A reader asks, “Would you please suggest how one can manage financially if one is not eligible for health insurance due to pre-existing diseases for younger folks? Medical expenses are an inevitability. How do we plan for that as best as we can?” Most private health insurers today are unlikely to accept the risk of…
Continue reading →Here is a list of steps to consider if your health insurance claim is rejected. For a rea-life experience see: How I used Bima Lokpal to contest my health insurance claim rejection and won 1. Do not let anger and emotions cloud your judgment. Take some time to read and re-read the claim repudiation letter. Find…
Continue reading →In this article, we answer some questions on health insurance asked by listeners of the “Let’s Get Rich with Pattu” podcast. These are also FAQs that we receive from time to time from our readers. Q: This concerns the medical Insurance episode on Let’s Get Rich with Pattu. I’m a private sector employee and have…
Continue reading →Many people have insurance policies from nationalised companies or other private companies purchased 5 to 10 years ago or earlier. At that time, insurance policies were very standardised, and the major choice that had to be made was about the insurance coverage amount. Over the past few years, private insurers have developed policies with innovative…
Continue reading →Life has a strange way of teaching us lessons: through wisdom, for some, and through heartbreak. Today, I’m sharing a deeply personal story. It’s not fiction. It’s not borrowed. It’s real. This story continues to haunt me because I witnessed it unfold before my eyes—and I wish it had had a different ending. About the…
Continue reading →The usual response to “Can I buy term life insurance if I have no dependents?” is, “No, it is unnecessary. Life insurance is only for those with dependents”. While this is perfectly fine, my view on this – initially aligned with the standard answer – has changed over the years. Often, young, unmarried earners ask…
Continue reading →A reader asks, “I am 35 years old and presently have a Central Government Health Scheme (CGHS) cover for myself and my family (wife and daughter) on account of my Central Government job. Considering that the possibility of switching jobs is negligible and that CGHS can be extended to cover me and my wife post-retirement…
Continue reading →A reader wishes to know, “What is the ideal base health insurance plus super top-up combination?” If you are confused about which health insurance policy to buy, check out the free resources at the end of this article. There is no ideal base + super top-up combo. We will have to decide what is suitable…
Continue reading →Unit Linked Insurance Policy is a life insurance policy that has components of both investment and insurance and is linked to a unit as defined in regulation 3(ee) of the Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019, governed by section 10(10D) of the Income Tax Act 1961. About the…
Continue reading →Many individuals close to retirement are unfamiliar with buying government bonds vis RBI Retail Direct and how it differs from purchasing a life insurance pension plan*. We discuss the essential differences in this article. In this article, a life insurance pension plan refers to an immediate annuity plan, not a deferred one. Always avoid deferred…
Continue reading →A reader wants to know how a term insurance payout should be invested for the family’s welfare upon his demise. As is well known, a term insurance plan only pays out on the insured’s death (usually a breadwinner). First, we (the insured) must ensure that the (bereaved) family typically does not need to dip into…
Continue reading →In this article, Sunil explains how he contested a health insurance claim rejection with the Insurance Ombudsman (Bima Lokpal portal) and won. Sunil prefers that the health insurance company not be named in the article (the editorial team at Freefincal is also unaware of this). The procedure followed matters more to the reader, as it…
Continue reading →In this article, Lakshman shares how he bought a health insurance policy for his family. We are grateful to the members of the freefincal community for generously sharing their research with all of us. Note: Health insurance is an extremely personalized purchase. Please do your extensive research before buying. I started learning about personal finance…
Continue reading →I’m a 35-year-old married man with one child. While I’m already covered by a health insurance policy worth 5 lakhs through my current employer, I also purchased a personal family floater Mediclaim Insurance worth 5 lakhs last year. Recently, after reading various posts and blogs, I’ve come to realize that relying solely on a health…
Continue reading →If you are travelling on a Schengen Visa, travel insurance is mandatory. In this article, Anoop shares his experience of buying Schengen travel insurance. Note: My limited understanding is that, in principle, it may be possible for Indian residents (without any sponsors in Europe) to buy Schegne insurance from European insurers, but it won’t be…
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