2. Outline
• Defecation of HEALTH INSURANCE
• NEEDS HEALTH INSURANCE
• TYPES OF HEALTH INSURANCE
• PLAN HEALTH INSURANCE
• THE ADVANTAGES OF LIFE INSURANCE
• DISADVANTAGES OF LIFE INSURANCE
• INSURANCE SURRENDER POLICY
3. objective
• WHAT IS HEALTH INSURANCE
• WHY YOU NEED HEALTH INSURANCE
• TYPES OF HEALTH INSURANCE
• HOW TO CLAIM HEALTH INSURANCE
• HOW TO PLAN HEALTH INSURANCE
• HOW TO GET LIFE INSURANCE
• WHAT ARE THE ADVANTAGES OF LIFE INSURANCE
• WHAT ARE THE DISADVANTAGES OF LIFE INSURANCE
• HEALTH INSURANCE SURRENDER POLICY
4. WHAT IS HEALTH INSURANCE
Health insurance is a type of insurance coverage that
covers the cost of an insured individual's medical and
surgical expenses.
5. HEALTH INSURANCE
WHEN YOU ARE IN NEED
HEALTH INSURANCE PROTECTS YOU
FROM HIGH, UNEXPECTED COSTS
MAKE QUALITY
TREATMENT AFFORDABLE
CASHLESS
SERVICETAX BENEFIT
WHY YOU NEED HEALTH INSURANCE
7. 1- Free-for-service plans - more choice, more cost
• Allow you to choose your doctor or hospital, usually with no
(or minimal) restrictions.
• give you a full range of services:
Doctor visits
Hospital stays
Emergency care
Surgery
Lab tests
2- Health Maintenance Organizations (HMOs) - less cost, less
8. 4- Preferred Provider Organizations (PPOs) - medium cost,
moderate choice
A PPO is a cross between a free for service plan (focusing on
doctor choice) and an HMO (focusing on low cost).
5-High-Deductible Health Plans - Pay As You Go
the newest wave in health insurance.
They offer coverage only after you reach a deductible that is
significantly higher than in traditional insurance plans
3- HMOs with POS option - flexible managed care
These plans will cover most or all of the costs if your primary
care doctor refers you to a specialist not in your plan.
10. • 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
12. 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
13. • Risk Cover
• Protection against rising health expenses
• Daily hospital cash allowance
• Peace of Mind
• Tax Benefits
• Coverage of expenses related to organ donors
• Convalescence Benefits
WHAT ARE THE ADVANTAGES OF LIFE
INSURANCE?
14. • 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
WHAT ARE THE DISADVANTAGES OF LIFE
INSURANCE ?
15. HEALTH INSURANCE SURRENDER POLICY
1. Call the company
2. Fill out the forms
3. Speak to the representative
4. Package the policy and forms and mail
them
5. Wait for the check
17. SUMMARY
• Health insurance is insurance against the risk of incurring medical
expenses among individuals. By estimating the overall risk of health
care and health system expenses, among a targeted group
• TYPES OF HEALTH INSURANCE
• 1-Free-for-service plans - more choice, more cost
• 2- Health Maintenance Organizations (HMOs) - less cost, less
• 3- HMOs with POS option - flexible managed care
• 4-Preferred Provider Organizations (PPOs) - medium cost, moderate
choice
• 5-High-Deductible Health Plans - Pay As You Go
Steps to follow for getting life Insurance
What to look for in a Life Insurance policy
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.
