Can I buy an individual term life cover if my company already covers me under a group term life policy? Will there be a conflict between the two policies in terms of maximum sum assured? Will my nominee get a claim from both policies? – Name withheld on request The underwriting for individual term life … Read more
Right outside Fernandes’s home is a poster of a woman who passed away recently. It grabs his attention each time he opens his gate. His eyes are then drawn to one of his favourite possessions, his bicycle, long unused, which reminds him of happier days. Now, he can barely pick up his phone without using … Read more
Insurance acts like a safety net, helping protect you and your family from unexpected situations that can cause financial stress. Whether it’s a car accident, a health emergency, damage to your home, or losing a primary earner, having the right insurance can ease your financial burden, allowing you to focus on getting back on your … Read more
The Indian government confirmed the first case of Mpox on Monday, raising alarms over the transmission of the virus in the country. The development coincides with the prevalence of other infectious and vector-borne diseases like malaria, dengue, chikungunya, etc, raising concerns about rising medical costs. The World Health Organisation (WHO) declared the clade 1 variant … Read more
I hear many claims are rejected due to non-disclosure of pre-existing diseases. What if I insist on the insurance company doing my medical check-up? Do they accept such a request? —Name withheld on request When it comes to health insurance, non-disclosure of pre-existing diseases is a leading cause of claim rejections. Understandably, you should ensure … Read more
Sending your child abroad for higher studies is no mean task, as it costs a lot. Today, affordable options like Ukraine, Russia, and China are under a cloud due to geopolitical reasons. Studying in the US and UK has always been costly, and other popular destinations like Canada, New Zealand, and Australia are increasing fees … Read more
In India, health insurance remains optional and the healthcare system is divided into public and private sector, with free healthcare services available only at government facilities under the public sector. Industry estimates reveal that the health insurance market is significantly underpenetrated, with nearly 40 million people lacking any health cover. Lack of awareness, affordability issues … Read more
NEW DELHI : Insurance is the first step towards financial planning. We buy policies to insure ourselves against unfortunate events. However, having insurance does not always guarantee protection. Claim requests are often rejected, citing non-disclosure of pre-existing diseases, lifestyle habits, or having multiple policies. Most of the time, policyholders are caught unawares as it’s an … Read more
Medical inflation ranges from 15% to 45% compared with normal inflation of 6-8% per annum. With more people falling prey to lifestyle diseases, retirees have to deal with the astronomical costs of medical treatment for not only themselves but their spouses as well. Spending on the healthcare sector has increased tremendously in the past few … Read more
Several political leaders are demanding the withdrawal of the Goods and Services Tax (GST) imposed on life and health insurance policies. Ministers and politicians such as Congress leader Rahul Gandhi, West Bengal Chief Minister Mamata Banerjee, and Union Minister Nitin Gadkari, have voiced their concerns over high GST rates on insurance as it is a major impediment … Read more