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Duty of Disclosure

It is important to disclose all material facts in the Insurer’s proposal form

All insurance policies are issued based on the material facts disclosed to the Insurer by you as the proposer (buyer of the insurance policy). The Insurer decides whether to accept the risk or not and if he decides to accept, calculates the premium to be collected only based on the material facts of the risk provided by you.

So, the Insurance contract between you and the Insurer is completely based on the facts provided by you in a proposal form and you are bound by duty of disclosure of all material facts known to you with regard to the risk you are covering under the insurance.

For example, you renew your car insurance policy with another insurer as you find them cheaper than existing insurer. In case, if you forget or fail to disclose that your car met with an accident in the previous year, based on the assumption that there is ‘no claim’, your new insurer will offer you the No Claim Bonus that you are actually not eligible for.

What happens in case of a ‘Non-Disclosure’ Or ‘Misrepresentation’

The above example is usually considered as ‘non-disclosure’ and a ‘mis-representation’ of facts. In such cases, the insurer can

  • Void the Policy
  • Can Reject Claims
  • Can penalise you as it is appropriate
  • Can still ignore the breach of good faith and honour claims

As per a recent Supreme Court judgement, wilful non-disclosure of previous accident incidence is considered as fraudulent misrepresentation and entails penalty equivalent to the percentage of NCB deducted from a fresh claim. For eg. in such a case if the fresh claim amount is Rs. 1,00,000/- and the NCB on the renewal premium availed is 45%, then Rs. 45,000/- will be deducted from the claim in addition to the NCB amount of the premium.

In case, if the insurer reviews the claim and understands that the non-disclosure was not wilful or fraudulent, the insurer may allow the claim without any deductions. However, such a decision will be at the sole discretion of the Insurer.

Duty of Disclosure applicable to the Insurers too!

It is essential for all buyers of insurance to disclose all relevant, known and material facts asked by the insurer in a proposal form. Insurer also has the duty of disclosure to all insurance buyers on the terms, conditions and coverage agreed under the insurance policy in clear, intelligible and transparent language.

Wellness or Fitness Discounts

Your Physical Fitness may get you discounts in your health insurance premium

Few health insurers offer wellness or fitness discounts on renewal premiums in their health insurance schemes. This benefit is provided either as a standard or an additional benefit in their health insurance plans.

How does it work?

You can accumulate wellness or fitness credits as defined by the Insurer’s scheme as mentioned in their policy. Your fitness activities are usually monitored by a wearable device linked to the insurer’s mobile application and credits are accumulated based on the schedule of fitness activities you undertake either on a weekly or a monthly basis.

Based on an established chart, the accumulated credits will attract discounts up to a maximum of 10%, offered by the Insurers when you pay your renewal premium next year.

Be aware of the importance of IDV in your vehicle insurance

When you buy insurance for your car or bike, it is very essential that you choose the right IDV.

Insured’s Declared Value (IDV) is the value that you insure your vehicle for. In case of an adverse total loss due to an accident or theft of your vehicle, this is the total loss value you will receive. Obviously, it will benefit you in such circumstances to support buying another vehicle.

Insurers do not accept whatever IDV you choose

Continue reading “Be aware of the importance of IDV in your vehicle insurance”

It is good to be aware of ‘Deductibles’ in your health insurance claim

As per standard industry practice, there are non-payable items in hospital bills under health insurance claims

Health Insurance does not cover 100% of the treatment cost

You should be aware of what is payable and not payable on your hospitalisation claim by your health insurer. All insurers will require an itemised bill for the purpose of processing the claims, whether it is a cashless or a reimbursement claim.

Certain of the items in the bill, charged by the hospital, are not payable by the Insurance Company, as an Industry standard. These non-payable charges in the hospital bill are called ‘Deductibles’.

Continue reading “It is good to be aware of ‘Deductibles’ in your health insurance claim”

Almonds are forever – the healthy snack

A handful of almonds per day offers an essential pack of nutrition to your body. They are rich in monounsaturated fats, fiber, proteins, Vitamin E, Manganese, Magnesium and other nutrients.

