How To Compare Family Health Insurance Plans


wealthymattersIf you’re thinking about taking a family health insurance plan, there are a lot of things you need to consider before buying the right plan for your family. You have the option to choose from a variety of policies but if this is your first time buying an insurance policy, you’re probably not quite sure which one actually suits your needs.

Here’s an entire glossary on health insurance plans that will surely enlighten you on the nuances of procuring the perfect health insurance for your family.

Types of Health Insurance Plans

There are plenty of health insurance plans available in India to help you in times of medical emergencies. You should specifically focus on coverage, premiums, returns and a bunch of other stuff to make the right pick.
Here are the 6 health insurance policies readily available in the Indian insurance policy market: Read more of this post

Super Saver Ideas


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We frugally minded routinely use insurance comparison sites.But how many of us choose to actively haggle with insurers?This piece below,that I came a cross on the internet today has some interesting points to cite while bargaining.I have highlighted them in red.

It seems like there is insurance for everything these days. You need to get some on your car just to be legally able to drive round. You should have it on your house since it is such a large investment and you would not want it all to be lost due to something like a storm or a house fire. At the same time, there are additional policies, such as flood insurance, that you can consider for the house. On top of all of that, you may want to consider insurance on things like art,boats, motorcycles and the like. Does it sound like this is going to be too expensive?  Read more of this post

Opt For The Critical Illness Rider


wealthymattersIts a common tendency to automatically opt for the Double Accident Benefit (DAB) rider in case of life insurance policies. Personally I feel it makes sense to similarly adopt the Critical Illness Rider (CI) too.The few extra rupees are probably well spent.Here’s why I think so:

According to a recent study conducted by the private non-life insurer ICICI Lombard, the maximum increment in critical illness incidence rates was experienced in the age bracket of 26-35 years.The vulnerability to illnesses such as cancer among the younger age group is increasing. In this age group, the incidence rate has doubled in the last three years. The study also noted that spike in critical illness incidence rates was more significant in IT and manufacturing sectors.

Other insurers also have a similar story to tell.According to Aviva India,claims for lifestyle diseases like cancer, heart attack and diabetes from people below 40 years of age stood at 23% in 2011-12 and it has shot up to 38% in FY2012-13.Due to a spurt in lifestyle diseases where people are exposed to various risk factors like diabetes, hypertension and cholesterol disorders there is an increase in the number of claims for cardiac diseases and cancer, which are covered under major critical illnesses.

Critical illness riders offer a fixed sum once the illness is diagnosed.They can be a valuable addition to your basic health cover if you contract any serious illness. Your health cover will take care of most of your hospital bills, and pay-outs from critical illness cover can be used to fund medical costs that are not covered,your travel, food, post-treatment recuperation expenses and other long term or permanent expenses such as colostomy pouches.It could also come to your aid should you have to travel abroad for treatment. In case of a critical illness rider  the sum insured is paid once any of the illnesses is diagnosed irrespective of where the treatment is taken, at home or abroad.

In fact,if you prefer to take treatment abroad only,consider buying a standalone critical illness policy available from the general insurers.

The Difference Between Life Insurance And Life Assurance


Wealthymatters.comThe average person thinks that Life Insurance and Life Assurance are different names for the same thing. Many financial commentators too fail to note the difference.Life Insurance and Life Assurance perform different financial roles and are poles apart in cost – so it helps to buy the correct product.

Life Insurance provides you with insurance cover for a specific period of time (known as the policy’s “term”). Then, if you were to die whilst the policy is in force, the insurance company pays out a tax-free sum. If you survive to the end of the term, the policy is finished and has no residual value whatsoever. It only has a value if there is a claim – in that context it’s just like your car insurance!So Term Insurance is a Life Insurance product. Read more of this post

The Most Expensive Keywords


If you have ever wondered why there are so many financial websites and blogs on the internet,here’s your answer.The fact that in the real world too, the financial services sector is growing at a breakneck speed helps in its own way.wealthymatters

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