Day: November 19, 2023

IIM Bangalore

  IIM Bangalore is one of the most prestigious institutions for pursuing Masters in Business Administration. It lasts over six semesters spread over two years. IIMB has a remarkable faculty of 140 plus highly qualified researchers and academicians who are dedicated towards providing a fruitful learning experience for the students. The main courses provided by IIMB are Phd, MBA, PGPPM, MBA ( Business Analytics).


IIM Bangalore shortlists candidates on the basis of their CAT scores. The main criteria is divided into 4 parts- 50% weightage is given to academics, 40% weightage is given to CAT scores, 8% to work experience and 2% to gender diversity.

The selected candidates appear for Written Ability Test and Personal Interview.

A total of 483 students joined the batch of 2021-23 of two year full time program of Masters in Business Administration. A total of 45 students joined Masters of Business Administration in Business Analytics. 347 out of 483 students are from engineering background (71.83 % of total students), 32.56% of the engineers are pass outs from IIT and 31.12% of engineers are from NITs. The GMAT median score for this batch is 730. The average of age of the candidates is 23 years.

IIMB was ranked 2nd among management schools by NIRF 2020. Euniversal, Paris has ranked IIM Bangalore 1st in Central Asia. The full time MBA program has been ranked 26 globally amongst the Top 100 Master’s in management. The two year program was also ranked 44 in 2019 by Financial Times in its masters in management ranking .It is the only business school in India to be ranked in Top 50 EMBA ranking globally.

IIMB has a great record of placements. Companies like Amazon, Accenture, McKinsey&Company, Microsoft, Philips, Uber have preferred to recruit from IIMB. IIMB has 100% placements record where the batch of 2019-21 bagged 435 students bagged over 481 placements offers within first two days of the interview process.

IIMB also provides scholarship to meticuluos students. Merit Based scholarships like Aditya Birla Scholarship,OPJEMS Scholarship,Sidhartha Padama Scholarship,Yes Bank Scholarship is provided to the students who excel in their field.

IIM Bangalore Key points
  • IIMB has been ranked 2nd by NIRF 2020.
  • An alumni of IIMB has raised over 2 crore to name a classroom after a professor of marketing department.
  • In 2021-23 batch, 51.11% are male and 48.89% are female.
  • Engineering students accounts maximum percentage of the batch followed by Arts, Science and management.
  • The median GMAT score for this batch was 730.
  • An orientation program was organize from 28-30 June to inform the students and their parent about the various details of admission process.
  • IIMB has announced the launch of Mahatma Gandhi National Fellowship in Association with Ministry of Skill Development and Entrepreneurship (MSDE), Government of India and State Skill Development Missions (SSDMs).
  • IIMB students are planning to host a start-up competition where students can showcase their entrepreneurial skills.

IIM Bangalore: Courses Offered

Course Details Selection Criteria
MBA
  • Eligibility Criteria: Candidates must have passed Bachelor’s Degree with minimum 50% in any discipline as per 10+2+3 norms.
  • Candidates must also have minimum 4 year work experiance in an industry after bachelor’s degree
  • Fees: Rs.23,00,000 (Total Fees)
 Selection will be on the basis of marks scored in GMAT / GRE / CAT and Personal Interview
MBA (Weekend)
  • Eligibility Criteria: Candidates must have passed Bachelor’s Degree with minimum 50% in any discipline as per 10+2+3 norms.
  • Candidates must also have minimum 4 year work experiance in an industry after bachelor’s degree
  • Fees: Rs.23,00,000 (Total Fees)
 Selection will be on the basis of marks scored in GMAT / GRE / CAT and Personal Interview
Executive MBA
  • Eligibility Criteria: Candidates must have passed Bachelor’s Degree with minimum 50% in any discipline as per 10+2+3 norms.
  • Candidates must also have minimum 4 year work experiance in an industry after bachelor’s degree
  • Fees: Rs.27,50,000 (Total Fees)
 Selection will be on the basis of marks scored in GMAT / GRE / CAT and Personal Interview
MMS (PP)
  • Eligibility Criteria: Candidates must have passed Bachelor’s Degree with minimum 50% in any discipline as per 10+2+3 norms.
  • Candidates must also have minimum 4 year work experiance in an industry after bachelor’s degree
  • Fees: Rs.23,00,000 (Total Fees)
 Selection will be on the basis of marks scored in GMAT / GRE / CAT and Personal Interview
MBA (BA)
  • Eligibility Criteria: Candidates must have passed Bachelor’s Degree with minimum 50% in any discipline as per 10+2+3 norms.
  • Candidates must also have minimum 4 year work experiance in an industry after bachelor’s degree
  • Fees: Rs.23,00,000 (Total Fees)
 Selection will be on the basis of marks scored in GMAT / GRE / CAT and Personal Interview
Phd
  • Eligibility Criteria: Candidates must have passed Master’s Degree with minimum 50% in any discipline as per 10+2+3 norms.
  • OR Candidates must have a professional qualification like CA/ICWA
  • OR A 4 year / 8 semesters Bachelor’s degree (10+2+4 pattern) with at least 6.5 CGPA or equivalent marks.
  • Fees:There is no tuition fee for PhD students. Additionally, they will receive a stipend of Rs 35,000 per month for up to five years to cover their living expenses.
 Selection will be made on the basis of marks scored in GMAT/GRE/IIMB Test/CAT/GATE/JRF(Net) and Personal Interveiw

