Scientific breakthroughs have evolved medical care to deliver superior non-invasive treatments and innovative solutions for complex condition. The improvements have also spiralled costs including cost of examinations, surgeries and professional care. The current offering from insurers is a very limited cover. Largely all policies cover for only 24 hours inpatient hospitalisation to treat a disease with a limited cover for some advanced day care treatments. There is no cover for OPD spends, investigation costs and corrective dental and optical treatments.
Multiplicity of products in the market makes the choice of the right product confusing. Untrained agents, non-insurance distributors and online comparison websites sell policies with little consumer education on the exclusions and policy gaps. Even when an individual has bought a good Medical Insurance Policy, there is a struggle to get most Medical expenses reimbursed. It is important to buy from professionals who can help choose the right policy and ensure a claim support when you need it.
How Much Cover is Adequate
People often decide the Sum Insured by a gut feel and sometimes by looking at the cost of the cover. A Surgical procedure in a private ward can cost ten times that of a general ward admission. Seek a proper advice to buy and use your Health cover effectively.
How to Choose the Right Policy
People often discover policy limitations when admitted. Reputed insurers may also have limited cashless coverage. Different policies provide different levels of no claim bonus or cover restoration options. EDIFY professionals can help you find the best plan suited to your need.
Is Everything Covered
Medical policies have waiting periods before covering the cost of treatment of common ailments. Piles, Tonsils, Cataract, Appendix, Kidney stones are all on waiting list. Pre-existing diseases get cover after many years. Take help to understand and get the best cover.
Is Cheapest the Best
Premium comparison websites sell a price. We do not always buy the cheapest staples for home, so why is should be different for insurance. A cheap policy may have limitations, co-payments or sub-limited cost of treatments. One may accidently choose an poor plan at low cost.
Never Hide a Medical Condition
An online unassisted questionnaire tempts people to either hide their medical condition or not disclose them correctly. A Diabetic not disclosing the condition can have a cover denied when admitted for treatment if the insurer finds out. It is never wise to assume that insurer will not know.
How Can Edify Help
Edify consultants are trained to effectively find the right cover for you and your family taking care to explain all covers and exclusions to you. This helps you to invest in the best health insurance knowing that Edify claim assistance will ensure you get the best out of it.
The concept of life insurance revolves on helping individuals create wealth for the day when one would need it most. Be it money to meet financial life goals of buying property or educating kids or ensuring a predictable retirement fund or even a post death compensation to dependents. Indian life insurers sold short term products to be taken over by mutual funds as short term investments was their game. Unfortunately, the vested interests obscured the facts that long term savings are always secure and low cost with life insurance. If the term “low cost” sounded unfamiliar, the concept has to be seen from a long term annual drain mutual funds cause on funds making them bad investment vehicles for your long term savings. Investment advises don't tell you that as investment advisors earn more money with your mutual funds investments than insurance agents do.
While Term insurance is the first need for any income earner with little wealth and economically dependent family, you should seriously consider Life insurance for crating long term funds. Making a choice of a suitable saving option with adequate term cover, your wealth creation can outstrip a Mutual fund SIP. Life Insurance Advisor can help you understand the effectiveness and help you save for your future in the best managed plans across insurers.
Which Insurer Is Safe
Conventional understanding of Government backed safety has veered popular opinion to back LIC. Indian regulator has been careful to ensure every life insurer create enough reserves to service their policies. Got out and choose the best product regardless of Insurers.
How Much Saving is Enough
We know our expenses today, predicting funds required to meet life goals requires expert advise. A crore can be created at retirement by saving Rs. 3000 every month from 25. It is not how much but how you save decides what you will have and experts can help you plan it.
Is Everything Covered
A life insurance product has no exclusion except for claim payments resulting from suicide within a year of policy start. The policy does not cover any life event and pays only in two situations, at Maturity of the policy to the Insured or at death to the Insured’s dependents.
Saving Vs Investment
Individuals often start investing even before they saved enough. When people speak of retiring early, their goal is to create a fund which can pay their expenses thereafter. You do not buy shares with money you need for food and shelter. Saving comes before investing, find how.
Investing in Mutual Funds
Having clarity on what we need to save for our future will allow you to secure it in a low cost, high yield market linked life insurance product. Once the basic saving goals are met one should look at various investment options to deploy excess funds including that in Mutual funds.
Why Buy When Young
At 10% interest money doubles every seven years. One rupee will multiply 40 times in 40 years becoming rupees forty at the end. Look another way if you save fifteen thousand a month when you get a job your retirement fund would be 5 crores, sounds incredible, ask us how.
Enjoying a vacation requires having adequate provisions medical emergencies. There are numerous examples of people returning from US with more than a crore of Medical liability. One could have secured a family vacation by buying adequate insurance for a pittance.
Usually we treat travel insurance as a commodity letting a travel agent buy it from the company they are linked with. While it may be better than not buying one it may not be the best cover you may want to travel with. Why not reach out to travel experts Like Edify to choose your peace of mind when you vacation or travel abroad.
Why is it Essential
An Overseas Travel Policy cover is a desirable friend for each foreign travel.
Which Insurer Is the Best?
Most insurers have arrangements with worldwide assistance providers for delivering a seamless cover. Depending on geographies one insurer may be a better choice over other. Seek relevant information from your advisor before you buy the travel cover for your need.
Each Country is Different
Every country has a different Health services and possible liabilities which determines the cover. While a $50000 cover is sufficient in most of Asia, Japan may require $200000 and US $500000. Buy Overseas Health Policy from experts should that you do not misjudge your need when you travel.