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In India, medical costs are on a steep increase over the last few years. The prices of new medical technologies and super-specialty equipment are eventually passed on to patients. Today, even a minor surgery that requires hospitalization can lead to a bill of a few lakhs of rupees. If you feel that the sum assured by your current health plan is not adequate, you have two choices to increase the coverage.
You can opt to purchase a new health plan. This way, the total coverage is the total of both sums assured. For example, if the sum assured by your current health policy is Rs. 3 lakhs, you can take another health plan for Rs. 3 lakhs. This way, the total sum assured is Rs. 6 lakhs, thereby increasing your overall coverage.
However, the one major drawback is that taking a new health plan can be expensive, especially if you're older and have pre-existing diseases. This brings us to the next option.
A top-up health plan is a type of health insurance policy designed to supplement your primary health plan. It helps you increase your health insurance coverage at affordable premiums.
Here's how top-up health plans work: Let's say you have a basic health plan of Rs. 3 lakhs. You can take a top-up health plan with a sum assured of Rs. 5 lakhs. This brings your total coverage to Rs. 8 lakhs. If the hospital bill is Rs. 3 lakhs, it would be paid from the basic plan. If the hospital bill is Rs. 5 lakhs, Rs. 3 lakhs is borne by the basic plan, and the remaining Rs. 2 lakh is paid by the top-up insurer.
The threshold of Rs. 3 lakhs is known as the deductible, and the top-up plan kicks in only when the claim amount goes beyond the threshold level.
Top-up plans are a great way to enhance your coverage. They are inexpensive because of the deducible (threshold level). The higher the deductible, the lower is the premium of the top-up plan. Additionally, top-up plans do not require medical check-ups for individuals up to the age of 55 years. Whereas, when you take another health plan to supplement your basic cover, you have to undergo the mandatory health check-up if you’re 45 years or older.
Increasing the sum assured in a health plan is easy. Evaluate both the options listed here and choose the right one that suits your pocket.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A CIBIL™ Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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