5 reason why your company health insurance is not enough

Does you company cover you under their health insurance plan? However, in the wake of increasing medical inflation, frequent job switching, lay-offs and early retirements, it is important to have a good backup in the form of a suitable Individual Insurance Policy.

Let’s talk about the limitations of a corporate group policy.

When You Switch Companies or are out of Job

If you are depending on your company’s health insurance plan then if you are switch companies, you lose all the benefits earned on the previous policy. In a crisis situation wherein you lose your job then you will be without insurance.

When you Retire or Age

Once you retire, your company policy ends too. At a later age, it is difficult to get an insurance policy and the premiums are very high. Moreover, if you develop an ailment like diabetes, getting a policy of your choice will be nearly impossible. But, if you invest in a good policy earlier, you can enjoy the benefits of claim free years. Your sum insured will increase gradually and you can reap the benefits in your later years and post retirement.

Extended hospitalization

If you happen to be in a situation of an extended hospital stay, the major charges are the room rent and the medical bills. The limited sum insured of your company’s health policy, may not be adequate to cover these charges, leading to heavy financial investment from your end. Your individual policy benefits can be added to your corporate policy and save you from a major financial blow.

No Claim Bonus (NCB) not earned

With a corporate policy, you do not get any advantage for a claim free record. With your individual policy, you get a good history with the insurance companies and you get the No Claim Bonus reward. This is especially helpful, as the according to WHO, the current medical inflation in India is at 20% per year, whereas income increase is at 10%. Accruing a good NCB amount will keep you on top of your medical expenses. As the years go by, you will have a high sum Insured along with NCB with a gradual and affordable increase in premium.

Limited Flexibility

A group insurance policies are constructed according to the company’s policies and the will of your employer with little or no flexibility to accommodate your health needs unlike an individual one.

The table summarizes the major differences between the two policies. You can get a fair sense of what you can expect from each of them.

company health insurance


Read more about Maternity cover

Read more about How do I choose best plan for parents?

During claims, make sure you use your corporate policy and  run a claim free individual policy for unforeseen and post retirement medical treatments.

So, once you have decided to opt for an individual plan, it’s important you do your research, obtain the best quotes and make comparisons. You can compare multiple plans and find the one which fits your needs at Turtlemint.

Read also What is insurance and how does it works?

Read also An anatomy of an health insurance plan

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No claim bonus reward driving safe zero claims

When buying a motor insurance policy we often wonder whether it made sense to pay such high premiums despite being cautious drivers/users of the car. Insurance companies have specifically designed benefits for low hazard car owners like you.

When you do not file a claim in your policy the insurer offers you a discount on your next policy renewal. This reward is called the No Claim Bonus or NCB. Let us examine how this NCB works for Motor Insurance.

NCB will be applicable when:

1. You make no claim in a year and the premiums are paid on time.

2. It is available only with the comprehensive car insurance policy.

For a standard Motor Insurance policy offered by leading insurers, NCB follows the following table on Own Damage premium.

Bajaj Allianz

Points to Remember

1. NCB becomes Zero in case you file a claim. This situation can be avoided if you buy an NCB cover which allows up to one claim. Talk to your insurance provided today to know more about it.

2. NCB follows the customer and not the vehicle. So if you change your vehicle after 3 years of use with no claims, you will get a discount of 35% on the insurance premium of your new car which is of the same class. Hence, it is transferable depending on the credibility of the owner.

3. NCB is Valid upto 90 Days from the date of policy expiry. If you policy is is expiring on 1st October 2015, then you can get an NCB discount only if you renew your policy by 31st December 2015.


Tip: If you have a vehicle damage and cost of repair is lower than the NCB you would enjoy for subsequent years, then it will be wise to bear theo cost yourself and maintain the NCB instead of filing  the claim.

You can compare from over 20 top  insurers and their plans with ease at turtlemint.com

Read more about Everything you should know about two wheeler insurance policies in india.

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Choose Wisely 🙂

Get your Parents Insured With the Best Senior Citizen Health Insurance Plan

Every little time you needed any or assistance your parents did not think twice on spending all their hard earned money on you. We are sure that you reciprocate the same feeling and now want your parents to lead a long and healthy life. However, with the medical inflation, and additional health care issues with increasing age, affording quality care for them can be challenging. Well, investing is a good health insurance plan for your folks can help.

Why do you need to get health insurance for senior citizens?

With the current costs a simple yet very common cataract (clouding of eye lens causing blurred or loss of vision) surgery can go up to Rs. 15000-35000. With approaching age the severity and frequency of illness rises, leading to skyrocketing of medical bills. At a medical inflation rate of 15% every year, a good insurance cover can guarantee that regular ailments are taken care of without the burden of major financial blows periodically.

You can save tax of more than Rs. 10500/- under Section 80D of the Income Tax Act, by buying a Health Insurance for your Parents.

Some things to keep in mind for insurance for senior citizens.

1. Such personal mediclaim policies have waiting period for pre-existing ailments as well as mandatory waiting periods for specified illnesses.

2. It is wiser to get your parents insured early as in the age bracket of 50 to 69, there are some very good health insurance policies which can help you provide a lifelong medical coverage.

3. After the age of 69, getting a policy becomes more difficult.

What should you be looking for in a good mediclaim policy for senior citizens?

