Cattle insurance has a lot of catching up to do, says Policy Ensure co-founder

The insurance industry will have to come together and campaign in a big way to create an awareness like the mutual fund industry so that the rural population, especially farmers, come forward to avail of cattie, tractor and other insurance schemes, said Rahul Mishra, Co-Founder and Dir-ector, Policy Ensure.

“The moment the government intervened in favour of the mutual funds industry expansion took
place. It created a lot of aware
A small town like Gorakhpur in Uttar Pradesh contributes Rs. 2.3 crore a month. The insurance industry has to do a similar campaign.”, said the co-founder of Policy Ensure, which was launched in 2016. Policy Ensure is a digital insurance “phygital” platform catering to tier 2 and 3 cities and towns.

Policy Ensure, which is present in Maharashtra, Odisha and Sharkhand, plans to expand to central and southern parts of the country over the next 6-12 months.
The company plans to have a distribution force of 50,000 to one lakh over the next 2-3 years. Policy Ensure does cattle and tractor insurance for farmers, though it is dependent on the insurance companies. “A lot of catching up is needed in the cattle insurance front. It is not happening at the scale it should.” Mishra said.

Only rich farmers insure their belongings. “Small and marginal farmers do not have the money to insure their cattle or other belongings,” he said. Tagging of cattle for insurance is another issue. Also, insurance of cattle or crops by farmers is “highly political” and politicians try to influence the decision on the payouts.
Insurance companies themselves do not encourage covering these risks, though they can be covered and prob lems settled without any is sues using technology such as drones. “Also, today there are not enough veterinarians available to tend to the animals in the case ofcattle insurance,” he said.

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Key changes in insurance sector from April 1: New tax rules to removal of commission cap

Several changes will take place in insurance sector from April 1, 2023. This includes removal of tax free advantage from savings insurance plans whose annual premium is above Rs 5 lakh and omission of commission cap for insurance agents. These changes will impact people in a number of ways.

Insurance taxation changes from April 1
From April 1, if premium paid by an individual for a savings life policy is more than Rs 5 lakh than on maturity the income from policy will be taxed. The threshold of Rs 5 lakh will be applicable on first year premium and not first year + renewal.
This will, however, not impact taxation of unit-linked insurance plans (ULIPs), term insurance and old policies, The income from insurance policies with aggregate premium up to Rs 5 lakh shall be exempt. This will not affect the tax exemption provided to the amount received on the death of person insured. It will also not affect insurance policies issued till March 31, 2023.
On the impact on industry, Rushabh Gandhi, Deputy CEO at IndiaFirst life Insurance said the policies applicable for the new taxation are some 1 percent of the entire business.
“So, this means the impact will be fairly muted. Also, considering the recent changes in debt funds taxation the little bit  of disadvantage will get offset by little bit of advantage. Consequently, the outcome will be neutral,” Gandhi told
Finance Bill 2023 has made major changes to debt mutual funds, which relates to exclusion of long-term capital gains and indexation benefit. This move looks disappointing for the mutual fund industry, however it’s a blessing in disguise for life insurance companies. Industry experts have been saying that the announcement can make long-term savings life insurance products more attractive than debt fund schemes again.
Removing sub-limits on expenses and commissions of policies
The insurance regulator has revised Expenses of Management (EOM) and commission limits for the industry, which will come into effect from April 1, 2023. This will replace the earlier cap on commission payments with an overall cap on expenses of management of insurers. The move is widely believed to provide more flexibility to insurers in managing their expenses.
“With this, insurers can strategically allocate resources towards targeted areas, such as under-penetrated markets, which can be vital to achieving long-term growth and profitability. This, in turn, will help to address the industry’s high combined ratio of 118.5 percent by improving efficiency and reducing costs,” Rahul M Mishra, Co-founder & Director at Policy Ensure told
Tapan Singhel, MD & CEO at Bajaj Allianz General Insurance feels that this will translate into better pricing and products for customers in the medium to long term.
“The revised regulations also provides for an extra expense allowance for insurtech expenses, spends on insurance awareness, and rural and social schemes of the government,” Singhel said.
Anil Kumar Aggarwal, MD and CEO at Shriram General insurance further believes that this will increase insurance penetration and provide flexibility to insurers in managing their expenses.
Overall, it will smoothen adherence to compliance norms.
On consumer benefits, Vikas Mahajan, Director and Head-Finance & Compliance at GramCover said that the new mandate will provide all policy-related information upfront to customers, including the policy’s features, benefits, and premium amount.
“Insurers are also required to obtain explicit consent from customers before issuing policies electronically. This ensures that customers are fully informed about the policy they are purchasing and have consented to its terms and conditions,” he added.

