Top-up and super top-up covers help to add on to your basic hospitalisation cover in a cost-effective manner. Here we detail their advantages, differences and which you should prefer for a comprehensive health cover.
You do need insurance to cover this risk. We think that critical illness policies would be a good choice here. The advantage of buying a critical illness insurance plan is that on diagnosis of a specified serious illness, the insurer pays you a promised lumpsum amount with no questions asked on how you’re planning to spend the money. Critical illness covers are usually offered from a very young age with the age of entry capped at 60 or 65. These policies, however, offer life-long renewability. While many insurers waive medical tests for younger folk, taking such a test can ensure a better claims experience at a later date.
With the tax treatment of endowment plans changing recently, we take a look at whether there is any merit left in buying one of these plans.
Episode 08 of the Prime Podcast
Understanding the tax change for life insurance policies brought about by Budget 2023 via the recent CBDT guideline.
This policy does not have sub-limits and co-payments, contributing to more comprehensive coverage compared to competitors.
Sometimes health insurers provide similar policies that are difficult to differentiate. It is the finer points of the policies that make the difference. An example here is HDFC Optima Restore and Optima Secure.
One of the very first questions you’ll be faced with after deciding to buy a term insurance plan, is – What’s the size of the term cover (what insurers call the sum assured) you’ll need?
Most folks don’t put much thought into this and go for the nice round number suggested by their insurance agent, which is usually Rs 1 crore. You can online calculators, but they can throw up widely diverging numbers.
We at PrimeInvestor, recommend reinforcing your insurance arsenal with a critical illness cover in addition to a hospitalization plan in order to secure your finances against medical emergencies. We have covered what you should look for when shopping for a critical illness cover in our earlier article titled ‘What to look for in a critical illness health plan’. We have also shortlisted a few critical illness covers in the market based on these criteria and reviewed them in detail.
The plans we have reviewed so far are:
Activ Secure Critical Illness Plan by Aditya Birla Health Insurance,
Criti Care policy by Bajaj Alianz General Insurance,
IFFCO Tokio’s Critical Illness Benefit Policy and
Star Critical Illness Multipay Insurance Policy.
Here, we add to this list with our review of Tata AIG’s Criti-MediCare Insurance.
Often, researching for your health insurance doesn’t stop at finding a good insurer and policy. The sub plans, options, and addons under a policy warrant more research to find out the best combination for you and to help you squeeze out the most benefit from your policy. Today, we take up Bajaj Allianz Health Guard, with a wide range of sub-options that can make it better.
With the Budget plugging the tax break on guaranteed income plans from insurers, annuity plans are back in the picture as the go-to option for investors seeking guaranteed payouts after retirement. LIC has recently relaunched its popular deferred annuity plan as New Jeevan Shanti (Plan No. 858).
Let’s see how good the plan is and how it stands against competition in today’s Prime review.
Some of us may be hoarse from shouting about why tax benefits should not be the reason we buy insurance. Shouting notwithstanding, tax treatment remains a key consideration when buying insurance of almost any sort and this is what we look at in this article.
There are two points in time when the tax aspect will have to be kept in mind:
First at the time of premium payment
Second, at the time of a payout in the form of a claim being met or maturity benefits being paid out.
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