I’ve a health plan with a sum insured of ₹10 lakh. A 12 months again, I additionally invested in a hospital money coverage which promised to pay ₹2,000 per day of hospitalization. I used to be hospitalized for 5 days the place the room lease amounted to ₹25,000. That is lined underneath my well being plan. Would I get the hospital money profit if my declare was already lined underneath my well being plan?
Sure, you’d. Insurance policies corresponding to hospital money and important sickness are fixed benefit plans. A hospital money medical health insurance plan pays a declare if you end up hospitalized for a steady interval of 24 hours or extra. This declare is unbiased of the declare which you obtain from every other well being plan that you’ve. Because you have been hospitalized for 5 days, you’d get a declare of ₹10,000 underneath the hospital money plan even when your well being plan has already paid the bills incurred on room lease.
Common well being plans are indemnity-based plans. These plans reimburse precise bills incurred. Not like fastened profit plans, it isn’t attainable to make twin claims underneath indemnity-based plans.
I had a credit card limit of ₹three lakh for a number of years. Not too long ago, I requested for an improve and the financial institution instructed me that I’m eligible for a credit score restrict of ₹10 lakh. However to course of the request, they’re asking me to take credit card insurance. I haven’t actually heard about such a plan. What’s it? Ought to I’m going for one?
Banks might connect two varieties of insurance with credit card. One is to cowl theft, loss and fraud. Misuse of card as a result of skimming, counterfeiting, phishing, on-line utilization and PIN-based fraud could be lined underneath such a plan. The second sort of plan could possibly be a life insurance coverage or a private accident plan. In case of dying, the excellent bank card dues could be settled by the insurer. It is best to perceive the detailed protection and premium charged for the plan. Then, examine these plans with stand-alone plans obtainable available in the market. Usually, there’s restricted impression of such insurances on the financial institution’s monetary underwriting choice. It’s uncommon for the financial institution to hyperlink the improved credit score restrict to an insurance coverage buy, so I counsel that you just consider the insurance coverage as a stand-alone product.
Abhishek Bondia is principal officer and managing director, SecureNow.in. Queries and views at firstname.lastname@example.org