Being a powerhouse of nutrients and a ‘close to perfect’ food, Almonds offer many health benefits,

  1. Rich in Anti-oxidants: Almonds are high in anti-oxidants that can protect your cells from oxidative damage, a major reason for ageing and disease.
  2. Best source for Vitamin E: Almonds are the best source for Vitamin E, which is linked to numerous health benefits
  3. Assists in controlling blood sugar: Almonds are rich in magnesium that helps control blood sugar. 25% to 38% of people with type-2 diabetes are deficient in magnesium. Intake of almonds may offer major improvements for metabolic syndrome and type-2 diabetes.
  4. Helps in lowering blood pressure: Deficiency in magnesium is strongly associated with high blood pressure levels. Intake of magnesium rich almonds can help control blood pressure
  5. Supports Reduction of LDL cholesterol: Eating a handful of almonds everyday can result in mild reduction of ‘bad’ LDL cholesterol in your blood, potentially reducing the risk of ‘heart diseases’
  6. Prevents oxidation of LDL cholesterol: Almonds do prevent LDL cholesterol from oxidation, which is crucial in preventing the development of heart diseases. Snacking on almonds has been shown to significantly reduce ‘oxidised LDL’.
  7. Effective in ‘weight loss’: Almonds are low in ‘carb’ and high in proteins and fibers. Due to their satiating properties, in general, nuts are a great addition to a ‘weight loss’ diet. Studies have established that almonds can enhance weight loss.

Eating 8-10 almonds a day is a wholesome snack that never makes you feel guilty.

Keep the commoner in your daily diet – Ginger to boost immunity

Ginger is a common and indispensable ingredient in our kitchen. An important aromatic spice, it helps us in boosting immunity and keeping us healthy in many ways.

Fresh ginger is rich in gingerol that has anti-inflammatory and anti-oxidant properties. It has multiple health benefits as listed below.

  1. Strengthens immune system
  2. Eases Flu and common cold
  3. Keeps our stomach healthy and eases digestion
  4. Fights Cancer
  5. Helps reduce cholesterol levels
  6. Remedies vomiting
  7. Regulates Blood Sugar level

Ginger soaked in honey and consumed every morning in empty stomach is a traditional practice that gives best results in terms of boosting immunity, keeping our digestive system intact and staying healthy.

Citrus fruits – Rely on Vitamin C to boost your immunity

Citrus fruits like Orange, Lemon, Sweet Lime, Grapes, etc., are excellent sources of Vitamin C that strengthens our body’s ability to fight against diseases that are common. They also contain good amounts of other vitamins and minerals that provide a host of health benefits apart from plant compounds with anti-oxidant and anti-inflammatory effects.

Our body requires regular intake of Vitamin C. So it is important to add various forms of citrus fruits in appropriate levels to our every day diet.

Citrus fruits also contain good amounts of fibers that help in digestive health, reduction of bad cholesterol and aiding weight loss.

They give us the best benefits when they are consumed as whole fruits than in a serving of fruit juice. More sugar per serving of fruit juice will increase calories.

Garlic – G Power to boost up your WBC armoury

Garlic can greatly help boost our immune function!

Garlic is said to contain compounds that help our immune system fight germs. When it is crushed and chewed, it releases sulphur containing compounds, shown to boost the disease-fighting response of certain types of white blood cells (WBC) in our body.

Garlic promotes Phagocytosis, the ability of white blood cells to fight infections. It also stimulates other immune cells such as machrophages and T-cells to fight bacterial and viral infections.

In case if you are averse to consuming raw garlic, it is better to crush or chop them and let them remain for 10 minutes before cooking. It will prevent the loss of its medicinal properties.

South Indian traditional methods also suggests chopped garlic, medium roasted with ghee has good benefits.

Content Reference:

https://www.healthline.com/nutrition/garlic-fights-colds-and-flu, http://www.perthgarlicfestival.com/Health%20Benefits.htm#:~:text=One%20way%20garlic%20works%20is,to%20scavenge%20for%20cancer%20cells.

Time returns to emphasise ‘Food is Medicine’ – Immunity is the Focus…

We have to indeed thank corona virus for reminding us the importance of Immunity to stay healthy

Our craze for newfound cuisines has long ago pulled us away from our traditional food practices. Traditional Indian food always had all the required ingredients for boosting immunity in our body and keeping us healthy.