IIM Bangalore Cutoff

Category Section-1 VARC Section-2 DILR Section-3 QUANT CAT Overall Percentage
General 80 75 75 85
NC-OBC 70 65 65 75
EWS 70 65 65 75
SC 65 60 60 70
ST 55 55 55 65
PWD 50 50 50 60

IIM Bangalore Placements

IIMB has a strong track of placements.The major recruiting companies are Amazon, Accenture,Mckinsey and company,Microsoft,Phillips,Uber etc. The major area of employment is Consultancy followed by General Management,Finance and IT, Sales and marketing.

  • The Average package was Rs.28.89 lakhs.
  • In 2020, IIM Bangalore Placement 2020 witnessed 518 offers rolled out for 429 PGP students. The average domestic CTC offered to the students was of INR. 26.18 LPA.
  • The EPGP department hosted over 30 recruiters who offered 61 job opportunities to 73 students from the 2021 batch.

Summer Placements 2020-22

Number of Students 525
Number of Offers Made 532
Number of Offers Accepted 517
Opted Out 08

IIM Bangalore Scholarships

IIM Bangalore provides numerous scholarships to the deserving students. Students whose annual income is less than Rs.8,00,000 per annum are eligible to apply for these scholarships. IIMB ensures that students who are in need of fnancial help but have callibre in them should be encouraged. Some Scholarships are-:

  • Aditiya Birla Scholarship-It is provided to the PGP students. It is provided to 25% of the batch in first year. Students who were eligible for scholarship in first year can apply for renewal. The amount of scholarship is Rs.1.75 lakhs per student.
  • OPJEMS Scholarship- This is a merit based scholarship provided to the second year students. The first ten toppers of the first year are eligible for this scholarship on the basis of an exam conducted by OP Jindal Group.It is provided to one student and it’s amount is Rs.1.5 lakhs
  • Citi Women’s Leader Award- This merit based scholarship covers the second year tution fees. 25% of the batch is eligible for this scholarship. Students are selected on the basis of statement of purpose and interviews conducted by Citi Group.
  • Societe Generale Global Solution Centre India Scholarship- This scholarship covers the whole tution expense in full. It is provided to the neediest of the appicants in first year and interviews conducted by Societe Generale.

IIT Delhi Department of Management Studies

  IIT Delhi Department of Management Studies was established in 1993 and launched its first MBA program in 1997. It is regarded as one of the best institutes for management studies in India and is placed at the eighth position according to the NIRF rankings.


Learn More about  IIT Delhi Department of Management Studies

The curriculum is designed in order to meet the changing needs of the business environment and the industry. The Institute currently offers a 2 year full time MBA program, a 3 year part time program and a 3 year Executive MBA program. The students are selected after a rigorous screening process which includes performance of the candidate in CAT, followed by a group discussion and personal interview.

Students at DMS, IIT Delhi are trained by eminent faculty who are experienced professionals from India as well as abroad. The placement record of the Department is quite impressive with the 83 offers made for the 2018-2020 batch, which achieved a 100% placement record. The highest salary package offered to the students was INR 33 LPA and the average salary package offered was INR 22.69 LPA. Top recruiters visiting the DMS, IIT Delhi campus were well- known companies like Reliance Industries Ltd., Wipro, Amway, OLA and others.

