In my previous post I have written about the various popular Critical Illness (CI) plans available in the market. That helps you to get the good idea on what is best suitable for your family. But, how you can decide the most suitable policy for you. You can not take the same policy what your friend has taken for his family. Because he would have taken the policy based on his family’s medical history. The following points are you have to keep in mind while choosing the critical illness policy. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about health insurance, please subscribe here.

• Take the help from your family doctor before buying the Critical Illness policy. Lets discuss with your doctor about the illness covered in the policy and ask for the suggestions.
• Ensure that most frequently occurring illness is covered in the policy.
• When you are choosing the right policy, lets think about your past history of the blood relations and decide on the suitable policy with adequate illness coverage.
• Check the policy whether they offer the lifetime renewal .
• Know in advance about the initial waiting and survival period clause.
• Read out the complete terms and conditions of the policy document on what it promises for offering.
• Check the portability of your policy. Nowadays you can port your policy from one company to another company if you are not happy with the existing insurer.

Key Features of Critical Illness Policy

The following are some of the key features for the policy.

• The critical illness policy can be bought from life insurance company as a rider or stand alone product from the general insurance company.
• This type of policy covers various dangerous illness like heart attack, cancer, bypass surgery, etc.
• The insurer pays you lump sum upon diagnosis of any of the illness.
• Coverage of pre-existing illness different from each policy.
• There is a waiting period of 90 days after you have bought the policy. In that period you can not claim any amount.
• The lump sum benefit is provided after the survival of 30 days from the diagnosis.

If you want to read more about the critical illness cover in details, please read the following articles in our blog:

• Why critical illness policy is important?
• Why you need Critical Illness policy?
• Tax benefits under section 80D
• Which health insurance policy suite your needs?

If you have any questions about health insurance, please write it on the comments section. If you are interested in receiving the future articles about health insurance and other topics, please subscribe here.

Book Review : 51 Income Tax Tips for Investors

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A critical illness plan is a supplement to your health insurance portfolio. The main reason why one need critical illness plan is, to pay for the expensive treatments. This plan protects from the major illness which is specified in the policy document. Number of illness covered under the policy would vary for each insurer. Many would confuse with the critical illness plan with the health insurance. Normal health insurance helps you to pay the hospitalization expenses at the time of medical treatments.

This would also include the critical illness like heart attack, cancer,etc. Where as critical illness policy pays you the lump sum amount regardless of the expenses occurred. This article explores the some of the popular plans available in the market for the critical illness cover. If you have any questions, please post it in the comments section. If you are interested in receiving the future articles about health insurance and other topics, please subscribe here.

Best Critical Illness Plans (CI)

The below table illustrates the most popular Critical Illness Plans offered by the Indian market.

 The above list would provide you enough information about the various policies available in the market. If you want to read more about the critical illness cover in details, please read the following articles in our blog:

• Why critical illness policy is important?
• Why you need Critical Illness policy?
• Tax benefits under section 80D
• Which health insurance policy suite your needs?

If you have any questions about health insurance, please write it on the comments section. If you are interested in receiving the future articles about health insurance and other topics, please subscribe here.

• Book Review : 51 Income Tax Tips for Investors

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If you have a health insurance policy or your company is covering you and your family with group health insurance policy, the limitations on those policies are high. Normal health insurance policies and group covers are sufficient for covering the basic expenses incurred on your family like small surgeries, medical check up, etc. But, if you or one of your family member has the serious illness which requires major surgeries which may cost more expensive, then the normal health policy’s covers will no be adequate to pay your medical bills.

What are you going to do? Are you going to buy another policy with more sum assured? That is not the good solution. This article talks about the critical illness which is protecting you from the specific illness. I have earlier written about these topics, however this post will be a remainder for the new reader to aware the subject. If you are interested in receiving future articles on investments, please subscribe here.

What is Critical Illness Plan?

A critical illness plan is a supplement to your health insurance portfolio. The main reason why one need critical illness plan is, to pay for the expensive treatments. This plan protects from the major illness which is specified in the policy document. Number of illness covered under the policy would vary for each insurer. Many would confuse with the critical illness plan with the health insurance. Normal health insurance helps you to pay the hospitalization expenses at the time of medical treatments. This would also include the critical illness like heart attack, cancer,etc. Where as critical illness policy pays you the lump sum amount regardless of the expenses occurred.

