Insurance

Home insurance provides essential coverage for your property and belongings, protecting them against potential risks such as natural calamities, fire and theft. Since these unpredictable events can cause significant damage, having home insurance is an important way to safeguard your finances. While standard policies typically cover the structure of your home and belongings, you can enhance the coverage with various add-ons. These optional add-ons allow you to tailor your home insurance policy to fit your specific needs. With many insurers offering home insurance apps, you can easily manage your policy, track claims, and update your coverage on the go.

In this article, we will take a look at some of the best home insurance add-ons that can give you more financial protection and peace of mind.

What are Add-On Covers in Home Insurance?

Add-on covers are additional coverage options that you can choose to enhance your standard home insurance policy. These optional extras cover specific risks that a basic policy might miss. They make your insurance more personalised and ensure better protection for your home and belongings.

Benefits of Add-On Covers in Home Insurance

The key benefits of add-ons in home insurance are:

1. Enhanced protection

Add-on covers provide additional coverage beyond the home insurance policy, ensuring protection against specific risks such as earthquakes, floods and accidental damage to valuables.

2. Customisable coverage

You can choose specific add-ons tailored to your property and lifestyle, ensuring your home insurance policy fits your needs. This way, you are better protected against unexpected events.

3. Protection for expensive items

If you own high-value items like jewellery, electronics or collectables, the right add-ons can protect these possessions against theft, damage, or loss.

4. Comprehensive coverage

Add-ons enhance the home insurance coverage plan, making it more comprehensive. This safeguards you against a wide range of risks and perils, offering greater financial security during unforeseen events.

5. Peace of mind

With add-ons, you can rest easy knowing your home and belongings are covered against a range of risks. This extra protection helps reduce stress, especially when the unexpected happens.

Important Add-On Covers to Consider

A home insurance policy may offer several optional covers, providing additional protection against specific risks. The following are some popular add-ons available with home insurance:

• Jewellery and valuables cover

This add-on protects high-value items, such as jewellery, electronics, art and collectables, against theft, loss and accidental damage.

• Loss of rent cover

If your home becomes uninhabitable due to damage caused by an insured event, such as a fire or storm, this add-on helps cover the loss of rental income you would have otherwise received.

For example, if you rent out your property and it becomes unfit for living due to damage, forcing tenants to vacate, the insurer will reimburse the rent you lose until the house is suitable for habitation.

• Temporary accommodation cover

This add-on covers the costs of moving to temporary accommodation if your house becomes uninhabitable due to a covered peril. It helps with expenses like packing, transportation, and rent for alternative accommodation.

• Earthquake insurance

This protects your home against damages caused by earthquakes. The cover is particularly important if you reside in a region prone to seismic activity.

• Flood insurance

Many standard home insurance policies do not cover damage from floods. Therefore, having this add-on ensures that your home is covered against this natural disaster.

Tips to Choose the Right Add-On Covers

Choosing the right add-ons for your home insurance policy can help enhance your protection and ensure you are covered for specific risks. The following are some tips to help you make the right choice:

1. Assess your property’s risks

Identify the specific risks your home is prone to, such as floods, earthquakes or theft, and choose add-ons that provide coverage for these perils.

2. Coverage for valuables

If you own high-value items like jewellery, electronics and artwork, look for add-ons that protect these items against theft, damage or loss.

3. Consider the location

If your home is in an area prone to floods, earthquakes and other perils, you must choose add-ons that cover these risks.

4. Consult with your insurance provider

Discuss your home insurance coverage needs with your insurer. They will inform you about available add-ons and help you select the ones that best suit your requirements.

5. Review the cost

Compare the cost of the add-ons with the value they offer in terms of coverage. This will help you understand if you are getting the right protection at a reasonable price.

6. Evaluate add-ons periodically

Regularly review your home insurance policy and add-ons, especially if you have acquired new valuables. For example, if you have added expensive electronics or antiques to your property, consider upgrading your coverage with relevant add-ons to protect these items.

Conclusion

While a standard home insurance policy provides essential coverage, add-ons allow you to customise your policy and ensure you are fully protected against specific risks. By choosing the right home insurance add-ons, you can make your coverage more comprehensive and safeguard your home and valuables. Take the time to review your needs and consult with your insurer to find the right add-ons for you. You can also explore available add-ons through your insurer’s home insurance app and easily purchase the ones that suit your needs.

Alternative Title: Are You Covered for Storm Damage with Home Insurance?

Storms are unpredictable and can wreak havoc on your property within moments. From heavy rains and winds to hailstorms and lightning strikes, the resulting damage can be overwhelming. That’s why having home insurance is crucial to protect your house and belongings. But does home insurance cover storm damage? This article explores the extent of coverage, the claims process, and how to enhance your policy to safeguard against storm-related damages.

