Tax Benefits on Health Insurance

Friday, August 31st, 2018 Amritesh no responses

Health Insurance is aimed at providing the Insured with financial cover in case of any medical exigency.  Health Insurance covers the medical cost incurred on treatment undergone by the policy holder or any of the member covered under the policy. The Health Insurance plans have been discussed in my previous articles. However, in this post I will discuss about the Tax Benefits on Health Insurance available to the Individuals on the premium paid towards the same. These tax benefits are available on the Mediclaim (Cashless) and Critical Illness Insurance Plans. Health Insurance: Importance & Need Medical Insurance (Mediclaim) Accident Insurance Critical Health Insurance Budget 2018, Tax Deduction for current Financial Year (FY) 2018-19 on premium paid towards medical insurance for…

Health Insurance: Importance & Need

Monday, August 13th, 2018 Amritesh no responses

“Health is our greatest Asset”, every individual should follow a healthy diet in order to keep oneself fit. As unhealthy lifestyle leads to health ailments which not only restricts normal life but also leads to financial drain. It very important to stay as fit as possible and be disciplined in life. Individuals should also ensure that they have adequate financial cover in case of any eventuality. Thus, Health Insurance is a necessity with the rising treatment costs coupled with inflationary pressure & post treatment expenses. Moreover, Medical expenses is on the higher side in India whereas, Public Expenditure is still on the lower side when compared to other nation. Union Budget 2018, Centre announced new initiatives under the Ayushman Bharat…

Personal Accident Insurance

Friday, August 10th, 2018 Amritesh one response

“Life is Uncertain”, one may not be able to anticipate any eventuality which may arise in the future, but can always prepare him/her self against any such scenario. Thereby, planning for the future is very important, especially “Financial Planning” as it would ensure that our future goals and obligations do not suffer due to our own shortcomings. Personal Accident Insurance plan is one such financial cover which is often ignored while chalking out a “Financial Plan”. More so, as no Tax Benefit is available on premium paid for these plans, Individuals tend to neglect such insurance cover. Life Insurance and Health Insurance coverage is very important for any Individual, but very few of us are aware about Personal Accident Cover.…

Critical Factors You Need to Know Before Opting For An Insurance Plan

Thursday, August 10th, 2017 Amritesh 3 responses

Individuals are spoilt for choice while opting for an Insurance Policy. We have many Insurers offering many Insurance plans with varied benefits and features. Many Insurers are offering policies at a very low premium to lure potential insurance buyers. Most often buyers get attracted to cheaper insurance plans ignoring various other factors that one should keep in mind while opting for an Insurance plan. Individuals should always keep an eye on the past record of the Insurer before opting for an Insurance Plan. One of the most important factors that one should keep in mind while buying an Insurance Plan is the credibility of the Insurer. There are various other factors that one should keep in mind while opting for…

Cashless, Critical Illness, Accident Insurance: Choice Of Health Insurance Plans For You

Thursday, May 11th, 2017 Amritesh no responses

Individuals contemplating to buy a Health Insurance must be confused as to which Policy they should avail for themselves and their dependents. The Insurance companies basically offer three types of Health Insurance Plans namely Critical Illness, Mediclaim or Cashless Insurance and Accident Insurance. These Health Insurance plans are designed to provide financial coverage in case of any health related issue arises. Health Insurance Plans is governed by the Insurance Regulatory Authority (IRDAI).   However all the three forms of Insurance provide Health cover but are distinctly different from each other. I have covered the above mentioned Health Insurance plans on my blog previously, the links for the same has been provided below.   Accident Insurance Policy   Critical Illness Insurance…

Critical Illness Insurance

Friday, April 28th, 2017 Amritesh no responses

Critical Illness Insurance is a Health Insurance which covers your medical and hospitalization expenses to be incurred by providing a lumpsum amount in case of detection of any critical illness (covered in the insurance) based on the Illness and Insurance coverage. The Insurance Company examines the medical documents and history of an individual and after ascertaining the expenses related to the treatment provides a lumpsum to the individual to the extent of sum assured. These Insurance policies are offered mainly by Private Sector Companies. The terms and conditions of the policies varies from company to company and atleast 10-20 illness/disease are covered under the policy. Individuals have to be very careful while choosing a Critical Illness Insurance as they should…

BFSI Website – Which One is the Best?

Sunday, July 17th, 2016 Amritesh no responses

The internet has made the world a smaller place. Most of us spend time on social media platforms and mobile apps. Calling, messaging, viewing content and shopping everything is done online.  Like every other product, even the BFSI sector has extended their services online. While banks were the first movers, insurance is not behind. The financial sector does not only provide services online but they have also optimised their websites and communication to cater to the needs of their audience. One such company is EdelweissTokio Life, they recently launched their new website. The news was trending on twitter at number one position.  The new website was appreciated by most people online.This instigated me to go and check out their website.…

Edelweiss Tokio life – CritiCare+:Critical Illness Insurance Plan

Friday, February 19th, 2016 Amritesh 2 responses

  Observing the increase in the occurrence of  illnesses we all know the importance of an insurance plan which covers it. Now, most of us are covered by health plans offered by general insurance service providers but let me tell you the difference between a health plan and a critical illness plan! A critical illness plan is different from a medical insurance plan in the following sense: A medical insurance plan needs the life assured to undergo hospitalization whereas in a critical illness plan, diagnosis is enough to avail of the critical illness cover. Medical insurance does not cover loss of income owing to onset of ailment whereas critical illness cover provides for any kind of requirement. A medical insurance…

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Thursday, May 28th, 2015 Amritesh one response

In the Budget Speech of 2015-16, Our Hon’able Finance Minister Shri Arun Jaitley announced few schemes which would address the social security and welfare issues. The most notable being Pradhan Mantri Jeevan Jyoti Bima Yojana (Term Insurance), Pradhan Mantri Suraksha Bima Yojana (Accident Insurance) and Atal Pension Yojana (APY). It is a big step towards getting the majority of Individuals insured so that they can enjoy some kind of financial security in the future.  Click on this Link to Read about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJB)Click to Read About Atal Pension Yojana (Retirement Plan)In this post I will discuss about the Pradhan Mantri Suraksha Bima Yojana (Accident Insurance) for Individuals at a very affordable rate and should be…

Mediclaim (Cashless) Insurance

Sunday, April 5th, 2015 Amritesh 2 responses

Mediclaim Insurance is a Health Insurance which covers your medical and hospitalization expenses incurred by you up to the limit of sum insured. The Insurance Company reimburses the payment made by you on submission of necessary documents or directly pays to the hospital (also known as Cashless facility). These Insurance policies are offered by Public as well as Private Sectors.The Mediclaim (Cashless) Insurance offered by non Life Insurance Companies is regulated by norms set by Insurance Regulatory Authority of India (IRDA). Insurance Companies have tie ups with certain Hospitals and Nursing Homes for providing Cashless Facility. The settlement and processing of claims is done by the TPA’s (Third Party Administrator) who are appointed by the respective Insurance providers. The TPA’s…
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