Medical Insurance in India

India a huge population of around 1.3 billion people, historically our healthcare sector has been largely unorganized; people have always trusted the words and prescription of their local doctor without much research or secondary consultations. Due to this sector being largely unorganized and also because of lack of proper medical facilities our country Healthcare insurance sectorhas not generated the required attention it needs in a country of such a huge population. People have always struggled to fulfill their basic medical needs and according to most of them a proper medical insurance is not one of them.

If we look at the figures, in 2011 3.9% of India’s gross domestic product was spent on healthcare, out of this 3.9% medical insurance covers around 5-10% of expenditure. This is one of the lowest even in developing countries let alone the developed ones. This scenario is slowly but surely changing driven mainly by the need of the people, increasing awareness and economic liberalization. People are now starting to realize the value of a proper healthcare policy. The entry of private players in this sector and increasing advertisement through various channels has educated people about the need to be financially covered for all medical reasons. Most of these is also generated by medical policy provided by the employers of the country.

In India there are broadly two types of medical insurance

1. General medical insurance
2. Critical illness insurance

General medical insurance is the one in which the provider covers cost of hospitalization, medical expenses etc. for all the conditions for which the individual has been insured under the policy. There could be different kinds of medical insurance as well-Individual medical insurance, overseas medical insurance, Group medical insurance are few broad categories. The group medical insurance is the one in which any employer has a deal with a provider to insure their employees for some medical benefits.

Critical illness insurance is one whichprovides only for critical conditions, threats of major ailments etc. this is predefined in the policy as to which major ailments will the person be covered for.

Most of these policies are tax exemptible for the premium you pay for them by the government of India as an added motivation for people to buy medical insurances. The detail of this is under section 80D of the income tax policy. Another thing to know is the third party administrators who are the middlemen between insurers and customers; they help in claims processing for customers and on the back end work with hospitals and insurers.

In India People still are in involving stage when it comes to choosing the medical insurance they should go for but for the decisions that should be made following criteria should be kept in mind:- sum assured, age, current health condition, medical history , lifestyle, conditions covered in the policy, family or individual policies, hospitals covered etc. In general it is considered best to stick to simple and basic rules and not be jazzed by few additional features of policies as in that case people end up paying high premium only.

New India Insurance - You Should Never Avoid Purchasing a Health Insurance

Picture this – your financial plans as well as several years of careful savings has made it possible for you to purchase a brand new dream car. You are all set to go for it. However, as people say “everything is predestined and no one can fight destiny”, the day before the date you are supposed to purchase the car, you were rushed to a nursing home with severe pain in your chest. After a couple of days, the doctor said you are fine and can go home. On the billing counter, your wife cleared all the bills and you were discharged. Needless to say, but your hospitalization expenses have depleted your savings by that time, owing to the sheer hospitalization charges.

You should never ignore health insurance

While you were planning to buy a car, didn’t the thought of getting a health insurance from leading service providers, like new India insurance come to your mind? If it would have come, then you would not have to wipe out your savings like that.

It’s no more an imagination, but a bitter reality

Just like with the above mentioned imaginary scenario, rapidly growing cases of lifestyle related health conditions along with the steep medical expenses has projected people to be susceptible to unanticipated medical emergencies as well as related expenses. For reducing the financial risks following emergency hospitalization, getting health insurance cover has become very-very important.

Considerations to make

General insurance providers like new India insurance offer different types of health protection plans. However, considering the intricacies along with the diversity of diseases and covers, paying attention to what you are purchasing holds a lot of importance, especially if you are a first-time buyer.

The thumb rules to be considered at the time of policy purchase by the industry experts are given below. Take a quick look on them:

• The amount of sum to be insured – You should be aware of what you are searching for. It is also important to consider certain crucial parameters, like the size of your family, their present health status as well as future health concerns and requirements. Don’t forget to keep an account of the increasing cases of chronic health conditions and medical inflation as well. The amount of sum insured should be sufficient enough to cover the unforeseen medical expenses. Knowing your exact requirements would help you in finding an appropriate health insurance plan, like that of new India insurance, amidst the ample availability in the market.

• Choose a cover you are comfortable with – Before zeroing in on a policy, you should ask yourself – in a year, how much money you could afford to spend out of your pocket? Insurance policies are available in a wide range of options. You should always go for the one that would not make holes in your pocket.

• Do consider the extent of coverage – There are a number of people who prefer to purchase policies that ask for lesser premiums. However, such policies might not provide you with comprehensive coverage. So, think beyond the premiums.

