Answer these questions before doing your financial planning

Financial planning – some say it is art while others boil it down to a series of steps. What is financial planning exactly- Art or science?

Financial planning is, in actuality, a mix of both. While there are definitive steps for making a successful financial plan, understanding the steps and applying it to your finances is an art. Until and unless you have a sound financial plan, you cannot make the most out of your finances. Do you have a sound financial plan?

Many don’t. If you are one among them, it’s time to make your plan. If, however, you do, you should review your plan. Whether you make a new plan or review an existing one, ask yourself the following questions to ensure that your financial plan ticks all the important features of a successful plan –

  • Have I done self-assessment?

Self-assessment is the first step in the financial planning process. Your personal finance should be understood by you. You should understand your finances in the context of your income, expenses and savings. Find out the assets you have and your liabilities. Determine your net financial worth which would complete the whole self-assessment process.

  • What are my financial goals?

After you have a clear picture of your finances, you would know the amount of your savings which can be invested. But the next question which you should ask is the purpose of your savings. The answer would, obviously, be that you are saving for your financial goals. But do you know your financial goals?

The next and the most obvious question in your financial planning process should be the identification of your financial goals. Find out why and when you would need money. Your goals can be child education, marriage of your children, buying a car or a house, taking a foreign vacation, planning for retirement, etc. Understand your life stage and know your financial goals.

  • What are the avenues of investment?

So you have figured out your disposable savings and the various goals towards which you have to save. The next logical step is finding out the various avenues of investments. Fortunately, when it comes to investment avenues, there is no shortage. You can choose from fixed income instruments, market-linked investment options, long-term options or short-term ones. The choice of the avenue should depend on the following factors –

  • Your financial goals
  • Investment horizon
  • Tax implication of each avenue
  • Your risk appetite

Each of your investments should be done after they qualify on these parameters. This would help you to avoid investing in unsuitable avenues.

  • Have I made a plan for unexpected contingencies?

Before you take the step of investing your money, stop and find out if you have planned for unexpected contingencies or not. Contingencies tend to sneak up on you when you least expect them to. As such, having a proper financial plan to deal with such contingencies is the wise thing to do. Insurance comes into the picture when you talk about contingencies. A life and a health insurance plan are quintessential requirements. While term insurance plans secure your family’s finances in case of your untimely demise, a health insurance plan takes care of unexpected medical costs. So, before you invest in any other avenue, invest in life and health insurance plans to plan for unexpected contingencies.

Read more about Health insurance not an options anymore but a necessity

Read more about 5 reasons why you need life insurance

  • Do I have sufficient emergency funds?

Another step to take before making goal-based investments is to have emergency funds. Emergency funds help you deal with unforeseen contingencies which are not dealt by insurance plans. For instance, if you lose your job or face a phase of loss in your business, you need funds to tide you over during the bad phase. Similarly, if you are hospitalised and your health plan does not pay for the accruing expenses, you need money to pay the bills. These contingencies demand an emergency fund. So, you should have an earmarked emergency fund which should also be sufficient. Now when it comes to sufficiency, there is a simple formula to ensure a decent size of the fund. As per financial experts, you should have at least 6 months’ worth of your income in a liquid emergency fund. So, first, create an emergency fund and, second, ensure that the fund is sufficient.

Find out How much India spends on out-of-pocket medical expenses

  • How can I create a diversified portfolio?

Now when you finally move to investing your funds, diversifying is important. You get two benefits from diversification. One, you get to spread the investment risk across different products. This helps in minimising the risk. Two, you get better returns. Wise men said don’t put all your eggs in one basket and diversification lets you avoid just that. So, choose different investment avenues and create a diversified portfolio. Invest in equity, debt, fixed-income instruments, long-term avenues and also short-term ones. You would be grateful for the benefits you get.

  • What should be my equity exposure?

Equity gives the maximum returns but is also very volatile. While it can make you rich quickly, one market slump and you lose everything. So, equity investment should be done with care. Ideally, your equity exposure should be determined by your age. As per a formula devised by experts, 100 minus your age would give you the ideal rate of equity exposure. So, if you are 30 years old, 70% of your investments should be in equity and if you are 50 years old, your equity investment should not be more than 50%.

  • Should I invest in property?

Real estate holds a lot of lure among many investors. Besides buying a house for residential purposes, people invest in property for rent income, for creating or simply to invest their surplus funds. While real estate investments are good, you should first make sure that all other financial goals have been met. If you have surplus, you can invest in property. However, if buying a house is a financial goal then investing in property is a good idea.

