Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Nov 28, 2022

Sanjib Jha is the CEO of Coverfox Insurance. His expertise includes health and auto insurance. He has over 22 years of experience in the financial sector. He has completed his post-graduation from the Institute of Company Secretaries of India.... more
Chiraag Question by Chiraag on Nov 28, 2022Hindi
Listen
Money

Good evening! I have gone through your answers on reading getahead. I have question for “AYUSH” for which I’m paying premium and the insurance company is not advising how to make claims for my Homeopathic treatments where I’m being charged special premium for “AYUSH”.

The insurance company is asking me minimum 24 hours of admission to claim. Unfortunately, there’s no facility for Homeopathy Treatment Hospitalisation. I request you to please share your knowledge on the same.

Ans: Hi Chiraag, hope reading my answers cleared your doubts. To answer your personal query, the insurance company must have mentioned in your policy document that to raise a claim under your policy, you will need to be admitted for minimum 24 hours and without that the claim will not stand.

Also, the treatment in this case needs to be done in an AYUSH recognised hospital to avoid failure of claims.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |9823 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 16, 2024

Listen
Money
Good Health Plan of New India Assurance Co Covers OPD Ayurvedic/Homeopathic treatment also ?
Ans: The coverage for OPD (Out-Patient Department) Ayurvedic/Homeopathic treatment under New India Assurance's Good Health Plan depends on the specific plan variant you have chosen. Here's how to find out:

Review your policy documents: The brochure or policy wording you received with your Good Health Plan will detail the inclusions and exclusions of the plan. Look for sections related to OPD benefits or Ayurvedic/Homeopathic treatment coverage.

Contact New India Assurance: Their customer service representatives can clarify your specific plan details. You can find their contact information on the company's website (https://www.newindia.co.in/) or on your policy documents.

Here's some general information based on publicly available details (it's crucial to confirm with your policy documents):

New India Premier Mediclaim Policy: This popular plan offers OPD coverage for Plan B after every block of two continuous claim-free years. This OPD benefit covers consultations, medicines, investigations, and dental treatment, but it likely excludes Ayurvedic/Homeopathic treatments.
Other Plans: New India Assurance offers various health insurance plans. Some might offer OPD coverage with Ayurvedic/Homeopathic treatment inclusion, but it depends on the specific plan variant.
Here's a recommendation:

Check your policy documents for the most accurate information.
If you're unsure, contact New India Assurance customer service for clarification.

..Read more

Moneywize

Moneywize   | Answer  |Ask -

Financial Planner - Answered on Jan 16, 2024

Asked by Anonymous - Jan 15, 2024Hindi
Listen
Money
How do I make a claim in case of an insurance event? I have a cashless mediclaim from United India but somehow I am not able to understand how I should initiate a claim settlement in case of hospitalisation. Could you please give me step-by-step procedure for filing claims and reimbursements?
Ans: Certainly! The process for filing a claim for cashless mediclaim with United India Assurance may vary slightly based on the specific policy and the nature of the medical event, but here is a general step-by-step guide that you can follow:

1. Inform the Insurance Company:

In case of planned hospitalisation, inform United India Assurance in advance. For emergencies, inform them as soon as possible.

2. Verify Network Hospitals:

Ensure that you are admitted to a hospital that is within the network of hospitals affiliated with United India Assurance for cashless claims.

3. Pre-Authorisation Process:

For planned hospitalisation, you need to obtain pre-authorisation from the insurance company. This involves submitting relevant documents such as the doctor's recommendation, estimated medical expenses, and other required information.

In an emergency, if pre-authorisation cannot be obtained in advance, inform the insurance company at the earliest opportunity.

4. Collect Necessary Documents:

Gather all relevant documents, including the policy document, ID proof, claim form, medical records, hospital bills, diagnostic reports, and any other documents required by the insurance company.

5. Submit Claim Form:

Fill out the claim form accurately. You can obtain this form from the hospital, the insurance company's website, or their customer service.

6. Submit Documents to the Hospital:

Provide the necessary documents to the hospital's insurance desk. The hospital will then submit the claim form and documents to the insurance company for processing.

7. Approval/Rejection of Claim:

The insurance company will review the submitted documents and decide whether to approve or reject the claim. If approved, the insurer will directly settle the bills with the hospital.

8. Paying Non-Covered Expenses:

If there are any expenses not covered by the insurance policy or if the claim is rejected, you may need to settle those directly with the hospital.