Home Insurance for Storm Damage

Home insurance policies typically offer protection against various types of storm-related damages, ensuring homeowners are financially secure during challenging times. Review your policy to check whether it includes the following coverage —

1. Structural Damage: This covers damage to roofs, walls, windows, and doors caused by strong wind, hail, or heavy rain.
2. Detached Structures: This includes protection for garages, sheds, and fences if specified in the policy, reducing extra repair costs.
3. Personal Belongings: This covers furniture, appliances, and electronics with reimbursement based on replacement cost or actual cash value.
4. Additional Living Expenses (ALE): If the home becomes uninhabitable, ALE covers temporary housing, meals, and related costs.
5. Liability Protection: Covers legal and financial responsibilities if storm debris from your property injures someone or damages the person’s belongings.

What Does Home Insurance Typically Cover During a Storm?

Home insurance often covers several aspects of storm-related damage. However, the specifics depend on the policy terms and the insurer’s guidelines. Here are the primary inclusions —

• Wind and Hail Damage

Most home insurance policies cover damages caused by high winds and hail. If strong winds knock down trees onto your property or hail damages your roof, the repairs and replacement costs are typically covered.

• Rain and Water Damage

Storm-related water damage caused by rain entering through a damaged roof or window is usually included. However, flood damage from rising water is often excluded and requires a separate or add-on flood insurance policy.

• Lightning Strikes

Lightning strikes that cause fire or electrical damage to your home are typically covered under standard home insurance.

• Storm-Driven Debris

Damage caused by debris, such as flying branches or shattered windows, is usually part of the coverage.

• Tornadoes and Hurricanes

Coverage for tornadoes and hurricanes is often included in home insurance. However, in high-risk areas, insurers might require separate windstorm or hurricane deductibles.

Exclusions to Watch Out For

While home insurance covers many storm-related damages, some scenarios are typically excluded, such as —

1. Flood Damage

Flooding caused by heavy rains or overflowing rivers is usually not included in standard home insurance. To protect against this, homeowners must purchase a separate flood insurance policy.

2. Earthquake or Landslides

Earthquakes or landslides triggered by storms are not covered unless explicitly mentioned or added as a rider.

3. Poor Maintenance

If a storm damages a poorly maintained roof or structure, the insurer may deny the claim, citing negligence on the part of the homeowner.

4. Gradual Damage

Long-term water damage from consistent leaks, even if aggravated by a storm, might not be covered.

Filing a Claim for Storm Damage

When your home sustains storm damage, a prompt and hassle-free claims process is vital. Here’s how to go about it —

1. Assess and Document Damage

• Inspect your home and document damages with photos and/or videos.
• This serves as evidence for your claim.

2. Inform Your Insurer

• Notify your insurer immediately using the insurer’s home insurance app or through direct contact.
• A delay in notifying the insurer might result in claim rejection.

3. Make Temporary Repairs

• Prevent further damage by making temporary repairs, such as sealing leaks or boarding up broken windows.
• Keep all receipts to claim reimbursement.

4. Submit Required Documents

• Provide your insurer with policy details, proof of damage, and estimates for repairs.

5. Follow Up

• Track the progress of your claim using the insurance app or through your insurer’s customer service team.

How to Maximise Your Home Insurance Coverage for Storm Damage?

To ensure comprehensive protection and hassle-free claims during storm-related incidents, consider the following —

1. Understand Your Policy

• Read your policy thoroughly or use the insurer’s home insurance app to review its terms.
• Ensure you know what’s covered and what’s excluded.
• Regularly review your policy limits to ensure they align with the current value of your property and belongings.

2. Consider Add-Ons

• Add riders for flood insurance or earthquake coverage, especially if you live in high-risk areas.

3. Maintain Your Home

• Regularly inspect and maintain your home, including the roof, drainage systems, and foundation.
• This can prevent insurers from rejecting claims due to poor maintenance.

4. Document Your Belongings

• Maintain an inventory of your valuables with photos and/or videos.
• This helps prove ownership and speed up the claims process after a storm.

5. Choose Adequate Coverage

• Opt for replacement cost coverage instead of actual cash value to maximise claim payouts.

Conclusion

Storms are unpredictable, but their financial aftermath doesn’t have to be overwhelming. With the right home insurance policy, you can safeguard your property and belongings against storm-related damage. While most home insurance policies cover damages from wind, hail, and lightning, certain exclusions, such as floods, may require add-on covers.

Be proactive, review your coverage and ensure you have the necessary add-ons to face any storm confidently.

