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Health Insurance

Health Insurance Service

Health insurance is a critical financial tool that provides coverage for medical expenses incurred due to illness, injury, or hospitalization. It offers financial protection by reimbursing or directly paying for medical services and treatments covered under the policy. Here’s a detailed overview to help you understand health insurance:

What is Health Insurance?

Health insurance is a contractual agreement between an individual (policyholder) and an insurance company (insurer) where the insurer agrees to provide financial coverage for medical expenses in exchange for premiums paid by the policyholder. It helps individuals and families manage healthcare costs by covering expenses such as hospitalization, surgeries, doctor visits, prescription drugs, and preventive care.

How to Apply

Aged between 21 and 60 years

Salaried or a working professional

Having a job and a minimum of 3 months experience

Having a minimum of Rs. 25,000 net income per month.

Documentation Required

Photo Identity Proof

  • Voter ID
  • Aadhaar Card
  • Passport
  • PAN
  • Driving Licence

Proof of Residence or Address Proof

  • Aadhaar Card
  • Driving Licence
  • Passport
  • Registered Rent agreement
  • Latest gas or electricity bill
  • Bank statement with current address

Income Proof

  • Income Tax Returns for the last 3 years
  • Business Licence Details
  • Balance Sheet audited by a certified CA and Profit and Loss account for the last 3 years
  • Business address proof
  • 6 month bank statements of current and savings accounts
  • A copy of Form 16
  • 6 month bank statements of salary account
  • Last 3 months’ salary slip

Others

  • Allotment Letter
  • Sale Deed
  • No Objection Certificate or NOC
  • Stamped Agreement of Sale
  • Possession Certificate
  • Construction Cost Estimate
  • Bank Account Statement of Payment Made to Seller or Builder
  • Occupancy Certificate
  • Land Tax Receipt

Health Insurance Balance Transfer

A personal loan balance transfer involves moving your remaining loan balance from one lender to another, usually to take advantage of a lower interest rate. The main goal is to reduce your overall debt. No collateral is needed for the transfer, but you will have to pay fees like foreclosure and processing fees. It's best to consider refinancing early in your loan term when the interest portion of your EMI is highest, as it decreases over time.

You can also consolidate credit card debt into a personal loan, benefiting from lower interest rates and longer repayment terms. This can positively affect your credit score by moving from a high-interest credit line to a lower-interest loan. If your credit card provider doesn’t allow debt transfer, you can apply for a personal loan with a new lender.

To help you save on interest, we compare various personal loan balance transfer options and find the best one for you.

Documents required for a balance transfer

  • Identity proof – Passport, Aadhar Card, Driving License, etc.
  • Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
  • Income proof - last 3 months’ salary slips and 6 months’ bank statements
  • Loan sanction documents of the existing loan or the credit card for balance transfer
  • Loan sanction documents of the existing loan or the credit card for balance transfer

Overdraft

An overdraft facility on your existing loan lets you withdraw extra funds up to a set limit whenever you need them. You only pay interest on the amount you use. Repayment is easy, as you can repay the borrowed amount anytime within the loan’s tenure. This facility is great for urgent financial needs since the money is pre-approved and available immediately. With an existing relationship with your lender, the paperwork is minimal. Timely repayments on your overdraft can also boost your credit score.

Here are some key points about the overdraft facility:

The interest rate for a personal loan is minimal. Furthermore, you only have to pay interest on the portion of the funds that you utilize, not the entire amount. This makes it easier to pay back your debt.

You can borrow immediately because the amount is pre-approved.

There are no restrictions on how you use the money from the loan, so you can use it for any purpose —personal, professional, planned, or unanticipated needs.

Because this facility makes borrowing and repaying easier, you can use it to establish a positive credit history and improve your credit score.

Benefits of Choosing Our Health Insurance

Competitive
Rates

Enjoy low-interest rates starting from 4.99% APR, based on your creditworthiness.

Fixed Monthly Payments

Manage your budget better with predictable payments and no hidden fees.

Quick and Easy Process

Fast approval process with funds available as soon as the next business day.

No Collateral Required

Get the funds you need without risking your assets.

Application Process

Step-1

When you connect with us, we take the time to understand your financial requirements.

Step-2

We help you compare the best personal loan offers online and choose the product that suits your needs.

Step-3

Once you choose a product, we help you apply for the loan. All you need to do is to keep your documentation in order.

Step-4

Next, you need to apply online with the chosen bank or NBFC.

Step-5

Once you submit your application, the lender takes some time to process it and verify your documentation.

Step-6

Finally, you receive the loan amount in your account.

Determine Your Eligibility:

Lenders consider factors like income, credit score, employment history, and existing debts.

Choose the Right Lender

Compare interest rates, processing fees, and other terms from different lenders.

Submit Documentation

Provide necessary documents such as proof of identity, address, income, employment, and property details.

Loan Approval and Disbursement

Upon verification, the lender will approve your loan and disburse the funds.

Feel free to use our Equipment Finance Calculator

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FREQUENTLY ASKED QUESTIONS

Find Answers to Common Questions

Health insurance is essential because it:

  • Protects you financially from unexpected and high medical expenses.
  • Ensures access to quality healthcare services and treatments.
  • Provides peace of mind knowing you are covered during medical emergencies and illnesses.

 

Health insurance plans vary, but they generally cover:

  • Hospitalization expenses, including room rent, ICU charges, and surgery costs.
  • Doctor consultations, specialist fees, and diagnostic tests.
  • Medications and prescription drugs.
  • Pre and post-hospitalization expenses.
  • Maternity and newborn care (in some plans).
  • Ambulance charges and emergency medical services.

Common types of health insurance plans include:

  • Individual Health Insurance: Covers an individual's medical expenses.
  • Family Floater Health Insurance: Covers the entire family under a single policy with a shared sum insured.
  • Group Health Insurance: Provided by employers or organizations for their employees or members.
  • Critical Illness Insurance: Provides a lump sum payment upon diagnosis of specified critical illnesses.
  • Senior Citizen Health Insurance: Specifically for elderly individuals to cover age-related health issues.

Consider these factors when choosing a health insurance plan:

  • Your healthcare needs, including any existing medical conditions.
  • Coverage amount (sum insured) based on potential medical expenses.
  • Network of hospitals and healthcare providers for cashless treatment facilities.
  • Premium costs and affordability.
  • Policy features like co-payments, deductibles, and exclusions.
  • Insurer's reputation, claim settlement ratio, and customer service quality.

To make a health insurance claim, follow these steps:

  1. Notification: Inform your insurer about hospitalization or treatment as soon as possible.
  2. Document Submission: Submit required documents such as medical bills, doctor's reports, and discharge summary.
  3. Claim Processing: The insurer evaluates the claim and settles it according to the policy terms (cashless or reimbursement).
  4. Follow-Up: Cooperate with the insurer and healthcare provider for any additional information needed for claim settlement.

Health insurance policies typically have an annual renewal period. It's crucial to renew your policy promptly each year to maintain continuous coverage without interruptions. Some insurers offer longer-term policies with multi-year renewal options for convenience.

Premiums paid towards health insurance are eligible for tax deductions under Section 80D of the Income Tax Act. The maximum deduction varies based on the insured's age and other factors, providing additional financial benefits.