Sapna Desai

This Independence Day - Sirf Chutti Mat Manao India has one of the highest rates of healthcare inflation and yet the penetration of retail health insurance continues to be in low single digit. While health insurance has become a basic necessity, still a large portion of healthcare expenses in India is borne out-of-pocket by individuals themselves. Niva Bupa Health Insurance urge every Indian to not just enjoy the extended weekend this Independence Day, but also reflect on the importance of financial freedom, particularly in the face of unplanned medical exigencies. Take a responsible step of securing health insurance for yourself and your family. #SirfChuttiMatManao #ZindagiKoClaimKarLe #NivaBupaHealthInsurance

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As many young Indians growing up, my relationship with money was a mixed bag. For someone hailing from a humble background, saving endlessly was always considered a virtue and spending on luxuries, a vice. This resonates with many of my peers and friends. We're a generation raised in a multicultural society, with often contrasting financial perspectives. Many of us enter adulthood with little to no knowledge on securing our future or making smart investment choices. At Max Life Insurance Company Limited we believe that these insights are crucial as building blocks of a financially secure society. We're dedicated to understanding the evolving financial needs of India, particularly for underserved communities. That's why we've partnered with Yuvaa a leading youth platform in India. Together, we've launched a unique series featuring top Gen Z voices tackling a topic often left unexplored: money management and how to make it work for you. Yuvaa's exceptional ability to connect with young and diverse demographics mirrors our own brand values. Through collaborations like this, we aim to empower India's youth with the knowledge and tools needed to navigate personal finance with confidence, paving the way for a financially secure future. Catch the first episode here: https://lnkd.in/gKFuEzCz Prashant Tripathy Yuvaa Nikhil Taneja Anushka Rathod Siddhesh Lokare

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My five favourite quotes on marketing and leadership: 1. The best ideas come as Jokes. Make your thinking funny 2. Only dead fish swim with current 3. If you are not pushing forward you are moving backwards 4. Only thing we have to fear is fear itself  5. When the shadow gets longer than yourself, Dusk is closer ( Shadow is Ego, Dusk is downfall ) Which are yours? Lovely chatting with Storyboard18 Full interview here on work-life hacks, books, OTT, videos, social media and more. Kashmeera Sambamurthy

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The Imperative for Personal Retail Plans: In recent years, the importance of health insurance has become increasingly apparent to individuals and families across India, especially after COVID-19. With rising medical costs and an increasing burden of lifestyle diseases, having a robust health insurance plan has emerged as a necessity rather than a luxury. However, despite this growing awareness, the penetration of health insurance in the country remains low, with only a small percentage of the population having personal retail health insurance. Current Scenario and Business Penetration: As per recent reports, the penetration of health insurance in India stands at around 35%, significantly lower than many developed countries. While employer-provided health insurance and tailor-made policies offered by insurance companies do provide some coverage, they often come with limitations. For instance, many employer-provided policies cease to exist once an individual leaves their job, leaving them vulnerable in the event of a medical emergency. The Need for Personal Retail Health Insurance: It is imperative for all Indians to consider purchasing personal retail health insurance, which offers several advantages over other types of policies. Firstly, personal retail plans provide individuals with the freedom to choose a policy that best suits their needs and preferences. These policies can be customized based on factors such as age, health condition, and budget, ensuring comprehensive coverage. Furthermore, personal retail health insurance policies typically come with lifetime renewal guarantees, providing individuals with the assurance that their coverage will not be revoked as they age or if they develop pre-existing conditions. This feature is crucial, especially considering the rising healthcare costs and the unpredictability of medical emergencies. Why Dependency on Employer or Tailor-Made Policies is Risky: Relying solely on employer-provided health insurance or tailor-made policies offered by insurance companies can expose individuals to certain risks. Tailor-made policies offered by insurance companies may not always provide the level of coverage required by individuals, and they may come with restrictions on renewability or portability. In the unfortunate event that an individual needs to switch insurers, they may not be able to carry forward their existing benefits, leading to a loss of coverage. Conclusion: In conclusion, personal retail health insurance offers individuals the flexibility, security, and peace of mind that employer-provided or tailor-made policies may not provide. With the increasing prevalence of lifestyle diseases and the mounting healthcare costs, it is essential for all Indians to prioritize investing in personal health insurance plans that offer comprehensive coverage, lifetime renewability, and portability options, also ensure their financial well-being in the long run. #InsuranceDekho #HealthInsurance #Wellbeing

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An overview of selecting the right insurance plan

