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1 year ago

How to find an affordable Health Insurance plan?

India is country with mass population belonging to the middle class section of the society, who try to curtail their costs in order to sustain in today's world, where cost of living index is too high. The ever increasing medical costs, complex treatment procedures, inflating economy and rising health hazards has made it necessary for all individuals to protect themselves and their families with a wide and affordable health insurance plan. Every individual wants to be covered against every possible eventuality known, at the minimum premium amount and in this situation choosing a good health insurance product becomes their need. Although, many employers provide a medical insurance to their employees but it’s not sufficient to rely upon as it covers specific types of health concerns and secondly it’s a limited group plan. Therefore, it is better to have an individual or a family insurance plan for the long- term benefits, as group plan offers coverage only till he/she is on rolls of the company. At affordable cost, health policies provide comprehensive coverage with easy understanding. Once insured in a suitable health cover, the person or the covered members can enjoy wide ranging insurance benefits.

Various insurance companies are nowadays giving the facility of buying an affordable health insurance policy online. ‘Buy online’ feature has been designed for the customer's ease, where he or she can make purchase a policy just with a few clicks of a mouse. It keeps an individual away from long and complex proceedings and keeps him or she acquainted with authentic information about the products and the Company updates. It also helps in saving time and energy.

There are various health websites that will inform an individual about the health insurance for pre-existing and existing diseases, short term insurances and best medicare products. It helps understand all policy related details to yield better results. The kind of benefits offered will differ from company to company, policy to policy and also in case of pre- existing illness etc. To ensure right decision, policy terms and conditions must be studied carefully. A close reading of the associated terms will help know the plan better and thus avail all the benefits offered.

It is advisable to quote the insurance amount that you need the health cover for through a suitable insurance premium calculator. These calculators give a clear idea about the amount to be invested in the form of policy premium. When you provide the required information like policy tenure, number of members insured and sum insured, accordingly, these calculators will provide you with the premium amount to be paid. Thereby, you can choose an affordable health insurance plan while keeping a check at one’s own pocket size as well.

Look for insurance companies that keep the policies transparent and live up to their promise of serving people with best- in class services. Claim procedure is yet another aspect which needs to be taken into consideration while taking a comprehensive health plan. Today, with various benefits and lucrative offers at affordable costs, people of all income levels can find an answer to their healthcare worries through “Health insurance plan.” Find a suitable health cover for self and enjoy quality health treatment that will ensure good health in future.

Tags: Health Insurance Plan, Health Insurance Policies, Health Insurance    Plans,Health Insurance

1 year ago

Top 5 Facts to be considered before Buying Cheap Travel Insurance

If you travel without sufficient travel insurance coverage, then you will be lost financially. Travellers should not forget that there are various things which can go worst while travelling. For example, health issues can arise, flight cancellation or delays, stolen luggage etc. Buying cheap travel insurance policies India helps to cover such risks as well as compensates the insured for loss arising due to unforeseen events during journey.

In fact, insurance experts suggest travellers to buy one especially during foreign trips. In the Indian insurance market, a wide range of plans are available. But, do not forget to read finer details before selecting a policy. Below are top 5 facts to be considered before purchasing a travel insurance plan online

·    Inclusions and Exclusions

Initially, all plans may look similar, but the finer information like exclusion and inclusion can create a vast difference. For instance, health insurance while overseas travel is a necessary component. Generally, it offers compensation for loss of luggage, loss of important documents and flight delays or cancellation. Disabilities or accidental death because of accidents is not covered by all policies.

·         Duration Coverage

Based on your trip duration, customers can select from an annual multi-trip policy or a single trip travel insurance policy. Remember to check how many consecutive days abroad will be insured under the plan. The frequency of travel should help you to choose the correct policy type. In fact, some plans give a feature of extending the plan in case the trip duration gets extended. Selecting coverage with this feature can support in saving premiums.

·         Destination Coverage

Travel insurance companies in India provide plans which may have certain geographical coverage or global coverage. Selecting a plan with global coverage is much better as it has no risk of rejection. But, it may has exceptions and sub clauses too. Customers should know that sub limits on the coverage amount are different for different locations.