Imagine, after much deliberation, you and your friend decide to buy the same car. And then to protect it, you both choose to buy the same car insurance policy from the same insurer. Interestingly, you both have almost the same years of driving experience with no history of making claims. However, you both were confused to see that the policy premium differed. Well, there was a major difference that you overlooked. You are based in Bhopal, and your friend is located in Shimla. And it was the area of your residence that made all the difference. Still confused? Well, let’s explore how and why your zip code impacts car insurance rates.

How Zip Code Affects Car Insurance Rates

Several factors affect the cost of car insurance, and one of them is zip code. So, let us understand how zip code affects car insurance rates –

1. Population Density: The density of the population in your area can affect your car insurance costs. Densely populated areas tend to have more traffic congestion, increasing the risk of accidents. Taking this risk into account, insurance companies charge higher premiums. So, if you reside in an urban zip code with many cars on the road, your premium will be more than an individual living in a rural area because of population and traffic density.
2. Crime Rates: If vehicle-related crimes such as theft or vandalism are high in your zip code, the likelihood of filing claims is also high. Insurers consider these areas high risk and charge higher premiums to mitigate the risk.
3. Urban Vs Rural Areas: The cost of insurance also depends on the location where you reside – urban or rural. Premiums are generally higher in metro cities because of high levels of traffic congestion, increasing the risk of accidents. On the other hand, rural areas have less traffic, resulting in fewer accidents and lower premiums.
4. Weather conditions and natural disasters: Areas prone to extreme weather conditions or natural disasters, like earthquakes, floods, cyclones, etc., lead to high insurance rates as these events increase the likelihood of claims. While determining the premium, insurers consider the damages that natural disasters can cause to your vehicle and adjust the rates accordingly.
5. Cost of Repairs: In some zip codes, the cost of repairs or replacement is high due to labour costs or availability of parts, impacting the car insurance premium. In such areas, the premium tends to be higher.
6. Zip Codes: In India, the IRDAI has divided regions into two zones – Zone A and Zone B. Insurers customise the rates based on the risk factors of each zone. While major cities like New Delhi, Mumbai, and Kolkata fall in Zone A, Zone B includes the rest of the country.

Premium Calculation based on Car Insurance Zones

The IRDAI has divided the country into two zones and the premium varies depending on the risk factors in the specific zone.

1. Zone A: Zone A includes major cities like Mumbai, New Delhi, Bengaluru, Kolkata, Chennai, Hyderabad, Pune, and Ahmedabad. These densely populated cities have heavy traffic because of more vehicles on the roads, raising the risk of accidents and theft.  The insurance rates in this zone are generally higher to cover the risks.
2. Zone B: Cities falling under Zone B have comparatively lower premiums due to less traffic congestion and lower risk of accidents and theft.

So, car insurance is expensive when you live in a big city because of the increased risk compared to smaller towns.

Apart from population density and traffic congestion, many other factors impact the premiums, such as the car’s age, engine capacity, and Insured Declared Value (IDV). The IDV is the maximum amount you will receive from the insurer in case of total loss to your vehicle. The higher the IDV, the higher will be the premium.

Conclusion

When you buy a car, remember that the location or zip code is one of the significant factors determining the cost of a car insurance policy. Although we cannot do anything about it, it is important to know how zip code affects the insurance rates to help select the desired plan. Although third-party liability insurance is mandatory in India, securing your vehicle with comprehensive car insurance is advisable for complete protection against damage due to accidents, fire, theft, and natural or man-made calamities. If the car insurance policy has lapsed and you unfortunately have an accident, the insurer is not liable to compensate you for the loss. Buying or renewing motor insurance from a car insurance app or website is just a few clicks away, so ensure the policy is renewed on time for uninterrupted coverage.

Travelling to multiple countries on a single trip can be an exciting adventure. However, it also requires thorough planning, especially when it comes to international travel insurance. Ensuring you have the right coverage for each destination is essential.

Choosing travel insurance for multiple countries ensures coverage across various destinations within a single trip. This type of insurance is essential for international travellers who visit several countries.

Let us guide you through navigating travel insurance for multiple countries.

How to Choose the Right International Travel Insurance for Multiple Countries

Assess Your Needs

Before purchasing travel insurance, consider the countries you will visit, the duration of your stay and the activities you plan to engage in. For example, if you plan to participate in adventure sports, ensure your policy covers such activities.

Compare Policies

Look for the best travel insurance for multiple countries that offers comprehensive coverage at a reasonable price. You may buy travel insurance online by using online comparison tools to find the most suitable options quickly.

