5 Tips for choosing the best medical insurance policy

The population of the world is increasing daily. There are many new inventions and innovations in the medical industry to meet the requirements of individuals. With time, all processes and policies have transformed to offer convenience and reliability to customers. They are now available online with attractive schemes to increase their popularity and reach of services.

Buying medical insurance is essential for every individual as emergencies strike without notice. Remain prepared beforehand than suffer financial crises at the time of trouble. Money is an asset for all, and if spent wisely, can become useful in the future. It can become stressful for a person to refer to so many policy types, features, inclusions, and limitations. Many people buy a medical plan without knowing if it is sufficient to avoid the hassle or time constraints.

Here are some tips for choosing the best insurance policy:

Consider the right policy coverage: Select a health plan offering coverage against multiple medical problems, pre and post-hospitalisation cover, ambulance charges, critical illness cover, maternity benefits, cashless treatment, daily hospital cash benefit, in-patient hospitalisation, etc.

Ensure it caters to the needs of each family member. Consider the requirements, compare different plans, check out the policy features, and limitations. Hidden factors like sub-limits, waiting period, etc. are some points that people tend to miss. Read the policy terms and conditions to avoid troubles during the claim.

Look for flexibility: While buying a medical insurance policy for the family, check whether the insurance provider can add a new family member. In case the senior-most family member passes away or is no more eligible for the coverage, others can continue with the same plan without losing the benefits.

Check the waiting period: Usually, health insurance plans cover pre-existing diseases, maternity expenses, and specific treatments like hernia, varicose veins, etc. after a specified waiting period, i.e., two to four years, which varies from one plan to another. For instance, it covers maternity expenses after two to four years from the date of policy purchase. Ensure to check the time duration after which the pre-existing diseases get covered in the family health plan. Choose the one with a minimal waiting period.

Check the co-payment clause: Co-payment is the percentage that the insured will pay from the pocket. The insurance company pays the remaining hospitalisation expense. For instance, the medical health insurance with a 10 per cent co-pay clause implies that for a claim of INR 1 lakh, the insured will pay INR 10,000 from the pocket while the insurance company pays INR 90,000 as part of the claim. Policies exist without this clause also.

Choose lifetime renewability plans: Lifetime renewability is essential when choosing an insurance plan. Check the validity period of the policy and whether it offers limited lifetime renewability. A health plan is needed the most during old age and can save families from paying additional costs.

What are the benefits of holding a zero-balance savings account?

 All of us open a bank account at some point to save our life earnings. By saving from the beginning, there is a storage of money for future emergencies or requirements. We store our income which is a result of their endless effort to work hard and prosper. But there is a condition: Maintenance of Average Monthly Balance (MAB). If account holders fail to maintain MAB, banks charge a penalty.

Is there an alternative for such accounts?

With changes in the banking system and rules and regulations, many banks have made the process of opening the bank accounts relaxed, faster, and hassle-free. They want every citizen to store their savings in accounts to remain safe, secured, and available during tough times. Hence, they introduced a unique account with maximum benefits for encouraging people to open bank accounts.

Banks introduced a facility which does not require you to maintain a minimum balance. Such accounts are called zero balance saving account. The advantage here is, the bank offers usual facilities like that of regular accounts.

Features and benefits

Like every other bank account, these accounts also have their features and benefits:

No balance maintenance

Maintaining a minimum balance is not compulsory. Accountholders need not pay penalties, making such accounts desirable.

Free transactions

The bank offers free transaction tools like ATM and debit cards to transactions smoother. A cheque book with a fixed number of leaves and passbook provision is available with the welcome kit at the time account opening. The number of free transactions is limited monthly.

Online banking

Checking account balance and making transactions online, be it net banking or apps, has become quicker with this facility. Bill payments take place using this feature.

Locker facility

Some banks also provide safe deposit locker facilities based on requirement type.

Salary account holders

There are special offers and privileges for salary account holders based on their companies.

Documentation process

The offline or zero-balance saving account online requires customers to submit necessary KYC papers such as identity proof, address proof, income statements (if any), and a photograph.

By opening an account online, the holders can make transactions through mobile banking apps, UPI, and more. You can book tickets, pay for daily needs, pay bills, transfer funds from one bank account to another, all digitally.

Conclusion

The banking system has evolved with time and is accessible with its services. Banks not only take measures to benefit their existing customers but also introduce schemes that attract new customers.

These features provide account holders with the liberty to manage their accounts and use finances wisely. Senior citizens can also benefit from a 0 balance saving account through online facilities.

A car loan EMI calculator –Reasons why you should use it

 A car is one of the first things you hope to purchase when you start earning a regular income. But when you have just started your career, it is almost impossible to buy a brand-new car worth several lakhs. As such, you need to rely on car loans. Today, you can apply for a car loan online or by visiting your preferred bank or HFC. But before you sign the loan agreement document, make sure you use a car loan EMI calculator to understand the car's actual cost. Here are all the reasons you must use the EMI calculator before taking on a car loan.

You can compare the different lenders

Finding a lender to finance your car loan is not difficult today. Between banks and HFCs, you can easily find lenders providing 90 per cent of finance of the car's on-road price. Thus, your focus should not be on finding a lender per se but finding one offering the best interest rates and repayment tenures. The EMI calculator for car loan in India allows you to compare the different lenders and understand the EMI payable against different interest rates and terms. It assists you in selecting the right lender for your loan.

You get accurate, instant results

Once the lender sanctions your loan, you must set aside a particular sum from your monthly income each month towards car loan EMI repayment. If you are unaware of the monthly EMI amount before the lender sanctions it, and if you discover that it does not fit into your budget, you could face many financial troubles. The risk of defaulting on EMI repayment may also increase. However, the EMI calculator helps you understand the exact amount you must save towards EMI repayment. The results derived are 100% accurate. This way you can plan your EMIs, monthly budget and ensure you never default on repaying the loan.

You can calculate the interest charges on your car loan

The interest levied by the lender is one of the most crucial components of a car loan. The EMI payable against the loan depends on the interest rate charged by the lender. Even a little difference in the interest rate can affect the monthly instalment amount. The car loan EMI calculator helps you understand the EMI payable against different interest rates. This way, you are prepared for the loan, whether the lender levies a high or low-interest rate.