Tips to Cut down your Premiums on Health Insurance Plans by Players, like National Insurance

As far as your savior after a medical emergency followed by financial crisis is concerned, it can be none other than your health insurance plan. Here are some easy tips given below that would help you cut down the rate of your premiums up to a certain extent. Let’s check them out!

Buy your health insurance from a bank

There are a number of public sector banking organizations that have co-branded with health insurance products available with general insurance providers, mainly belonging to the public sector. These plans are there to offer amazing benefits at affordable rates. So, one can call them customer-centric plans.

For example – a mediclaim policy with a sum insured of Rs. 5 Lakhs purchased for a family from a insurance provider like, National Insurance, demands an annual expenditure of Rs 17,972/-. On comparing the same policy taken from a bank that has a joint association with insurance provider mentioned above, you will find that the yearly expense’s figure to stands at Rs. 7,079/. So, you are smart enough to understand how you would be able to save on your premiums.

These health insurance policies are the best options for the elderly people. However, there is a shortcoming with the same. It’s the restricted age of renew ability, that’s not more than 80 years.

Go for smaller coverage and add top-up plans

There are some people, especially those who are capable of investing a huge amount of insurance policies, go for the highest cover possible. However, such policies can charge you a fortune, as far as premium payouts are concerned. One of the best things you can do for saving a considerable amount of money on your premium is – buying a basic protection plan and add a top-up plan to it.

For example – you have purchased a basic indemnity policy from a good insurance provider, like National Insurance. The value of sum insured for the same is Rs. 5 Lakhs. Thereafter, you have added a super top-up of 5 Lakhs to it. So, your total coverage happens to be 10 Lakhs. While calculating the premiums you will find that you are saving more with your plan (basic + top-up) in comparison to a plan with huge sum insured. Isn’t it worthwhile?

Buy separate plans for your parents

If you add your parents to the family floater health insurance policy you intend to buy, you might not be doing the right thing. So, buy them a separate policy.

For example – a family floater plan with sum insured of Rs. 5 Lakhs costs about Rs. 13,000 per year. In case, you add your parents (senior citizens) to the same, the cost of the premium might go up to Rs, 45, 000 per year. You can clearly see the difference of Rs. 32, 000/-. If you buy your parents a separate health insurance plan from a company, like National Insurance, you would not only be able to cut down the premiums, but your parents would also be able to enjoy comprehensive health cover.

These are two of the best ways to save your hard earned money, when it comes to paying off your yearly premiums. If you want to know more about the same, you can visit the websites of the insurance broking companies. They not only allow you compare different policies and get instant quotes, but also provide you with useful suggestions.

Car insurance renewal – You cannot escape but you can certainly save!

Car insurance renewal – You cannot escape but you can certainly save!

Best Health Insurance in India

For customers getting a good health insurance plan is a beneficial move for managing health expenses and living anxiety open life. Now, the delineation of Best Health Insurance in country depends on the requirements of its customers and category of people’s culture and living style. In developing country like India health insurance sector made a tremendous growth in last few decades. There are various health care insurance policies available that deliver customer with best outcomes.  There are various brands like HDFC, IFFCO Tokio, Max Bupa, Apollo Munich, Bajaj Allianz and many more that provide Best Health Insurance in India. 

Being a customer have you ever though that, what makes a Insurance policy best for you? Well answer to this is your criteria of benefit like for example a Family Floater health plan will never be beneficial for a single unmarried customer. Therefore, the Best Health Insurance in India is designed according to the criteria of its customers. Below provided is the list of Best Health Insurance plans in country along with their specific benefits.

  

Customer criteria	Best Health Plan	Best Benefits
Best Individual Health Insurance Policy in India	Apollo Munich Easy Health premium	Cashless benefit at 800 cities over 4500 hospitals in India Lifetime renewal Quickest claim settlement Premium version is the best insurance plan Unique customer support services
	Star Criticare Plus	Strictly individual policy Protection against various critical diseases and injury Pre-medical check up cover Professionalized services
Best Family Floater Health policy in India	Bajaj Allianz Health Guard Family Floater Plan	Strong protection Cashless benefit Complete family protector
	Max Bupa Heartbeat family First Policy	Coverage for 14 relationships with insured individual Best suited joint family floater plan The cumulative bonus can be utilized by any member of floater policy Complete hospitalization coverage for every member of family
Best Senior Citizen Health Insurance policy	Senior Citizen Red Carpet Policy	Coverage for pre-existing diseases Complete hospitalization coverage
	New India Senior Citizen Mediclaim Policy	Most trusted health care plan in India Guaranteed renewal benefit Complete hospitalization coverage
Best Corporate Health Insurance Plans	ICICI Lombard Group Health Insurance	Coverage for employees and their family Flexible coverage according to requirement
	Tata ALG Group Personal Accident & Group MultiGuard personal Accident	24X7, all year death coverage
	HDFC ERGO Group Medical Insurance	Low premium cost Customization option

The above described were certain best Health insurance plans in India that perfectly suits the requirements of people in country.  

