Topical Trends in Health Insurance Scheme of India

From last few decades, there has been a very speedy and sanguine development in health insurance sector benefiting not only wealthy people but also the underprivileged population of India. This article provides certain most important trend setting advances that will surely accelerate the rate of health insurance sector development in India.  

Trend- 1Health Total Insurance Policy by Future Generali

This policy of Non-Insurance company Future Generali act as trend setter by providing advantage of ‘one for all healthcare needs’. The Total health acts as a solo solution for all health issues faced by customers. Although Future Generali is a non-insurance sector company yet for self-benefit and profitable business from health insurance scheme, company is expanding its business in health insurance sector. For coming financial year Future Generali aims to achieve 20% of total business profit only from health care business. Therefore, policy like Health Total and many other products will surely help in achievement of vision with optimistic approach to benefit people and mark as trendsetter in Indian health insurance sector.

Trend-2 Health Insurance as gift of care

What is better then giving a aptitude of carefulness to your loved once in form of health insurance gift. Jamuna Bhaskar working as health insurance officer in Chennai performed one such act by gifting a 50 lakh insurance cover to his daughter and Son-in-law. This was a good act to provide good investment plan in form of gift to young once starting their new life. Health insurance policy is one such individual policy that will always be requirement of every human being living in society.

Another trendsetter gift of health insurance was “PM’s health insurance rakhi gift for women of Allahabad city”. The Bhartiya Janta Party launched a campaign in which thousand of women were covered under PM’s health insurance plan on occasion of Rakhi in year 2015. Distributors these days are target adolescence to make them understand the benefits of healthy investment in initial ages of life. Therefore, gifting health insurance policy is like a smart trend in modernized world of investment.

Trend -3 Converting Exclusions to Life Plus

In recent years along with tax benefit the policy makers are working tough enough to include certain exclusion like cancer coverage, pre-diabetic patients, special care needs and many more life plus option in health insurance. These options are strengthening insurers amount in health sector.

These modified health insurance plans take long-term care of health needs and gain trust of customers. There are Criticare plus plans that provide coverage for more then 17 critical care illnesses.

Trend- 4 Farmer health insurance cards

There are farmer smart cards introduced by insurance providers that cover minimum of Rs 1 Lakh health insurance provided by different Government health insurance scheme. Although recently there are reports on misuse of these farmer smart cards by care providers. But providing knowledge and guidelines of use to farmer will have a control over such crime and surely these farmer smart card will work as trendsetter for health insurance sector in India.

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.