Discover This Lesser Known Benefit of Your Health Insurance Policy

Nutan Gupta

28 Jul 2017

Your insurer offers you a free medical check-up along with health insurance policy. However, most of the people are still unaware or skeptical of availing this benefit. Generally, according to statistics, only 20-25% of the policyholders avail this benefit.

Lack of awareness about this policy feature is one of the major causes of people not availing this benefit. Another doubt that keeps the insured customer from taking up these free check-ups is that they are fearful about a rise in premium if the test results are not up to the mark.

This fear, however, is completely baseless. Medical check-ups have no effect on the premium even during policy renewal. The health check-up will only affect your policy once your test results are not favourable. In thatcase the health check-up is a timely life-saving service.

Free Routine Health Check-ups V/s Paid Health Check-up

Table_for_Discover_ThisLesserKnownBenefit_Revised

How Much Can You Save?
The check-ups generally covered under the health insurance policy include almost every basic check-ups like ECG, complete blood count, fasting blood sugar, lipid profile, urine test and chest x-ray. Some insurance companies specify the amount of free health check-up that one can avail.

When can You Avail Your Free Health Check-up?
Health insurance policies offer reimbursement to a policyholder for a free medical check-up once in every four years. However, things are improving now; but, at a recent trend, it has been seen that many insurance companies are now offering a free medical checkup every year in the policy term.

Check the Terms and Conditions
Various diagnostic centres have different charges, so the policyholder must carefully read the policy document to know how much cost will be reimbursed by the insurer.

Generally, the customer is not asked to pay if the tests are done at a diagnostic centre specified by the insurance company. The insurer pays the centre as per the rates that they have arrived at, after their agreement.

If the tests are done in a non-empanelled centre, the charges are reimbursed upon receipt of the bill based on the payout policy of the insurance company.

Choose An Online Insurance Platform for Clarity
Availing free health check-up depends on company to company. Even once you find a company that offers free health check-ups, it can become a hassle trying to find out the specifics while comparing each of the options at your disposal.

Log on to 5paisa.com where you will be able to compare insurance policies from multiple websites from a single site. We not only help you in buying the policy but also provide insurance advice to help you understand which insurance policy suits your needs.



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mutual-fund

Why to Choose Mutual Funds Instead of Directly Investing Into Equities?

Whether to invest in equities or mutual funds is a question that has plagued every investor. As someone who needs the best value for his/her investment should you invest in equity directly or via mutual funds?

Let’s start by first understanding what these two terms ‘equities’ and ‘mutual funds’ stand for-

Equities- Equities generally represent ownership of a company. If you own any equity in a company, you are a part owner of the said company (depending on how much equity you own).

Mutual Funds – It is an investment scheme which is professionally managed by an asset management company. It pools together the resources of a group of people and invests their money in equities, debentures, bonds and other securities.

Why choose mutual funds over equities?

For people who’ve never invested in either stocks or mutual funds, it is hard to know which is better and where to start. Broadly speaking, if you are a novice investor, mutual funds are not only less risky but also way easier to manage. Here are some ways in which investing in mutual funds is beneficial as opposed to investing in equities -

Diversification

Mutual funds provide more diversification as compared to an individual equity stock. When you invest in equity, you are investing in a single company which has its inherent risk. For example, if you invest Rs.20,000 in buying equities of one company, you could face a total loss if that particular company performs poorly in the market.  

If you invest the same amount in mutual funds, it will be invested in different kinds of stocks and financial instruments, high-risk and low-risk both, so you might not face total loss even if one company does poorly.

Scale of Investment and Lower Costs

For an individual investor buying and selling stocks is a difficult task due to its high price. Thus, any gains made from stock appreciation are nullified if the overall trading costs are considered. Comparatively with mutual funds, as the money is pooled from a large number of investors, the cost per individual is lowered.  

Another advantage of mutual funds is that you don’t need to invest large sums of money. Buying equities for a profitable venture needs huge amounts of money, a minimum of few lakhs. With mutual funds, you can start with Rs.1000 and earn profits on that as well.

Convenience

Keeping an eye on the markets everyday is a time-consuming business, especially if you are investing as a side gig. There are people who spend their lives studying the market and still end up sustaining heavy losses. Though investing in mutual funds does not guarantee high returns, it is stress-free and needs less work as compared to investing in equities.

To sum it up

It is important to remember that mutual funds have their own disadvantages as well. Thus, as with any financial decision, educating yourself and understanding the suitability of all the available options is the ideal way to invest. 


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Discover This Lesser Known Benefit of Your Health Insurance Policy

Nutan Gupta

28 Jul 2017

Your insurer offers you a free medical check-up along with health insurance policy. However, most of the people are still unaware or skeptical of availing this benefit. Generally, according to statistics, only 20-25% of the policyholders avail this benefit.

Lack of awareness about this policy feature is one of the major causes of people not availing this benefit. Another doubt that keeps the insured customer from taking up these free check-ups is that they are fearful about a rise in premium if the test results are not up to the mark.

This fear, however, is completely baseless. Medical check-ups have no effect on the premium even during policy renewal. The health check-up will only affect your policy once your test results are not favourable. In thatcase the health check-up is a timely life-saving service.

Free Routine Health Check-ups V/s Paid Health Check-up

Table_for_Discover_ThisLesserKnownBenefit_Revised

How Much Can You Save?
The check-ups generally covered under the health insurance policy include almost every basic check-ups like ECG, complete blood count, fasting blood sugar, lipid profile, urine test and chest x-ray. Some insurance companies specify the amount of free health check-up that one can avail.

When can You Avail Your Free Health Check-up?
Health insurance policies offer reimbursement to a policyholder for a free medical check-up once in every four years. However, things are improving now; but, at a recent trend, it has been seen that many insurance companies are now offering a free medical checkup every year in the policy term.

Check the Terms and Conditions
Various diagnostic centres have different charges, so the policyholder must carefully read the policy document to know how much cost will be reimbursed by the insurer.

Generally, the customer is not asked to pay if the tests are done at a diagnostic centre specified by the insurance company. The insurer pays the centre as per the rates that they have arrived at, after their agreement.

If the tests are done in a non-empanelled centre, the charges are reimbursed upon receipt of the bill based on the payout policy of the insurance company.

Choose An Online Insurance Platform for Clarity
Availing free health check-up depends on company to company. Even once you find a company that offers free health check-ups, it can become a hassle trying to find out the specifics while comparing each of the options at your disposal.

Log on to 5paisa.com where you will be able to compare insurance policies from multiple websites from a single site. We not only help you in buying the policy but also provide insurance advice to help you understand which insurance policy suits your needs.