The health care insurance sector in India has provided a unique seriousness and essentiality to resolve the health care issues of people. With this knowledge and requirement of health care customers are now able to provide best treatment services with no financial crisis to themselves and their family. These best health insurance in India cover almost all the basis requirements of its customers and fulfill the required criteria to a great level of extent providing with effective benefits. These health plans promise to provide a complete present and future protection to individuals as well as their families for coming years in country with a balanced peace of mind.  

In any case, compare Car Insurance before buying one

Have you purchased a car lately? If yes, then probably you would have bought a car insurance policy for sure. Isn’t it? So, from where did you buy that? Perhaps, from an insurance agent who claimed to have a tie-up with an insurance company? Chances are there that he or she might have given you the policy on the basis of the on-road price of your car. Is it right? And from the next year of your policy commencement, you were asked to pay the just the premiums for policy renewal. If this is what that happened in your case, then you are advised to go through this post. Always Compare Car Insurance before buying!

What is a car insurance plan?

Well, most of the car owners or even who don’t own a car know what is a car insurance policy. A plan that protects you financially in an event of accident is known as car insurance. Under such policies, your insurance provider is liable to pay for the damages as well as repairs of your car. In case, your policy includes third-party insurance, then the extent of coverage increases accordingly. Moreover, the premium of your car insurance depends upon a number of factors. The pointers given below would help you know the ways for keeping your premiums down, as much as possible. Take a look:

Go by the rule - According to the rules and regulations of the Indian Motor Vehicle Act, there are some requirements you need to fulfill, in terms of car insurance.  There is a limited liability part that should be purchased by all car owners. So, you can restrict your policy to the same. You can always opt for more coverage, but in that case you have to pay more on your premiums.

Drive safely, as much as you can – This is one of the best ideas in any case. The more cautiously you drive, the lesser chances of accidents (minor to major), the lesser insurance claims would be made. The best part – you become eligible for no claim bonus (NCB). This would reduce the rate of your annual premiums by about 10% to 20%. However, the NCB amount might differ from one service provider to the other. Therefore, do Compare Car Insurance beforehand.

Refrain from buying unnecessary riders – Your insurance agent is more likely to persuade you to get additional riders on your car insurance. However, it would be better not to go for those, until and unless it’s extremely important. The more the riders you buy, the more the rate of premiums you pay. On top of that – most of the riders would seem to be pointless after certain period of time.

Mount an anti-theft device – This might be a new piece of information for you, but most of the insurance companies offer certain amount of discounts if the policyholders install an anti-theft device gadget in their cars. So, make sure to get one. These devices are not very costly and easily available. However, make sure to buy a product that is approved by the Automobile Research Association of India (ARAI). Top of all don’t forget to Compare Car Insurance before shelling out.

New India Assurance – A Breakthrough in the World of Financial Planning

Life and uncertainty are like best friends forever. Sometime even the pre- planned things also go out of control. So, you can picture the eventualities when things are not planned. Having high hopes from life is pretty commendable. Actually, it’s good being positive. However, what about practicality? You cannot avoid things like health issues, accidents and the most unfortunate one, death. If you are fine now, it’s a good thing, indeed, but you are never sure about what the future has in its store for you. Are you? Therefore, it’s better to be well prepared to fight any unforeseen situation, if not avoid.

