GENERAL INSURANCE BLOG

Medical Science has grown by leaps and bounds, so has medical expenses. With the rise in medical costs, a common man can no longer hope to provide his family with quality medical treatment without a health insurance policy. Health insurance is important as it takes away the financial burden in times of such despair. You should always remember to renew health insurance online or offline before it expires, as per your preference. Nowadays having single health insurance is no longer sufficient though. Even though medical costs keep increasing over the years, insurance policies have not kept up with that pace. Many insurers don't provide medical cover over a certain amount, which sometimes is not sufficient.

Thus, individuals are allowed to hold multiple health insurance policies as long as both the insurers are privy of it. All the insurers must know that you have multiple health insurance policies, else they might be deemed void, or your settlement may be reduced. While there are no problems over holding multiple health insurance policies. Many people don't know how the situation will play itself out. There are various things to remember so you may not face any unnecessary obstacles in claiming your entire settlement amount: -

• When a claim does not exceed the sum insured under a single policy, it is up to your discretion to choose which insurer to approach to settle the amount. Various things like NBC benefits must be taken into consideration while making up your mind on which insurer to approach. There are no specific guidelines that you need to follow and you have entire liberty in this matter.
• When claim exceeds the sum insured under a single policy, it is up to you to decide whom to approach first. The insurer you approach first will settle the claim up to the limit stated in your agreement with him. The rest of the claim amount will be settled by the second insurer.
• You cannot gain raise a claim for more money than your expenses. That means you cannot ask both insurers to settle the maximum amount of your policies.
• In case of a cashless settlement, TPA will agree to settle your expenses to the maximum amount that can be settled, rest you have to pay by yourself. Later on, you can submit proper bills to the second insurer and will be reimbursed for your expenses.
• To make the claims, you must submit several important original documents to the insurer. They are general bills and receipts, discharge form, prescriptions, diagnostic tests, and X-rays and other scans. The documents must be attested. To make multiple insurance claims, you must make sure to receive multiple attested copies of all the documents from the hospital.

With all these points, you will face no issue claiming multiple insurance covers. Having multiple insurance policies is generally beneficial as they might have different clauses regarding critical illnesses. You can better secure your future by holding multiple insurance policies instead of one. Also, you must renew your health insurance on time; accidents can happen anytime. You can do so from the convenience of your home and mobile phones as now you can marine cargo insurance policyrenew health insurance online. Still, you must never forget that precaution is better than cure. Just because you have good coverage on health insurance does not mean you stop taking care of your health. Some things when lost can never be regained.

One of the major determinants of how you live your life is your financial condition. It cannot be emphasized enough that you need to carefully plan out your finances not just for the near future but also for your old age. If you find yourself in a financial fix, the chances are that things might just get worse from there and it might take a lot to turn that situation around. One of the best ways to ensure you live a worry-free life is to properly manage your finances. Here are few ways in which you can stay financially healthy: -

• While a large number of people depend on a card to make payments, it is a smart choice to say goodbye to credit cards. Since you need to pay for the expenses you make on your credit card, you can always run the risk of going into debt. As more purchases and interests keep adding up, you might find it difficult to pay your credit card bills. Instead, maybe use a debit card since the money will directly deduct from your bank account every time you make a purchase, and you don’t need to pay any debit card bills.
• Begin thinking about a retirement savings fund. Since you can only work for so long, it is important to plan in advance. Start saving money from today itself and add it to a retirement fund, so you are financially secure when you grow older. Not having any money saved for old age could prove to be a major headache especially if there are medical bills to pay.
• One of the simplest ways to become financially healthier is to cut out any unnecessary spending. This might be very common advice, but it is easier said than done. You need to keep in mind that your financial situation could change any second and that you should always be prepared. All expenses ultimately reduce your savings, so spend your money wisely, only on what you really need, with a few occasional indulgences.
• Think about insurance. Now, insurance is a broad category. There is vehicle insurance, health insurance, travel insurance, property insurance, etc. You can never really foresee any adversity, so it is best to be prepared. Make sure to go over the terms of the various insurance policies and keep renewing them regularly to avoid having to pay large amounts of money from your pocket when the situation arises. For example, there are many online health insurance companies that you can check out. You just need to find one that suits you best.
• Another easy way to be financially healthy is to make a budget. At the beginning of every month, plan out a budget based on your account and normal economic activities and try to stick to it. If you can manage to spend just as much money as you had planned for, you will end up saving a ton of money in the long run since you would have avoided any unnecessary expenses throughout the month.

Whether it is finding a good online health insurance company, switching to debit cards, looking for further sources of income, investing your money, you must contemplate your financial decisions thoroughly. Money is extremely important to determine the quality of your life and must be used very, very carefully to avoid any complications in the future.