Check Coverage Limits

Ensure your international travel insurance for multiple countries has adequate coverage limits. It must cover medical expenses, emergency evacuation, trip cancellation and baggage delay/loss. The coverage limits of your international travel insurance should be sufficient to cover potential expenses in the countries you will visit.

Medical Coverage

Medical coverage is an important component of international travel insurance to multiple countries. Ensure the policy covers medical expenses in all countries you will visit. Also, check if it covers emergency evacuation and repatriation.

 Trip Cancellations and Interruptions

Trip cancellation and interruption coverage protects you if your trip is cancelled or cut short due to unforeseen events. This could include illness, natural disasters, or other emergencies. Ensure this coverage applies to all your planned destinations.

 Baggage and Personal Belongings

Losing baggage can be inconvenient. Ensure your travel insurance single trip multiple countries policy covers lost, stolen or damaged baggage. It should also cover essential personal belongings.

Tips for Using Travel Insurance Single Trip Multiple Countries

Know How to Make A Claim

When you purchase travel insurance for multiple countries, you must also familiarise yourself with the claim process. Know what documents are required to file a claim and how to contact your insurance provider. Promptly report any incidents to the insurance provider to get your claim quickly.

Keep Your Documents Handy

Carry copies of your travel medical insurance for multiple countries; you may have them online. Also, know the emergency contact numbers and the claim process. Having these documents handy will make the claim process convenient.

Stay Informed

Stay informed about the local conditions in each country. Understand the local laws, health risks, and safety guidelines. Staying informed can help you avoid situations that may require using your travel insurance for a single trip to multiple countries.

Conclusion

Navigating travel insurance to multiple countries requires careful planning and consideration. Assess your needs to ensure comprehensive coverage. Purchasing travel insurance online from reputable providers can save you time and money.

Make sure your policy covers medical expenses, trip cancellations and baggage loss across all destinations. Plan wisely to enjoy a hassle-free adventure while staying protected.

When you buy health insurance, there’s something called a waiting period that you need to know about. It’s like when you order a pizza and have to wait for it to be cooked and delivered before you can enjoy it. In health insurance, the waiting period is the time between when you start your insurance plan and when some of the benefits start to work for you.

Waiting periods can differ based on the type of coverage and the insurance provider. For instance, a dental insurance plan might have a six-month waiting period before it covers procedures such as fillings or tooth extractions. Similarly, for a health insurance plan, there might be a waiting period for pre-existing conditions, which means if you have a chronic illness before signing up for the plan, you might have to wait a certain amount of time before the insurance covers treatment for that condition.

It’s super important to understand your insurance plan’s waiting periods because it helps you know when you can use your benefits and how to plan your healthcare.

In short, waiting periods are a normal part of health insurance plans. They help keep the insurance system fair for everyone. By knowing about waiting periods, you can be ready and make the best use of your insurance when needed. Health insurance is there to help you stay healthy and protect you from big medical bills, so it’s good to understand how it works, including the waiting periods.

What Is The Waiting Period In Health Insurance & Its Types?

One term that often causes confusion in health insurance is the “waiting period.” This is a crucial aspect of health insurance policies that can significantly affect your coverage.

A waiting period in health insurance is a predetermined duration during which the policyholder is not entitled to claim benefits for certain conditions or treatments. This period begins from the policy’s commencement date. It is designed to prevent abuse of the insurance system, such as signing up for a policy knowing that you will soon need medical treatment.

Types Of Waiting Periods

There are several types of waiting periods that you may encounter in health insurance policies:

1. Initial Waiting Period:This general waiting period applies to all new policyholders. It typically lasts 30 to 90 days and covers any claims except those arising from accidental injuries.
2. Pre-Existing Disease (PED) Waiting Period: If you have a pre-existing condition when purchasing the policy, you will have to wait for a specified period, which can range from one to four years, before you can claim benefits for treatments related to that condition.
3. Waiting Period for Specific Diseases: Certain conditions, such as hernias or joint replacements, may have a specific waiting period attached to them. This period can vary based on the insurer’s policy and the nature of the condition.
4. Maternity Benefit Waiting Period: Those planning to start a family should pay close attention to this waiting period. It usually ranges from 9 months to 3 years before maternity-related expenses can be claimed.
5. Waiting Period for Newborn Baby Coverage: Similar to maternity benefits, there is often a waiting period before a newborn baby can be included in the parent’s policy, typically ranging from 9 months to 3 years.

Can I Claim Health Insurance After 1 Month?

One common question is whether it’s possible to claim health insurance just one month after purchasing a policy. The answer largely depends on the terms and conditions of your health insurance plan and the nature of your claim.

Most health insurance policies include an initial waiting period, which typically ranges from 30 to 90 days from the commencement of the policy. During this time, policyholders are generally not eligible to receive claim benefits for any form of hospitalization, whether planned or emergency, except for accidental cases.