When it comes to fighting and maintaining stability against the ups and downs of life, the first thing that comes to the mind is, getting a proper insurance coverage, like New India assurance. That’s because, an adequate insurance coverage not only helps you in alleviating risks, but also in managing your finances at the time of distress. Now the question is – how to find out the best insurance plan that offers comprehensive coverage? Well, in order to find out the same, you need do some homework. Let’s get started:

• First of all, you need to evaluate your requirements. Different policies offer different benefits and cover different aspects. So, you have to decide what benefits you want to have and what features you want under the coverage. Understanding the extent of coverage helps a lot in choosing an apt plan. There are some insurance policies that cover both, life and health. If you wish a single plan to cover both, you can always go for the same.
• Secondly, you have to decide the amount you want to insure. There are plenty of policies available with the insurance companies, like New India assurance that come with different ranges of sum insured. You should select the sum insured according to your financial needs and premium payment potential. That’s because, if you aren’t able to pay off the premiums on time, then your policy will terminate after a certain period of time, called the grace period.
• Thirdly, you need to recognize those aspects that (if not covered by the insurance policy you intent to buy) won’t trouble you. Dear reader, every health insurance plan with a company like New India assurance, be it health, life or automobile has certain exclusions and limitations. Don’t forget to check them out. If you don’t check them before hand, you might be in great trouble at the time of policy execution.

These are some of the most important things that you need to consider when buying an insurance plan. Always remember to go with a reputable and well established insurance provider, like New India Assurance. They are known for their customer-oriented policies and services. By comparing the companies and their products, you would be able to find the best.

A brief study on different types of car insurance policies in India

Car insurance in India is also popularly known as motor, vehicle or auto insurance. These insurance policies encompass all types of cars and assist car-owners financially in case of a road mishap. The terms and conditions of vehicle insurance differs from one plan to another. According to some policies only the vehicle is insured and some other plans have both the motor and the owner insured. Increasing number of road mishaps have triggered the necessity of car insurance in India even more in recent times.

Car insurance in India is an obligation

It is mandatory for every vehicle on road in India to have a valid insurance. It is applicable for both brand new and used vehicles. Owners of used cars need to ensure that the policy is shifted to their names from previous owners within 14 days of purchase. Any delay would result in the incapability of making claims in the event of an accident because the new owner would not be considered as the policy holder. Owners of new cars can opt for an insurance binder if they want to start driving the car immediately after purchasing. This insurance binder is considered as the car insurance policy and it comes into effect instantly. If owners cannot avail an insurance binder they are better to wait until they have their vehicles insured rather than starting to drive without any insurance cover.

Kinds of car insurance available in India

Two types of motor insurance is predominantly available in India. Car owners can choose between plans like comprehensive cover and Third Party Liability cover as per their requirements. Many people in India that newly owns a car make the wrong choice of insurance cover. This is primarily because they are not well aware of their needs so they cannot make the right choice accordingly. Another reason of making a wrong decision is they don't know about the features of both these types of car insurance plan.

Comprehensive cover

Under a comprehensive cover, both the vehicle and the owner is insured. The coverage of a comprehensive car insurance policy includes damages of motors and accessories because of man-made losses like theft, violence, natural disasters such as earthquake, fire or storm or any type of explosion. The cover limit and premium amount of comprehensive plans vary according to the policies offered by various insurers.

Third Party Liability Cover

This type of insurance policy shields car owners from legal liabilities arising out of an accident. The plan covers third party injury, property damage and death of third party and offer protection when third party comes up with claims for above-mentioned losses. However, this type of car insurance policy further offers protection for the damages of vehicle. This insurance plan is mandatory in India.

Car insurance in India is gaining significance with each passing year. Although it doesn't cover vehicle's mechanical or electrical issues, it serves a lot of useful purposes. This is why a majority of people in India are opting for insurance as quick as they purchase a vehicle.

7 mistakes that lead to rejection of car insurance claims

You did everything right. You bought the car of your choice and got it insured without wasting any time. Along with the mandatory third party liability cover you also availed a comprehensive plan. You chose to pay high premiums for comprehensive covers considering the fact that in case of any mishap your insurer will pay out all the expenses once you make the claim. But, much to your disappointment, your insurer turned down the claims you made after getting involved in an accident. You have been paying premiums without any break but it resulted into pouring money down the drain as you faced outright rejection to your claims. Let's analyze the reasons why your claims were rejected.

Misconceptions about comprehensive car covers

Most people are under the misconception that comprehensive motor policies cover all types of losses and damages which is far from being the truth. A comprehensive plan only covers only the following;

• Third party liability
• Accidents
• Collisions
• Theft
• Damages of vehicle due to natural disasters

Breakdown and wear and tear can also bring about damages to vehicles and if such an incident happens no car insurance plans in India will provide coverage. There are some other reasons as well that can turn down one's insurance claims.

