Insurance Handbook

Insurance is a financial safety net that protects you from unexpected expenses or losses. It’s essential as it helps manage risks by offering compensation when things go wrong. In India, the different types of insurance available include health, motor, life, and home insurance. Understanding these could help choose the right cover for yourself and your assets.

Health insurance covers medical expenses and offers some relief during emergencies. It is important to know the different types offered, key terms and concepts involved. This includes cashless claims, add-ons, inclusions & exclusions, tax benefits under Section 80D, and more. Knowing your policy well helps avoid surprises when filing a claim.

Motor insurance is mandatory in India. It offers coverage to you and your vehicle in case of damages and third-party liabilities. Being aware of what your policy covers, the claims process, and available add-ons like zero depreciation can make a big difference. Knowing common reasons for claim rejections helps avoid mistakes, and getting the coverage needed. Having a clear grasp of these essentials ensures you make informed choices when insuring your vehicle.

2 Seasons

Season

Health Insurance Playbook

Welcome to the Health Insurance Playbook! This season takes you on an engaging journey through the essential facets of health insurance. We’ll break down the key components of health coverage, helping you find options that align with your lifestyle. Join us as we explore how to maximise your health benefits while uncovering potential tax advantages. Get clarification on important concepts like Mediclaim, cashless claims, reimbursements, etc. to make it easier to navigate the landscape of health insurance. This season will delve into critical areas that health insurance typically covers, along with key exclusions you should be aware of. Understand what deductibles mean for you, know the differences between co-payments and coinsurance, and learn how to switch providers if needed. Lastly, explore vital tips to make informed decisions and debunk five common misconceptions. Get ready to dive into this exciting exploration of health insurance!

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E01: The Building Blocks of Health Insurance Explained

04 mins

Health insurance could serve as a crucial financial safety net, covering unexpected medical expenses like hospitalisation, surgeries, etc. As per ACKO India Health Insurance Index 2024, healthcare costs are rising at an annual rate of 14%. This suggests that getting insurance might prove beneficial for you and your family alike. By paying an annual premium, you could significantly reduce your out-of-pocket costs during medical emergencies, which could otherwise be financially burdensome. Obtaining insurance at an early age might be a wise decision. This could lead to lower premiums, avoiding medical tests, and long-term advantages including potential tax benefits. Under Section 80D of the Income Tax Act you could claim up to Rs. 50,000 on your insurance premiums. While determining the appropriate coverage amount, you could aim for a balance that meets your healthcare needs without imposing excessive financial strain. The process of acquiring insurance is relatively straightforward. You might choose to reach out to an agent, visit an insurance company or get insurance online. Key steps include entering personal information, comparing available plans, selecting a suitable policy, and completing the premium payment. Health insurance could be essential for ensuring access to necessary healthcare while managing financial risks effectively.

E02: What Health Coverage Works for Your Unique Lifestyle

05 mins

Health insurance comes in various forms, each catering to different needs. This video will walk you through the types of plans available, providing a clearer understanding of your options. We’ll start with individual health plan that covers just one person. It helps manage expenses like hospitalisation, surgeries, doctor consultations, and so on. If you're looking for something that could cover your entire family, family floater plans might be helpful. Next, you’ll discover group health insurance, typically offered by employers. This type of plan covers a large group at potentially lower premiums. In addition to this, we’ll touch upon personal accident plan, which supports you in case of accidental death or disability. This covers medical expenses and rehabilitation costs. For new parents, maternity plan could be essential. It covers prenatal care, childbirth, and postnatal expenses. Meanwhile, critical illness plan provides a lump sum if you're diagnosed with serious conditions like cancer. On the other hand, senior citizen health plan caters specifically to those over 60. Finally, we’ll explore disease-specific insurance, which offers specialised care for specific conditions. Each plan could offer unique benefits, so get ready to explore your options and find what suits you best!

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Bites

Are Co payment and Coinsurance the Same Thing 114 views

Cashless Claims Are Different from Reimbursement Claims 23 views

6 Vital Tips for Informed Health Insurance Decisions 169 views

Can You Switch Your Health Insurance Provider 70 views

5 Things Health Insurance Wont Pay For 40 views

Deductible What Does It Mean for You 179 views

5 Essentials Health Insurance Will Cover 97 views

Mediclaim and Health Insurance Are Not the Same 65 views

Unveiling the Tax Perks of Health Insurance 65 views

Season

Road Ready with Motor Insurance

Motor insurance provides financial protection to you and your vehicle. This financial cover is offered against damages and liabilities. To make informed decisions, it's crucial to understand coverage types and policy limits. Different policies offer different coverage options to meet your specific needs. Understanding these choices helps you pick the right coverage. It is also important to understand insurance claims. There are two ways to handle claims: cashless or reimbursement. Each method has its benefits. Knowing what your policy covers helps you assess your protection and find any gaps. Avoid common mistakes when selecting a policy for the best value and protection. Understanding how to file a claim can help you navigate stressful situations smoothly. Similarly, knowing why claims might be denied can help you follow the rules and get your claims approved. In this way, you might be able to utilise, and benefit from your motor insurance.