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"The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from April 1, 2024. Earlier, individuals were restricted to purchasing new insurance policies only until the age of 65. However, after the recent changes that have come into effect from April 01, 2024, anyone, regardless of age, is eligible to purchase a new health insurance. "Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the Competent Authority" said a notification issued by the IRDAI. The move by the insurance regulatory body aims to create a more inclusive healthcare ecosystem in India and to encourage insurance provider companies to diversify their product offerings. IRDAI has also instructed health insurance providers to introduce tailored policies for specific demographics, such as senior citizens, and establish dedicated channels for handling their claims and grievances. "It's a welcome change since it now opens Avenue for people above 65 to seek health cover. Insurers based on their Board approved Underwriting guidelines can cover people above 65. The coverage is subject to offer and acceptance between the Insured and Insurer based on affordability for the senior citizens and viability for Insurers." said an Industry Expert. After the recent notification, the insurers are now also prohibited from refusing to issue policies to individuals with severe medical conditions like cancer, heart or renal failure, and AIDS. According to the notification, IRDAI has decreased the health insurance waiting period from 48 months to 36 months. According to the insurance regulator, all pre-existing conditions should be covered after 36 months, regardless of whether the policyholder disclosed them initially or not. Put simply, health insurers are prohibited from rejecting claims based on pre-existing conditions after these 36 months. The insurance companies are barred from introducing indemnity-based health policies, which compensate for hospital expenses. Instead, they are only permitted to provide benefit-based policies, offering fixed costs upon the occurrence of a covered disease." https://lnkd.in/gHAAZ8ay.

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Now this is a first that I have heard. This has a potential to benefit patients big time, but also has the potential to be abused by the insurance department of the hospital. Why I say that is there will be no external accountability. From the hospital standpoint they will be creating captive customers…which is good for them, great channel to build brand loyalty, one of the main points we highlight of embedding insurance into an offering. Hoping for a humane outcome and a new wave of insurance products.

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Did you know you can get health insurance for alternative healthcare treatments? AYUSH which stands for Ayurveda, Yoga, Unani, Siddha and Homeopathy are traditional health and wellness treatments that are cost-effective and have negligible side effects. Here is everything you need to know: 1. You can get cover for hospitalization and medication expenses for in-patient AYUSH treatment under your health insurance plan. 2. The terms and conditions of the AYUSH cover under health insurance may vary between insurance companies. Hence, ensure you read the respective inclusions and exclusions carefully before choosing the right plan. For instance, there may be limitations or capping on the amount you can claim. 3. It is important to check the network of hospitals covering AYUSH treatment under your health insurance plan. You must choose a health insurance plan with a large insurer network to get the best healthcare facilities. 4. Also if you are getting treatment from a non-certified medical professional or not hospitalized for at least 24 hours then you are not eligible for AYUSH treatment claims. 5. When it comes to normal medications, there are 2 kinds of cases where AYUSH treatments seem like a better option. Firstly the senior citizens who are either too tired of dealing with the side effects of medicines or are simply looking for alternative treatments to deal with their initial ailments. Secondly, in critical ill patients are yet to find the cure for some ailments via our streamlined treatment regimens. Ayush treatment is a good option and with a health insurance cover these can be covered without affecting your pockets. #healthcare #health #insurance #ayushtreatment #healthinsurance #healthinsuranceforayushtreatment #healthandwellness

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This Independence Day – Sirf Chutti Mat Manao! India has the highest healthcare inflation in the world, yet health insurance isn’t widely discussed or considered. As you enjoy the extended weekend, take a moment to reflect on the importance of financial freedom in the face of unplanned medical emergencies. Secure access to the best healthcare for you and your family with health insurance. #SirfChuttiMatManao #ZindagiKoClaimKarLe #NivaBupaHealthInsurance

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Leadership Shake-Up in the Insurance Industry! Dr. S Prakash, former CEO of Star Health, was initially slated to lead Galaxy Health Insurance as its first CEO. However, in a surprise move, TVS Group, the majority partner, opted for Srinivasan to take the reins instead. This development highlights the dynamic nature of the insurance industry, where leadership roles can be subject to change. It also underscores the importance of adaptability and resilience in business. Let's wish Dr. S Prakash and Srinivasan all the best in their future endeavors! #InsuranceIndustry #Leadership #GalaxyHealthInsurance"

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JP Nadda's initiative to include #seniors aged 70+ in health insurance coverage is a thoughtful and commendable move. Read 👇 for more details!! And Follow Aarvi Insurance for more informative posts like this!! #aarviinsurance #insurancecoverage #BJPpresident #jpnadda #healthinsurance #insurancebrokers #informativeposts #greatinitiative #fintech #bfsi #insurtech

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Discover the pre-budget expectations for the life insurance sector from Mr. Nitin Mehta, our Chief Distribution Officer - Partnership Distribution and Head Marketing, in the latest article in LiveMint. Read more: https://bit.ly/3LvBvrC #UnionBudget2024 #Budget2024

