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Frequently Asked Question

Things you would like to know about

Corporate Health Insurance

1. What is corporate health insurance?

Corporate health insurance is a group health insurance policy provided by employers to their employees, covering medical expenses and sometimes extending to dependents.

2. What are the benefits of corporate health insurance for employees?

Corporate health insurance is a group health insurance policy provided by employers to their employees, covering medical expenses and sometimes extending to dependents.

3. What is the role of a Third-Party Administrator (TPA) in corporate health insurance?

TPAs assist in processing claims, providing cashless services, and offering customer support to insured employees.

4. Can employees continue their corporate health insurance policy after leaving the company?

Some insurers allow employees to convert their corporate health insurance policy to an individual policy upon leaving the company, subject to certain conditions.

5. What should employers consider when choosing a corporate health insurance plan?

Employers should consider coverage benefits, cost, insurer’s reputation, network hospitals, claim settlement process, and the specific needs of their employees.

Frequently Asked Question

Things you would like to know about

Corporate Health Insurance

1. What is corporate health insurance?

Corporate health insurance is a group health insurance policy provided by employers to their employees, covering medical expenses and sometimes extending to dependents.

2. What are the benefits of corporate health insurance for employees?

Corporate health insurance is a group health insurance policy provided by employers to their employees, covering medical expenses and sometimes extending to dependents.

3. What is the role of a Third-Party Administrator (TPA) in corporate health insurance?

TPAs assist in processing claims, providing cashless services, and offering customer support to insured employees.

4. Can employees continue their corporate health insurance policy after leaving the company?

Some insurers allow employees to convert their corporate health insurance policy to an individual policy upon leaving the company, subject to certain conditions.

5. What should employers consider when choosing a corporate health insurance plan?

Employers should consider coverage benefits, cost, insurer’s reputation, network hospitals, claim settlement process, and the specific needs of their employees.

Health Insurance FAQs | Individual Health Insurance

1. What is individual health insurance?

Individual health insurance provides coverage for medical expenses incurred by an individual policyholder due to illnesses, injuries, or other health conditions.

2. What are the key benefits of having individual health insurance?

Benefits include coverage for hospitalization, surgeries, doctor consultations, diagnostic tests, and sometimes, outpatient treatments, maternity benefits, and preventive health check-ups.

3. What is a pre-existing condition, and is it covered under individual health insurance?

A pre-existing condition is a health issue that existed before purchasing the insurance policy. Coverage for pre-existing conditions typically begins after a specified waiting period.

4. How do I choose the right individual health insurance plan?

Consider factors such as coverage benefits, premium costs, network hospitals, claim settlement ratio, waiting periods, and customer reviews.

5. What is a cashless hospitalization facility in health insurance?

Cashless hospitalization allows you to receive treatment at network hospitals without paying upfront. The insurer settles the hospital bills directly with the hospital.

6. Can I include my family members under my individual health insurance plan?

Yes, many insurers offer family floater plans that cover multiple family members under a single policy with a shared sum insured.

7. What is a waiting period in health insurance?

A waiting period is the duration during which certain conditions or treatments are not covered. It varies for different conditions, such as pre-existing diseases and maternity benefits.

8. Are there any tax benefits for paying health insurance premiums?

Yes, under Section 80D of the Income Tax Act, you can claim tax deductions for premiums paid for health insurance for yourself, your family, and your parents.

9. What are exclusions in health insurance policies?

Exclusions are specific conditions or treatments not covered by the policy, such as cosmetic surgeries, alternative treatments, and injuries due to self-harm.

10. Can I port my individual health insurance policy to another insurer?

Yes, you can port your health insurance policy to another insurer without losing the continuity benefits, such as the waiting period for pre-existing conditions.

Life Insurance FAQs | Individual Life Insurance

1. What is individual life insurance and why is it important?

Individual life insurance provides financial protection to your beneficiaries in the event of your death. It helps cover expenses like debts, living costs, and future financial goals.

2. What are the different types of individual life insurance policies?

Common types include term insurance, whole life insurance, endowment plans, and unit-linked insurance plans (ULIPs), each with unique features and benefits.

3. How much life insurance coverage do I need?

The required coverage depends on factors such as your income, financial obligations, future goals, and the number of dependents. A general rule is to aim for coverage that is 10-15 times your annual income.

4. What is a term insurance policy?

Term insurance provides coverage for a specified period. If the policyholder dies during this term, the nominee receives the sum assured. It is the simplest and most affordable type of life insurance.

5. What is the difference between term insurance and whole life insurance?

Term insurance covers a specific period, while whole life insurance provides lifelong coverage. Whole life policies often have a savings component, accumulating cash value over time.