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What are the tax benefits of health insurance policies?

Health insurance is a form of insurance that covers medical expenditures incurred by an individual for long-term well-being. Ultimately, health insurance policies allow individuals and families to cover the high expenses of medical treatment. There are tax advantages to purchasing and having health insurance coverage. The premium amount paid for health insurance is tax deductible. Section 80D of the Income Tax Act allows you to claim tax benefits on your health insurance premiums. As a result, based on an interview with various industry experts, here’s how you can get tax breaks on your health insurance premiums.

Dr. Santosh Puri, Senior Vice President – Health Product & Process, Tata AIG General Insurance Co. Ltd.

One of the advantages of having a health insurance policy, apart from financial protection of the family, is also prudent tax planning. Premium paid towards a family’s health insurance policy is eligible for exemptions under Section 80D of Income Tax benefit though there is an upper ceiling to it. The premium for health insurance policy depends upon the sum insured, members, getting covered, and their age.

Typically, family floater policies offer coverage to entire family ~ self, spouse, dependent children, and dependent parents in a single policy. Tata AIG’s MediCare Premier family floater policy offers coverage up to INR 3 Crore sum insured and premium paid qualifies for income tax exemption under applicable provisions. One can avail tax deductions under Section 80D up to 1lakh for Self and Family if Eldest is above 60 years + Senior Citizen Parents

Also, customers looking for maximum tax advantage can also opt for a higher tenure policy like 2 years or 3 years, while tax deductions can be claimed for each year up to the defined limit. We are Tata AIG are offering long-term discounts on our various retail health product offerings like Tata AIG Medicare, Tata AIG Medicare Premier, and Tata AIG Medicare Plus”

Amar Ranu, Head – investment products & Advisory, Anand Rathi Shares & Stock Brokers

A health insurance policy is a product that protects you from the financial consequences of a wide range of health-related expenses, from minor illnesses and injuries to critical diseases.

As per Section 80D of the Income Tax Act, the premium paid for a health insurance policy is deductible from the taxable income. The upper limit for the deductible amount is Rs. 25,000 and can be extended to up to Rs. 50,000 for senior citizens (with effect from 1 April, 2018). This implies that the policyholder is now eligible to enjoy a deduction of up to Rs. 75,000 from the taxable income. In rare cases, when the age of both the proposer and his parents is more than 60 years, the deductible amount can extend up to Rs. 1,00,000 (Rs. 50,000+Rs. 50,000).

CA Arpit Jain, Joint MD, Arihant Capital

In many countries, including India, health insurance premiums are tax-deductible, which means that individuals can claim them as a deduction on their income tax returns. This tax benefit can help to reduce the overall cost of health insurance and make it more affordable for individuals and families.

In general, taxpayers must meet certain requirements to claim a tax deduction for health insurance premiums, such as

• The insurance must be purchased for the taxpayer, their spouse, or their dependents.

• The insurance must provide coverage for medical expenses, including doctor visits, hospitalization, and prescription drugs.

The tables below provide an overview of how much insurance premium towards your health policy qualifies for exemption under Section 80D of the Income Tax Act and the total cash benefit for individuals falling in different income brackets.

