than a year.

·       

          In order to make sure that you are paying the right amount of premium, make sure you do an online check of the premium that your policy provider is giving to fresh customers.

·        You should also check the premium policies that are being awarded to customers by other insurance providers.

Stay Healthy, Wealthy And Wise

·         This has to be the most important tip from the lot; always aim to stay healthy.

·         If you are a smoker, quit the habit as smokers are at a greater risk of passing away than most.

·         Also those suffering from high blood pressure should make it a point to keep the same under control.

We Before Me: Buy The Insurance Plan Not Just For Yourself But For Your Family Too

·         Buying a policy for an individual always costs more. Stick to buying the medical insurance for your entire family.

·         By doing the same, you also benefit by availing a high cover.

Also keep in mind that the likelihood of more than a single member of your family making a claim under the family insurance policy within the same year is minimal.

Look Out For That Discount

Always be on the lookout for insurance providers that offer discounts. There are some that offer discounts to families that have more than four people covered for insurance.

·         There are others that offer a special discount for the girl child; a gesture that has been implemented owing to the sad truth of families not buying insurance policies for their daughters.

·         Discounts can help you save up on the premium.

The Two-Yearly Ritual: Always Review Your Policy Every Two Years

·         If you renew your policy for two years, you will be able to save on health premium by a large margin and you also succeed in saving yourself from paying an increase in the premium for the next year. How cool is that!

Know What You Need- Choose Your Policies Smartly

·         Choosing the correct insurance policy is no rocket science.

·         All you have to do is judge your current situation and the likelihood of your future shaping up according to your plans.

·         By doing this, you can choose the appropriate insurance plan to save on premium. If you are ill and your health is deteriorating, choose a plan for which you would have to pay minimum premium.

·         If you are healthy and keeping well, choose a cover that has the lowest amount insured. Without claiming the benefits through the years, you can increase the cover without paying added premium.

Say No To Extra Insurance Facilities

·         Insurance providers package facilities in a way that can make the customer pay extra for the added advantages.

·         Most insurance policies come with added features and policies that cost extra money. Some of these features include coverage fees for accidents, critical illnesses, health check-ups etc.

·         It’s best to avoid purchasing insurance policies with such added benefits. Stick to the basics and save on premium.

From One Insurer To Another

·         You can always transfer your insurance policy from one insurer to another, if you feel that there is no way possible to save on premium.

·         If you choose this option, you can successfully stop your insurance providers from demanding a high premium from their existing customers.

So next time you buy an insurance policy, keep these tips in mind and you will end up saving on premium like never before!

Why Mediclaim is important and why you Must have a Mediclaim

It is human nature to invest your money in only things that yield returns. But it is also important to recognize that health insurance is the most vital investment. Holding a Mediclaim policy means peace of mind for your entire life concerning your health and one less worry about expenses during a medical emergency.

Why Mediclaim policy is a necessity and not a choice

According to statistics, India will soon become the diabetes capital among all countries of the world, and 60% of patients with heart disease are from India. India also has maximum cases of cancer. These sorts of health news are alarming and make us ponder over the importance of having a mediclaim policy. Although we can keep ailments at bay to a certain extent with a healthy lifestyle, our genetic setup may lead to diseases that cannot be avoided. This is when a Mediclaim policy acts as a safety net so that you don’t drown in medical and treatment bills.

Due to current lifestyle and habits, even young and middle-aged people are vulnerable to health-related issues and insurance may be needed at any stage of life to avoid financial hardships. Ensuring once health for life is imperative to avail of good quality medical treatment when necessary without having to stress about the medical bills burning a hole in your pocket. There are numerous mediclaim policies available in the market tailor-made for an individual depending on his age, income, health and so on. They are designed in a way that makes them affordable to everyone and provides financial coverage during medical contingencies.

Advantages of having mediclaim policy:

●     You can avail adequate medical treatment in private hospitals with modern facilities without worrying about insufficiency.

