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GENERAL INSURANCE BLOG
Why do you need health insurance in India?
We’re always talking about how densely populated India is but have you ever stopped to think what it means for us? Well, the metros are over-crowded for one, but there is more.
It also means more people have to share the same amount of resources. Something as basic as healthcare becomes more expensive for most.
Our country’s total expenditure on health as per WHO statistics was 4.7% of our GDP (2014). This cost is only rising due to our sedentary lifestyle and the external factors like climate that we expose ourselves to on a daily basis. As much as we love our junk food and comfortable chairs, they really aren’t helping our health.
So, at a time like this, what can one do?
This is where health insurance comes in handy, even if we faced the same health problems as the generations before us, the prices we would have to pay would be a lot more due to inflation. But a good health insurance can work as a safety net that protects you from these expenses. There are things such as family medical history, environment and even our lifestyles that aren’t completely in our control, but how prepared are we for unforeseen events are.
But besides countering the effects of our changing lifestyles and rising medical costs, health insurance also gives you some additional benefits such as tax deductions. We know, a lot of people don’t invest in health insurance because they think it’s expensive but if anything, it’s helping you save money on two fronts – medical bills and taxes. All payments made as premium for your insurance are eligible for tax deduction under section 80D of the Indian Income Tax Act. In simpler terms, the amount you pay as premium is deducted from your total taxable income.
Now you might be thinking that you are healthy, and you wouldn’t really need hospitalisation and thus, health insurance. But here’s where you are mistaken. Health insurance doesn’t just help you during hospitalisation but throughout – from getting free health check-ups to day-care treatments and even dental procedures. Now, who doesn’t need a dentist every now and then, right? Moreover, you might be healthy now, but what about 10 or 20 years down the line? You can never be sure of your health then, but you can be sure that health insurance will be there to protect your finances.
Planning for the future is a must in this day and age. The ease of technology leaves you with no excuse but to click a few buttons to secure yourself. Health insurance is cited as one of the best investments that one can make. Not only does it lead to better financial planning, but it also removes a lot of questions you may have when an unfortunate situation does arise.
Choose a plan tailored to your needs and stay assured that if you ever need healthcare, you have something to fall back on.
Though there are many Online Health Insurance Companies in India, Magma HDI is a one stop shop for all your needs from a Health Insurance Policy Renewal or getting a new policy.
Everything you need to know about engineering insurance
Does your business rely heavily on machines and equipment? If yes, then you surely must’ve heard about machinery breakdown insurance. Even if you haven’t, worry not, we’re here to explain
Businesses that have machines running day-in-day-out are susceptible to loss if there is any physical damage to the machines or if they break down. Even if the daily wear and tear are monitored, it is impossible to predict a breakdown. But what you can do is be prepared for such situations by having a machinery breakdown insurance.
What is covered by this type of insurance?
Loss or damage due to:
- A mechanical breakdown
- An electrical breakdown
- Accidental external factors
The cover is applicable:
- When the machinery is operating
- When it is at rest
- When it is in the process of getting dismantled
- When it is being overhauled or subsequently being re-erected at the same premises.
The machinery breakdown insurance that we provide also has the following additional covers:
- Air Freight
- Express Freight
- Insured’s own surrounding property
- Third party liability
- Escalation
- Additional custom duty
What is not covered by this type of insurance?
Loss or damage due to:
- Natural calamities like lightning, flood, earthquake, landslides, etc.
- Burglary or theft
- Damage caused due to impact by land-borne/water-borne craft.
- Wear and tear, faults or defects that existed when the insurance period started and was either known to you or ought to have been known to you.
- Faults or defects for which the supplier is responsible either by law or under contract
- War or war-like operations
- Wilful acts or gross negligence on your or your representative’s part
- Accidental loss or damage due to overload experiments or tests requiring the imposition of abnormal conditions
- Loss of or damage to the different types of belts, ropes, chains, and other exchangeable tools
- Loss of or damage to objects made of glass, porcelain, ceramics, all operating media, etc
- Flaws, defects, cracks or partial fractures that develop gradually in any part not necessitating immediate stoppage
Machines and equipment form an integral part of some businesses. If your business is one of them, then you definitely must own insurance that protects your machinery against unforeseen circumstances. Specific insurance policies such as this one are made to ensure that if something does go wrong, business owners have a reliable option to fall back on.
