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15/02/2016

"Health Insurance is the need of the HOUR"
To enjoy a stress free hassle free healthy life one must invest in a good mediclaim policy. A policy which takes care of you and your families medical emergencies.

Which one suits you the best?
Ask us ! We are happy to help.

25/07/2013

Step 3: Solo or with health cover?

Remember that critical illness plans are no substitute for the regular health cover. By definition, its application is restricted to ‘critical illness’ conditions and is not all encompassing. However, in combination with the regular health cover, the critical illness plans work to your benefit.
Imagine an individual who has been diagnosed with cancer and the patient has a health cover of Rs 5 lakh. There are three obvious questions – is this cover enough? What payments are covered? When does the patient or the hospital get paid?
In a regular health cover, the payment typically is associated with hospitalisation. But what happens when the total expense associated with the complete treatment is Rs. 7.5 lakh and out of which the hospitalisation expense is exactly Rs 5 lakh.
Typically, a good insurance policy should take care of the hospitalisation expenses – no doubt there. But how about the other Rs. 2.5 lakh of expenses related to the innumerable diagnoses pre- and post hospitalisation and the period of inactivity which the illness causes? Having a critical illness plan would give you an additional amount to cover that Rs.2.5 lakh worth of expense.
The two important points form this step are:
(1) The affected person gets paid the full sum ensured and does not have to show evidence of the actual expense, unlike other health insurance types and
(2) The basis of the payment is a positive diagnosis rather than hospital stay.

Step 4: Understanding the caveats and pitfalls

A word of advice to those evaluating and comparing different critical illness plans: Watch out for these:
1. What's covered? The more conditions covered the better. Incidence of critical illnesses in India is on the rise and going by the lifestyle changes is destined to continue rising. So, ensure that you chose a plan which is comprehensive enough.
2. How much is the coverage? A small coverage would make your planning redundant. Treatments become expensive in a hurry, driven by better drugs as well as general inflation. Chose a plan which gives you enough coverage so that you have one less problem to deal with
3. Corner case scenarios? If the insured does not survive 30 days post the claim, or has been diagnosed within 90 days of purchasing the plan, he or she cannot claim any benefit from the cover
4. Term? While general insurers typically offer a critical illness cover for 1-5 years, life insurers provide this as a rider for a relatively longer period, typically between 10 and 20 years.
The most important advice of all: Lead a healthy lifestyle, so that you yourself minimise the chances of contracting a critical illness.

22/07/2013

Step 1: Starting by understanding: what is critical illness?

There is no one clear definition of critical illness. However, as the name suggests, this covers more serious forms of illnesses such as paralysis, cancer, stroke, coronary artery disease, multiple sclerosis, heart valve disease and renal failure. Essentially, the kind of illnesses, where mortality is not only high but there is also a pronounced strain on the lifestyle of the patient's household, both mentally as well as financially.

How does a critical illness plan help?

There is no dearth of examples of how critical illnesses such as the ones mentioned above afflict the patient as well as their households. These illnesses are marked by large treatment bills, numerous diagnostic tests and large period of absence from active life. What one do not want to deal with at this time is the pain of arguing and going through what is covered or not covered by insurance and when one gets the amounts refunded or taken care off. The critical illness plan helps take away this undesired complexity.
The plan works on diagnosis of the disease rather than other metrics such as hospital stay or reimbursement of bills. All that the insurance provider needs to know is evidence of a positive diagnosis to disburse the sum ensured. Hassle free? Certainly. And that is precisely the point: let the afflicted patient deal with one less problem by taking care of the finances!

continued....

22/07/2013

4 steps to decode a critical illness plan

Step 1: Starting by understanding: what is critical illness?
Step 2: How does a critical illness plan help?
Step 3: Solo or with health cover?
Step 4: Understanding the caveats and pitfalls

02/04/2013

Third Party Premium rates have undergone a change for all Motor policies
This is to notify that as per Insurance Regulatory & Development Authority (IRDA) Communication, dated 26 March 2013,Third Party Premium rates have undergone a change for all Motor policies starting from 1st April, 2013.