TABLE A Self, Family, Dependent Children Dependent Parents Total Tax Deduction u/s 80D
Individuals & Parents below age 60yrs 25000 25000 50000
Individuals & Family below age 60; but parents above 60yrs 25000 50000 75000
Individuals, Family & Parents above 60yrs 50000 50000 100000
Members of HUF 25000 25000 25000
TABLE B: Tax Benefit Premium % of Rebate Tax Rebate
Slab Rs. 2.50 Lacs to Rs. 5.00 Lacs 25000 5.20% 1300
Slab Rs. 5.00 Lacs to Rs. 10.00 Lacs 25000 20.80% 5200
Slab above Rs. 10 Lacs 25000 31.20% 7800

For example, if you are only paying for insurance premiums for yourself and your spouse, the total deduction you can claim is 25,000. Now if you fall under the income slab of 10 lacs and above, you will save a total of 7,800 in taxes by claiming this deduction under Section 80D of ITA.

To claim this deduction, you will need to provide your premium payment receipt and your insurance policy copy which shows the name of the family members and their relation and age. It is important to note, to take the benefit of this deduction, the premium should be paid in any mode other than cash. Premium paid in cash will not be considered. However, the payment for Preventive Health check-ups can be done in cash.

Siddharth Singhal, Business Head – Health Insurance,

Buying a health insurance policy not just ensures a sound financial safety during medical exigency but also serves as an actual tax-saving tool. The insured person can save tax under Section 80D. Any policyholder is entitled to this tax rebate for health insurance premium paid either for self, partner, dependent children, and even for parents.

For self, partner, dependent children the maximum tax exemption is Rs. 25,000, while for parents (aged less than 60 years), an additional exemption of 25,000 is available. However, if the parents are aged 60 years or above, the deduction is 50,000 while, if both the taxpayer and parents are above 60 years, the tax exemption amount goes up to Rs.1 lakh.

Moreover, policyholders are entitled for claim deduction of Rs. 5,000 against preventative medical check-ups under Section 80D of the IT Act. This exemption is within the standard limit under Section 80D (Rs. 25,000 for self, partner and children, and 50,000 for senior citizen parents). Whether an individual is paying health premium for critical illness insurance or indemnity based insurance i.e. family floater plan or a senior citizen health plan or individual mediclaim policy, they are eligible to get tax rebate through Section 80D.

Sujit Bangar, Founder,

We all are aware about health insurance benefit for tax deductions. Where we get confused are two things.

Firstly , deduction for health insurance is different from deduction under 80C bracket. This health insurance deduction is over and above 150k limit of 80C.

Secondly, we all do regular health check up. Especially, everybody amongst us has done RTPCR test once or twice. This expenditure can be claimed as deduction u/s 80 D upto 5,000/- . We should not mis out on this.

Pankaj Vashishtha, CEO & Co-Fouder, Policy Ensure

Health insurance policies in India offer individuals several tax benefits under Section 80D of the Income Tax Act. Taxpayers can claim a deduction on the premiums paid towards their health insurance policies for themselves, spouse, dependent children, and parents. The deduction amount varies based on the age of the insured and the type of policy. Individuals can claim a deduction of up to Rs. 25,000 for the premium paid for themselves, their spouse, and dependent children, and an additional deduction of up to Rs. 25,000 for the premium paid for their parents who are below 60 years of age. For individuals above the age of 60, the deduction limit is increased to Rs. 50,000.

Moreover, individuals can claim a deduction of up to Rs. 5,000 for preventive health check-ups for themselves, their spouse, and dependent children. In case of any claim made under the health insurance policy, the amount received by the insured or his/her nominee is tax-free. However, the total deduction under Section 80D cannot exceed Rs. 1,00,000 for individuals and Rs. 1,50,000 for senior citizens. To claim these deductions, individuals need to pay the premium through a mode other than cash. Barring the tax benefits of Health Insurance the primary need for Health insurance is for the purpose of security and safety of the individual’s family and his loved ones.

