Health Insurance Buying Guideline –Part 2

Neha: Sar­va­jeet, till now we have dis­cussed first three steps i.e. decid­ing which pol­icy to buy, decid­ing cov­er­age amount and check­list before buy­ing health insur­ance. Now we will dis­cuss how to buy health insur­ance and points to remem­ber after buy­ing health insur­ance policy.

Sar­va­jeet: Ya Neha, now a days you can buy Health insur­ance poli­cies online just like life insur­ance policies.

Neha: Yes Sar­va­jeet, you are right. Let’s dis­cuss Step 4 i.e. how we can buy health insur­ance policies.

 

Offline Mode– …

You can buy health insur­ance either directly from any Gen­eral Insur­ance provider or from autho­rized inter­me­di­aries like insur­ance agents or insur­ance brokers.

Health Insurance Buying Guideline –Part 1

Sar­va­jeet: Neha, you just explained about var­i­ous types of health insur­ance poli­cies. But the biggest prob­lem is which Mediclaim pol­icy to choose. I mean, there are plenty of poli­cies avail­able in the mar­ket for self and fam­ily. How will you make right deci­sion? Will you con­sider price i.e. pre­mium while tak­ing pol­icy or there are other fac­tors also should be looked into?

Neha: Sar­va­jeet, you will come across many health insur­ance plans with their unique sell­ing points. How­ever before you start ana­lyz­ing the dif­fer­ent plans, you have to under­stand your requirements.

We will dis­cuss what points to con­sider before buy­ing health insur­ance poli­cies, how to decide amount of coverage,

Step 1: Decid­ing policy –

First step is to decide which pol­icy to purchase.…

विमा (insurance)- अर्थ आणि ते कसे कार्य करते?

म्यूचुअल फंडची पूर्ण माहिती कळल्यानंतर मला अजुन एका मोठ्या गोष्टीची माहिती करून घ्यायची होती ती म्हणजे विमा.(insur­ance ).  मी कॉलेजमधल्या एका मित्राशी बोललो जो विमा क्षेत्रात बर्‍याच काळापासून कार्यरत आहे. ज्याप्रमाणे मी आणि अमितनी माझ्या काकांबरोबर म्यूचुअल फंडावर चर्चा केली त्याप्रमाणे विम्यासंबंधी चर्चा करण्यासाठी तो शनिवारी भेटायला तयार झाला.

शनिवार-  तनयच्या घरी.

सर्वजित: हाय! तनय, तू कसा आहेस?

तनय: हाय सर्वो, मी बरा आहे. तुझे कसे काय? तुझी नोकरी कशी चालू आहे?

सर्वजित: सगळकाही व्यवस्थित. तनय जसे मी तुला आधी सांगितले, मला विम्याबद्दल सगळी माहिती हवी आहे. मला वाटतं विम्य बद्दल माहिती असलेला तू एक योग्य व्यक्ती आहेस.

तनय: सर्वो, मी या क्षेत्रात १० वर्षांपासून काम करत आहे आणि या १० वर्षामधे मी खूप काही शिकलो आहे.…

Types of Health Insurance Policies

Sar­va­jeet: Neha, many times, I receive calls from Health insur­ance com­pa­nies. They talk about some Indi­vid­ual Health Plan, Fam­ily Floater pol­icy, Top-up plans. It is so con­fus­ing. Ear­lier, I thought Health Insur­ance is waste of money. But now I know why Health Insur­ance is impor­tant.

                                           Cour­tesy: Apollo Munich

Neha: Sar­va­jeet, I am happy that you real­ized impor­tance of health insur­ance. Now let’s remove your con­fu­sion and let us under­stand var­i­ous types of Health insur­ance policies.

Types of Health Insur­ance Policies

Indi­vid­ual health insur­ance plan…

As the name sug­gest this plan cov­ers a sin­gle indi­vid­ual and caters for their health requirements.

Health Insurance – An introduction

Sar­va­jeet: Tanay, we just dis­cussed about insur­ance, what is life insur­ance and var­i­ous types of life insur­ance poli­cies. Now I know why Life insur­ance is must for every indi­vid­ual who have fam­ily depend­ing on them. Thanks for every­thing man.

Tanay: You are wel­come mate. Hey Sarvo, Do you want to know about Health Insur­ance? I have friend work­ing in Gen­eral Insur­ance Com­pany. Her name is Neha. May be she can tell us each and every aspect related to Health Insurance.

Sar­va­jeet: That would be great. I am very curi­ous to know about health insur­ance, how it works etc. Just recently one of my friends father was admit­ted to Hos­pi­tal and Hos­pi­tal Bill was enor­mous and to pay that bill they had taken loan.…

What is Pension Plan?

