Wednesday, 31 January 2018

What Are The Best Critical Illness Insurance Plans In India?

Billions of people live in India who suffer from some illness. Most have health insurance which covers their need. Critical illness is something for which one should get best vital illness insurance.

Critical illness policy and health insurance policy is not the same thing. This is something which confuses many people. It is something which is where one should be clear about what these are in detail.

One should have a policy for critical illness. It may occur any time which is fatal in nature. One should have this policy even if one has a health insurance.

Critical Illness May Occur Any Moment

To understand the insurance for critical illness, one needs to know about dangerous illness first. Critical illness is life-changing for a person. It is a health condition which affects one's lifestyle.

This type of sickness requires one to spend a great deal of money for treatment. It also may make a person lose their job. Such illness creates a disturbance in the peaceful life of a person.

To have financial protection if such thing appears, the best critical illness insurance is a must buy.  Having it is a way to be safe in life.

Basically, it covers life-threatening illness like permanent paralysis, tumor, etc. One should compare and get the plan for a critical illness which includes the maximum ground. 

Benefits Of Having Critical Sickness Insurance

You will not know when a critical disease may attack you. So to prevent from getting financially depleted one should have best vital illness insurance. There are a lot of benefits which at that time one would require.

A person might suffer from a critical condition anytime. The scheme for critical illness will help the insurer to get a lump sum amount. This is the best part of this insurance.

When going through such events, a lump sum amount is always helpful. This way one gets to spend the money in the way they see fit. This is why this insurance is vital.

Policy For Critical Insurance Covers A Few Illness

The best critical illness insurance will cover some of the medical issues. One should go through the plans in order to know the illness it will include. Some problems which are 

covered under this are:

     Particular Cancer of severe nature
     First severe heart attack
     Limbs permanently paralyzed
     Bone marrow or major organ transplant
     Replacement of heart or repairing heart valves
     Regular dialysis needed for kidney failure
     Liver or lung disease last stage
     Strokes which develops permanent symptoms

Only a few are mentioned here. There are some more which are covered under best critical sickness plans. Many plans include 4 to 5 time the yearly income.

General Waiting Period of 90 Days

There is always a waiting period before the best critical illness insurance kicks in. Most companies have 90 days waiting period. So any significant illness occurring in the waiting period is not covered. 

This is why one should get excellent critical sickness insurance long before anything happens. Once the coverage activates, one can have financial support if something happens. A good policy will cover the maximum grounds after the waiting period. 

Vital Benefits Of Critical Illness Insurance

One of the most critical benefits is that if one has such insurance, it helps him financially. Since a lump sum amount is given, it will cover medical bills and other expenses. The best critical illness insurance provides everything if one is diagnosed with it.
The amount which is given to insurer also includes the caring cost. In such scenarios, cost care is high. This is why the coverage amount consists of that too.

Free Check Up And Tax Benefits

Having an ultimate policy for critical insurance will provide you with free checkups. Health checkups are essential to prevent such severe condition. 
Having this policy also benefit a person in taxation. Under the 80D section, one receives tax benefits.

Having The Best Critical Condition Policy

To have the best critical illness insurance policy, you need to compare and choose the right one. The correct one will have:

     A prominent coverage, almost 4 to 5 times the yearly income
     The waiting period for the policy to activate and premium should be low
     The number of disease or illness covered should be high
     Age of renewability should be as high as possible

The best policy for critical conditions will have all the things mentioned. This is the most suitable plan for all.

There are many reasons as to why one should get such a plan. With a fast-paced life, one doesn't know when the need for best critical condition plan would arise.

Thus one should not get a plan blindly. One should purchase it only after going through and comparing different plans. It will help you have the best critical illness insurance.  

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Perks of One Buying Health Insurance Plans If GOP's Plan Pass

Health care is a perk which every one employee in the world wants. It is mandatory for most corporate places to offer healthcare to their employees. Various health insurance plans are provided to the employees by the employers. 
A number of companies have started to eliminate health care plans already. The number keeps going down. But in recent times due to GOP's plan, this benefit can come to an end.

Employer-Sponsored Health Insurance Plans

Health insurance policies which are paid by business organizations for their employees. It is a part of the benefits package for all employees. Most policies in the United States which are non-government based on the employment.

Most large employers in the USA offer their employees, group insurance. A significant contribution is made to cover the cost of insurance. A considerable portion is paid by the company around 85%, and the remaining rest fraction is paid by employees.
Providing health benefits to the employees is an excellent way to attract good employees. Other than that it favors the employers when it comes to paying taxes. But such plans cost a lot as life insurance coverage rises every year.

