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Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Jul 05, 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
FAQ Question by FAQ on Jul 05, 2022Hindi
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4. What are the most common exclusions in a health plan?

Ans:

Certain conditions are not covered by health insurance policies. These conditions will land in an ‘Exclusion' in your health insurance policy.

The exclusion list includes unless specifically mentioned in your policy document:

1. Pre-existing health conditions which are not declared from the time of policy inception

2. Lifestyle-related conditions

3. Maternity related complications, including treatments and childbirth, etc,

4. Cosmetic Treatments unless necessary for survival

5. Suicide Attempt Injuries

6. Congenital Diseases

7. War Injuries

8. Dental and eye expenses, unless specifically covered under OPD

9. Diagnostic tests without any proper line of treatment which needs hospitalisation

10. Therapies such as naturopathy, magnetic or acupressure, etc.

11. Waiting Period Illnesses

The insurance provider will not accept any claims in these instances. However, you can purchase add-on coverage to include any exclusion to your base coverage.

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.
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Thank you for the reply. What is the ideal coverage amount for life and health insurance policies? And what are the exclusions in insurance policies that I should be aware of?
Ans: Determining the ideal coverage amount for health insurance depends on various factors, including your financial situation, lifestyle, and specific needs. Here are some general guidelines:

• Medical Costs: Consider the potential medical expenses you might incur, including hospitalisation, surgeries, and treatments. The coverage amount should be sufficient to cover these costs.

• Family Size: If you are purchasing a family health insurance plan, ensure that the coverage amount is adequate for all family members.

• Preventive Care: Look for policies that cover preventive care, vaccinations, and health check-ups.

• Network Hospitals: Consider the availability and quality of network hospitals covered by the insurance policy.

• Deductibles and Co-payments: Be aware of any deductibles and co-payments that may apply and assess how they impact your out-of-pocket expenses.

• Renewal Age: Opt for policies with a higher renewal age to ensure coverage into your senior years.

Exclusions:
Insurance policies typically have exclusions, which are specific situations or conditions not covered by the policy. While the exclusions can vary between insurers and policies, here are some common exclusions you must know:

• Pre-existing Conditions: Many health insurance policies have a waiting period for pre-existing conditions. Treatment for these conditions may not be covered during the waiting period.

• Specific Treatments: Some policies may exclude coverage for certain treatments or procedures, such as cosmetic surgery or alternative therapies.

• Hazardous Activities: Life insurance policies may exclude coverage for deaths resulting from hazardous activities, like extreme sports or certain occupations.

• Suicide Clause: Life insurance policies often have a suicide clause, typically excluding coverage for suicides within the first two years of the policy.

• Misrepresentation: If you provide inaccurate information during the application process, it could lead to policy cancellation or denial of claims.

• War or Acts of Terrorism: Some policies may exclude coverage for deaths or injuries resulting from war or acts of terrorism.

It's crucial to carefully read the policy documents, including the terms and conditions, to understand the specific exclusions that apply to your insurance coverage. If you have any doubts or concerns, consider consulting with an insurance professional or agent for clarification.
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Hi Sushil. My daughter is planning to do MS from US. She has got acceptance from two universities and waiting from one more. Meanwhile, I have approached bank for loan. Their list of documents require I20, whereas for I20 I have to show finance. How to solve this? Secondly, the fee estimate of University shows only for one year ( spring and fall), How can I show the requirement for two years to Bank? No.3: Whether cash in account to be shown while applying for VISA or bank loan also will do? Sorry I have asked lot of questions.
Ans: Hello R. It is great that your daughter has been accepted by a couple of universities in the US. To answer your question first, generally, banks do ask for I-20 to process the loan application; however, a few banks or NBFCs, e.g., HDFC Credila, could issue a loan sanction letter on the basis of the offer letter issued. You could use this sanction letter to call for the I20, provided the university is accepting the letter, or show the required funds in your savings account, provide a bank certificate, and then call for the I20.Expenses to be shown in the bank certificate or savings account to call for the I20 are for a year, which includes the total of tuition, food, accommodation, and miscellaneous [if any]. I20 will show expenses for 9 or 12 months; however, it will also clearly mention the start and end dates of the course, which would help the bank know the total duration of the course and accordingly sanction the loan amount will be sanctioned. Yes, both the savings account and the education loan letter could be used during the visa interview.

For further assistance, you can get in touch with us
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I was doing Business for past 23 years and have been succesful in that.. After COVID my business fell apart and I am trying to regain the foothold. Although I have created a good brand, I am not able to make the Money I was making earlier. However the buisness is picking up and I knew If I could have little more patience, I will make it. However the situation demands lot of financial requirements for my lifestyle and family. They are insisiting me to go for a Job now. My business is stagnent for past few years and it is slowly showing the signs of growth now.. I do not want any waiting time due to pressing needs. I am 49 Now.. I am not sure if applying for work at this age will help as I have no idea on the Job market.. I am getting very good offers on selling my Business. Kindly advice.
Ans: Dear

There are two parts.

Emotional...how you feel attached to your business.

Rational: your financial needs and the revenue that your business is generating.

Any advise us a function of both the above aspects. Unless one knows the current revenue numbers, growth potential of the business, competition and several such factors it's not possible to share any guidance.

Hence may I suggest you talk to your CA and other colleagues of yours, look at the numbers in hard way and then take a call.

Emotional aspect can be both strength and liability... strength because it will inspire you to make business grow... liability because you may be overtly attached to your business without looking at the financial realities.

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Asked by Anonymous - Mar 28, 2024Hindi
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Sir im 36 yrs of age weighing 107 kgs and I regularly walk which helps in maintaining my weight but im unable to reduce belly fats. I walk approx 4 kms daily within 30 minutes .
Ans: Thank you for your inquiry. I appreciate your dedication to maintaining a consistent walking routine for weight management. However, if you're specifically aiming to reduce belly fat, it might be beneficial to incorporate additional methods into your regimen.

While walking is great for overall health and weight control, integrating strength training exercises can be instrumental in building muscle mass and boosting metabolism, thereby facilitating greater fat loss, including targeting belly fat. Incorporate exercises such as squats, lunges, push-ups, and abdominal workouts like crunches or planks.

To enhance the effectiveness of your walking routine, consider adding intervals of higher intensity. This might entail alternating between periods of brisk walking and intervals of more vigorous effort, such as walking uphill or increasing your pace to a jog for brief durations. This approach can elevate calorie expenditure and promote fat burning.

In terms of nutrition, it's crucial to pay close attention to your dietary habits, as they significantly impact fat loss. Prioritize a well-rounded diet rich in whole foods such as fruits, vegetables, lean proteins, and whole grains, while minimizing intake of processed foods, sugary beverages, and excessive calories, which can contribute to belly fat accumulation. Additionally, consider reducing carbohydrate intake and increasing protein consumption in consultation with a registered dietitian for personalized guidance.

Overall, by incorporating these strategies alongside your walking routine, you can optimize your efforts towards reducing belly fat and improving overall health.
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