What Is The Difference between Health Insurance and Mediclaim?

Most of us tend to use the terms mediclaim and health insurance interchangeably. However, they are not the same. Mediclaim policies in India refer to the hospitalization expenses only whereas a health insurance or a medical insurance plan extends beyond the cost of hospital expenses.

What Is The Difference Between Health Insurance And Mediclaim?

Health insurance plans are widely ignored in India. However, growing cases of lifestyle diseases, rising medical costs, critical illness etc. have made it mandatory to have a health care plan for each and every member of the family in order to secure their future.

On the other hand, mediclaim policies in India have a particularly different scenario. Mediclaim coverage is offered for specific limit only which can engulf the cost of hospitalization, treatment for unfortunate accidents and pre-existing illnesses which were declared initially.

Salient Feature Of Mediclaim Policies In India

Mediclaim policies in India focus on settling the hospital bills incurred as a part of the treatment. The claim process is broadly categorised into a cashless process and regular reimbursement methods. A cashless process ensures that if you choose a hospital that is a partner with the insurer, they become liable to pay the entire cost incurred during the hospitalization. But it is limited to a definite sum only.

Reimbursement plans for mediclaim policies in India, however, require you to produce bills, receipts, documents etc. in order to make you eligible for the claim. The insurer can process the claim only after thoroughly scrutinizing the original documents submitted by the insured.

However, there are a couple of constraints that come along with the mediclaim policies.

1)    Before you choose a mediclaim for family or yourself, it is essential to check the efficacy of the plan. This can be achieved by pitting a single plan that one finds affordable against other available plans.

2)    The mediclaim policy cannot be extended to the family members in case of an unfortunate death of the policyholder. However, individual mediclaim policies in India offer coverage to the insurance holder based on several factors.

3)    Experts usually recommend that the buyer picks specific mediclaim policies in India which offer a renewal policy up to the maximum age. Early purchase of a mediclaim plan can later help you in acquiring benefits in the form of lower waiting periods and in some cases even lower premium amounts.

4)    Most mediclaim plans cover pre-existing diseases only after a certain duration of the policy commencement. Nevertheless, an informed decision in terms of choosing a mediclaim can help you cover the pre-existing diseases as well.

Features of Health Insurance in India

Healthcare plans, on the other hand, are designed effectively to cover an individual in case of any medical emergency. Be it a regular health check-up or a serious and critical illness such as heart attack, cancer, paralysis or even kidney failure, an efficaciously designed healthcare plan can do wonders.

 There are multiple benefits of having a health insurance plan in place. Let’s have a look:

1)    Hospitalization costs are covered for a maximum period of 60 days from the day of admission.

2)    Insured person becomes eligible for a no claim bonus at the end of an annual year in case they have not claimed any insurance.

3)    Section 80D of the Income Tax Act provides tax benefits for a maximum premium value of 25000 INR.

4)    Health care plans do not depend on network hospitals. The insured can produce the policy number during admission, and the insurer becomes liable to pay the entire cost of hospitalization.

5)    Unlike mediclaim policies, a health care plan can cover all members of the family under one single plan.

Popular Health Insurance and Mediclaim Plans in India

Comparing health insurance plans and mediclaim policies is a cake walk nowadays. With facilities available online, users can key in a few factors that suit their parameters to find out the plans that they are comfortable with.

1)    United India Health Insurance Plan

One of the leading healthcare providers in the country, United India Health Insurance plans have various attractive features which make it worthwhile. The most basic features include:

•          It offers a higher sum of insurance that is capped at ten lakhs
•          Offers cashless facilities across 7000+ hospitals in India
•          No claim discount bonuses are applicable for a period of three consequent years.
•          Comprehensive plan that offers to cover the entire family along with dependent children, hospitalization expenses, etc
•          The premium paid also attracts tax rebates

2)    National insurance Mediclaim policy

One of the oldest and largest insurance providers, National Insurance Mediclaim policy, is customer-centric. The features include the following:

•         Hospitalization expenses up to a total of 60 days
•          Discounts on premium if the insured crosses a claim free year
•          Ambulance expenses up to 1000 INR
•        Benefits pertaining to critical illnesses, vaccinations, treatment for infertility, maternity coverage etc.

