The increased incidence of lifestyle-related diseases and the spiraling costs of healthcare has made it necessary for people to get health insurance coverage. You can get yourself and your family, which includes your spouse, children, parents, and other dependents, covered under health insurance.

If you or members of your family are affected by a medical emergency, you’ll be flooded with exorbitant medical bills. That’s where health insurance will come in handy.

Health Insurance Benefits

With a variety of senior citizen health insurance plans available, it’s possible to gain access to the best medical care for your aged parents as well.

In addition to mitigating your financial worries in the event of medical emergencies, opting for health insurance offers tax benefits as well. In the current scenario, when all perquisites are being taxed, being covered under health insurance helps to lower your tax liability.

Below, you’ll find a brief explanation of the deductions available as per the Income Tax Act with respect to the current financial year (2015-16)

If you’re covered by a plan that provides health insurance for family, which includes yourself, your spouse, and your dependent children, you can avail an exemption up to INR 25,000. If you take health insurance for parents – who are senior citizens – as well, you can claim a deduction of INR 30,000 from your gross taxable income.

U/s 80DD

If you’ve paid the medical insurance premium for a handicapped dependent relative, you can claim a deduction of up to Rs 75,000 (the disability being between 40% and 80%).

In case the disability is severe, then the Income Tax Act provides a deduction of up to Rs 1,25,000 based on the medical expenditure incurred.

Under this section, you can claim deduction on medical expenses incurred by you on the treatment of a relative suffering from certain health issues as specified in your contract. These include dementia, AIDS, Parkinson’s, chronic renal failure, malignant cancers, thalassemia, hematological disorders, and other specified neurological diseases.

In any such case, you can claim a deduction of Rs 40,000. For senior citizens, the upper cap is set at Rs 60,000. In respect of the expenditure on the medical treatment of a very senior citizen, the maximum tax limit is Rs 80,000.

Under this section, any Indian citizen who suffers from not less than 40% of disability is eligible for tax deduction of up to Rs 75,000. In case of severe disability, the maximum tax limit is Rs 1,25,000.

So, you have to agree that investing in health insurance is a wise choice, both in terms of safety, as well as tax benefits. It also has a positive effect on your financial planning.

In fact, there has been a steady growth in the percentage of individuals getting health insurance coverage thanks to the availability of health insurance online.

You can buy a Mediclaim policy online from any of the insurance companies offering health insurance or you can contact us. But be sure to examine the fine print in the health insurance policies for any exclusions, sub-limits and co-pay.

If you’re looking for the best health insurance in India, you can compare the premiums and coverage offered by various players in this industry. As a tax-saving instrument and a cushion against unforeseen health issues, health insurance is your best bet. It’s also a great way to ensure your family’s safety in the event of a medical emergency. Family floater plans can help you achieve this.

Before you decide on a plan, research the various institutions offering them. Once you’ve compared your data, sign up for the best health insurance policy today, and enjoy a life without worry.

We all have mobile smart phones with SMS facility (Basic function of all mobile). We just need to type code that we can do text massage to check details about our policy...

So here LIC of India has provided all codes to be text to get info about your policy details :-

लाइफ इंश्योरेंस का मकसद पॉलिसी होल्डर्स के डिपेंडेंट्स को अपनी मृत्यु होने की दशा में अपनी इनकम को रिप्लेस करने लायक पर्याप्त पैसा मुहैया कराना है। आपकी लाइफ इंश्योरेंस इन कुछ चीजों का ध्यान रखने वाली होनी चाहिए; बेसिक लिविंग एक्सपेंसेज जो आपके परिवार को उठाने पड़ेंगे और बच्चों की हायर एजुकेशन और शादियों जैसे बड़े खर्चे। अगर आपने हाउसिंग लोन लिया है और अन्य बड़ी लायबिलिटीज हैं, तो इन चीजों को भी रिक्वायर्ड कवर में जोड़ दीजिए। इस बारे में थंब रूल यह है कि किसी भी शख्स का लाइफ कवर उसकी ग्रॉस एनुअल इनकम का 7-10 गुना होना चाहिए। अगर लाइफ कवर अपर्याप्त है, तो यह इंश्योरेंस के पूरे मकसद को खत्म कर देता है।