• Why you need Critical Illness policy?
• Tax benefits under section 80D

What to check?

When you buy the policy, you have to check the following things to get the maximum benefits.

• Illness Covered: Check the list of illness covered under the policy. Also check with your family health if the covered illnesses are making sense to invest on that policy. Otherwise skip that plan and search for the suitable policy with another company.

• Sum insured: Understand the cost involved on the treatment and inflation of medical expenses. Based on the above criteria, decide the sum insured for the policy. The premium would have change based on the sun insured. Compare with multiple companies to get the cheap product with maximum sum insured.

What is the cost?

The below list is the sample premium charged from few insurers. The premium amount is for yearly premium for a cover of Rs. 5 lacs for a 30 year old non-smoker.

• HDFC Ergo:Critical Illness (Rs. 1405)
• ICICI Lombard: Critical Care (Rs. 2017)
• Tata AIG: Criticare (Rs. 3237)
• Bajaj Allianz General: Critical Illness (Rs. 1500)
• Reliance General: Critical Illness (Rs. 1538)

The above section has detailed out on the critical illness policy. If you are salaried and your family is dependent on your income, you must spend time on reviewing your protection plans and give the importance for critical illness policy. If you have not already taken one, please don’t delay and take the corrective action. It is for your family’s happiness!! If you have any doubts, please post it in the comments section.

• Which health insurance policy suite your needs?
• Book Review : 51 Income Tax Tips for Investors

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Aegon Religare has launched its online health insurance plan for its customers. Offering online health insurance policies has become good option for the companies. Already few of the companies offering the online health insurance policies, now Aegon Religare has joined the elite group. One advantage of buying insurance through online is that the premium would be very cheap compared to buying through an agent. The reason is the expenses incurred for marketing the  policy is reduced because of the online medium. In this post I will review the Aegon Religare iHealth product with its features and cost of the policy. If you have any thoughts, please post it in the comments section.

Who can be covered in the policy?

This policy has few advantages over other policies like covering your in-laws. The below image represents clearly who can be covered under one policy.

Benefits in this policy

AEGON Religare iHealth Insurance Plan is available in 2 variants viz. Gold & Platinum. The benefit amounts under both these plans are
as under:

Daily Hospitalisation Cash Benefit (DHCB)

This option is provided by all the policies. The amount offered under this category would be different of each policy depends on the premium amount. Under this category, a fixed amount is paid to the policy holder for each day admitted in the hospital. The basic requirement is that policy holder must have stayed in the hospital for atleast 24 hours. This payment is additional to the other cach benefits like surgical cash benefit.

Surgical Cash Benefit (SCB)

If you undergo any major surgeries, you are eligible for the lump sum amount as the surgical expenses which will be paid for the listed surgeries in the policy document. In most of the cases, all important diseases would be covered under this category. In the Aegon Religare iHealth Insurance plan, surgeries are classified under the 6 categories depending upon the type and severity of each surgery as follows:

1. Heart bypass; Knee joint replacement
2. Heart angioplasty; Open heart; Liver tumour
3. Brain & Spine operation; Bone tumour
4. Ankle fracture; Bone grafting; Cataract
5. Bone open fracture (screw & plates);Gastrointestinal; Glaucoma
6. All surgeries not covered under grade 1 to 5 and carried out along with 24 hours hospitalisation.

 Eligibility for Aegon Religare iHealth Insurance

Premium Amount

With the quote provided in their website, premium amount calculated is 4600 for the policy owner with the age 32 who opted the Gold plan. The Daily Cash Benefit under gold plan is Rs. 180000 for one year. Total surgical benefit is Rs. 300000 for one year. If he also wants to buy rider for the Critical Illness (CI), he has to pay the extra Rs. 347 for one year.

