PSU insurers withdraw no-claim bonus benefit on health insurance

Start Saving for Tax 2018 by Investing in ELSS Funds Online

Policyholders are starting to feel the pinch of steadily increasing health insurance premiums. To make matters worse, some PSU insurance providers are withdrawing benefits such as no-claim bonus (NCB) and family bonus. However, there has not been any major exclusion by private insurers in terms of extended benefits of NCB and family cover discounts. So should you switch? Here are the pros and cons. 

Should you port your policy? 
Private insurance companies like Aditya Birla Health Insurance and HDFC Ergo General Insurance provide NCB and family discount in floater for more than two or more individuals. Similar benefits are offered by Cigna TTK and SBI General insurance. 

While porting is always an option, there are a few issues to consider. Subramanyam Bhrahmajosyula, Head, Underwriting & Reinsurance, SBI General Insurance, says, Keep in mind that the company you're porting to is not obliged to match the premium or benefits of the expiring policy. While porting, make sure all your benefits are accepted with accrued benefits and pre-existing diseases 

Steep premiums and no relief for older policyholders 
With or without NCB, health insurance premiums are getting uncomfortably high, especially for seniors. 

 

How to port your Health Insurance Policy
As per IRDA guidelines, in order to port your policy to a different insurance provider, you have to write to your old insurance company, requesting the shift and specifying the insurance company to which you intend to awitch, at least 45 days before the policy is due for renewal. So make sure you make the decision to port well before the expiry of your policy. 

Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 10 Tax Saver Mutual Funds for 2018

Best 10 ELSS Mutual Funds to invest in India for 2018

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. ICICI Prudential Long Term Equity Fund

5. Birla Sun Life Tax Relief 96

6. Franklin India TaxShield 

7. Reliance Tax Saver (ELSS) Fund

8. BNP Paribas Long Term Equity Fund

9. Axis Tax Saver Fund

10. Birla Sun Life Tax Plan

Invest in Best Performing 2018 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms

For further information contact SaveTaxGetRich on 94 8300 8300

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300