●     You will not go bankrupt due to a medical emergency; health insurance gives you financial security.

●     There are tax benefits under section 80D of the Income Tax act where you may receive up to Rs.25,000 per annum if you buy medical insurance for your family.

Key features and Myths about Mediclaim policy

It is necessary to understand if your Mediclaim policy has these key features and also apparent misconceptions about the details.    

Pre-existing health conditions

Pre-existing diseases are ailments or even symptoms that are diagnosed or that exist at the time of buying the Mediclaim policy. It is essential to read the clause about pre-existing conditions in your Mediclaim policy carefully. Typically, pre-existing health conditions are covered by Mediclaim after four years. But of late, many insurance companies are excluding pre-existing conditions permanently in their Mediclaim policy. To get clarity on this, you must provide a detailed report of the medical history of your family.

The myth here is that the pre-existing clause is for everyone. You must know that if you are in perfect health at the time of taking the policy, this requirement doesn’t apply to you.

Reimbursement/Cashless reimbursement

Every insurance company is tied up with a network of hospitals with which they have a direct billing arrangement. Then the company directly pays the amount of legitimate claim to the hospital. Apart from this, the insured only has to pay the expenses that are not covered under the Mediclaim policy from his pocket.

On the other hand, if you get admitted to the hospital that is not in the network of the insurance company, then you are responsible for making all the payments to the hospital and then submitting the claim papers to the insurance company to obtain reimbursement.

This busts the myth that cashless eases everything.

What is covered under Mediclaim

Before you sign up for a Mediclaim policy, it is essential to take an informed decision. The following are the costs that are covered by a standard Mediclaim policy:

●     Investigative costs or in other words, prices of medical tests, doctors fee, consultation charges.

●     All expenses incurred during hospital admission like room charges, charges for diagnostic tests, any surgery charges, medicines bought during hospitalization and so on.

●     Cost of an ambulance is usually covered by Mediclaim as well.

Family Floater

Family Floater policies are economical if you want medical insurance for all members of your family. It is under one Mediclaim policy and has fixed cover. The full family can only make claims up to the designated amount of coverage in the year.

Pregnancy coverage

It is again a myth that pregnancy-related expenses are not covered by Mediclaim policies. That was true until recently. Insurers now have begun to cover the costs associated with pregnancy and childbirth. But they may include some conditional clauses like they are covered only three years later or just the first pregnancy is included and so on.

Tips before you choose the right Mediclaim policy

Before you zero in on the right Mediclaim policy for you make sure you have the followings points clarified:

●     You must understand that there is no one perfect insurance plan. Each may have some shortcomings. But make sure to choose the one that maximum fits your needs.

●     Look ahead. You are looking for insurance cover until old age. Try not to go for a very less amount of sum insured. Since the medical costs are only going to rise, plan to allow about 20-25% of your annual salary towards premium.

●     Before you sign a policy, demand all the rules and regulations in words and study it in depth.

●     Do not just depend on the insurance given by your employer as that may vary each year depending on their budget and constraints.

●     It is better to choose lifetime renewable Mediclaim policies.

●     Consult a good health insurance advisor if needed who will assist you in claims, renewal and so on.

Your health is your responsibility, and it is never too early or too late to sign up for Mediclaim policy to acquire financial security and peace of mind.

Best General Insurance Companies in 2018

Insurance falls under two categories- Life and General. General insurance insures anything other than risk to a person’s life and is also talked about as ‘non-life insurance policy’. This includes a person’s health, car and motor vehicles, buildings, accident and hospitalization expenses, goods in transit or stored in warehouse and any financial legal liability.

Insurance covers can be obtained by paying premiums either on monthly or yearly basis. This premium goes into the pool of net premiums paid by other policyholders who have the same insurance service.

General Insurance Plans Are Categorised As

Health, Travel, Motor, Home, Marine and Commercial insurance.

Health Insurance: This includes treatment, hospitalization expenses of an individual or family. It covers critical illness insurance also.