Other Points to Consider

• Free Look Option – If you are not satisfied with the terms and conditions of the policy, you have an option to cancel the policy stating the reason within 15 days from the date of receipt of the policy bond/document. Upon such cancellation, you will be paid back the premiums after deducting stamp duty and medical examination charges, if any.
• A waiting period of 90 days from the date of commencement of the policy is applicable for all benefits payable under this cover.
• You are allowed a grace period of 30 days for payment of your renewal premium from the last premium due date. The insurance
• coverage continues during the grace period. In case of a claim during the grace period, premium due will be debited from the benefits payable. No new Waiting Periods or Fresh Underwriting will apply if premium is received during the Grace Period.
• In case you are up to age 45 and in good health, your cover begins immediately. If your age is more than 45, you would under go a health check up.
• You can avail of the Cashless facility (no need to pay any money for the treatment) in more than 3,000 key hospitals across the country. Please refer to the “Easy Claim Process” explained below.
• You are guaranteed a lifelong renewal of your health cover. The premium applicable on renewal will depend upon the attained age.
• You benefit from a fixed premium rate for 3 years. This means even if you have a claim in year 1 or 2, the premium will not increase.
• Your benefit amount increases by 10% for every no claim year (the maximum increase will be capped at 50%).

Our Rating

Premium amount for individual is little higher in this policy. But, it is not big difference compare to other insurance policies. The advantage of this policy is that policy holder can add their in-laws into the coverage with additional premium. By looking into the benefits and coverage, it covers most of the illness and offers the daily cash benefits in the good range. Since the cost of medical is growing every day, this policy would protect you from the major health expenses. I would recommend Aegon Religare iHealth Insurance policy for your family.

Buy Aegon Religare iHealth

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In my earlier articles, I have written lot of information on the health insurance policies. I would like to write this article to consolidate those information and present it in the single post. In the current inflation rate, medical expenses are shooting up to the high levels which will make a big hole on your budget. This would make the health insurance polices are very important for you and your family.

If you are part of the group mediclaim taken by your company, then review their coverage and check if that is covering all your members in the family. Most of of the companies will not cover the dependents like parents in their policy. This article explores the various points to be considered while planning for health insurance policies. If you have any comments, please post it in the comments section. Subscribe to our future articles here.

also read:

• Importance of Health Insurance

Individual or Floater Policy

Health insurance policies can be taken as the individual or family floater policies. If you are taking the individual policies, the premium would be high compare to taking the family floater policy for all your family members. Also, you have do the through analysis on which health insurance would best suits your needs. Every individual and their family has the different needs based on the health condition and age of their family members. You can read the following articles to plan better:

• Individual or Family Floater health insurance is best?
• Which health insurance policy suite your needs?

Health Insurance for Senior Citizen

If you want to add any of the senior citizen in your family to health insurance, then it is important to plan it wisely. Normally the medical expenses are higher for the aged people. So, the premium cost would be higher compare to the other people. If you add them in the family floater policy, then the cost of the premium would be high. So, it is good idea to take the individual policy for the senior citizen members. Also the coverage for the senior citizen policies would less.

Eligibility for Claim

You can not claim for all the expenses in the health insurance policies. The following are few of them which is eligible to be considered for the claim.

• Room rent in the hospital
• Doctor Fees

• Medicine for the treatment

• Operation doctor fees
• Consulting fees for a doctor
• If you have bought blood and Oxygen while treatment
• Operation theater’s fees

Critical Illness Plan

In the normal health insurance policies, the coverage for all the diseases won’t be available. If you want to cover all the diseases, then you have to buy the critical illness rider on top of the main health insurance policy. This is available as the rider or the separate insurance policy. You can read the following article to know more about the critical illness policy:

• Why you need Critical Illness policy?

Know more about Health Insurance Policy

Apart from the above sections, there are lot of changes coming in the health insurance section. The following are the list and you can read that in the specific article mentioned.

• Health Insurance portability
• The new announcement says beginning July 1st, customers can carry benefits to the new insurer which is not existing till date. It will create healthy competition between the insurers and increase the customer satisfaction. read more.

Summary

The above information would be more useful to understand the importance of the health insurance policies and plan it better. If you are delaying the plan for medical insurance, the premium would be higher. It is thump rule that you have to buy a new health insurance policy before the age of 35 to get without any medical checkup and less premium. Otherwise the premium would be higher. If you have any doubts please post it in the comments section.