Recent changes in health insurance regulations have aimed to make policies more consumer-friendly. As of 2024, the Insurance Regulatory and Development Authority (IRDAI) has mandated a reduction in the waiting period for pre-existing diseases from four years to three years, and the moratorium period has been reduced from eight years to five years. These changes are significant for policyholders as they allow for earlier claims on certain conditions previously subject to longer waiting periods.

For cashless claims, policyholders are usually required to inform the insurance company about three days before planned hospitalization. In the case of emergencies, the notification period is typically within 24 hours after admission to the hospital. Reimbursement claims, where the policyholder pays upfront and claims later, generally need to be raised within 7 to 15 days after getting discharged from the hospital.

What Is The Longest Waiting Time For Health Insurance?

The longest waiting period for health insurance, particularly for pre-existing diseases, has been reduced from 4 years to 3 years as per the latest regulations by the insurance regulator IRDAI. This change aims to benefit consumers by allowing them to get complete health insurance coverage sooner. Additionally, the moratorium period, after which no claim can be denied except in fraud cases, has decreased from 8 to 5 years. It’s important to note that these periods can differ based on the policy & the insurance company, so it’s always best to check the specific terms & conditions of your health insurance policy.

How Can I Reduce My Waiting Period For Health Insurance?

1. Review Your Policy: Start by thoroughly reviewing your current health insurance policy. Understand the terms and conditions related to the waiting period for pre-existing conditions.
2. Choose a Plan with a Shorter Waiting Period: When shopping for a new health insurance plan, look for options with shorter waiting periods. Some insurers may provide plans with reduced waiting times as a competitive feature.
3. Opt for a Waiver: Check if your insurer offers a waiting period waiver, which can allow you to reduce or eliminate the waiting period, usually in exchange for a higher premium.
4. Maintain Continuous Coverage: Some insurers may reduce the waiting period if you have maintained continuous health coverage without any breaks, demonstrating your commitment to staying insured.
5. Negotiate with the Insurer: If you have a good relationship with your insurer or a history of timely premium payments, you might be able to negotiate a reduced waiting period.
6. Group Insurance Plans: If available, consider enrolling in a group insurance plan through your employer or an association, as these plans often have reduced or no waiting periods for members.
7. Stay Informed About Regulatory Changes: Keep an eye on changes in health insurance regulations that might affect waiting periods, as policy changes could work in your favor.

By following these steps, you can potentially reduce the waiting period for your health insurance and gain access to the coverage you need more quickly.

Which Policy Has No Waiting Period?

A zero waiting period in health insurance means that you can file a claim and avail of the policy coverage as soon as you purchase the policy. This mainly benefits accidental hospitalization claims, typically covered from day one. It ensures that you do not have to serve the initial waiting period of 30 days if you suffer an injury due to a casualty.

Moreover, some health insurance plans offer no waiting period for pre-existing diseases (PEDs). While most health plans include a waiting period for PEDs—ranging from 2 to 4 years—some insurers provide plans where PEDs are covered from the first day of the policy. Additionally, several companies offer an optional cover to waive off the waiting period for PEDs, which might require paying an extra premium.

It’s important to note that while some plans may offer day-one coverage for specific conditions or accidents, typically, no insurance provider offers zero waiting periods for all situations at once.

Conclusion

The waiting period is a fundamental feature of health insurance policies that protects both the insurer and the insured. By understanding the different types of waiting periods, you can make more informed decisions about your health insurance coverage & avoid surprises when you need to use your policy.
CarePal Secure emerges as a reliable choice in this context. It offers health protection plans with no waiting period and ensures immediate coverage from the moment you sign up. This feature benefits those seeking prompt protection without the stress of a waiting timeline. With CarePal Secure, you can enjoy peace of mind knowing you & your loved ones are covered from day one, making it a prudent choice for health protection in India.

Brookfield Reinsurance has embarked on a rapid growth trajectory defined by transformative mergers and acquisitions since its inception in 2020. The most pivotal of these deals was the 2022 $5.1 billion purchase of American National Insurance, marking a watershed moment for Brookfield to expand its multi-line insurance offerings.

Founded in 1905, American National Insurance brought over a century of experience to the table with its presence across all 50 U.S. states. Integrating American National’s expertise in life insurance, annuities, property, and casualty immediately widened Brookfield Reinsurance’s capabilities and geographic scope. Forbes recently named American National one of America’s Best Insurance Companies for 2024, underscoring its strong reputation for customer service and policy value.

