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Health Insurance:

Health insurance covers cost of an insured individual’s medical and surgical expenses. Subject to the terms of insurance coverage, either the insured pays costs out-of-pocket and is subsequently reimbursed or the insurance company reimburses costs directly.

TYPES OF HEALTH INSURANCE PLANS:

 💡 Reimbursement (Indemnity) based health insurance plans

The most popular form of health insurance in the market, reimbursement based health insurance plans more commonly known as “mediclaim”. These plans reimburse you for any expenses incurred in the event of hospitalisation and also cover expenses associated with diagnostic or screening requirements before hospitalisation or post hospitalisation treatments. 

a. Individual Health Insurance Plan – Individual health insurance covers a single person; it is usually a person who is paying the premium. Under this, the chosen sum insured covers only one individual insured under the plan against various disease and illnesses.

Moreover, one can also enrol family member(s) for coverage by choosing different sum insured to be applicable to each individual insured member. 

b. Family Floater Insurance Plan: Tailor made for families, it acts as an umbrella to give coverage against the health risks.

Under this, a fixed sum insured is available for any or all the members insured for one or more claims during the tenure of the policy. Thus, if one of the insured member falls sick and needs hospitalization, the (total) sum insured of the policy can be utilised by him/her.

A family may include individual, spouse, dependent children and in some cases, parents and parents-in-law. 

💡 Fixed benefit hospitalisation plans

A new breed of health insurance plan first offered by Life Insurance companies and later offered by all insurance companies, these plans offer fixed benefit pay-outs on the occurrence of some well-defined diseases/illnesses or hospitalisation occurring. These plans not only attempt to partly cover costs associated with hospitalizations but also in some cases act as an income substitute.

Critical illness plans:These plans offer a fixed lump sum benefit in case of a critical illness occurring, the critical illness or disease covered would be as the list defined under the plan. Today critical illness plans covering 6 t0 39 critical illnesses depending upon the product offering them. The lump sum benefit offered by this plan covers not only cost but also acts as an income supplement or takes care of out of hospital treatment. 

Hospital Cash/Surgical benefit plans:These plans offer fixed pay-outs in case of defined hospitalization events which may include admittance to the hospital, daily stay- recuperating benefit in case of prolonged stay and also lump sum pay-outs for a listed surgery. As the pay-out is a defined pay-out depending upon the listed event occurring the plan accepts copies of bills. 

Why you should buy health insurance?

  1. Increase in the incidence of lifestyle-related illnesses

Life expectancy has increased. Thanks to advancement in medicines, the average man is likely to live for around 84 years by 2040. And so has stress due to sedentary lifestyle.

This has also given rise to the early onset of chronic diseases like cancer, lung conditions and stroke, claiming younger lives. Health insurance mitigates the financial risk that may befall a person irrespective of age.

  1. Health insurance coverage is more than just hospitalization

Most/Many health insurance plans give coverage for day care procedures and OPD, other than the treatments that involve serious hospitalization. There are also health plans that cover vector borne diseases like dengue.

  1. Increase in out-of-pocket expenses

with the healthcare industry in India witnessing double-digit inflation, it is getting extremely expensive to treat common ailments in India. As a result, this has put a dent in an individual’s pocket.

Buying health insurance can double up as your emergency financial fund while preparing you for the troubled times.

  1. Your group health cover may not be sufficient

A group health plan may or may not cover all your family members. The sum insured limit in a group plan is also less, which may not be enough to meet all the medical expenses incurred.

And then as you’ll grow older, you might need frequent medical attention. Before that you may not want to put yourself at the risk of being under-insured.

Key factors to consider for Health Insurance:

Here are few factors that can help you decide how to select the best health insurance plan-

1. Buy health insurance when young and healthy

Health risks increase with growing age.

Younger you are, lesser will be the amount of premium- An individual’s age is the major deciding factor for the calculation of health insurance premium.

2. Take advantage of the waiting period

Nearly all health insurance policies has a waiting period for 2-3 years for certain pre-existing diseases.

When you buy a health insurance cover early in life, you can easily take advantage of the waiting period rather than serving it at a later stage when your health risks may have increased substantially. 

