The no-hassle cashless insurance policy – and why you need it

Cashless health plans are a blessing when you need hospitalisation urgently. Let’s take a look at how they work.

The biggest fear for any person today is to suddenly fall ill and require hospitalisation. Medical treatment costs are quite prohibitive in India, and they continue to rise every year. Also, many hospitals force patients to first pay admittance fees before starting treatment – if you are short of money at that time, this can result in loss of valuable time for you or your loved one.

Health insurance companies realise the gravity of a patient losing precious minutes of treatment. Hence, they have devised the cashless health insurance plan, which is a wonderful solution for policy holders: they can get admittance at once after giving the policy details to the hospital, and the patient starts receiving treatment. The bills are settled by the insurance provider directly with the hospital.

How the cashless health plan works

Cashless health insurance makes access to quality treatment possible in the shortest span of time. On requirement, the policy holder makes their way to the nearest network hospital (the insurer has tie-ups with hospitals in every city) and submits the policy details. On confirming the details, the hospital admits the patient and fills out a form for the Third Party Administrator (TPA). The TPA then checks the policy terms and communicates whether the cashless claim may be entertained or not. The TPA may also set an upper limit on expenses to be borne by the hospital – the difference must be paid by the policy holder.

The benefits of the cashless health insurance policy

The best cashless policies today provide the following benefits, among many others:

• No medical test is required for enrollment, and you can get a sum assured of up to Rs 5 lakh
• There are no sub limits on hospitalisation coverage
• Charges are paid for room hire, ICU, day care procedures, domiciliary treatment, organ donor expenses
• Premiums on the policy are liable for tax benefits under Sec 80D
• Possibility to increase sum assured while renewing the plan

In addition, a policy holder may even time a surgical procedure for themselves or a loved one basis their own convenience, and if the procedure is entailed in the policy terms. Thus, cashless health insurance is the best answer to both emergency and timed medical calamities, and it helps policy holders save a lot of money while providing immediate treatment.

AVIVA's all new health care programme: The eligibility criteria you must know

AVIVA’s insurance plans take health insurance to the next level with superior products and easy eligibility criteria.

In times of rising inflation and high living costs, people are under tremendous pressure to create wealth for themselves and their loved ones. Single income families, especially, find the going very tough every month. Many people try to make an additional income by getting freelance work or getting part time assignments over the weekend.

But overwork and constant deadlines can take a toll on one’s health. Stress, anxiety, pollution, lack of exercise, consuming junk food, erratic sleeping hours, etc. contribute to ill health. Soon, one may be diagnosed with a critical illness that takes a lot of money out of their precious savings. Hence, it is prudent to take health insurance to save the high future cost of treatment, especially when dealing with critical illnesses.

Health insurance provides coverage against the risk of spending a lot of money for emergency medical procedures and diagnosis. Currently, the medical treatment and hospitalisation costs in India are quite prohibitive – thus, a reliable health plan such as those provided by AVIVA Health Secure range of health care can help pay medical bills and diagnostic charges. The policy pay-out is paid as a lump sum once the critical illness diagnosis is confirmed. Thus, the policy holder can start treatment at once, and also consult with the best specialists.

Thus, AVIVA health insurance provides the best ever solution to help you get timely access to good medical care. Consider the following eligibility criteria for AVIVA’s health care programme:

• Entry age for the policy: 18 years minimum and 55 years maximum
• Maturity age: 65 years
• Premium payment frequency: Half-yearly or yearly
• Tenures: Minimum 10 years and maximum 30 years
• Sum assured: Rs 5,00,000 minimum and Rs 50,00,000 maximum. This includes the critical illness cover that you take under another policy.
• Rebates: The policy gives you a tax rebate if you have a sum assured of Rs 10 lakh or more. 

* Refer to the premium quotation to calculate the instalment premium.

Thus, taking the AVIVA healthcare plan helps to pay the high costs of treating a critical illness – thus protecting your savings for other purposes.

5 Useful Tips for Finding Yourself the Right Insurance Policy

India has 53 registered insurance companies out of which 29 are non-life insurers and 24 companies offer life insurance. Between April 2015 and February 2016, premium income of more than Rs.1 trillion (US $15 billion) was recorded in India. By the end of 2020, insurance companies expect to increase their penetration of the Indian market by another 5%. Most companies offer additional advantages, like loan against insurance policy, making it very popular in the country. Currently, India represents the largest life insurance market, with around 360 million policies in action. With the emergence of more and more service providers, policy holders are getting better deals but it has also increased the number of frauds. So, it is very important to choose the right company as well as policy for yourself. Factors like benefits and premium should be considered.

Things You Should Keep in Mind

1. Analyze and Plan: Before you go to shop for clothes, you analyze exactly what you need. In the winter, you don't go looking for shorts. Insurance works in exactly the same way. It is important you do your research and plan accordingly. For example, which family member do you want to cover? Do you aim for the long term or are you looking for short term cover? This will help you narrow down the options.
2. Set Priorities: You need to understand the concept of 'sum assured'. It is the maximum amount that you can claim in a policy year for medical coverage or as the payment at the maturity of another policy. If you want more coverage, then you'll have to pay a higher premium. So, set your priorities from the very beginning.
3. Read the Clauses: It is very important to understand your policy and for that you need to read the terms and conditions very carefully. Most companies have a number of clauses that are very often difficult to understand. If you have any doubts, don't be shy to ask the agent or the insurer.
4. Look for Extras: Some of the policies offer extra benefits, like loan against insurance policy, and even offer discounts on premiums for some time. You may not want to claim these offers right away but they can be beneficial in future.
5. Go for a Trusted Brand: Most of the new brands try to lure customers by offering discounts but on most occasions, it is a trap. Do not fall for such offers. Do extensive research about the brand and prefer to go for an already established firm. 

Are you running your own business? This is for you

As the owner of a business, you are responsible for the company’s performance and employee welfare. This can take a toll on your health – hence, you need health insurance.

As the world shrinks and the Internet makes global communities come closer together, aspiring entrepreneurs are taking the leap from salaried jobs to starting their own businesses. The time is ripe to embark on one’s own business adventure and connect with the world to network and rake in the profits. The Internet, especially, has spawned several web-based businesses that transcend borders of geography and language as well.

However, the business dream comes with its own unique challenges. A business owner must necessarily start small – with a lack of much funding at the start of operations, every level of operation is on a small scale. Many new companies also do not get immediate business, which can further strain already strained resources. Many business owners perform multiple roles when their businesses are new. All in all, it is a stressful situation to run one’s own company.

If you are a business owner, you must consider buying health care insurance.

Why you need health insurance

You are under constant stress. Expanding your company’s reach, getting new contracts, working round the clock to fulfil current obligations, making enough money to pay staff salaries and office overheads and a million other tasks…everything can combine together to cause tremendous stress for you. From this stress stem diabetes, hypertension, indigestion, migraines and several health issues. Stress is responsible for the slow shutdown of the body’s systems, so your health suffers every day. If you fall ill, your health care insurance plan can safeguard you. 

You are responsible for your own health. Unlike a salaried job set-up, you no longer have company-sponsored health care insurance to fall back on. Since you are the owner of the business, you must protect your health yourself – and taking health insurance is the first step towards doing so. You must also make the time to exercise daily and eat balanced, home cooked meals so that your overall health is maintained.

You are responsible for your employees. Apart from managing your business processes and revenues, you must also manage your employees. This means that apart from creating a supportive and motivating work environment, you must provide employee health care insurance. Employees who receive health insurance from the office are more likely to stick on at the job and work harder, than those who are not. Most businesses that see a high attrition rate cite the lack of employee insurance as a reason.