Insurance

Photo: Mint
Your health insurer can reject your claim for various reasons. (iStock)
You can opt for the desired coverage under one plan or multiple term plans. (Photo: iStock)
You can opt for the desired coverage under one plan or multiple term plans. (Photo: iStock)

Disclose existing term plans to new insurer

  • While opting for multiple term insurance plans, you need to disclose existing term plans that you have in your name
  • Insurers typically do not offer a term cover for more than 20 times a person’s annual income

ICICI Prudential Life Insurance is industry’s first term plan specifically designed for customers who find it difficult to get access to life cover.  (iStockphoto)
ICICI Prudential Life Insurance is industry’s first term plan specifically designed for customers who find it difficult to get access to life cover. (iStockphoto)

ICICI Pru's new insurance plan covers diabetics, others with health conditions

  • ICICI Prudential's new life insurance plan is designed to benefit those who have existing medical conditions
  • Based on the protection the customer wants, ICICI Pru Precious Life offer two kinds of term cover — life option and life plus option

Photo: iStockphoto
Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. (Photo: iStock)
Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones. (Photo: iStock)

Term plan premiums: A ready reckoner

  • A look at premium rates for some insurance policies of a sum assured of 1 crore across three age categories for policy terms of 30, 25 and 20 years
  • The claims settlement rate is measured by the value of the policies as a lower settlement rate is indicative of high ticket-size policies being rejected

Top trade negotiators for both countries also spoke again and agreed to continue working on the remaining issues
Photo: iStock
Some don’t consider it a necessity, some have too small a cover, while some depend only on the corporate cover that their employer provides (Photo: iStock)
Insurance providers can incentivize good driving habits by offering discounts on the premium (Photo: iStock)
Insurance providers can incentivize good driving habits by offering discounts on the premium (Photo: iStock)

Motor policies may soon reward careful driving

  • New Irdai draft proposes technology to monitor driving that may help customize cost
  • Irdai suggests simpler method than the current one for the calculation of depreciation and the sum insured

Mayank Bathwal, Aditya Birla Health Insurance CEO
For family floater plans, insurers will have to disclose how the accrual and redemption of benefits will be considered (Photo: iStock)
For family floater plans, insurers will have to disclose how the accrual and redemption of benefits will be considered (Photo: iStock)

Stay fit and pay less for your health insurance

  • But premiums may go up when insurers start offering wellness benefits in products
  • Discounts on premiums and an increase in sum insured at the time of renewal have also been proposed

In health insurance, waiting period is the time after which claims related to pre-existing conditions cannot be rejected  (Photo: iStock)
In health insurance, waiting period is the time after which claims related to pre-existing conditions cannot be rejected (Photo: iStock)

Porting your insurance may be beneficial, but make sure you do it right

Close your previous policy only after the porting request is accepted by the new insurer

Some don’t consider it a necessity, some have too small a cover, while some depend only on the corporate cover that their employer provides (Photo: iStock)
Revising health insurance premiums is a complex process as it requires regulatory approvals (Pradeep Gaur/Mint)
Revising health insurance premiums is a complex process as it requires regulatory approvals (Pradeep Gaur/Mint)

Can health insurance premiums go up due to poor air quality?

  • If pollution does not come under control, insurance companies may introduce specific policies, said experts
  • It takes about six to 9 months from the time an insurance company files for a change in premiums to actually reflect on the price chart

Photo: iStock
Photo: iStock

Home policy covers accidental damage

  • If the damage to the walls is due to plumbing issues, which occurred over time due to lack of maintenance, then such damages would not be covered
  • As per a thumb rule, the sum assured should be at least 10 times your annual income

Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones (Photo: iStock)
Life insurance is not about investing your money to earn a return on it, it’s about financial protection for your loved ones (Photo: iStock)

Term plan premiums: A ready reckoner

  • A look at premium rates for some insurance policies of a sum assured of 1 crore across three age categories for policy terms of 30, 25 and 20 years
  • The claims settlement rate is measured by the value of the policies as a lower settlement rate is indicative of high ticket-size policies being rejected

Once the discharge summary and hospital bills are sent to the insurer, it will scrutinize the bills before settling them (Mint)
Photo: iStock
Photo: iStock
Photo: iStock

Reliance Health policyholders need not worry

  • Reliance General Insurance, to which all Reliance Health policies will be transferred, will take on the responsibility and settle all claims after 15 Nov
  • Existing policyholders can port their policies at the time of renewal to other insurers, including Reliance General