3. Understand limits and exclusions

Sub-limits: Most health plans have sub-limits on room rent, surgeries, ICU charges, operating charges and other medical procedures. Opt for policy without sub-limits; it may have a higher premium; it is much better option in a long run.

Co-payment: Under co-payment, the policyholder bears a pre-defined percentage of the claim amount while the rest will be settled by the insurance company. While you may find the insurance plan to be quite cheap, it may not offer you compete coverage.

4. Choose a policy with no sub-limits

When you opt for a health insurance plan, you should be sure that the plan has no disease specific or expenditure specific sub-limit. In few cases, you may find such plans to be expensive but they will help you to evade greater financial risks as well as provide you with the freedom to opt for efficient medical treatment, that too at the best health care provider. A policy with no sub-limits will help you avoid unpleasant situations at the time of claims.

5. Choose adequate sum insured

Consider all your personal priorities and liabilities, before you buy a health insurance policy to make an informed choice.

Choose the policy that is in line to your by giving due consideration to factors like your age, age of all your family members, increased health care costs, etc.

6. Fill up the proposal form yourself

Most questions asked in a proposal form personal in nature. Thus, in order to give the right piece of information, one should fill up the proposal form first-hand.

Furthermore, for the insurer to be able to underwrite the policy in an appropriate manner, it is required all the details furnished are correct and true. You should never hide any information or overwrite on the proposal form. Inadequate information or exclusion of medical conditions during the proposal time can lead to issues of delayed or non-payment of claims during times of need. 

7. Hospital network of the insurance company

While selecting the right health insurance plan, review the list & details of the hospital network of the insurance company. An insurer with an extensive list of hospitals in its network across cities should be your prime criteria of selection.

8. Understand your health insurance need well

Consider if you want to buy individual policies for all family members or a family floater policy for all.

For a young nuclear family, it is better to opt for a family floater policy that extents coverage to two adults and two children.  Compared to individual plans, family floater come at a marginally incremental premium. 

9. Claim limitation related to treatment

Carefully note the treatment-respective limits in your health insurance plan. Certain policies cap the amount you can claim for a particular surgery. Such limits would restrict your claim, even if there is a large sum insured under your policy.

10. Opt for additional coverage

Add on covers like Maternity Cover, Critical Illness Rider can be bought along with standard health insurance plans to give additional coverage for your specific needs.

11. Clearly read and understand the policy wordings 

It is of utmost importance that you read the policy wordings and other documents carefully so as to reap maximum benefits from your respective health insurance policy. Every health insurer provides a policy wording document that contains details about the policy. It will help you gain a thorough understanding of the claim process, document requirements, payment options, special conditions, coverage and exclusions.

12. Gradual increase in sum insured 

In the present days, when medical inflation is rising at a rapid scale, as a precautionary measure, it would be best to keep on enhancing the sum insured of your health insurance plan from time to time. You should also compare various policies available from an insurer. You can also speak to your insurance advisor to know what is the apt sum assured for you and your family.

13. Clear all your doubts before taking the final decision 

Before making the final decision of buying a health insurance policy, you should read all your policy documents once again. Turn to your insurance advisor or the insurance company and ask as many questions as you can to clarify all your apprehensions. It will clear any confusion or doubts that may exist. 

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What is the Business Insurance?

The term “business insurance” pertains to protecting against operational losses by a business. What type of loss is covered by a business insurance policy depends on the insurance company, the policy wording, and local limitations.

Types of Business Insurance:

 ➡ Professional indemnity / liability:

Protects you from legal action taken against you if someone suffers a loss after following your professional advice or as a result of your receiving your service.

 ➡ Property:

Covers damage or loss to buildings, contents and stock caused by insured events and accidental damage.

 ➡ Product liability:

Businesses that supply, deliver or sell goods, even in the form of services or repairs, may need cover against claims of goods causing damage, injury or death. Product liability cover protects you if any of these events happen to another person or business by the failure of a product you are selling

 ➡ Theft and burglary:

Theft insurance generally covers your business against loss or damage to your stock and contents if someone forces their way onto your premises, or uses deception to get in to your premises. It usually does not cover cash losses, which can be covered separately

 ➡ Tax audit insurance:

Covers costs incurred by your accountant, or registered tax agent, when notified by the Australian Taxation Office to conduct an audit or investigation into your tax liability.

