New Income Tax Slabs and Major Highlights of Budget 2023

The Budget is a financial blueprint that lays out the government's plans for revenue and spending for the upcoming year. This year's pre-Budget discussions have been particularly important as the world is still reeling from the economic impact of the COVID-19 pandemic. The government is expected to take into consideration the present global economic landscape while formulating the Budget.

This blog post explores 10 potential problems you could face without health insurance. Continue reading to learn how to protect yourself and your family from the risks of being uninsured.

Automatic restoration, Cumulative bonuses, Annual health check-ups, Wellness discounts, Renewal discounts, Second medical opinions etc., are some more benefits offered by many Health Insurance Industries.

New Delhi (India), January 23: A term plan is a type of life insurance policy designed to provide financial benefits to a chosen beneficiary upon the death of the insured. It offers coverage for a specific period, most often 10, 15, 20 or 30 years and typically has no cash-value component.

The Life Insurance Corporation (LIC) of India has launched Jeevan Azad (Plan No. 868), which is a new plan aimed at individual savings and life insurance. As per LIC, the plan offers an attractive combination of protection and savings.

Acquaintances often request me to suggest life insurance products that can fetch high returns. Occasionally, they are subjected to product presentations by insurance advisors, showing returns that make them thrilled but also make them circumspect on whether the insurance products can really earn such high returns.

Before the 1st of January 2023, it was not mandatory to get your KYC done for buying insurance policies.

India has a major share of the millennial demographic — 34% of the total population — to be precise. While this might be a significant percentage, before the pandemic struck, this consumer segment seldom considered having an adequate insurance policy.

Union Finance Minister Nirmala Sitharaman will present her fifth budget on February 1. The Union of India contains the government’s revenue and expenditure for a given fiscal year and is a massive and complex document. Here’s your guide to understanding various financial jargon that you may come across in Finance Minister Nirmala Sitharaman’s Budget speech.

“If you are somebody who already has health insurance and are looking to bump up your cover at a very low cost, top up is a great option to go for. The detectable amount of that top up has to be equivalent to the sum insured that you already have,” says Siddharth Singhal, Business Head, Policybazaar.com

Healthcare costs in our country have been rising at a faster pace. According to the latest reports from various health organisations, healthcare inflation in India is 14% per annum. While creating a financial plan for the family, insurance plays an important role in managing the risks. We have already discussed term insurance as a measure to mitigate the risk of death.

Buying a term life insurance policy is the decision of a lifetime. So, it’s important that the amount arrived at is correct. Human life value (HLV) is one of the methods of computing the right cover amount.

Group medical cover (GMC) covers the employee and their dependents such as the spouse and children and in certain cases, parents are also covered.

At 96%, LIC had the highest settlement ratio for death claims under individual death policies by value in FY22, data released by insurance regulator Irdai showed.

As young people are more healthy compared to the older people and have lower risks of getting ill, their participation helps in reducing the health insurance premium and make it more affordable for everyone.

Irrespective of the insurer you buy a policy from, all health insurance plans have notable exclusions which you as a policyholder or buyer should be aware of. A careful scrutiny of such exclusions will save you from a nasty surprise later on.

Senior citizens have limited options while buying health insurance, and that is why they must exercise utmost care before choosing one.

Buying health insurance when you are comparatively younger and healthier will supplement your employer-provided cover for any higher hospitalisation bills and there will be no hassles in terms of renewability. If you want to buy insurance at an advanced age and have some new health issues, insurers may not even be willing to cover you.

The policyholders can very conveniently get the services like Premium statement, ULIP plan statement

As per Section 10(10D) of the Income Tax Act, 1961, death benefits are always tax-free. Maturity benefits, however, are taxed based on the premiums.

There are two primary kinds of No-Claim Bonuses that you can take advantage of in a health insurance policy.

Life insurance is the fastest and easiest way to ensure that your family remains financially protected. It can clear debts, pay for a child’s education, bear medical expenses, and secure the business and assets of a family.

Your health insurance premium increases, especially if the sum covered is large and you have certain medical conditions.

It is better to revive a lapsed policy rather than buying a new one

Before opting for a health policy, individuals should go through the entire specifications of the product, including the coverage, exclusions, waiting periods, and sub-limits, if any, along with the premiums, and opt for a product only after evaluating their requirements.

Health Insurance, often known as medical insurance, covers medical expenses that arise due to an illness, injury and/or accident.