Travel Insurance: This covers for losses that can affect the normal travel plan of an individual, family or student.

Motor Insurance: This insurance covers damages to motor vehicles, repair or replacement expenses.

Home Insurance:  The repair or replacement expenses of a fixed structure or building as well of the contents inside the building

.

Marine Insurance:  Damages to or loss of cargo and carrier.

Commercial Insurance:  Financial liabilities that might take place in normal business functions.

The Best General Insurance Companies in 2018 Include

New India Assurance

This company was started by Sir Dorabji Tata in the year 1919. The headquarters of the company is in Mumbai, Maharashtra. It has been a reliable general insurance company since then. The company offers many insurance covers like marine, jewellery, aviation etc. They have good operating performance and a stronghold on the capital position. NIA is a leader amongst insurance companies both in India and abroad.

National Insurance India

This company was founded in 1906 and has its headquarters in Kolkata, West Bengal. This is the oldest general insurance company in the country. Their efforts include providing protection to urban household and also cater to the rural businessmen by safeguarding their business from natural disasters. This company won the Best Auto Insurer Award.

The Oriental Insurance

The Oriental Insurance company with its head office in Delhi has insurance covers for rural as well as urban clients. The organisations covered include small, medium and large scale ones. Their portfolio includes special covers for chemical, petrochemical, steel and power plants etc. They have 1900 offices and the annual premium garnered in the year 2015 -16 was Rs 8611 crores.

United India Insurance                                                 

The company was nationalised in 1972 and has around 19000 employees in its 1340 offices all over India. The general insurance company founded in 1938 provides insurance covers to its customers. The clients include the humble farmer insuring for his cart to huge corporations like GMR Hyderabad International Airport, ONGC, and TTD etc. The corporate office is in Chennai, in the state of Tamil Nadu.

Bajaj Allianz General Insurance

Bajaj Allianz based in Pune Maharashtra, is an economical and strong insurance provider in the industry. Bajaj Finserv and Allainz SE jointly incorporated the company around eleven years ago. They have a specialized travel insurance package which is well known as Bharti Pravasi Bima Yojana. The insurance schemes of the company have IRDA certification.

ICICI Lombard

This company is a giant in India’s private sector related to accounting, finance and insurance. There are ninety offices all over India. ICICI Bank and the Canadian firm Fairfax Financial Holdings Limited entered into a joint venture. They offer a good claim ratio on insurance covers that include health care, automobile insurance, personal protection and business protection. This general insurance company has its headquarters in Mumbai, Maharashtra.

TATA AIG Insurance

The company has its headquarters in Mumbai, Maharashtra. The company joined the American International Group (AIG) in 2001 and entered the insurance sector. The company has basic and general insurance plans and apart from these general insurances the organization has a ‘Private Client Group (PCG)’ facility for royal families and artist entrepreneurs. This specifically insures for fine art pieces, valuables and art collections.

HDFC General Insurance

The products of this Mumbai, Maharashtra based company include insurance cover for motor, health, corporate, home and SMEs. This company is an extension of HDFC Ergo that took over and merged with L & T general Insurance in 2016. The company has earned a good name both within the country and beyond.

Reliance General Insurance

The company has its headquarters in Mumbai, Maharashtra. The company is a private insurance company and is a part of the Reliance Group. The distribution network has more than 129 branches and around 24,500 intermediaries.

IFFCO TOKIO

IFFCO TOKIO was formed after merging Tokio Marine, Indian Famers Fertilizers Co-operative, and Japan’s major Fire Insurance company Nichido Fire Group. This general insurance company has its corporate office in Gurgaon, Haryana. The company offers the regular services like health, motor, travel, home and also Speciality Insurance Services like Fine Arts Insurance, Multi Modal Transport (MTO) Insurance, Credit Insurance, Comprehensive General Liability Insurance and Technology Insurance.

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10 Various Types of General Insurance

Before venturing into the types of general insurance, it is important to first know the meaning of general insurance.

