Monthly Archives: March 2016

Top Family Floater Health Insurance Plans India

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A family floater health insurance is one of the best options when it comes to safeguarding the health of your loved ones. Since it is single policy offering family benefit, it  relives you  from the task of maintaining and keeping track of several insurance policies & offers affordability also.

Best  health insurance in india usually covers the individual, spouse and children. However, some insurance providers do have provision to cover dependent parents, siblings and parents-in-law. Hence this kind of policies are becoming more popular because of the advantages it offer.

Considering the low probability of the entire family getting hospitalised in a single year. Therefore, experts argue, family floaters provide sufficient coverage for the entire family, particularly for the young and the healthy ones.

The Limitations
However, the clincher for family floaters – better coverage at lower premiums – would be turned on its head if one of the family members has an adverse health history. For example, if a family member is suffering from cardiac problem, the likelihood of claims being made is quite high and so is the possibility of a higher claim amount. Consequently, other family members would be left with little or no cover for the rest of the year.

“If one person exhausts the limit, everyone else in the policy is exposed,” points out Antony Jacob, CEO of Apollo Munich. “Where the risk profile of one of the members is high, a separate cover is advisable for him or her. Or, you can also look at a floater of more than 6-8 lakh. A cost-benefit analysis will have to be done by each family to arrive at the right combination.”
The middle path
To get around the exhaustion obstacle, some companies offer family floaters with a host of flexible options. Companies like L&T Insurance, Apollo Munich, Star Health and Max Bupa have designed products that reinstate the sum assured in individual as well as family floater policies, subject to conditions.
For instance, L&T Insurance’s product promises replenishment of cover in case of accidents and double the sum assured for critical illnesses. Apollo Munich and Star Health restore the cover if the second claim pertains to an ailment unrelated to the first one, or is made by another family member. Max Bupa’s family product provides a combination of individual and floater limits.
Choosing a floater
Keep healthcare inflation in mind while buying and enhancing your cover every year. Try to increase it by 2 lakh at least once in two years. “The city you reside in is also an important factor as the healthcare costs are not the same everywhere. A 5-lakh floater may hold good in say Madurai but will fall short in Mumbai,” says Jacob.
Points to remember
Many individuals often express doubts about the policy’s continuity upon the proposer’s death.
Such reservations, however, are totally unfounded. “Any other eligible floater member can write to the insurer, seeking to be the new proposer and the cover will continue,” explains Chopra. Another form of exit could be the insured children crossing the upper age limit prescribed for them.
Here, the premiums for other policyholders come down. The exiting policyholder should opt for an individual cover immediately, be it with the same insurer or a different one. Given the low-risk profile of young individuals, insurers will not hesitate to issue policies at cheaper premiums.
This apart, if you are dissatisfied with your insurer’s services, your family has an option to switch to another insurer, collectively or independently. Thanks to portability, you can retain your continuity benefits and need not wait for four years to get the pre-existing diseases cover.
However, understand the nitty-gritties of the process, particularly if you are migrating from individual covers to a family floater. That is, if you and your spouse have standalone covers of 2 lakh each and you wish to shift to a family floater of 5 lakh, the continuity benefits will be capped at 2 lakh per person.

[Source: http://insurancekhabri.blogspot.in/2012/09/family-floater-health-insurance-plans.html%5D

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How to choose an ideal health cover for you & your family?

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Medical costs, operational & surgical treatments, hospitalization are rising steeply in India with every passing day. Therefore, health care insurance is the best essential aid person can have in today’s time. A medical crisis like unfortunate accident, critical illness or sickness can result in extended hospital stay which can leave you in serious financial setback unless you have a comprehensive healthcare policy which can take care of your medical expenses. Today, there is loads of information available through various mediums like pamphlets, brochure, customer chat online, advertisements about various customized health insurance policies being introduced by companies for the valued customers. However, the real quest is which is the best healthcare insurance plan for you? The prime cause of spreading awareness about various policies by insurance companies is to get sufficient knowledge about the prospects of good medical insurance policy companies can offer.

These policies are tricky and slightly complex products that have been introduced by various insurance providers in Indian markets. However, there are some guidelines issued by IRDA in 2013 for the standardization of various policies available in the market such as the higher age entry of 65 years is included for health policy. Also, the insurer is bound to offer settlement within 30 days of the claim request.

