GENERAL INSURANCE BLOG

There is a famous saying "health is wealth," and it is indeed true in today's context. With people getting busy with their hectic life, there is a growing trend of unhealthy eating habits and sedentary lifestyle. In the pursuit of money, health has been left far behind. Now, one cannot give up on his/her career, but they certainly can opt for a health insurance policy that offers protection against unexpected medical emergencies. Health insurance is ignored by people for many reasons, and this has led to India's problem of "under-insurance." Herein, people opt for an inadequate amount or rather do not opt for any health insurance thinking that no ailment can affect them. Another reason given by people is that the premium for health insurance is very high, and they cannot afford it. 

Affordable Health Insurance – is it a reality?

The excuse that health insurance is expensive is not true. Affordable health insurance is a reality and has benefitted many families for the past few years. With the rapid integration of technology in the insurance sector, many insurance companies are now offering their services online. You can easily purchase or renew health insurance online  in a few clicks. As most companies have taken their operations online, the cost of availing and renewing health insurance has gone down substantially.

If you are still unsure about the affordability of health insurance plans, here are some tips to help you select an affordable health insurance policy for yourself as well as your family:

Understand your requirements:  First of all, you need to understand yours and your family's health insurance requirements. Consider factors like the number of members, their age, existing conditions, family health history etc. This will help you understand the extent of coverage that you require. 

• Start early: Health insurance premium against a new policy for a young person of 25 years will be much lower than for a mature person of around 50 years of age. This is due to the risk involved for the insurer. So, you must subscribe to a. personal accident insurance online as soon as you start work, to enjoy the lowest premiums. Then gradually, keep on enhancing the coverage of your policy as your income rises. 
• Do some research: Several online insurance marketplaces have come-up, which allows you to compare policies from different insurers easily. As these marketplaces eliminate the agent from the transaction, the cost of the policy goes down substantially. By comparing the coverage of different policies, you can reduce your premium payments significantly. 
• Opt for a floater policy:  You can opt for a floater policy wherein one policy covers your entire family, including dependants. Instead of paying separate premiums, you only need to pay a single premium and will get insurance coverage for the whole family.
• Tax Benefits: You can claim an income tax deduction of up to Rs. 25,000 for the health insurance premiums paid in a financial year for yourself and your family. If you pay a health insurance premium of your parents, you can claim an additional tax deduction. Thereby, you can save substantially on your income tax liabilities. 
• Online renewal: When you renew health insurance online, through the insurance company's website or any online marketplace, you can enjoy lower premiums. As the companies do not need to pay any commissions, you can save a significant amount of money by opting to renew health insurance online.

The benefits offered by a health insurance plan are too good to be ignored just because you think health insurance is unaffordable. Do some research, and you will see that health insurance is indeed affordable and is rather a necessity for your family.

There is a false sense of security in most individuals, where one feels like they can never meet with an accident, but like as the saying goes, it is better to be safe than sorry. No one wants to experience an unfortunate incident, but whether due to your mistake or someone else’s mistake, you can meet with an accident anywhere and anytime. Although no one can control such situations, you can certainly prepare for it.

With the number of vehicles steadily rising, across the country, the possibility of a car-related tragedy also increases. In situations as such, you could be staring at high costing expenses on hospital bills, as well as a loss of income due to being bed-ridden. Having an individual accident policy will take care of all these emergency expenses.

What is a personal accident policy?

Personal accident policy offers insurance cover to policyholders in case of an accident or injury caused due to any given reason. The insurance company will reimburse the policyholder in cases of serious injuries, permanent disability, or death, accidentally caused, according to the terms and conditions of the policy. 

You can buy your personal accident insurance online as well as offline, as per your preference. 

Why should you have a personal accident policy?

There are various benefits offered by a personal accident policy, which make it necessary for you to have one, such as: 

• Reimbursement in case of disability: If you face an accident and suffer a temporary or permanent disability, you can claim compensation from the insurance company. The company will assess the nature of the injury or disability and give you compensation as per the guidelines of the policy. This will support you and your family financially during such tough times.
• Hospitalisation and other expenses are taken care of: All hospital bills and cost of treatment are covered under the policy. In case of death, the insurance company will pay for the repatriation, funeral, and ambulance charges. 
• Reimbursement for modifications: If the accident has left you wheelchair-bound, then you need to modify your home or vehicle to suit your needs. Any expenses incurred for such adjustments necessitated by the mishap can be reimbursed from the insurance company. 
• Payment of death benefit: If the mishap results in unfortunate death, then the insurance company will pay the death benefit amount, as per the policy terms and conditions, to your family members, offering them financial support.
• Transportation of family: If you are admitted to a hospital after an accident and the hospital is more than 150 km away from your home, the insurance company will pay for the transportation costs incurred by your family.

To avail such benefits in the time of emergency having personal accident insurance online or offline is imperative for the financial well-being of your family.

