Of late, more and more people have also started leading a healthy lifestyle backing it up with wellness programmes. This certainly helps but does not remove the risk of being hospitalized due to unforeseen events. The cost of hospitalization, especially in urban locations, is increasing at a fast rate. According to a few studies done in the past, medical inflation in India is around 17 per cent annually, much above the general inflation level. The need for adequate health cover is increasingly becoming critical and consequently choosing the right health insurance plan has become very important. Let’s look at few important features that could help you take a more informed decision.
For a health insurance buyer, terms and conditions may at times be confusing and difficult to understand. Here on some of the important terms you will come across while buying them.
Lifetime Renewability: As per IRDAI regulations, insurers are mandatorily required to offer health insurance upto maximum entry age of 65 years. Most private insurers however, do not have such age-limits in their health plans while most state-owned general insurers cap the entry age at 65.
As per rules all policies have to offer lifetime renewability. Once the policy is issued, the policyholder has the right to continue renewing it lifelong. Lifetime renewability would be available even if there is a claim made in the previous year. Insurer cannot deny renewal on arbitrary grounds and has to furnish cogent reasons in writing if it does so.
Esta historia es de la edición October 2020 de Investors India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición October 2020 de Investors India.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
How To Build And Maintain A Long-Term Portfolio
Building a robust long-term portfolio involves two steps. First, you must decide on your asset allocation-essentially the distribution of your investments across various asset classes such that it aligns with your financial goals and risk tolerance.
Learn The Magic Of Self-Talk
There is perpetual self-talk taking place inside all of us
Health Cover: How Family Floater health insurance plans work to your advantage?
The right amount of health insurance coverage can help you stay on track with your finances and life goals. In the absence of health insurance, one may be forced to delve into current investments, jeopardising ambitions such as children's education and home ownership.
Empowering Women: Understanding Inheritance Rights in India
In the intricate tapestry of India's diverse inheritance landscape, where the threads of religious laws weave a complex pattern, don't entrust your legacy to fate's capricious hand. Instead, wield the brush of certainty by crafting your will.
Protecting Those Who Matter Most: Understanding the Importance of Life Insurance for Our Loved Ones
Mr. Sanjiv Bajaj is the Jt. Chairman & MD, Bajaj Capital, building the platform for the Business leaders of the Financial Services and Advisory sector to exchange their vision, experience, and views on making the right financial decisions.
Unit-Linked Insurance Plans: How to make use of ULIPS to meet long-term goals?
Unit-linked insurance plans, or Ulips, are a good option if you wish to combine life insurance with savings for long-term goals in one financial plan.
Why Should One Consider Investing In A Large Cap Fund?
An investor’s ability to create wealth in the longterm is directly linked to how well they create an all-weather investment portfolio.
Meeting Medical Costs with Health Insurance Plans
A medical emergency can occur at any time and to any person.
Water: The Elixir of Life
If there is magic on the Planet Earth, it is contained in water - Loran Eiseley.
The 100 Crore Wealth Legacy! A Vision
Generating 100 crores from modest investments is feasible with a long-term outlook, though market timing remains elusive.