  • Am I getting enough liquidity from my investments?

Liquidity means easy availability of cash when you need. While many investment avenues promise easy liquidity, some don’t. For instance, if you have invested in property, liquidity is an issue. Similarly, fixed-term investment avenues also prohibit easy liquidity. Ideally, your portfolio should have both liquid and illiquid investments. While liquid investments would provide you funds when needed, illiquid ones would create a forced saving. So, don’t have a completely liquid or completely illiquid portfolio. Have sufficient liquidity without compromising on wealth maximisation.

Once you get sufficient answers to these questions, you can create a successful financial portfolio. To sum up, here’s how your financial plan should proceed –

financial planning

Use the flowchart, answer the questions and then plan your finances. You would be surprised with the efficiency of your plan.

Read more about What is Insurance and how does it work?

Read more about Should one buy health insurance plan or life insurance or both and when?

Super simple bike insurance claims process

For those who have gone through the claims filing and processing steps after a bike is stolen or damaged, they would support the fact that two key factors determine the success rate of a bike insurance claim payout – prompt action post the mishap and adherence to all steps within the filing process.

If you are a first timer to this process, then you may want to tread the path carefully so that the chances of rejection of claims go down and you can successfully receive compensation from the insurance company for damage due to natural or manmade disasters.

Read more Buying a two wheeler for the first time? know about two wheeler insurance policy

Today’s post gives you a simple way of filing for bike insurance claims and ensure that your claims are processed by the insurer and you do not face rejection to any issues on the way.

Types of claims

First off, you need to know which type of claim you would be filing for. There are two options available to you:

1 – Cashless claims

All insurance providers have a tie-up with chosen garages. If you opt to do the repairs at such garages then you can avail of cashless claims. This way, the garage will send the bill directly to the insurer, who will settle it for you. Do not that you would still have to bear costs for the below –

  1. Voluntary deductible opted in your insurance plan
  2. Any parts not covered by the policy
  1. Reimbursement of claims

In case you do not have a network garage nearby then you can go for reimbursement method of claim settlement. In this scenario, you can have the bike surveyed by the surveyor, repaired and pay the bill. You can then submit the bill for reimbursement.

Steps to file claims

1 – Inform the insurance company

The very first step in going for a successful claim is to promptly intimate the insurance company. Every company will have a dedicated claim toll free number. You can also connect with Turtlemint and our professional experts will handle the claims process to assure total peace of mind to you.  

It is very important that you don’t start with the repair without intimating the insurance company. They will first inspect the extent of damage and carry out their assessment. In case of an accident, it is recommended to film a video immediately as it can add substantial weight in your favor in the claims settlement process.

2 – Fill up claims form

You can download the application form in order to register the claim with the insurance company.

3 – Get repairs at doorstep or nearest garage

You can take the bike to the nearest network garage associated with your insurance company. In case there isn’t one then you can take the nearby garage too (and then claim reimbursement on the claims). Many insurance companies also provide the facility to have a repair person come to your doorstep for the repair work.

4 – For third party claim, you need to submit RC copy, FIR,driver license copy, claim form

5 – For theft, you need to submit bike keys, RC copy, FIR, driver license copy, claim form

When is claim not accepted?

It makes sense for a policyholder to be aware of this so that they can raise claims only for valid reasons. When you file a claim, the company assesses if the claim is arising due to any of the below mentioned causes. If so, it is likely to be rejected.

  • Loss of accessories (unless you have an accessory add-on cover)
  • General wear and tear
  • Driving under the influence of intoxicating substances
  • Lapsed bike insurance policy
  • When driving without a valid driver’s license

Read more about Renewing your lapsed lapsed two-wheeler insurance policy

To wrap up

These pointers would be of immense help when you are faced with the ordeal of having your bike repaired as well as take care of timely claims filing for compensation. Do connect with us at Turtlemint for your claims related queries and get unbiased and expert answers to assist with proper claims filing.

Read more about Everything you should know about two wheeler policies in India

Read more  Top 5 ways to get discount on bike insurance


10 things to keep in mind before buying a health insurance

The importance of health insurance cannot be ignored in the modern age where medical expenses are at an all-time high. Though medical advancements have brought about a revolution in curing ailments, they have also increased the cost factor. Modern day treatments, medicines, hospitalisation, etc. have become so expensive that a common man needs to resort to a health insurance plan to save his pockets. Though awareness for health insurance has increased, many individuals still don’t understand their health insurance plans completely. They buy a policy solely on the recommendation of their agent, friends or family. Do you also follow the same practice?

