Is ICICI Bank’s Free Critical Illness Cover with Fixed Deposits Worth It?
ICICI Bank has launched a new term-deposit product which provides a free critical illness cover. Dubbed ‘FD Health’, it offers the benefit of returns and security of a fixed deposit (FD) with the protection of a health cover for critical illnesses.
 
Depositors need to invest a minimum of Rs2 lakh in a cumulative FD for a minimum of two years to be eligible for the free critical...
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  • Personal Finance   Sponsored Post
    Why Term Life Insurance Is a Must in Today's Society
    In today’s fast paced world of rising income and better career opportunities, many are able to take life’s key decisions early on in life. The decision to travel, buy a house, opt for higher education at home or abroad, invest in financial securities or even start a family are no longer far-fetched. This is possible due to a dramatic increase in the social mobility, easy access to inexpensive credit and rise in the standards of living. 
     
    With the focus mainly on improving one’s life and growing assets, it has become even important to protect and secure this growth from uncertainties. For example, the event of sudden demise of a key member in the family or coming down with severe illness or disability can damage one’s finances. 
     
    Importantly, it has repercussions on the lives and future goals of dependents. Events like these can derail one’s path in life and even be a cause for further problems.
     
    Fortunately, there are solutions available today that are easy and affordable, and provide great value. Kotak Life’s e-Term plan protects your loved ones during critical moments to safeguard your family’s financial security. Kotak e-Term plan is a pure protection term insurance plan.
     
    Term insurance is type of insurance availed for certain amount of time. When you get a term insurance, your family and dependents become financially secured, even when you are not around. 
     
    If the insured dies over the policy tenure a death benefit (or sum assured) is paid out. No payout is made if the insured survives the tenure. Unlike other types of life insurance products, term insurance offers a large sum assured at an affordable cost. 
     
    Some of the features that make Kotak e-Term worth your time and money:
    1. Low cost long-term coverage
    Kotak e-Term offers life cover till the age of 75 years, and at an affordable premium cost. The annual premium for a 35 year old healthy, non-smoker male for cover of Rs1 crore till age 75 is only Rs9,400 (exclusive of taxes).
     
    2. Three plans to choose from
     
     
    3. Choose from three pay-out options
    Policyholder can choose for the death benefit to be paid to nominee either as entirely lump sum, in annual instalments or as increasing annual instalments.
     
    4. Increase risk cover at life’s key milestones or decrease it
     
    Kotak’s e-Term offers the option to increase risk cover at important life stages such as marriage, child birth and others without undergoing any further medical examination. The policy also offers an option to decrease risk cover to a lower amount anytime during the policy term.
     
    5. Enhance protection against critical illnesses, permanent disability
     
    Policyholder can get enhanced protection against any one of 37 critical illnesses, above the basic life cover, by adding the critical illness rider to the base policy. There is a permanent disability rider as well.
     
    6. Tax benefits
    The premiums paid for your Kotak e-Term plan are tax-deductible up to Rs1.50 lakh per financial year under Section 80C of the Income Tax Act, 1961. 
     
    How the plan works?
     
     
    Where can one buy Kotak’s e-Term plan?
    Kotak Life offers the policy on its website and the same can also be purchased offline through an agent.
     
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    User

    COMMENTS

    Francis Adams

    18 hours ago

    Quiet interesting. LIC Life Insurance Advisor (Eight One Six Nine Five Three Four Seven Four Eight). I run YourLifeValue

    We Asked Prosecutors if US Health Insurance Companies Care About Fraud. They Laughed at Us.
    To protect their networks and bottom lines, health insurers don’t aggressively pursue widespread fraud, making it easy for scammers. Then they pass the costs off to you.
     
    Like most of us, William Murphy dreads calling health insurance companies. They route him onto a rollercoaster of irrelevant voice menus, and when he finally reaches a human, it’s a customer service rep who has no idea what he’s talking about. Then it can take days to hear back, if anyone responds at all.
     
    The thing is, Murphy isn’t a disgruntled patient. He prosecutes medical fraud cases for the Alameda County District Attorney’s Office in Oakland, California. And when he calls insurers, he’s in pursuit of criminals stealing from them and their clients. But, he said, they typically respond with something akin to a shrug. “There’s no sense of urgency, even though this is their company that’s getting ripped off.”
     
    It’s not just Murphy. I called health care fraud prosecutors across California to ask what insurers were doing to help bring cases against those plundering health care dollars. More than one simply burst out laughing. “Not much,” one prosecutor said.
     
    It seems counterintuitive. Escalating health care costs are one of the greatest financial concerns in the United States. And an estimated 10% of those costs are likely eaten up by fraud, experts say. Yet private health insurers, who preside over some $1.2 trillion in spending each year, exhibit a puzzling lack of ambition when it comes to bringing fraudsters to justice.
     
    Like much of what happens behind the scenes in the health insurance industry, the insurers’ tepid response to fraud typically goes unexamined. But this year, I dove into the crazy tale of a Texas personal trainer who didn’t have a medical license but was easily able to claim he was a doctor and bill some of the nation’s most prominent health insurers for four years — walking away with $4 million. David Williams, who was also a convicted felon, discovered stunning weaknesses in the system: that when he applied for a National Provider Identifier, the number required to bill health insurance plans, no one would verify whether he was a doctor; and that when he billed insurers as an out-of-network “doctor,” they wouldn’t check either and would keep paying him even long after they learned of his fraud. He was later convicted of health care fraud and is now in federal prison.
    Williams’ scam raised the eyebrows of even my most jaded health care sources. It prompted a half-dozen Democratic senators to write to the federal agency that administers the NPIs and ask what it was doing to plug the “loopholes.”
     
    But it also got me thinking: As journalists, we are peppered with press releases touting the fraud enforcement successes in Medicare and Medicaid, the government health plans. The federal Department of Justice and state Medicaid Fraud Control Units file thousands of criminal and civil cases a year (and still are accused of not being as aggressive as they could be). Clearly, their goal is to let folks know they will be prosecuted.
     
    But we rarely hear about the fraud enforcement efforts of private health insurers.
     
    These companies manage the plans of about 150 million Americans who get their health benefits through their employers. They’re sitting on a massive trove of claims data that can help identify scammers, and problems are routinely flagged by their members. And experts, including investigators who once worked for the insurers, tell me there’s rampant fraud against the private plans.
     
    The bottom line is significant: If a con artist, or a corrupt medical professional, makes off with health care dollars, those losses are not necessarily the insurers’.
     
    They will be passed on to people covered by the plans in the form of higher monthly premiums and out-of-pocket costs as well as reduced benefits.
     
    So, what’s up? Continue Reading...
     
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