To say it in an umbrella fashion, it may be acknowledged that general insurance is one that roughly covers all categories of insurance services under its head, be it health insurance, travel insurance or vehicle insurance. Therefore, so far as the types of general insurance are concerned, it is important to consider the ten most primary categories.

Motor Insurance

• One of the foremost types of general insurance would be the motor insurance. So far as motor insurance is concerned, it covers all kinds of material damage done to any particular vehicle.

• It must be recognized that motor insurance is categorized into three categories: two wheeler insurance, car insurance and commercial vehicle insurance.

• Most motor insurance schemes, generally speaking, provide insurance against theft, unforeseen accidents and also third party liabilities.

• So far as the types of general insurance are concerned, it may be said that motor insurance provides other fetching insurance features such as roadside aid, cashless servicing across service stations and towing assistance.

Health Insurance

• Given the fact that the expenses of health care and other significant medical applications are increasing every year, it may be noted that acquiring a health insurance policy is the need of the hour.

• It may be noted that various health insurance schemes also offer certain additional riders and consequent benefits  such as cashless facility at empanelled hospitals, daily cash allowance and ambulance charges, to name a few.

• So far as the types of general insurance are concerned, it may be noted that health insurance schemes are generally categorized into: individual policy, family floater schemes, comprehensive health cover and surgery charges also.

Travel insurance

• So far as the types of general insurance are concerned, travel insurance forms one of the most rudimentary parts. 

• It may be noted that travel insurance, which is also known as visitor insurance, chiefly covers a traveller against unforeseen experiences one may encounter during tours.

• Generally speaking, travel insurance covers a traveller against unprecedented medical or non medical urgencies, especially during the course of overseas travel.

• Apart from this, there is also cover for loss of baggage, delay in flight, loss of passport among others.

• It may also be noted that travel insurance is of several types such as student insurance, family travel insurance, and individual travel insurance policy and senior citizens travel schemes.

Home Insurance

• So far as the types of general insurance are concerned, home insurance is one of the most elementary.

• Generally speaking, home insurance policies ensure that one’s hard earned money is put to wise and cautious use in order to make ends meet.

• Also, it ensures one’s home against natural calamities, man made disasters and threats.

• Home insurance policies also insure homes against theft, burglary, personal damage, to name a few.

Marine Insurance

• So far as the types of general insurance are concerned, marine insurance covers goods, cargos, freights across various national and international borders.

• The various shipments are also protected under marine insurance schemes.

• Marine insurance policies can be taken by buyers, sellers, merchants, contractors, banks etc.

• It may be noted that marine or cargo insurance offers complete financial insurance during the transit of goods across borders.

Rural Insurance

• Rural insurance is chiefly used to meet the agricultural needs of rural business. 

• According to the IRDA, rural insurance schemes are meant to be disbursed across the rural and social sectors.

• Given the regular necessities of the rural sector, which include farmers primarily, rural insurance schemes are of immense help given their viability and affordability.

Commercial Insurance

• Commercial insurance, generally speaking, includes all kinds of sections such as energy, financial lines, engineering, international insurance, employee benefits etc.

• Other aspects or sectors of commercial insurance may include small and medium scale enterprises, large corporations and multinational companies.

Liability Insurance

• So far as liability insurance schemes are concerned, it may be said that liability insurance generally falls under the commercial insurance scheme.

• Apart from the liability insurance, which is one of the most important insurance schemes, there is also the separate sector for property insurance.

Property Insurance

• So far as property insurance schemes are concerned, it may be said that property insurance generally falls under the commercial insurance scheme.

• It may be unanimously acknowledged that property insurance is a vital tool for the entire corporate sector, given the sundry risky undertakings involved in the concerned transactions, financial or otherwise.

Industrial Risk Insurance

• So far as industrial risk insurance schemes are concerned, it may be said that industrial risk insurance generally falls under the commercial insurance scheme.

• It may also be noted that industrial risk insurance also covers machinery insurance, electronic equipment insurance and contractor all risk insurance scheme.