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"The Insurance Regulatory and Development Authority of India (IRDAI) seems to have bowled a googly and this may have caught some policyholders by surprise. The IRDAI's latest policy update that took effect from April 1 omitted mentioning a key clause that required insurers to offer health covers to policyholders at least till the age of 65 years. Note that this is not a regulatory cap. However, social media platforms—and the insurance ecosystem at large—have been abuzz with chatter around the IRDAI now ‘allowing insurance companies to sell health policies to those over the age of 65 years’. So what happened? The regulator’s new health insurance product regulations skip mentioning the entry age ‘floor’ of 65 years, below which insurers are not allowed to reject policy proposals from such applicants citing age bar. Put simply, in its earlier Health Insurance Regulations, 2016, which were in force until March 31, IRDAI had mandated that insurers offer policies to individuals at least till the age of 65 years. Were insurers barred from offering health cover to those over the age of 65 before April 1,when IRDAI’s new product regulations came into effect? No. The view that IRDAI has only now allowed insurers to sell regular health policies to people above 65 years of age is misleading. There was never any regulatory bar on insurance companies offering policies to those older than 65. In fact, some insurers already offer a few of their regular plans to those over that age. This is what IRDAI's Health Insurance Regulations, 2016, which were superseded on April 1, say: "All health insurance policies shall ordinarily provide for an entry age of at least up to 65 years." In other words, they could always offer even regular cover to those over the age of 65, which several companies already do. Besides, many also provide senior citizen-specific policies. So, prior to March, insurers had to mandatorily consider proposals of those up to the age of 65—they could not outright reject such proposals citing an age bar. “Some may have taken advantage of the 65-year rule to turn down insurance applications from senior citizens, but now, insurance companies may have to design products and put out premium charts for all age groups,” says Nikhil Apte, chief product officer, Product Factory (Health Insurance), Royal Sundaram General Insurance. But this does not mean IRDAI has removed any age cap or mandated coverage for those over 65. Insurers still have control over the decision to issue policies and fix premiums." Full report: https://lnkd.in/gd7B7YzP

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"Insure Smart" with Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance. In conversation with Nidhi Sinha, Editor, Outlook Money, Singhel reveals how wellness incentives like gym discounts and mental health coverage lower claims and benefit everyone. Healthy living truly pays off! #BajajAllianz #Insurance #Health #InsureSmart

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Second in the series of expensive mistakes you must avoid while purchasing a health insurance policy is 'No Inflation Protection'. Praveen purchased a health insurance policy in 2019 with a coverage value of Rs. 5 lakhs, with the possibility of needing an angioplasty due to heart disease in the future. What he missed calculating is that medical inflation in India is around 14% per year, which means that the cost of medical treatment and hospitalization is expected to increase each year due to various factors like increasing healthcare costs, technological advancements, and rising demand for medical services. Let's see how not having medical #inflation protection would affect his coverage over time: Year 1: His insurance policy covered the full medical expense of Rs. 5 lakhs.  Year 2: Due to a 14% increase in medical costs in the second year, his medical expenses rose to Rs. 5,70,000. Unfortunately, his insurance policy still only covered Rs. 5,00,000, leaving him with a shortfall of Rs. 70,000 that he had to pay out of pocket.  Year 3: With another 14% increase, his medical expenses now amount to Rs. 6,49,800. Again, the insurance coverage falls short, leaving him to cover the difference. This pattern would continue year after year, with Praveen's medical expenses increasing faster than the coverage provided by his insurance policy due to inflation. This would increase out-of-pocket #medical treatment costs despite having health insurance coverage. To protect against the increasing expense of healthcare services, health insurance plans now offer an 'Inflation Protection' feature. This feature ensures that the sum insured or health insurance coverage increases yearly or after a specific number of renewals to keep up with inflation. It may also be called a cumulative bonus, no-claim bonus or inflation protection benefit. Without this feature, your health insurance may become grossly inadequate over the long term. Imagine if you have a 1 lac sum insured policy now! This feature also restores the sum insured for your family. This means that even if you have already utilized the entire sum insured, your family will not be left without coverage. For instance, one of our customers claimed 1.2 Crores worth of hospitalization expenses in the last year due to cancer. Without this feature, they would have had to pay a large amount out of pocket. The restoration feature is one of the most valuable benefits of health insurance policies. You hope you never have to use it, but if you do, it can be a lifesaver. #healthcare #healthinsurance #insurance #insuranceclaims #health #restoration #inflationprotection #medicalinflation #preexistingdisease #illness #policybazaar

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Unveiling the the most talked about new launch: ICICI Lombard Health Advantage Apex Plus! 🌟 💵 With a whopping 3 crore sum insured,  🎉100% no claim bonus,  🌍Worldwide coverage, Plus, benefits like maternity coverage, newborn expenses, and more! Looks like the plan has it all? But is it the right plan for you? Know all that you need! Click the link in the pinned comment for details! 💥 #icicilombard #healthinsurance #unbiased #productreview #review #newproduct #besthealthinsurancein2024 #bestpolicy #insurancetips

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