2. कब तक आपको कवर चाहिए ? (Period of Insurance)                                टर्म प्लान का टेन्योर भी कवर की रकम जितना ही अहम होता है। इंश्योरेंस पॉलिसी को किसी शख्स को तब तक कवर करना चाहिए, जब तक कि वह काम करने की इच्छा रखता है। कुछ साल पहले तक यह आयु 60 साल थी, अब यह देखने में आ रहा है कि लोग 60 साल के बाद भी काम करते रहते हैं। इसके अलावा, लेट शादी होना और ज्यादा उम्र में बच्चे होना भी आम होता जा रहा है और ऐसे में लोगों को ज्यादा आयु तक कवर की जरूरत होती है। एक्सपर्ट्स का मानना है कि किसी भी शख्स को करीब 65 साल तक कवर की जरूरत होती है, हालांकि परिस्थितियों के हिसाब से यह अलग-अलग हो सकती है। ऐसे विज्ञापनों पर मत जाइए, जिनमें 15-20 साल के प्लान पर कम प्रीमियम को हाइलाइट किया गया हो। प्रीमियम कम हो सकता है, लेकिन इसमें टेन्योर कम हो जाता है, जो जरूरी चीज है। ज्यादा उम्र होने पर एक फ्रेश इंश्योरेंस कवर काफी महंगा पड़ता है।

क्या आपने 50 लाख का कवर लिया है और सोचते हैं कि यह आपके लिए पर्याप्त है? फिर से सोचिए। महज 6 फीसदी इनफ्लेशन के हिसाब से ही देखा जाए तो 10 साल बाद आपके 50 लाख रुपये की वैल्यू केवल 28 लाख रुपये होगी। इस समस्या से निपटने के लिए कुछ इंश्योरर्स ऐसे प्लान पेश कर रहे हैं, जिनमें कवर हर साल 5-10 फीसदी बढ़ जाता है। इनफ्लेशन इस वक्त ज्यादा है, लेकिन आने वाले महीनों में यह नीचे आ सकती है। इंडिया में लॉन्ग-टर्म एवरेज इनफ्लेशन के 6.5 फीसदी से 7 फीसदी के बीच रहने की उम्मीद है। यह बात दिमाग में रखिए कि इस तरह के प्लान्स का प्रीमियम ऑर्डिनरी प्लान से ज्यादा होता है। इसका एक कॉस्ट-इफेक्टिव सॉल्यूशन यह है कि जीवन के हर दौर में अपनी इंश्योरेंस जरूरतों का रिव्यू कीजिए और उस हिसाब से और ज्यादा कवर को जोड़ लीजिए।

आम राय के उलट एक सघन मेडिकल टेस्ट वास्तविकता में बायर की मदद करता है। अगर कंपनी मेडिकल टेस्ट कराती है तो प्री-एग्जिस्टिंग डिजीज के आधार पर आपके क्लेम को खारिज किए जाने के आसार खत्म हो जाते हैं। एक इंश्योरेंस कंपनी ने एक बार एक क्लेम को यह कहकर खारिज कर दिया कि पॉलिसीहोल्डर डायबिटीज से जूझ रहा था और उसने एप्लिकेशन फॉर्म में इस बात का खुलासा नहीं किया। हालांकि इंश्योरेंस ओम्बड्समैन ने फैसला दिया कि मेडिकल टेस्ट्स कंपनी के तय किए गए डॉक्टरों के एक पैनल ने किए थे और उसमें उसे क्लीयरेंस मिली थी। ऐसे में क्लेम जायज माना गया।

हेल्थ कंडीशन के अलावा आपको अपनी उम्र, व्यवसाय, इनकम और अन्य इंश्योरेंस कवर के बारे में ईमानदार रहना चाहिए। इन खुलासों से आपको आगे मदद मिलती है। गलत जानकारियां भरने पर बीमा कंपनी क्लेम को खारिज कर सकती है।

6. कंपनी कि क्लेम सेटलमेंट राशन चेक करें । (Claim Settlement Ratio)

किसी भी कंपनी की पॉलिसी लेते  समय ये अवस्य चेक करें की इस कंपनी की Claim Settlement  Ratio कैसी  है ! ये आप इरडा के वेबसाइट पर जाकर चेक कर सकते हैं । ये आपको कंपनी की स्ट्रेंथ और आनेस्टी दर्शाता है ;  ताकि कल को आपके प्रियजन  को क्लेम के लिए परेसानी ना  उठाना परे |