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Earlier I have written about the health insurance portability and it will be available from July 1,2011. But, IRDA has clarified saying that there is system required to monitor the porting of policy holders from one company to another company, so it updated as the portability should start not later than October 1, 2011.  It is only few days away for the new guidelines to be effective and policy holders can enjoy the good service from the health insurance companies. This article explores some facts on the health insurance portability and what are the restrictions on it. If you have any thoughts, please post it in the comments section. Please subscribe to our future articles here.

• Importance of Health Insurance
• Which health insurance policy suite your needs?
• 15 Days Lock-In period for Health Insurance Policies
• Tax Savings on Health Insurance

Apply before 45 days of premium renewal date

• The portability process should be initiated at least 45 days before the premium renewal due date of the health insurance policy.
• If you are a policy holder wants to port your policy to another company, you must approach the new company at least 45 days before the next premium renewal date.
• If you are failing to do, new insurance company can reject your proposal for the portability. But, it is up to the insurer to accept your application if you are failing to approach before 45 days.

Important points to consider

• 7 working days is the maximum time within which the new insurer seeks details from the existing insurer.
• 7 working days is the maximum time within which the existing insurer provides information to the new insurer.
• The new insurer must respond within 15 days of receiving the application from insured, otherwise he will loose the right to reject the application.
• The portability is available for the all types of non-life insurance policies either it is individual or family floater.
• On receipt of an application for porting, the insurance company shall furnish the applicant, the Portability Form as set out in  the guidelines together with a proposal form and relevant product literature on the various health insurance products which could be offered.
• The policyholder shall fill in the portability form along with proposal form and submit the same to the insurance company.

Summary

It is one of the good move from IRDA to help the consumers to get valuable service from the health insurance companies. If you have health insurance policy and not satisfied, it is your time to check for the suitable policy and switch to the new company. Keep the above points while switching to the new insurer. If you don’t have health insurance, read why you need health insurance?. If you have any thoughts, please post it in the comments section.

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If you are healthy today, there is no guarantee that you can sustain your healthiness for life long. When your family is depend on your income, your healthiness and job is more important for the family’s happiness and you must be prepared for the nightmare that would cause or affect your family’s happiness.

In India, the survey shows that the rapid growth in the major diseases like heart attack, diabetics, blood pressure, etc. due to the work culture. This also forces us to think about the protection for our income when there is serious health problem for you that affects the day job. This article explains about the critical illness policy and what is the benefit of taking the policy. If you have any doubts, please post it in the comments section. Subscribe to our future articles here.

What is Term Insurance plans?

What is Critical Illness policy?

You can not envisage your future and it is always good idea to prepared for the any misfortune happen to you. The one of the prominent factor that affects your income is suffering from the critical illness, permanent disability or the unexpected demise of you. This all will put your family on cross roads and nobody to take care of their expenses (please note that if your family is very rich and have more savings then this would not be suitable for you).

In the above cases, one has to take the protection measures for his family if he can not get any future income or losses his job. It would happen only when you are suffering from the deadly diseases. It is your responsibility to insure you from the unexpected illness or death. You need a Critical Illness policy to protect you from any of the mentioned deadly diseases. If you are suffering from illness and quit the job due to that, insurance company would pay you the compensation.

Difference between Critical Illness policy and Rider

The Critical Illness policy will come under the health insurance policies. It is a standalone policy and will not be added to any other existing policy. This policy premium will be paid specific to this policy.

Where as critical illness rider will come with the term insurance policy. If you know about the term insurance, it is the pure insurance for protecting for your life. While you survive, there may be misfortune like disability or critical illness. It overcome those unexpected situations, you must take the critical illness rider on top of the term insurance policy. There will be some extra premium associated with the rider which will be paid along with term insurance premium.

Critical Illness policy is taken for one year and it needs to be renewed every year. You can come out of the policy at any time. But, rider can be taken at the time of starting the term insurance. Once you come out of the rider, there is no option to add the rider to the policy.

Different type of riders in Life Insurance

How it is different from health insurance?

It is the common doubt for everyone to confuse with the critical illness policy and the health insurance. The intention of health insurance is to provide hospitalization expenses at the time of medical treatments. This would also include the critical illness like heart attack, cancer,etc. Where as critical illness policy pays you the lump sum amount regardless of the expenses occurred.

