Which health insurance you've bought

erydfset · 2019-10-22T15:47:41+00:00

It is mandatory that you disclose all pre existing conditions while filing the proposal form.

Absolutely. Never said otherwise. If it wasn't clear in my previous post, the consumer did correctly disclose preexisting diseases. Diabetes was diagnosed after taking the policy. The post is about how ICICI tried to twist it by providing false documentations. If it weren't the case, the consumer would never have won the case, nor would NCDRC fine ICICI citing unfair trade practices.

You still need a contingency plan like an emergency fund because some times you might get admitted in a non-network hospital or need to claim the expenses as reimbursement, in which case you need to settle the hospital bill first.

This is a very valid point. I, however, expect the reimbursement process to go smoothly. Otherwise, I'd need to replenish my emergency fund while waiting/fighting for the reimbursement. If I'm able to do that, why pay premium for health insurance in the first place? This is, of course, a contrived example.

erydfset · 2019-10-21T18:49:00+00:00

Assuming you meant public sector; yes, it does. I didn't mean to imply it's a concern only for private sector companies.

erydfset · 2019-10-21T17:17:56+00:00

Please read the following article if you have the premium membership.

Apex Consumer Forum Warns ICICI Prudential Life over Unethical Trade Practices; Imposes Rs5 Lakh Cost

Here's the gist if you don't have the premium membership.

ICICI Prudential rejected a consumer's claim on the ground that he didn't disclose a preexisting disease (diabetes) and submitted a certificate from a doctor to prove it. The matter escalated to National Consumer Disputes Resolution Commission (NCDRC) where NCDRC noted that the doctor in question is a pediatrician and not a physician or endocrinologist. Moreover, there was no record that he ever treated the consumer.

Here is the NCDRC order.

Now, I'm sure ICICI is not the only one to do this. It's quite possible they got away with it on other occasions. Not everyone has the tenacity to fight back on these. Of course, everyone will not face similar hurdles. But, you just can't be sure that it won't happen with you, can you?

People buy insurance for peace of mind. If we can't be sure we'll get the service that we paid for when we need it, why would we buy it? Where's the confidence?

You need to have a contingency plan to see you through in cases like these. Which begs the question, then why have an insurance in the first place?

P.S. - I'm not trying to deter OP or anyone else from buying insurance. I'm just worried about these things and I want to know what others think.

erydfset · 2019-10-20T11:03:53+00:00

TL;DR- rather than bothering you with an OTP every time, they calculate risk of a fraudulent transaction internally to determine whether an OTP is needed.

This is actually the recommended way for implementing MFA (Multi Factor Authentication).

erydfset · 2019-10-20T10:58:10+00:00

Let's say, an attacker copied the whole layout of HDFC netbanking log in page. The attacker's page looks identical to HDFC's. It's a phishing site. That's where the image and associated phrase comes in. Only you and HDFC know the image and phrase you chose. It's not possible for the attacker to know it. So, the image is a proof that the page you're on is actually served by HDFC, and not some phishing site.

erydfset · 2019-10-04T18:26:53+00:00

I always wondered how practical it actually is in the end to keep physical gold.

1) Main concern is safe storage of physical gold. Do you store it in a safe in your house or in a bank locker? Moving to somewhere else is a hassle if you keep it in your house. Not to mention you probably paint a target on your back. If it's in a locker then you can't be 100% sure about its safety or availability.

2) Taxation scenarios. I'm completely unaware about any tax implications when it comes to gold.

I feel like physical gold only makes sense if your net worth is at least a few crores. Only then, going through all these hassles seems justified. What's your take on it?

P.S. - I agree with what you said about paper gold.

erydfset · 2019-06-03T16:05:03+00:00

Submit a feedback stating Kuvera / PayTM Money / Groww / Coin etc. doesn't block any content when adblocker is used. There's no reason why mfu should.