Shilpa Arora, Co-Founder and COO, Insurance Samadhan

Health is wealth, and so is a well-planned tax strategy. By investing in a health insurance policy, not only do you secure your future health but also enjoy significant tax benefits. Under Section 80D of the Income Tax Act, 1961, you can claim tax deductions for the premium paid towards your health insurance policy. For individuals below 60 years of age, the deduction limit is up to Rs. 25,000, while for senior citizens, it goes up to Rs. 50,000.

Additionally, if you purchase health insurance for your parents who are senior citizens, you can claim an additional deduction of Rs. 50,000. That’s not all, if you or your parents are super senior citizens (above 80 years), the deduction limit goes up to Rs. 1 lakh. So, investing in a health insurance policy not only offers financial protection during medical emergencies but also helps you save taxes. It’s a win-win situation for you and your loved ones.

Babita Rani, Tax consultant

Health insurance can prove to be a practical and profitable investment choice when you begin to plan your investments for the upcoming fiscal year and hunt for tax savings in the process. It is a win-win situation since it not only offers you financial security in the event of a medical emergency but also offers tax advantages.

Benefits of using a health insurance coverage to save on taxes

1. Maintain financial security and safeguard your money amid medical crises.

2. Because the amount you pay for premiums is taken from your taxable income, you should reduce your tax deductions from your wage.

Plans for health insurance offer two benefits for the price of one. They give you the much-needed financial security you require through a variety of coverage benefits as well as income tax advantages on the premiums you pay in accordance with the 1961 Income Tax Act (Section 80D). If you purchase the coverage for yourself, your parents, your dependent children, and your spouse, you are eligible for these tax benefits. Please read on to find out more about it in depth and detail. the 1961 Income Tax Act’s income tax exemption (Section 80D)

According to the 1961 Income Tax Act, the premium for a medical insurance coverage is subtracted from taxable income (Section 80D). The maximum deductible is 25,000, however for seniors it can be increased to 50,000. (from 1 April 2018).

Ajay Shah, Director & Head – Retail, Care Health Insurance.

A Comprehensive Health Insurance plan secures an individual’s health by giving access to quality healthcare. It also safeguards their wealth, by helping them save tax on premium paid of upto 75,000. As per Section 80D of the Income Tax Act, policyholders can claim a tax deduction on the premium paid towards health insurance policies for themselves, spouse, dependent children, and parents.

The maximum limit on premium for individuals below the age of 60 years is up to Rs. 25,000 per financial year, while if senior citizens purchase the Health Insurance, premium amount on which tax can be saved can go upto Rs. 50,000.

This benefit can also be claimed by an individual who buys a health insurance policy for his or her senior citizen parents. Besides, it is also important to note that the tax benefits are applicable only if the premium is paid through a non-cash mode and the policy is in name of the person claiming the deduction.

Vikas Mahajan, Director & Head-Finance & Compliance, GramCover

In India, health insurance policies offer various tax benefits to the policyholders. Under Section 80D of the Income Tax Act, individuals and Hindu Undivided Family (HUF) can claim a tax deduction for the premium paid towards their health insurance policies for themselves, their spouse, dependent children, and parents or any payment made on account of preventive health check-up of the parent or parents of the individuals.

The maximum tax deduction limit is INR 25,000 for individuals below 60 years of age and INR 50,000 for senior citizens aged 60 years and above. This tax benefit not only helps individuals save money but also encourages them to invest in health insurance, ensuring financial security during medical emergencies.

Kamal Narayan Omer, CEO, IHW Council

Out -of -Pocket-Expenses are a major concern when it comes to accessible and affordable healthcare to a vast majority of population in our country. The government has been doing phenomenal work when it comes to health insurance of the most vulnerable section of the population. Health Insurance can be a major game changer for large part of the population as apart from safeguarding the patient’s pocket from catastrophic medical expenses, it also helps in availing tax benefits on Section 80D of the Income Tax Act.