In India, there are around 25 insurance companies that cater numerous health cover products for their clients. However, most often people are confused and cannot judge upon the best health insurance in India for them. Here is a quick guide to help you choose the most suitable or one of the best health insurance policy.

Before choosing the best health insurance in India for you and your family consider some factors given as below:

  • Number of members and their respective age
  • Check for policy that covers the maximum amount of sum for your family. Select a sum considering your premium payment capacity. Don’t exceed the costs because if you are not able to pay premium there might be a policy lapse.
  • Learn about the additional features like riders that you can add to your policy like accidental cover, critical illness, room rent etc.
  • If any family member has reached a pre-defined age then gets complete information regarding medical check-ups
  • Get information regarding filing of claims and the restraints that may prevent a successful filing
  • Compare policies online in terms of features & benefits, discounts & offers, premium costs, flexible payment options and hassle-free claim. Accordingly, it will help you choose the best health insurance in India.
  • Don’t forget to claim your bonus that every healthcare insurer offers to its customers for claim free years. The bonus can either be an increase in the sum insured or a discount on the premium.

Fortunately, with rapid development of insurance companies and their willingness to understand customer well, there are a wide range of options for just about every situation and health condition. Every health policy has different ways and approach to handle various health conditions so it’s important to know these options and whether they suit you or not. Before buying the best health insurance in India determine what kind of coverage you need and whether or not you can afford it. Your financial expert can assist you in arriving at an ideal health cover that takes into account needs of your family.

Compare & Buy Health Insurance Policies in India

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With the many of the survey it is proved that purchase of health insurance can keep you healthy for a long time. You just have to make sure that you are going to buy best Health Insurance Policy. Health insurance may be one of the most important purchases of your life.

Each and every insurance company in India these days is religiously updating their health insurance plans and making them very effective and affordable to prospective customers. But it does not means that you have to purchase whatever they provided you.

This is very much true that people fail to take maximum benefits of affordable health insurance policies.  We can’t say for a policy, this is the best insurance policy because it depends upon the need of the buyer.  You must have to compare best insurance policy available in the market.

There are many advantages like deciding the plan after comparing the premium.  to compare and choose the insurance policy as per your requirement.

Bajaj Capital Insurance’s online portal gives access to the insurance cost that assists the buyer in taking the right decision.

Bajaj Capital Insurance an online insurance portal to analyze different insurance policies and plans offered by best insurance companies in India. Baja Capital Insurance did the exclusive market research to provide you the best insurance quotes available in the market. Bajaj Capital Insurance can help you to finding the best family health insurance plan in the following ways.

[Source: http://bajajcapitalinsurance.blogspot.in/2013/02/compare-best-insurance-policies-in-india.html#.Vuz4VtJ97Dc%5D

Take Care Of Your Family With Best Health Insurance Plans

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More often than not, well-being of your family comes to your mind than your own health. You leave no stone unturned to keep your family safe and sound. However, eventualities like illness that you cannot control are always on the cards. The best you can do is to stay financially protected during such hard times by securing a health insurance plan for your family. The beauty of a family mediclaim policy is it covers both your family and you without any particular limit for individual member of your family.

Why family health insurance plans score better than individual plans?

Family health plans get the better of individual health plans in many ways;

  • A family floater policy gives you relief from the annoying task of maintaining and keeping track of several insurance policies.
  • You don’t have to pay for premiums for individual health covers of all members of your family.
  • All members of your family have equal share of the entire sum insured amount in a policy year.

Which Family Mediclaim Policy would you choose?

There is no dearth of quality family mediclaim policy in India. With the increasing awareness of the consumers the demand for such health cover is on the rise and a plethora of health insurance providers have come up with family health insurance policies to tap into the growing needs. To trace the best plan out of them you need to assess available policies in terms of many parameters.

Coverage on offer is one of the most crucial parameters as most plans cover only individual, spouse and children; but few plans extend the coverage to dependent parents, parents-in-law and siblings as well. Seemingly, all family health policies look the same but they differ on the basis of eligibility, benefits and limitations. You need to ensure that your chosen family medical insurance plan will fit your budget and serve all your purposes in near and distant future.

