With Covid-19 cases across the country rising rapidly once again, demand for health insurance products has spiked. Insurers are seeing an uptick in inquiries for such products and underwriting more premiums in the segment. Already, health insurance was growing at a rapid pace since the onset of the pandemic as awareness around risk had heightened among consumers. But the country recorded more than 600,000 Covid-19 cases in the past week, which is almost a six-fold rise than the previous week. Owing to this, the spike in demand for health insurance products is inevitable, experts said.
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Did you know that you can get a tax benefit of up to Rs 50,000 under a health insurance policy?
Take these factors into consideration before buying a healthcare policy
The smartphone has become our buddy and we owe it a good insurance policy to ensure it's protected at all times, says Naval Goel
Annual premiums do not exceed what you readily shell out for an OTT subscription.
The family floater health insurance plan is designed keeping in mind the coverage requirements of the entire family. Feature wise, it's quite similar to an individual health plan. The key differentiator is the fact that it provides complete health coverage to the whole family
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Come October, life insurers may have to tighten their underwriting standards further for retail term plans at the behest of one of the largest reinsurers in the Indian insurance market, Munich Re. According to a source aware of the development, "Munich Re has been studying long-term mortality trends for the past few years, and has suggested some tightening in the underwriting process." "As far as financial underwriting is concerned, the reinsurer has suggested that insurers should ask for additional documents. "For example, apart from income proof, they can ask for bank statements of the prospective customer before issuing policies," added the source.
in the longer run, there is no substitute for a standard term, accident, and a comprehensive health cover, with adequate sum insured that will give you round-the-clock and year-after-year coverage.
Make sure you read the policy wording. Some policies cover pre-existing diseases while others don't. Many need a minimum 24-hour hospitalisation, advises Bindisha Sarang.
'It is advisable to invest in them early in life and stay invested for a longer period to achieve long-term goals and accumulate wealth.'
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It is your duty to be responsible to your health and start saving and investing early in a suitable health insurance, says Naval Goel
Allowing it to lapse leaves you unprotected and can, in some cases, cause loss of premiums paid, experts tell Sanjay Kumar Singh.
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LIC is currently allowing customers to revive policies that have lapsed for more than two years.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
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With the wedding season already in full swing, a few things to keep in minutes financially when tying the knot, advises Bindisha Sarang.
While Star Health's policy for children is a step forward, it has a low sum insured and comes as a group cover.
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It is highly effective as compared to other policies that companies sell and saves the buyer from many hassles.
Here's a quick checklist so that you make a wise decision
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
Customers should be fully aware of what their policy covers and should follow claim procedures meticulously, says Sanjay Kumar Singh.
A combination of ELSS or PPF with a term plan offers better coverage and returns
The amount for which free check-up is offered can be quite low, while in some policies it comes only after a considerable waiting period.
If the nominations are not in place, the heirs need to go through a lengthy process to get access to the money cautions Bindisha Sarang.
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Ever growing use of new technologies and treatment, increase in the population of old people can, are some of them
What happens to such a person's life insurance policy? Does the partner or beneficiary or assignee pay the premiums and continue the missing person's life policy in force?
Keeping this in mind you can easily get the best travel insurance policy for yourself and your family. It is advisable to do some research before making any decision.
When taken at the right time it can prove to be your best friend during old age
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