Health insurance for senior citizens
Insurance
Bipin Ramachandran

Health insurance for senior citizens

Health insurance for senior citizens is a hard puzzle to solve. As we age, the probability of hospitalisation and associated expenses increases. So, from a consumer’s perspective, it makes sense to get medical insurance with good coverage. But for insurers, seniors policies are not as lucrative because most policyholders will more likely make a claim. On top of it, unlike life insurance, every health insurance policy is renewable for life. Insurers cannot stop servicing high risk customers once they’ve been given a policy.

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younger policyholders, A policy designed for younger policyholders
Insurance
Bipin Ramachandran

Insurance review – A policy designed for younger policyholders

We’re starting our insurance review series with Star Health Young Star Insurance Policy. This is a policy designed for younger policyholders who are either single, or just married or in the early stages of their career.

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personal accident covers, best personal accident covers
Categories
Pavithra Jaivant

How to choose personal accident covers

Insurance policies are always purchased with the hope that they will never be needed. Personal accident covers are no exception. Many of us would rather not even think about accidents – but this shouldn’t stop us from thinking about protection for us and our dependents against the financial burden, in the eventuality that an accident does occur. 

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porting health insurance policies, health insurance, portability
Categories
Pavithra Jaivant

The pros and cons of porting a health policy

As per IRDAI (Health Insurance) Regulations 2016, porting means ‘the right accorded to an individual health insurance policyholder (including family cover), to transfer the credit gained for pre-existing conditions and time bound exclusions, from one insurer to another or from one plan to another plan of the same insurer’. In short, should you decide to move from one health insurer to another, or from one plan to another with the same insurer, porting helps you retain some of the benefits you have earned on your old policy. 

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critical illness
Categories
Aarati Krishnan

Critical checks to make on critical illness covers

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.

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1 crore, 1 crore health policy, health insurance
Categories
Aarati Krishnan

Why you don’t need a Rs 1 crore health policy

Recent reports suggest that as many as 35% of health insurance buyers in recent times – mainly in their 30s and 40s – are buying Rs 1 crore health insurance plans, against just 5% who used to buy them earlier.

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claims settlement
Insurance
Aarati Krishnan

Health Insurance: Which insurers settle your claims the best

Have you ever wondered why health insurers in India keep their claims data a closely guarded secret, while life insurers advertise it? Life insurers prominently display their claims settlement ratios of 98% or 99%, but health insurance pitches are full of emotional testimonials on how ‘timely’ payouts saved the life of a near-and-dear one.

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claim rejection
Categories
Aarati Krishnan

Four excuses for health insurers to reject your claim

Today, many personal finance articles tell you that one of the biggest personal finance take-aways from Covid is that everyone ought to sign up for a generous health insurance cover. But they fail to include the statutory warning that must come with every such plug – “Don’t expect your hospital bills to be settled in full”.
Prompted by real-life experiences of many investors who had filed claims for Covid treatment, PrimeInvestor conducted a Twitter dipstick survey in the last week of May on the claims settlement experience of policyholders.

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