Since there is a chance of GOP’s plan might pass, one should look out for themselves. It might not be bad if employers provide stipend free of tax. This can be used to buy health benefits.

Buying Health Benefit On Your Own

There are several benefits of purchasing one's healthcare. An individual can choose to buy a health care which suits them best and their family. One would exactly know all the advantages of having the healthcare.

There are various advantages of this which are laid below in detail. It will help one understand the importance of having policies for health benefits. It also discusses why getting one on your own is not such a bad idea.

Medical Cost Rising Every Year

Each year the medical cost keeps increasing. So having proper insurance for health is a must. When a person needs it provides the financial security when chosen a correct policy.
So if one can choose their health benefit on their own, it would be best. It would allow one to select the company which would fill all their requirement. Buying health insurance in a group which employers do might not be best.

One can buy insurance with particular specifications which their family members need. Unnecessary conditions can be omitted. A perfect health insurance scheme can be chosen for getting maximum benefits. 

Medical History in Family Matters

Family medical history has to be kept in mind when opting for a healthcare plan. One can decide on the policy by keeping this in mind. This benefit is not available when it comes to group plans provided by employers.

Many individual’s family members suffer from serious illness. A lot is spent on such a family member’s medical bills. To avoid any financial problem when paying bills getting an appropriate policy is advisable.

Health insurance will cover such things and provide a peace of mind. Without having to worry about payments, one can work better.

Get Tax Benefits and Protect Finances

Finances can be protected if a person has health care. Any moment the need for medical assistance can rise. In times like this having healthcare insurance will protect one from the loss of finances.

It not only will protect the finances but also provide tax benefits to people. Pre-defined tax benefits can be enjoyed by an insured person.  Such tax benefits are available to employers who offer group health plans but not all employees.

So getting the chance of buying a policy because of GOP’s plan might not be wrong. These benefits sound like a right way to go.

Selecting Healthcare Plans From a Suitable Company

Various companies in the market offer health care plans. When the choice is given for choosing one, one will want the best for themselves. This is not possible when your employer decides the group health care from one company.

This will give one the freedom which the employees don’t possess now. And when this freedom is provided a reasonable outcome should be the result.

More Options Will Rise For People

If the GOP’s plan is successful then in the health insurance market new policies will be added. Addendums will be added to existing policies to attract more customers. A number of benefits will rise.

Premiums for health insurance will be affordable by all. Customization of premiums may be available which would make payments more manageable. These are some benefits which are imagined at this stage. 

Things discussed above are a speculation of things which should happen if GOP's plan succeed. One should know what will change due to these policies by GOP. To know about the health insurance plan one have to wait to see which side the pointer goes.

Wednesday, 24 January 2018

How third Party Liability Car Insurance works

We live in busy times, with commuters pressed for time continually struggling to gain pace on increasingly jam-packed roads. It’s that all too familiar recipe for disaster we’ve all caught a whiff off at some point and that we hope we never have to taste. But let’s be real, road accidents have become as familiar an occurrence as traffic jams, and so it’s best to be prepared for the worst-case scenario. That’s where Third Party Liability Car Insurance comes in. Also referred to as ‘act only cover’ and ‘motor third party insurance,’ third party insurance is a risk cover enacted as a mandate by the Motor Vehicle Act of India. Just having third party insurance, however, is little use unless you’re aware of all it encompasses and serves you with. Here is all you should know about third-party liability car insurance…

What Third Party Liability insurance for cars actually means

As the name suggests, a third party insurance policy provides cover to the insured person against claims of losses made by a third party that the insured person’s car has been in an accident with. This type of insurance, depending upon the clauses involved, may or may not cover for both bodily harm and loss of property. Note that the insured person is responsible for losses incurred by him and gets no cover for the same from the insurance company, irrespective of how they came to be.

How Third Party Liability insurance for cars works

Think of two cars that have the misfortune of being involved in an accident wherein the driver/passenger in car B suffers physical injury or damage to property and decides to press charges against the driver/owner of car A. In this scenario, the third party liability car insurance held by the driver/owner of car A would secure him/her against the legal responsibility for the accident. So, all that the insured is effectively required to do is to claim his insurance. Once the application for claiming compensation for the damages incurred has been made, an FIR needs to be filed with the designated police station, providing all documents the process requires. A case is then registered with the Motor Accidents Claims Tribunal. Insurance Regulatory and Development Authority of India (IRDA) decides on the amount to be compensated. Once the court delivers its verdict, the insurance company will repay that full sum to the victim.