On the heels of this landscape-changing deal, Brookfield Reinsurance continued its acquisition spree by snapping up Argo Group International Holdings in a $1.1 billion agreement set for completion in November 2023. Adding Argo’s niche property and casualty platform aims to further diversify Brookfield’s solutions in this vital sector.

Brookfield Reinsurance also has a $4.3 billion purchase of American Equity Investment Life Holding Company on tap for 2024. This annuities-focused firm would nicely complement Brookfield’s push into retirement income offerings.

Once the American Equity Investment Life acquisition concludes, Brookfield Reinsurance will have invested over $10 billion into its expansion ambitions. It is projected to oversee more than $100 billion in total assets under management. Strategically integrating these marquee names intends to transform Brookfield Reinsurance into an insurance juggernaut.

Pursuing established insurers aligns with Brookfield Reinsurance’s aim of acquiring and operating blue-chip industry players. Providing access to its parent company, Brookfield Corporation’s investment pipeline, can unlock its growth potential. Nurturing the talent and capabilities of these acquired companies while exploring new opportunities spots Brookfield well for the future.

Brookfield Reinsurance aspires to cultivate insurers over the long haul by concentrating on shareholder returns while still delivering for policyholders. With nearly $100 billion in assets after the American National Insurance deal, it prioritizes scale, risk optimization, and investment performance across business lines.

American National Insurance represented the crown jewel purchase to catalyze Brookfield Reinsurance’s insurance expansion. Adding its time-tested experience, geographic breadth, and stellar reputation, it offered a perfect platform for growth. Subsequent agreements with respected names like Argo Group and American Equity Investment Life promise to augment Brookfield Reinsurance’s insurance empire.

Health insurance is crucial for managing high healthcare costs. Most plans cover extended hospital stays and major treatments. But many treatments don’t need long stays, yet they can be expensive. Thankfully, some health insurance now covers day care treatments, which are procedures lasting less than 24 hours.

Not all insurance companies cover every day care procedure. So, it’s essential to check which treatments a policy includes before buying.

What is a daycare treatment?

A day care treatment is a medical procedure that takes less than 24 hours and doesn’t require an overnight stay in the hospital. Examples include chemotherapy for cancer, appendectomy, angiography, and radiotherapy.

It’s important to note that day care procedures are specific medical operations or treatments that, thanks to modern technology, can be done in a day without the need for a prolonged hospital stay. This doesn’t include smaller procedures like consultations for minor issues such as sprains or fractures.

Importance of having day care treatment in health insurance

When you have health insurance that covers day care treatments, it means the insurance company will help pay for medical procedures that don’t require an extended stay in the hospital, usually less than 24 hours. Even though these treatments are shorter, they can still be costly. Having insurance coverage for day care treatments ensures that you receive financial assistance, making it easier for you to manage the expenses associated with such medical procedures. It adds a layer of financial protection for shorter medical interventions, offering peace of mind and reducing the burden of healthcare costs.

What is covered in daycare treatment?

Day care treatments coverage in health insurance helps pay for medical expenses when you have a surgery, treatment, or operation that doesn’t keep you in the hospital overnight. It’s for situations where you spend less than 24 hours in the hospital. Examples of day care treatments are eye surgery, dialysis, chemotherapy, and any medical care that lets you go home on the same day. It covers the costs of these shorter medical procedures, providing financial support for your healthcare needs.

What is not covered in daycare treatment?

Health insurance coverage for day care treatments doesn’t include all short-term medical procedures. It doesn’t cover treatments done in the Outpatient Department (OPD).

For instance, if you have a medical consultation for minor injuries, common illnesses, or regular check-ups, it falls under OPD. These procedures don’t involve major surgeries, so they are not considered as day care treatments.

In simple terms, day care coverage is for specific treatments that need a short hospital stay of less than 24 hours, not routine check-ups or minor consultations.

How does a medical treatment become eligible for day care treatment?

For a medical treatment to be eligible as a day care procedure, three things are essential:

Medical Necessity:

The treatment must be necessary for the patient’s health.

Hospital Admission:

The treatment should need the patient to be admitted to a hospital.

Less Than 24 Hours:

The treatment should take less than 24 hours due to advanced medical technology.

In simpler terms, the treatment must be needed, require hospital admission, and be completed within a day because of modern medical advancements.

How to file a claim for day care procedure?

Filing a claim for a day care procedure is quite like doing it for a regular hospital stay. You have two options: cashless or reimbursement, depending on where you get the treatment.

Cashless Method:

Choose a hospital that’s in your insurance network.

Inform your insurance provider before admission.

Get the treatment, and the bills will be settled directly between the hospital and the insurer.

Reimbursement Method:

If you go to a non-network hospital, pay the bills yourself.

Collect all the necessary documents and bills.