·         Extent of Coverage

When you buy a policy, check how much will be the coverage for each person. It means there will be a limit on the claims filed based on what is being claimed. Generally, there is a pre-set coverage amount assigned for the different benefits. Evaluate which policy suits your needs the best and then select the one that provides the maximum coverage extent.

·         Pre-existing Health Conditions

Usually, insurance companies in India do not offer coverage for insured’s pre-existing health conditions. However, some insurers give coverage with specific conditions. Insured is necessary to declare the pre-existing medical conditions while buying Cheap travel insurance India. Always disclose all the details related to health at the buying stage to avoid any type of hassle in the long run.

Today, travelling without adequate travel insurance coverage is a big risk. Compare various options available online and then choose the one that offers the most appropriate coverage.

Tags: 

Cheap Travel Insurance, 
Travel Insurance Online, 
Travel Insurance

Source: https://insurancegeneralindia.wordpress.com/2015/07/16/top-5-facts-to-be-considered-before-buying-cheap-travel-insurance/

1 year ago

Why do young drivers need more insurance cover?

A Car culture is youth culture. It’s exciting to see how teens cruise in their dream machines showing off their lavish lifestyle often being gifted by the higher income parents of the society. It’s natural that youth driving is associated to fun, pleasure, race and meeting the technology pace. So where there is haste there are undeliberate mistakes or unexpected problems putting them into bad times of their lives. Therefore it becomes imperative that the youth stays protect with a suitable car insurance which will take care of these uncertain problems being struck due to any mishap or crisis.

Finding affordable insurance for a young person is often a daunting task, because insurers usually charge higher car insurance premiums for younger, less experienced drivers. Again the carefree attitude and inexperience comes into pictures for these higher premiums. However, there are some initiatives that you can take to buy lower cost car insurance without giving up great coverage, including breakdown cover. Besides, with the emergence of internet, it is now easy to find out the most suitable insurance quotes. The authentic websites help you get insurance quotes from reputable insurance companies and ensure that you get the best deal possible. Online sites are a great place to start as they help you easily to compare the cost of insurance and also provide you variety of options to choose as per your requirements.

The articles take through some tips for young drivers to bank upon a good and low cost car insurance coverage.

The simplest way to get low cost insurance for a young person is to maintain a clean driving record. Always drive safely and responsibly and staying with the posted speed limits. Avoiding accidents helps build trust in the insurer that you are a good risk; they will reward you by issuing you a lesser car insurance premium. Never drive under the influence of alcohol or drugs. You’re at risk of making horrible accidents and secondly it shows your carelessness towards your car thereby raising the premiums.

The type of vehicle you drive affects the cost of your insurance premium. Expensive cars usually cost more to insure because they have costly parts and expensive repair bills. A young person can get good insurance simply by driving a modest vehicle with many safety features incorporated pre hand in the car.

Learn to earn a good credit rating. Many young people can get credit cards on their name, pay their timely bill and maintain good reputation and credit ratings. This helps you to get a better car insurance based on your credit history and relation with the banks. Establishing credit will help you in other aspects of your life, too, such as renting an apartment, buying a house or being approved for other major purchases.

The best way to master the skills of driving is by enrolling yourself to driving school. You can usually register for these classes at your local area driving schools or get trained under an expert person. Taking a driving class proves the insurer that you are serious about safe driving. This builds a trust in your insurer and they offer you comprehensive car insurance. One of the ways you get lower rates insurance is by being a secondary driver on your parents’ insurance policy. Most insurers offer lower rates for young drivers who remain on their parents’ insurance policy.

Tags: Car Insurance, Insurance

Source: https://insurancegeneralindia.wordpress.com/2015/06/29/why-do-young-drivers-need-more-insurance-cover/

1 year ago

75% of 2-wheelers have no insurance

If you get hit by a two-wheeler, there is little chance of getting compensation. That's because nearly 75% of two-wheelers in India run without insurance, putting vulnerable road-users like pedestrians and cyclists at risk.

The revelation, made by Insurance Regulatory Development Authority (IRDA), has prompted a Supreme Court-appointed committee on road safety to ask the agency and the transport ministry to work out a protocol for identifying such vehicles within three months and submit a report.

"IRDA representatives told us early this month that most two wheelers either have no insurance or their insurance has lapsed. Most of the owners don't renew them since there is little enforcement," said committee chairman Justice (retd) K S Radhakrishnan.

