12. Fee-for-service plans - more choice, more cost
• Fee-for-service plans, also known as indemnity plans,
allow you to choose your doctor or hospital, usually
with no (or minimal) restrictions.
• This option allows you to try a specialist
recommended by a friend or visit a medical center
down the street.
• On the downside, you'll probably pay more - and
possibly receive less reimbursement from the plan
for preventive services such as checkups.
13. Health Maintenance Organizations (HMOs) - less
cost, less choice
• HMO plans are known for low cost, low hassle and, as
the tradeoff, limited choice of doctors.
• Where choice is a concern, a hybrid - an HMO with a
POS option - offers more flexibility.
• One monthly premium can give you a full range of
14. HMOs with POS option - flexible managed care
• Certain kinds of HMOs, called HMOs with a
point-of-service (POS) option, offer more
flexibility. These plans will cover most or all of
the costs if your primary care doctor refers
you to a specialist not in your plan.
15. Preferred Provider Organizations (PPOs) - medium
cost, moderate choice
• A PPO is a cross between a fee for service plan
(focusing on doctor choice) and
an HMO (focusing on low cost).
• Like an HMO, the PPO plan uses a network of
preferred providers to give you access to a range
of health services at reduced prices.
• But like a fee-for-service plan, a single physician
will not manage your care.
• Also, you can decide to see out-of-plan doctors
and still get some coverage. However, the plan
will pay more of your costs if you see an innetwork doctor.
16. High-Deductible Health Plans - Pay As You Go
• High-Deductible Health Plans (HDHPs), also
known as consumer-directed health plans, are
the newest wave in health insurance.
• They offer coverage only after you reach a
deductible that is significantly higher than in
traditional insurance plans.
• Because these plans have such high
deductibles - from about 1,00,000 to more
than $10,00,000 - they tend to have much
lower premiums than traditional insurance.
18. • When and what is the expected requirement
• Features to look for while choosing a health plan
• Flexibility of the plan
• Guaranteed renewability
• Number of critical illnesses covered
• Limit on the family size
• Option of relevant and segmented benefit for parents
• Number of hospitalization days and daily cash limit
• Medical network
20. Steps to follow for getting life Insurance
• See if you can find the actual life insurance policy
• Call the life insurance agent or life insurance
company on the life insurance policy.
• Next fill out the life insurance claim forms
• Send in the life insurance paperwork
What to look for in a Life Insurance policy
• Policy Benefits
• pricing and premiums
• additional Services
• Customer Support
26. • Restricted hospital
• Health does not cover pre-existing diseases
• Expenses of defect related AIDS is not covered
Eg:- Contac lance, Hearing AIDS, general
ability & intoxicating Drugs
• Most company do not have separate health
insurance cover for a child
• Older the age higher the cost of premium
30. • Understand that you can encounter insurance agents everywhere,
on shopping malls, the Internet, even just outside your house. They
can call you out of the blue and ask if you want to purchase life
insurance. Not all of these people are out to scam you.
• Don’t just accept the agent’s company ID, Verify it with the
• Understand that agents who are into health insurance scams are
usually in a hurry to get you to fork over money to them
• Do not give any sensitive personal information such as your Social
Security number, bank account, or even hand out your credit card.
• Understand that Some insurance agents who make up life insurance
scams use fake promos and rewards to lure customers to purchase
an insurance policy.
• Be alert and careful when dealing with offers or promos.
• Before signing a policy, make sure that you agree with the terms of
• Do not pay your premiums through your insurance agent. Ask for
payment options where you are paying directly to the company.
1. All policies fall into one of two camps.There are term policies, or pure insurance coverage, and the many variants of whole life, which combine an investment product with pure term insurance and build cash value.2. Insurance is sold, not bought.Agents sell the vast majority of life policies written in the U.S. because the life insurance industry has a vested interest in pushing high-commission (and high-profit) whole-life policies.3. Whole life is expensive.Policies with an investment component cost many times more than term policies. As a result, many people who buy whole life often can't afford an adequate face value, leaving themselves underinsured.4. Whole-life policies are built on assumptions.The returns quoted by the agent are simply guesses - not reality. And some companies keep these guesses of future returns on the high side to attract more buyers.5. Keep your investing and insurance strictly separate.There are better places to invest - and without the high commissions of whole-life policies.6. Buy enough term coverage to fill your needs.Life insurance is no place to skimp, especially with generally low rates.7. Match the term of the policy to your needs.You want the policy to last as long as it takes for your dependents to leave the nest - or for your retirement income to kick in.8. Buy when you're healthy.Older people and those not in the best of health pay steeply higher rates for life insurance - so buy as early as you can, but don't buy until you have dependents.9. Tell the truth.There's no sense in shading the facts on your application to get a lower rate. Be assured that if a large claim is made, the insurance company will investigate before paying.10. Use the Web to shop.Buying life insurance has never been easier, thanks to the Internet. You can get tons of quotes - and avoid the pushy salespeople.
Risk Cover - Life today is full of uncertainties; in this scenario Life Insurance ensures that your loved ones continue to enjoy a good quality of life against any unforeseen event. Planning for life stage needs - Life Insurance not only provides for financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children's education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional life insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as Money Back, Guaranteed Cash Values, Guaranteed Maturity Values.Protection against rising health expenses - Life Insurers through riders or stand alone health insurance plans offer the benefits of protection against critical diseases and hospitalization expenses. This benefit has assumed critical importance given the increasing incidence of lifestyle diseases and escalating medical costs.Builds the habit of thrift - Life Insurance is a long-term contract where as policyholder, you have to pay a fixed amount at a defined periodicity. This builds the habit of long-term savings. Regular savings over a long period ensures that a decent corpus is built to meet financial needs at various life stages.Safe and profitable long-term investment - Life Insurance is a highly regulated sector. IRDA, the regulatory body, through various rules and regulations ensures that the safety of the policyholder's money is the primary responsibility of all stakeholders. Life Insurance being a long-term savings instrument, also ensures that the life insurers focus on returns over a long-term and do not take risky investment decisions for short term gains.Assured income through annuities - Life Insurance is one of the best instruments for retirement planning. The money saved during the earning life span is utilized to provide a steady source of income during the retired phase of life.Protection plus savings over a long term - Since traditional policies are viewed both by the distributors as well as the customers as a long term commitment; these policies help the policyholders meet the dual need of protection and long term wealth creation efficiently.Growth through dividends - Traditional policies offer an opportunity to participate in the economic growth without taking the investment risk. The investment income is distributed among the policyholders through annual announcement of dividends/bonus.Facility of loans without affecting the policy benefits - Policyholders have the option of taking loan against the policy. This helps you meet your unplanned life stage needs without adversely affecting the benefits of the policy they have bought.Tax Benefits-Insurance plans provide attractive tax-benefits for both at the time of entry and exit under most of the plans.Mortgage Redemption- Insurance acts as an effective tool to cover mortgages and loans taken by the policyholders so that, in case of any unforeseen event, the burden of repayment does not fall on the bereaved family.