This change shall apply to all General Insurance Companies in India.

If any Motor policy for 1st April, 2013 and later date is renewed by the customers before such rates are announced by the IRDA and with old rates, then our customers are requested to pay the difference premium to the nearest office directly or through their licensed Agents.

Revised TP premium rates are as below.

Not exceeding 1000 cc
784 before
941 wef 01st April 2013

Exceeding 1000 cc but not exceeding 1500 cc
925 before
1110 wef 01st April 2013

Exceeding 1500 cc
2853 before
3424 wef 01st April 2013

11/01/2013

IRDA brings in paint of vehicle under depreciable part

"In case of painting, the depreciation rate of 50 per cent shall be applied only on the material cost of the total painting charges," Insurance Regulatory and Development Authority (IRDA) said in a statement.

The changes have been brought in as it was observed that there were no uniform practice prevailing in the market for depreciation on painting, it said.
The change shall be applicable to all motor package policies whose risk inception date falls on or after February 1, 2013, it said.

27/12/2012

Looking to buy a Life Insurance thsi information may help...

LIC's record of paying claims better than pvt insurers: IRDA

regulator IRDA in its latest report.

"The claim settlement ratio of LIC appeared to be better than that of the private life insurers", said Insurance Regulatory and Development Authority (IRDA) in its annual report 2011-12.

While LIC is the only life insurance company, there are about two dozen companies in the private sector which provide life cover.

According to the report, LIC has settled 97.42 per cent cases relating to death claims during 2011-12 compared to 89.34 per cent by private sector companies. The industry average worked out to be 96.26 per cent.

"Settlement ratio of LIC increased to 97.42 per cent during the year 2011-12 when compared to 97.03 per cent during the previous year," it said, adding that private insurers repudiated higher number of claims as compared to LIC.

On the positive side, settlement ratio of private insurers improved during the year to 89.34 per cent from 86.04 per cent in the previous year.

As far as industry is concerned, the settlement ratio increased marginally to 96.26 per cent in 2011-12 from 95.58 per cent a year ago.

20/12/2012

A good proposed initiative by IRDA

If general insurance companies have their way with the regulator, your accident insurance claim will be rejected if a friend rams your car.

20/12/2012

A discovery is said to be an accident meeting with a prepared mind.
So why to be so late.
MAKE YOURSELF & YOUR FAMILY SAFE... Do you have a plan to take care of your accidental expense? continued......

13/12/2012

How to ensure your Health Insurance Claim Settlement is 100%

Honestly, there is no perfect answer to this. But here are some very important things you should consider, ensure know about, before signing up on a health insurance:

1) Beat the laziness, and old habits, and ensure you fill your proposal form yourself. Ensure your declarations related to past and current health conditions are complete. In case you are taking policies for your parents, or family members, ensure you confirm the health declarations with them.
2) In our internal analysis, more than 95% of claims (this is not an exaggerated figure) are rejected, under valid terms and conditions of the policy. Hence, I strongly recommend you understand the terms and conditions of the mediclaim you are considering, very well, with your health insurance advisor, before you sign up.
Additionally, get insights and the feel on experience from your Health Insurance Adviser, preferably a health insurance broking firm, which deals with all Insurance companies, and also provides professional claims assistance to their clients.
Finally, ensure you are aware of the health insurance claim intimation and submission timelines, and you adhere by them.

12/12/2012

A must Read....

11/12/2012

Medical emergencies cannot be averted but financial preparedness for such situations can give peace of mind. Having sufficient financial resources empowers us to access better and timely medical care when need arises. Health insurance is one crucial step in the direction. It provides the much needed financial buffer to deal with hospitalization. Health insurance plan can be taken for self or for the whole family.

You can get good Family health insurance plan for as less a premium amount of Rs. 7 /day and be covered for Rs 2 lac for the year, to deal with a medical emergency and hospitalization. You can also avail tax exemption (under section 80 D) on the health insurance premium.