According to rough estimates, two-wheelers have a formidable presence on roads, constituting 70% of all vehicles in the country.

Around 82% of vehicles in India are privately owned and a majority of these are two-wheelers. In recent years, the number of two-wheelers has grown exponentially in rural areas where Two Wheeler Insurance papers are seldom checked by the enforcement agencies.

"Running an uninsured vehicle should be treated as a criminal act and there should be harshest of punishment since such people cannot play with the lives of others. The vehicle owner has the liability to pay the compensation for any accident. But in case he doesn't have the capacity to pay compensation, the victim becomes helpless," said S P Singh of IFTRT, a Delhi-based transport think tank.

A road transport ministry official said they had flagged this issue to IRDA about two years back and had asked it to integrate data of vehicles without third party insurance. "A couple of months back, we asked National Informatics Centre (NIC) to populate the state-wise data of such vehicles. Once it's prepared, we will send them to states so that their law enforcement agencies can take action against such offenders," he said.

Moreover, to put check on such offenders, the Road Safety and Transport Bill proposes very high penalty- impounding of uninsured vehicle and imprisonment of its owner.

Giving details of directions that the SC-appointed panel has issued to state governments, Justice Radhakrishnan said they have been asked to ban sale of alcohol along the national and state highways. "There should not even be a signage on the highway indicating location of such shops. We have asked them to take concrete action on dozens of issues by June-end. If they fail to comply, we will submit the details to SC.

Tags: Two Wheeler Insurance

Source: https://insurancegeneralindia.wordpress.com/2015/06/26/75-of-2-wheelers-have-no-insurance/

1 year ago

India’s insurance reform will benefit insurers and society

India’s insurance reform will benefit insurers and society

One major change was implementing the Indian Insurance Act, first proposed by the previous government.

The Act enables global reinsurers to enter as 100 per cent owned branches and increases overall foreign direct investment (FDI) in the insurance industry from the current limit of 26 per cent to 49 per cent. While there are many aspects of insurance, the most significant opportunity not only for insurers but also for Indian society, is the health insurance sector.

India is one of the fastest growing health insurance markets in the world. It has grown rapidly since the industry opened to private and foreign players in 1999 with the establishment of the Insurance Regulatory Developments Authority. In 2014, the health insurance market grew to $2.7bn from just $150m in 2004. It is on track to hit $8bn by 2020.

There are a number of factors driving this growth.

From a workforce perspective, just 10 per cent of India’s 300m working population work within formal sectors such as government, the public sector or in large private companies, which often offer health insurance perks. The rest work in the informal sectors, meaning they are self-employed or working in family businesses and, therefore, without corporate health insurance cover.

It is this end of the market that is most dependent on financial security during ill health. Yet, in the absence of health insurance plans, many are liable for medical bills and loss of potential income during treatment.

Demographically, the population boom, rising life expectancy and increased incidences of lifestyle-related diseases means that total healthcare expenditure is growing rapidly. It is expected to rise from $70bn to $280bn by 2020.

Despite this, there is a low spend per capita compared with countries where healthcare is largely funded by the government, meaning that some 62 per cent of total expenditure on health is paid for out of pocket.

India has one of the lowest penetration rates of pre-paid health coverage and medical insurance in the world. This is due to its geographical size, the capital required to invest in developing the distribution network and the current lack of focus from insurers in the individual health insurance sector.

The limitation on foreign investment rules in insurance did not give much incentive for a lot of foreign experienced players to participate in this market. There are just five standalone health insurance companies and 17 private sector insurance companies offering health insurance. So there is low consumer choice, coverage and competition. Compare this with the UK, which has 911 general insurers. India itself had over 100 players in general insurance before the market was nationalised in 1972.

Active foreign participation is critical for the sector, bringing better standards and driving competition, with better quality products, customer coverage and choice. The increase in the FDI limit will create significant opportunities for foreign players to enter the market through joint ventures, mergers or acquisitions.

Yet there are some significant challenges that remain, such as finding the right acquisition target or a partner with the right balance of local knowledge and cultural compatibility in the boardroom between the two organisations. Successful firms will be those that are comfortable with local regulatory requirements and have working knowledge of India’s business environment.

