I’ve an employer’s medical health insurance coverage providing maternity advantage of as much as ₹50,000. My partner can also be working and is eligible for maternity cowl of one other ₹50,000 from her agency’s medical health insurance coverage. Whereas third-party directors (TPA) for these insurance policies are totally different, is it doable to avail cashless facility from each TPAs?
—Title withheld on request
Usually, it’s troublesome to get a number of cashless requests for a similar declare attributable to two causes. First, insurers need to guarantee the whole declare quantity doesn’t exceed your whole eligible bills incurred. So, the second insurer would need to assessment the whole invoice quantity and the ultimate settled quantity of the primary insurer earlier than reimbursing as much as a most of the residual quantity. Second, insurers search to retain authentic payments and receipts to forestall the coverage holder to say the identical quantity twice. For cashless claims, hospitals ship authentic paperwork on to the insurer. To simplify the method, it is suggested to course of a cashless declare with the primary insurer and declare reimbursement from the second insurer for the residual quantity. On the time of discharge from the hospital, the primary insurer will present a remaining settlement letter detailing the whole invoice and the quantity paid by you. Submit this be aware together with medical papers, and authentic receipts for the residual quantity to the second insurer.
A life insurance coverage firm launched a time period life insurance coverage with a singular proposition because it has bundled the life cowl with the common pension scheme. Nevertheless, we have to pay double the premium quantity in comparison with easy time period life insurance coverage. Ought to one purchase such a plan?
—Title withheld on request
A time period insurance coverage plan and a pension plan are supposed to clear up two various kinds of dangers of a policyholder. A time period plan pays a lump-sum to the nominee of the policyholder in case of the latter’s premature and early demise. This helps the nominee preserve their traditional life-style, even within the absence of earnings help from the policyholder. The policyholder doesn’t get any maturity or survival advantages. With age, the necessity for a time period cowl comes down, as a result of by the point one is previous, they’d have saved sufficient and paid off most of their monetary liabilities.
A retirement plan will assist a policyholder preserve a way of life post-retirement when the lively income-earning interval is over. Through the deferment interval, the pension plan accumulates a corpus. On retirement, the corpus is used to purchase an annuity that gives common earnings help throughout the retirement interval and substitute the policy-holder’s lively earnings. Due to this fact, it is much better to keep up two separate plans for the 2 goals, as it will offer you better transparency on the quantities eligible below each goals. Additionally it is doubtless that separate plans can be cheaper for you.
Abhishek Bondia is principal officer and managing director at SecureNow.in.
Up to date: 01 Jun 2023, 11:19 PM IST