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7 Variants of Health Insurance Policies You Should Know

Have you ever wondered what your life would be without health insurance plan? You can’t, right? Life without health insurance is unimaginable. Having life insurance gives you that confidence by providing coverage in case of medical emergencies. Bharti AXA health insurance plans offer optimum insurance coverage so that your insurance needs are fulfilled.

When our physical activity is limited, we are exposed to develop various illnesses.  While most of the illnesses are curable, the medical expenses can burn a hole in our pocket. Our medical insurance needs are different so are the health insurance plans.

Here are the 7 types of health insurance. 

1.       Individual Health Policy

It is the most basic version of a health policy. It caters to an individual, as the name suggests. The insurance premium differs on the basis of the amount insured. For instance, a family having 5 family members, all the members can be covered on an individual basis for Rs. 3 lakh. In case of any medical emergency can claim hospitalization expenses up to the limit of Rs. 3 lakh specifically.

2.       Family Floater Policy

In a family floater plan, the coverage is offered to a family rather than individuals. The insured family shares the sum insured. Going by the example mentioned above, in case a family member is hospitalized and the incurred expenditure is of Rs. 6 lakhs, and then the coverage for the rest of the year will be Rs. 6 lakhs.

3.       Top-ups

Higher the health insurance covers are, higher the insurance premium is. At times, the adequate insurance coverage is above and beyond a common man’s budget. Top-ups enhance your insurance cover without any hike in your insurance premium. Top-ups are the covers that cover hospitalization charges, but it comes with a deductible.

4.       Critical Illness Policy 

Treatment for certain illnesses such as cancer can wash off your savings. It is followed by the inability to work which means one can’t go to work in order to earn some money. In critical illnesses, the basic insurance plan’s insurance coverage is not enough. Critical illness policies are formulated especially to meet such insurance needs. These are the plans that come with a fixed benefit that provides you a higher sum-assured in case you’re diagnosed with the policy listed illnesses.

5.       Unit Linked Medical Policy 

 The combo plans are one of the latest trends. Unit-linked health insurance policies are a combination of a unit-linked insurance policy and mediclaim. The insurance buyers have to pay the insurance premium and a partial amount is invested that fetches returns on investment and rest of the premium is paid towards the health insurance.

6.       Health Saver Policy 

 Health saver policies are like unit linked health policies. As per this policy, a partial premium amount goes towards the health coverage and the remaining part is invested in an investment or in a savings account. The biggest benefit of this policy is the savings part that can be used for the uninsured part of the hospitalization such as doctor’s consultation fee.

7.       Surgical benefit Policy

 The sky-rocketing expenses of surgeries can exhaust your insured amount, that it makes inefficient to cover your remaining (if any) medical charges. In such times, surgical benefit policies are of great help. The amount payable for surgeries is decided on the basis of your selected initial daily benefit.

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Oriental Mediclaim Insurance Policy: Everything You Need to Know

Oriental Insurance is one of the pathfinders in ensuring smooth conduct of the insurance business in India. The company has continuously been recognised among the pioneering insurance companies due to excellent service and motivated workforce.

Among various insurance products offered by the company, Oriental insurance mediclaim is worth buying. Named as Oriental Individual Mediclaim Policy, it is similar to health insurance plans that provide coverage to the policyholder in case of hospitalisation.

Highlights of Oriental Individual Mediclaim Plan

• ·         Individual between 18 to 80 years is eligible to buy this mediclaim policy
• ·         Company offers 10% discount on enrolling for more than two members
• ·         In case you buy the plan before the age of 45, an additional 5% discount on renewal will be offered.
• ·         Pre-policy health check-up is applicable only after the policyholders enters the age of 45.