Health insurance should be bought based on your requirements and after understanding the product’s terms and conditions. There are certain factors which should be double-checked before you invest in a health insurance plan. Do you know what these factors are?

If you don’t, here are ten of the most important things which you should keep in mind before you buy a health plan for yourself and your family –

  • The right time to buy a health plan

Most of you wait for the right time to buy a health plan. The truth, however, is that there is no ‘right’ time. A health insurance plan should be bought at the earliest to gain two main advantages. The first advantage is that the premiums are low when you buy a plan at a younger age. The second and the most important advantage is getting a comprehensive scope of coverage. When you buy young, you are usually free of health complications. As such, you can get a comprehensive coverage which covers all aspects of your health-related claims. Moreover, when you buy young, you can easily wait out the applicable waiting period. Thereafter, you can enjoy complete coverage. So, don’t wait for the right time. Buy a health plan NOW.

Read more Health insurance not an options anymore but a necessity!

  • The type of coverage you require

You should understand what type of health insurance policy would be suitable for you – an individual plan or a family floater one. If you are unmarried and don’t have dependent parents, you can opt for an individual health plan which would cover only you. If, however, your parents are dependent on you or you have a family (wife and kids), buying a family floater plan would make more sense. The plan would cover your entire family under one umbrella and the premiums would also be lower compared to having individual plans for each family member. So, first decide on the type of policy you would want and then buy the plan.

Read more Family floater plan or individual policy

Watch a video on Ayurveda Coverage in Health Insurance:

  • The sum insured

This is one of the most important considerations which should be carefully planned. The sum insured would be the maximum liability which the insurance company would pay in the event of a claim. Given the high medical costs, your policy’s sum insured should be optimal. You should consider the members covered, existing illnesses in the family, the expected medical costs and then decide on the sum insured. If you have an employer-sponsored group health plan, you can choose to have a lower sum insured under your independent health plan. The premium affordability should also factor in your decision. Since a high sum insured entails a higher premium, you should assess whether the premiums would be affordable or not. If affordability is an issue, you can, instead, choose a top-up or a super top-up health plan to supplement your coverage while keeping premiums low. So, factor in all these factors and ensure to have a decent sum insured in your health insurance plan.

Read more Why a super Top-up is the need of the hour?

  • The coverage features

Health insurance plans, nowadays, offer a wide gamut of coverage features which make them comprehensive. Every plan is composed of different coverage features and you should study every plan’s coverage features before you buy one. First, find out which coverage benefits you would require. Then, compare health insurance plans based on the required features. Shortlist plans which offer the features you require and then choose the best plan from the shortlisted list. Don’t pay for coverage features which you don’t require and, at the same time, don’t miss out the features which you do. Choose a plan which fulfils your requirements while at the same time is low on premiums. This way, you can buy the best health insurance plan which suits your needs.

Read more about An Anatomy of a health insurance plan

  • The limits and sub-limits

When looking at the coverage features, spare a look at the features’ limits and sub-limits. Many health plans have a sub-limit on room rent. You should be careful of this sub-limit. If you choose a room which has a rent higher than the sub-limit, your entire hospitalisation claim would stand reduced. Ideally, you should have a plan with no sub-limits. Moreover, there might be limits on other coverage features too. For instance, maternity cover, ambulance cover, domiciliary hospitalisation, AYUSH treatments, etc. have coverage limits. Know these limits beforehand. Try and buy a plan which allows maximum coverage with or without the applicable limits. Knowing these limits and sub-limits helps you reduce your out-of-pocket expenses in case of a claim.

Read more and find out if you have high out-of-pocket expenses on health

  • Co-pay clause

This clause is, usually, applicable in health plans if coverage is granted for an individual aged 60 years and above. The clause represents a portion of the claim which is payable by the policyholder himself. The insurance company settles the remainder of the claim only. For instance, if a policy has a 10% co-pay ratio, 10% of every claim would be borne by you and the company would pay for only 90% of the amount. Co-payment is applicable in each and every instance of claim and so you should be careful. If you are buying a policy for senior citizen parents or if you yourself are more than 60 years of age, the co-payment clause might be applicable in the policy. Find out the co-pay rate. The lower the rate the better it would be for you.