Why Is Business Insurance Important?

·         Considerations

You need business insurance to cover acts of God and general liability, such as malpractice. A patient, for example, might sue a doctor’s practice if the nurse accidentally gives him the wrong medication. If you have a business in a flood zone, a flood could destroy your business property and allow competition to move into your market while you rebuild.

·         Legal Requirement

States often require certain types of business insurance. If you have employees you must purchase worker’s compensation coverage through the state or a commercial provider, according to the SBA. Six states require businesses to carry disability insurance, but companies in states that do not require insurance commonly offer it as a benefit.

·         Benefits

While property insurance covers the damage to any business, even if you run a home business, it does not reimburse you for lost profits. Business interruption insurance pays you for lost sales until you get your business up and running again after a disaster. If you become disabled or too ill to run your company, disability insurance provides a percentage of your income. Additional insurance for overhead provides for expenses, such as supplies and inventory, needed to run your business while you are disabled.

·         Expert Insight

You should not rely on liability waivers to protect yourself in case of malpractice or accidents because they usually never cover you completely, according to business attorney Nina Kaufman. In some states, you cannot use waivers at all to protect a business from liability.

Factors affecting Business insurance:

1. Type of policy.

General liability tends to cost the least while employment practices liability insurance has the highest cost.

2. How big your business is.

The physical structure and how big the lot is affects both general liability and property insurance costs, for instance.

3. Your industry.

Your risk profile depends on what type of business you have. If you are in a higher-risk category like construction, you could pay more than someone in accounting for certain types of coverage.

4. Location.

Where you set up shop has repercussions that affect the value of our property, the state, and local laws that regulate business in the area, and geographical risks, like flooding. In addition, do you offer services at other people’s locations? This can affect your costs.

5. How much you make each year.

The more you make, the more likely the amount of a settlement can be higher if you are sued. Basically, the more your company is worth, the more you could potentially lose.

6. The types of contracts you have.

Errors and Omissions insurance, or E&O, is directly tied to your work history and the types of contracts you sign. The cost of E&O is affected by your previous contracts and the type of work you have done in the past.

7. How many employees you have.

Workers’ compensation insurance is directly related to the number of people covered. It also affects E&O and general liability.

8. How many claims you have made.

Just like homeowners and drivers, business owners pay more if they have filed numerous claims.

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Auto Insurance:

Auto insurance is smart planning that can help protect you from expensive, sometimes devastating surprises.

Types of auto insurance

Liability coverage:

Liability coverage is the most important coverage and is required in most states. Basically, if you cause an accident, hurt someone or damage someone’s property, it can pay for covered damages and to defend you if a lawsuit results. 

Collision coverage:

Collision coverage helps pay for damage to your vehicle if your car hits another car or object, is hit by another car, or your vehicle rolls over. This coverage is generally required if your car is financed or leased. 

Comprehensive coverage:

 Comprehensive coverage helps pay for damage to your vehicle that is not caused by a collision. Examples include theft, vandalism, hitting a deer or other animal, storms and certain natural disasters.

Medical payments coverage:

Medical payments coverage helps pay for covered medical expenses for anyone injured while in your vehicle, regardless of who is at fault.  Uninsured/underinsured motorist coverage can help pay for damages and medical costs resulting from an accident caused by someone who has no insurance or inadequate insurance coverage. 

Why buy Auto Insurance?

  1. To remain legal while on the road. Not all states require auto insurance, but all 50 states do require financial responsibility. That means that you have to prove that you will financially able to deal with the costs of an accident either through a valid insurance policy, a bond or other means allowable in your state.
  2. To protect your vehicle. For the average person, their car is their second most expensive investment. The more that you rely on your car and the less able you are to replace it out of pocket if something happens to it, the more vital auto insurance becomes.
  3. To protect the health and welfare of your family
  4. You Will Have Medical Protection

Serious accidents sometimes occur. However, because medical costs are rising on a daily basis, it is imperative that the auto insurance policy you choose makes provisions for hospitalization and even post-surgical procedures, like physical therapy.