Oriental Individual Mediclaim Insurance: Policy Detail

Entry Age	Number of Members Covered	Sum Insured	Policy Period	Pre-policy Medical Check up	Discount
Children- 91 days	Maximum members- 7	Rs. 50,000 to Rs. 5,00,000	1 year	If the insurance seeker is more than 45 years old.	10% family discount
Adult- from 18 years to maximum 65 years	Maximum adults- 4
	Maximum children- 4

Policy Coverage and Benefits

• ·         Day-care Treatment:  Day-care treatment is offered for the surgical process conducted using local or general that doesn’t require 24 hours of hospitalisation owing to technically advanced healthcare facilities.
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• ·         Pre-hospitalisation: The insurer will reimburse you for the medical expenses used before the policyholder is hospitalised up to 30 days. This is applicable only after the insurance company accepts the claim for in-patient hospitalisation
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• ·         Post-hospitalisation: This facility covers medical expenses immediately after the insured discharged from the hospital. One can avail this benefit only with an approved in-patient hospitalisation claim by the insurer. Medical expenses up to 60 days are covered.
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• ·         Home hospitalisation: The insured can claim for the expenses incurred towards a treatment availed at home, however, insurer applies its terms and conditions accordingly.
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• ·         Emergency Ambulance Cover: Coverage of around Rs. 2000 or 1% of the sum insured is offered towards emergency ambulance expenses under this plan.
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• ·         Dental Treatment: Any dental treatment owing to an accident is covered.

Is There Any Free-look Period?

Yes, the free-look period facility is there. In case, whatever the reason, you decide not to continue with the policy, you can surrender the same and request the insurer for a refund within 15 days from the policy initiation date.

Other Conditions:

• ·         Treatment for some specific illness like Cataract, Myomectomy for Fibroids, Hysterectomy is covered only after 24 months.
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• ·         The policyholder can claim for ant pre-existing illness only after 48 months from the policy start date.
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• ·         A cooling period of 30 days is applicable on every claim except that arises out of accidental injuries.

Permanent Exclusions

The insurer will not accept any claim under this plan arising from below conditions:

• ·         Intentional injury like suicide attempt
• ·         Symptoms of illness occurs within 30 days of the policy tenure
• ·         Any injury under the influence of alcohol or drug
• ·         AIDS-related claim
• ·         Maternity, childbirth, miscarriage, abortion etc.
• ·         Congenital disease
• ·         infertility and in vitro fertilization.
• ·         hospitalization out of war, riot, strike and nuclear weapons

Well, considering the facilities offered by this plan and reviewing the present scenario when healthcare expenses are sky-high, having a mediclaim plan is imperative. However, one has to be careful at the time of purchasing a plan. If talking about oriental medcliam insurance, it doesn’t cover lifelong renewability and no claim bonus.  Also, the insured will have to serve a waiting period of 4 years to along with sub-limits pre-decided on room rent & ICU. But on a brighter side, it covers some decent benefits including family discount that is alluring. We suggest, always compare the plans online and only take the one that meets your requirement.

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Are You Opting for Right Health Insurance? Here’re the Things to Consider

Health insurance is imperative these days, but, does this mean you purchase anything that goes off as health insurance or you club several policies? Certainly not! As per the experts say, one must aspire for a health insurance portfolio with basic health coverage that includes hospitalisation or medical expenses, a top-up policy to complement the existing coverage, a critical illness rider to support you financially in case a severe medical condition is diagnosed that demands immediate treatment or to bear the other expenses when you are no more the bread-winner of the family. 

However, it is advisable to carefully compare health insurance plans on parameters such as the inclusion of critical illness, pre-existing illness or accidental cover before zeroing in on something.

Now, you’re wondering how to do this, right? Start with this:

Decide the Basic Cover

Also known as indemnity policy, it pays for hospitalisation costs including pre and post-hospitalisation expenses. Always try to buy a policy with fewer restrictions, even if the sum insured is small. Insurers pose restrictions on sub-limit, room rents, some specific health conditions, waiting period, co-payment, that may impact adversely at the time of claim. As long as it is affordable, ignore these.

Also, try to avoid add-ons that you actually don’t need. It will help reduce your premium rate. One can avoid consumer-specific add-on like OPD (out-patient department). The benefits offer under this rider are still insufficient as the premium cost is close to the benefit offered. By not adding this you can save something.

