Skip to main content

Insurance Protection against Uncertainties

Best SIP Funds to Invest Online 



An indemnity-based comprehensive health policy carries great utility value, but is likely to fall short of requirements when it comes to treatment of critical illnesses like cancer and renal failure or even in case policyholders were to meet with serious accidents that necessitate prolonged hospitalization and extended recuperation period.

In addition, policyholders' concerns about the ambiguity around claim settlement cannot be overlooked in case of indemnity-based health policies, especially if the cashless facility is not available at the hospital of their choice. Sub-limits and co-pay clauses, if any, could also eat into the eligible claim amount, adding to the woes of policyholders battling ailments and hospitalization bills. To tide over such uncertainties, health insurers offer dedicated plans that offer specific solutions to such concerns.

Critical Illness Covers

As the name suggests, these products offer coverage against dreaded ailments like paralysis, cardiac arrest, renal failure, cancer, stroke and so on. Usually, the claim amount is disbursed upon the diagnosis of such illnesses in case of these plans. Since these are fixed benefit plans, the claim is payable even if one has already made a claim under a regular indemnity-based plan. This amount can then be used to fund recovery process, lifestyle modifications, if any, and compensate any loss of income suffered during the period. In other words, policyholders have the flexibility to use the claim proceeds as they deem fit. Before buying such product, one must read the terms and conditions carefully as the policy could cease to exist if the disbursed claim has exhausted the sum insured. Likewise, a careful study of clauses will reveal the scope of coverage of such covers – broaden the definition of diseases covered, the higher their utility value is likely to be.

Specialized Cancer Plans

Cancer is an illness that creates terror in people's minds due the nature of the ailment and the costs it involves. The treatment procedures are often exorbitantly priced, which means that footing the bills by dipping into savings funds is out of question. Same is the case of with diseases related to heart and renal failure. Besides, the lifestyle changes illnesses like cancer can bring about warrant a specialized plan. While signing up for one, check the sum insured for early-stage cancers as some plans promise to pay just 25% of the cover amount and there are few new insurers who offer lump-sum payouts up-to 150% of the sum insured. Again, also ascertain whether the plans will cease to be in force once the claim amount is paid out. Since some forms of cancers are known to recur, the longevity of the policies is very important.

Personal accident policies

A regular health insurance policy covers hospitalization – whether arising out of illness or accident, which could prompt the question: so, why buy personal accident plans? The answer lies in the cost-benefit structure of these covers. For one, they offer a large cover at lower premium. These policies cover accidental death as well partial and total disabilities suffered due to accidents. Loss of income, if any, due to break in employment will also be covered, subject to limits mentioned in the policy wordings. As in case of any insurance policy, a meticulous reading of exclusions – i.e. what is not covered – is highly critical. Some personal accident policies may not offer income loss compensation for partial damage to limbs. They also come with sub-limits that need to be studied carefully before concluding the policy purchase.

The limitations

Clearly, such products can indeed fulfill certain requirements of policyholders that regular policies probably cannot. But, do not forget that these are not comprehensive plans. Opting for such plans while ignoring comprehensive health plans could leave a gaping hole in your protection framework planning. Also, their key limitation is the clause by which they stand extinguished after the claim payout unlike a regular indemnity policy that comes with the lifelong renewal clause. Therefore, treat such plans as additional layers of protection that supplement the core protection solution – your regular, indemnity-based health insurance cover. They will come in handy to plug the gaps in the regular health insurance policies' scope of coverage.


  • Personal accident policy offers a large cover at lower premium  
  • The claim amount in critical illness is disbursed upon the diagnosis in the policy


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 - Best ELSS Funds

For more 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

Popular posts from this blog

ICICI Pru Mutual Fund Dividend

ICICI Prudential Mutual Fund has announced dividend under the following schemes: Scheme Dividend ( Rs /unit) ICICI Pru Capital Protection Oriented Ser V Plan B-D 0.03611325 ICICI Pru Capital Protection Oriented Ser V Plan B Direct-D 0.03611325 ICICI Pru Balanced Advantage Direct-DM 0.06 The record date has been fixed as February 08, 2017. ------------------------------ ------ Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds Top 4 Tax Saver Mutual Funds for 2017 - 2018 Best 4 ELSS Mutual Funds to invest in India for 2017 1. DSP BlackRock Tax Saver Fund 2. Invesco India Tax Plan 3. Tata India Tax Savings Fund 4. BNP Paribas Long Term 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 ------------------------------ ------ Leave y...

Hidden Bank Fees

  What Banks Hide From Customers Imagine after a peaceful and exciting holiday you receive your bank statement with steep charges. You then rush to your bank and start confronting staff members and to your dismay, you come to know that the high end debit card was charged very heavily. Wouldn't this cause damage to your finances? So remember, the world outside is full of deceptive and double cheating people. Unethical practices are always used by company sales person in order to meet the target. Credit card companies, mutual funds and bank institutions always play dirty tricks to lure customers and the practices are rampant. So here's how you should be careful while dealing with your banks: High End Debit Card Charges While opening an account with a bank you opt for a debit card with minimal charges. But later on when you upgrade your card and opt for high end debit card the annual charge rise by a good amount. Though such a card has slew of features but it all comes at a high ...

Partial withdrawal from PPF

  Public Provident Fund (PPF) account has a lock in period   If you opened a PPF account to meet your retirement needs,, think twice about withdrawing from this fund before retirement. But provided it's an emergency here are the rules. Public Provident Fund (PPF) account has a lock in period before which you cannot withdraw your money.   The partial withdrawal is allowed after the completion of 6 financial years . This means that you will be allowed a partial withdrawal from 1 April 2017. The maximum partial withdrawal allowed is the least of the following: 50 percent of the account balance at the end of fourth financial year, 31 March 15 50 percent of the account balance of the end of previous financial year, 31 March 17.   There's a loan option available on your PPF account between the fourth and the sixth financial year. You can obtain a loan of up to 25 per cent of the balance in your account. However, this will attract interest of 2 percent more than the prevailing ...

Updating a minor PAN card upon becoming adults

  Updating a minor's PAN card once they become adults A PAN card issued in the name of a minor does not contain the minor's photograph or signature, and therefore, cannot be used as a valid proof of identity. Once a minor PAN card holder turns 18, the relevant changes must be made in the PAN records. A new card is then issued bearing a photograph and signature. Application The applicant is required to fill up the "Request for new PAN card andor changes or correction in PAN data" form. The form can be filled up online by accessing NSDL's Tax Information Network website and clicking on the online PAN application tab. Information The applicant must mention the existing PAN number in the application and check the `photo mismatch' and `signature mismatch' boxes, and submit the online form. The form must also be printed out, signed by the applicant, and submitted along with two photographs. Documents Identity and address proof in the form of a copy of the app...

ICICI Prudential Value Fund Series I

Invest In Tax Saving Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Buy Gold Mutual Funds Call 0 94 8300 8300 (India)   Performance of the scheme will be benchmarked to the S&P BSE 500 index ICICI Prudential Value Fund is a closeended equity scheme. The scheme will have tenure of three years (1095 days) from the date of allotment of units. Units of the scheme will be fully redeemed at the end of the maturity period, unless rolled over. NFO PERIOD:   The NFO is open from October 18 to 28. The minimum subscription during the NFO period is Rs 5,000. SCHEME OBJECTIVE:   The scheme aims to provide long-term capital growth by investing in a well-diversified portfolio of equity and equity-related securities. INVESTMENT STRATEGY:     The fund proposes to invest in stocks that are trading at a huge discount in the BSE 500 index and plans to book profit and distribute dividen...
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