Key factors to consider for Auto Insurance:

  1. Coverage and deductibles

 Auto insurance providers allow you to choose your deductible and decide whether to add additional coverage that isn’t necessarily required by the laws in your state. Compare car insurance, the specifics of your coverage and deductibles play a major role in your monthly payment.
Typically, choosing a higher deductible means a lower monthly payment; choosing a lower deductible means a higher monthly payment. Additional coverage gives you added financial protection, depending on the claim, but also adds to your monthly costs.

  1. What you drive

By collecting a large amount of data from customer claims and analysing industry safety reports, auto insurance providers often develop vehicle safety ratings and offer discounts to customers who drive safer vehicles. 
Some insurers increase premiums for cars more susceptible to damage, occupant injury, or theft, and lower rates for those that fare better than the norm.
Before you head down to the dealership, do some research? Does the vehicle that has caught your eye have strong safety ratings? Is the same particular model often stolen? Knowing the answers to a few simple questions can go a long way in keeping your rates low.

  1. How often, how far you drive

People who use their car for business and long-distance commuting normally pay more than those who drive less. The more miles you drive in a year, the higher the chances of an accident – regardless of how safe a driver you are.
Consider joining a car or van pool and other ways to drive less. If you reduce your total annual driving mileage enough, you may lower your premiums.

 4. Your driving record

Drivers who cause accidents generally must pay more than those who are accident-free for several years. If you’ve been accident-free for a long period of time, don’t get complacent! Remain vigilant and maintain your good driving habits. As time goes on, the effect of past accidents on your premiums will decrease.

5. Your age, sex and marital status

 Accident rates are higher for all drivers under age 25, especially young males and single males. Insurance prices in most states reflect these differences.

 If you’re a student, your car insurance rates might also be in line for a discount. Most auto insurers provide discounts to student-drivers who maintain strong grades. In some states, younger drivers are also able to take driver safety courses that will lower premiums.

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After the step of charging Rs. 150 taken by three private sector banks recently, the biggest bank of India, SBI has also come up with a same idea lately but with small intention. The chargeable amount will be lesser than the private banks and the method will be levied from April.

The positive aspects:

  1. The bank will start charging Rs 50 after the first three cash deposits of the month. This limit is prescribed for saving bank accounts.
  2. For current account holders the cash transaction charges can be as high as Rs 20,000.
  3. There will be no charge on withdrawals from SBI ATMs if the account holder maintains a minimum balance of Rs 25,000
  4. There will be no charge for UPI/ USSD transactions of up to Rs 1000.
  5. Cash withdrawal from ATMs will be charged after the first three transaction for other banks and first five transactions from SBI ATMs.

The dark sides are:

  1. The bank account holders will have to maintain a minimum balance or Monthly Average Balance (MAB)
  2. Failing to maintain the minimum balance can attract a fee up to Rs 100 plus service tax
  3. The charges and MAB varies according to the location of bank. It is minimum in case of rural branches.
  4. In metropolitan areas like Delhi, Mumbai, Chennai and Bengaluru there will be a charge of Rs 100 plus service tax, if the balance goes below 75 per cent of the minimum average balance.
  5. If the account holder is falling short of 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
  6. The account holder will be charged Rs 20 after the three transactions from other bank ATMs and will be charged Rs 10 for withdrawals from SBI ATMs.
  7. In case of other bank ATMs, the account holder will have to keep a minimum sum of Rs 1 lakh to avoid withdrawal charges.
  8. Rs 15 will be charged for SMS alerts per quarter from debit cardholders who manage to maintain average quarterly balance of up to Rs 25,000 during the three months period.

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The word idleness used in two different senses – it some­times means the state of a man who is not employed in any work. Idleness in this sense is not blameable, as every man requires occasional periods of rest and recreation, and it is the height of folly to attempt to be always at work. When, however, we speak of the evils of idleness, we mean by idleness the neglect of work at a time when we ought to be working. There can be no doubt that the tendency to idleness in this sense is most prejudicial to virtue, happiness, and success in life. The boy, who allows himself at school or college to contract idle habits, is laying a sure foundation for failure and unhappiness in his future life. In the first place, his idleness prevents him from educating himself thoroughly for his future career. In the second place, the idle habits he has formed by wasting his time in the past will make it extremely difficult for him to work steadily in his profession or calling. Thus, both at school and in after-life the idle man finds himself distanced in the race by others of inferior abilities, who have the advantage of endowing with indus­trious habits. The idle man’s predominant feeling is aversion to work, but by the course he pursues he often defeats his own object. Few people are able to live in this world without having the necessity of labour imposed upon them, and those who through idleness neglect to work at the proper time often have to work all the harder in the end. In addition, an idle human being crushes all his money by keeping them just like itself. If the person carrying wealth will keep it idle, what will happen? Actually, the man himself is dumb so they have no clue what to do, instead keep them sitting idle.