एक इंश्योरेंस पॉलिसी लॉन्ग-टर्म कॉन्ट्रैक्ट होता है, लेकिन ऐसे संकेत हैं कि कुछ कंपनियां लॉन्ग-टर्म में हो सकता है कि कारोबार में न रहें। ऐसे में उन कंपनियों की ओर न जाएं जिनकी दुकान बंद हो सकती है।

विशेष जानकारी हेतु हमें ईमेल / कांटेक्ट करें । 

Do you think that taking insurance is a cost & utter waste of money ! Many of us thinking like this. But, this cost become very least when we compare the benefits that accrue in the event of an unfortunate event.

Moreover, the money spent in insurance contracts can be a good savings cum investment for our life and the our family's life. This arrangement takes care of the welfare of our family. We can make a choice of good plans to cover the basic risks of our living like life, health, home, vehicles, etc.

For our business or profession, we should go for the policies that will insure the risks associated with our products, fixtures & fitting like plant and machinery etc.

What is Insurance?

Risks involved in our life in many way. Death is the unbearable and irreparable of all risks. That too untimely death leaves shock and vacuum in a family. To take care of such unfortunate death or any sort of risk, a mechanism is in place to transfer the risk from one place or person to another. When risk are managed by self without transfer to another, they are " Retained Risks" and they are called as "Transferred Risk" when passed on to another for a consideration or price which is popularly known as " Premium". As the cost is heavy, an individual cannot bear the risk of others. However, an institution like Cooperative or Firm or Corporate concern can manage them . Cooperative Society for Death relief is an example for managing the expenses arising from death of a member. This is very popular among fishermen folks whose life is at risk when venturing out into the sea.

Types of Insurance

There are basically two types of insurance: Life and Non-Life insurance.

Life type is for compensating the dependants in the event of death of the policy holder. This has two sub categories as 1) pure insurance or term insurance where premium rate will be lower but no returns or refunds made if the person survives after the policy period 2) endowment type, where death and maturity benefits are combined ,which naturally comes at a higher premium. Non life products cover the risks like Accident, Marine, Health, Goods, Agricultural crops, Cash-in-transit, etc. The popular Mediclaim policy belongs to Health insurance category. Apart from these, third type exists as Reinsurance which insures risks like Satellite, Spacecraft, etc…involving huge amounts and also when the sum insured exceeds Rs.100 crores for each case.

The benefits of insurance will be made fully under all policies  for Life insurance whereas only one insurance amount will be settled in the case of Non-life insurance type. Another difference is the period of cover : one year for non-life  policy renewable every year and longer period for life insurance.

Do's & Don'ts for Insurance

1) Always read the contract notes when received after committing to an insurance cover. Possibilities are there, that even after taking all precautions prior to buying the insurance    product, some exclusions to the risks coverage.

2) Always keep the policy in force by paying the premium regularly. Your claim will be rejected if you have not paid the premium.

3) Always Keep the insurance company informed if you make any changes in the Address, change in the nature and composition of assets covered,etc..This issue crops up in the case of business assets and movable assets like vehicles . When you buy a second hand asset, the risk is more: you have to ensure the title is transferred in your name before taking the insurance.

4) Always buy Life insurance covers from the reputed companies which have a good name in the market .New insurers tend to be inclined towards more business and profit , rather than  the payment of the claims under their policies.

Now you can understand that Insurance cost is Not a Liability but it is an Investment for Future asset.

If you are living in Delhi then call (Pradip: 9958781151) or pass it to someone  or email : hellopkr@gmail.com for get a insurance policy ( LIC of India and Starhealth Insurance).                        -:Be insure have happy life:- 

The Insurance Regulatory and Development Authority (IRDA) has notified changes made to the guidelines on design of Life Insurance products in the gazette in February 2013. As per this notification, All existing group products will stand withdrawn from 1st July 2013 and all individual products from 1st October 2013. But After LIC's request IRDA grants extension upto 31st December 2013. Main aim of this notification is to make insurance policies more friendlier to public. Lets highlight some main points about this notification.

Traditional plans: According to the guidelines, the product design of traditional plans would remain almost the same. These plans would continue to come in two variants: Participating and non-participating plans.