• It may be unanimously acknowledged that industrial risk insurance is a vital tool for the entire corporate sector, given the sundry risky undertakings involved in the concerned transactions, financial or otherwise.

For more updates and News follow Policybazaar Youtube

Want To Save On premium When Buying Medical Insurance?

The tips listed in this article will guide you in buying health insurance and saving on premium!

None of us like to shell out extra bucks. Most of us are looking to save our money, whatever the situation or occasion may be. The same holds true for when we are buying health insurance.

A medical insurance is a must by all means; but what about the premium that we have to pay? Now that is something we can surely do away with right?

Well if life turned out the way we thought it would, I would have been a Nobel Prize winner and you a millionaire. Now we can’t entirely eliminate premiums from our lives but we can certainly work towards reducing the cost of them.

Does that sound good enough? If yes, then these tips listed below will help you in purchasing health insurances in a way where you can save your premium!

A Note To Remember: Various Factors Affect The Premium That You Pay

It is vital for policyholders to note that health insurance premiums keep undergoing transformations every year. However, if you purchase a life-insurance plan, then the premium is paid only after the policyholder is deceased. That way, the premium for lifetime insurance plans is fixed.  

·         

     In case you find your health deteriorating, you will end up paying more premium as it has a direct relation to the benefits of the policy taken up by you.

·       

         You may also end up paying a high premium if you don’t claim any medical benefits for more than a year.

·       

          In order to make sure that you are paying the right amount of premium, make sure you do an online check of the premium that your policy provider is giving to fresh customers.

·       You should also check the premium policies that are being awarded to customers by other insurance providers.

Stay Healthy, Wealthy And Wise

·         This has to be the most important tip from the lot; always aim to stay healthy.

·         If you are a smoker, quit the habit as smokers are at a greater risk of passing away than most.

·         Also those suffering from high blood pressure should make it a point to keep the same under control.

We Before Me: Buy The Insurance Plan Not Just For Yourself But For Your Family Too

·         Buying a policy for an individual always costs more. Stick to buying the medical insurance for your entire family.

·         By doing the same, you also benefit by availing a high cover.

Also keep in mind that the likelihood of more than a single member of your family making a claim under the family insurance policy within the same year is minimal.

Look Out For That Discount

Always be on the lookout for insurance providers that offer discounts. There are some that offer discounts to families that have more than four people covered for insurance.

·         There are others that offer a special discount for the girl child; a gesture that has been implemented owing to the sad truth of families not buying insurance policies for their daughters.

·         Discounts can help you save up on the premium.

The Two-Yearly Ritual: Always Review Your Policy Every Two Years

·         If you renew your policy for two years, you will be able to save on health premium by a large margin and you also succeed in saving yourself from paying an increase in the premium for the next year. How cool is that!

Know What You Need- Choose Your Policies Smartly

·         Choosing the correct insurance policy is no rocket science.

·         All you have to do is judge your current situation and the likelihood of your future shaping up according to your plans.

·         By doing this, you can choose the appropriate insurance plan to save on premium. If you are ill and your health is deteriorating, choose a plan for which you would have to pay minimum premium.

·         If you are healthy and keeping well, choose a cover that has the lowest amount insured. Without claiming the benefits through the years, you can increase the cover without paying added premium.

Say No To Extra Insurance Facilities

·         Insurance providers package facilities in a way that can make the customer pay extra for the added advantages.

·         Most insurance policies come with added features and policies that cost extra money. Some of these features include coverage fees for accidents, critical illnesses, health check-ups etc.

·         It’s best to avoid purchasing insurance policies with such added benefits. Stick to the basics and save on premium.

From One Insurer To Another

·         You can always transfer your insurance policy from one insurer to another, if you feel that there is no way possible to save on premium.

·         If you choose this option, you can successfully stop your insurance providers from demanding a high premium from their existing customers.

So next time you buy an insurance policy, keep these tips in mind and you will end up saving on premium like never before!

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