Reimbursement Claims:

• If you paid the medical expenses out of pocket, you can file for reimbursement
• Obtain all original bills, receipts, and medical reports
• Fill out the reimbursement claim form
• Submit the form along with the supporting documents directly to the insurance company within the stipulated time frame.

Follow-Up:

• Keep track of your claim's status by following up with the insurance company if necessary.
• Retain copies of all documents submitted for your records.

Always refer to the specific terms and conditions of your insurance policy and contact United India Assurance's customer service for any policy-specific details or clarifications. The contact information for United India Assurance can typically be found on their official website or in your policy documents.

..Read more

Moneywize

Moneywize   | Answer  |Ask -

Financial Planner - Answered on Mar 18, 2024

Asked by Anonymous - Mar 17, 2024Hindi
Listen
Money
Why do third party agents hesitate to reimburse genuine health expenditure incurred on ayurvedic treatment {all conditions fulfilled including admission in ayurvedic hospital}. All proofs submitted. What should I do if the TPAs don't process my claims for ayurvedic treatment?
Ans: There are a few reasons why third party administrators (TPAs) might hesitate to reimburse genuine health expenditure incurred on Ayurvedic treatment, even if all conditions are fulfilled and proofs are submitted.

• Ayurveda is not mainstream medicine: While Ayurveda is an ancient and recognised form of medicine in India, it is not considered mainstream medicine by some insurance companies. This means that TPA might not have clear guidelines for processing and approving Ayurvedic treatment claims.
• Lack of standardisation: There can be a lack of standardisation in Ayurvedic practices and treatments. This can make it difficult for TPAs to assess the validity and legitimacy of a claim.
• Cost-containment: TPAs work for insurance companies, and insurance companies are in the business of making money. This means they may be looking for reasons to deny or delay claims. Ayurvedic treatments can sometimes be expensive, and TPAs may be looking for ways to control costs.

Here are some things you can do if your TPA is not processing your claims for Ayurvedic treatment:

• Review your policy documents: Carefully read your insurance policy documents to understand the coverage for Ayurvedic treatment. Look for exclusions or limitations that might apply.
• Contact your TPA: Call your TPA's customer care department and ask them to explain why your claim was denied. Be polite but persistent in getting answers.
• File an appeal: If you are not satisfied with the TPA's explanation, you can file an appeal. The appeal process will vary depending on your TPA, but there should be information on how to file an appeal in your policy documents or on the TPA's website.
• Contact your insurance company: If the appeal process is unsuccessful, you can contact your insurance company directly. Explain the situation and ask them to intervene on your behalf.
• Consider legal action: If all else fails, you may want to consider taking legal action against your TPA or insurance company. This should be a last resort, as legal action can be expensive and time-consuming.

Here are some resources that you may find helpful:

• The Insurance Regulatory and Development Authority of India (IRDAI) is the regulatory body for the insurance sector in India. The IRDAI website has information on filing complaints against insurance companies and TPAs https://irdai.gov.in/.
• The Consumer Affairs Department of the Government of India also has a website where you can file complaints against companies https://consumerhelpline.gov.in/.

..Read more

Latest Questions
Anu

Anu Krishna  |1652 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Jul 22, 2025

Asked by Anonymous - Jul 15, 2025Hindi
Relationship
Anu Hi. I'm in a really stressful situation and I don't know how to handle it. A few years ago, I was in a relationship with a woman who turned out to be extremely manipulative and possessive. I ended things with her long before I met my wife. I've moved on completely and I'm happily married now. But my ex hasn't. I recently discovered that she has been stalking my wife on social media, creating fake accounts, and even sending her threatening messages. Some of them are nasty and borderline disturbing. She is sharing details about our past relationship that are not relevant. My wife is scared and upset, and it's starting to create unnecessary tension between us. She's beginning to question my past and wonder why this woman still feels entitled to harass her. I really don't want to involve the police or escalate this legally. I want to avoid drama, because I'm also worried it might provoke my ex even further. I just want this to stop. I'm trying to protect my marriage and my wife's peace of mind, but I feel helpless. My wife doesn't respond to her but the details still bother her. What is the right way to handle this without making it worse? How do I reassure my wife, and is there a non-legal way to make my ex back off for good? Am I wrong for trying to avoid police action in a situation like this?
Ans: Dear Anonymous,
If you have nothing to hide from your wife, why worry what your ex will do even if take the legal route?
I think your wife deserves her peace of mind and to actually go the legal way to stop your ex is okay in my opinion especially if she's begun to harass...Don't you think?
A woman that loves you will be reassured only when she feels safe with her man; what are you doing to ensure that?
For starters,
- come clean (if there's anything left to share) with your wife; this will ensure that your ex does not use that to blackmail you
- love you wife even more; actions will matter more than words at this point in time
- do not attempt to meet, text or contact your ex without a legal backing; she may use this against you

You are not wrong in avoiding police action or legal recourse as it can be a lot to handle, but if you are left with no option and your marriage is falling apart, do what it takes to save it...