Where to take the Critical Illness policy?

• This policy can be taken from the general insurers or life insurance company.
• Life insurance companies provide this with the two options: Adding rider to the life insurance or the stand alone policy.
• Normally taking from the general insurance company would have short term, we have to renew every year.
• Prefer taking the stand alone policy from the general insurance company, it will have the wide coverage.

What is not included?

• It doesn’t cover the pre-existing diseases and no claim can be made during the first 60-90 days of the policy.
• The insured has to survive 30 days after the treatment.
• Hospitalization expenses may not be claimed.

Tax Benefits

• You can show the premium paid for this policy under the Section 80D of the income tax act.
• The maximum limit is Rs.15000 (Rs.20000 for the senior citizens)

Tax benefits under section 80D

Summary

The above section has detailed out on the critical illness policy. If you are salaried and your family is dependent on your income, you must spend time on reviewing your protection plans and give the importance for critical illness policy. If you have not already taken one, please don’t delay and take the corrective action. It is for your family’s happiness!! If you have any doubts, please post it in the comments section.

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Health Insurance policies can be taken as the individual or family floater policies.  The problem is, many of us confused which one to choose?. This article explains in details about the advantage and disadvantage of each category. It all depends on the person’s capacity to pay the premium and his dependents. If you are not having enough idea on the health insurance, please read our previous articles on Which health insurance policy suite your needs? , Importance of Health Insurance , Tax Exemption for Medical Insurance u/s 80D. If you have any doubts, please post it in the comments section. Subscribe to our future articles here.

Advantages on Family Floater Policy

• Compare to the individual policies, floater policy’s premium amount will be 20-40% less.
• In individual policy, if one has utilized the whole amount for treatment, the policy will be deactivated for that year. In the floater policy, remaining members in the family can utilize the remaining amount.
• For maintaining the documents, floater policy is each because only one policy is taken from the entire family members. For individual policy, each one has the separate policy.
• In the floater policy, it is easy to add the new member. But, individual policy you have to buy a new policy. The premium will be higher than the adding new member in the floater policy.
• In the floater policy, if one of the senior person died, the policy will not be stopped. The remaining family members can use the policy.

Dis-Advantages on Family Floater Policy

• If the whole family is met an accident, the total amount spent will be more than the policy amount. In those cases individual policies will be better than floater policies.
• If you are adding the senior members in the floater policy, the premium amount will be higher. So, the floater policy will be more suitable for the young persons in the family.

Summary

Looking into the above points, it is good for you to take the floater policy if you are married person with children. The total premium amount will be reduced. But, if you are not married then it is good idea to take the individual policy. Most important point is that you read the instructions in policy documents before buying one.  It must be suitable for your family. I hope this article is useful for the readers.  If you have any doubts, please post it in the comments section. Subscribe to our future articles here.

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Chola MS General Insurance company has launched the new health insurance policy for the individual policy holders.

Benefits of this policy

• There is no medical check up till the age of 55
• Policy holder can renew the policy till his/her death.
• Maternity expenses are covered.
• Dental expenses are covered.
• In house claims settlements also available with this policy

Criteria

• Entry Age: Till 65
• Policy Coverage: 1-10 lakhs

If you need more details on this policy, please find out more on their official website

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Introduction

In this article I will be explaining the new rule announced by IRDA in favor of health insurance customers. The new announcement says beginning July 1st, customers can carry benefits to the new insurer which is not existing till date. It will create healthy competition between the insurers and increase the customer satisfaction. Till this time, if you are switching your insurer, then you will loose waiting period and the accumulated bonus on your previous insurer. This stops policy holders to stick with the same insurer for the long time. This will be changed from 01-July-2011 to switch your insurer without losing your accumulated benefits from the previous insurer.

What is Waiting Period in Health Insurance?

When you get the new policy, there will be 30 days waiting period. In that duration you can not claim any expenses due to the hospitalization. This is not applicable when the policy is renewed. This is called as the initial waiting period.