How to claim your Third Party Liability car insurance

       Every insurance company will tell you to reach out to them at the earliest possible hour and inform their representatives about the accident that you’ve been involved in. You can call up the company’s customer care as soon as you are able to and make them aware of the incident and its particulars.
       Once the FIR has been lodged by the third party and their demand for compensation has been documented, the insurance company gets notified of the same. On receiving a court summons, the officials from the insurance company will usually get in touch with you to share the details of the claim settlement.
       At this point, the insurance company will likely ask you to provide them with the claim form along with other documents that they require to process the claim further.
       Most insurance companies now offer their customers the facility to register their claims online. All you have to do is go to the company’s website and enter details like name and policy number to raise a claim.

Things to consider when buying Third Party car insurance

Go through the policy details and make sure you have a clear understanding of what the policy will cover. Your policy should include the following:
       Damage caused to the third party’s property.
       The bodily harm suffered by the third party.
       The accidental death of the third party.
       Permanent disability or death of the driver/owner of the insured car.

Third Party Liability Insurance or Comprehensive Car Insurance?

Comprehensive car insurance, compared to third party liability insurance, provides widely extensive coverage, including accidental cover for the insured, damage caused by human acts like vandalism and theft, as well as natural calamities like floods, storms, and earthquakes. But since third party car insurance is a mandate, a lot of car owners remain oblivious to additional benefits they can claim with the broader coverage of a comprehensive insurance plan. The premium for comprehensive car insurance is considerably higher than that in case of third party insurance and should be one of the significant points of consideration when buying or renewing car insurance. The commercial value of your vehicle should be the deciding factor here. If you drive an aged, low-value vehicle, sticking with third-party liability insurance is a good move. Those with new, high-value expensive cars, on the other hand, will be better placed opting for a comprehensive car insurance plan.

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Star vs Apollo Munich Health Insurance

Today, uncertainties and unforeseen situations make it necessary for all of us to buy a good and comprehensive health insurance plan for ourselves and our family. So are you searching for a health ins plan in the market? This article comprises of a comparison of some vital features and benefits offered by Star Health Mediclaim Policy and Apollo Health Ins Plans.

Choices Everywhere! How Do You Choose Your Health Ins Plan?

The world is full of choices when we talk about health ins plans. Competition within the products enables buyers to choose the best product depending on their needs. All of these products provide various benefits and coverage options. Even then, why is it necessary for you to compare health ins plans?

Price, inclusions, coverage, benefits, etc. are vital aspects while choosing the best health ins plan. Along with the features, your requirement is also significant while making a choice. When you match your needs, go through the product reviews and gather the necessary information, you should be able to choose the plan to be purchased.

Which Options Do You Have For Health Ins Plans?

As mentioned earlier, there are many. But some of the most popular ones are,

      Star Health Mediclaim Policy
      Apollo Health Ins Plans
      Max Bupa
      Religare Health Insurance
      Cigna TTK Prohealth Protect Plan
      Oriental Happy Family Floated Health Plan
      Star Health Mediclassic Insurance Policy and many more.

Remember, each one of the above plans in the market offers a USP. It could be low premium, low claim processing time, etc. One should not be confused with the options or the USP. Instead, if required, make an apple to apple comparison and then take a wise decision.

Comparison of Star Health Mediclaim Policy vs Apollo Munich Health Ins Plans

Now, we will be comparing the comprehensive health ins plan offered by Star Health Mediclaim policy and, Easy Health and Optima Restore plan offered by Apollo Health Ins Plans.

Benefits of the Plan
Insurance Provider

Star Health Mediclaim Policy
Apollo Health Ins Plans

Comprehensive Health Insurance
Easy Health
Optima Restore
Policy Term
1 Year
1 Year/ 2 Years
1 Year/ 2 Years
Sum Insured Option