Submit these documents to your insurance company.

The insurer will reimburse you for the eligible expenses after verifying the documents.

So, it’s like a step-by-step process: inform, get treated, and then settle the bills either directly or get reimbursed.

What is the difference between a Day care Treatment and OPD treatment

The main difference between day care treatment and OPD (Outpatient Department) treatment lies in the duration of the medical procedure and the need for hospitalization.

Day Care Treatment:

Involves medical procedures, surgeries, or treatments that require less than 24 hours of hospitalization.

Examples include chemotherapy, cataract surgery, dialysis, etc.

Despite being a short stay, it’s more than just a regular visit to the doctor.

OPD Treatment:

Occurs in the Outpatient Department of a hospital or clinic.

Typically involves minor medical consultations, check-ups, or treatments that don’t require overnight stays.

Examples include routine check-ups, minor injuries, vaccinations, etc.

In conclusion, having daycare coverage in health insurance is essential as it provides financial support for medical procedures that require less than 24 hours of hospitalisation. This coverage ensures that policyholders are protected against the high costs of short-term treatments, such as surgeries and therapies, without the need for prolonged hospital stays.

Before choosing a health insurance policy, it’s crucial to check the coverage for day care treatments, as not all insurance plans may include comprehensive protection for these procedures. Understanding and securing day care coverage adds an extra layer of financial security, making health insurance plans more comprehensive and beneficial for policyholders.

Many insurance firms advertise “no medical test required,” which seems ideal. Is it right? Many insurers now offer life insurance plans without requiring all examinations. These plans could be more customer friendly. Before buying any such types of health insurance plans, consider these points.

The key is declaration:

Medical exams are not a licence to ignore health issues. The application form may still need a health declaration, and your disclosure can determine premium rates. You must show your health in the declaration. Hiding a health problem can ruin your insurance. A firm must undertake medical testing before purchasing a health insurance plan to accept a claim quickly.

When the company suspects critical facts were hidden at policy purchase, it rejects the claim. When lakhs of rupees are at stake, fooling insurance providers is difficult. Insurance firms meticulously investigate early demise (within two years of acquiring the coverage). Insurers’ claims departments have medical experts who could assess if a sickness existed before the health insurance plans for family.

Some agencies can dig out information by chatting with neighbours, coworkers, friends, family members, and others. The claim is rejected if the company discovers fraud or concealment.

Claims that are not allowed to be made are only occasionally scheming. Patients on the verge of developing diabetes might not know unless they have a medical test. An insurance provider is entitled to refuse to pay out on a claim by arguing that the concealed minor illness worsened and resulted in demise. As a result, even a careless slip-up can result in redundant life insurance.

Medical tests reduce costs:

Medical tests lower buyer premiums. The risk assessment determines insurance premiums. The typical person may pay less for the same coverage if a medical exam shows that one has normal sugar levels and the other is borderline. Experts argue that an insurance business can give a competitive premium if it knows the buyer’s health.

If they apply for a policy without medical tests, each can pay the same price.

The insurance firm shall consider both risks and raise premiums. If you’re healthy, don’t pay for others’ medical issues. A thorough medical check is the most effective approach to prove to your insurer that you are low risk.

Few buyers realise that health insurance plans without medical tests cost more than those that do. A no-test policy is more convenient than one that requires hospitalisation*. If a healthy individual pays Rs 8,000, a sick person pays Rs 12,000. If no medical exams are done, the corporation may charge everyone Rs 10,000.

Insufficient coverage:

Non-medical-test policies are usually low-value. No company can cover more than Rs 5 lakh without a medical checkup, even if you’re under 30 and healthy. Buyers aged 30-40 pay Rs 2 lakh. Low-value plans rarely meet life insurance needs.

Thus, one must get a health insurance medical test before they buy the right policy. Opting for a medical test may seem like a task at first but it may be important over the longer course of time.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply

(* Standard T&C Apply )

By purchasing car insurance policy, you receive financial assistance if your car is damaged due to natural disasters, such as fires, earthquakes, storms, cyclones, and so on. It also includes coverage against mishaps, fires, and thefts. Purchase a comprehensive policy for your car and receive compensation for damages caused by natural disasters.

In the event of a natural disaster, your car is vulnerable to two types of damage:

1. Exterior or interior damages:

Easily compensate for the costs by utilising the own-damage insurance component of your comprehensive coverage.

2. Engine damage:

Repairing extensive damage like this is difficult and costly.

We list down the steps to get help in case of such damages.

Natural disasters: how to file a car insurance claim –

Have natural or man-made disasters damaged your car? If you already have comprehensive car insurance, here are some common steps for filing a claim.