In modern times, various lifestyle-related ailments such as diabetes, hypertension, depression, obesity, etc. have started affecting people from a young age. Due to 24*7 use of smartphones, unhealthy eating habits, and a lack of physical exercise, more and more people are getting affected by these lifestyle diseases. While you may have thebest health insurance policy in india , you need to engage in regular physical exercise to stay fit and healthy. There are various forms of exercises that you can indulge in, but the benefits of daily cycling are too good to be ignored. 

Cycling is regarded as one of the best ways to stay away from lifestyle conditions and reduce the risks associated with a sedentary lifestyle. Additionally, it is one of the cheapest, enjoyable, and useful physical workouts. If you are still unsure about the benefits of daily cycling, here are the health benefits of regular cycling:

• Fewer chances of injury: Cycling hardly causes any strain and can be enjoyed by people of all age groups. There are minimum chances of injuries while cycling, as compared to other forms of exercise.
• Time-efficient: Cycling is one of the most time-efficient exercises you can engage in. Not only does it offer you several health benefits, but it can also be used as a means of transport. It will help you get rid of your inactive lifestyle and save your travelling expenses as well.
• Easy to learn: Even if you do not know how to cycle, it will only take you a few hours to get the hang of it. There is no need for strong physical skills, and it does not need a lot of practice to learn it; it is one of the easiest exercises to learn. You can start from low-intensity mode and increase as you get used to it.
• Boosts your stamina: Cycling engages several muscles in your body and thereby helps boost your stamina over time. It also improves your lower body strength as well as aerobic fitness. 
• Reduces stress levels: Going for cycling in the morning helps you come closer to nature. The fresh morning air acts as stress-buster and enables you to feel relaxed and rejuvenated. 
• Freedom from obesity: Cycling is one of the most useful workouts to help you get rid of excess fat from your body. It boosts the metabolism rate and helps build muscles. Within a few weeks of cycling, you would start witnessing a reduction in your weight; and would feel active and fit.
• Reduces the risk of specific cancers: Research has proven that regular cycling reduces the risk of various types of cancers such as breast cancer, colon cancer, and bowel cancer.

With various health benefits on offer, cycling is undoubtedly one of the most useful forms of physical exercises available. To enjoy good health and freedom from health-related stress, it is essential that you eat a healthy diet, engage in regular physical activity, and subscribe to the best health insurance policy in India.

Financial security is a priority for any family and having health insurance is one of the first steps towards keeping your family secure during health emergencies. But, what about other emergencies which are beyond the coverage of any health insurance policy?

Zeenat, a single parent of a 6-year-old daughter, takes as many precautions for her daughter's well being as she can. She has saved enough for daughter’s future in forms of fixed deposits and mutual funds. She has also taken health insurance for both to secure against any health emergencies. The planning seems perfect for a family of two people except for a loophole, not having an accident cover that could put all in vain if something goes wrong.

According to a report by the TOI, In India alone, about 1.49 lakh people lost their lives by road accidents in 2018. Personal accident insurance is an answer to such life-threatening situations, as a family gets shattered just by the news of an accident, let alone the future consequences that might bring substantial financial burden. However, before you go for a personal accident insurance plan, here are some things that you must know:

1. What is personal accident insurance?

A personal accident insurance policy gives you a cover against accidents. It could be a road accident, a sudden fall, or any situation that leads to a disability or even death. Having personal accident insurance will save your expenses during such an emergency, and the insured amount would also take care of the loss of income that occurred during this period.

2. What does a personal accident insurance plan offer you?

Personal accident insurance generally envelops accidental death, permanent total disablement, permanent partial disablement and temporary total disablement.

But one thing that worries a person is what if the medical expense goes beyond what his policy can cover? With Magma HDI's Individual Accident Policy cover, a person can opt for Medical Expense Extension and Hospital Confinement Allowance.

3. What does the personal accident policy not cover?

It does not cover natural death due to drug addiction or alcoholism, adventurous sport, a breach of law with criminal intent, suicide-attempt, pregnancy, war, civil war, invasion, act of foreign enemies, revolution, insurrection or mutiny, pregnancy, participation in any naval, military or air force operations, curative treatments or interventions.

4. What is the need for personal accident insurance?

The need arises from the gap that health insurance and a life insurance policy will not cover. While, health insurance mainly covers the severe ailments and any other health emergencies, a life insurance policy pays compensation only in case of death. A personal accident insurance policy, on the other, is equally important for your insurance portfolio, which covers the policyholder in case of hospitalization or even in case of death due to an accident.

5. What is the ideal personal accident insurance?

The ideal personal accident insurance depends on individual exposure to situations and risks. For example, if your profession requires extensive travel, opt a plan that covers your international travel.

Go for the best personal accident insurance plan that ensures the maximum coverage and financial stability in the event of any accident.