DMS, IIT Delhi Key Points

  • The Institute provides world class IT infrastructure with facilities like hostels, library, wi-fi campus, hi-tech classrooms and others.
  • The Department of Management Studies is spread across an area of 320 Acres.
  • The Institute has successfully managed to maintain a 100% placement record.
  • Admissions are done on the basis of Selection Index which is computed by taking into account 7 parameters- CATA Score, Bachelor’s degree, 12th marks, 10th marks, Work Experience, Gender diversity and graduation from IIT/NIT.

DMS, IIT Delhi Rankings

  • The Department of Management Studies is ranked 8th in the NIRF rankings 2020.
  • The India Today group and Financial Express ranked DMS, IIT Delhi 9th in 2020.
  • The institute has been ranked 15th by Business Today in 2020.
  • DMS, IIT Delhi falls in the 101-150 rank band according to the QS World University Rankings 2020 in the Business and Management Studies category.

DMS, IIT Delhi Courses & Fees

The institute specializes in management courses and offers 3 related programs in the said field. Admissions to all these courses are entrance based, with students selected on the basis of CAT performance and several other parameters.

The courses offered by DMS, IIT Delhi and their respective details are given below.

COURSES COURSE DETAILS
MBA
  • Specializations – General, Telecommunication Systems Management
  • Fees- INR 4.8 Lakhs per year
  • Eligibility criteria-Passed graduation in any discipline or equivalent examination with minimum 60% aggregate marks (55% for SC/ST) + valid score in CAT + Personal Interview
Executive MBA
  • Specializations- Technology Management
  • Fees- INR 3.6 Lakhs per year
  • Eligibility criteria- Passed graduation in any branch of Engineering/ Technology/ Physical Sciences/ Statistics/ BCA/ Operation Research/ Economics/ Commerce with minimum 60% aggregate marks (55% for SC/ST)+ Minimum 2 years work experience + Personal Interview
Ph.D
  • Specializations- Management
  • Fees- INR 63,900 per year
  • Eligibility criteria- Passed M.Tech/ M.E./ M.D./M.Sc/ MBA/ M.A./MBBS with minimum 60% aggregate marks (55% for SC/ST) / Passed B.E./ B.Tech with minimum 70% aggregate marks + valid score in GATE/ CSIR/ UGC NET/ ICAR/ ICMR + Personal Interview

DMS, IIT Delhi Cut Off

DMS, IIT Delhi shortlisted eligible candidates for the Personal Interview round only if they secure more than the minimum CAT cut off set by the Institute.

Tabulated below are the cut off marks across 3 years and the cut off for different categories in different sections.

Categories CAT 2018 CAT 2019 CAT 2020
Overall Cut Off 90 90 90
Sectional Cut Off 80 80 80

DMS, IIT Delhi Placement

Category VARC DILR QUANT Overall CAT Percentile
General 80 80 80 90
NC-OBC 72 72 72 81
SC 53.3 53.3 53.3 60
ST 53.3 53.3 53.3 60
PWD 53.3 53.3 53.3 60

DMS, IIT Delhi Placement Highlights 

The Institute has a dedicated placement cell called the Campus Relations Team and has successfully managed to maintain a 100% placement record. The placement cell at DMS, IIT Delhi is constantly in touch with the reputed companies and organisations and is responsible for organising pre placement talks and visits on the campus. The resumes of the interested candidates are shared with the organisations and before the campus recruitment process begins. It ensures that the potential employers are constantly involved throughout the year through summer internships, guest lectures, Workshops and other activities.

  • 83 offers were made for the batch of 2020, which comprised 68 students.
  • The highest Salary Package Offered was INR 33 LPA
  • The average Salary Package Offered was INR 22.69 LPA
  • The median Salary Package Offered was INR 20.01 LPA
  • Students from the IT, General Management, Operations & Supply Chain, Finance, Sales & Marketing departments bagged the maximum placement offers.

Top Recruiters

  • Coca Cola
  • OLA
  • Vodafone
  • Deloitte
  • Infosys
  • Airtel
  • TCS
  • Idea
  • Wipro

DMS, IIT Delhi Scholarships

DMS, IIT Delhi does not award any scholarships. However, a scheme for the award of Teaching/Research Assistantship for providing financial assistance to those students who are admitted on full-time basis are considered.

