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| Ques. |
I am a 22-year old single and I would like to know whether I should go for a normal health insurance or a term plan. Some of the companies claim paying Rs. 50,000 pa will get me a return of 65 lakh after 30 years and with a cover of 12.5 lakh in this period? |
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| Ans. |
It seems you have mixed up 3 different policies :
1. Health Insurance
2. Term Insurance
3. Endowment Life Insurance
Under Health Insurance -your hospitalization needs will be fulfilled Under Term Insurance -your nominee will get sum as per sum assured.You will get nothing if you will survive till the maturity date of Term Insurance PolicyUnder Endowment Life Insurance you will get sum assured with bonus declared by the insurance company during 30 years .The exact calculation can be done after allocating funds out of Rs50000 for policy no 1& 2. Broadly speaking if the sum assured is Rs 12.5 lakhs you will not get Rs 65 lakhs. |
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| Mediclaim with credit card |
| Ques. |
My mother is 73 years old. I would like to take term plan for her but do not know which insurance company to approach. Is there any company which can offer term plan to her? Also can she buy health insurance? That customer or policy holders should have the to decide whether he should the policy to someone or to life insurance company, which issued the policy? |
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| Ans. |
Yes you can buy Term insurance policy, for her form IDBI Federal Life Insurance which offers term plan upto entry age of 85 years. In the unforeseen event of demise in the first two years of the policy, 125% of total premiums paid shall be returned. After two years, she will be insured for the amount of sum insured for life. The amount of premium and cover remain the same throughout the life of the policy, except after age 90. At age 90 the premiums will stop, but life insurance cover will continue. |
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She can also buy health insurance from NIVA BUPA the only company that provides health insurance to person of any age up to Rs. 50 lakhs insurance cover. Premium payable for coverage of Rs. 10 lakhs will be Rs. 81,747. |
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| Ques. |
I am 56 and my wife is 49. I have a mediclaim policy from New India Assurance for the past 7-8 years under a so-called special offer from a credit card. It has cost me about Rs.8,300 for the financial year 2011-12 for a cover of Rs1.50 lakh each for me and my wife. Till date, no claim has been made. I now plan to surrender the credit card. Can I then pay the premium directly to the insurance company? Since it is a special arrangement for the card-holders, will the same premium be charged when I renew the policy after surrendering the card and will I be eligible for no-claim bonus? If no, which is the best mediclaim policy in the market? Will pre-existing deceases get covered? |
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| Ans. |
You will not get benefit of last 8 years. The policy to be issued to you will be a fresh policy. Most probably you will not get no claim bonus benefits. Exceptions can always be there and you should consider yourself lucky if it happens. Preexisting diseases will definitely not be covered. We have always advised people to avoid Health Insurance policy (issued by credit card companies). |
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| Ques. |
I am planning to buy a joint health policy with a cover of Rs.3 lakh. Is there any policy which provides maternity benefits and a comprehensive medical cover? |
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| Ans. |
Yes, IndusInd General Insurance, Niva Bupa & Star Health General Insurance can give you the policy.
All these companies cover this but with conditions. Let us have a look at this.
IndusInd General Insurance covers after 3 years of waiting period but this waiting period can be reduced to 2 years or 1 year.
L& T covers from 5th year.
Niva Bupa covers from 3rd year.
Star Health covers after 1 year.
Yes there are limits & sub limits, which you should keep in mind
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| Ques. |
Will the agent be helpful in settling of claims in future? |
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| Ans. |
Yes your agent will be helpful but he is getting 100% of his income from the insurance company and he may be getting .001 % of his income from you. If he has to make a choice he will favour Insurance Company. You are the best person to decide whether directly from the company or through an agent. Theoretically he is supposed to help you in claim settlement but time will tell when the claim is to be lodged. Be positive and buy it through agent but better buy through an Insurance Brokerage Firm as it offers wider choice. |
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| Ques. |
What are the minimum and maximum policy durations? |
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| Ans. |
Minimum is 1 year. Some companies offer 2 years & 3 yers duration also. |
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| Ques. |
Can I buy health insurance policy even if I am not an Indian National but am living in India? |
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| Ans. |
Yes, if you are a student studying in India or you are working on a valid Visa then you can get the policy. But if you are a tourist coming to India for a short duration say 3 weeks then it will not be worthwhile to buy health insurance as 30 days cooling off period will take away the benefits, you are looking for. |
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Those who are coming for Medical Tourism can not buy the policy and avail the benefit i.e. claim. |
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| Ques. |
Who will receive the claim amount under health insurance if the policyholder dies during treatment? |
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| Ans. |
Nominee will receive the amount if the policyholder dies during treatment. It is suggested that include/mention name of nominee in proposal form. |
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