Go For Family Floater

Buying separate health insurance plans for each family member doesn’t make sense. We’re sure, you’ll look for a plan that covers you and your entire family, right? Here comes the Family Floater plan in the picture. These plans are cost-effective. It covers entire family under a single plan on the payment of single premium. Whenever a claim is made, the sum insured reduces for the rest of the members. Keeping this in mind, most of the insurers offer to restore benefit-where sum insured can be restored even after a claim is made. This feature makes the plan meaningful and approachable. However, we suggest buying a separate health plan for your elderly parents with pre-existing illness. Because, after the age of 60, the premium costs increases and there are specific health plans designed for senior citizens, that one can avail at a cheaper rate.

Consider a Top-up Policy

Consider adding a top-up policy with your regular health insurance plan. It is a regular indemnity plan that pays for hospitalisation expenses but only after a

You can use a top-up policy to be adequately insured. A top-up is a regular indemnity plan that covers hospitalization costs but only after applying the deductible amount, at the time of claim. So, it is beneficial if you use your regular health insurance plan to make a claim up to the deductible amount and beyond that use your top-up plan to cover the excess amount. This feature makes this plan cheaper, as higher the deductible, cheaper the top-up plan.

Add Critical Illness Cover

Take a moment to think what happen to your family if a critical illness leaves you unable to earn the income anymore? But, if you won a defined benefit policy, you can remain stress-free. A critical illness rider is the best option in such cases that pay lump-sum towards a diagnosis of a critical sickness. While medical rates are sky-rocketing, big concerns are cancer, heart-related illness, liver condition, kidney failure, coma, sclerosis etc. Make sure your critical illness plan provides assistance for these ailments.

We don’t deny that buying health insurance is vital, but what goes parallel is to ensure that there is no surprise at the time you make any claim. Remember, health insurance always comes with a pre-determined waiting period for pre-existing illness. Any claim arises due to these during the waiting period will surely not be accepted by the insurer. Also, at the time of taking up a plan, take the advantage to get a full health check-up done. This has a twofold benefit. Firstly, you will be sure about your health condition and secondly, there will be no confrontation on the pre-existing ailment, if any.

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General Insurance to Deal Life's Uncertainties

Life is full of exhilaration and risks at the same time. Some unforeseen situations and uncertainties can sometimes put you down. If you want to safeguard your belongings like your car, two wheeler, home, then, buying a general insurance policy is a great option to cover the financial loss. Financial loss arising out of natural calamities, accidents, casualties apart from death, legal actions and thefts, are also covered under various general insurance policies. As per your requirements, try to look for the relevant insurance policy which gives you the necessary cover. To start with you can check out plans from L&T General Insurance Company. Unlike a life insurance policy which is valid for long term, general insurance is based on yearly renewal. The risks which are not covered in life insurance are covered under this.

Type of General Insurance Policies to Cover Other Diverse Assets:

1. Health Insurance - Due to sedentary lifestyle, buying a health insurance has become inevitable for everyone. A mediclaim policy would provide you cover from hospitalization expenses and also expenses churning out diagnostic or screening tests before the medical treatment. Once you have assessed the inclusions and benefits, coverages and premium you can pick the policy which meets the requirement of you and your family.

2. Motor Insurance - There are many benefits of buying motor insurance including risk cover from accidents, unforeseen damages, theft and natural disasters. You get cashless services at company service centers, free assistance on road if your car gets stuck somewhere, towing support and likewise. You can also buy a third party cover for your car or two wheeler insurance, in this case your vehicle will be covered for risks damages caused by the third party or the other vehicle.

3. Travel Insurance - Worried about flight delays, baggage loss, hijack distress, medical emergencies, natural calamities or any other uncertainties? Do not fret, simply buy travel insurance from L&T General Insurance Company to safeguard any travel related risks. There is a travel insurance plan for all – be it for international or domestic travel, travel for family, students or senior citizens. While planning your next vacation, do remember to buy a travel insurance for both leisure or business travel.

4. Home Insurance - It’s easier to secure your home against any man-made or natural catastrophes with a home insurance policy. You find your home to be the most peaceful and serene place, especially after a hectic day at work, home is the place to be! Under situations like fire, theft, flood, strike, riots, burglary and so on. You can checkout insta home insurance, primary home insurance, and premium home insurance and super home insurance.

