GENERAL INSURANCE BLOG

A health insurance policy is meant to save you from the financial impact of a sudden illness, accidental injuries, and critical diseases. It also works as a legal contract between you and the health insurance provider to bear the costs of hospitalization, doctor’s fee, and other medical expenses.

But, there are many unique provisions of general insurance in india that can be difficult for a layperson to grasp. But thanks to the internet, it's simpler now to understand many confusing concepts.

You can explore and browse through YouTube videos that lucidly explain every important term at your own convenience.

If you're left wondering which videos to watch, here are our top five picks:

1. HTTPS://WWW.YOUTUBE.COM/WATCH?V=W4ZWXBQRO-I

This is a video from Indianmoney.com, where they explain the best methods to find a suitable health insurance plan. The video tells you how to look for the maximum coverage on your insurance policy and how add-ons can help you in the future.

They also inform you about other important things like clarifying with your insurer about coverage for certain pre-existing diseases when taking a policy with a lesser waiting period to ensure you go in completely informed while buying your first policy.

2. HTTPS://WWW.YOUTUBE.COM/WATCH?V=X86NLVV6ERE

This link from My Insurance Club talks about the different types of health insurance policies available to us. It broadly divides all health insurance policies into two and then further talks about plans specific to your needs such as critical illness plans.

The video explains the type of policies with the help of examples that relate to real-life scenarios.

3. HTTPS://WWW.YOUTUBE.COM/WATCH?V=DBTMNM8D-84

This video from Consumer Reports explains the costs related to health insurance. Here, they explain deductibles, premiums and out-of-pocket maximums which are applicable to various health insurance plans.

You must have read or heard about these terms with regard to medical insurance policies. In this video, you can understand them better with in-depth explanations and visuals. It helps you to make better sense of health insurance in India and how your plan helps you.

4. HTTPS://WWW.YOUTUBE.COM/WATCH?V=9H-VSFU_B_Q

This is a YouTube video from Consumer Reports which is a quick guide to picking the right health insurance for you. The video tells you factors to look for while looking for health insurance. These may include services such as OPD or even ambulance fees. 

5. HTTPS://WWW.YOUTUBE.COM/WATCH?V=ZZAYPKW6W-G

This video from My Insurance Club talks about the major benefits of buying health insurance. These include cashless services, hospitalisation coverage etc. Check out this video to make sure that you are making the best of your plan.

These are some of the best YouTube videos related to various concepts of health insurance. Go through them to know your options better when choosing a plan for you and your family. 

Given the problems we still face as adults today, educating your kids about being responsible consumers is always a great idea. If you prepare your child with good planning skills now, they’ll be better prepared to face financial challenges in their adulthood.

So, here are some facts about health insurance policies for families that you can use to help your child understand what health insurance truly stands for.

1. Health insurance is essential for everyone

Who could need health insurance? The answer is every individual on this planet. Hence, it is extremely important for your child to know that the benefit of health insurance is invaluable at any stage of your life. No matter what your age is, the future remains unpredictable. This is an important lesson in itself which must be impressed upon your child.

2. The types of health insurance

Getting health insurance should always be an informed decision. In order for that to happen, one must be aware of the options available to them. These options could range from individual and family floater plans to special covers available such as critical illness and maternity care. The idea is to familiarise your child with these for when they do have to make the choice for themselves.

3. The plan can be updated with needs

When it comes to health insurance, many people tend to set it and forget it. And some think that the plan is set in stone - once you've bought it, you're stuck with it. But that's not true. It's important to teach your child that they can and should customise the policy according to their evolving needs. These may include risks that come with age or including your new family in the plan.

4. The importance of reading the policy wordings

Before signing up for any kind of insurance, you must be familiar with what all you are getting with it. No one likes to go through heavy and technical information but it helps you make informed decisions later. So it's important that you encourage your child not to ignore the policy wordings as it'd tell them about their policy's coverage as well as terms and conditions.

5. Health insurance is a necessary expense

In a world with rising expenses, how is one to determine what is worth investing in? Teach your child that health insurance might seem expensive while purchasing but helps you save more than that in the long run. With the rising cost of medical care, having health insurance would be even more important in the future.

Before your child grows up, it is crucial to prepare them with the best knowledge and resources.

Health insurance is one of the most significant things you can teach your child about to ensure a safer future for them.

Health insurance in India is a necessity in contemporary times as it takes care of your finances in case of any health emergency with the help of a single policy. That being said, even the most comprehensive plans come with some exclusions. These are mentioned in your policy document and are often standard for all insurance providers.