Read more about Dejargonizing health insurance plans

  • List of tied-up hospitals

Cashless claims have become the trend in health insurance claim settlement. These claims do not require you to take the burden of the hospital bills. The bills are directly settled by the insurance company. However, there is a catch. Cashless claim facility is available only at those hospitals which are tied up the insurance company. So, if you want the company to settle your bills directly with the hospital, you need to seek treatment at tied-up hospitals only. While buying the plan, therefore, you should check out the list of tied-up hospitals. Find out whether your preferred hospital or the hospital in your vicinity is in the company’s panel of preferred providers. Knowing the tied-up hospitals would ease your claim process tremendously and should be factored in when buying a insurance plan.

Read more about is Cashless claims for you?

  • Waiting period

If you are suffering from any health-related ailment when buying the policy, you would not be allowed coverage under your health plan for the first few years. This is called the waiting period and your ailment would be called a pre-existing illness. Every health insurance plan has a waiting period clause for pre-existing illnesses. Though the clause is universal in all plans, the tenure differs. Some plans have a waiting period of 12 months while others extend it to up to 48 months. When buying a health plan, you should check the plan’s waiting period. Try and choose a plan with the lowest period so that you can enjoy an all-inclusive coverage at the earliest.

Check out our video below to understand waiting period in health insurance

  • Is porting a viable choice?

If you have a health plan and want to change to a new plan, you can port. Porting is allowed at renewals and lets you retain your No Claim Bonus as well as the reduction of the waiting period. However, before porting, you should compare and find out if porting is feasible. To assess the feasibility, make sure you are getting a better coverage at a cheaper rate in another plan.

Read more about How does portability and renewal work?

  • The ideal broker

Insurance brokers are very helpful when you are buying a health insurance plan. They give you expert advice based on your requirements, help you understand the product’s features, let you compare between the available plans and ease the whole buying process. So, you should try and buy a health plan with the help of an insurance broker. However, you should be careful in your choice of a broker. Choose a reputed broker for a better buying experience. Turtlemint can  also provides you with personalised one-on-one assistance when you are buying health insurance. It allows you to compare between the different plans based on your requirements and also assists you at the time of buying the policy. Furthermore, Turtemint has a dedicated claim assistance team which helps you with your health insurance claims. So, if you are looking to buy insurance, you can visit Turtlemint’s website and find an ideal solution for your needs.

Buying a health insurance plan has become an easy process with the online revolution. However, you should be careful when buying a plan. The above-mentioned factors should be considered so that you buy a plan which is the best solution for your insurance requirements.

Buying bike insurance through Turtlemint

If you have a bike you must know that a two-wheeler insurance policy is a mandatory requirement as per the statutes of the Motor Vehicles Act, 1988. That is why, when you buy a bike, your dealer sells you a bike insurance plan too to comply with the legal rules. Did you know that you can also buy a policy online? Read more about Motor Vehicles Act.

Yes, the online medium has revolutionised the whole process of buying a two-wheeler insurance plan. You can buy a policy instantly in minutes if you choose the online mode. Besides buying easily, you can also compare the different plans, choose the coverage features you want and opt for the best premium rate. Thus, buying a policy online saves you both time and money. But with so many websites offering you a bike insurance plan, do you know which platform is the best?

Turtlemint is an online platform which allows you to browse through various two-wheeler insurance plans and buy a plan as per your requirements. You can choose, customize and buy a bike insurance plan easily from Turtlemint’s website. What’s more, Turtlemint also offers you help at the time of claim settlement. So, Turtlemint is one of the best buying platforms for bike insurance.

Though the buying process is easy, many get confused. So, here is a step-by-step guide of buying bike insurance through Turtlemint –

Step 1 – Visit Turtlemint’s website which is The home page opens which looks like this –

bike insurance

Step 2 – on the Home page, click on ‘Bike’ and you would be directed to a new page –

bike insurance

Step 3 – On this page you are required to enter your bike’s number which you can find on the number plate. If, you have a new bike and don’t have the number, you can select the link below the box– ‘Continue without the bike number’.  Here’s the process both with and without your bike number –

