What Is GIPSA & How Does It Work?

GIPSA or General Insurance Public Sector Association is composed of four general insurance companies. Let us learn about this association and the functioning of GIPSA in this blog.

GIPSA comprises four public sector general insurance companies, such as New India Assurance Company Ltd., United India Insurance Company Ltd., Oriental Insurance Company and National Insurance Company Ltd. In this post, we will understand what GIPSA is and how it works to benefit the public.

What is GIPSA?

As already mentioned, GIPSA is an association of four public sector general insurance companies offering cashless healthcare services to policyholders in some specific hospitals across 12 cities in India. The rates at which medical treatment packages are offered under these hospitals is decided by GIPSA.

The band of hospitals offering treatment at GIPSA approved rates come under the list of PPN hospitals or the Preferred Provider Network hospitals.

How is GIPSA unique from the rest of the insurance companies?

The thing about GIPSA is that this is a set of group insurance companies that allow a specific price band for their customers with a limited cashless offer.  Further, the services are available at a specific and limited number of health care centers and hospitals. These hospitals come under the Preferred Provider Network (PPN) of GIPSA and serve their customers at the price band decided by GIPSA. So far, as many as 5.48 Crore policyholders have benefitted by GIPSA insurance policies.

How does GIPSA work?

Under GIPSA, the policyholder can get coverage for several diseases like kidney stones, appendicitis, cataract, angioplasty, hysterectomy and so on. Here, the hospitals that come under the GIPSA network or PPN will cover the medical treatment under the price band that is decided by GIPSA.

The policyholder getting protection under GIPSA policy must note some relevant points as mentioned below:

• The insured in this case can avail cashless health services under the network hospitals or PPN network that is GIPSA approved
• The PPN network hospitals that come under GIPSA must charge the insured as per the rate approved by the association
• If there is overcharging of money beyond the approved package allowed by GIPSA, the insured can raise his/her grievance with the particular insurer
• In this case, the insurer must reimburse the money as per the rate decided by GIPSA whenever a policyholder raises a reimbursement claim for a certain treatment under GIPSA in a PPN hospital
• However, in case the insured raises a claim of reimbursement for a treatment done in a non-PPN hospital, the insurer reimburses the claim as per the customary rate in the clause.
• Further, the insurer will calculate the amount depending on the medical service availed and the cost that is prevailing in that particular location/city.

Read More: 4 Amazing Term Insurance Policies to Consider to Buy 2022 India

GIPSA Benefits  

• Under GIPSA, the four health insurance companies that come under the gamut have pre-fixed special package rates with a number of hospitals across 12 Indian cities for numerous healthcare procedures
• The cities included under GIPSA are namely, Ahmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Indore, Jaipur, Kolkata, Mumbai, and Pune
• GIPSA aims at offering standard packages with nominal charges to its customers for certain medical treatments. This way, the organization aims to save customers from paying over charged rates and to ensure better use of sum insured of customers’ policies
• GIPSA has over 550 network hospitals enrolled under them offering coverage for treatment like kidney transplant, knee replacement, dialysis, liver transplant, CABG, and so on

Conclusion

The consumers availing a health policy under GIPSA can benefit from a reasonably priced group health plan. So, if you are living in any of the above mentioned 12 cities, you can benefit from a GIPSA policy by buying an insurance policy from any of the four insurers that form GIPSA.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

Visual Stories

 

View this post on Instagram

 

A post shared by paybima (@paybima)

The post What Is GIPSA & How Does It Work? appeared first on Paybima Blogs.

Best Saving Plans in India 2022

Here’s a list of some of the best financial plans to invest in India this year to build your savings corpus.

Saving money is a definite way of building wealth for the future. It is obviously wise not to spend up your entire earnings and keep aside a small portion of it regularly so that it can be used later on in life when needed. But how to save money? Is it enough to just cut down on our spending so that we can save more? Sadly, no. One of the most definitive ways to save up and generate wealth for the future is to invest in the best saving plan in the country.

Here we list out some of the best money saving plans in India which you can consider for investment in 2022. But first let’s understand what a saving plan is and why it’s important for financial independence.

What is a Savings Plan?

As is evident in its name, a savings plan is a financial scheme which encourages people to save money by investing a certain amount in the plan and receiving regular returns by way of interest. This helps the investor generate wealth for the future.

In addition, saving plans are an insurance product, meaning that they are designed to also provide financial protection for the future besides assisting in wealth generation.

