What is Health Insurance

Coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment"

The term ‘Health Insurance’ relates to a type of insurance that essentially covers your medical expenses or by reimbursement. To entice quality employees, health insurance provide employee benefit package. Benefits received by insured against insurance are tax-free.Approved by IRDAI, Satco provide you with a comparative insurance product.

Benefits of Health Insurance

• Ambulance Fee: The insured person is free of transportation fee and it will be incurred by the INSURER with whom he/she will be tie up with. This add-on benefit is an advantage and should be opted.
• Cashless Benefits: Today all the health insurance organization are tied up with Network of hospitals or nursing homes. These plans make your work easier during crucial period with no hassle for claim resolution and documentation. There is no cash payment in such benefits. By filling your policy number with valid documents the work on behalf of insured person is complete and rest will be taken care by the TPA & INSURER up to your coverage amount. If the expenses go beyond the sub-limit or are not mentioned by the insurance company, then the coverage will have to be settled by the individuals directly in the hospital. The person should consider the point of not getting treatment in any other hospital that is not a part of their hospital network for cashless benefit.
• Wellness Care: This facility provided by the health insurance make a lot of additional benefit to Insured. The wellness care section provides with regular health check-ups. Some firm also provide free medical check-up provided you have no claim bonus in record in your past history.
• No Claim Bonus (NCB) : NCB is an advantage for the insured who have previous claim free year and no break in policy. The person will be subjected to a cumulative bonus or a discount in the cost. This privilege is provided to the insured during next renewal period.
• Pre & Post Hospitalization: This health insurance policy takes care of both pre and post hospitalization fee for a period of 30 to 60days depending on plan of purchase.
• Hospitalization Medical Expenses: - Reasonable and Customary Charges for Medical Expenses that are incurred during the Hospitalisation of the Insured Person for Medically Necessary treatment required due to an Illness or Injury sustained by the Insured Person during the Policy Period.
• Tax-Benefit from health insurance: Health Insurance provides a tax benefits under section 80D of income tax act, 1961. The premium an insurer pay towards health plan for self or family get a tax rebate. The tax benefit one offered from health insurance is subjected to which age group the insurer belong to.

Types of Health Insurance Policies in India:

• Individual Health Plan: The health insurance plan for individuals suffering from illness and are offers with advantages like cashless benefits and add –on. This facility is provided to the insured depending upon the age at entry.
• Family Floater Health plan: This Health insurance policy covers or includes the entire family member against diseases under one roof. In family benefit, the sum as specified can be availed by ay one or all the members for one or more claims during the tenure of the policy.
• Plan for Critical Illness: This policy is used for the treatment of various critical illnesses such as heart attack, paralysis, open heart surgery etc. These policies provide a lump-sum benefit if a person get diagnosed by any critical illness.
• Cancer Care plan: Health Companies todays provide special cancer care coverage plan. Cancer treatment requires lots of medication treatment and the plan covers lots of benefit for such critical illness.
• Health plan For Senior Citizen: This health insurance plan is specifically for age group above 60years, and offering maximum health benefits plan during old age.

Insurers Benefits Comparisons

Senior Citizen Insurance (60-75years)

Life Insurance is a type of insurance policy which provides financial support to the insured person or to insured person family from a premature death or after a set of period. Under a Life Insurance Act in India, the Insurance Company is responsible to pay a definite sum of amount to the insured family on premature death of insured person.

What is Life Insurance?

Life insurance is a harmony contract between an insurance company and policyholder, under which the guarantee to pay definite sum of money to the nominated beneficiary due to any sudden demise of the policyholder during the term of policy. During the term period the policy holder agree to pay a certain amount of premium on a regular basis or a lump sum amount.

Types of Life Insurance Policies :

• Term Insurance: Term insurance is a type of life insurance which provides financial protection for specified tenure. Due to untimely death of the Insured during the policy term a lumsum is paid to Insured’s family/dependents. Due to its low premium, this type of life insurance is mostly opted. No returns upon policyholder’s survival on the completion of the policy term.
• Endowment Plan: It is a combination of savings, Investments with returns and accured bonus at the end of the term. It is a security given by the bread earner to himself and to his family members
• Unit linked Insurance Plan (ULIP): It is a Market related product where the Investment is divided by the Insurance company in to various schemes opted by the policy holder. It has a locking period. At the end of the term, a lump sum amount is paid based on the NAV of that day. Pre-matured death of policy holder will fetch family a insured amount or NAV calculated amount.
• Money Back Plan: This plan offers Policyholder survival benefits during policy term. A sum Assured and accured is paid to his/her family on untimely death of the policyholder during the policy term.
• Whole Life Insurance: Whole life insurance also carries a dual benefit of life insurance and investment. Whole life insure plan provide insurance cover for whole life or up to 100 years. The premium paying term is limited to the choice of policyholder. The returns under this policy are at age 100 years. A sum Assured and accured bonus is paid to his/her family on untimely death of the policyholder during the policy term. Maturity amount along with bonus is paid to policyholder on survival.
• Child Insurance: The cost of living in today world is increasing and planning for child future is getting costlier. Insurance policy not only provides risk cover, it also takes care of their education and career. This plan provides terminal returns along with maturity benefits. Premium payment term is limited. With option of Premium Waiver benefit, upon timely death of proposer, the premium payment for rest of the term is waived off, but the benefits are paid as per the policy terms set at the time of inception of policy.
• Pensions Plan: This plan is beneficial after the retirement of the policy holder to continue his inflow of income and have secured, tension free retirement life. Pension plan opted pays policy holder in single/monthly/quarterly/half yearly and yearly mode. Invested amount is given back to nominee on the death of the policy holder.

What is Vehicle Insurance?

Vehicle insurance is a coverage to Private cars, two wheelers heavy vehicles for complete protection against any accidental damage . Vehicle insurance is a mandatory in India as per the Motor Act.

Types of Vehicle Insurance:

• Vehicle Insurance : It is of types Package policy and Third Party insurance cover. Package policy is at the choice of the owner but third party insurance compulsory.
• Commercial Vehicle Insurance: Vehicles which are not used for personal purposes like good carrying vehicles are commercial vehicles. It’s helpful for commercial vehicles driver to reduce loss due to damage in vehicle.
• Third Party Policy: This policy provides accidental coverage for the third person who has been involved in accident including you and your car. IRDAI has made third party policy compulsory.
• Comprehensive Insurance cover: This policy provides an additional benefit including third party plan and also protects the owner from any financial caused by damage or theft of the insured vehicle.

Parameters to Decide Premium

Vehicle Package Policy

REKHA NAGRANI

Holding an experience of more than a decade in Insurance Industry— Expertise in handling Corporate Clients – Industry Insurance and Processing/Settling Corporate Claims with an overall work experience in Sales & Marketing for over 28 years. She is Masters in Commerce, L.L.B., IRDA (Life & Non-Life) and Associate from Insurance Institute of India. She has worked as Sr. Marketing Manager with Wipro Computers- Kolkata – corporate Clients for 3years.

ARCHANA SURVE

Holding an Experience of more than 6years in Insurance Industry. Expertise in handling Retail Clients regarding New Leads, Quotations, Claims Settlement and Client Queries of all type of Insurance Products related to Vehicle as well as Health Insurance. Professionally IRDA Certified. Working with Ms.Rekha Nagrani past 6years in SATCO Insurance.

MUKESH PADYE

Holding an experience of 1year in Insurance Industry. Expertise in MIS of all insurance business. Handling Back office activities as Pay-outs, Preparing Quotation, and Commission Reconciliation from empanel Insurance companies of SATCO. Professionally IRDA Certified.