You can make the best of your policy only if you know its coverage as well as exclusions. So, here are some you should definitely know of before you sign up for a new plan:

Waiting period

The only risks your health insurance covers from day one are injury/ hospitalisation claims due to an accident. Other than that, all other medical conditions have a waiting period after which you can make a claim. For common ailments, the waiting period is between one to three months from the inception of the policy, whereas the more serious diseases are excluded from coverage for as long as the first year.

Pre-existing conditions

You must have been told repeatedly that making a full disclosure of your health status is essential to get the right coverage. The reason behind this is a standard exclusion which says that all pre-existing diseases have an exclusion period stated in the policy wordings. Falsifying or hiding critical information can render your policy void and will inevitably leave you hanging in the future.

Lifestyle diseases

While these have not always been a concern, the drastic change in our environment and daily routines have made this a necessary part of healthcare. Unless specified at the time of availing the policy, all lifestyle-related diseases arising from smoking, alcohol consumption or drug abuse are excluded from a health plan. You would either have to pay a higher premium or be denied coverage in cases involving such ailments.

Alternative remedies

Most insurance companies are only slowly warming up to the idea of alternative treatment options. Treatment systems such as Ayurveda, Naturopathy and Unani have conventionally been excluded from health covers due to a lack of support from the medical community, which makes it difficult for insurance companies to accommodate.

However, some insurance providers are beginning to recognise these treatments now and are providing optional benefits which you can opt for to get coverage for them.

Maternity and childbirth

Maternity benefits are an integral part of any family health plan. This includes the medical expenses incurred for childbirth, infertility treatment or even abortion. In most cases, you would have to opt for a specialised maternity plan which is subject to a waiting period. Hence, it is a great idea to keep your family's future in mind while picking your policy.

Cosmetic treatments

While your health insurance policy may mention coverage for all hospitalisation, treatments such as plastic surgery, laser treatments, weight loss programmes, liposuction, eye and dental procedures are excluded from this cover. The exception to this rule is cosmetic procedures after an accident as they are critical to the functioning and well-being of a person.

To conclude, when looking for the best health insurance policy in india , remember to get details of all exclusions and waiting periods from your insurance agent or the policy wordings available to you. After all, the unpleasantness of reading that massive policy document sure beats being caught in a lurch while making a claim.

All of us are extremely lucky to stay in a nation as diverse as India, which has a plethora of climatic changes to offer and support its citizens. However, the past few years have been quite a difficult journey for all, as a series of natural disasters that occurred in and around the nation. From the cyclone in Andhra Pradesh to the floods in Jammu and Kashmir, Uttarakhand and Chennai, to the more shaky issues like the earthquakes in Nepal and North East India, all have caused considerable losses to lives and properties. Instances like these are a colossal knock for people who haven't yet browsed through the Best Home Insurance In India since they can provide adequate cover for various physical properties and homes.

A considerable mark of an effective home insurance plan is that it has all the required components to reduce the financial stress that you may face at points of distress in your life. It ensures that, no matter what the mishap is, you can protect your home against the most brutal natural disasters like typhoons, floods, earthquakes, and landslides, to name a few. Home insurance also plays a vital role in covering against explosions and dire consequences.

Not just natural, but there are some manmade issues like theft, robbery, and terrorism against which home insurances are useful in protection and here is what the best home insurance in India will protect you from, and aid you in: -

• Personal assets Articles such as furniture and clothes, household equipment, among other things are all covered even if natural forces like floods and earthquakes have destroyed them. Any home insurance policy will cover these items. More valuable products like jewellery and art, along with some silverware and collectables, are only covered within a specific set limit. The best home insurance in India is usually a complete package that takes care of your home against fires, natural disasters, and human damages like thefts, a burglary that may have caused a loss of household goods. It also covers personal accidents that may have occurred due to their negligence.
• Infrastructural needs Home insurance policies cover all expenses that are associated with repairing or rebuilding the home if it gets damaged or destroyed due to an excruciating circumstance. This helps you ensure that the damage caused to your infrastructure can be repaired without exerting any additional pressure on your finances.
• Premium Any premium of home insurance depends upon the selected sum, which has been insured of the structure and content. Usually, the structuring of the house depends upon multiplying the area of the structure in question with the total cost of creation. The values of the contents are calculated following the market value. All the benefits that you expect, along with various features, are all provided according to the home insurance policy taken by you.

These are some of the most important benefits which can be enjoyed by all those who take a home insurance policy. There are varieties of options available out in the market which provide the customer with adequate freedom to choose the open of their choice, from the diverse options provided with a plethora of features.