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Posted on Thursday December 12th, 2019

Nowadays health insurance policies have become more customer-friendly. These policies not just cover the hospitalization expense but also come with other varied benefits which make each plan unique. As the cost of medical treatments is rising day by day, it is important to know about the various kinds of support provided by insurers. Let’s look at some lesser known features of Health Insurance that can ease the burden of medical expense on you.

Free health check-ups: This feature is offered in most of the plans by insurers. The policyholders can take the benefits of free preventive health check-ups to a certain limit which is pre-determined by the insurer. This feature can be availed only after completing a continuous claim free period typically ranges between one and five years.

Domiciliary treatments in policy: Some patients are not in a condition to be transferred to a hospital or there are no beds available in the facility, so they are treated at home which is known to be domiciliary treatments and are covered in Health Insurance Policy. Read all the terms and conditions of a policy to understand that it are covered up to a specific limit or entirely.

No claim bonus: If you do not make a claim in policy limit, you are offered benefits under no claim bonus. These benefits can be in the form of an increased sum assured or discounts on premium. It is cumulative in nature and increases continuously every year when no claim is made.

Convalescence benefit: This is also known as recovery benefit and is given out to a policyholder in the case when hospitalization exceeds the specified number of days. This feature is useful for prolonged hospitalization.

Benefit of daily cash: A fixed cash benefit is given out the policyholders for each day of hospitalization by insurer. The feature can be used to meet the additional expenses faced during your stay in the hospital such as the refreshment’s costs.

Lifelong renewability: It is relatively a new feature added to the health insurance plans, with the amendment in regulations mandating lifelong renewability. Now health covers do not impose any maturity period to when the plan can be renewed. They are allowed lifelong if premiums are paid within the stipulated renewal date.

Sum assured restoration: This benefits you as double sum assured coverage. The sum assured is restored to 100% allowed under certain terms and conditions if it is exhausted in a particular year.

Emergency treatments: Some of the insurers provide coverage for outpatient medical expenses like doctor’s consultation fees, pathological tests and costs of medicines etc. it is useful for those patients who avail the treatments which do not require hospitalization.

Non-allopathic treatments: Nowadays many insurers have started providing coverage for non-allopathic treatments such as homeopathic, Ayurveda and unani treatments. Some plans provide coverage up to the sum assured whereas some have a sub-limit on the coverage.

Compare the inclusions and exclusions of multiple plans before choosing a plan and do not base your decision on the premium cost.

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Posted on Tuesday November 19th, 2019

With the increasing access of smartphones, laptops, tablets etc., the whole world is going digital. Sensing the needs of customers, insurers are rapidly opting online channel for distributing wide range of insurance products. Be it Health Insurance, Motor Insurance, Term Insurance or other financial plans, you can buy any of these with a finger click. It’s as simple as you do online shopping. Some people still feel skeptical of buying policies online. They might be scared of losing their hard earned money or mis-selling. The online channel of insurance distribution is safe and cost effective. We will tell you few points to change your perception of online insurance and it is nothing to get afraid of it.

Low Premium: There is no mediator or agent involved in buying an online insurance policy, the insurer saves the commission money and it can be shared with you in the form of low premium. The online policies require minimal documentation and management expenses. The insurers share all these saving with their customers. Despite low premium, all other benefits under the online policy remains same as it is in the offline policy.

Easy to Buy: Insurance policy can be bought in a single go on your laptop or smartphone while sitting in any room of your sweet home or from your workplace. The onus is on you to select a suitable product as per your requirement and budget. You can educate yourself with comparing quotes and benefits provided by all insurance players present in the market rather picking a policy from limited options with an agent. It is always suggested to do thorough research before buying an insurance policy.

Easy to Manage Policy: The most important edge of online channel is to manage the policies without papers and electronically over offline policies. These insurance websites facilitates you to view your old policies even bought offline. They have their online chat forums to address the customer’s complaints instantly.

Easy to Renew: The websites are not limited to buy a plan only, you can also renew your existing online insurance policy using your debit or credit card or net banking.

No fear of Mis-selling: In previous times, there were several cases of insurance mis-selling. Opting these online channels, you can yourself choose the best suited plan as per your needs after going through benefits and rates of all kinds of plan.

No Fear of Losing Policy: When you go for an Online Insurance Policy your every detail is electronically stored in the insurer’s database, so you do not need to worry about losing the physical documents. It helps you to access the policy anytime, anywhere and you can download your policy related information from the website of concerned insurance policy.

There are host of benefits that you can enjoy while buying an online policy as it is more convenient and easy way. It is always advisable to compare policies online and never forget to read the policy features and benefits prior opting for it.