Apart from the initial waiting period, there is waiting period for the pre-existing illness of the policy holder. This normally varies from 1-5 years depends on the illness and insurance company. For example, if you have any pre-existing illness and had expenses before completing the waiting period, you are allowed to claim those expenses.

The waiting period is normally reset when you change the insurance company. That means if you switch to another insurer, you have to start the waiting period from the beginning. It is loss for the policy holder. According to IRDA, from 01-July-2011 the waiting period will not be reset while switching to the another insurer.

Carry Your Bonus to New Insurer

Health insurers credit bonus to the policy holders if there is no-claim for the entire year. For example, you have not claimed any expenses for the past three years and accumulated the bonus of Rs.60000. As per the existing rule, when you are switching to the new insurer, the accumulated bonus will be lost.

But, with the new rule, from 01-July-2011 the bonus amount will be carried to the new insurer.

Summary

It is one of the good step taken by the IRDA to help the health insurance customers. This move will bring the healthy competition between the insurers and insist them to satisfy their needs. If they are not serving better, customers have the option of switching to new insurer without losing the benefits.

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Do you have confusion on choosing the right health insurance policy?. Many of us have the same complaint, because the lack of awareness on insurance policies in India. There are numerous factors to be considered before choosing an health insurance policy. First step would be to learn about the different types of medical insurance policies available in the market. Same policy will not be suitable for every one. One has to select the policy depends on his age, family dependency, rick on life, etc. The following sections explain you the different types of health insurances and when it is suitable for your needs. If you have any doubts, please post it in the comments section. If you like the article, subscribe to our future articles here.

Health Insurance Related Articles

• Tax Exemption for Medical Insurance u/s 80D
• Health Insurance Entry age for Senior Citizens
• 15 Days Lock-In period for Health Insurance Policies
• Switching health insurer without losing benefits
• Importance of Health Insurance

Individual Health Insurance Policy

As the name implies, this health insurance policy is taken for the individual family members. If you stay in the hospital for 24 hours of time, this policy will help you to claim the expenses incurred for medicine, room rent, doctor fees, operation theater fees. You will have to renew the policy every year. If you have not claimed for one year, you will get the deduction in the next year’s premium or more coverage with the policy. This process is known as No Claim Bonus. You can not claim for the existing deceases  up to four years after the new policy commences. It is general rule applies to all the policies.

Family Floater Policy

This policy is taken for the whole family. The main advantage of this policy is that you need not take the separate policy for each member in the family. Compare to individual policy, slightly more premium you have to pay for the family floater policies. But, the entire family can enjoy the higher coverage. For example, if the total coverage is Rs.500000, single member in the family can use the entire coverage if there is no other claims in the same year. There would be very less probability that all the members in the family needs claims.

Critical Illness Policy

It is not separate policy. It can be subscribed with any of the life insurance or health insurance policy.  The purpose of this policy to protect policy holder from the selected major deceases like Cancer, Heart Attack, etc. You have to check the list of deceases covered under this policy before choosing this policy. Policy holder has to survive for 30 days after identifying the deceases to get the claim amount. You are eligible to claim only if the policy is at least 90 days old.

Senior Citizen Health Insurance Policy

Most of the health insurance policies matured after the age of 60 years. It becomes necessary to take the new policy after 60 years. The senior citizen health insurance policy covers up to the age of 80 years. Few policies may give covers up to 90 years. Note that senior citizen policies will come with lot of restrictions compare to other health insurance policies.

Points to Consider about Health Insurance

• The below are the few pots worth remember for the any health insurance policies.
• Insurance company can not refuse to renew the policy unless there is some fraud or policy holder has hidden some vital information to the insurance company. This rule announced by IRDA very recently.
• Insurance company can not force policy holder to move to another plan.
• Insurance company must disclose the details about renewal dates and options for renewal.
• 15 days of grace period allowed for renewing the health insurance policy (note that it is 30 days for the life insurance. don’t confuse life insurance and health insurance).
• 30 days waiting period is applicable to any new health insurance policy. If you have taken any new health insurance policy, up to 30 days you can not claim any hospitalization charges. It is exception if there is any urgent expenses like accident.
• There are no limit on number of claims allowed per year. The total claim amount should not exceed the sum assured.
• Naturopathy and Homeopathy treatments are not covered under a standard health policy.
• Maternity/Pregnancy related expenses are not covered under the normal health insurance policy. But, company provided group health insurance policies provides these expenses.