This makes health insurance policies a win-win situation and a wise investment for the good health and wellbeing of our families. However now that the healthcare discourse is moving from curative to preventive, the gamut of services covered under the insurance schemes should also shift from treatment to diagnosis including important and expensive tests. Also, the whole process needs to become more patient-centric sans the hassles of the paperwork and formalities involved, which are an added stress on the patient’s family.

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Future of Insurance in India

India’s insurance market has undergone numerous changes and is one of the fastest-growing markets today. The pandemic has sped up the industry’s rapid digitalization, reflected a rise in its demand, necessitated the development of new products, and more. Furthermore, the prospects show there have been disruptions owing to the extraneous factors that have led to the evolution of the industry itself. According to IRDAI, the sector has witnessed growth between 12 and 15 percent over a five- to six-year horizon of Insurance in India. 

Evolution of the insurance industry

The history of insurance in India is deeply rooted, and the journey extends over 200 years. Business-wise, life insurance was introduced in 1818 when the Oriental Life Insurance Company launched in Calcutta. However, during this era, the market was dominated by foreign insurance offices. Then, in 1912, the Indian Life Assurance Companies Act emerged as the first statutory body to regulate life insurance in India. The nationalisation of the insurance sector happened in January 1956 with the emergence of LIC (Life Insurance Corporation), which subsequently absorbed a total of 245 Indian and foreign insurers. Until the 1990s, the LIC had a monopoly in the market until the insurance sector reopened for the private sector and the changes started to show up.

With the recommendations of the Malhotra Committee, IRDA (the Insurance Regulatory and Development Authority) was incorporated in early 2000 as a statutory body to regulate the insurance industry, and it changed the landscape of the industry irrevocably. Over the past two decades, the insurance market in India has experienced impressive growth, thanks to increased private sector involvement, better distribution capabilities, and significant increases in operational efficiency. The insurance sector has never looked back since the sector underwent liberalisation, and it is now one of India’s most competitive and developing industries. Today, there are 34 general insurance companies and 24 life insurance companies, according to IRDAI. Furthermore, the total addressable market (TAM) in FY 22 was $66.5 billion, according to Redseer Consulting, and it is anticipated to reach $222 billion by FY 26. Despite the stunning numbers, India is underinsured as a country.

Three separate milestone events:

  • Nationalisation of General Insurance Companies during 1972, where in 107 insurers were grouped and amalgamated into four Companies – National Insurance Co. Ltd., The New India Assurance Co. Ltd., The Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd 
  • IRDAI opened the market for private insurance companies in the year 2000, that helped boost insurance penetration in the country 
  • Introduction & licensing of standalone health insurance companies by IRDA in the year 2006

 Have resulted in more focus & penetration of insurance in the Country

Challenges and opportunities

The insurance industry in India faces challenges that need to be addressed in order to ensure elevated growth. There is significantly more population living in rural areas than in urban areas. According to the estimates of the World Bank, roughly 65% of the population lives in these areas. The issues arise because there are relatively few buyers as well as sellers of insurance in rural areas. Some of the main reasons for its low penetration in India include inadequate insurance awareness, gaps in product understanding, and the value of the return on investment of the insurance purchased. Another significant challenge is getting insurance distribution to every area within the last mile. However, not everything is doom and gloom.

The Covid dramatically increased public awareness of health insurance, resulting in a surge in policy purchases. The other insurance products, however, still experience slow growth. Insurance penetration in India during 2021–22 was 4.2 percent, which remained the same as in 2020–21, according to the Annual Report of IRDAI. However, in India, a number of regulatory changes are being implemented to boost the penetration of insurance, boost capital inflow, boost valuation, and ease the entry of small, specialised, and niche players. The increase of the FDI, the General Insurance Business Amendment Bill (August 2021), the introduction of the National Health Stack, and disbursing huge amounts of capital for the development of the industry are some of the key examples. As a result, today, with the entry of private players who are targeting the underinsured market and the rising use of the new distribution, the long-term expansion of the industry has been facilitated by the use of new distribution methods and technological advancements.

