Skip to main content

Best Health Insurance Plans in India for 2016

Buy Health Insurance Plans Online 

 

A key piece of buying any insurance policy is how good the company is in paying claims

 iStockPhoto
 

How do you buy a health insurance plan? If you just settle with the plan your agent sells or are happy knowing you have bought the cheapest plan, there is a bit of unlearning and a lot of learning in store for you. A health insurance policy packs in several features and caveats. To give you a ready comparison, we designed Mint Mediclaim Ratings (MMR), which was developed by SecureNow Insurance Broker Pvt. Ltd. The full ratings along with the methodology can be

In the ratings, for family floater plans, we have considered two sum insured amounts (R10 lakh and R20 lakh) and three age categories in each—eldest insured member is 35, 45 or 65 years old. For individual plans, the age categories are the same but the sum assured is Rs.5 lakh. The newest edition of the ratings (July 2015) also includes individual plans of Rs.5 lakh, Rs.10 lakh and Rs.20 lakh for a person aged 70 years.

This week, we spotlight family floater policies with sum assured Rs.20 lakh, the eldest person being 35 years old and the coverage is for two adults and two children.

We also explain some of the important aspects that one should look at while choosing a policy. Let's look at claims not settled.

A key piece of buying any insurance policy is how good the company is in paying claims. Unfortunately, in India, in the health insurance space, this data is difficult to get in a user-friendly and comparable format. Claims settlement data in public disclosure documents is a consolidated set of numbers that includes claims from group and individual policies. But only a small number of group policies are rejected, so, if an insurer has a sizeable group portfolio, its claims settlement data may look healthier. Therefore, it is important to segregate this data for better analysis. But the Insurance Regulatory and Development Authority of India has not asked for it, nor have insurers done so.

The second issue is in the nomenclature. Under claims settlement, insurers state number of claims reported, settled, repudiated, closed and outstanding. It's important to track the claims payment of an insurer—claims paid over claim decisions taken (settled, repudiated and closed). The inverse of this measures the claims not settled. While claims repudiated and settled are self-explanatory, closed claims need some detailing.

According to insurers, closed claims are those unpaid claims that are closed either due to lack of more documents from the insured or where the policyholder hasn't pursued the claim further. Closed claims should ideally form a very small portion, but if it's sizeable, there is reason to worry. In our ratings, we have put claims repudiated along with claims closed in the claims not settled basket. This is a start and perhaps will encourage the industry to publicly disclose data in a more transparent fashion.

 

How do you buy a health insurance plan? If you just settle with the plan your agent sells or are happy knowing you have bought the cheapest plan, there is a bit of unlearning and a lot of learning in store for you. A health insurance policy packs in several features and caveats. To give you a ready comparison, we designed Mint Mediclaim Ratings (MMR), which was developed by SecureNow Insurance Broker Pvt. Ltd. The full ratings along with the methodology can be

In the ratings, for family floater plans, we have considered two sum insured amounts (R10 lakh and R20 lakh) and three age categories in each—eldest insured member is 35, 45 or 65 years old. For individual plans, the age categories are the same but the sum assured is Rs.5 lakh. The newest edition of the ratings (July 2015) also includes individual plans of Rs.5 lakh, Rs.10 lakh and Rs.20 lakh for a person aged 70 years.

This week, we spotlight family floater policies with sum assured Rs.20 lakh, the eldest person being 35 years old and the coverage is for two adults and two children.

We also explain some of the important aspects that one should look at while choosing a policy. Let's look at claims not settled.

A key piece of buying any insurance policy is how good the company is in paying claims. Unfortunately, in India, in the health insurance space, this data is difficult to get in a user-friendly and comparable format. Claims settlement data in public disclosure documents is a consolidated set of numbers that includes claims from group and individual policies. But only a small number of group policies are rejected, so, if an insurer has a sizeable group portfolio, its claims settlement data may look healthier. Therefore, it is important to segregate this data for better analysis. But the Insurance Regulatory and Development Authority of India has not asked for it, nor have insurers done so.

The second issue is in the nomenclature. Under claims settlement, insurers state number of claims reported, settled, repudiated, closed and outstanding. It's important to track the claims payment of an insurer—claims paid over claim decisions taken (settled, repudiated and closed). The inverse of this measures the claims not settled. While claims repudiated and settled are self-explanatory, closed claims need some detailing.