Sar­va­jeet: Tanay, so far we dis­cussed var­i­ous types of insur­ance poli­cies, how they work etc. Now com­ing back to last type of pol­icy i.e. Pen­sion plans. The first thing that comes to my mind is life after post– retire­ment. Peo­ple save dur­ing their work­ing period and on retire­ment the indi­vid­ual can use the fund accu­mu­lated dur­ing work­ing years.

Tanay: Yes Sarvo, Retire­ment plan­ning is an impor­tant aspect of plan­ning your sav­ings. A good retire­ment plan can help you live an inde­pen­dent life even when you retire. Dur­ing an individual’s work­ing life it is pos­si­ble to buy a retire­ment insur­ance plan to which a small amount can be con­tributed on a monthly basis.…

म्यूचुयल फंड म्हणजे काय?

माझा मित्र अमित याच्या बँकेत अधिक प्रमाणात रक्कम आहे. ज्याचा त्याला ४ % परतावा मिळतो. त्यानी काही पैसे फिक्स्ड डेपॉज़िट (मुदत ठेवेत) मध्ये आणि काही पैसे पोस्ट आँफिस/ टपालघर (नॅशनल सवविंग सर्टिफिकेट, किसान विकास पत्र) मध्ये जमा केले आहेत. मी त्याला विचारले की तू शेअर बाजारात का नाही गुंतवत जिथे तुला १५ ते २० % परतावा मिळेल. तो म्हणाला हे बघ सर्वजित, मला कुठल्याही प्रकारची जोखीम पत्करायची नाहीए. मी बर्याचशा गोष्टी ऐकल्या आहेत जिथे लोकांच्या करोडो पैशांचे नुकसान झाले आहे. शेअर मार्केट माझ्यासाठी नाहीये, कारण मला शेअर मार्केटमधलं काहीच कळत नाही. हे खूप गोंधाळावून टाकणारे आहे. फंडमेंटल अनॅलिसिस, टेक्निकल अनॅलिसिस, टिप्स, फ्यूचर्स आणि ऑप्षन्स, रेसिस्तंस, सपोर्ट, बुल मार्केट , बेअर मार्केट.….….…

Child Insurance plan

Sar­va­jeet: Tanay, Just recently my elder sis­ter bought child Insur­ance pol­icy for her son Aakash. She told me that this insur­ance pol­icy will take care of edu­ca­tion needs (Engi­neer­ing and MBA) of Aakash. She also said “Infla­tion is ris­ing day by day and the first thing to get impacted is the edu­ca­tion sector.”

Tanay: Yes Sarvo, she is cor­rect. Most of our goals (Edu­ca­tion, Mar­riage, Buy­ing Home etc.) have a price tag attached and unless you plan your finances care­fully, you may not be able to pro­vide the required eco­nomic sup­port to your child when you need it the most.…

Unit Linked Insurance Plan (ULIP)

Sar­va­jeet: Tanay, till now we dis­cussed about var­i­ous types of insur­ance plans and poli­cies but not a sin­gle pol­icy is pop­u­lar and con­tro­ver­sial as ULIP (Unit Lined Insur­ance Plan). I always wanted to know how ULIP Works. For me it is like a com­plex prod­uct where there are so many ter­mi­nolo­gies involved but I never understood.

Tanay: Sarvo, you are right. ULIP is pop­u­lar and con­tro­ver­sial for many rea­sons. Let us under­stand how ULIP works.

Unit Linked Insur­ance Plan (ULIP) are the mar­ket linked insur­ance plan which also pro­vide life cover. In an ULIP, the pre­mium amount (after deduc­tion of charges) is invested into dif­fer­ent funds.…

All about Endowment Plan

Sar­va­jeet: Hey Tanay, till now we dis­cussed in detail about term plan, whole life pol­icy but what about endow­ment pol­icy? Endow­ment plans are quite famous.

Tanay: Yes Sarvo, they are famous and you know why they are famous. Remem­ber: Insur­ance + Investment…

Sar­va­jeet: Yes Tanay, but my friends, rel­a­tives, col­leagues in office have taken endow­ment pol­icy. They say, Sar­va­jeet, Endow­ment pol­icy is such a great thing in insur­ance because it gives you pro­tec­tion, invest­ment option plus tax ben­e­fits. i.e. Triple Benefits.

Tanay: Well Sarvo, I will give you an exam­ple with ref­er­ence to above point but first let us under­stand what is endow­ment pol­icy and how it works:

 Endow­ment pol­icy is type of life insur­ance pol­icy… which pro­vides insur­ance cover and matu­rity ben­e­fits too.