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Posted on Friday September 28th, 2018

Life is to enjoy all the wonderful moments and it can be uncertain too. Everyone take preemptive measures to overcome these uncertainties. Insurance is one of those financial products that provide you a safeguard and to your family during tough times. There is a wide variety to choose from, so “MUST KNOW ABOUT THE INSURANCE YOU NEED“. The insurance market offers Life, Term and Health plans as per your needs but ShubhBank provides you with the policy that is equally effective for your needs. You should plan them as early as possible for your financial security depending upon your earnings, age, number of dependents and long term financial goals. While choosing an insurance type, you should prioritize protection over the investment. Term Insurance is most popular among all as it provides coverage for defined period of time and if it expires during the term of policy then death benefit is payable to the nominee. Its rising popularity is due to lowest of premiums. They are not alive forever, but help one to give financial protection to their family and to meet their financial goals.

No matter what’s your age or earnings, a Health Insurance cover must be a part of your life plan. Nowadays medical cost and healthcare are rising with high risk vulnerability owing to modern lifestyle and mental stress and it can deplete all your savings in one go. This plan gives ample time to stay financially protected from preexisting diseases and also offers tax benefits. Nobody knows of something were to happen in future that could have an adverse impact on financial well-being of a person and his/her loved ones. So a Life insurance policy provides a safeguard to your family if something were to happen to you in future. It ensures your family to continue maintaining the lifestyle, when you are not around. The insurance plans are governed by the factors like age, income, assets etc. before taking a plunge to buy any kind of policy, make a list of your few basic requirements.

It may be a time consuming to trust anyone, but we assure you to choose a right plan for you. When you are confident about the product then you go through all the terms and conditions related to it. It also be a wise decision if you assess it according to your budget and coverage or return you seek and picking the option that suits your needs. The insurance plans not only restricted to risk cover in these days but can also help you in fetching a loan. There are so many banks and NBFC’s providing loans against the value of your permanent life insurance with additional terms and conditions. It is best to do a little research about the general plans before grabbing the best offering as per your risk and requirement. Picking up the right one can be a tough but go for optimum protection and more budget friendly plans. Understanding for how long do your plan to work, how much cover will be sufficient will help you to pick the best. So it’s time to invest to avoid any nasty surprises later.

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Posted on Monday July 16th, 2018

When it comes to medical insurance for senior citizens, there are a plethora of plans that you can choose from. There is nothing which is the best in terms of health insurance from a universal perspective. You need to assess various plans on the basis of parameters like the coverage amount, claim settlement record, cashless facility and other benefits, number of affiliated hospitals, pre-existing disease coverage and so on.

There are several public sector insurance companies offering “Health Insurance Plans“. There are economical insurance coverage options available in this segment. There are several private players as well including the likes of Bajaj Allianz Silver Health Plan and others which have several incentives and benefits for senior citizen health plans. Take your time and choose wisely.

A- Senior Citizens Red Carpet Health Insurance Policy

Senior Citizens Red Carpet health insurance policy from Star Health provides an absolute health cover to senior citizens. This health plan provides cover for in-hospitalization expenses. Sum insured under this policy is available for each individual member covered.

Key Features
• Exclusive health cover for senior citizens
• In-patient hospitalization cover
• No mandatory pre-acceptance medical check-up
• Higher sum insured options
• OPD expenses are covered
• Direct in-house claims settlement team
• Enjoy quick & hassle-free claim settlement
• Get treatment across 6000+ network hospitals
• Lifetime Renewability

B – Optima Senior

Key Features
• Comprehensive Senior Citizen Plan
• No Maximum Entry Age
• Option to include your spouse on Individual Sum Insured basis
• Avail 5% Family Discount
• Option between a policy term of 1 or 2 years
• Free E-opionion for Critical Illness available

C- ICICI Lombard Complete Health Insurance

Key Features
• Customized health plan for your family
• Option to choose from 5 multiple plan variants
• Wellness and Preventive healthcare
• Enjoy Wellness Program
• No pre-policy medical check-up
• No Maximum entry age bar to avail this plan
• Guaranteed claim service
• Avail cashless hospitalization across 4500+ hospitals

D- Varistha Mediclaim for Senior Citizens

Key Features
• Covers Hospitalization expenses
• Covers 8 Major Critical Illnesses
• Renewability upto 90 years of age
• Get Tax Benefits under the plan
• Cashless treatment in network hospitals

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Posted on Monday June 11th, 2018

To decide which health insurance plan is good for you, consider the following factors:


Individual plan or family floater: An individual plan will cover only you, while a family floater plan can cover your family: you, spouse and kids in a single deal. Some insurer offer cover to parents, parents-in-law and siblings also.