Once there lived a very rich and miserly man in a village with immense wealth. He buried gold coins in the ground and use to count them every day. Two poor neighbours came for help but the man behaved so shrewdly that they had no other option but to leave heart-broken. In no time, the greedy person got a perfect lesson when a thief who have been noticing him counting coins everyday looted all the coins and replaced them with stones instead. What followed was a misery for the poor-hearted man. Therefore, the moral here is do not keep your money idle, start investing because it will be eroded by inflation. Start investing systematically to beat inflation and build wealth.

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We all love to travel and for most people overseas travel is a wonderful and enriching experience, however being the unpredictable nature of travel, misadventures whilst on holiday do sometimes occur. The following are just an account of a real life couple who from real Insurance customers were having comprehensive travel insurance has really paid off – with Moneymindz Insurance advisory service even when they are a million miles from home, but never far from care.

Sagir and Poulomi travelled to Bogota in Colombia to visit their son and his partner who are working respectively in Colombia as an archaeology professor and as a History teacher at an international university.

A couple of days after arriving in Bogota, Sagir woke at 2.50am in the morning with severe lower-back pain and stomach cramping. After a couple of hours of excruciating pain and no improvement, Poulomi decided the time had come to call a taxi to take Sagir to a medical clinic which was nearby  the university where their son and daughter-in-law teach.

Shortly after arriving at the clinic examined Sagir, one of the clinic doctors provided him painkillers. An urologist also examined him a few hours later stated that Sagir was suffering from kidney stones.

Once the diagnosis had been made, Sagir immediately contacted his old advisory service Moneymindz, where he was quickly advised what to do. While at the clinic, Sagir received a series of follow-up phone calls from operators at the Moneymindz Advisory Service for an insurance to whom he assured about his treatment. They reassured him that he was receiving appropriate treatment.

He made several visits to the clinic for pain relief and asked an urologist for a CT scan. Thankfully, the stone passed and Sagir’s health improved without the need for surgery.

After getting the all clear, Sagir and Poulomi continued their trip to Bogota.

Arriving safely back in India, Sagir is very grateful he had travel insurance. “The comprehensive Moneymindz, Best Financial Advisory Service fulfilled its role and expectations in every respect and the claim was speedily and fully processed after the trip”.

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MoneyMindz.com India’s First Free Online / On-call Financial Advisory

Tennis is the toughest sport and completely depends on hard work. There is no way around the hard work so aspirers have to embrace it. The mantra is we have to put in the hours because there is always something we can improve. We have to put in a lot of sacrifice and effort for sometimes little reward but we have to know that, if we put in the right effort, the reward will come. Same thing works for an individual, who, does not necessarily have to work hard but need to discuss about what kind of investment they have keen. Looking for something befitting and rewarding, one must strive to achieve it.

 

“Laziness is not merely a physical phenomenon; it is about being a couch potato, stuffing your mouth with fries and watching television all day. It is a mental thing, too, and that is where I have never aspired. In the world of creativity, laziness translates into an inability to be rigorous enough to create fearlessly. It makes us plagiarise or water our creativity down to make it more acceptable to the public “a renowned Indian film star quoted. He is now the richest Indian superstar and joined the ranks of others in world’s top 20.

 

Therefore, the reason to quote this is to rectify people with laziness who thinks of investments only in top companies without having practically any knowledge. People are too lazy to learn and gain financial literacy rather they depend upon top-notch agents from big companies.

 

Compared to other talented players in his generation, his early life was a struggle through state and junior cricket teams when he finally accepted in the national team. Later as a Captain of the Indian National Team, he would profoundly be honoured for his successes and alternatively vilified for his failures. The secret of his ability to keep moving on through the ranks to ultimate success without falling prey to over confidence and criticism lay in his ability to step back and analyse what went right and what went wrong each time.

