|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
With the change in food habit and lifestyle, increase in stress combined with a sedentary routine, increase in aging population along with some genetic predis position — today India is the Diabetic capital of the world. Ironically the health assurance sector is still reluctant to provide coverage to diabetic India and there are very limited choice of health insurance plans for diabetes.
Diabetes is categorised as 'High Risk' illness and there are two types of diabetes, Type 1 and Type 2.
- Type 1 is relatively rare and occurs in 2 to 5% of all the diabetic cases. This is caused by the faulty immune system of the body where the insulin producing cells of pancreas are destroyed leading to diabetes. The only treatment is the daily injection of insulin hormone and no health assurance plan is available to cover this condition.
- Type 2 diabetes, on the contrary is the lifestyle disease and is the most prevalent type of diabetes. This could be controlled with diet, exercise and some medication. The success of living healthy for a diabetic patient lies in managing the conditions with continuous monitoring using tests, strips, glucometers and appropriate medication and insulin, as required. These are the ongoing costs that are not covered by health cover companies in India.
The complications that could arise for diabetics and need treatment are manifold since diabetes can affect and damage eyes, kidneys, heart, nerve, can cause foot ulcer and even certain cancers. It also requires major organ transplant in some cases. All these things make it difficult to get health coverage for diabetes. However, the diabetes-related complicacies and hospitalization are being covered nowadays by limited insurance companies.
Health insurance premium calculator:
This is the simple tool specially designed to calculate the premium amount. While shopping for the policies, this helps you to get an idea of the premium and can compare the benefits offered by different insurers at different premium. For an online purchase of policy, this premium calculator is the most useful and appropriate tool for comparing the different insurers on a single common platform in India. The following information are required for the calculation:
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
- Your personal information like age, gender, marital status, number of children, income. It also asks about your smoking habit.
- How much coverage required and for how many number of years. This also asks your preference on pattern of receiving money, e.g., lump sum or monthly instalment.
- Based on the information provided, the calculator suggests some plans to you. You can make comparison and select the best fit one for you.
If you or some member of your family is diabetic, then you can either select a family floater plan that covers diabetes or can exclude the diabetic member from the family floater plan and get a separate individual insurance for the diabetic member. The decision should be taken after assessing the premium, benefit and coverage of all the possible alternatives.
Best Health Insurance Plans and Companies for Diabetic Coverage in India:
In India, till date there are limited options of Diabetic health cover Plans to cover the disease and the related complications. The following are the few such plans offered by certain companies in India.
- Star Health Diabetes Safe Plan covers anyone diagnosed with Type II diabetes and within the age limit of 26 to 65 years. The renewal of coverage could be made up to 70 years. The coverage in this plan will include Diabetic Retinopathy for eyes, Diabetic Nephropathy for kidneys and Diabetic foot ulcer.
- National Insurance Varishtha Mediclaim is aimed towards people between the ages of 60 to 80 years and renewable till 90. This is specifically designed for senior citizens. IN general the premium is high. However, the pre-existing diabetes is also covered with the inception of the plan with 10% additional premium.
Some of the more recent players in this field with high diabetic coverage as well as high premium are:
- ICICI Prudential Diabetes Care that covers Type II Diabetes or Pre-diabetics. The eligibility age is between 25 to 60 years with fixed policy term of 5 years. The plan covers End stage renal failure, coronary artery bypass graft, major organ transplant (as recipient).
- Apollo Munich Energy Health Plan covers Type 2 Diabetes. Eligibility is 18 to 65 years. Policy term is 1 year with unlimited renewability. The plan covers all hospitalization causing from Diabetes.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|