For participating polices the bonus is linked to the performance of the fund and is not declared or guaranteed before. But, the bonus once announced becomes a guarantee. It is usually paid in case of death of the policyholder or maturity benefit. This bonus is also called reversionary bonus.

In case of non-participating policies, the return on the policy is disclosed in the beginning of the policy itself. In both cases, a policyholder should calculate the net return to assess the total costs.

New traditional products will have a higher death cover. For regular premium policies, the cover will be 10 times the annualised premium paid for those below 45 and seven times for others. The minimum death benefit in case of traditional plan is at least the amount of sum assured and the additional benefits (if any).

ULIPs: In case of ULIPs, life insurers will now have to inform policyholders of the reduction in yield of their ULIPs on a monthly basis. Reduction in yield—difference between gross and net yields (expressed in %)—refers to the lowering of investment growth within a fund due to various charges.

The net yield can be arrived at after deducting all prescribed charges from the gross yield. Insurers will also issue annual certificates mentioning the premiums paid, charges and taxes deducted from the fund value, and the final payments made.

Variable insurance plans: The guidelines have mentioned that VIPs will guarantee a certain minimum rate of return at the beginning of buying a policy—though they are linked to an index. As VIPs will be treated at par with ULIPs, those products will follow the same commission package for ULIPs. Under linked products, agents are entitled to commission of up to only 10%. The charge structure and discontinuance norms of VIPs will be in line with ULIPs.

This basic minimum rate of return is also called floor rate. Additional benefits depend on the type of the policy. In the case of a non-participating VIP, the additional benefit will be mentioned at the time of buying the policy and may accumulate in the policy at specified intervals.

Participating VIPs normally provide a regular non-guaranteed bonus, which will be guaranteed once declared. Each policyholder will have a policy account in which the premiums—net of charges—will get credited. The minimum floor rate and additional rates will apply to this balance. On maturity, the policyholder will get the value in the policy account.

Reduced commissions

The IRDA guidelines have reduced commissions on short-term policies and have linked the quantity of commissions to the premium paying period for all products.

Agents of single premium non-pension products will receive remuneration of up to 2% of the premium paid. In case of regular premium insurance policies, a policy with a premium paying term of five years will pay up to 15% in the first year, 7.5% in the second and third year and 5% subsequently. As the premium paying term increases to 12 years and above, the commissions payable in the first year increases up to 35% in case the company is at least 10 years old and 40% in case the company is less than 10 years old. The regulator has framed the entire format on the basis of tenure of the policies

In case of direct sale of products, such as the online mode, there will be no commissions and this benefit will be passed on to the policyholder.

Death benefit & surrender value

The minimum death benefit in case of VIPs and ULIPs is the policy account value or higher of the two. The minimum guaranteed surrender value for traditional plans has been increased. For traditional plans, with a premium paying term of 10 years or more, there will be a guaranteed surrender value after three years. For premium paying terms of less than 10 years, the guaranteed surrender value will accrue after the second year. This guarantee surrender value will be 30% of total premiums paid.

Currently, the guaranteed surrender value is usually 30% of all the premiums paid minus the first-year premium and is paid only if premiums have been paid for three years. According to the new guidelines, the surrender value becomes 50% between the fourth and the seventh years, after which the insurer would have to file a surrender charge that needs to be cleared by the regulator.

Health insurance

The IRDA in February 2013 has also issued guidelines to standardize health insurance in India. Now, all health insurance policies would be renewable for lifetime and will have an entry age of at least 65 years. All policies except customized ones will be renewable for life time. Insurers have to settle claims within 30 days after the receipt of all the documents. The IRDA has introduced 15 days free-look period—A period where a new insurance policyholder is able to terminate the contract without penalties such as surrender charges.

In case of a claim, no-claim bonus can be reduced proportionately, however it won’t be zero. In a health insurance policy, when a renewal is made without any claims in the preceding period of the policy, the insurer offers a bonus to the policyholder. This bonus is usually in the form of a discount in the premium around 5% for every claim-free year. The bonus can go up to 50%, provided no claim is made for 10 consecutive years. Any discount or loading in the renewal premium will be mentioned to the policyholder at the time of policy renewal.

