How to save money by Insurance

 How to Save Money by Insurance Policies

Friends do you know why we need money to save for your future. Suppose your life is running smoothly, sudden you fell ill and went to a doctor, first of all he will ask about your problem and understand about your illness and prescribe you medicines accordingly. If you don't get relief in 1-2 days, he advised a few body check-ups and wait for the test reports. You know these days a child of 3 years could have blood sugar, lack of vison, hole in heart, club feet and many more. Heart attack, liver & kidney failure, stone, cancer, are some common diseases. Treatment of these diseases is very costly and risk of life is always being after spending lots of money. Sometimes patient dies after  or 2 years time interval. In this case families of these patients were ruined in saving the life and financial loss  as well. Suppose your family have a medi-claim policy you can save yourself  at least with money. In the same way if the person who had have passed away due to illness having a Life Insurance policy of a big sum assured can get money for the survival of your whole family and educate your children and a dream of success of them may become true  either you were alive or not alive on that time. In the same way if you have up to date your vehicles, shops, factories, go-downs, machines then you can save yourself with fire, theft, damage of any type, tear & fear of any loss generated during the covered tenure. Some important points are given here under to keep in minds to every proposer while purchasing a LIC policy: 

• Plan your goal for which purpose do you wanted to purchase the policy like children's education, marriage, self-retirement, foreign tour, etc.,
• Understand policy detail which is suitable for you & your family for the purpose of of  investment.
• Make a budget you can easily save every month from your expanses so that during difficult time you can manage your responsibility. Never choose a plan which may not continue by you for a long time and difficult to pay heavy premium.
• Purchase a policy which have a feature of premium web-off benefits (PWB) in case of any mishappening. So that your family can get survival benefits up to 10 years or or till maturity and further premiums will be waved off as the case may be. So, extra burden on your family will not suffer them.
• Take a maximum tenure plan which enhance your bonus, final additional bonus and over all maturity benefits too.
• Take policy which have risk of life times. Generally plans have risk up to an age of 70 years of policy holders. So you need to choose the option of up to 100 years. 
•  Carry plan at least 3 years so that if you are not capable to run it more do leave as is till maturity then you will get interest on it, instead of surrender the policy or took a lone on your deposited money for the difficult or crucial time @9.5 percent per annual rate of interest.
• Took a policy at an early age as possible like after 3 months of birth or 18 years as it will have a very low premium.
• Make sure you need the insurance in your old age that means it must be continue at the the age around 70 years.  
• You may re-invest your maturity amount into pension plan and get pension monthly/Quarterly/half-yearly or annually mode of payment and your spouse can also get pension after you will not survive not only this your children can get the full sum insured you invested in the form of return of purchase price.

• You may also choose immediate and deferred pension scheme but always choose deferred because it gives you 10% increase in the sum assured every year and return of purchase price to your legal heir.  
• Health Insurance
• While taking Health Insurance you need to keep the following points in your mind:
• If you are an employee of any Multinational Company(MNC's) or top listed companies always purchase a Corporate Policy  rather than an Individual policy. Corporate policy gives you more benefits than an individual policy.
• Your policy must have Cashless facility. Pay attention towards diseases covered and waiting period for pre-existing diseases, maternity, vaccination of infants provided by Insurance company, pre- and post-hospitalization, TPA's claim settle record and every detail of policy document for do's and don'ts and diseases covered or not covered.
• In case of hospitalization always admit in a network hospital and immediately informed to your agent/TPA/Insurance company about the same and wait for cashless approval. Until or unless you don't get an approval do not start treatment. Sometimes TPA sends an email saying, " We will reimburse it as per our terms & Condition" means it's not necessary he will pass your claim or it will be rejected. 
• In case of reimbursement submit Discharge summary and original copy of all bill bills of medical examinations and medicines with policy copy, proof of identity (Adhaar card, voter card, PAN card, Passport), cancelled cheque and number of copies attached within 20 days of discharge. Do not forget to keep photocopy of all attached copies with as these may required in future correspondence.
• If Insurance company/TPA rejected the claim you may go to Ombudsman which is a mediator and will take 14 days to resolve the dispute.
• In case you are not satisfy with the decision of Ombudsman you may go to Consumer District, State or Country level as per prescribed limits.
• These days a Health Recharge, AccidentCare, CritiCare, HospiCash, Health Pulse, GoActive, Health Reassure, plans are running which gives you more benefits. But before purchase a policy understan every detail and short out your queries only then you might purchase it.
• Vehicle Insurance  and General Insurance 
• Always purchase a cashless policy and try to took a Zero Depreciation policy for the vehicles up to age 1-5 years, Personal accident cover up to maximum limit, Driver-Owner Personal Accident, Legal Liabity, Engine protected, Invoice Protected, etc., need to understand clearly with your agent or broker.
• A discount of 60-80% available on OD premium depends on company to company portfolio as per vehicle's age.

Some links are given here to know you more about your satisfaction:

https://www.niconline.co.in

https:// www.maxbupa.com

https://www.licindia.in

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