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

...Read more

Nayagam P

Nayagam P P  |9256 Answers  |Ask -

Career Counsellor - Answered on Jul 22, 2025

Asked by Anonymous - Jul 22, 2025Hindi
Career
IIT Hyderabad Mechanical Vs BITS Pilani CSE, which one to choose
Ans: IIT Hyderabad’s B.Tech in Mechanical Engineering operates under AICTE approval and NBA accreditation within a combined Mechanical & Aerospace department, led by 36 Ph.D.-qualified faculty engaged in industry-funded projects, and equipped with RF, VLSI, smart-grid, and design-manufacturing labs. Its curriculum integrates core mechanics, thermofluids, and design streams with research collaborations with DRDO and ISRO. Placement performance for Mechanical Engineering records a 53.70% placement rate over the past three years, with an average package of 18.71 LPA. Robust student support includes a Career Development Centre, technical clubs, and mentorship programs.

BITS Pilani’s B.Tech in CSE, a NAAC A++–accredited program, features a storied department founded in 1971, over 900 faculty across campuses, state-of-the-art AI, data science, and software engineering labs, and global Practice School internships. Its placement cell secures an 82.75% overall placement rate with first-degree students—CSE branch sees virtually all hires—and average packages of 19.70 LPA. Strong alumni networks, active coding societies, and career-readiness workshops further bolster student outcomes.

Recommendation: Considering higher placement consistency, cutting-edge computing infrastructure, and near-universal campus hires, choosing BITS Pilani’s CSE program best maximizes immediate employability and industry immersion, whereas IIT Hyderabad’s Mechanical Engineering offers specialized research exposure and emerging core-engineering opportunities. All the BEST for a Prosperous Future!

Follow RediffGURUS to Know More on 'Careers | Money | Health | Relationships'.

...Read more

Nayagam P

Nayagam P P  |9256 Answers  |Ask -

Career Counsellor - Answered on Jul 22, 2025

Ramalingam

Ramalingam Kalirajan  |9823 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 22, 2025

Asked by Anonymous - Jul 18, 2025Hindi
Money
I have a 6 year fixed deposit which will pay at maturity in Sep-2027. My question is on when to pay tax for this deposit. Should it be paid every year based on interest accrued every year OR only once, at the time of actual interest credit into the account?
Ans: Understanding Taxation on Fixed Deposit Interest

– Interest on fixed deposits is taxable under “Income from Other Sources.”
– Tax is not based on when interest is received.
– It is based on when the interest accrues.
– This is true even if the FD pays only at maturity.

? When Does Interest Accrue?

– Interest accrues every financial year, not just on maturity.
– Banks calculate interest every quarter or half-year.
– Even for reinvestment FDs, interest is earned yearly.
– The entire interest is paid at maturity, but accrues yearly.

? Taxation is Based on Accrual Method

– As per Income Tax Act, interest must be declared yearly.
– This is known as “accrual basis of taxation.”
– Ignoring this may result in tax demand and penalty later.

? Common Misunderstanding About Tax on FDs

– Many believe tax is due only when FD matures.
– This is incorrect under the Income Tax rules.
– This assumption may cause large tax outflow in maturity year.
– Also, it may attract interest and penalty from IT department.

? Your Obligation Each Year

– Every year you must estimate interest accrued.
– Add it to your total income while filing ITR.
– Pay tax as per your income slab on that amount.
– This is applicable even if the interest is not paid out.

? Where to Find Yearly Accrued Interest

– Ask your bank for yearly interest accrual certificate.
– Usually available in April each year.
– This helps in proper tax reporting in your return.

? Tax Deduction at Source (TDS) on FDs

– Banks deduct TDS if interest exceeds Rs. 40,000 per year.
– For senior citizens, this limit is Rs. 50,000.
– TDS is 10%, provided PAN is updated.
– If PAN is missing, TDS can be at 20%.
– TDS is not the final tax liability.
– You still need to calculate your slab tax.
– If you fall in higher tax slab, pay balance tax.
– If your slab is lower, claim refund of excess TDS.

