Skip to main content

Mediclaim policies you must know

Invest In Tax Saving Mutual Funds Online

Call 0 94 8300 8300 (India)

The importance to read the documents and details relating to mediclaim insurance. He points out the important clauses to be noted and consider a plan only after reading the same

Mediclaim or Health Insurance is way of covering yourself and your family against any medical emergency arising out of any diseases or illness or accident. It is rightly said, "Health is Wealth". But truly speaking how many of you are really serious when you plan to buy new health insurance plan?

 

The awareness to buy health insurance is increasing. But do you devote reasonable time to research and compare the features before finalising the plan? Truly speaking answer is no. We have seen that people make a major mistake while opting for health insurance plan.

 

It is very surprising to know that most of the people think that the plan of one company is similar to the plan of other company and decide buying a health plan only on the basis of the premium payable. This is not the correct way of buying health insurance. The most important thing before buying health plan is to know the features which can affect your claim amount in the future.

 

It is important to know the basic difference in features while buying the new plan. You have to do some home work on the same and know all the exclusions and restrictions on the claim before finalising the health plan.

 

Buying health insurance plan without knowing the dangerous provisions can really hit you badly when the actual claim comes.

 

The following are the three major clauses you must read carefully before signing the application form. The premium comparison should be the last criteria for selecting any health insurance plan.

 

1) Room rent sublimit:

 

This is the most dangerous provision in health insurance policy where the claim amount is decided on the basis of room rent you stayed in while hospitalised for some illness. The sublimit is per day and is fixed at percentage, 1 percent or 2 percent, of sum assured.

 

There is also upper cap of amount say Rs. 3,000 or Rs. 5,000 per day depending on plan to plan. The room rent sublimit is the ceiling in the policy on room rent payable per day in which you are supposed to stay when you or any of your family members is hospitalised.

 

As we all know, hospitals have different types of rooms available like general ward, twin sharing room and single room. The charges of any illness is decided on the basis of room you opt even though there is no difference in treatment and medicines given and even the doctor is same.

 

This simply means in case you stay in a room costing higher than sub-limit, all other hospital expenses will also be reduced proportionately by Insurance Company on the basis of what you would have incurred had you stayed in a room that costs below your room rent sublimit. In other words you are unlikely to get the full amount of claim even if the claim amount is well below actual sum assured.

 

2) Co-payment:

 

There are some policies available in the market in which co-payments are required to be paid by policy holder which is 10 percent to 20 percent of the claim amount. Co-payment means, part of the claim is to be compulsorily borne by the policy holder.

 

Co-pay is levied when you or any of the family members is hospitalised in any of the non-network hospitals. It is also applicable compulsorily for claims made in case patient is of 65 years or more. If you don't to know this provision well before you buy any health insurance plan than you will have to bear part of the claim every time when the claim arises.

 

Again you will not get the full claim amount even if the claim amount is well below sum assured. You can opt out of this by paying additional premium in few cases which you need to check before buying a plan.

 

3) Premium loading after claim:

 

You should also know before buying a health insurance whether the plan has claim related loadings or not. Most of the time people buy health policy based on the lower premium but fail to understand the impact of premium loading in case of claim.

 

There are some policies available in the market where there is provision of loading the premium in case of claim which is up to 200 percent of the premium amount. The loading happens at the time of next renewal and automatically cheaper policy becomes more costly product available in the market.

 

What is the solution now? If you are looking out to buy a fresh mediclaim policy, avoid any policy that has such a restriction. There are total 23 companies which offer health insurance in India. You have too many options available at present and many companies do not have such restrictions in the plan.

 

All the details related to plans are now also available easily on net and now it's your duty to do some work so that there is no hassle at the time of claim. If you already have such a policy, then use the recent portability guidelines to shift to any insurance company that does not have any such restrictions.

 

Of course, if you are older than 45 years or have made claims in earlier years, the new companies may not be willing to accept your proposal. In such cases you will have no option but to continue with older company and also plan a medical contingency fund to deal with these extra expenses that are not reimbursable.

 

It is always advisable to disclose all the facts correctly while applying for the fresh insurance plan including health history if any so that claim is not rejected in future.