Summary

I hope this article helps you to differentiate the basic types on the health insurance policy. It is important to select the right policy for the hassle free claim. It is well known fact that there are lots of complaints against the settlement on claims. It happens when we have taken the policy without considering our actual needs. Please bear in mind that, choosing the right health insurance policy on right time is very important. Thank you for reading this article. If you have any doubts, please post it in the comments section.

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In this article I will be writing about the key points related to choosing the right health insurance policies. It is one of the important financial planning for you and your family. In the recent survey, it shows that India has the highest number of diabetes patients in the world. It is very shocking news and people have to be cautious for protecting their family from the unexpected incidents. This article explains the importance of taking the medical insurance and the key points needs to be considered while taking the health policy. If you have any doubts, please post it in the comments section. If like the article, please get the free email updates.

What is Sum Insured?

Sum Insured(SI) is the one important thing in the health insurance product. It is the maximum amount paid  in case of  claim. Taking the appropriate Sum Insured has to be decided up on the several factors like age, marital status, health condition, nature of work, etc. It is good idea to to talk to the financial adviser if you don’t have the enough knowledge on the financial planning.

Individual Policy or Family Policy?

Another big question is whether you have to go for the individual policy or the family policy which protects the whole family. It depends on the financial situation of your family. If you are not married, then you will go for the individual policy. Normally, the family policy is recommended to reduce the over all costs of the premium. If the money is not a problem, you can go for the individual policy as well.

When to take policy?

There is no right time to take the policy. It is always recommended to take the policy at earliest to reduce the premium. In most of the insurance companies, taking the policy after the age of 35 will under go medical tests and other formalities. That will increase the premium amount payable for every year.

Points to ask before taking the policy

Here I am listing some of the important points which you need to ask before taking the policy.

• What is the maximum amount reimbursed for the room rent, boarding and nursing expenses?. Most of the companies restrict to 1% of the total sum assured.
• What is the maximum amount reimbursed on doctor fees?. Normally it is restricted to 25% to 30% of the sum assured.
• What is the renewal period of the policy?

Summary

I hope this article will be useful for those who want to take the new health insurance policy. It is important for every one’s life and take the suitable health cover for your family. If you have any doubts, please post it in the comments section. I am happy to answer all your queries.

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Few days back I have written about the tax exemption for medical insurance. The deductions can be claimed u/s 80D. There is many other things we have to note down while claiming the medical expenses. There is many circumstances the claims will be rejected due to the insufficient documents or details submitted to the insurance company. This article provides few points worth considering before submitting your claims. If you have any doubts, post it in the comments section. If you like the article, get free email updates.

Mediclaim Reimbursement Checklist

1. Check whether You have discharge summary and other related medical documents from the hospital. Please make sure that you got all the documents before leaving the hospital.
2. Take the xerox copy of all the original bills and prescription. It may need in the future.
3. Check whether you have the signature of doctor or official stamp on the documents before submitting to the claim processing.
4. It is necessary to submit the prescription along with bills. Make sure that prescription has patient name and doctor name.
5. If it is an accident, then they will require the FIR to process the claim.

Summary

I hope this article will be useful to check the required documents before submitting the medical insurance claims. There may be any other required proofs, depends on the other factors. If you come across any thing, please post it in the comments section. Thank you for reading this article!!!

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In this article I will be writing about the tax savings through health insurance policies. Under section 80 D, one can claim the tax benefits for his medical insurance premium. All the medical insurance premiums applicable under the tax deduction.

Tax Planning for 2009

1. Section 80 D

The deduction will be shown under Section 80 D

2. Who are eligible?

All individuals and HUFs (Hindu Undivided Families) are eligible for this deduction. The amount must have been paid using the taxpayer’s income chargeable to tax.

3. Eligible Deduction

Maximum deduction available is Rs.15000 for self, spouse and the dependent children. For the senior citizen parents it will be added another Rs.5000. If the amount paid is for a senior citizen, then one can claim an additional exemption of Rs.5,000.

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