Get The Best out of Mediclaim

Is health insurance worth buying? Is it good to safeguard your savings because you can be faced with a medical issue any time? If you do not face any health issue, it is a blessing, even though the insurance cover was a wasted expense. Buying early helps; but the premium increases with age. Unlike life insurance, you cannot lock-in the premium for long term. At times, even buying a policy is not possible due to undisclosed underwriting rules. While mediclaim is useful, Raj Pradhan highlights three major issues with mediclaim, which can let down consumers. One of the common ones is your proposal itself. Health insurers dig up issues with your proposal when it comes to paying claims—even though you may have paid your premium diligently for decades. To avoid this, declare every single health issue diligently. Also, expensive medicines and injections, not covered by mediclaim day-care, can defeat the purpose of buying mediclaim. No insurer has addressed this ‘gap’ in cover and no media has talked about it. Make sure you don’t miss this very important Cover Story.

In her Different Strokes column, Sucheta tells you why the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) may not be as worrying as viral social media messages seem to suggest. Her Crosshairs column is about how dubious promoters game the system with the connivance of international banks and financial intermediaries, to help them bleed Indian lenders – mainly public sector banks. In his legal column, advocate S Prasanna tells us how, and why, the Delhi High Court has upheld the political appointment of BJP spokesperson Dr Sambit Patra as an independent director on ONGC’s board. In Legally Speaking, SD Israni writes about a shocking case where a hapless widow fought a successful battle to force State Bank of India to honour a free insurance on home loans that it had quietly withdrawn without proper notice to borrowers. In his column on stocks, Bala addresses the crucial question of when to invest in commodity stocks. As always, I look forward to your views and suggestions.

source:moneylife