'Go for a base cover of Rs 10 lakh and then buy a super top-up of Rs 90 lakh.'
State-owned Life Insurance Corporation (LIC) is not keen on a composite license but it is looking to buy less than 50 per cent stake in a standalone health insurance company to enter the health insurance segment such that they have a say in the management of the company, without having to run the company, sources in the know said. "LIC doesn't need a composite licence. "Even if it is introduced, they will not opt for it.
Policy owners need to avoid errors on their part to prevent claims from being denied.
These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
Those who have an insurance policy need to check its clauses to determine if it covers home care treatment, advises Bindisha Sarang.
The first and most important check you must run is to see if you have adequate life cover.
'While many policies say that they will cover mental illnesses, the wordings of a few still have mental illness as a permanent exclusion.' 'After the new IRDAI circular, such exclusions should go away.'
'It is a good match for those aged 25-30, who have just started working and need a basic product.'
Cost of the diagnostic test for Covid-19 has been fixed at Rs 4,500 per test by the government. Hospitals, however, do not think this is feasible.
'Children should include their parents in the group health insurance cover provided by the employer at the earliest.' 'However, the elderly should not depend on it alone and should also buy a personal health cover,' suggests Sanjay Kumar Singh.
Once the child is 90 days old, parents must add her to the family health floater cover, suggests Sanjay Kumar Singh.
According to a well-being survey, mental stress levels for people working at offices and factories have increased substantially in India this year due to economic slowdown.
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