Do you need additional health cover if you are already covered under a corporate health deal: Quite often, the sum assured amount of corporate plans might not be sufficient to meet medical expenses.


Insurance cover amount: The cover amount should be decided on several factors, some important pointers include: Age, demographic profile, lifestyle, past illness/hospitalisation, family medical history, city you live in, dependents and premium amount one can pay.


Premium amount: Premium depends on factors like age, features of the plan, sum assured chosen by you etc. Higher the age higher would be the premium .


Pre-existing diseases: Insurer may assign a waiting period of 2-4 years under pre existing diseases till the time your health remains stable .


Waiting period: Almost all insurer have waiting period of 30 days during which the claim is payable .


Network hospitals: Network hospitals offer cashless claim payment benefit to policyholder. This implies you dont need to pay a penny and entire medical treatment cost goes cashless .


Reward/Bonus: Most insurance deals reward you in the form of bonus for every claim free year. As a bonus, insurance companies either provide: Increase in the sum assured or Offer discount in renewal premium or combination of both. Consider a plan that provides a combination of both.


Maternity benefits: If you need maternity benefit, then check if the insurer provides it and also check the waiting period which is usually 9 months to 4 years.


Lifetime renewability: It is best to choose a insurer that offers lifetime renewability so that you can avail the benefits under the deal on an on-going basis.


Free medical check-up: This deal offers a free check up for you and your family each year for routine checkup to assess th family fitness and avoid any serious illness that might occur due to health fluctuations . Hence acting as a sense of security for being just on fitness line.


AYUSH treatment: If you wish to take alternative treatments then you should check if the plan covers AYUSH treatment and the extent of the treatment.


Based on all the above factors, one of the good health insurance that you can consider is Max Bupa Heartbeat Family First Health Insurance followed by other insurer like ICICI Lombard and HDFC Ergo also provides “Affordable Insurance Policy . The most important point is to cover yourself first so as to protect your family , but group insurance has now been a great icing on cake these days as it offers all solutions in just average premium amount . Not only the plans gives you a set of mind relaxation but a security to stay healthy for long owing to additional protect against all illness and critical diseases . Metaphorically , the policy security decreases the trauma of falling ill repeatedly . Life insurance shall always be a second investment option when it comes to health insurance . The priority lies in the fact that your health signifies the well being of your family and dependents . Life insurance is just a monetary support when one has already passed away where as health insurance is your own property .

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Posted on Monday May 28th, 2018

The most discussed presentation of the year includes the annual Union Budget 2018 by Finance Minister Arun Jaitley has largely developed the penetration of general insurance(GI) in India. Here are some of the key inputs from the Union Budget 2018 with respect to the GI sector.


Three public sector Top general insurers such as The Oriental, United India and National Insurance Co. Ltd are all set to merge into a unified insurance entity. The integration of these three general insurance companies will create an enormous organization which is likely to take over one-third of the GI market.


Launch of World’s largest healthcare scheme


As a solid step towards universal health coverage, Finance Minister Arun Jaitley put forward a brand new initiative under government’s Ayushman Bharat Programme. This National fitness Protection Scheme is going to be the world’s largest healthy care programme funded by Government. The ground-breaking proposal made in the Union Budget 2018 is also called ‘Modicare’.  Here are some key highlights of this flagship health protection plan;


  1. A comprehensive  protection coverage to more than 10 crore poor families is announced which will benefit over 50 crore vulnerable people in India.
  2. This ambitious scheme is designed to cover both primary and tertiary treatment.
  3. 50 crore people can cover their treatment expenses up to a maximum limit of Rs. 5 Lakhs.
  4. Each and every family need to pay around Rs. 1100 to avail this security coverage.
  5. The coverage of R. 5 Lakhs will be available on the reimbursement basis.


Multiple Quotes available online to compare the best suited for your needs as per your age and responsibility . Compare online portals like shubhbank.com explaining the details of health protection plans.


Impact of this “Affordable and Accessible Insurance Policy


Health care business opportunities are likely to increase with rising in fitness protection coverage. However, some of the previous government-funded schemes failed miserably because of wrong pricing, so, this aspect of the proposed healthy care scheme needs to be taken care of. If the pricing part remains affordable for the targeted section of the society, this revolutionary scheme can boost the penetration of health security in India much like the success of crop protection in the last year in India.


With the advent of this avant-garde health care programme, the value of stocks of GI companies in India have also risen as the improvement of their businesses is now highly anticipated.