This additional cover allows reduction in waiting period for Pre-Existing Diseases (PED) from a usual 36 or 48 months to 24 months by paying additional premium.Continue reading “Waiting Period Reduction”
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In case if the Sum Insured in your health insurance gets exhausted during a policy year, this additional cover refills Sum Insured for the same period unlimited number of times. This is over and above Automatic Restoration, which refills SI only one time during a Policy year.Continue reading “Unlimited Automatic Restoration”
Insurers provide a host of on-site services in case you are stranded on the road.
It is not uncommon for people to get stranded during road trips on their cars. There are various reasons due to which you could get in to such a situation.
Most of the Insurers in India offer ‘Emergency Road Side Assistance’ (RSA) cover as an additional cover on a comprehensive car insurance policy.
- Minor Repairs to your car – In case of mechanical/electrical breakdown, the insurer will provide ‘on-site repair’ through their nearby authorised repairers. They will try to ensure minor faults are rectified on site and you are good to go at least until you reach the nearest safe destination.
- Towing Services – In case if the fault cannot be rectified on site, the insurer’s service provider will provide towing services to reach your car to the nearest authorised work shop.
- Locked out or Loss of Keys – In case if you are mistakenly locked out of your car or have lost your car keys, the insurer will provide on-site assistance in getting the keys out of the vehicle or deliver duplicate key from place of residence, if possible.
- Flat Tyres – The insurer’s service provider will assist in changing the flat tyre with the spare tyre of your car.
- Battery Failure – The service provider will assist in battery jump start.
- Ran out of Fuel – The Insurer will assist in providing fuel up to 5 litres on- site at your cost, in case if you ran out of fuel.
- Wrong fuel filled – The insurer will provide the cost of emptying the fuel tank in case wrong fuel is mistakenly filled.
The specific covers under RSA will vary from Insurer to Insurer. Most of the insurers don’t take in to account claims under RSA while considering No Claim Bonus during renewals.
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.
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.
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 chooseContinue reading “Be aware of the importance of IDV in your vehicle insurance”
As per standard industry practice, there are non-payable items in hospital bills under health insurance claims
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”
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,
- 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.
- Best source for Vitamin E: Almonds are the best source for Vitamin E, which is linked to numerous health benefits
- 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.
- 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
- 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’
- 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’.
- 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.
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.
- Strengthens immune system
- Eases Flu and common cold
- Keeps our stomach healthy and eases digestion
- Fights Cancer
- Helps reduce cholesterol levels
- Remedies vomiting
- 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 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.