If reimbursement becomes unavoidable, submit a complete file at the earliest.
Proposal forms are often filled by the agent. Check the form after it is filled.
'Many policyholders do not understand that non-medical expenses, cosmetic treatments, and certain other procedures are not covered by health insurance policies.'
Buyers should understand the distinction between the losses the policy covers, those that need add-ons, and those it excludes.
These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
'Go for a base cover of Rs 10 lakh and then buy a super top-up of Rs 90 lakh.'
Purchase health insurance early while you are disease-free. 'It might become very difficult to get a comprehensive health cover for someone who has already had cancer.'
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
Cardiac care plans are ideal for individuals with pre-existing heart conditions or a family history of heart issues. Those who can't get coverage under a comprehensive plan should opt for these plans.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
'It's better to be over-insured than underinsured.' 'Ensure your home insurance includes STFI (storm, tempest, flooding, and inundation) cover for protection against monsoon rains.'
Consider a combination of a base policy and a super top-up policy.
A rider is a supplementary cover which can be purchased with the base policy by paying an additional premium.
A crucial point anyone purchasing health insurance must heed is the need to declare PEDs.
Purchase health insurance at an early age, before you incur a disease, as this makes access to health insurance difficult and raises the premium significantly.
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
Keep revising the sum insured at the time of renewal to keep it in line with inflation.
'Try to buy a policy with a lower sum assured or one with a deductible.' 'Those whose spouses work for companies must get themselves enrolled into the employer's group health cover.' 'Some public sector banks also offer group health covers to those who open a savings account with them.'
'If something unfortunate happens to an earning member, the family loses the crucial income which would have gone towards paying off debts, meeting the cost of children's higher education, or towards the upkeep of elderly parents.'
Group term insurance is far more cost-effective than an individual cover.
All employees should supplement the employer-sponsored health cover with a personal cover.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
Avoid discontinuing your SIPs. Persist for at least 7-10 years.
For online plans, the drop-out rate for policy buyers increases if there are too many questions.
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
Managing human resources remains a major and under-appreciated challenge for most start-ups.
