Benefit Practice News Today

Buying health insurance or life insurance in India is an attractive proposition for NRIs, especially when they make the premium payment through their NRE account. The regulator allows NRIs to purchase these policies without GST, resulting in a substantial cost reduction. Premiums for NRIs may be slightly higher than local policies, but the coverage and benefits are similar. NRIs may need to undergo a health check-up, which they can do when they visit India. Additionally, there are comprehensive ...

“The biggest advantage of portability is that you have continuity of coverages. That simply means whatever coverages you had in your group health plan, more or less similar coverages will move on to an existing individual plan with the same insurer. That is a critical rule which we have to follow that your portability will happen only with your existing insurer.”

"The new age health insurance policies cover the way other traditional policies also cover. But they have a zero waiting period; Everything is covered from day one. And obviously, the cost of these policies would be at least two and a half-three times higher than a normal traditional policy. And the sum insured are not very large."

Insurance companies are launching international student insurance covers for Indian students studying abroad. These hybrid policies combine both travel and inpatient health insurance benefits, as well as transit and travel risks like baggage and document risks. Such policies can cost five to six times more if bought abroad, as health insurance in India is far cheaper. Popular plans include the Tata AIG Student Travel Guard, Bajaj Allianz Student Elite Plan, Royal Sundaram Travel Secure Student P...

Anand Rathi Insurance Brokers Amjad Khan, suggests that an independent cancer health insurance policy is a must as specialist plans offer coverage of as much as Rs 1-3 crore versus standard critical illness health insurance plans, whose coverage may not be sufficient for regular cancer treatments. Clients will face a waiting period of up to three years, depending on the insurance provider and policy, and having cancer means being denied coverage.

Health insurance products that offer discounts on renewal premiums based on physical activity levels help policyholders maintain good health and assist insurers in reducing claims. However, not adhering to the prescribed regimen will mean losing out on discounts in the subsequent year.