 

 

 

-----------------------------------------------
Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds

Top 10 Tax Saving Mutual Funds to invest in India for 2016

Best 10 ELSS Mutual Funds in india for 2016

1. BNP Paribas Long Term Equity Fund

2. Axis Tax Saver Fund

3. Franklin India TaxShield

4. ICICI Prudential Long Term Equity Fund

5. IDFC Tax Advantage (ELSS) Fund

6. Birla Sun Life Tax Relief 96

7. DSP BlackRock Tax Saver Fund

8. Reliance Tax Saver (ELSS) Fund

9. Religare Tax Plan

10. Birla Sun Life Tax Plan

Invest in Best Performing 2016 Tax Saver Mutual Funds Online

Invest Online

Download Application Forms

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

---------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Leave a missed Call on 94 8300 8300

-----------------------------------------------

Popular posts from this blog

Post Office Deposits Interest Rates

Best SIP Funds to Invest Online   SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further information on Top SIP Mutual Funds contact  Save Tax Get Rich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com

LIC Leave Encashment Plan

LIC Leave Encashment Plan       Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015 1. ICICI Prudential Tax Plan 2. Reliance Tax Saver (ELSS) Fund 3. HDFC TaxSaver 4. DSP BlackRock Tax Saver Fund 5. Religare Tax Plan 6. Franklin India TaxShield 7. Canara Robeco Equity Tax Saver 8. IDFC Tax Advantage (ELSS) Fund 9. Axis Tax Saver Fund 10. BNP Paribas Long Term Equity Fund You can invest Rs 1,50,000 and Save Tax under Section 80C by investing in Mutual Funds Invest in Tax Saver Mutual Funds Online - Invest Online Download Application Forms For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call --------------------------------------------- Leave your comment with mail ID and we will answer them OR You can write to us at PrajnaCapital [at] Gmail [dot] Com OR Leave a missed Call on 94 8300 8300 --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms fro

Power of Compounding in Investments

Power of Compounding in Investments Invest Rs 1,50,000 and Save Tax up to Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds. Save Tax Get Rich Top 10 Tax Saver Mutual Funds for 2017 - 2018 Best 10 ELSS Mutual Funds to Invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Tata India Tax Savings Fund  3. Birla Sun Life Tax Relief 96 4. ICICI Prudential Long Term Equity Fund 5. Invesco India Tax Plan 6. Franklin India TaxShield  7. Reliance Tax Saver (ELSS) Fund 8. BNP Paribas Long Term Equity Fund 9. Axis Tax Saver Fund 10. Sundaram Diversified Equity Fund Invest in Best Performing 2017 Tax Saver Mutual Funds Online Invest Best Tax Saver Mutual Funds Online Download Top Tax Saver Mutual Funds  Application Forms For further information contact  SaveTaxGetRich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com OR Call us on 94 8300 8300

MF SIP Top Up Online

Mutual Fund SIP Top Up Online As your monthly income grows, so should your savings. With this facility, you can increase your existing monthly SIP contributions. This can be done on a half-yearly and yearly basis. And you can top up with a minimum of Rs.500 per installment or multiples of Rs.500 as per your convenience.

Kotak Banking Exchange Traded Fund (ETF)

Download Tax Saving Mutual Fund Application Forms Invest In Tax Saving Mutual Funds Online Buy Gold Mutual Funds Leave a missed Call on 94 8300 8300 Kotak Banking Exchange Traded Fund (ETF) Kotak Mahindra Mutual Fund has launched Kotak Banking Exchange Traded Fund ( ETF ). The fund aims to provide returns before expenses that closely correspond to the total returns of stocks belonging to the CNX Bank Index , subject to tracking error. For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call Leave a missed Call on 94 8300 8300 Leave your comment with mail ID and we will answer them OR You can write back to us at PrajnaCapital [at] Gmail [dot] Com --------------------------------------------- Invest Mutual Funds Online Invest Any Mutual Fund Online Download Mutual Fund Application Forms from all AMCs Download Mutual Any Fund Application Forms --------------------------------------------- Best Performing Mutual Funds Largecap
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now