4 Benefits Offered by Saving Plans

Investing in a savings plan is one of the best decisions you can make for your future and that of your family. Here’s why it is important to buy a savings scheme:

1. It is one of the fastest ways to build wealth. All of us have certain financial goals for the future. The only way to achieve them is by building an adequate corpus, which will be able to take care of all your financial needs even after you retire. And the most certain way to build that corpus is by investing in a savings plan, since the returns would be faster than the time it would take for you to save a considerable amount of money for the future by reducing expenses.
2. Saving plans help secure your post-retirement stage of life. When you wouldn’t be earning anymore, you’d still need money to sustain a decent lifestyle for you and your spouse. This is when you’d be able to reap the benefits of the decision you made years ago by investing in a savings plan. The maturity received from the plan can serve as a sizable retirement fund for all your financial needs in the golden age of your life.
3.  Investing in a savings plan is also a safer bet than choosing to invest in any other financial product. This is because savings plans are backed by the Indian government and therefore promise regular steady returns on investment with absolutely no risk for the investor.
4. Saving plans are tax-saving too! As per Section 80C of the Income Tax Act, investing in the best saving plan can fetch you a tax deduction of up to Rs. 1.5 lakh.

Best Savings Plans with High Returns in India, 2022

Now that you’re ready to invest in a savings plan, let’s look at some of the best options to go for in 2022:

1. Senior Citizen Savings Scheme: Backed by a high rate of interest and low risk, the Senior Citizen Savings Scheme is currently the best saving plan in India with higher returns. The eligibility age for entry into the plan is 60 years or 55+ years in case the person has opted for voluntary retirement or Superannuation.
2. Public Provident Fund (PPF): Another government-backed scheme with a low minimum deposit (only Rs. 500). It is also currently the best tax-saving investment plan in India, since the interest and maturity benefit received from the plan is eligible for tax exemption under the Income Tax Act, Section 10.
3. Post Office Monthly Income Scheme: This is by far the easiest and also the best saving plan in post office, offering assured returns to investors with no risk element involved. All you need to do is create an account in a post office near you and start investing amounts as low as Rs. 1000 by way of monthly savings. The best part about this scheme is that interest is payable every month.
4. Recurring Deposit: If you’re looking to invest for a longer period of time, then Recurring Deposit or RD is the best saving plan for long term, encouraging investors to generate large corpus over a long tenure. The best part about the plan that the investor also has the choice to select a tenure for investment best suited to their convenience and financial needs. Also, unlike other saving plans, the rate of interest under this scheme is not fixed but differs from one bank to another.
5. Fixed Maturity Plans (FMP): If short-term investment returns is what you’re after, then we highly recommend FMPs, with a minimum 3-year lock-in period. This means that the maturity benefit under the plan can be received in as early as 3 years under this best saving plan for short term. FMPs operate quite similar to bank Fixed Deposits or FDs, however, the returns are better in FMPs and tax deductions are impressive too.
6. Sukanya Samriddhi Yojana (SSY): Currently the best best saving plan for girl child in India, the SSY is one of the best gifts that you can give to your daughter. Just open an account in their name at a bank or a post office near you and start saving some amount regularly for a secure future of your daughter. Upon maturity of the plan at 21 years, your daughter would have sufficient funds to support her educational, career, and marriage dreams.

Read More: Best Investment Options For Middle Class – Low-Risk and High-Risk Investments 2022

In a Nutshell

Savings plans are the best way to not just take care of your financial needs now but also create enough corpus for the future to secure your family’s financial goals. There are various plans that you can start investing in, both for adults and children. We have listed out a few here in this blog to help you make an informed decision. Remember, creating wealth does not mean reducing spends; instead, it means saving wisely so that you have enough to last in the future. Saving plans help you with just that.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

Visual Stories

 

View this post on Instagram

 

A post shared by paybima (@paybima)

The post Best Saving Plans in India 2022 appeared first on Paybima Blogs.

Insurance - the week in review Oct 3-7

Catch up on all the latest news including the expected losses from Hurricane Ian

from Insurance Business https://ift.tt/xqcLOaj
via IFTTT

“Environmentally conscious” Munich Re outlines decarbonization targets

Move applies to investments, operations, and insurance transactions

from Insurance Business https://ift.tt/joIqt8d
via IFTTT

Advantages of Choosing a Top Up Health Insurance Plan

Inflation has hit almost every sector including healthcare. Thus, it has become important to opt for Top Up Health Insurance Plans offering complete protection and various benefits. Let’s find out more about it!

Like all other industries, the field of healthcare has also seen immense changes and price rise in recent times. Whether you consult a doctor for a minor issue like common cold or a critical illness like heart ailment, you have to pay a heavy consultation fee and go through an immense medical procedure that costs you a substantial amount of money.  Thus, purchasing a health insurance plan suiting your requirement is important. You can also consider the numerous top-up plans that are offered by the best health insurance companies. This is because in many cases the health insurance policy you have purchased may not suffice your requirements, especially due to the unpredictable and unforeseen nature of health emergencies. In such situations, the top-up plans come more handy.