 

 The only difference between this quote and me saying is Moneymindz will struggle to get you the perfect investment. Never fell prey to overconfidence and depend on some multinational or renowned company for investment. Play safe and swiftly.

 

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A renowned insurance company of our country, one of the largest insurers, is working on a significant makeover that will include an overhaul of its lending operations, stronger corporate governance framework and a more modern sales force equipped to receive digital payments. A senior government official said that the insurer would soon appoint a banker to oversee its lending operations

A standard operating procedure worked out for repayment through One-time Settlement Scheme(OTS)

At the end of March 2016, the renowned insurance company had a debt of around Rs. 3 lakh crore greater than the previous financial year. The finance ministry has also nudged the insurer to give POS machines to its 20-lakh agents for premium collection. To start with, the insurance company is expected to give the machines to about two lakh agents.

This is in accord with the government’s aim of strengthening digital payment infrastructure. The insurer will also set up a cyber security cell to monitor any deviation stated by an official. Around 90% of the insurance company’s premium is collected through its agents. An email sent to the company did not elicit any response until the time of filing this story. 

The company on Monday reported 12.81% year on year growth in its total assets at Rs 24.41 lakh crore at the end of December 2016. It recorded 12.43% rise in total premium income at Rs 1.45 lakh crore during the nine months ended December 2016. 

In the past year, corporate governance issues have haunted India’s largest insurer. The finance ministry had initiated a departmental enquiry against its former chairperson, allegedly over investments made by the company in real estate firm in 2008-09. 

The chairperson unexpectedly resigned in June, two years before the end of his term. He later requested the government to relieve him under the voluntary retirement scheme after realising that he stands to lose benefits including pension and other emoluments if he quit

Be safe and ensure from where you are having insurance. Big companies are digitalizing the matter for smoothness. For more information and queries, contact Moneymindz, the Best Free Financial Advisory Services.

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As Hollywood draped itself gorgeously on their biggest night, the 89th Academy award at Los Angeles with La La Land heading the race with maximum number of academy, a small blunder made the headlines. The award for the best picture was mistakenly given to La La Land instead of Moonlight. The ensemble cast of La La Land coruscated when suddenly one of the veteran actor and presenter apologized for announcing the wrong name. He even showed the envelope where the name of the winner was printed.  A famous auditing company has been handling this responsibility for 83 years and suddenly they had to apologize to the academy for such fault.

The whole crowd went perturbed because it indicates careless or overconfidence. Both are dependent on each other and when one error leaped up, academy is blaming the executives for miscounting. A real embarrassment for so many people – the mistakenly awarded winners who were delighted to add an extra prize on their cabinet, the academy for hosting such a big event, the guests, who never thought of such mishap and the auditors, responsible to count the votes. Mistakes happen and humans are not perfect but trying to avoid it and getting everything perfect is what everybody expects. Though it did not look as bad as both of them deserved equally but somewhere and somehow, it seems weird to be the headline of some disaster.

When an event of 89 year old can commit such mistake, then why not people with so low knowledge on financial services and products. It is not about blaming – individuals might not have time to go through everything and learn. Sometimes a bit of advice and some tips work.

Moneymindz, the best Free Financial Advisory Service has brought you advisors where you can get ample ideas for your future investments. Do not repeat now, contact us, we are there for you all the time.

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India is a nation consisting of people from the poor/middle class and hence will be careful in spending their hard earned money. Simply earning is not good enough; you must also know to effectively channelize your savings in a logical fashion.  

Financial Advisors @ Moneymindz is unique, as it is India’s top financial advisory company assisting people of India in offering financial freedom and advisory mobile applications. Moneymindz is India’s largest financial search engine offering free advices. Many people have been educated @ Moneymindz, regarding financial concepts and financial products under one roof.

An unbelievable financial advice can make a vast difference in your life. Pick up your mobile and give a missed call at 022-62116588.

For More Information:

Give Us a Missed Call On 022 – 62116588

(Or)    Download Our Money Mindz -Expert Seller

(Or )  Visit :  http://www.moneymindz.com/

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