Modi’s government has promised to revamp India’s healthcare sector and make services more affordable and accessible for all walks of society. With the doors opening to India’s insurance industry, the health insurance sector will play an increasingly important role in delivering this commitment to its citizens from all walks of life.

Tags: Health Insurance

Source:  http://insurancegeneralindia.tumblr.com/post/122318481099/indias-insurance-reform-will-benefit-insurers-and

1 year ago

How to easily claim your home insurance policy?

A house is the most precious possession any individual has which is built over the years of hard work, dedication, focused dream and sentiments. In today’s uncertain times, it has become imperative to buy a suitable home insurance policy that will safeguard your living and will offer sufficient cover to build a new one in case of any disasters calamities or mishaps. It is designed to anchor your pockets from shedding out that extra money in case of any emergency like fire or burglary etc. Getting a home insurance for your priceless dream often involves long term investment and financial obligation. Besides what really worries most customers is the claiming process during any kind of disaster or manmade mishaps like stealing, or fire or damages. It sounds a bit stressful especially while your turn to file a claim.

 

The articles will give your some easy tips to make your claim process much relax and hassle-free especially when you’re in the state of depression due to the damages caused to your house.

Just buying a policy and storing the papers in your locker, sipping around a coffee with friends and family won’t work. Once you buy the policy read carefully the fine print on your policy that details the inclusions and exclusions and clearly defines what can be claimed for and what cannot. You should be aware what damages your policy covers and till what extent. There is no point in claiming for things your policy doesn’t cover.

Store your bills and documents safely and most important at the place of your convenience which you remember the most. It is advisable you can keep duplicate copies at your offices or place of work just in case the house comes down to ashes and you’re unable to find anything from it. Technology is always at your doorstep. If unable to stock any evidence, you can click pictures of your valuables and their purchase documents with serial numbers and save them online in a cloud based service like Dropbox etc. Don’t forget to mention the date of purchase and value at the time of purchase. When you purchase a home insurance policy, create a list of all your key possessions.

Make a habit of creating a written note of all your household goods from jewelry to electronic equipment on an annual basis. Once the list is ready contact your insurance provider and updated the company records with your valuable belongings and possessions so that when you present your policy they are in sync with your property value, belongings and possessions.

You can fill the claim form online and request the customer service department for the same. Do enter the appropriate details for easy evaluation of claim with correct contact details. Take your time, sit calmly and fill out the claim form carefully. Ensure that you don’t make any silly errors that will lead to delay in your claim process.

Stay in touch with the insurance company one you make your claim. Evaluate the amount that you receive as per the agreements excluding the service deductions. Whether your house is affected by fire, flood, terrorism or burglary, home insurance is a ray of new hope which revitalizes your dreams to rebuild it brick by brick.

Tags: Home Insurance

Source: http://homeinsuranceindia.tumblr.com/post/122145291107/how-to-easily-claim-your-home-insurance-policy

1 year ago

Health insurance scheme to be rolled out by this year’s end

Health insurance scheme to be rolled out by this year’s end

Health insurance scheme for all, is likely to be rolled out in different phases by the end of this year. Health minister Harsh Vardhan said on Monday that the details on health facilities to be covered in the scheme have been discussed at the ministry level and also the Prime Minister's Office (PMO). 

"The health insurance scheme, which will be a part of the Universal Health Assurance Scheme, will be the world's largest public health insurance programme," the minister said. He was briefing the media to list the achievement of his ministry in the first 100 days. 
 

He said that the new insurance scheme would be free for those below the poverty line and the premium for others would also be low. "At present, health insurance touches about 25 percent of population. We will spread the population of the insured rapidly, resulting in sharp fall in premium rates and many consumer benefits," the health minster added. 

He said that an autonomous UHAM agency will be formed to ensure above-board operations and genuine protection of the insured. 

The health ministry had set up an expert group to prepare the roadmap for the universal health mission, Harsh Vardhan said adding that the expert group submitted its report within eight weeks of its formation, which is right now under the consideration of the health ministry. 

Asserting that his ministry was focussed on improving the health infrastructure in the country, the minister said that he was in favour of the decisions taken by the previous UPA government to introduce rural cadre of doctors who would serve at primary health centres. 