Students under this scheme are required to render 8 hours of teaching/research assistance to the Department outside their normal academic work.The maximum duration for which this can be awarded to any Ph.D. student is 4 years. Continuation of the Assistantship depends on the academic performance, a minimum of 7.50 CGPA in course work each semester and minimum prescribed attendance requirement which needs to be fulfilled.


Vivekananda College for Women

  Vivekananda College for Women was established in 1961 and is affiliated with the University of Calcutta. The college offers 19 general UG, 14 honors UG and 2 PG courses in Arts, Science, Education and Commerce streams. Students can also enroll in research programs in Geography and Ph.D. under the mentorship of Ph.D. qualified guides.

Admission to UG courses is based on merit and the students passing their higher secondary examinations or its equivalent as recognized by the University of Calcutta. For PG courses, 60% of seats are earmarked for Calcutta University students (Category A) and the remaining 40% seats are open for general application with an entrance test (Category B). Existing SC/ST/PWD/OBC reservations are followed in each category. The selection of the PG courses is based on merit.

LEARN MORE

Vivekananda College for Women Key Points

  • The faculty of Vivekananda College for Women are experienced, supportive and are well qualified. The total number of faculty is 121 out of which 26 are Ph.D. holders.
  • Vivekananda College for Women has introduced a Learning Management System (E-learning) for students.
  • Vivekananda College for Women has a medical unit and offers in-house medical help by qualified doctors for staff and students.
  • Vivekananda College for Women provides facilities like spacious classrooms, modern well-equipped labs, gym, computer training centre, subsidized canteen, auditorium, library with reading rooms, games room for indoor games, spacious common room, stationary shop and a yoga centre with the appointed trainer.

Vivekananda College for Women Courses & Fees

Courses Course Details Selection Basis
BA (General)
  • Duration: 3 years
  • Fees: INR 13,140
  • Eligibility: 10+2 or equivalent (any stream)
  • Specializations: Geography, Psychology, English, Bengali, Music, Education, Philosophy, History, Sociology, Sanskrit, Economics, Political Science
 Based on merit
B.Sc. (General)
  • Duration: 3 years
  • Fees: INR 15,630
  • Eligibility: 10+2 with Physics, Chemistry, Mathematics/ Biology as the main subject
  • Specializations: Anthropology, Mathematics, Zoology, Chemistry, Botany, Physics
BA (Hons)
  • Duration: 3 years
  • Fees: INR 14,820
  • Eligibility: 10+2 or equivalent
  • Specializations: Geography, English, Bengali, Education, Philosophy, Political Science, History, Sociology, Sanskrit, Economics
B.Sc. (Hons)
  • Duration: 3 years
  • Fees: INR 22,830
  • Eligibility: 10+2 with Physics, Chemistry, Mathematics/ Biology as main subject
  • Specializations: Zoology, Anthropology, Botany, Mathematics
B.Com.
  • Duration: 3 years
  • Eligibility: 10+2 or equivalent
  • Specializations: General
MA
  • Duration: 2 years
  • Fees: INR 65,800
  • Eligibility: Graduation
  • Specializations: Bengali, Geography
 Based on merit
Ph.D.
  • Duration: 3-5 Years
  • Eligibility: Candidates having MA/M.Sc. Degree in Geography
  • Specializations: Geography
 Written test/ interview with research proposal Candidate with UGC/ CSIR/ JRF (NET)/ SET/ SLET/ GATE or DST (Inspire) Scholarship or Teacher Fellowship holders and M.Phil/ M.Tech./ MD/ ME/ M.Pharm. Degree from a recognized university is exempted from the Written Test.

Vivekananda College for Women Placements

Vivekananda College for Women has a Career and Counselling Cell approved by the UGC. The cell organizes campus interviews and offers various training courses which are aimed to be career-oriented, conducted by competent personnel and in collaboration with reputed organizations. The training programs are offered at very subsidized fees for the students. Some of the key highlights of the placement are mentioned below:

  • Career counselling is done in collaboration with ABP-Career Cell and Aptitude test sessions, programs in logical aptitude, basic arithmetic, general awareness, communicative skills are also conducted by the cell to better prepare the students.
  • Computer Training Centre offers certificate courses in Computer basics, DTP, Web Page Design, basic programming and basic internet which makes the students better employable at the time of placement.
  • The college has been conducting campus interviews every year with students being recruited by some of the top companies in the country like IBM Daksh, Infosys and EMCONS.
  • The median package offered to students at the time of placement is INR 1.43 LPA and the maximum package offered to students at the time of placement is INR 2.82 LPA.
  • For the academic year 2018-19, 22 students were placed with a median package of INR 2.04 LPA with reputed companies.