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E01: A Basic Understanding of the Ins and Outs of Motor Insurance

05 mins

Motor insurance provides financial protection for vehicles against damage and liabilities. It has three main types - Third-Party, Own Damage, and Comprehensive Insurance. Third-Party Insurance is mandatory in India. It covers legal liabilities for injuries or property damage to others. On the other hand, Own Damage Insurance covers the insured vehicle. Finally, Comprehensive Insurance combines both coverages. The Insured Declared Value (IDV) determines the maximum coverage for a vehicle based on its market value. Factors like age, make, model, and location influence the IDV. Premiums for third-party insurance are set by the Insurance Regulatory and Development Authority of India (IRDAI) based on engine capacity. In addition to third-party coverage, personal accident cover is also mandatory. Plus, there are optional add-on covers that could enhance the coverage. These include options like Zero Depreciation and Engine Protection. You can apply for motor insurance offline through agents or dealerships. There are also online options that offer convenience and comparison between policies. Understanding motor insurance could help you ensure that your vehicle gets the required financial protection against damage or loss. It is wise to explore various options and understand what influences insurance coverage and premiums.

E02: Do You Know What Your Motor Insurance Covers

04 mins

Buckle up for a deep dive into your motor insurance policy! In this video, we’ll explore the inclusions and exclusions of different types of motor insurance plans available in India. First, we’ll talk about the Own Damage policy. This policy covers damage or loss to your vehicle from events like fire, theft, accidents, natural disasters, and malicious acts. However, it excludes normal wear and tear, mechanical breakdowns, and accidents caused by driving under the influence. Next, you will learn about Third-Party insurance. This coverage protects you against legal liabilities for third-party injuries, property damage, or accidents involving your vehicle. However, it does not cover situations where the vehicle is used for commercial purposes or causes damage to your own property. We’ll also discuss the Personal Accident cover for the owner-driver. It provides compensation for injuries or death resulting from an accident involving your vehicle. But remember that you must have a valid driver’s licence at the time of the incident. Finally, you will go over some general exclusions that apply across all types of motor insurance. These include losses outside the policy's geographical scope, contractual liabilities, or damages due to war or nuclear events. Stay informed about your motor insurance to ensure you're well-protected and avoid unnecessary claim rejections.

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Bites

6 Reasons Your Motor Insurance Claim Could Be Denied 443 views

Let s Bust 5 Myths about Motor Insurance 108 views

Pay as You Drive in Motor Insurance What s That 80 views

5 Motor Insurance Mistakes to Be Aware Of 65 views

Have You Heard of These Motor Insurance Add ons 40 views

Motor Insurance Claims Go Cashless or Get Reimbursed 52 views

How Much Motor Insurance Can You Get Is There a Choice 54 views

Need a Coverage Boost Add ons to the Rescue 146 views

Seasons

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Both options offer you financial protection for medical expenses. Health insurance typically provides more comprehensive coverage. Mediclaim usually covers hospitalisation expenses. However, health insurance often includes additional benefits. These might include outpatient care, preventive check-ups, and coverage for a wider range of medical conditions. Health insurance policies might also offer higher sum insured options and long-term coverage.

A deductible in health insurance is the amount you agree to pay out-of-pocket apart from your insurance coverage. Suppose you have a ₹10,000 deductible and a ₹1 Lakh hospital bill. You might choose to pay the initial ₹10,000, then, your insurance would cover the remaining ₹90,000. Choosing a higher deductible often results in lower premium costs. However, your initial out-of-pocket expenses might increase during a claim.

Yes, you can switch health insurance providers, typically at the time of policy renewal. When switching, remember to consider certain key factors. For example, check if waiting periods for pre-existing conditions reset with the new policy. Compare coverage, network hospitals, claim settlement ratios, and premium costs. Ensure you disclose all pre-existing conditions to the new insurer to avoid claim rejections later. It's also important to maintain continuous coverage during the switch. This might help you avoid losing accumulated benefits.

Common add-ons in motor insurance include zero depreciation, engine protection, and roadside assistance. These could offer additional coverage and help reduce certain out-of-pocket expenses. Adding these can enhance the overall effectiveness of your motor insurance policy. Another useful add-on is the return to invoice cover, which offers full invoice value in case of total loss. Similarly, a no-claim bonus protection could preserve your bonus even after a claim.

Common reasons for motor insurance claim denials include driving without a valid license, driving under the influence of alcohol or drugs, and using the vehicle for purposes not covered by the policy (e.g., commercial use of a personal vehicle). Claims can also be denied if the policy has lapsed, if there's a delay in intimating the insurer about the incident, or if fraudulent information is provided during the claim process. Proper policy maintenance and adherence to terms and conditions can help avoid claim denials.

Bajaj Finserv Direct Limited ("Bajaj Markets") offers to its customers, various financial products and services through its digital platform as a registered Corporate Agent with IRDAI, registered Investment Adviser with SEBI, registered Third-Party App Provider (UPI payments), and as DSA or Digital lending platform of its Partners. Further, Bajaj Markets also offers a marketplace e-commerce platform to facilitate transactions between customers and sellers on-boarded on the platform. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522 Corporate Agency (Composite) Registration no.CA0551 (valid till 10-Apr-2027) Investment Adviser, SEBI registration: INA000016083 (Validity - Aug 11, 2021 - Perpetual)