"This scheme has not been shelved. If any state government wants to run this, they are free to do so," he said. The health minister said that he was trying to prevail upon the state governments to persuade their doctors towards rational use of antibiotics. He said: "If good quality generic drugs are available, then they should be used." 

Harsh Vardhan also said that he was in favour of a single National Eligibility Test (NET) for medical entrance exams in the country. "Unfortunately this was rejected by the Supreme Court. We have filed a review petition and are monitoring it," he added. 

Three new bills to regulate health research and facilitate clinical practices in areas like surrogacy and new systems of medicine have been finalised, Vardhan said. 

He said radical transformation is required in the functioning of regulatory bodies like the medical and the dental councils of India. He said: "We are studying and discussing their structure. There will be radical change and transformation in their structure."

Tags: Health Insurance

Source: https://insurancegeneralindia.wordpress.com/2015/06/20/health-insurance-scheme-to-be-rolled-out-by-this-years-end/

1 year ago

The goal of universal healthcare is achievable, with some innovation and daring

Traditional health insurance is not the path that leads to universal healthcare. It misaligns incentives, inflates costs and wastes resources. There are many examples of efficient healthcare around the world, of which Britain’s state-funded National Health System is only one.

The model of healthcare providers taking on the responsibility of keeping an assigned set of people healthy and treating them when they fall ill, in return for a fixed amount paid yearly, which developed in California in the 1980s, deserves the attention of our policymakers.

 

Unbundle

It is useful to begin analysing policy options with some unbundling. Let us start with costs. The core component is the actual cost of providing the needed healthcare. In theory, in a state-funded system, this is the only element of cost. When a private provider enters the scene, one has to add its profits. When you introduce a health insurance provider, who then pays the care provider, you add, at the least, the profit margin of the insurance company as well.

In reality, because of the lack of alignment between the interests of the care provider and of the insurance companies, needless investigations, procedures and medicines enter the picture and inflate costs.

Let us unbundle what an insurance company does. It performs the vital task of pooling payments for a large number of people, with different risks of falling ill. Everyone does not fall ill every year, but pays a premium every year. The money collected from a large population over a number of years will add up to a sum large enough to pay for the healthcare costs, as charged by care providers, of those insured, along with profits for the insurer. This pooling distributes costs across the population and over time, so as to save those who do need care a sudden, huge bill they find difficult to pay.
‘ The insurance company performs, in this process of pooling, the additional, vital task of prepaying for healthcare, so as to avoid costly out-of-pocket payments at the point where healthcare services are purchased. It performs probability calculations to assess the likely expenditure on individual buyers of insurance, given their age, history and level of fitness, and assigns the premium to be paid.

Finally, it pays the care provider while tracking costs to eliminate waste and fraud. This part is now mostly outsourced to third-party administrators, or TPAs.

Now, let us repackage these unbundled elements differently from the traditional insurance-led model. Suppose the healthcare provider takes on the pooling, prepayment and actuarial estimation functions, in addition to actual provision of care.

 

Repackage

In California, some of the so-called Independent Physicians’ Associations that contracted to care for people in return for capitation payments nearly bankrupted themselves, because they got their actuarial estimates wrong and charged too little. Over time, they got it right and the model has made its way to the US east coast, in a variety of forms called Accountable Care, Managed Care, etc.

Where do we have competing healthcare providers in rural India for this model to work? The government should look at a hospital chain called Glocal, mentored by former Sebi chairman M Damodaran and run by Sabahat Azim, a doctor who left the Indian Administrative Service to set up and run these hospitals in small towns that offer primary and secondary care at low cost and still turn in decent profits.

 

Where does India have the doctors to man more hospitals? There is a serious shortage of medical colleges, particularly for postgraduate degrees in medicine. The biggest cost in setting up a medical college is setting up a functional hospital. Why not ask every Apollo, Fortis, Max, etc, hospital to attach a college to itself, and increase the supply of doctors? Convert every large hospital into a teaching hospital, in short.

Private health insurance can supply unbundled services for a fee and also provide traditional insurance to those who want private rooms, bells and whistles. The government must step up the game in regulation, besides raising healthcare and public health engineering outlays. Universal healthcare is an achievable goal.

 

Source: http://blogs.economictimes.indiatimes.com/cursor/the-goal-of-universal-healthcare-is-achievable-with-some-innovation-and-daring/