Vivekananda College for Women Scholarship

Vivekananda College for Women offers support to its deserving and needing students in the form of scholarship and aid funds which are mentioned below:

  • Central and State Government Scholarships: Scholarship is offered to SC (Top Class Education Scheme, Post Matric SC Scholarship), ST (Post Matric and National Fellowship Scholarship), OBC (Post Matric OBC Scholarship) and other minority groups (Talent Support Programme) under Central and State Government schemes.
  • Student Aid Fund Scholarship: Scholarship is offered to students belonging to economically weaker sections of the society depending on family income and student needs from the Student’s Aid Fund and Student’s Welfare Fund.
  • Free-Ship Scholarship: Free-ship scheme is offered to students coming from the unorganized labour sector.
  • Kanyashree Prakalpa Scholarship: The college provides scholarships under Kanyashree Prakalpa, a scheme introduced by the Government of West Bengal to improve the life and status of girls from economically backward families.

How to Pick the Best Health Insurance Plan for Parents?

  Purchasing adequate health insurance plans for parents is important to ensure that they have the best medical treatment without financial burden. Currently, the insurance market of India is flooded with health insurance plans for Insurance seekers who want to buy plans for parents. Moreover, many of these plans are specifically designed for elderly parents and senior citizens above the age of 60 years.

However, with an extensive range of plans available in the market, choosing the most appropriate plan can be a bit confusing. Thus, to help our readers know how to choose the best health insurance plan for parents, here we have discussed in detail the certain parameters to consider.

Factors to Consider While Purchasing Health Insurance for Parents

The following are the factors that one can consider while purchasing health insurance for parents:

Adequate Sum Insured Amount

Since parents are more vulnerable to health-related problems considering their age factor, an individual must choose a higher sum assured. Having adequate coverage will ensure that they get the best treatment in case of any medical emergency without getting worried about finances.

Health Insurance Coverage

Before zeroing in on a plan, it is very crucial to go through the benefits and coverage offered by the policy. Look for some important features like critical illness cover, pre and post-hospitalization cost, policy tenure, in-patient hospitalization, daycare procedure, domiciliary hospitalization, Ayush treatment, etc.

Co-Payment Clause

A co-payment clause in a health insurance policy means the percentage (%) of the amount that the insured will pay on his own. The remaining expenses of the medical treatment are paid by the health insurance company. Suppose, if a policy has a co-payment clause of 20%, then for a claim of Rs.20 lakh the policyholder will need to pay Rs.2 lakh on his own and the rest Rs.8 lakhs will be paid by the insurer. So, while purchasing the policy, make sure to check the co-payment clause. You can also choose for no co-pay clause.

Pre-existing Diseases Cover

In case the policyholder’s parent suffers from any pre-existing illness, then it is only covered after the completion of the waiting period of 2-4 years. However, the policy’s waiting period may vary from insurer to insurer as per the plan opted. Thus, make sure to check the time period after which the pre-existing diseases will be covered in the health insurance plan for parents.

Tax Benefit

The premium paid towards the health insurance policy is applicable for tax deduction under Section 80D of the Income Tax Act. If an individual is paying a premium for himself and his parents, then the maximum limit on health insurance premium is Rs. 50,000. If the parents are above the age of 60 years then the maximum limit on the premium that can be claimed for tax exemption is Rs. 75,000.

Compare Different Health Insurance Plans

To choose the best health insurance plan for parents make sure to compare the quotes of various plans online and choose the one that offers maximum coverage at a lower premium rate.

Network Hospitals

An individual must go through the list of network hospitals that are in collaboration with the insurance company they are picking. Make sure that the reputed hospitals in your surrounding are mentioned in the plan so that in case of emergency it is convenient to take them to the hospital.

What is Covered in a Health Insurance Policy for Parents?