It is important that we quickly re-adapt to our traditional food practices to boost our immunity and keep ourselves safe against not just covid, but any such pandemic or other diseases that may surface out in future. It is also important to boost our body’s immune system in order to generally stay healthy and lead a happy life.

We would like to summarize the importance of 5 such ingredients on how they are helpful in boosting immunity!

  1. Citrus Fruits: Many of you know citrus fruits like orange, lemon, sweet lime and grapes are rich in Vitamin C, a nutrient that strengthens our immune system. They also contain good amounts of other nutrients like Vitamin B, phosphorus, magnesium, potassium and copper besides being rich in plant compounds that have various health benefits including anti-inflammatory and anti-oxidant effects.
  2. Ginger: The aromatic spice is a commoner in the Indian Kitchen. Ginger is also a common home medicine for stomachache, vomiting and common cold. The anti-inflammatory and anti-oxidant properties in ginger can improve immunity in our body. Ginger soaked in honey, consumed in empty stomach every morning, is an age-old practice in keeping the digestive systems healthy, boosting our immunity and staying healthy.
  3. Turmeric: For a very long time, turmeric has been one of the most used medicinal spices in India. It has more than 300 nutrients beta-carotene, flavonoids, calcium, iron, ascorbic acid, potassium, zinc, etc. Curcumin, the abundantly available polyphenol in turmeric is anti-inflammatory, anti-oxidant and anti-bacterial in nature with wound healing effects. Turmeric is a powerful immunity booster and an ingredient used time immemorial in Indian cuisines.
  4. Garlic: The best way to make garlic work as an immune booster is to use it in a way that we will chew and eat it. When it is crushed and chewed, ‘allicin’, an ingredient in garlic converts in to sulphur containing compounds that gives it the medicinal properties. These compounds have been shown to boost the disease fighting response of some types of white blood cells of the body.
  5. Almonds: They are forever the best snack. Almonds are high in vitamin E that acts as an anti-oxidant helping the body’s immune system function. They also contain iron and protein that are essential for the immune system. Almonds lower bad cholesterol and are also packed with potassium and magnesium that along with vitamin E ensures free flow of nutrients in the blood.

Do we need Health or Health Insurance?

Though good health is ultimate, considering the ecosystem we are in, one disease and one hospitalisation has the potential to suck our life’s earnings!

Obviously, we need Health. Health is Wealth

Needless to say, being happy by staying healthy is an evident need for everybody, but realized by only a few.

Given the ecosystem most of us are in, does it look like easy to make this particular thing consistent? Can we guarantee it to be consistent all through our lives?

Let us look at a typical Doctor’s Advice to staying healthy,

  1. Keep stress to the minimum – Can we? You can work to keep anything else to the minimum but not this guy.
  2. Exercise Daily – Hmm..Yes! But, not possible all days. Obviously! You know why.
  3. Follow a Proper Work Schedule – Aah! That seems to be improper to our style of work. Many of us have a work schedule, but it smokes with usual firefighting and unscheduled meetings, etc. Ultimately you see only a few ticks or no ticks on your ‘to do’ list.
  4. Eat Healthy – We eat. But, honest to ourselves, do we know if it is healthy? All that looks healthy may not be really.
  5. Get routine Health checks – Come on. With all the above out of focus, it is a real nightmare till we get “all green” in the report.
  6. Get enough sleep – Oh! Yes, this is a boon. We see some of our colleagues have it in abundance, but we are not that fortunate;)

Keeping the humor aside, these are quite doable but looks difficult to follow in the kind of lifestyle we are in. We all know this is a fact!

Have you been to a hospital in the near past, for some reason, say, to visit an ailing relative…?

If you had, a very closer look at the other patients and the crowd, you would have noticed the unimaginable growth trend of diseases, ailments around us. It gives a feeling that what struck our near and dear is nothing compared to what is prevailing.

Guys! Happiness is what we should not lose in our lives. In spite of being diligent in following the “Dos” and “Don’ts”, there is higher than ever probability of diseases and ailments today due to things beyond our control.

At the least, we should keep us financially secure by taking a Health Insurance Policy. Do it at an early age to save some cost!

We are becoming well aware, one disease and one hospital has the potential today to suck our life’s earnings and to push our family and us to a deprived status!