Renewal Ceasing Age: Look out for the Renewal Ceasing age in the Mediclaim policy. This is the age, when the cover will stop and would not be renewed. For instance, in case of Bajaj Silver Health, though it is a very good product, the policy ceases renewals at the age of 70.

No Medical Checkup Options: Generally, Medical checkups become mandatory for people aged more than 45. However there are policies available such as Star Red Carpet, where there is no Medical Test required till the age of 69, of course there are terms and conditions. In case you do not live with your parents, and it is difficult for them to get the tests done themselves, such options are very convenient.

Pre-existing conditions:  With any health care cover for senior citizens, there multiple exclusions and additional charges for pre-existing conditions. If the pre-existing condition are common diseases like diabetes mellitus and hypertension, then some insurers like New India Assurance cover them at a higher premium for each condition. Others cover them by offering varying percentages of the Sum Insured usually up to 50%. One claim free year can also be accounted for when covering pre-existing conditions.

Exclusions and Terms associated with certain illnesses: A lot of senior citizen policies, have an increased number of exclusions and conditions which it comes to certain illnesses. For instance, different policies cover different percentage of the bill for Cataract operations.

Look for a Specialist Mediclaim Advisor: Look for an advisor who specializes in Health Insurance services and provides professional assistance at the time of claims. An advisor will also sound you on the background of various insurers as well as provide you detailed solutions.

What are the good policies offerings in India as this point?

Iffco Tokyo
Oriental Insurance
New India Assurance
Bajaj Silver
Star Red Carpet

At Tutlemint.com, just enter your parent’s age, and find the best plan for your preferred hospital next to you!

Read also An anatomy of an health insurance plan

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Engine protect cover: Extra shield for your car during rains

Tropical monsoons can’t be trusted. Either they disappoint everyone or arrive with torrential rains and end up flooding the streets. If you parked your car in the open, chances are that your car would be submerged in water. This can be detrimental to your car. The moment you put your keys in and start the ignition, the engine will suck up water and no need telling what that would do to the engine. The more you try, the more you damage the engine. In a few trials, your car will breakdown. The engine is permanently damaged. What to do now?

This must be said here that no regular car insurance policy covers engine damage due to water ingression, or due to leakage of lubricating oil, because it is a consequential loss. What you need is an add-on called Engine Protect Cover.

Read more about All you need to know about car insurance

What is covered

The add-on covers you for repair/replacement of some parts of the engine like pistons, connecting rods etc., parts of the gearbox and the labor cost incurred. If that’s not enough, the entire engine is replaced. Mind you, the cost of replacement is quite high and can go up to 1.5 lakh for most Sedans. Imagine if you don’t have this cover. Horror of horrors!

How much do you pay

Engine protect cover is reasonably priced and costs about 2% of the IDV. The premium goes up by 7-10% of the cost of a policy without engine protect cover.

Read more Understanding IDV – Amount you can claim for Vehicle damage

Who Should Buy

Anyone living in areas prone to flooding and waterlogging must consider this cover seriously. Also, if your car has low ground clearance, which is the case with most premium segment cars, this cover is a must-have really.You can buy car insurance by visiting our site.

Read more about Preparing your car for the downpour

All you need to know about roadside assistance cover

Variations on a frustrating incident: You are running late for a meeting and the car breaks down, driving out to enjoy a get-together with friends but flat tyre plays the spoiler, or coming back from a vacation and the fuel tank gives out in the middle of nowhere. There can be nothing worse, really. Well, let us tell you that it happens all the time to a lot of people, everywhere. Important thing is to consider calling up your insurer for help. Did you do that? Of course, only if you had Roadside Assistance cover.

What is a roadside assistance cover?

Roadside assistance cover is an add-on feature offered with any basic car insurance policy. It covers you for situations of breakdown of your car when you desperately need aid to get moving, whether it is due to no fuel or battery breakdown or any other specified reason.
The great thing is that it is real cheap for the kind of help you get when you need it the most. Priced at Rs 200-500, affordability is definitely not an issue.

How is the cost decided?

By and large, the age of the car and the extent of coverage decide the premium. The old car is much more exposed to mechanical failures, so you end up paying premium slightly on the higher side. Premium depends on the number of situations covered as well. They can vary but there are some on-road situations that are covered by all.

What are these on-road situations?

Fuel- If you run out of fuel, call up the insurer to arrange it, until you reach the next petrol pump.
Flat tyre- And not carrying a Stepney? Well, hail the insurer to send one. It will be happy to oblige you.
Towing- If your car needs to be taken to a garage or elsewhere, your insurer can fix up the service for you.
Battery- The insurance company can send you a battery replacement or someone to take care of the issue.
Keys- You’ve locked yourself out of the car and need spare keys. Ring ‘em up!

Find out 10 items to build your car emergency kit.

Note this one thing well

Roadside Assistance doesn’t mean that the insurer will take care of the expenses. The liability under this cover is limited to just facilitating the process, like, send the garage mechanic to your location or send you the contacts that are nearby or any such ‘assistance’. The actual cost of the fuel, or a new key, or a Stepney will have to be borne by you.

It is still useful, yes!

Although the actual expenses are not covered, the help you get from the insurer is invaluable. It makes the entire process hassle-free and super prompt, and that really makes all the difference. You save a lot of time and the fact that you can rely on the insurer to bail you out of a situation is anyway an extra comfort.  So, roadside assistance cover remains a nice add-on to have.