Let’s discuss what top-up health insurance plans are and how they can support you.

What does Top-up Health Insurance mean? 

A health insurance top-up plan is the one that allows the insured to avail medical insurance in addition to their regular health cover.  Thus, a top-up plan augments the extent of your health security. As far as functioning of a top-up plan is concerned, it works similarly as the basic health insurance plans. However, the premium of such plans are lower as compared to regular plans and thus they are more affordable and serve as best health insurance in India.

But don’t confuse a top-up health insurance plan with a health insurance add-on. It is not a health insurance rider or add-on that is generally available for any specific illness or purpose. A rider or add-on is available as an additional cover along with the regular health insurance.  On the other hand, a top-up health insurance policy is available as a standalone plan. Thus, a top-up plan can function as both individual health insurance along with serving as an additional cover for your regular health insurance.

Different Types of Top-up Plans In India available with Health Insurance

There are 2 types of top-ups available with the best health insurance policies in India, such as, the top-up plans and the super top-up plans.

1. Top-up Health Insurance Plans – The key feature of a top-up health insurance plan is to offer the insured with additional coverage on the basis of each claim. Under top-up plans, the policyholder can avail the sum insured if their claim amount is greater as compared to the base sum insured of the health insurance policy.

In this case, if you want to file a claim under your top-up plan, you can do so if the amount of your second claim that you want to raise is below the sum insured of the base plan. Thus, for an insured who wants to file a claim under a top-up plan, the amount of the claim has to be higher as compared to the sum insured under the base plan.

You must note that a top-up plan is available for only one claim which is in excess of the claims made under your base health plan.

2. Super Top-up Health Insurance Plan – Unlike the top-up plans, the super top-up health insurance functions on the principle of  cumulative claims. Thus, it allows the insured to file multiple claims.

For instance, suppose you have a health insurance base plan of INR 5 lakh and a super top-up plan of INR 7 lakh. Now, suppose your sum insured under base plan gets exhausted, you can raise claims against your super top-up plan.

Read More: Difference Between Top-Up and Super Top-Up Health Plans

7 Reasons You Should Opt For Super Top Up Health Insurance Plans

The Super Top Up Health Insurance Plans are pocket-friendly and they offer coverage above and beyond the base plan. This plan comes with several benefits and features, such as:

1. Greater coverage on Health Insurance – Super top-up plans offered by most health insurance companies allow the insured substantial cover against wide scale health emergencies and treatments.  The super top-up plan acts as a protective shield to support the policyholder in bridging the gap between their health insurance plan and their medical bills.
2. Reasonable Premiums – Since the Super Top Up Health Insurance premiums are reasonable, they allow the insured to enjoy greater health cover at feasible prices. Thus, the super top-up plans are more lucrative as compared to the basic health plans.
3. Lifelong Renewals – Most of the insurers provide lifelong renewals with their super top-up plans.  Hence, as long as the insured makes the premium payment on time, their super top-up health insurance plan stays active.
4. Cashless Claims –  With the best Super Top Up Health Insurance Plans in India, policyholders can avail cashless claims at the network hospitals of the insurer across India.
5. Consumables Benefit – Many insurers also allow Consumables Benefit with the super top-up plans that cover  the costs of consumables incurred during treatment.
6. Cumulative Bonus –  Along with other benefits, you can also enjoy the benefit of cumulative bonus with super top-up plans for every claim free year.  Thus, the insured can enjoy benefits like enhanced sum assured with every policy year that goes without raising a claim.
7. Tax Benefits –  Another advantage of health insurance including super top-up health insurance is that it allows the insured to avail tax benefits under Section 80D of the Income Tax Act, 1961.

To Sum Up

The top and Super Top Up Health Insurance Plans let the insured avail multiple benefits. They allow the insured to avail greater coverage at reasonable premiums. They also allow cashless claims, consumables benefits, and so on.  These plans are designed to act as standalone health insurance plans and also complement your current medical policy.

Further, you can compare health insurance plans online to check the best health insurance top up plan in India that you want to buy. You can also compare plans online and check their premiums with the help of a health insurance calculator. This will save your time as well as effort for buying a policy in a hassle-free manner.

In case your health cover doesn’t suffice your requirement, you can use a top-up health insurance policy to suit your needs.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

Visual Stories

 

View this post on Instagram

 

A post shared by paybima (@paybima)

The post Advantages of Choosing a Top Up Health Insurance Plan appeared first on Paybima Blogs.