5. Commercial Insurance - For business related risk cover, businessmen and owners of big enterprise always prefer to stay secure by buying a commercial insurance. It offers insurance cover to different business related requirements for different industries including - aviation, telecom, infrastructure, property, marine, pharmaceuticals, energy and so on. In events of burglary, machinery breakdown, housebreaking, risk arising from contractor’s end, the insurer would bear the financial loss.

There are an array of general insurance products like corporate insurance, crop insurance for farmers, fire insurance, property insurance and likewise. Life is uncertain and so are risks, so it is advisable that you get most if it secured with a general insurance policy. For a hassle free execution and easy claim, you can checkout different policies online which meet your needs. It’s always better to compare quotes from 3-4 insurance service providers and then zero down on one, working best for you.

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Which Is The Best Car Insurance Company In India?

Purchasing a car is still a big deal in India. Let alone the time and effort a common man invests in buying the best suitable four-wheeler for his family; a first-time buy is always overwhelming.

Car insurance is a non-optional and tends to be a legal compulsion. But which car insurance do you opt for- third party car insurance or the one that an auto-maker offers?

Why Third Party Car Insurance?

Most of the leading car manufacturers offer an in-house deal for car insurance. But an option is always preferred. Therefore, dealers and auto-makers offer a third party car insurance for the buyers. Having the convenience of choosing insurance gives the customer an upper hand. They can compare the various policies on offer by various banks and finance firms, thereby making an informed decision.

What Is A Third Party Insurance Plan?

A third party car insurance ensures that the best interests of your vehicle are protected at all times. Be it an accidental damage, loss of your vehicle due to natural or man-made causes et al., third party car insurance makes the insurance company liable to recover and pay for the causes. Choosing a proper package that offers the best deals for your vehicle is essential. A third party car insurance ensures that the premium you pay for the plan is within your budget without costing you a leg and an arm.

What Is Not Covered?

However, a third party car insurance company is not liable to pay the insurance holder any damage claims in case of accidents caused due to drivers’ carelessness or theft. Third party car insurance can be purchased online and can be ported to other insurance offering firms as well. A simple call to the insurer can initiate the settlement process. Proceed to the nearest office with the documents and other proofs to incur that final settlement.

Which Is Best Plan?

The internet is flooded with a plethora of options which claim to be the best third-party car insurance firm. But which one do you choose? Which one is the best? Let’s find out.

1)    ICICI Lombard Motor Insurance

Ranked the best by customers all across the country, ICICI Lombard Motor Insurance takes the cake. With a comprehensive and detailed policy curated by the top-notch insurer, it boats of settling close to 72 billion INR in claims alone in the past few years. The plan offers the following features and benefits:

·         Zero depreciation cover.

·         No claim bonus as a part of third party car insurance.

·         Garage cash cover daily allowance for each day the car stays in the garage be it for service or repair

·         Round the clock roadside assistance

·         Cashless services across more than 3500+ network garages.

·         Additional 2.5% discount on cars protected by the Automobile Research Association of India for anti-theft protection.

·         Online purchase and renewal benefits for customers all over the country.

2)    TATA AIG Car Insurance

TATA has been a pioneer in the car industry. It didn’t come as a surprise when they ventured into the insurance business with AIG for insurances as well. With multiple key benefits and features, it is one of the most chosen plans by major premium customers.

·         Protects your vehicle across the country irrespective of plan purchase location.

·         Add-on cover facility to provide extra protection to the vehicle.

·         All wear and tear damages claimed can be availed for three years from the date of insurance purchase.

·         A fixed sum is paid to the customer for hired cars when the vehicle insured has been stolen or is under repair in any of the service stations. Repair time of up to 3 days attracts policy coverage.

·         Emergency coverage in case the vehicle becomes immobile due to unforeseen circumstances. The third party car insurance bears the cost of overnight stay, taxi fares of up to 25000 INR.

3)    Bajaj Allianz Car Insurance

Bajaj Allianz Car Insurance has a liability only motor insurance which is extended to commercial vehicles such as trucks, passenger vehicles (both public and private), and other special vehicles. With the generic features of a third party car insurance plan, customers can pay an additional premium to obtain the below benefits:

·         An extension with respect to the geographical coverage

·         Personal accidental coverage for the drivers and conductors of the operating vehicles.

