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YOUR REQUIREMENTS
Your policy should be determined by your family's needs. The number of family members and their age is crucial to identifying a policy. For instance, a young family can do with a basic cover of `5 lakh, while a family with senior citizens should opt for a larger floater cover, say experts. If you are planning a baby within two years' time, you will be better off without the maternity cover which come with long waiting periods and almost double the policy premium.
LIMITATIONS AND EXCLUSIONS
Go through the fine print to understand the limitation and exclusions of the plans. Most basic plans carry sublimits for specific treatments. For instance, hospital room rent restrictions. Ordinarily, a `5-lakh cover restricts the daily room rent to 1% of the sum insured. Currently , this may get you a private room, unless you insist on high-end corporate hospitals, and you need not stretch your resources to buy a premium variant, without a room rent sub limit. However, if you prefer access to high-end hospitals with better rooms, then plans with room rent sub-limits will not work for you.
Then, buyers, especially those with elderly parents, who may require frequent health check-ups, should find out whether their floater policy covers for OPD services and ambulance expenses.
PREMIUM AND PLANS
Several health insurers have come out with premium variants that offer services like doctors' second opinion, vaccination cover, wellness benefits, etc."Paying higher premiums for benefits you may never use is not advisable," says Laddha. Also, it is not advisable to buy a high-end cover merely for availing tax bene fits. You can always invest in other tax saving schemes with greater rewards.
CASHLESS NETWORK
According to the Irda, the average claim pay out in case of reim bursement settle ments is just half that of cashless claim disbur sals for the same ailment category .
Even though insur ers dispute this, you must find out about an insurer's network of hospitals that offer cashless claim settlement. The information is usually available on the insurer's website. Taking the reimburse ment route could strain your finances and, in extreme cases, even impact on the quality of treatment you choose. Opting for the cashless facility also saves you the trouble of collating all the documents, submitting them to the insurer and following up.
INSURER'S TRACK RECORD
An insurer's experience, financial strength and service record is also crucial. An insurer with a lower claim settlement ratio may spell trouble. If possible, you also need to take into account solvency margins--an insurer's ability to pay out claims--and premium growth registered by insurers. The number of years an insurance company has been in business is also worth considering. Its expertise in health insurance will be reflected in the types of policies. An insurer with a wider range of products may be a better choice
Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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