A Unit Linked Insurance Plan (ULIP) is a product offered by insurance companies that unlike a pure insurance policy gives investors the benefits of both insurance and investment under a single integrated plan. Unit Linked Plans refer to Unit Linked Insurance Plans offered by insurance companies. These plans allow investors to direct part of their premiums into different types of funds (Equity, Debt, Money market, Hybrid etc.)

History :-

The first ULIP was launched in India in 1971 by Unit Trust of India (UTI) with the Government of India opening up the insurance sector to foreign investors in 2001 and the subsequent issue of major guidelines for ULIPs by the Insurance Regulatory and Development Authority (IRDA) in 2005, several insurance companies forayed into the ULIP business leading to an over abundance of ULIP schemes being launched to serve the investment needs of those looking to invest in an investment cum insurance product.

Working Principle :-

 A ULIP is basically a combination of insurance as well as investment. A part of the premium paid is utilized to provide insurance cover to the policy holder while the remaining portion is invested in various equity & debt schemes. The money collected by the insurance provider is utilized to form a pool of fund that is used to invest in various markets 

instruments  (debt & equity) in varying proportions just the way it it done for mutual funds. Policy holders have the option of selecting the type of funds or a mix of both ( debt and equity) based on their investment need and appetite. Just the way it is for mutual funds, ULIP policy holders are also allotted units and each unit has a net asset value (NAV) that is declared on a daily basis. The NAV is the value  based on which the net rate of returns on ULIPs are determined. The NAV varies from one ULIP to another based on market conditions and the funds performance.

Features :-

ULIP policy holders can make use of features such as top-up facilities, switching between various funds during the tenure of the policy, reduce or increase the level of protection, options to surrender, additional riders to enhance coverage and returns as well as tax benefits.

Types :-

There are variety of ULIP plans to choose from based on the investment objectives of the investor, his risk appetite as well as the investment horizon. Some ULIPs play it safe by allocating a larger portion of the invested capital in debt instruments while others purely invest in equity. Again, all this is totally based on the type of ULIP chosen for investment and the investor preferance and risk appetite.

Charges :-

Unlike traditional insurance policies, ULIP schemes have a list of applicable charges that are deducted from the payable premium. The notable ones include policy administration charges, premium allocation charges, fund switching charges, mortality charges and a policy surrender or withdrawal charge. Some insurer also charge " Guarantee Charge" as a percentage of Fund Value for built in minimum guarante under the policy.

Risks : -

Since ULIP returns are directly linked to market performance and the investment risk in investment portfolio is borne entirely by the policy holder, one needs to thoroughly understand the risks involved and one's own risk absorption capacity before deciding to invest in ULIPs.

Providers : -

There are several public and private sector insurance providers that either operate solo or have partnered with foreign insurance companies to sell nit linked insurance plans in India. The public insurance providers include LIC of India, SBI Life and Canara Life while some of the private insurance providers include ICICI Prudential, HDFC Life, Bajaj Allianz, Aviva Life Insurance & Kotak Mahindra Life.

Advantages : -

(1) ULIP have limited liquidity. One needs to stay invested for a minimum   period of time as specified in the policy before redeeming the units.

(2) ULIP gives you flexibility to invest as per your risk profile, financial  commitments and convenience. You can choose to invest either in  equity or in debt or in hybrid fund and even change your investment    strategy. Unit Linked Plans offer you a wide range of flexible options 

     such as   -- 

         (a)  The option to switch between investment funds to match your changing needs.

         (b) The facility to partially withdraw from your fund, subject to     charges and conditions.

         (c) Single premium additions to enable the policy holder to invest  additional sums of money (over and above the regular premium) as and when desired, subject to conditions.

(3) Market Linked Returns :  ULIP give you an opportunity to earn market-  linked returns as part of the premiums are invested in market linked funds which  invest in different market instruments including debt instruments and equity in varying proportions.

(4) Life Protection, Investment and Savings : ULIP offer the twin benefits     of life insurance and savings at market-linked returns. Thus you have     the opportunity to invest you money to earn higher returns, while     taking care of your protection needs. Investing in unit linked plans    helps to inculcate a regular habit of saving and investing. Which is    important for building wealth over the long term.

(5)  All ULIPs offer Tax benefits under section 80C upto a maximum of     Rs.1,00,000/-