  • With bike number

You enter the number in the box and hit ‘Find Plans’. A new page appears –

bike insurance

Click ‘Next’ and you would be asked the details of your bike. Since the registration number is already entered, you would have to provide the model of your bike, manufacturing year and variant. Thereafter, you would have to provide the details of any existing policy you have. You have to mention the expiration details of your plan, whether a claim was filed or not, the No Claim Bonus accumulated so far, current insurance company and the type of policy you have. You can choose to provide your phone number and email id if you want the quotes by SMS and mail or you can simply see quotes by choosing ‘Show Quotes’

bike insurance

  • Without bike number

If you don’t have a bike number and choose ‘Continue without bike number’, you would be directed to a new page which asks your RTO.

bike insurance

After providing the RTO, the rest of the process is same. You would have to enter the bike’s model, manufacturing year, variant, expiration status of your policy (if any), claim filed status, No Claim Bonus, current insurance company and the type of policy you have. Your mobile number and email ids are optional and can be provided if you want to receive the quotes through SMS and email. Then you would have to hit ‘Show Quotes’ to see the available plans –

bike insurance

Step 4 – For the IDV in the left-hand side of the page, you can either go for ‘Best Deal’ or ‘Choose My Own’. The ‘Best Deal’ IDVs are displayed already. For ‘Choose My Own’ option you would have to enter the desired IDV. There would be a range mentioned for your assistance. Once you enter your IDV, the results would be updated –

bike insurance

Step 5 – You can choose the available add-ons you want. Some add-ons might require you to specify the amount too.

bike insurance

Step 6 – There is also a discount available if you choose Voluntary Deductible. Voluntary deductible is the portion of claim which you undertake to pay from your pockets. You can choose any amount you want to. Higher the amount chosen lower would be the premium.

bike insurance

Step 7 – After making the necessary customizations, you would be displayed the plans. You can choose any plan you want and hit ‘Buy’ to buy that plan.

bike insurance

Step 8 – after you hit ‘Buy’, you would be taken to a new page. The page would display the details of your bike you entered in the left-hand side and the details would be required of the registered owner of the bike.

bike insurance

Step 9 – After filling the registered owner’s details you have to hit ‘Continue’ whereupon you would be asked to provide further details and the details of the nominee.

bike insurance

Step 10 – when you provide the details and hit ‘Continue’, some crucial details would be required. You would be asked to provide the date of registration of your bike, whether a claim was filed last year, the applicable No Claim Bonus and the expiration date of the existing policy.

bike insurance

Step 11 – Then you would have to provide the details of your two-wheeler.

bike insurance

Step 12 – Once you hit ‘Continue’, you get a message that your details are verified and you can ‘Proceed to Payment’.

bike insurance

Step 13 – After you choose ‘Proceed to Payment’, you would be shown the amount payable to complete the online payment. You can select any option you like, pay the premium and the policy would be issued.

This was the entire process of buying a bike insurance plan from Turtlemint. Wasn’t the process easy?

So, the next time you are buying or renewing a bike insurance plan, look no further. Choose Turtlemint and buy two wheeler policy with ease and simplicity.

Read more about Everything you should  know about two-wheeler insurance policies in India

Read more 5 tricks to get best quote for bike insurance

Calculate your term insurance premium based on following factors

A term insurance plan is one of the most important plan which promises financial security in case of premature death. It is also one of the cheapest life insurance plans where you can buy a high sum assured at lower rates. Despite low premiums many of you wonder how the premiums of the plan are computed. Well, don’t wonder too much. The premium of a term insurance plan depends on a lot of factors. If you know these factors you can understand the calculation of term insurance premiums. So, do you know these factors?

No? Let’s unravel them –

Factors affecting term insurance premium


The first and the most important factor determining your premium is your age. Your age determines your mortality risk (risk of death). As such, premiums are charged based on your age. Higher your age, higher your mortality risk and higher would be the premiums charged. The opposite is applicable for lower ages.

Sum Assured

The amount of coverage you take also affects your premium. A higher sum assured entails a higher premium and vice-versa. This can be understood with a simple fact. The quantum of coverage you choose determines the quantum of risk the company takes. The higher the risk the company takes, the higher the premium and vice-versa.

Term and premium payment term

The term of your plan affects your premium. If you opt for a higher term your premiums per thousand Sum Assured are lower. It is because the costs involved in the policy are spread over a longer tenure. As such, the annual premium contains a lower percentage of the costs and is, thus, low. Similarly, the premium paying term is also influential in determining your premium. For regular premium plans the premium is lower compared to limited premium plans.