6. Can I change the nominee in my life insurance policy?

Yes, you can change the nominee at any time by informing your insurer and completing the necessary documentation.

7. What is a maturity benefit in life insurance?

Maturity benefit is the amount received by the policyholder if they survive the policy term. This is applicable to policies like endowment plans and ULIPs but not term insurance.

8. Are life insurance premiums tax-deductible?

Yes, premiums paid for life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, up to a specified limit.

9. What is a rider in life insurance?

Riders are additional benefits that can be added to a base life insurance policy, such as critical illness cover, accidental death benefit, or waiver of premium, for enhanced protection.

10. How do I file a claim in life insurance?

To file a claim, the nominee must submit a claim form along with necessary documents like the death certificate, policy document, and identity proof to the insurer. The insurer then processes the claim and disburses the sum assured if all conditions are met.

Health Insurance FAQs | Individual Health Insurance

1. What is individual health insurance?

Individual health insurance provides coverage for medical expenses incurred by an individual policyholder due to illnesses, injuries, or other health conditions.

2. What are the key benefits of having individual health insurance?

Benefits include coverage for hospitalization, surgeries, doctor consultations, diagnostic tests, and sometimes, outpatient treatments, maternity benefits, and preventive health check-ups.

3. What is a pre-existing condition, and is it covered under individual health insurance?

A pre-existing condition is a health issue that existed before purchasing the insurance policy. Coverage for pre-existing conditions typically begins after a specified waiting period.

4. How do I choose the right individual health insurance plan?

Consider factors such as coverage benefits, premium costs, network hospitals, claim settlement ratio, waiting periods, and customer reviews.

5. What is a cashless hospitalization facility in health insurance?

Cashless hospitalization allows you to receive treatment at network hospitals without paying upfront. The insurer settles the hospital bills directly with the hospital.

6. Can I include my family members under my individual health insurance plan?

Yes, many insurers offer family floater plans that cover multiple family members under a single policy with a shared sum insured.

7. What is a waiting period in health insurance?

A waiting period is the duration during which certain conditions or treatments are not covered. It varies for different conditions, such as pre-existing diseases and maternity benefits.

8. Are there any tax benefits for paying health insurance premiums?

Yes, under Section 80D of the Income Tax Act, you can claim tax deductions for premiums paid for health insurance for yourself, your family, and your parents.

9. What are exclusions in health insurance policies?

Exclusions are specific conditions or treatments not covered by the policy, such as cosmetic surgeries, alternative treatments, and injuries due to self-harm.

10. Can I port my individual health insurance policy to another insurer?

Yes, you can port your health insurance policy to another insurer without losing the continuity benefits, such as the waiting period for pre-existing conditions.

Life Insurance FAQs | Individual Life Insurance

1. What is individual life insurance and why is it important?

Individual life insurance provides financial protection to your beneficiaries in the event of your death. It helps cover expenses like debts, living costs, and future financial goals.

2. What are the different types of individual life insurance policies?

Common types include term insurance, whole life insurance, endowment plans, and unit-linked insurance plans (ULIPs), each with unique features and benefits.

3. How much life insurance coverage do I need?

The required coverage depends on factors such as your income, financial obligations, future goals, and the number of dependents. A general rule is to aim for coverage that is 10-15 times your annual income.

4. What is a term insurance policy?

Term insurance provides coverage for a specified period. If the policyholder dies during this term, the nominee receives the sum assured. It is the simplest and most affordable type of life insurance.

5. What is the difference between term insurance and whole life insurance?

Term insurance covers a specific period, while whole life insurance provides lifelong coverage. Whole life policies often have a savings component, accumulating cash value over time.

6. Can I change the nominee in my life insurance policy?

Yes, you can change the nominee at any time by informing your insurer and completing the necessary documentation.

7. What is a maturity benefit in life insurance?

Maturity benefit is the amount received by the policyholder if they survive the policy term. This is applicable to policies like endowment plans and ULIPs but not term insurance.

8. Are life insurance premiums tax-deductible?

Yes, premiums paid for life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, up to a specified limit.

9. What is a rider in life insurance?

Riders are additional benefits that can be added to a base life insurance policy, such as critical illness cover, accidental death benefit, or waiver of premium, for enhanced protection.

10. How do I file a claim in life insurance?

To file a claim, the nominee must submit a claim form along with necessary documents like the death certificate, policy document, and identity proof to the insurer. The insurer then processes the claim and disburses the sum assured if all conditions are met.

These FAQs cover essential aspects of health and life insurance for both corporate and individual segments, helping clients understand the key elements and benefits of insurance policies.