 

You must also fill the proposal form yourself and it is not advisable to just sign the form and give blank form to any agent. If we devote some time before buying any health insurance plan then definitely there won't be any problem when the actual need arises.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

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 in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. ICICI Prudential Tax Plan Invest Online
  2. HDFC TaxSaver Invest Online
  3. DSP BlackRock Tax Saver Fund Invest Online
  4. Reliance Tax Saver (ELSS) Fund Invest Online
  5. Birla Sun Life Tax Relief '96 Invest Online
  6. IDFC Tax Advantage (ELSS) Fund Invest Online
  7. SBI Magnum Tax Gain Scheme 1993 Invest Online
  8. Sundaram Tax Saver Invest Online
  9. Edelweiss ELSS Invest Online

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

Best Performing Mutual Funds

    1. Largecap Funds Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Birla Sun Life Front Line Equity Fund
    2. Large and Midcap Funds Invest Online
      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
    1. Mid and SmallCap Funds Invest Online
      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
    1. Small and MicroCap Funds Invest Online
      1. DSP BlackRock MicroCap Fund
    1. Sector Funds Invest Online
      1. Reliance Banking Fund
      2. Reliance Banking Fund
    1. Tax Saver MutualFunds Invest Online
      1. ICICI Prudential Tax Plan
      2. HDFC Taxsaver
      3. DSP BlackRock Tax Saver Fund
      4. Reliance Tax Saver (ELSS) Fund
    2. Gold Mutual Funds Invest Online
      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund

Popular posts from this blog

SBI Magnum Tax Gain Scheme 1993 Applcation Form

    https://sites.google.com/site/mutualfundapplications/tax-saving-mutual-funds-elss     Investment Details Basics Min Investment (Rs) 500 Subsequent Investment (Rs) 500 Min Withdrawal (Rs) -- Min Balance -- Pricing Method Forward Purchase Cut-off Time (hrs) 15 Redemption Cut-off Time (hrs) 15 Redemption Time (days) -- Lock-in 1095 days Cheque Writing -- Systematic Investment Plan SIP Yes Initial Investment (Rs) -- Additional Investment (Rs) 500 No of Cheques 12 Note Monthly investment of Rs 1000 for 6 months and quarterly investment of Rs 1500 for 4 quarters.
Read more

Birla Sun Life Tax Plan Online

Invest Birla Sun Life Tax Plan Online   An Open-ended Equity Linked Savings Scheme (ELSS) with the objective to achieve long-term growth of capital along with income tax relief for investment.   After a bad patch from 2008 to 2010, Birla Sun Life Tax Plan has made a big comeback in the last five years, with a particularly good run since 2014. The fund's rankings, which had slipped to two stars in 2011-12, recovered sharply to three-four stars in the last three years. The fund has delivered a particularly large outperformance over its benchmark and peers in the last couple of years. The fund's investment strategy focuses on a diversified and high-quality portfolio, with parameters such as capital ratios and balance-sheet strength used to judge quality. It uses a combination of top-down and bottom-up approaches to take sector/stock positions. The fund avoids highly leveraged plays. Staying more or less fully invested at all times, the fund parks roughly half of its portfoli
Read more

Should you Roll Over 1 year Fixed Maturity Plans?

The period between January and March typically sees an uptick in the launch of fixed maturity plans, or FMPs. Not this year. Instead, fund houses are busy rolling over or extending the tenure of their one- year FMPs launched last year to three years. Investors in one- year FMPs have a choice. Either redeem units or roll over to three years. If you exit now, your gains will be added to your income and taxed in line with your individual slab rate of 10, 20 or 30 per cent. If you stay invested for two more years, you pay 20 per cent tax with indexation benefit. Yields have softened in the past few months on expectations of a rate cut. If the central bank continues its soft monetary stance, yields are likely to fall further. In such a scenario, it makes sense for investors, particularly those in the 30 per cent tax bracket, to roll over their investments and lock in at a higher yield now. In a surprise move, the Reserve Bank of India cut repo rate by 25 basis
Read more

Mutual Fund Review: IDFC Premier Equity Fund

  IDFC Premier Equity Fund, which falls under the presumed high risk group of mid- and small-cap schemes, can rely on astute and timely equity picks. These make it less vulnerable to fluctuations compared with others in the category   IDFC Premier Equity Fund is designed to invest in upcoming, but promising businesses available at cheap valuations, and hold on to these businesses until they reap desired returns. The experiment has been successful so far, and IDFC Premier Equity has emerged as one of the top performing mutual fund schemes in the mid- and smallcap category of equity schemes.    While the scheme is an open-ended equity fund, i.e. open for subscriptions throughout the year, it has a unique philosophy to limit fresh inflows. Thus, while an investor can always take the systematic investment plan ( SIP ) route to invest in the scheme throughout the year, inflows through a lumpsum investment have been restricted. Since inception, IDFC Premier Equity has been opened for l
Read more

IDFC Premier Equity Fund dividend

  IDFC Mutual Fund   has announced dividend under the dividend option of   IDFC Premier Equity Fund Direct-D . The quantum of dividend shall be   R 4.3464 per unit.   The record date has been fixed as May 06, 2015. 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]
Read more
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