health-insurance

Hospitalisation Cash Benefit Plan

Hospital daily cash plans act as a supplement to the standard health cover. Let’s understand this plan in detail.
The hospital daily cash plan is a health plan which provides a fixed amount for each day you are hospitalized. The amount paid is set at the time of policy and remains fixed. The program is a defined benefit which means that it pays a fixed amount irrespective of the actual amount of expenses.
So, if you are hospitalized with a plan which pays Rs.800 per day of hospitalization, whether you incur Rs.600 or Rs.1400 as actual charges would be irrelevant, and the insurer would pay a fixed benefit of Rs. 800 for each day of your hospitalization. (more…)

What are Unit Linked Insurance Plans?

ULIP

Unit Linked Health Plans/ Unit Linked Insurance Plans (ULIPS) is a combination of market-linked investments and health insurance cover. Along with health protection, it also helps build a corpus that can be used to meet expenses that are not covered by health policies.
The cost of every health plan depends on age, gender, health, and other factors. It is a mixture of investment and insurance. A premium amount you pay is divided into two parts:

  • where a part of your premium is invested,
  • and remaining is used to buy a cover.

Thus, this plan offers both return and safety. Returns earned are utilized to pay for medical expenses, over and above the insurance limit. Remember, the investment and returns you receive are subjected to market risk. The returns earned will be paid back to you on the date of maturity/ on the completion of policy duration.

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Maternity-insurance

What is Maternity Insurance?

Bringing a new life into the world is a big responsibility, be it a normal delivery or cesarean. The Maternity Health Insurance covers all pregnancy-related expenses from post-delivery care to vaccinations.
Some insurance service providers prefer to provide maternity benefit as an additional service and lowers the burden on your pocket. Some corporates offer their women employees the benefit of maternity insurance along with a health insurance policy. Also, in a majority of corporate group policies, maternity is a rider (add-on benefit) with a sub-limit of not exceeding Rs 50,000.

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Group health insurance

What is Group Health Insurance Plan?

The employer purchases a group or corporate insurance on behalf of employees. This is one of the key benefits received by employees from employers. At times, Group insurance health plans cover the family members of the employees.
Besides offering access to affordable health coverage services, it also benefits the employers for retaining the employees and gets tax benefits.

Key features of the plan:

  • Offers a cashless facility and direct settlement of the bills with the hospital.
  • Covers pre and post hospitalization expenses for a specific period.
  • Extends cover to critical ailments.
  • The policy also covers domiciliary expenses (Domiciliary Hospitalization – medical treatment for a period exceeding three days for illness/disease/injury which in the normal course would require care and treatment at a Hospital)
  • It provides cover for pre-existing diseases after payment of extra premium.
  • This plan may offer maternity benefits.
  • Daycare procedures covered.
  • Few insurance companies cover Non-Allopathic Treatments for a specified limit.

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senior citizen coverage

What is Senior Citizen Coverage?

Getting old makes you see life from a different perspective. Health is the first companion that starts deserting along with it your hard-earned savings. A Senior Citizen Health Insurance assists such times. There are various health insurance plans, specially designed for senior citizens.
Health insurance for senior citizens is offered by different insurance companies to provide you financial security by covering all your medical expenses. Gifting health insurance to your aged parents is the best way to care for their needs.

Why buy health insurance for senior citizens?

  • They are more prone to illness
  • You buy a plan to ensure that medical emergencies are taken care of in a systematic and hassle-free way.
  • Unexpected health issues and money crisis makes aged people feel guilty, and they think they are like a burden to a family.

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What is Family Floater Coverage?

Family floater

A family floater is a health insurance plan that stretches out the insurance for the whole family rather than just a person. A family floater plan brings everyone in the family under an umbrella. Being secured under a single cover, each member of the family gets benefits under a bigger pool.

Which cover to buy? Individual or Family cover

Every insurance company offers these two covers in its health insurance products, and there are pros and cons in both of these covers. Let us compare the benefits and drawbacks of these covers so that you can take a better and wise decision regarding your purchase of a health insurance policy.

There are two types of family floater policies:

  1. Medical Insurance: This plan reimburses the cost of hospitalization (cashless treatment); it also provides a list of specific illnesses which are covered.
  2. Critical Illness: In case of diagnosis of a critical illness, this type of family floater policy pays out a lump sum amount to the policyholder.

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insurance

Individual Health Insurance

In India, the cost of treatment is growing in double digits, and more than 80% of the population do not have access to health insurance. Out of pocket health expenditure is higher in India. The burden of the high cost of health is pitched towards the poor.
There are plenty of reasons why health insurance is not just a good idea but also necessary. Many people face a financial crisis when they have to fund for medical treatment and medical costs. So people dive into their savings and drain it. In such situations, a health insurance plan could be a real “life-saver” because it covers your hospitalization expenses.

Let’s talk on Individual Health Insurance:

Costly treatments and unseen medical emergencies made individuals to understand the need of having health insurance. Individual health insurance covers both pre and post hospitalization expenses, including ambulance charges and diagnostic test charges.
Daily cash plans are also covered under individual health insurance but are subjected to specific terms and conditions. Even pre-existing diseases except for injuries due to accidents are treated only after the completion of a defined waiting period.

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critical-illness-insurance

What is Critical Illness Plan?

Critical illnesses are diseases and conditions that include but are not limited to cancer, stroke, organ transplants, and kidney diseases, among other health conditions. Critical illnesses are expensive and disruptive.

Begin diagnosed for critical illness means completely wiping away the lifetime savings. So, then your worries regarding the financial security and dependents start haunting you. The only way to get out of this dilemma is a“Buy Critical Insurance Plan.”

Do not let unseen happenings to shatter dreams of you and your family, instead start planning for such incidents. Critical Illness Insurance Plans provides coverage against specific threatening diseases. Treating these illnesses, you may require multiple visits to the hospital over a period of time. Thus, in addition to the hospitalization cost, there will be other costs like doctor visits, medical expenses, etc.

A Critical Illness plan pays a lump sum amount that can be used to cover these high expenses. The lump-sum payout will be an addition to mediclaim or health insurance policy that you may already have.

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accident plan

Personal Accident Plan

Personal Accident Insurance plan provides complete financial protection to the policyholders against unseen instances such as accidental death, accidental bodily injuries, and partial/total disabilities, permanent as well as temporary disabilities resulting from an accident.
In the case of accidental death of the policyholder, the nominee gets 100% compensation from the insurance company. There are additional compensations that are offered for accidental disability, such as loss of eyes, limbs, and speech.
Accidents can happen anytime, anywhere, and may result in minor to severe injuries or lead to death. Such uncertainty may lead to a financial crisis. Accidental Insurance policies act as a guard and protect from such uncertainties. It provides the necessary financial assistance to you and your family against accidental death, bodily injuries, and disabilities (Partial/ Permanent/Temporary). There are various other benefits such as accidental hospitalization cover, Hospital Confinement Allowance, and Medical Expense Cover.

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mediclaim

What is Mediclaim Insurance/ Mediclaim Policy?

Media claims are the part of health insurance that acts as “a shield” against your medical expenses and also provides protection against unseen happenings in the future. You can avail the benefits of the policy by paying the cost called “Premium.” This plan comes with a defined tenure, after which you have to renew it.
Do not let hospital expenses to drain your pocket. Compare with different policies that are available in the market and make informed decisions.
Mediclaim policy is a general hospitalization benefit offered by both private and public sector insurance companies in India. This policy will cover all the below-given situations:

  1. Covers accident cases
  2. Covers sudden illness cases
  3. Covers surgery cases during the policy tenure

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