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The Growth of Cashless Treatment in Tier-2 and Tier-3 Cities

Suchita Sharma, a 32-year-old government employee from Sultanpur, Uttar Pradesh, was advised to purchase medical insurance with a cashless treatment facility. Suchita, coming from Surat, a tier 2 city, didn’t understand the importance of cashless treatment as she was under the misconception that hospitals in her city were not that expensive. However, after being suggested many times, she purchased medical insurance. A few years down the line, due to an unfortunate event when Suchita was admitted to the hospital for severe chest pain, the doctor suggested surgery that would cost around ₹1.5 lakh. Thanks to her medical insurance, Suchita could get the surgery done without having to make an advance payment, which is otherwise a mandate for the hospital. But since the hospital was a part of the heart insurance company's cashless network, Suchita didn’t have to deal with the financial burden. Cashless settlement has become an integral part of health insurance companies. Let’s analyse the growth and role of cashless settlement in tier 2 and tier 3 cities.

Term

The Rise of “Lifestyle-Based” Premiums in Term Insurance

Akshay Tiwari and Aakash Sahni, both corporate lawyers based in Delhi in their early 20s, decided to purchase term insurance to build a reliable life cover. Akshay Tiwari was a fitness enthusiast who made healthy lifestyle choices every day. Aakash Sahni was a regular smoker who rarely took time for exercise. Both of them applied for a term insurance with the same insurance company. Still, Aakash Sahni was shocked to see the stark differences in premium cost and coverage that he was offered compared to his friend. While Akshay got high coverage at an affordable premium, Aakash had to compromise on the coverage and pay significantly higher premiums. But why did the insurance company discriminate between the two? The answer is simple: Their lifestyle choices. Akshay was a healthier individual, which, according to the insurance company, reduced the chances of a claim. On the other hand, Aakash Sahni had a lifestyle that exposed him to higher health risks, resulting in higher chances of claims under the term plan. The age-old adage, "health is wealth," stands true even in the case of purchasing term insurance. Let’s understand the relation between lifestyle and term insurance premium in detail so that you are in a better position to make an informed decision while purchasing a policy.

Term

Why Some People Outlive Their Term Policy – And What to Do Next?

Ramesh Tripathy, a 25-year-old bank employee, first purchased term insurance for 25 years. At the time of purchasing the policy, he was young, married, and had a home loan going on. He just wanted to secure the financial interest of his family in case of any unfortunate incident with him. Fast forward, 25 years later. Now, Ramesh Tripathy is 50 years old and is already planning his retirement. He is leading a peaceful life with grown-up kids, his own home, and a healthy life. His term policy has also just expired as he outlived the policy. He always thanks the almighty for life has been kind to him! However, since the past 2- 3 years, Ramesh has been thinking, “Is it too late to buy another life insurance now?”, “Do I still need a life insurance policy?” Well, Ramesh is not alone in this dilemma. There are many who come to this junction in life where they outlive their life insurance policy. Let's explore what you can do after you have outlived the term policy tenure!

Health

The Debate Around Insurance for Alternative Treatments (Ayurveda, Homoeopathy)

Renu Shastri, a 52-year-old Mathematics teacher in Kanpur, struggled with chronic back pain for a long time. Last year, when her daughter Veena took her for an Ayurvedic massage, Renu felt immediate relief. The Ayurvedic practitioner there even assured that regular Ayurvedic medicines and therapy could help ease the pain and avoid surgery. But Renu wasn’t sure if the treatment costs were covered under their health insurance or had to be paid out of their pockets.

Health

How Genetic Testing Could Change Health Insurance in the Future

Simran Sandilya, a 24-year-old software engineer from Delhi, is someone who focuses on maintaining a healthy lifestyle. She comes from a family where her father has high cholesterol and her mother has diabetes. Before deciding to purchase health insurance, she decides to get genetic testing done to know whether or not she is at high risk of getting any of the conditions. Sadly, her reports suggested that she is at some level of risk of getting diabetes in future. Though a little disheartened, she took a smart call and purchased a health insurance plan that was tailored to her needs and offers coverage for getting medicines, treatments, and check-ups for her condition. This helped Simran Sandilya look for a medical insurance plan that offers coverage for her specific needs, and the insurance company also benefited from deciding the premium accordingly. Genetic testing has gained wide popularity in India, and it is being used for accurate diagnosis of a person’s present and future health conditions, depending on their ancestral traits. But how can genetic testing impact the health insurance space? Do you need to be worried as a policy seeker/insured? To answer all your queries, we have prepared a little guide, so keep reading.

Health

How “Second Opinion” Services Are Becoming a Policy Add-On?

Shweta Mahajan, a 32-year-old software developer from Delhi, was recently admitted to a hospital when she complained of discomfort and a slight pain around the groin. While Shweta assumed it was a minor issue, to her utter shock, her doctor recommended a hernia surgery, that too, as early as possible. Shweta could easily cover the expenses under her medical insurance, yet she decided to seek a second opinion. Thanks to her wise decision of opting for the “second opinion” rider, she could consult surgeons both in India and abroad. Shweta saved herself from undergoing major surgery, as the other doctors advised against rushing into surgery. We all realise that medical insurance today is not just a luxury but a necessity. While most people agree on the importance of having medical insurance, many of us are still unsure and unaware about health insurance add-ons that can significantly enhance our policy coverage. Let’s talk about a rider that has been gaining wide popularity recently: Second Opinion.

Jio Insurance Broking Ltd

Jio Insurance Broking Limited
IRDAI License No: 347,
Direct Broker (Life & General),
Valid upto: 11/03/2028
(Renewable)

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