FLAME Newsletter - May 15, 2013


QUOTE OF THE WEEK:

“Today, people are not sure if they should buy health insurance because they don’t know if the company will pay when they need it the most” — Anuj Gulati, CEO, Religare Health Insurance

YOUR FINANCE DEMYSTIFIED:

What you should know before you sign on for a health insurance policy

In today’s fast paced life where all of us are trying hard to achieve targets or meet deadlines, we often tend to overlook nature’s precious gift to us—our health. Changing lifestyles and erratic work hours have given rise to many health issues and make us vulnerable to many ailments and lifestyle diseases.

With an increase in the number of ailments, the cost of medical treatment and advancement in medical technology is also increasing. Health insurance plays a pivotal role in combating the battle of finances, in case of unforeseen events. According to a survey on consumer behaviour, people want to invest their money in something which fetches them instant return, which is reflected in the fact that the decision of buying a health insurance cover is often postponed… Read more

Guide to planning health insurance

Frequently asked questions on health insurance

How to control your health insurance expenses?

Health care inflation has gone up to 18% leading to significant rise in medical care costs and making health insurance premiums expensive as well. Also, as healthcare expenses rise, the real value of the sum assured decreases. It is important to take necessary measures to protect the sum assured as well as to keep the soaring premiums in check.

Arun Balakrishnan, CEO, BerkshireInsurance.com, says, “The first step is to review your plan at periodic intervals and assess whether any changes are needed. For instance, a single professional may need to include cover for his spouse and children after marriage. Changing health conditions of the family also need to be taken into account.”… Read more

Get top up plan to enhance your health insurance

 

Do you need personal accident policy, if you have term insurance?

Acting wisely, Mr. X has been planning his finances ever since he started earning. On the recommendation of his financial advisor, he took a term life insurance policy to secure his dependent wife and children against financial adversity in the event of his demise. He also took indemnity health insurance plans for each family member for protection against medical exigencies.

Unfortunately, Mr. X meets with an accident leading to severe fractures which incapacitate him for a year. Whilst the health insurance suffices for a part of the hospitalization expense, Mr. X is forced to dig into his savings to meet the remaining treatment expenses. More importantly, with the only bread-earner unable to work for a year, the family faces severe difficulty in making ends meet… Read more

What is claim procedure for critical illness policy?

DID YOU KNOW?

How to create a strong health insurance portfolio

A family floater is an umbrella policy which provides cover for the entire family. Family floaters may extend only to an individual and his/her spouse and dependent children or they may also include parents, siblings etc, depending on the plan and carrier chosen. The main advantage of family floaters is that they typically offer higher cover at a lower premium… Read more 

TERM OF THE WEEK

No claim discount 

No claim discount is an important feature of any insurance policy. It is a discount that you receive on your car insurance premium as a reward for not having made a claim against your policy. If you do not make any claim on your policy, then you get a discount from 5% to 25% on basic premium for every claim free year on renewal of your insurance policy.

IN THE NEWS THIS WEEK

MF assets rise 18% in April on inflows into liquid funds

Over 0.9 million folios added in FY13

SEBI extends ESOPs compliance deadline to Dec 31

Banks should issue only clean notes to public: RBI

What is trade gap? Why has it widened?

What is local body tax? Why are traders protesting?

Financial literacy is key to strong economy: US Treasury Secretary Lew

ABOUT FLAME

FLAME (Financial Literacy Agenda for Mass Empowerment) is an IIFL initiative to promote financial literacy amongst the masses in order to make them an integral part of India’s spectacular growth story.

In an era of accelerating GDP and rising per capita growth, financial literacy has become more critical than ever before such that we all reap the tangible benefits of the nation’s economic prosperity. Financial inclusion has been quite high on the governmental agenda, given its emphasis on widening the Banking & Financial services network across the country. IIFL’s FLAME initiative stands committed to complement this effort by helping common people gain financial growth and security though better awareness and education on the variety of financial products while avoiding the lure of and loss from unrealistic claims made by unscrupulous agents and ponzi schemes.

Our objective is to light a FLAME, as the name suggests, which will set ablaze a chain of FLAMEs across the country. The new-found light of knowledge will undoubtedly dispel the dark clouds of financial illiteracy and ensure the bright sunshine of financial growth and prosperity.

This portal is but one of the various IIFL initiatives that would be part of FLAME.


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