If you repair your car on your own and inform your insurer later

Almost all car-owners commit this fatal mistake. They renovate their cars after a mishap and intimate their insurers afterwards. Insurance providers, having failed to trace the mishap and repair reject the claim request. Therefore, one should always inform the insurer as soon as possible after the accident. A representative on behalf of the insurer will inspect the site of accident, measure the nature and cost of mishap and estimate the claim amount accordingly.

Installation of a LPG or CNG kit and not having it covered in the plan

Many people face rejection of claims simply because they did not cover the LPG or CNG kit installed in their vehicles. Even if the damage is not related to that kit, insurers will turn the claim down if the kit is not covered in the plan.

If you forget to transfer the policy in your name in case of buying an used car

The name of the car-owner is registered in the policy copy not the name or model of the car. Therefore, if you buy a second-hand car you have to shift the name of the car-owner in the policy copy within the stipulated time period. Your claims will not be settled if you don't transfer the cover in your name in time.

If the driver of the car lacks authentic driving license at the time of accident

If you have driven your car at the time of accident without a valid license your claims will be dismissed. On top of that, if you were under the influence of drug or alcohol at the time of accident your claims will not be settled.

If your vehicle is used for commercial purpose

If it is found out that you used your vehicle for commercial reasons in spite of being registered as a private vehicle at the time of mishap your insurer can rightfully refuse the claim.

If the car is not parked in parking zone and loaded with more passengers than capacity

If you violate traffic rules by parking your car in no parking zone and load your car with more passengers than capacity your claim request will not be granted

If you fail to notify your insurer in time after the mishap

Your insurance claims will be refused if you don't intimate your car insurance provider within the stipulated time.

Now that you know the reasons behind claim rejection, hopefully you will not make any of these mistakes next time and get the claim that you deserve.

Know the right ways of choosing the right health cover

Although internet has simplified the process of buying a health insurance, the selection of the right policy is still a confusing task. Since all insurers offer seemingly identical plans you might be tempted to grab the least expensive policy. However, all health plans are actually unique in terms of claim procedure, coverage and exclusions and most importantly premium amount. So, you need to weigh several different factors before taking the final plunge.

Coverage

The sole aim behind securing a health policy is to stay covered from expenses due to medical treatments. This is why it is one of the most important parameters that you cannot afford to ignore. First of all, you need to determine the coverage amount and who do you want to cover in your health plan. Once you sort out these things you can compare health policies that meet your requirements.

Maximum entry age and age limit for coverage

All health insurance providers in India cover their insured people up to a certain age. However, this limit is determined by insurance providers. Some insurance firms offer lifetime coverage as well which can be a good deal for you if you want to stay protected throughout your life. Furthermore, most insurers also impose an upper age limit to qualify for a health plan. It is very difficult to buy a health plan in India beyond that stipulated age limit. So you need to do research and find out which insurers offer most lenient terms and conditions.

Sub-limits on various expenses

Even though insurance companies claim to cover their customers from a range of expenditures they do come with sub-limits for almost all facets of expenditures in the likes of hospitalization charges, ambulance cost, room rent, diagnostic tests, medication and consultancy fees. While going through a plethora of plans you need to weigh these sub-limits on the basis of the expenses in hospitals that you usually visit and distance of those establishments from the location of your residence.

Keep a close eye on what's not covered

There are some specific treatments and diseases that no health plan in India generally covers. Some treatments are permanently excluded from coverage and some other come with time-bound restrictions. You have to go through policies to see what treatments are left uncovered. This will help you in shortlisting some plans that do cover certain diseases and treatments that you want to include in the coverage of your health insurance.

Check out the waiting periods

Most insurance policies don't cover medical costs of pre-existing diseases up to certain number of years. Many insurers compel their policy holders to wait for as long as 4 years. If you don't get the required treatment in time the whole purpose of taking a health insurance is defeated. Hence, you need to trace out a health insurance provider that offer friendly waiting periods.

Claim-loading charges

It is a known fact to you that you are eligible for claim-free discounts or bonuses if you manage to spend a year without making any claims. But, are you aware of the consequences of making claims? Your insurer will most likely to charge you for loading the claim. Therefore, once you settle with a particular insurer you should make queries about rules regarding claim-loading.

In essence, these are the aspects you need to compare to unearth anideal health policy.  

Online Travel Insurance is the way to go

We all look for a respite when tedious life makes us weary. A well-planned vacation to a dream destination is the best way to rejuvenate. What are the things that strike your mind first when you plan a holiday? Aside from booking hotels, getting flight or train tickets and packing your bags, an online travel insurance policy is what you should include in your planning. Many people consider it as a waste of money but a suitable travel cover offers peace of mind to the travelers by protecting them financially in time of any untoward incident.