Rise of tech-based insurance

India’s insurance industry has embraced technology’s advancement. Today, it uses Blockchain, machine learning (ML) to automate claim management, the Internet of Things (IoT) to personalise insurance pricing, and telematics for auto insurance. According to the India Fintech Report 2022, a number of insurance businesses have emerged that have enhanced their core offerings by implementing various technologies like AI, IoT, ML, and various other software. Additionally, in the years following Covid, the sector has become more digital. Insurance companies have also improved their digital platforms by replacing outdated systems and adding virtual assistants. The customers are also using more portals and apps, per the National Investment Promotion & Facilitation Agency’s data. They are preferring digital insurance options; for GI (General Insurance) and HI (Health Insurance) products, 73% and 62% of customers, respectively, preferred the online mode. As technology becomes more prevalent in the industry, more people will have access to insurance and will connect with the insurance industry. The data clearly points towards a trend that though the consumers are using the online tools to compare and research the various insurance products, they however, prefer offline support to understand the intricacies and ultimately making the final purchase. 

Despite the technological advancements, there is still a requirement for the human touch in the insurance industry. As the products are complex, the customers may not understand the technicalities or the jargon of the industry. Rural residents tend to be less tech-savvy, so there is a clear need for knowledgeable agents who can guide clients through the complexities of their policies and make sure they are adequately covered. Additionally, they can offer advice on the different kinds of policies that are available and assist clients in selecting the one that is most appropriate for their requirements. Therefore, the growth of the industry will be assured with the amalgamation of technology with the human touch. 

Way forward 

The future of the insurance industry in India looks promising owing to several changes in the regulatory framework, technological advancements, government support, and increasing awareness. The insurance industry in India is likely to introduce new trends like product innovation, multi-distribution, better claims management, and regulatory trends in the Indian market as incomes rise and purchasing power and household savings grow exponentially. According to a recent research report by Swiss Re, the Indian insurance industry is poised to become the sixth largest market by 2032. 

The insurance industry plays a vital role in the financial sector. The insurance companies, with their accumulated funds from premiums, invest in ways that contribute to the growth of the economy. The organised insurance system offers numerous direct and indirect advantages to the individual, his family, business, community, and country as a whole, as well as to industry and commerce. As a result, the expansion of the insurance sector in India will contribute significantly to GDP growth. For this to happen, there is a pressing need to penetrate the underinsured markets.

However, it is very evident that Phygital is the way forward as, in spite of technological advancements, the human interface will continue to play a big role in the penetration of insurance in the country. Also, it is poised to be one of the largest employment generators for the educated youth in the country, a sector that brings out the entrepreneurial side of the youth and thereby offering excellent growth opportunities while contributing to the growth of the nation.

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Maximising Your General Insurance Benefits for Optimal Wellness

General insurance benefits provide a blanket of financial protection from the uncertain risks posed by medical emergencies, diseases, accidents, and more

In times of uncertainty or emergencies, arranging a substantial amount of cash instantly can turn out to be a liability for an individual. General insurance in such cases provides a blanket of financial protection from the uncertain risks posed by medical emergencies, diseases, accidents, and more. With the right insurance at your disposal, you get reimbursed in such situations, which makes it a lot easier to manage the heavy expenses.

However, as understanding insurance policies can be complex, not everyone can procure maximum benefits out of them. But there are certain measures you can take to utilise it in an efficient manner.

Right policy, more benefits

Today, health problems have become way more common in senior citizens and younger people alike. With the increasing costs of treatments, medicines, and diagnoses, it is better to have a general insurance policy at your disposal. However, choosing the right policy can and will help procure the complete benefits. You need to check your requirements first. While someone may have individual requirements, on the other hand, some people may require a family floater plan. Furthermore, a high claim settlement ratio can help increase the chances of getting a claim.