2 Lakhs INR to 25 Lakhs INR

2 Lakhs INR to 10 Lakhs INR

2 Lakhs INR to 25 Lakhs INR

Eligibility Criteria

Three months to 65 Years

Three Months to 60 Years

Three Months to 60 Years

In-Patient Treatment

Covered up to the sum insured

Covered up to the sum insured

Covered up to the sum insured

Renewal Coverage

Whole life renewal

Whole life renewal

Whole life renewal

Pre Hospitalization

30 Days

30 Days (60 Days, provided, the insured person intimates 5 days in advance before getting hospitalized)

60 Days

Post Hospitalization

60 Days

60 Days (90 Days, provided, the insured person intimates 5 days in advance before getting hospitalized)

180 Days

Home Care


Covered up to the sum insured

Covered up to the sum insured

Emergency Ambulance Service

5 lakhs sum insured –2000 INR
7.5 lakhs sum insured –3000 INR
10 lakhs sum insured –3500 INR
15 lakhs sum insured –4000 INR
20 lakhs sum insured –4500 INR
25 lakhs sum insured –5000 INR
Up to 2000 INR per hospitalization
Up to 2000 INR per hospitalization
Organ Donor Cost
Not covered
Covered up to the sum insured
Covered up to the sum insured
Dental Treatment
Not covered
Not covered
Day Care Procedures
Coverage for 101-day care procedures
Coverage for 140-day care procedures
Coverage for 140-day care procedures
Ayush Benefit
Not covered
Not covered
Benefits of Maternity
Delivery charges are covered after 3 years
Covered after 6 years
Not covered
Daily Cash For Accompanying the Insured Person
5 lakhs sum insured: 500 INR
7.5 lakhs sum insured: 750 INR
10 lakhs sum insured: 750 INR
15 lakhs sum insured: 1000 INR
20 lakhs sum insured: 1000 INR
25 lakhs sum insured: 1500 INR
For an insured child
Easy Health Exclusive
3,4,5 lakhs sum insured : 300 INR per day, maximum 9000 INR

7.50 lakhs sum insured : 500 INR per day, maximum 15000 INR

Easy Health Premium
4,5 lakhs sum insured : 300 INR per day, maximum 9000 INR

7.50 lakhs sum insured : 500 INR per day, maximum 15000 INR
Not covered
Health Check-Up
Covered after three years
Covered after four years
Not covered
Vaccination (In case of post-bite treatment)
Not covered
Not covered
Not covered
Daily Allowance – Hospital
Per day 1500 INR up to 7 days
Not covered
Not covered
Coverage for pre-existing diseases
Coverage rendered after a continuous renewal for 4 years
Coverage rendered after a continuous renewal for 3 years
Coverage rendered after a continuous renewal for 3 years
General waiting time
30 days
30 days
30 days
Restore Benefit
100% - after exhaustion of the sum insured
Cumulative Bonus
10% cumulative bonus for each claim free year accumulating up to 50%
Sub-limits – inpatient treatment
Covered up to sum insured
Covered up to sum insured
Covered up to sum insured
10% of each claim made by insured people who are above the age of 60 at the entry level
No copay
No copay
Claims Loading
Tax Benefit Limit
15000 INR
For senior citizens (above 60 years of age) – 20000 INR
15000 INR
For senior citizens (above 60 years of age) – 20000 INR
15000 INR
For senior citizens (above 60 years of age) – 20000 INR
Newborn Baby Cover
5 lakhs sum insured: 50,000 INR
7.5 lakhs sum insured: 1,00,000 INR
10 lakhs sum insured: 1,00,000 INR
15 lakhs sum insured: 1,00,000 INR
20 lakhs sum insured: 1,00,000 INR
25 lakhs sum insured: 1,00,000 INR
Newborn baby from the age of 1-90 days.

Are Health Insurance Reviews As Well Important?

Yes, checking reviews also are necessary. Reviews help you with an understanding of the way the product is faring in the market. Besides, customer comments also help you in knowing remarks, bouquets, and brickbats associated with the health ins plan that you wish to buy.

Apollo Health Ins Plans Reviews

Apollo Munich offers a wide range of health ins plans. Overall, a couple of plans such as Apollo Munich Easy Health std Plan and Apollo Munich Easy Health Excl Plan have rated 5 stars. Apollo Munich Easy Health Prem. Plan, on the other hand, has rated 3 stars.

Given the fact that there are many other choices in the market, to know about other health ins plans when compared with Star Health Mediclaim Policy and Apollo Health Ins Plans, try comparing max Bupa vs Star Health vs Apollo Munich. Along with this, you may also compare Apollo Munich vs Religare Health Insurance and Star Health vs National Insurance.

I have compared most of the inclusions of Star Health Mediclaim Policy, and Apollo Health Insurance Plans by the above chart. But, for any questions or technical understanding of any term, it is better to visit health insurance expert and have the doubts clarified. Consulting a health insurance expert will also help make you a decision on opting for the most appropriate health ins plan suiting your needs.

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