GENERAL INSURANCE BLOG

There has been an exponential increase in the number of people opting for health insurances across India in recent years. The top reason is definitely not aggressive advertising by the Insurance Firms, but the health and medical costs that have dramatically risen lately. With much needed financial backup during the critical medical emergencies, health insurances do play an important role in helping you and your family not getting burdened by medical expenses.

Illnesses bring bad times, and an additional financial burden along with it. The rising medical treatment cost, every year, is one of the top reasons why health insurances become somewhat like a necessity for every average earning person.  

Kusum, a single earning mother of two sons, was leading a happy life and was awarded twice as the employee of the year. However, medical emergencies come unannounced. Life took a big turn when her father was admitted to the hospital for chest pain. Her father needed to undergo heart surgery, which not only for him but for the whole family were some of the stressful days of their lives. The surgery went well but left behind a huge dent on her father’s retirement savings and a lot of her savings too. Luckily her family had these savings and did not compromise on the medical treatment plan, but the incident did make Kusum learn a valuable lesson. It was time for her now, to understand Health insurances better and ensure that her whole family is fully insured in order to prevent herself from stressful financial aftermath. 

 As per the WHO statistics, about 70% of the hospitalization in urban India put the consumers in crippling medical distress as they blow up their entire income on healthcare.

Health insurances serve a better way to tackle such health emergencies with a range of insurance plans covering illnesses, accidents and surgical ailments, safeguarding the life of insured a bit easy after the medial process.

How are we helpful?

MAGMA HDI’s OneHealth insurance policies help you to access a whole range of insurance plans which you choose as per your personal needs or family size. With the benefits of cashless hospitalization over 4,100 hospitals, it helps in providing insured covers over accidents and critical ailments. Providing 24x7 claim assistance, hospitalization costs, cashless options, and keeps the insured and the family into financial ease. 

Though Kusum is dealing with a financial crunch and has to give away the dream of a world tour, but she is happy to have adequate family health insurance,putting financial distress at bay.

She might have learned in a harder way, but you can learn from her life incident and choose the best health insurance in india for the parents and yourself.

Health insurance is not a luxury but a necessity. Be a prudent individual by planning the best-fit health insurance and lead a much secure and happy life. 

Having a basic third-party insurance is a must as per the law, however, it only covers the risk of harm or damage to a third party, leaving you high and dry in the event of an accident. So, if you love your ride and your peace of mind, you need to go beyond the basics with a comprehensive motor insurance. Not only does it cover you and your car, but also offers an array of add-ons to truly protect your car.

What are add-ons?

Just as you get to choose from a range of toppings for your pizza to make it better, you can pick and choose from a multitude of add-on benefits made available to you by motor insurance companies in india . It offers additional coverage in return for a little extra premium. Here are some great choices to help you build your ideal plan.

1. Engine protection: If you live in an area prone to flooding, consider getting an engine protection add-on cover that allows you to get your engine repaired or replaced in case of water ingress. This benefit also applies to instances of leakage that could eventually harm your engine. Your insurance provider will cover the costs of repairs or replacements as long as they fall under coverage mentioned in the policy wordings.

2. NCB retention:  You take extra care of your car and even bear small costs yourself to save your NCB. Imagine after 4-5 years of carefully increasing the discount percentage, a small accident compels you to make a claim. You'll lose all the time and effort you had put into increasing your NCB because of a small mistake. This is where the NCB retention add on comes in which helps you protect your NCB even after you make a claim.

3. Zero depreciation: The depreciated value of your car refers to the regular wear and tear that decreases the value of your vehicle. In fact, even if you ensure not a single scratch comes to your car, it'll still lose value with time. So when you make a claim, it'll be settled keeping the reduced value of the parts in mind. Well, unless you have zero depreciation add on that helps you retain the value of your car even with time. This means you get the complete coverage for your claim with no out-of-pocket expenses.

4. Road-side assistance: If you fear anything going wrong on the roads such as a flat tire, dead battery etc., this add-on guarantees you assistance on the spot and is covered by your insurance provider. You can even get coverage against additional circumstances such as overnight expense coverage in case your car breaks down with Magma HDI's additional road-side assistance cover.

5. Invoice value: In the event of total loss, constructive total loss or theft of the insured vehicle, your insurance provider will pay the invoice value or even replace your vehicle with a new one if you opt for this cover. It will also apply to additional charges that may come with your vehicle such as customs duty, registration charges etc.

6. Key replacements: Losing your car key is probably one of the most common car mishaps. With this add-on, get reimbursed for getting a duplicate key or replacing your car lockset in case of a burglary.

7. Loss of personal belongings: In the event of an accident or burglary, you undergo tremendous amounts of stress as you can never fully recover the belongings. However, with this cover, you can put your mind at ease as it can reimburse the cost of your valuable belongings such as your laptop, phone etc.