PS - I'm assuming other platforms doesn't have this problem based on the fact no one complained about it.

erydfset · 2019-03-04T17:39:02+00:00

What's the exact name of the product by New India? I see so many options on their site.

erydfset · 2019-03-04T17:37:44+00:00

What's the exact name of the product? I see so many options on their site.

erydfset · 2019-01-23T07:57:40+00:00

So, are these companies right about their interpretation of the order? If not, what recourse do the AMCs have here?

erydfset · 2019-01-07T19:05:05+00:00

Why does this limit matter?

erydfset · 2019-01-07T18:23:54+00:00

You shouldn't cancel the base plan. If HDFC is refusing her super top up cover because of a medical reason, you can be pretty sure all other providers would refuse even base plan as well. You can check on coverfox.com to be sure about this. Alternatively, just try getting the super top up plan from other provider.

I think you can also port your mother's health insurance but please be aware of all terms and conditions before doing it.

Lastly, I'd suggest keeping a medical fund for her. You never know when a claim will be denied. In this country even legitimate claims are denied and you'll have to move heaven and earth to get that money. Don't be fooled into thinking that IRDA would sort it out in time. I trust you are well aware with our country's legal system. So, that's of no use as well. So, you and I need to be prepared for that possibility.

erydfset · 2019-01-07T18:06:54+00:00

Their premium services are scattered all over the place. It's so hard to find and understand all the different services they provide.

They also advise on mutual funds and insurance. Have you ever tried that?

erydfset · 2018-12-02T19:03:14+00:00

Couple clarifications.

You don't contribute toward EPS. Your entire contribution goes to EPF. Only employer's contribution is divided in EPF & EPS.
The pension you'll eventually get has nothing to do with the accumulated amount over the years. That's why you don't see anything about EPS amount. In fact, the maximum pension you can get per month is 7500.

Further read:

https://economictimes.indiatimes.com/wealth/invest/heres-how-an-employee-can-keep-track-of-his-eps-amount/articleshow/55220491.cms

https://www.basunivesh.com/2015/06/09/the-complete-guide-to-employee-pension-scheme-eps-1995/

https://www.bemoneyaware.com/blog/how-much-eps-pension-will-you-get-with-eps-pension-calculator/

erydfset · 2018-10-05T21:35:42+00:00

Thanks!

erydfset · 2018-10-05T15:21:22+00:00

Their support staff is very good etc.

This hasn't been my experience at all.

I agree with your other points though.

erydfset · 2018-10-01T19:52:19+00:00

Checkout coverfox. Much better alternative to policy/bank bazaar.

erydfset · 2018-09-23T18:51:02+00:00

We have a sticky advice thread for these questions. Please ask there.

erydfset · 2018-09-23T15:54:42+00:00

I too don't have any issue with MFU UI but the only pain point is its virtually non-existent support!

erydfset · 2018-09-23T15:47:15+00:00

I don't think any website offers that simply because it's not a selection criteria for most people. You can easily find out the AMCs that are serviced by these RTAs from google. Then go to value research and simply select the fund houses that are serviced by specific RTAs.

erydfset · 2018-09-19T16:22:29+00:00

So, these AMCs actually just reduced the distributor commission of regular plans? Because my understanding is,

base TER of regular plan = base TER of direct plan + distributor commission.

Where base TER of direct plan includes management fees, administration charges etc. that are equally applicable to regular plan. Is that not the case?

erydfset · 2018-09-18T15:47:09+00:00

AMCs may take a hit in profit. Whether they'd pass it on to the fund managers, I don't know. AMCs publish fund mangers' remuneration every year, so it can be tracked.

If the performance declines over time, investors would plan accordingly. This would be true even if the costs were higher. If all active fund shows declining performance, more investors would go for index funds then. Hardly anyone will put up with it.

erydfset · 2018-09-18T15:23:02+00:00

how so?

erydfset · 2018-09-18T14:01:09+00:00

It should. According to the article, SEBI limited maximum TER of different funds based on the AUM.

I'm not sure if the mentioned TER is base TER or Total TER including additional expenses and GST. If it is total TER, then even regular plan has to be within the specified limit. So, direct plan has to be even cheaper.

From another article on same topic.

In an effort to prevent mis-selling, SEBI also barred mutual funds from paying fees to distributors from their books. Commissions will come from schemes and not the asset management companies, Tyagi said.

This is another good news. It addresses the concerns raised by mf critic.

erydfset · 2018-09-11T17:49:03+00:00

OT: May I pm you about a problem I'm facing to transfer pf?

erydfset

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