The term “health insurance” is something that you must have heard multiple times. Both the government authorities, as well as the insurance companies, are aggressively creating awareness regarding health insurance. But what exactly is health insurance, and why do you need to get one immediately? Health insurance is essentially insurance that will cover complete or part of the medical expenses if you were to fall seriously ill, had a major accident or require a medical surgery of any kind.

• Since these situations would otherwise require you to spend a substantial amount of money, it is always a good idea to subscribe to a comprehensive health insurance policy. Not only should you have a health insurance policy in place, but it is also essential that you pay attention to timely health insurance policy renewal as well. Before availing a health insurance policy, here are some terms you must understand well: -
• Deductible: In simpler words, it is the part of the medical bills or expenses that you pay on your part while the insurance company pays for the rest. Based on the percentage of the risk you are willing to cover, the company will decide the deductible and the amount it will pay.
• Premium: Premium is the amount that you would pay to the health insurance company for subscribing to the insurance policy as well as for its renewal. Depending on the insurance company, the premium could be paid every month, once a quarter, or once in a year. In case you are part of a group insurance policy at your workplace, your employer will most likely pay the premium. Failure to pay the premium could lead to termination of the policy and forfeiture of any accumulated benefits.
• Grace period: - In case you are unable to pay your health insurance policy renewal premium by the due date, the insurance company will offer you a grace period of up to 30 days. If you pay the premium during this period, your health insurance policy will stay in force, but if you fail to pay the premium during this period as well, the policy will be terminated, leaving you unprotected.
• Floater Plan: - This is a comprehensive health insurance policy that covers multiple persons in the family. Yourself, your spouse, kids, and parents can be included under the cover of this plan. Having a floater health insurance policy removes the need for having separate insurance plans for every family member.
• Free-look period: - Also known as the cooling-off period, this period specifies the number of days you have since the issuance of the policy to cancel it. In case you are not satisfied with the new health insurance policy and cancel it during the cooling-off period, the insurance company will refund the premium amount after deducting some costs. But once this period has lapsed, no premium will be refunded by the company if you decide to cancel the policy.

When applying for a health insurance policy, it is of utmost importance that you fully understand all the terms, which also include co-payment, coinsurance, etc. Since it pertains to a very serious aspect of your life, you must make an informed decision when choosing a health insurance policy and you must keep in mind the terms of the health insurance policy renewal too.

If you prefer bikes over cars, either because you are looking to save money or just because you like the feel of whizzing past the many cars, there are many options for you. There are many out there just like you, and to cater to their needs, the motorcycle industry is constantly coming out with new bikes, each with their own special features. However, while it might be fun to ride a bike because of the thrill it offers, it is of utmost importance that you drive within the speed limit, always wear and helmet, don’t get too adventurous (especially amidst traffic) and are have an insurance in place to cover any damages that may occur in the future. If you are looking to buy a bike this year, here are the top 5 bikes to look forward to in 2020: -

• Honda CB500X: Built for the adventure lovers out there, the Honda CB500X comes with a free-spinning two-cylinder engine, long-travel suspension, and a diamond-tube frame which makes it easy to handle and balance. At the height of 830mm, the seat offers excellent visibility and makes the riding position quite comfortable as you’d be able to sit upright. The bike is made in such a way that you can drive it on any kind of terrain. Also, it comes with a clear information panel to give you exact details about mileage, speed, fuel etc.
• Suzuki SV650: Since the introduction of this model in 1999, it has gone through a series of improvements to make it what it is today. With a polished powerplant, the bike has low emissions, great fuel economy, and overall excellent performance. The bike has a trellis-style frame built with high-strength steel tubes, which make it lightweight. The bike is built in such a way that it offers manoeuvrability, plenty of lean angles along with great comfort.
• Yamaha XSR 155: Do not be confused by the slightly retro look of the bike. It has been designed in a way that gives you support, comfort, control and speed. The bike, much like its previous counterparts, has a Delta-box frame which makes it lightweight. The seat, made in leather, is a single-piece seat. The handlebars are slightly raised, which is what adds to its retro look. You can see where the single-cylinder engine is on the bike and the tank is slim.
• Honda CB650R: The bike comes with a four-cylinder engine, which makes riding smoother and provides a lot of power during the rev range. The seat makes it more comfortable to stay upright, especially if you are riding for a long time. Along with this, the neo-sport style of the bike makes it look sleek. Other features of the bike include wide handlebars, LED lighting in the front and back, and waterfall-style headers.
• Aprilia RS 660: This sporty bike comes with a parallel twin-cylinder engine. With a refined frame, this bike is lightweight and easy to manoeuvre. Some notable features of the Aprilia RS 660 include cruise control, dual-channel ABS, easily adjustable brake settings, traction control amongst others.

Again, when looking to buy a bike, you must take every precaution to avoid getting into an accident, especially since it does not offer the kind of protection a car does. A great way to ensure that you have any unforeseen accidents or costs covered is by private car/vehicle insurance in india.