Travel Insurance

A travel insurance in India is now lot easier to obtain thanks to the Internet. An online approach to buy travel insurance also saves lot of time and effort which is highly advantageous because when you are rushing with last minute packing you hardly have any time to visit different agents and discuss about travel policies. Here are some steps that you need to take to grab a travel cover that meets your needs to perfection.

Extensive and unbiased research

There is no escape. You need to delve deep into internet and spend some time in researching. Prior to research, you need to select a particular type of travel plan. Once you know which plan you want you have to search for insurance providers that offer such plans. While researching you will come across many popular insurers, however, instead of being influenced by big names you should rather focus on the plans along with their coverages and premium amounts. If you have a specific budget you can resort to various insurance comparison portals. Upon submitting your budgets, these portals will endow you with a plethora of travel covers to choose from.

Selection of the right plan

You should not rush to make the final selection. Once you get hold of a good travel plan you need to go through the policy wordings. You need to ensure that your chosen policy will protect you regardless of country and type of illness. You should also confess if you have any pre-existing illness beforehand so that your insurer don't reject your claim in time of an emergency. Keep an eye on the list of exclusions of the policy as well when you are finalizing a travel plan.

Comparison of quotes

Now that you know which plan would serve your purpose best you would definitely look to secure that cover by paying the least. Insurance comparison portals will help you compare quotes offered by various insurers in India. When you enter your personal details you will be provided with an array of quotes with key benefits and exclusions. The customer care team of an online insurance comparison portal will also guide you to make an informed decision. By comparing different quotes you can trace out the most affordable travel plan that matches your requirements.

Purchasing process

You did all the hard work of researching, selecting and comparing of travel insurance in India. Now, it is time for the final step of buying the plan you have been looking for. Most reputable online insurance comparison portals are armed with safe payment modes. You need to click on the buy button and make the payment through your preferred mode. Within a few minutes, you will be provided with a soft copy of your travel plan.

Go online and buy travel insurance from the comfort of your home. Enjoy every bit of your vacation with a comprehensive travel cover.

Not satisfied with your health insurer? Renew your plan with a different health insurance provider

People of India are more or less familiar with the concept of the portability of mobile number. Similarly, health insurance portability has also come into existence in India. The IRDA has made it possible for policyholder to shift their health policy on renewal from one insurance provider to another, without having to lose any benefits.

This ground-breaking step has been greeted positively by most policy holder in India as they can continue with the least base cover which remains static across all insurance providers. In the past, when a policy holder fell sick during the term of an earlier policy term, the new insurer considered it as pre-existing condition. This is the reason why many insured people, especially senior citizens found it utterly difficult to switch to a new insurer even if they were dissatisfied with the incompetency of their exiting insurers.

However, things have changed now; and have changed for the better. Now, you can rightfully change your insurer at the time of renewing your existing health cover. Even after being shifted to a new insurance provider you can still enjoy all the benefits that you have accumulated during your policy term with your previous insurer. With the advent of health insurance portability in India you don't have to lose benefits such as waiting period to cover pre-existing conditions.

The same rule applies when you switch from one health plan to another with the same insurer as well. 

Privileges of insured people

IRDA have come up with a set of privileges to facilitate policy holders so that they can make the most of the concept of portability of insurance plan. The followings are the advantages that insured people would definitely appreciate;

• All insured persons can shift their policy to and from any specialized health insurance firm or any general insurance provider
• Both individual and family health policies are portable under the new scheme
• New insurers must provide insured people with the credit that they have accumulated with their previous insurers pertaining to the duration of waiting period for pre-existing diseases
• Insured people are entitled to receive up to the sum insured under previous policy as a minimum by the new insurer
• Both new and old insurers have to complete the shifting of policy within the deadline proposed by the IRDA

Conditions that insured people need to fulfill

• Insured people can switch their health covers only at the time of renewal. This means they will start a fresh insurance period with a new insurer. 
• All terms of the new health policy such as the the premium amount will be deiced by the new insurance provider  except for the credit for waiting period
• Policy holders must do the followings 45 days prior to the date of renewal

1. Write a letter to their previous insurance provider making a request for a shift
2. They also have to specify the name of the company to which they want to switch their existing health plans
3. Most importantly, policy holders need to renew their plans without any break. A 30 day grace period is available if shifting is under process. 

