Sunday, 24 January 2016

12 Precious Tips to Choose The Best Health Insurance Policy | Choose Best Health Insurance Policy in India

In today’s hassle and bustle, health insurance and life insurance are becoming necessities. These tools protect us from unexpected expenses of hospitalization due to an injury or illness. Health insurance reimburses you and your loved ones if something undesirable happens. Therefore, Health insurance is a best option when you’re looking to protect your loved ones against unforeseen health expenses. Usually, health insurance covers medical expenses incurred in a hospital for the treatment of an injury or illness; health insurance also provides financial support to insured’s loved ones, in case of insured person death. Undoubtedly, insured person’s family suffers from unbearable pain when they loose their loved one; but it also makes family members’ life harder. Therefore, a health insurance or life insurance gives you peace of mind that your family will not face financial crisis upon your death. All of us should buy a health insurance policy but with full awareness of what does your policy cover and doesn’t cover?  Many people feel cheated when they can’t settle claims with their insurance companies. There are many medical conditions under which your insurance company will not pay you any claim; some of are permanent exclusions and some of are waiting period basis (See: Health Insurance Exclusions: Medical Conditions Your Health Insurance Policy Doesn't Cover).

Thursday, 21 January 2016

Medical Conditions That Your Health Insurance Policy Doesn't Cover

The term exclusion is used in health insurance when an event of medical emergency/need is excluded from an existing health insurance policy. There are many types of medical conditions that are not covered by your health insurance policy; therefore, it would be good for you to read carefully what does your policy cover and doesn’t cover? Usually, after buying a health insurance policy, insured receives a copy of terms and conditions along with a list of doctors in his network through email or post.  It is immensely important to read all terms and conditions related to a health insurance policy to minimize the chances of claim rejection. It is remarkable that insurance companies strictly follow their terms and conditions stated in specific policy; which means customer’s claim will be rejected if claimed medical emergency is not stated in their terms and conditions page. Therefore, it is advisable that after buying a health insurance policy promptly read all terms and conditions of your policy to understand what does your policy cover and doesn’t cover? You may request your insurer to send a copy of terms and conditions before buying a health insurance.

Tuesday, 12 January 2016

Life Insurance: Different Types of Life Insurance Policies

In today’s uncertain world, Life insurance is becoming a necessity. By definition, Insurance is a legal agreement between two parties (Insured and Insurer); in which one party (insured or policy holder) agrees to pay premiums, and in return, another party (insurer) agrees pay certain amount of money on the event of loss.  Now in this day and age, everyone should have an insurance policy because the probabilities of mishappenings have been increased due to today’s hustle and bustle.

In today’s post, we will be discussing on types of life insurance. Presently, insurance companies have launched many life insurance products in insurance market. Some life insurance products cover only the event of death; and some add riders or endorsements to give extra benefits to insured (See: 10 Important Things to Consider Before Buying a Life Insurance Policy). Depending on the features, there are three basic types of Life insurance;

Monday, 4 January 2016

10 Important Things to Consider Before Buying a Life Insurance Policy

Insurance is a risk management technique; that helps to reduce the risks of financial burden, in case of any mishappening. Insurance is also known as a risk transfer technique, in which you shift your economical losses to your insurance company by paying a fee called a premium. Insurance protects an individual against financial hardships due to unexpected events like; theft, illness, physical injury, damage to property etc. Actually, life insurance is a legal agreement between you and your insurance company; in which you have to pay premiums and in returns, your insurance company pays you a certain amount of money in the event of loss you insured. The amount of money that your insurer pays you or your nominee (on maturity or event of loss) depends upon the amount of protection you have purchased. Your family may face financial problems upon your death; but if you have purchased a life insurance policy then it might help your family to bear the immense loss. If you have dependents then you must have a life insurance policy.