Let’s take a look at what is covered under the health insurance plan for parents-

  • Hospitalization Expenses- Any eventuality or illness can lead to excessive hospitalization costs. With a comprehensive health insurance plan, the financial burden of hospitalization expenses is taken care of by the insurer up to the coverage limit
  • Daycare Procedure- Daycare treatments like a cataract operation and varicose veins surgery that does not need hospitalization for 24 hours are also covered by the insurer. The number of daycare procedures depends on the plan opted by an individual
  • Pre and Post Hospitalization Cost- The health insurance policy provides coverage for the expenses that occurred pre and post-hospitalization. Generally, it is 60 days and 30 days however, it may vary from insurer to insurer
  • Pre-existing Illnesses- The health insurance company covers the pre-existing illness after completion of the waiting period. However, one can choose a plan that comes with a lower waiting period and provides maximum coverage for critical illnesses like diabetes, heart ailment, etc.
  • Major Surgeries- Most medical insurance policies offer coverage for major surgeries, which involves high medical expenses like open-heart surgery, bariatric surgery, etc. In case of any such medical emergency, the policyholder can get their parents admitted to some of the best hospitals in India and get the operation done by renowned surgeons
  • Ayush Benefits- Nowadays, Ayush treatments are covered by almost all health insurance companies, which include Ayurveda, Homeopathy, Unani, Siddha, etc.
  • Renewability- Health insurance plan for parents generally comes with a lifetime renewal option.

Wrapping it Up!

You can consider the above-mentioned points while purchasing a health insurance plan for parents. However, make sure that you compare the benefits and features of various plans and choose the best plan as per your requirement and suitability.

Top 5 Tips to Choose Best Family Health Insurance Plans in India

  Everyone wants to have a health insurance plan that offers maximum coverage to them and their family. With an extensive range of health insurance policies available in the market, choosing the right policy can be a herculean task. As a result of this, many times people end up buying the wrong health insurance plans with inadequate coverage. Further in this article, we have discussed some simple tips to choose the best family health insurance plan elaborately.

Tips to Choose Best Family Health Insurance Plan

Here we have listed 5 simple tips to choose the best family health insurance plan in India:

Look for the right policy coverage

Choose a health insurance policy that provides coverage for pre and post-hospitalization, critical illness cover, ambulance charges, cashless treatment, maternity benefits, in-patient hospitalization, daily hospital cash benefit and covers an extensive range of medical problems. While purchasing a health plan for the family, an individual should make sure that the plan caters to the needs of each insured member.

Compare various plans, check for the limitations and features of policy and then choose the plan as per your requirement. Most of the time, the policy buyers tend to miss some features like the waiting period, sub-limits, etc. Thus, it is imperative to go through the policy brochure thoroughly to ensure that at the time of claim, the family does not have to face any trouble.

Check the waiting period clause

Usually, most of the health insurance policies cover maternity expenses, pre-existing diseases and specific treatments like varicose veins, hernia, etc. after a waiting period of 2-4 years. The waiting period of a plan varies from insurer to insurer. For example, maternity expenses are normally covered after a waiting period of 2-4 years from the date of policy initiation.

Many insurance companies also offer a lower waiting period. Thus, make sure to check the tenure after which the pre-existing illness will be covered in the family health insurance plan and choose the plan which comes with the minimum waiting period.

Check for flexibility to add new family members

While buying a family health insurance plan, the policy buyer should check for options to add new family members in a simple and hassle-free way. In case any senior member of the family is not eligible anymore for coverage or passes away, then other members of the family can continue with the same plan without compromising on the benefits of the plan.

Choose a lifetime renewability plan

This is one of the most important aspects to consider while purchasing the best family health insurance plan. It is important to check the tenure of the policy; whether the plan offers lifetime renewability or limited renewability.

This is because a health insurance policy is required most during the later stage of life. So, it is always advised to choose a health insurance policy that comes with the option of lifetime renewability. This will ensure that the family has the same coverage in the years to come even after crossing the age limit. Moreover, it also saves one from the hassle of buying a new policy. For instance, if one buys a health insurance plan which offers renewability till 45 years, then after the completion of 45 years, the policyholder will need to buy a new plan with a much higher premium rate. On the other hand, if one buys a lifetime renewability plan, then he/she can continue with the same plan without getting into the hassle of policy renewal.

Check the co-payment clause

Co-payment is a health insurance policy that refers to the percentage of the amount that the policyholder agrees to pay from his/her pocket. The remaining hospitalization expenses are taken care of by the insurance company. For example, if a policyholder has a health plan with a 10% co-payment clause, then while filing a claim of Rs. 1 lakh, the policyholder will need to pay Rs.10,000 from his/her pocket and the insurance company will pay the rest Rs. 90,000 as a part of the claim. One can choose the purchase policy without a co-payment clause.