Knowing the coverage

Purchasing general insurance for yourself and your loved ones is an optimal thing to do in order to live a stress-free life. However, before getting a policy, reviewing and knowing the limits and exclusions carefully is also necessary. Insurance coverage can be considered a financial safety net. It is a financial protection that is given to the insured in case of any adversities. The premium you pay sets a limit for your coverage, and you cannot make claims exceeding this particular amount.

Knowing this will not only help you understand the policy in a better manner but will also aid in making informed decisions. The information can be garnered with the help of an insurer or an agent, who can help you understand the necessary details before the purchase.

Going cashless

In this era of digitalisation, we have the provision of going cashless, and general insurance is no exception. Several insurance companies in India are offering cashless facilities. As the name suggests, the insurer does not have to pay a rupee from their pocket while their medical expenses are taken care of.

A cashless claim has its own benefits and convenience when it comes to medical emergencies, which usually take a toll on the patient and their family. With cashless general insurance, the insurance company deals directly with the hospital, as they have their own established networks. Therefore, going cashless is a good option in order to avoid any unnecessary expenses.

Choosing network hospitals

One of the common pain points in general insurance is when a policy does not cover all the expenses and the insurer does not cover 100% of the claim amount. A lot of the time, a patient or their family might not understand the situation, but the bill post-hospitalisation can come as a shock. However, this can be avoided with a planned hospitalisation. The insurance providers give you the option of choosing from a network of hospitals.

These network hospitals are verified, they provide quality treatment, and they ensure that the policyholder gets a discounted rate as they have agreements with insurance companies. Knowing this can save a lot of expenses, however, you must also check out the breakup costs in order to know which hospital suits you best. This information might not be readily available, so you need to approach your insurer or an agent to learn more.

Taking the provision of preventive services

There is no doubt you can plan for an emergency; however, you can be strategic about the timing of your planned check-ups and screenings. Preventive care or routine care helps a person detect a disease or any medical problem that can become daunting for them later in their lives.

Several general insurance benefits providers include coverage of preventive care in their policies. Therefore, before purchasing the insurance, you must get this benefot included so that you can save on any sudden out-of-pocket costs. This can include any annual check-ups, screening for conditions, immunisations, or more. Utilising this benefit can not only help you live a healthy life but also avoid any costly medical bills.

Learning to claim promptly

In some cases, policyholders are reluctant to report an insurance claim, but that can lead to heavy costs in the end. If you fail to report a claim properly, it can be a violation of the policy and might result in the claim being rejected by the insurer. Promptly claiming in such a case allows insurers to act quickly and minimise the losses as much as they can. The sooner the claim is managed, the better, as it will cost less. If you want your insurance policy to work for you at the right time, prompt reporting of claims gives you this benefit. For this, it is necessary to make sure that you provide all the necessary documentation to avoid any delays or denial of benefits.

Using telemedicine services

Telemedicine is a convenient and affordable way to receive diagnoses, consultations, and treatment. Owing to its impeccable results in pandemics, telemedicine’s popularity has gained traction. Whereas regular consultations with a medical professional are permitted under the terms and conditions of the policy contract, the Insurance Regulatory and Development Authority of India (IRDAI) has requested that the insurer permit claim settlement for telemedicine consultations. Hence, you can select the policy that provides coverage for telemedicine to avail the benefits.

All things considered

By taking care of yourself and adhering to best healthcare practices, you may be able to reduce your chances of becoming ill and developing chronic diseases. It is captivating that insurance companies might also give such policyholders discounts on premiums or other rewards for following a healthy lifestyle. As a result, it may be lucrative for you in every sense. However, as an alternative, General Insurance Benefits are a tool that can help you maximise your wellness. Furthermore, this is only possible if you take full advantage of its benefits. To do so, you must be aware of your policy, use cashless facilities, use preventive services, select network hospitals, and submit claims on time.

Furthermore, before purchasing any policy, you must take some time to filter it and have a clear understanding of which plan will suit your needs the best. When in doubt, it is always better to get an expert opinion, as it can not only save you time but also ensure that your insurance needs are fulfilled in a hassle-free manner.

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