Health insurance v/s critical illness insurance: All you need to know
There’s an ongoing debate between the importance of health insurance and critical illness insurance. Most people either confuse health insurance with critical illness cover or consider it to be an option. While both insurance plans act as a financial cushion for health-related contingencies, let’s learn the truth about both:
| Health Insurance | Critical Illness Insurance | |
|---|---|---|
| Scope | Provides overall benefit in terms of medical and hospitalization cost. | Provides lump sum amount in case of critical illnesses, such as cancer, stroke, heart attack, multiple organ transplant, etc. |
| Coverage | Covers pre and post hospitalization expenses due to a medical conditions or accidents, domiciliary treatment, day care procedures, etc. | Covers specific diseases. The payout can be used for treatment expenses, repay debts, accommodate lifestyle changes, etc. |
| Premium | Since the scope of coverage is higher, the premium amount is also comparatively higher | Since this covers specific illnesses, you get a higher coverage pertaining to that illness but at a lower premium |
| Recommended for | For every member of the family | Usually for members above the age of thirty-five belonging to a family with a history of critical illness |
So, now that you know the primary differences between health insurance and critical illness insurance, the question arises of choice. Which of the two should you choose to buy? The answer is that both health and critical illness insurance plans are important for you. Both the plans are recommended for anyone who wants to secure themselves against the financial implications of health issues.
However, if you have a history of critical illness in the family or have certain lifestyle habits that are known to result in certain critical illnesses, it is strongly advised to opt for critical illness insurance too. You can either take this as a cover or standalone insurance. You should have insurance against critical illnesses, such as heart attack, stroke, cancer, coronary artery bypass, paralysis, etc. Additionally, the chances of falling prey to critical illnesses increase with age and could also be triggered by certain other pre-existing diseases, such as diabetes can lead to heart attack and strokes by damaging the nerves and blood vessels of the heart. Therefore, it’s important to be mindful of all such factors that could lead to critical illness, and it’s prudent to take critical illness insurance along with your health insurance plan.
To Sum Up
The best way to secure your health is to opt for both, a health insurance plan and critical illness insurance plan too. Magma HDI's OneHealth Insurance Policy is one such policy that can come handy for you.
Everything you should know about bike insurance in India
If you own a vehicle, most likely it’s a bike. A two-wheeler is most people’s first choice due to the low price and easier upkeep. The latter, however, is something that is not always true. Even a small accident, due to your or someone else’s error, can lead to a hefty bill. So, does that mean two-wheelers aren’t as economical as we thought?
It can be if you have the right two-wheeler 2 Wheeler Insurance In India.
Not only is a two-wheeler insurance mandatory by the government, it is also the best way to ensure owning and riding a motorcycle doesn’t become a burden. While breakdowns and accidents aren’t always avoidable, you can plan ahead for when you find yourself in a sticky situation.
Kinds of plans available
To break it down, there are mainly two kinds of insurance plans available for two-wheelers. One is the third-party liability only insurance which is mandatory for all motor vehicles and the other one is thecomprehensive insurance which protects you and your vehicle as well.One should always go for the latter because not only does it cover your liabilities to the other party in case of an accident, but also your medical bills and biker repair costs.
How important is it?
You might be a terrific rider but can you be sure about everybody else on the road? A comprehensive insurance, in that case, is your best bet for protecting your finances.Your policywill not onlyhelp yourecover the costs of repair but also your medical bills. But the benefits of atwo-wheeler insurance don’t end here.It can also protect you against theft and send you help if your motorcycle breaks down in the middle of nowhere.
What does our truth lens say?
As mentioned earlier, you should always opt for a comprehensive insurance because it covers more than just the third-party liabilities. Apart from this, you should also check how extensive is the insurance provider’s network of service centres and garages.A large network means you are more likely to find one around you for cashless repair.
Another factor to keep in mind is to check the claims ratio of the company. It essentially means how many claims the provider has settled out of the total number of claims made. And of course, you should look for which plan offers most benefits. For instance, Magma HDI’s two-wheeler insurance covers your motorcycle against damage due to fire and explosion, damage in transit, natural disasters and even theft.