Room rent limit

In case of any medical emergency, the insured will get a shared room, semi-private room, or private room based on the type of plan chosen by the policyholder. It is always advised to choose the policy that provides a higher room rent limit so that one does not need to pay extra from his pocket.

Wrapping it Up!

In this day and age, having a health insurance plan is a necessity more than a choice. To choose the best family health insurance plan, make sure you consider the above-mentioned points and make an informed decision.

Top 7 Benefits of Health Insurance Plan

  The outbreak of COVID-19 indeed has forced financial as well as medical security to the minds of individuals in an unprecedented way. In these times of uncertainty and with the skyrocketing cost of the health care sector, having a health insurance policy has become a necessity more than a choice. The health insurance policy not only takes care of the medical needs of the individual in case of any eventuality but also provides many different benefits. Read further to know the benefit of a health insurance plan.

Benefits of Health Insurance Policy

The following are some of the benefits of the health insurance plan:

Coverage against medical expenses

In case of any medical emergency, the last thing that a person would want to worry about is the cost of medical treatment. One of the major perks of having a medical insurance policy is that it offers coverage against any type of medical expenses that may/may not arise during an emergency.

Thus, a comprehensive health insurance policy covers all the medical costs like pre and post-hospitalization costs, ambulance charges, doctor’s fees, etc. are all covered. Many insurance companies offer rider options along with the base plan to enhance the coverage of the policy.

These riders offer the benefits that are not covered in the base policy like personal accident insurance, critical illness cover, maternity benefits, etc. With all these costs covered by a medical insurance policy, one does not need to worry about financial loss in case of any medical emergency.

Cashless Mediclaim Facility

In case of any medical emergency, if the insured undergoes any treatment in a hospital, then it might get difficult for the family members to immediately pay the hospital bills. To avoid such a situation, many insurers offer the facility of cashless mediclaim at network hospitals.

The cashless mediclaim facility ensures that the policyholder gets the best treatment without worrying about the finances. One just needs to fill the mediclaim form offered by the insurance company to avail of the benefit of cashless mediclaim at network hospitals.

Tax benefits

Another benefit of a health insurance policy is that it offers an opportunity to save on taxes. An individual can claim up to a maximum of Rs. 25,000 of tax exemption on the premium paid towards the policy under Section 80D of the Income Tax Act. 1961. Moreover, one can also claim an additional tax exemption of Rs. 25,000 for the premium paid for parents.

Financial protection against critical Illness

Most health insurers provide coverage against critical illnesses such as cancer, stroke, heart attack, kidney failure, etc. The critical illness cover either comes inbuilt in a plan or is offered as an add-on cover to the health insurance policy. In case the insured person is diagnosed with any critical illness as stated in the policy documents, a lump-sum amount is paid by the insurer so that the insured can fulfill their financial obligations.

Buying a comprehensive medical insurance policy helps an individual to be prepared for the worst. Moreover, buying the best health insurance plan at a young age not only provides the advantage of lower premiums along with comprehensive coverage but also helps to contribute towards savings in the long term.

No claim bonus

A No-Claim Bonus is a special incentive given by the health insurance company for every claim-free year. If the policyholder completes a year without making any claim for medical expenses then the insurance company offers a no-claim bonus to the policyholder in the form of premium discounts.

If a person does not file a claim for a consecutive tenure of the policy then he/she can enjoy up to a 50% discount on the premium amount. Moreover, some of the insurers also offer an increase in the base amount of the policy for every claim-free year. This not only benefits the insurance holder but also adds to their savings.

Protects the long-term savings

A health insurance plan acts as a safety net and protects the individual and his family against any type of financial crisis due to any medical eventualities. In case, a policyholder requires any medical treatment or a lifesaving surgery then he/she does not need to compromise on their children’s education fund or retirement savings. With a quality, health insurance policy one can ensure the right financial protection to themselves and their family without burning a hole in the pocket.

Free health checkup

After every 4-5 claim-free years, the facility of free health checkups is offered by the insurance companies to their policyholders. The insured can avail of the facility of free health checkups at any of the network hospitals.

The Bottom Point!

So, these are some of the benefits of health insurance plans. To choose the best health insurance policy for your family and yourself, make sure you compare the plans available and make an informed choice.