8. Inconvenience allowance Motor insurance provides you with financial coverage in case of accidents or any other damages. Inconvenience allowance is a daily cash benefit that you are entitled to if you file a valid own damage claim. It can go for as long as ten days to cover all the repairs that your insured vehicle needs. Thus, leaving you prepared for any unforeseen damages no matter how big they are.

The key is to identify your needs and choose the add-on benefits accordingly while buying/renewing your insurance. Most of these add-on covers come at a nominal charge but are well worth the extra buck. For these add-on covers and much more, have a look here at what Magma HDI has to offer.

A health insurance policy is meant to save you from the financial impact of a sudden illness, accidental injuries, and critical diseases. It also works as a legal contract between you and the health insurance provider to bear the costs of hospitalization, doctor’s fee, and other medical expenses.

But, there are many unique provisions of general insurance in india that can be difficult for a layperson to grasp. But thanks to the internet, it's simpler now to understand many confusing concepts.

You can explore and browse through YouTube videos that lucidly explain every important term at your own convenience.

If you're left wondering which videos to watch, here are our top five picks:

1. HTTPS://WWW.YOUTUBE.COM/WATCH?V=W4ZWXBQRO-I

This is a video from Indianmoney.com, where they explain the best methods to find a suitable health insurance plan. The video tells you how to look for the maximum coverage on your insurance policy and how add-ons can help you in the future.

They also inform you about other important things like clarifying with your insurer about coverage for certain pre-existing diseases when taking a policy with a lesser waiting period to ensure you go in completely informed while buying your first policy.

2. HTTPS://WWW.YOUTUBE.COM/WATCH?V=X86NLVV6ERE

This link from My Insurance Club talks about the different types of health insurance policies available to us. It broadly divides all health insurance policies into two and then further talks about plans specific to your needs such as critical illness plans.

The video explains the type of policies with the help of examples that relate to real-life scenarios.

3. HTTPS://WWW.YOUTUBE.COM/WATCH?V=DBTMNM8D-84

This video from Consumer Reports explains the costs related to health insurance. Here, they explain deductibles, premiums and out-of-pocket maximums which are applicable to various health insurance plans.

You must have read or heard about these terms with regard to medical insurance policies. In this video, you can understand them better with in-depth explanations and visuals. It helps you to make better sense of health insurance in India and how your plan helps you.

4. HTTPS://WWW.YOUTUBE.COM/WATCH?V=9H-VSFU_B_Q

This is a YouTube video from Consumer Reports which is a quick guide to picking the right health insurance for you. The video tells you factors to look for while looking for health insurance. These may include services such as OPD or even ambulance fees. 

5. HTTPS://WWW.YOUTUBE.COM/WATCH?V=ZZAYPKW6W-G

This video from My Insurance Club talks about the major benefits of buying health insurance. These include cashless services, hospitalisation coverage etc. Check out this video to make sure that you are making the best of your plan.

These are some of the best YouTube videos related to various concepts of health insurance. Go through them to know your options better when choosing a plan for you and your family. 

Given the problems we still face as adults today, educating your kids about being responsible consumers is always a great idea. If you prepare your child with good planning skills now, they’ll be better prepared to face financial challenges in their adulthood.

So, here are some facts about health insurance policies for families that you can use to help your child understand what health insurance truly stands for.

1. Health insurance is essential for everyone

Who could need health insurance? The answer is every individual on this planet. Hence, it is extremely important for your child to know that the benefit of health insurance is invaluable at any stage of your life. No matter what your age is, the future remains unpredictable. This is an important lesson in itself which must be impressed upon your child.

2. The types of health insurance

Getting health insurance should always be an informed decision. In order for that to happen, one must be aware of the options available to them. These options could range from individual and family floater plans to special covers available such as critical illness and maternity care. The idea is to familiarise your child with these for when they do have to make the choice for themselves.

3. The plan can be updated with needs

When it comes to health insurance, many people tend to set it and forget it. And some think that the plan is set in stone - once you've bought it, you're stuck with it. But that's not true. It's important to teach your child that they can and should customise the policy according to their evolving needs. These may include risks that come with age or including your new family in the plan.

4. The importance of reading the policy wordings

Before signing up for any kind of insurance, you must be familiar with what all you are getting with it. No one likes to go through heavy and technical information but it helps you make informed decisions later. So it's important that you encourage your child not to ignore the policy wordings as it'd tell them about their policy's coverage as well as terms and conditions.

5. Health insurance is a necessary expense

In a world with rising expenses, how is one to determine what is worth investing in? Teach your child that health insurance might seem expensive while purchasing but helps you save more than that in the long run. With the rising cost of medical care, having health insurance would be even more important in the future.

Before your child grows up, it is crucial to prepare them with the best knowledge and resources.

Health insurance is one of the most significant things you can teach your child about to ensure a safer future for them.