What you need to know before considering copay for insurance?

Copay or copayment option is usually given by a health insurer which makes you to share your claimable amount when unforeseen event happens.
In other words it is the share of the final permissible claim amount that the customer needs to pay from his or her own pocket.
It could be a fixed amount or percentage of the admissible amount.
For example, your medical expenditure is ₹10,000 and your insurance policy has a co-pay clause of 10%, you will have to pay ₹1000 out of your own pocket and your insurer will cover remaining ₹9,000.

Copayment option makes your premium less costlier, which would otherwise be out of reach for certain categories of customers. For senior citizens the premium for health insurance policy is usually high, considering copayment lowers down their payable premium.
If the copayment amount is too high while settling claim, one has to pay high amount for his medical attention and the whole point of insurance is defeated.

Why health insurance is more necessary than you think?

Costs of hospitalisation as well as surgeries are increasing day by day. Inflation in healthcare is higher than inflation in food and commodity. Therefore it is necessity to get a health insurance.

The following points have to be kept in mind while opting for a health insurance.

1. The sooner the better.
Starting off early is a good idea because you will get the policy cheaper. The older you become the more expensive it gets.

2.  Lifelong.
The health insurance coverage should be ultimate. See that you have the option to renewal the policy and enjoy the benefits lifelong.

3.  Hospital Cash Benefit.
It is advisable to opt for higher sum of money insured. The cost of hospitalisation is going to be higher in coming days. Sum insured decides the applicable daily hospital cash benefit.

4. Corporate Insurance.
Even if your company provides you with corporate insurance coverage, it is advisable to have an individual health plan. Your corporate plan gets withdrawn once you leave the company or when you get retired.

5. The right Insurance agent.
See that you get your insurance plan from a reputed Insurance Advisor who will help you with your claims.

6. Reveal your medical information
No secrecy has to be maintained about your health condition in your insurance application, it may lead to claim rejection.

7. Family health coverage.
Not all members will require the insurance at the same time. So you will still have health coverage for whole family at a lower premium. However it is advisable to have separate health plan for high risk individual/ older individual

8. Hospital network.
Check the hospitals list to see whether your insurance provider includes hospitals of your area.



Contact for free policy quote:
9445270084 (in and around Madurai city)

Start early to enjoy secured life

Insuring your life at a younger age makes your family's financial future secure. You can enjoy the benefit of paying lower premium, while insuring at a later stage of life you have a higher risk. Start early when you are young and healthy. This does not mean that you shouldn't be taking insurance at later stages of life. You may require extra coverage as your HLV has increased. Your income increases gradually over time. Thus you must plan accordingly.As soon as one realises the need for additional financial protection for his family, he should buy life insurance
.

Term Insurance plans in LIC

What is term insurance?

Term insurance plan is a life insurance plan which provides risk coverage for a fixed premium for a limited term. 

Death Benefits:

In the event of death of the policy holder happens within the policy period, the sum assured will be payable to the nominee as a death benefit.

(The nominee will not be paid by any benefits up to 12 months, if the death of the policy holder arises due to Suicide/ attempt to suicide.)

Income Tax Benefit:

Under section 80C, a deduction of Rs 1,50,000 can be claimed from your total income. In simple terms, you can reduce up to Rs 1,50,000 from your total taxable income through section 80C. This deduction is allowed to an Individual or a HUF.

Maturity Benefit:

No maturity benefit is available in term assurance plan, on survival of policy holder until the policy term expires.

Plans available with LIC:

1. LIC Anmol Jeevan -II (822)
2. LIC Amulya Jeevan - II (823)
3. LIC E-term (825)

Term Insurance plans are specially designed to provide financial stability and protection to one's family in case of unforeseen event at low cost.