IRDA Facilitation

IRDA has lately come up with an online facility to avail and maintain data regarding all health insurance plans provided by insurance firms to individual policy holders. This enables new insurer to which insured people are keen to shift to access tall the required information so that it can be accessed by the new company to which a policyholder wishes to port his policy. Furthermore, new insurers can also gain information on history of health plans of the policyholder.

Some disadvantages of porting health plan to new insurer

In the past, majority of health covers come with one year contract. Policy holders that don't make any claim are usually entitled for various forms of bonuses such as premium reduction or higher sum assured for same premium. Under the present scenario, when an insured person changes his or her insurer he or she would miss out on bonuses and have to continue paying the base rate. The portability will also going to impose problems for senior citizens as most insurance providers are not keen to sell new health plans to elderly people. In essence, the portability diminishes the benefits of customized health plans.

However, these downsides matter little compared to the set of privileges that insured people can enjoy now. Health insurance portability further ensures that online comparison portals will play more significant role to decide on the perfect deal.

This has proved to be gift for a millions of policyholders in India. This move ensures that the insurance firms in India can no longer take their clients for granted. Insured people in India are not forced to stick to any particular insurance company on permanent basis. They can shift their health policies at the time of renewal when their existing insurers would stop covering the risks. Most importantly, these insurance providers will come up with more customer-friendly insurance product in order to to retain their policy holders for years and they cannot turn down any claim frivolously as well.  

Transfer of insurance is a must while buying an used car

The market of used car in India is thriving of late. There is an array of reasons that have triggered such rapid growth. Most importantly, used car market helped middle-class and lower-middle class people achieve their dream of buying a car. Furthermore, this market also helped people purchase expensive luxury cars at an affordable price.

A recent survey revealed that an increasing number of people are on the lookout for used vehicles these days. The demand for used motor is a whopping 1.5 million every year in India. Automobile manufacturers also have realized that the market of used vehicle is booming and have enough potential to generate high revenues.

If you are seeking an used motor in good condition, there is a good chance that you get a good deal if you can shop around. However, you should also be aware of the downsides of buying pre-owned vehicles. These automobiles, more often than not, don't come with OEM parts or necessary documents regarding taxes and insurance and warranties.

Certified used car showroom

In a bid to curb this issue, automobile makers have not only called for certified used car outlets all over the country but they have also made it essential for dealers to come up with used motor showrooms. These showrooms have proved to be highly beneficial for both vehicle sellers and buyers. These outlets provide sellers with many value-added services.

• They get the best price available in the market.
• Experts examine their motors intensively
• They are also entitled to choose any other vehicle from the car-maker range.

Buyers on the other hand, are also provided with a lot of services as well. They receive insurance, warranty on the used vehicles that are minutely checked by experienced and trained technicians.

If you are planning to buy an used car, the present scenario will surely make you feel delighted. With the advent of certified used car outlets you can always fancy buying a previously owned vehicle in good condition and at a much-reduced price. Wait, are you aware of the laws regarding the transfer of policy while buying an used motor?

A valid policy is mandatory for any vehicle in India because, should any accident occurs insurance companies pay the repair charges only if there is an authentic policy on the vehicle. If the concerned vehicle is not insured at the time of a claim the insurance organizations can rightfully deny claims regarding repair costs. And the same goes for used automobiles as well. Transfer of car insurance needs to be done within 14 days after the transfer of ownership. New owners will not receive any claim if the policy remains in the name of the previous owner. New owners need to be mindful of the fact that policy does not automatically transfer at the time of ownership change. And, it is the responsibility of the new owners to check and ensure that the policy is transferred in their names. The policy transfer can take place parallel with ownership change because new owners can provide same set of documents to the Insurer.

An incident in the capital of India has proved the significance of car insurance transfer of used vehicle. The new owner, residing in South Delhi bought an used car but didn't have the policy transferred in his name. When the vehicle met an accident the insurance company denied his claim since the policy was in the name of the ex-owner at the time of mishap. After a long legal battle, the State Commission found the new owner guilty of not transferring policy in his name within 14 days of ownership change and finally the new, suffered owner didn't get any claim whatsoever. By now, you must have realized that any negligence regarding car insurance transfer can proved to be very costly.

You need to gain some information on how used motors are sold and bought in India so that you can avoid any legal issue in time of any mishap. In simple words, an owner sells out his or her used vehicle to the dealer and receives either a new or an used motor in return. However, dealers usually are reluctant to be the owner and they generally waits until the vehicle is sold again so that the policy can be shifted to the current owner. Hence, all buyers and sellers need to streamline the car Insurance formalities. This will help both of them avoid any complication due to the negligence of dealers.