Step 1: Leave the scene alone and collect photographic evidence of the damage. It includes photographs from every angle.

Step 2: Write down the date, location, and general timeline of events since the disaster. During this time, the car must remain stationary.

Step 3: With the evidence and timeline, notify your car insurance provider. Inform them of the damage to your car.

Step 4: Your insurer can send a surveyor to investigate the problem. The investigator would inspect the damage and confirm your details about what happened. Your claim can be approved shortly after you submit the survey report.

Step 5: The insurer may tow your car to the nearest garage for repairs. However, ensure all documents are submitted per the car insurance policy company’s requirements. You can pick up your car from the garage once the repairs are completed.

Step 6: The expenses are billed to the insurer for Cashless Claims. In case of a car insurance claim settlement ratio or situation, you must submit all bills and payment receipts to the insurer. The reimbursement can be deposited into your account following verification.

Take precautions to prevent further damage –

In a crisis, you and your loved ones’ safety should take precedence. However, if you have enough warning of a coming storm, the following tips can help reduce the risk of car damage:

• If you have a flood warning, move your car to higher ground, such as the top of a hill or a high level in a parking garage.
• To avoid hail and wind damage, park your car in a garage or other shelter.
• To keep water out of your garage, use sandbags or flood barriers.
• Avoid parking near trees or power lines.
• If you have multiple vehicles and need to evacuate, try to get all of them out of the disaster area.
• Stay away from driving through standing water.

Examine the damage to your car after the storm has passed. If it’s flooded, don’t start it. Instead, disconnect the battery, roll down the windows if possible, and have the car towed to a safe location.

If you have Comprehensive coverage, it will protect you from the financial impact of natural disasters. You can verify this information by looking at the policy paper. You can obtain additional information by consulting the Policy details, which are located on the insurance company’s website. Another way is by calling your insurer and asking them about it.

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply

The online marketplace is replacing the traditional markets in most industries and insurance is no exception. It has become easier than ever to buy insurance online with a few steps. If you are planning to buy term insurance and are wondering which way would be better, online or offline, here is a compelling case of why you should go for the online way.

Here are five reasons to purchase your term policy online-

• It is easy to do all the research
  When you are buying insurance or any financial instrument that affects your life in the long haul, thorough research is a must. On the internet, it is easy to find all the required information related to term insurance. From which are the best term insurances in the market to understanding the basic terminologies of term insurance, you can find it all online. It is difficult to conduct the same amount of content and research offline. You can also find reviews of each type of insurance plan that you are contemplating buying, along with each term insurance plan’s benefits, features, and overall reliability.
• Compare and choose
  The insurance sector is an ever-growing one with cut-throat competition between several insurance companies. To stay ahead of the competition, insurance companies offer lucrative term insurance benefits. You may come across several companies while carrying out your research. If you make a random choice, without comparing the different companies and their plans, you might regret your decision later. While buying a term plan, you can easily compare the different term plans online and shortlist the best one.Comparing will ensure that you do not miss out on a better plan and will instill in you more confidence about the plan you choose. Use a term insurance plan calculator to ensure that you get an estimate of the premiums payable for your desired sum assured.
• Easy and quick process
  Once you have researched and compared, you can buy term insurance online in a few minutes. All you need to do is access the website or mobile application of the insurance company from whom you are purchasing and complete their entire process step-by-step. If you face any difficulty, most insurance companies provide an online and on-call customer care service that could guide you further. Also, for all the documents that you have to submit, you can simply upload them online. Unlike the traditional method, where one would have to take hours out of their day to visit an insurance company and buy their term plan, the online process can be completed within a few minutes.
• Comparatively lower premiums
  If you observe the premium of a term plan of the same insurance company offering the same cover, you find that, in most cases, the premium of the online insurance plan is lower than that of an offline plan. When you buy an online term plan, it saves your money along with your time and energy as it entirely omits the involvement of an insurance agent. Also, since the entire transaction is paperless, several administrative costs are excluded too. These factors make purchasing a policy online cheaper than offline.
• Make your own plan
  In today’s times, the customer is the king. With so many insurance companies having cut-throat competition, each company is trying their best to stand out as much as possible. Most insurance companies these days allow you to customize your term insurance plan. When you buy an online term plan, you can choose to add or remove some features and benefits. This allows you to add any rider benefits to your term plan for additional security. The customization feature allows you to have a term plan that meets your needs while also fitting in to your budget.

A term insurance policy acts as the financial cover for your loved ones in your absence. Whether you buy it online or offline, ensure that you read the fine print. Also, get an estimate of your premiums using a term insurance plan calculator. Ensure that the premium you choose is something that you can easily afford throughout the tenure of your term policy.