? If You Ignore Annual Reporting

– Tax department can track FD accrual via Form 26AS.
– Interest is also shown in AIS (Annual Information Statement).
– If you don’t report interest, it raises red flags.
– In future scrutiny, you may face tax demand and penalty.

? Tax Planning Suggestions

– Ask bank for Form 16A or interest certificate every year.
– Add accrued interest to your income in your return.
– Pay self-assessment tax if needed before 31st July.
– This avoids last-minute surprise tax burden at maturity.
– Also avoids interest under section 234B and 234C.

? Impact on Overall Financial Planning

– FDs give assured returns but interest is fully taxable.
– This makes post-tax return low for many investors.
– Consider this tax aspect while comparing with other investments.
– For high income earners, debt mutual funds may be better.
– They offer indexation benefit and lower tax impact over time.

? Should You Break FD to Avoid Annual Tax?

– No need to break FD.
– Just declare interest every year properly.
– Even if maturity is far, show yearly interest accrual.
– Maturity proceeds will be tax-free if already declared yearly.

? Tax Filing and Documentation Tips

– Maintain record of FD opening date, amount and maturity date.
– Keep bank’s yearly interest certificate safely.
– While filing ITR, enter interest under “Income from Other Sources.”
– Match with AIS data to avoid mismatch.
– If mismatch found, explain with proof during ITR processing.

? What Happens on Maturity Year?

– In maturity year, you receive full interest and principal.
– But only declare the last year’s interest in ITR.
– Don’t report entire 6 years’ interest again.
– That would mean double taxation.
– Maturity amount already includes taxed portion.

? If You Missed Reporting in Earlier Years

– You can revise past returns for last 2 assessment years.
– File revised returns and pay tax with interest.
– Better to rectify voluntarily than face penalty later.

? Key Tax Rule to Remember

– Interest earned is taxable on accrual basis.
– Even if payment is made on maturity only.
– Pay tax each year, not just in maturity year.

? Ideal Tracking Practice

– Maintain Excel sheet for FD investments.
– Note FD amount, start and end date, and yearly interest.
– Add this value every year while filing your ITR.

? Benefit of Declaring Yearly Interest

– You avoid tax shock in final year.
– You avoid penalty, interest, and notice from IT department.
– You show income transparently.
– This helps in home loan, visa, and other financial proofs.

? Role of a Certified Financial Planner

– A CFP can help optimise tax-efficiency of your investments.
– Can help plan maturity of FD with other cashflows.
– Can suggest better options if tax is reducing returns.
– Regular reviews with a CFP help avoid such confusions.

? Disadvantages of Fixed Deposits

– Returns are low compared to inflation.
– Taxable every year.
– No indexation benefit.
– TDS cuts liquidity.
– Not suitable for long-term wealth creation.

? Alternative Options for Tax Efficiency

– Actively managed debt mutual funds offer better post-tax return.
– They allow better planning for income and withdrawals.
– Short-term and long-term capital gains can be staggered.
– Professional fund manager brings risk control.
– Certified Financial Planner and trusted MFD can help align these.

? Don’t Fall for Index Fund Hype

– Index funds offer low-cost but no flexibility.
– No scope of outperformance during market shifts.
– Poor downside protection in falling markets.
– Better to use actively managed funds guided by experts.
– This helps optimise portfolio across market cycles.

? Disadvantages of Direct Mutual Funds

– Direct plans need your own research and monitoring.
– No access to guidance from a certified mutual fund distributor.
– Most investors lack time or knowledge for this.
– Errors in fund selection or exit timing hurt returns.
– Regular plans via MFD give advice, handholding and long-term value.
– A CFP-aligned MFD ensures aligned goals, reviews and discipline.

? Don’t Rely on Endowment or Investment Policies

– If you hold LIC or Postal policies for investment, evaluate ROI.
– Most of them yield low post-tax returns.
– Consider surrender and reinvest into better options via SIPs.
– A Certified Financial Planner can help this switch efficiently.

? Final Insights

– Tax on FD interest must be paid every year, not just at maturity.
– Interest accrues yearly and is taxable even if not received.
– TDS doesn’t mean your full tax is paid.
– Declare interest each year in ITR.
– Collect interest certificate yearly for accurate tax filing.
– For better returns, explore tax-efficient debt mutual funds.
– Avoid direct funds and index funds without advice.
– Get professional support from CFP and trusted MFD.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x