Most motor owners in India tend to overlook the importance of having an authentic insurance. And this kind of negligence and over-dependence on agents can proved to be fatal because agents do take advantage of unsuspecting customers. An increasing number of people are nowadays on the lookout for used vehicles. Hence, they should be aware of the correct information pertaining to car insurance so that they can take necessary action at the time of buying an used vehicle and avoid unwanted legal hazards and financial loss.

What to look for in a personal accident insurance policy

A personal accident insurance policy is as important as life, home, car and credit insurance. It comes in handy if you ever meet with an accident. There are various benefits offered by this kind of plan. We will be discussing in this article, what you need to find out about the policies before choosing any particular one.

What are the benefits?
The different benefits of accidental insurance are reimbursement or coverage against partial or permanent disablement resulting from accident, temporary disablement, and accidental death and so on. You can get coverage for the expenses incurred for getting the right kind of treatment during your stay in the hospital. The amount that you can get in the form of reimbursement depends on the type of plan you are going to buy. It also differs from one company to the other and the amount of premium you pay.

Features you need to look for

The different features you need to look for in case of these plans are:

• The options you have – There are various companies who have on offer numerous kinds of policies for personal accident. So, you need to make sure that you look into the types available and find out the one that would be suitable for you, as per your needs and affordability. 
• The amount of coverage you can get – Prior to buying a policy, you need to find out the coverage amount that the companies offer. The more the coverage, easier it will be for you to manage the expenses. However, you also need to understand that high coverage means high premium as well.
• Who is covered by this policy – Find out the people who will be covered under this policy. If you have any doubts as to who and how a person will be covered, make queries to the insurance company or agent you are dealing with.
• What is the term of the policy – You need to know the term of the policy before you buy one. This feature differs from one company to the other, but the usual coverage is for a year. That is you will have to pay the premium for a year and make claim in that year itself and renew the same if required.

The above are some of the features you need to consider before buying a particular policy since you will be investing your hard earned money in the same. Therefore, before you start investing you should make sure if you are buying the right product for yourself. 

The Importants of Group Mediclaim Policy

The health and health costs of an employee working in an organization is something every employer is concerned about. Mediclaim basically means any kind of claim rising for medical benefits of a person. It is practically not possible for an employer to sit and apply for individual Mediclaim policies for every employee of the organization. That is probably why, most big companies choose Group Mediclaim Policies for their employees.

These Group Mediclaim policies tend to cover the employee as well as his or her family members.  The most important part to note about the policies is they tend to cover non-life insurance. It takes care of an individual’s hospitalization expenses till a certain limit which would be mentioned to the policy documents. In a general, the hospitalization expenses include-

1.      The fees of the doctor and the nursing expenses.

2.      The expenses that are related to medication.

3.      Surgical fees and the expenses related to the operation theatre.

4.      The room and boarding expenses are also taken care of but that is according to limits set by the policy.

Group Mediclaim Policy

      As a primary set of benefits, the Group Mediclaim policies cover pre existing diseases, maternity benefits etc which are usually excluded from the coverage of the individual Mediclaim policies. There are various ways that these group Mediclaim policies are divided into. One of them is the family floater way.

·         The Family floater way allows a company to choose the to-be insured employee along with his or her dependants under a single amount. For example, if an employee has a floater amount upto Rs. X then him and his whole family would be covered under the same amount i.e. Rs. X and not a penny more.

·         In a similar fashion you have Corporate buffer way. This kind of insurance is normally opted for over and above the maximum limit that has been fixed for each employee. For example, if the limit for an employee is Rs. X and the hospitalization charges exceeds it to Rs. Y then the company is liable to pay the remaining amount from the buffer amount that it has fixed with the insurance provider.

The best part of this Group Mediclaim Policy is that they can be customized according to the needs and necessities of every employee and employer. According to a research done on the topic, it is also found that the Group Mediclaim policies that are opted by the companies are 25% cheaper than any individual policy that is available in the market. These Group Mediclaim Policies also have two kinds of facilities, namely Cashless and Reimbursement.

These days, most employers go for group Mediclaim policies instead of individual policies. The employees also tend to go for companies that provide group Mediclaim policies because that helps in the Mediclaim of their dependants. The maximum cover that can be given to an employee by the company is Rs.5 lac. Some companies also have an option of transferring from a group Mediclaim policy to individual policy after a few years which turns to be helpful for the employees too.