New Health Insurance Schemes - Advice and Suggestion Thread

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rad0

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Hello Guys :)

Created this thread to discuss the New Health Insurance Schemes for tax savings as per Income Tax Act 80D.

I have to save some tax and also need some advice from experienced TEians. :)

Have come across LIC's Jeevan Arogya,and here is the link to the details

Life Insurance Corporation of India

Is it good enough or are there any good policy apart from this.

Didn't get any other place to post, so posted it here.:P Hope its correction section.:D
 
You haven't mentioned why you are getting the insurance. To save tax? I would say, don't bother spending on these then. You would be better off investing that amount into balanced or equity mutual funds in SIP mode
 
agantuk said:
You haven't mentioned why you are getting the insurance. To save tax? I would say, don't bother spending on these then. You would be better off investing that amount into balanced or equity mutual funds in SIP mode
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Yes, to save tax and insure my family's health as well.

I liked this policy b'coz of these two features



• Lump sum benefit irrespective of actual medical costs

• No claim benefit

So, i believe i can recover the money( invested in HIS) and save tax at same time.
 
When you say you can recover benefit, do you mean to say that you are pretty sure that there would be medical expenses that need to be taken care of? Also, if that is the case, then the other point you mentioned - no claim benefit - cannot be availed.
 
agantuk said:
When you say you can recover benefit, do you mean to say that you are pretty sure that there would be medical expenses that need to be taken care of? Also, if that is the case, then the other point you mentioned - no claim benefit - cannot be availed.
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The money credited to your account is fixed depending on the premium u opted to pay and no. of days u are hospitalized for. Need not show the medicals expenses to claim money.

U just have to show the date of joining and release from the hospital.

G) No claim benefit: A no claim benefit will be paid in the event that during the period between Date of Commencement of policy and next Automatic Renewal Date or between two Automatic Renewal Dates (described in Para 4 below) there are no claims in respect of any Insured covered under your policy. The amount of the no claim benefit would be equal to 5% (five percent) of the Initial Daily Benefit in respect of each Insured and the resulting amount shall be added to arrive at the Applicable Daily Benefit in respect of each Insured for the Policy Year next following the most recent Automatic Renewal Date.
 
Few points about this kind of Health Insurance Plans :

The premiums are ridiculously high.
daily cash benefits is only 1000/- per day payable only if stay is more than 1 day and less than 7 days.

YOu get only a fixed amount of reimbursements, irrespective of your bills. But LIC has fixed category of all the surgeries, so very very few surgeries fall in 100% category while the rest are in 40%, 60% categories. My fields majority surgery are in 20% bracket :(

Plus a long list of surgeries is in Day care surgeries which even reduces the reimbursement.

So if you are opting for this insurance as a single cover you can be in trouble if your case is complicated and bill gets inflated you are trapped.

ie :

You are getting a knee replaced of one of your parents.

The charges varies from 75000/- to 200000/- (may be more) from doctor to doctor and city to city.

if you have 100000/- cover in this plan you will get only 40000/- plus 4000/ - 5000/- as reimbursement. so from where you replenish the rest.

And if you raise your cover to 200000/- premiums will be much more than you can afford.

imho : this plans for high networth individuals who dont want to risk their reimbursement or cashless claims to be partially rejected by company and want to fill in the gap of void.

feel free to ask more if there are queries.
 
medpal said:
Few points about this kind of Health Insurance Plans :

The premiums are ridiculously high.

daily cash benefits is only 1000/- per day payable only if stay is more than 1 day and less than 7 days.

YOu get only a fixed amount of reimbursements, irrespective of your bills. But LIC has fixed category of all the surgeries, so very very few surgeries fall in 100% category while the rest are in 40%, 60% categories. My fields majority surgery are in 20% bracket :(

Plus a long list of surgeries is in Day care surgeries which even reduces the reimbursement.

So if you are opting for this insurance as a single cover you can be in trouble if your case is complicated and bill gets inflated you are trapped.

ie :

You are getting a knee replaced of one of your parents.

The charges varies from 75000/- to 200000/- (may be more) from doctor to doctor and city to city.

if you have 100000/- cover in this plan you will get only 40000/- plus 4000/ - 5000/- as reimbursement. so from where you replenish the rest.

And if you raise your cover to 200000/- premiums will be much more than you can afford.

imho : this plans for high networth individuals who dont want to risk their reimbursement or cashless claims to be partially rejected by company and want to fill in the gap of void.

feel free to ask more if there are queries.
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Doc one querry

I have taken an oriental insurance policy and the document suggests atmax 20k per eye for cataract and etc etc.

Last year i had with new india and there was no mention of such limits.

Is this latest rule of rider on operations or it differs from company to company?

Like insurance from life insurance company and other from general insurance company.
 
Anyone got info on list of surgeries and their categories of payment
and policy document for this policy?
please share here

--- Updated Post - Automerged ---

@MAGNeT



^it differs from company to company

--- Updated Post - Automerged ---

I notice few things about this policy and their merits and demerits

Hospital Cash Benefit : for 1000rs/pay if your age is 30,you have to pay 2799.70 and for that you will get 1lak Major Surgical Benifit so effictively you will get from 2800rs 1lak Rupees lumpsum and amount equal to no of days of hosp stay * 1000/day,

But many policies giving more than 2 lakh for this premuim,its not a lumpsum amount though. But there is no cashless treatment ,which is bit downside

After 1st yr of policy,there is addition of 5% EVERY year and also 5% for no claim bonus

Assuming there is no claim for alleast 5yrs you will get double benefits after 5yrs which is very good for the same premuim
 
+1 to what prsanthhas said it pays to buy health insurance at the earliest for the max amount you can afford as 5 yrs down the line in case you hav not made claimsyou are getting double benefits for urself and family...
 
MAGNeT said:
Doc one querry

I have taken an oriental insurance policy and the document suggests atmax 20k per eye for cataract and etc etc.
Last year i had with new india and there was no mention of such limits.

Is this latest rule of rider on operations or it differs from company to company?

Like insurance from life insurance company and other from general insurance company.
Click to expand...

Sorry for late reply, as the thread got burried in new posts.

Yes, Majority of companies have restricted payments for cataract surgeries around 21k. The reason for this was misuse of policies by patients and doctors both. So to curb the nuisance of malafide claims companies have taken this step.

This was done with IRDA approval and may also be implemented for the old policies too.

Few companies have continued their patronage as it was, but their premiums are high.
 
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