Conclusion:

Before purchasing a family health insurance plan, you should not only keep abreast of the benefits and features but you should also be aware of the limitations of each of these plans. Family health plans are ideal to cover the expenses of treating diseases but these plans are not effective for people with critical illness that make them unable to earn for a longer period of time.

Family health plans unlike critical illness covers don’t provide lump sum amount in the event of permanent or temporary disability of policyholders. This is why you should have a clear idea about the coverage and exclusions of the family health policy.

To find a family mediclaim policy that comes with adequate sum insured amount, wide coverage, lenient eligibility and least number of exclusions you have to compare various plans. At GIBL, you can compare, select and buy your favorite family medical insurance plan. Avail your policy today and make your family members realize one more time that you care.

[Source: http://blog.gibl.in/take-care-of-your-family-with-best-health-insurance-plans/]

Five effective tips to choose right health cover

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Now that you have purchased a health insurance plan it’s time to rejoice and take sigh of relief. Buying a suitable insurance policy helps insured to set free from worries about how he or she can manage adequate funds for treatments. This type of policy ensures that the outflow of money during medical emergencies does not create a big hole in your wallet. When you or one of your family members fall ill, the very first thing you will be concerned is how to pay for the medical treatment. And, medical policy India fulfills the same purpose at really affordable rates.

The article gives few tips to select the best medical plan:

Affordability

It is natural that in the event of your family welfare no amount of cover will prove sufficient in your minds. But taking income sources, demographics, family members’ health, any pre-existing diseases etc. you have to come to a realistic figure while choosing a health insurance plans. At times you might not have hi-end jobs or successful business running across so paying the large premium could be a problem. Begin with a modest cover and enhance slowly with your needs and income level.

Cashless Claim

Cashless medical policies are very useful especially when you’re travelling, out of station, running short of cash for treatments in hospitals. Infact these are the most preferred mode for individuals. With a cashless policy, you walk out of the hospital without paying a single penny in case of an operation / medical emergency. The hospital gets the go-ahead from the insurance company for the operation and related procedures upto a maximum of the sum assured of the medical plan. Cashless is a hassle-free process that reduces stress on the policyholder’s finances.

Benefits & Features

It is important you check all the benefits on your health insurancepolicy. For instance check whether the policy has the floater that provides flexibility in terms of adjusting sum assured for individual family members within the overall cap, cover illnesses and health conditions of the family.

Policy Review

As a policyholder you have right to return the policy if doesn’t match your benefits or feature requirements. It just does not suit your purpose. According to the law you have a fortnight to return the policy after receiving the policy document which is referred to as the ‘free look-in period’. There are certain conditions however; for instance, if it’s a medical policy then it must have a term of at least 3 years.

Compare policies

Since there are many insurance companies offering a medical cover and you are looking for that one policy best suited to your needs, it is a good idea to do a little homework before you choose any form of health insurance policy. 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. If you can’t afford to devote your valuable time on research then you can entrust the job to a well-known insurance agents. It is one of the reliable ways to ensure that you get best insurance quotes in less time without having to go through the hassle and tedious task calculations. Good agents not only help you to choose the most profitable policy but also assist in filing the claim and getting reimbursement in case of any trouble.

Upgrading Health Insurance Policy is Worth Investing

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Today’s medical world is costlier than anything and became unavoidable. You all know about expecting the unexpected and might have invested on a best health insurance policy that exceptionally covers you and your family.

On any immediate health emergency your health plan will keep supporting you, but what happens when your sum insured of your health plan becomes nil and suddenly stops covering in vital times? Every health insurance policies will a specific sum insured amount through which all your financial need will be covered.

If it becomes zero your health plan will be of no use. Save yourself from this uneventful circumstances and start securing your entire family without any interruptions by upgrading your existing health cover. Upgrade early and save more. Ask your health insurer to upgrade your policy and get all your waiting periods covered.

You can also upgrade your coverages by submitting an application to your insurer and gain extra protection. If you own a highest sum insured plan, then try and port your plan with another insurer which works along with your insurer.

Already used your sum insured? Then plan portability is not possible, now at this peak moment you are advised to buy a new health plan to cover your necessities. You might lose some benefits but this serve your purpose of being covered. Fair deal isn’t it? Go for it. We know this all you need.

[Source: http://www.policybachat.com/articles/upgrading-health-insurance-policy-worth-investing.html%5D