·         CNG/LPG vehicles can also be covered under a liability only plan.

·         Liabilities cover for legal matters for those who undertake the maintenance and operational activities of the insured vehicle.

A car or a commercial vehicle can be for your private use or even a source of your livelihood. Therefore, it is essential that customers choose a auto insurance plan which offers the best benefits. Third party car insurance can only protect you against optional liabilities. However, a complete packaged offer with the additional features of a third party car 

insurance can set your vehicle up for a long time.

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Best Health Insurance Plans For Young Couples

It can be a little complicated when you are trying to decide on a health insurance plan for yourself. With so many health insurance plans available for the young couples, it can get a little daunting to choose one from the many available.

Many health insurance schemes like L&T health insurance offer you many benefits and what best suits you and your partner's requirements needs to be listed down first before you buy a health insurance plan.

The health industry has its own set of jargons, and most of us are not familiar with the terms. These jargons are used in the health insurance plans which is bound to leave you all messed up. There are also plans like L&T health insurance that give you various options to choose from.

You could pay a big premium or choose to pay less and get less coverage. In order to go through and sort between the various plans can be time-consuming. However, there are a few ways by which the task can be made easier.

Insurance Offered By The Employer

If your employer offers you insurance, then it is best that you deal with it instead of buying an L&T health insurance policy in the open market. Your employer’s health insurance scheme will give you access to many plans and also offer you a lot of coverage which you may not be able to get on your own. You can pay for the premium with the pre-tax money. In case you both work then also find out if it is best to go for two separate policies or opt just for one.

Pre-existing Condition

If you have any pre-existing ailment or have some limitation on the coverage, then you will see that your health insurance options are very limited. You can thus buy a health insurance plan using the high-risk pool. These charge a higher premium than the non-high risk insurance plans.

Most of the health insurance companies like L&T health insurance will have a waiting time before you can claim for any pre-existing illness. The waiting period differs from one company to the other. This can range from 2 to 4 years. Always choose those policies that offer a lesser waiting period. Also, most of the health insurance plans will not reimburse for any treatment that was done within 30 days of buying the health insurance.

Coverage

When buying the L&T health insurance check that it gives adequate coverage to you as well to your partner. This should be judged based on the current high cost of healthcare. You should never sacrifice the coverage to save on premium. Even at times when you see the same sum assured you will have different health insurance companies that will offer different premium. Instead of opting for one that gives you the cheapest plan; look for those that give you better features in the health insurance plan. If you pay extra by a little amount, you can enjoy additional benefits.

Cashless Facility

Before you buy a health insurance plan, ensure that it gives you the option of going cashless at the network hospitals. Most of the health insurance plans will give you a reimbursement as well as the cashless facility. It is advisable that you opt for a cashless facility given by L&T health insurance policy because you will not have to make any payment to the hospital from your own pocket.

This also saves you from a lot of paperwork and the hassles to claim your money. First, check the network hospitals in the city where they offer cashless facility and also check if the hospital is located in close proximity to your residence.

Annual Bonus

If you had a year that was claim free then the companies that you have taken your health insurance from offers you a bonus on the sum assured for the next year. Sometimes the cumulative bonus even adds up to 50 percent. Make sure that you buy the health insurance plan that offers such a facility.

Room Rent

Like the L&T health insurance, most of the health insurance companies will place a cap on the hospital room rent that can be availed daily. This is usually set at 1 percent of the sum assured. The figure, however, differs from one company to the other. So where you will spend your time in a hospital will depend on what your sum assured is.

Medical Examination

The health insurance policies will ask most of the individuals over the age of 45 to go for a medical checkup before the insurance companies agree to sell them the policy. If your medical report is not good, then the insurance company may also decline to sell you the policy. The age limit will vary from one health insurance provider to the other.

If you are thus choosing a health insurance policy for yourself as well as for your partner, then it is important to go through the plan offered by various companies to be able to make an informed decision. If you and your spouse are young, then you will get adequate coverage in a lesser premium and thus choose the one that offers better benefits.

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