Health Insurance Tip 2: How many in your family need it?

How many members of your family need Health Insurance?

Would you like to cover them under the same policy or separate policies would do a much better job?

What is the cost effectiveness of the two options?

Who do you want covered and who you don’t?

There are various factors which will affect the premium amount of the Health Insurance you intend to take. You also need to keep in mind how are you going to cover your parents or buying them a separate insurance cover would be more economical.

Health Insurance should not be bought with the help of advertisements or friendly advice. Many factors should be considered here. We work hard for our money and when we are willing to haggle and question about the cheapest product or service in the market, why not do the same with Insurance.

For further inquiries feel free to give us a call on our toll free number 1800-103-9222

Health Insurance Tip 1: Specify your need for health insurance

Make sure you are aware of the exact reasons you need health cover for. Once the basic reasons for opting for health insurance is clear, finding the appropriate insurance policy becomes much easier.

 Decide on a budget regarding how much money you can keep aside for premium every month.

There are many types of Insurance policies in the market and if you are not sure why you need a health insurance policy, finding the right policy can be very difficult.

Health Insurance is a critical form of insurance. Thus decisions made in this regard need to be taken very carefully

Axis Bank to handle LIC credit card business

Life Insurance Corporation of India (LIC) has entered into a tie up with Axis Bank regarding its credit card business.

LIC has been in the credit card business where they provide credit cards to their policy holders, for 2 years now. The company is in an existing tie up with Corporation Bank. But this arrangement is not going too well with certain reports saying that Corporation Bank is not able to deal with such huge numbers.

So far the Corporation Bank has issued 30,000-35,000 credit cards to LIC policy holders. And LIC has a 26% stake in the bank as well. The bank is now worried about their place in the new deal.

This would be wonderful deal for the new bank, Axis Bank can earn a neat profit from this venture and a stable source of a significant amount of revenue for many many years to come.

Any business or tie up with LIC always involves millions of accounts. It will be a huge pressure on the current resources of Axis Bank. But the pressure will be a bit reduced due the recent expansion drives by the bank. More offices will be opened and more folks hired. Seems like the good times are here to stay for Axis Bank.

**Image courtesy IndiaInfoline.com

Bank of India in talks with Bharti AXA for tie-up in mutual funds

Bank of Indian and two other asset management companies are currently in talks with Bharti AXA. This time Bharti AXA is looking for someone they can enter the Mutual Fund market with. The results will be declared by the end of September this year.

Bharti AXA has recently sold their stake in the life insurance business to Reliance Industries Limited and has a lot of cash to spend. It is expected through certain reports as well as rumors in the market that Bharti will be only concentrate on retail and telecom and sector and will exit the rest.

Bank of India is very keen on entering the mutual fund market through this route. They have hired Ernst and Young as consultants on this takeover. And the bank intend to use its 3, 500 branches which will come in handy when selling the products nationwide.

This new development will help Bank of India increase its product variety. Also it will be a new source of revenue for the organization.

Reliance Industries Ltd (RIL) enters Insurance market

Reliance Industries Limited has bought stake in two Insurance companies. Bharti AXA Life Insurance Co. Ltd and Bharti Enterprises Ltd. These stakes were previous held by Bharti Enterprises. Reliance now has 76% stake in both the entities.

RIL is looking for new avenues to invest their surplus cash. With the oil and gas business, not making profits any time soon, immediate sources of income are required. Hence the financial sector which is booming at the moment seems to be a good option for investment.

However it will be interesting to note that the RIL stocks lost value by 1% when the markets closed.

When the deal goes down Reliance will be the owner of 57% of the stocks and 17% will be held by Reliance Industrial Infrastructure Ltd in both life and general insurance businesses. Bharti had been holding this stock since 2006. But they need cash and their long term plans do not have space for Insurance.

This could mean some major changes in the Insurance market. Reliance could either revolutionize the private insurance sector or ruin it. With so much capital backing the new entity can afford to keep the premium amounts low and last out longer than the competition. Let us wait and watch what happens.

Chola MS Individual healthline policy

The Chola Individual healthline (IHL) policy is a unique form of health insurance in the market or that is what the company claims it to be.

Cholamandalam MS General Insurance Company Limited is the end result of collaboration between Murugappa Group and Mitsui Sumitomo Insurance Group. With the company managing to get a lot of success in the market, have now planned some ambitious targets for themselves.

They have now come up with two new products. The Chola Individual Healthline (IHL) and Chola Total Home Protect. The company will be coming up with many more products like these since they have a target of 40% growth.

For more detailed information regarding these two new products, you can call us on our toll free number 1800-103-9222. No pestering incessant follow up calls. All we will do is find the best policy for you. Try us out.

The IHL plan which is being termed as a very caring and convenient plan has certain new features. It covers the usual hospitalization and medical expenses. Also the policy covers outpatient coverage for eye and dental treatment expenses as well as maternity related expenses with a waiting period. Along with all this it also covers Ayurvedic treatment expenses.

The age limit for IHL is 55 years where the person does not have to go for any medical checkup and with medical tests beyond that age.

Jeevan Arogya, new health insurance plan by LIC

Life Insurance Corporation of India (LIC) has come up with a new health insurance plan called Jeevan Arogya. It’s a non linked health insurance plan and offers comprehensive hospitalization plans for the whole family of the insured.

Apart from the immediate family, parents-in-law and other extended family members can be introduced into the plan. But the real question arises here is whether we want to insure our in-laws?

Re-imbursements are easy to get. Just provide certified photocopies of the bills and they will be reimbursed. Also this policy is kept completely separate from any other policies taken by the insured such as a company policy etc.

The person to get insured through Jeevan Arogya needs to be between 18 and 65 years. For parents and in laws they should not be older than 75 years. Children who if covered should be in the age bracket of 91 days to 17 years.

For more details which believe me are plenty for us to cover in one post visit the LIC website.

For health Insurance plans from other Insurance providers in the market give us a call on our toll free number. Who knows? You might find a better and more economical health insurance plan than this.