Medical history

Your medical history determines your health and your health determines your mortality risk. It, therefore, has a direct influence on your premium rate. If you are suffering from any medical ailment or if you have earlier undertaken treatments for medical complications, your premiums would be increased to account for the higher health risk. For instance, diabetics or people suffering from high BP are charged a higher premium.


Believe it or not but your occupation also affects your premium calculation. This is relevant in case you have a risky job. If you are into mining, aviation, armed forces, etc., your mortality risk increases. That is why premiums are increased to compensate for the high mortality risk.

Lifestyle habits

If you are addicted to tobacco or alcohol, it is bad news in the context of term insurance premiums. Since these addictions harm your health, they increase your mortality risk and also your premium rate.

The plan’s pay-out benefits promised

Term plans, usually, don’t have a maturity benefit. If, however, you choose a return of premium plan wherein the premiums paid are returned on maturity, the underlying premiums are higher. Similarly, in case of death benefit too, the pay-outs you choose affect your premium rate. If you choose to receive the death benefit in lump sum, premiums are lower. If, on the other hand, you choose to receive the benefits in instalments, the insurance company’s administrative costs increase. As such, the premiums are increased to pay for the higher costs.

Riders selected

Riders are additional coverage features which can be added to your term plan to increase its scope of coverage. Needless to say, as the coverage increases, so does the premium. Each rider comes at an additional premium. So, adding a rider means an increase in the premium payable. Some popular riders include –

  • Accidental death benefit rider
  • Critical illness rider
  • Terminal illness rider
  • Premium waiver rider, etc.

Read more about Should I buy term insurance riders

So, if you want to find out the premium of your term insurance plan, consider these factors. They contribute towards the calculation of your premium. While some factors are beyond your control (like age, occupation, medical history, etc.), you can control other factors and lower your premiums. For instance, you can quit your addictions, choose fewer riders or choose a higher policy and premium paying term to lower your premium outgo. So, consider these factors when buying a term insurance plan and try and reduce your premium amount.

Read more about Why is term insurance an absolute buy?

Read more about Common terms in life insurance policies

Health insurance not an option anymore but a necessity!

Have you crossed your 20s and haven’t bought a health insurance yet while planning your saving all these years? If yes, be ALARMED! An expense worth lakhs might swipe your entire savings in a jiffy without even giving you a chance to prepare for such an unforeseen situation.

While in their 20s and 30s, majority of the people think, “I’m healthy! I don’t need to worry about any medical emergency or large hospital expense. I don’t need a health insurance”. If you fall under this majority then read to know why, it is not only important but a necessity to invest in a good health insurance plan before planning any further investments.

Double-digit medical inflation

Researchers across the globe would agree on one thing – healthcare costs will continue to rise, unfortunately at a faster pace when it comes to developing countries like India.  As per the 2017 Global Medical Trends Survey Report, there is a 12.5% inflation in the Indian healthcare sector which only re-affirms this statement further. The report says, more than half of health insurers across the world expect this rising trend to continue more steadily over the next three years. What this means is that even a single bypass surgery, which would cost you anywhere between 2-6 lakhs, would cost you more than 10 lakhs within next 6-8 years. Are you prepared to bear such large expenses if need arises?

Your choice of delaying today may subject you to an insurer’s denial tomorrow

There’s a saying, “Better late than never!” By the time you realise the need for buying health insurance, be aware it might be too late to get one even at a higher cost. This is because, insurance companies just like any other business, have to maintain their balance sheets and hence they look after providing cover to healthy individuals with little or no health risk at the time of availing the health insurance. As you age, you start to fall under high risk category and thus, an insurance company would usually ask you to go for a health check-up before deciding to cover you. They may even choose to refuse you a cover at all in case you are found to be suffering from a critical ailment. While your medical condition already left you distressed, you wouldn’t want to face a cover denial when you most need it.

Your employer cover may not always help you

One reason not to buy a personal health insurance may be because you think you are already covered under your employer provided group health insurance. However, what you may not know is that your company cover would remain valid only until you are employed in that company. Once you move from your existing company, you will remain uninsured until you are covered by your new employer, if at all. Besides, the company provided cover is limited and not based on your needs. It may not be sufficient-enough for you and your family’s needs. In which case, you would need a separate health cover anyway. Do you know how much cover your company has provided and whether it’s sufficient for your needs?Read about 5 reasons why your company Health Insurance is not enough

You think you are physically fit and don’t need health insurance now

Even I feel so but doesn’t mean I am not prone to diseases especially when it comes as a result of factors like sedentary and unhealthy lifestyle. Adding to it the stressful lives we live in today’s digital era, we are more prone to illnesses than our forefathers when they were of our age. Although medical improvements have increased the life expectancy and chances of survival, to avail the advanced facilities, one needs to be financially viable as well. Besides, health insurance not only covers hospitalisation due to illness or planned surgeries but also medical expenses for treatments and injuries caused due to accidents. With road accidents in India again on an upward trend, you surely aren’t 100% immune to accidents, are you?


