When you purchase health insurance in India, it can be confusing to navigate the terminology, avoid hidden pitfalls, and find coverage that is appropriate for your needs. This could lead you to enter a policy thinking you are fully covered, only to find out you are not when it comes time to submit a claim. By providing a comprehensive guide that breaks down the most important features of health insurance policy, briefly describing the feature,…
The poverty rate in India increased from 16.44% to 19.05% when accounting for out-of-pocket (OOP) expenses associated with healthcare, resulting in approximately 6.47 million families becoming impoverished. Though families have a range of available health plan options, many still incur debt because they fail to enroll in or renew their health insurance policy on time, which can lead to a lapse in coverage and being uninsured for necessary healthcare. For many individuals, the primary consideration…
When a major illness strikes, the emotional stress is instant, and the financial stress can last for ages. Term insurance is becoming common in India, but insurance isn’t the most important part in a person’s working life. Health insurance is more important. This is the current need for add-on protections. The latest MRFR report expects India’s critical illness insurance market to grow at a CAGR of ~7.0%, from USD 15.44 billion in 2024 to USD…
In recent years, there’s been a noticeable shift in how urban Indians perceive life insurance. According to the Max Life Insurance India Protection Quotient (IPQ) 6.0 survey, the Protection Quotient has risen to 45, indicating increased awareness and adoption of life insurance products among urban populations. This growing awareness has led policyholders to seek more comprehensive coverage options. One effective way to enhance a term insurance plan is through term insurance riders, optional add-ons that…
Term insurance is becoming increasingly popular in India; however, the significant majority of policyholders do not know that there are certain exclusions to every term insurance policy, and, therefore, many will have their claims denied. The IRDAI statistics for 2024 indicate that an average of 83 percent of health insurance claims were settled by insurers while 11 percent of claims were denied; the other six percent were still in process at the end of the…
A serious illness doesn’t just affect a person’s health, it disrupts entire households. When a loved one is diagnosed with something critical, everything changes: income slows, responsibilities shift, and expenses multiply overnight. Whether it’s cancer, a heart condition, or kidney failure, the reality is that families often face a dual blow — medical stress and financial uncertainty. The hospital bills are just the beginning. Travel for treatment, daily care, and temporary job loss all add…