Nobody is immune to accidents or illnesses. Unfortunately, these medical contingencies can come along to anyone at anytime without prior warning. What can we best do but be proactive and prepare for the worst? So don’t wait or waste your time in thinking. Act now and buy Health Insurance today. If you are confused which one to buy, you can compare health plans on Turtlemint or call our experts 1800 266 0101 in case of any doubts.

Read more about How to save money on health insurance

Read more about India spends 90% of its healthcare cost from its own pocket. What about you?

Feel free to share your comments below:

How to save money on health insurance

A health insurance plan has become a necessity in today’s age when medical costs are soaring. Imagine being hospitalised for any illness and a bill amounting to tens of thousands staring at you when you are discharged! Wouldn’t the bill threaten to wipe out your savings?

Read more why health insurance is a necessity

It would and that is why people are increasing insuring themselves under a health insurance plan. However, when it comes to premiums, many feel the pocket pinch. What if I told you that you can save money on your health insurance premiums? Wouldn’t it be good news?

Well, it is good news because health insurance plans allow you to lower the premium outgo. Do you know how? Let’s find out –

Buying young

Your age determines the premium that you would be charged under a health plan. When you are young you are relatively free of health complications. That is why premiums for younger ages are lower than premiums for older ages. So, if you want to reduce your health insurance premium outgo, buy a plan when you are young.

Here is why health insurance should be bought early.

Look for the available discounts

Health insurance plans offer discounts which lower your premiums. For instance, if you cover two or more family members under the same plan, you can earn a premium discount. Similarly, if you choose to buy the policy online, discounts are available. So, look for the available discounts in a health insurance plan. Utilize these discounts and save money.

Choose coverage features wisely

Health insurance plans, nowadays, have become quite comprehensive. They offer a wide variety of coverage features which make your plan an all-inclusive one. However, when buying, you should look for features which are required by you. Don’t choose features which are not required. For instance, if you have kids and are not planning for any more children, maternity coverage would be useless. The higher the coverage features the higher would be the premium charged. So, cut down on the frills and go basic.

Choose a higher tenure

Health plans are, nowadays, offering you continuous coverage for 2 and 3 years instead of one year. You have to pay the two-year or three-year premium at once and coverage would continue for the chosen tenure without having to do annual renewals. Besides being convenient, longer tenure plans also save on the premium cost. Health plans offer a premium discount ranging from 5% to 15% for choosing a higher tenure.

Use your accumulated No Claim Bonus

This tip is relevant for those of you who already have a health insurance plan. Many plans allow you a premium discount in the renewal premium if you don’t make a claim in a policy year. This is called a No Claim Bonus. So, if your plan also allows your premium discounts for not making a claim, grab those discounts and save money on renewal premiums.

Maintain your health

Ever heard the saying – Health is Wealth? Well, for health insurance plans, this saying is true quite literally. If you are healthy, your premiums are lower compared to premiums charged from individuals who have a health ailment. So, you can save money by being healthy. Moreover, under certain plans, there are specially designed health trackers which monitor your health and allow premium discounts if you lead a healthy life. So, if you want to save on the premium cost, maintain your health.

Use the health insurance tax saving benefits to the fullest

Health insurance premiums are allowed as tax deduction from your taxable income under Section 80D of the Income Tax Act. If you pay premiums for yourself and your family, you get a maximum deduction limit of up to Rs.25, 000. If you also pay premiums for a separate health policy for your parents, another deduction of up to Rs.25, 000 is allowed. These deductions increase to Rs.30, 000 if you and/or your parents are senior citizens (above 60 years of age.). Thus, you can claim a maximum deduction of up to Rs.60, 000 through health insurance premiums.

So, you can definitely save money on health insurance through the above-mentioned tips. The next time you are buying or renewing a health insurance plan, be sure to use these cost-saving ideas and lower your premiums.

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