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Family floater health insurance plan

A family floater health insurance is a plan that is generally made for families. It is not too much differ from individual health plans, however the only major difference that is extended to cover the entire family. Therefore its name suggests that it acts as an umbrella for the entire family and cover all needs of the entire family.

A family floater health insurance is one of the finest selections when it comes to safeguarding and care of your beloved ones and their needs. As it is a policy that is offered singly benefit to your family, it relieves you from maintaining a task and keeping track of many insurance policies and offer affordability.

The other major benefits, which one can get from family floater health insurance are:

· In case, one member of the family get sick and has to be hospitalized, so the total sum insured by the policy can be utilized on the one who is suffering and on its treatment. Hence this coverage is relatively greater in all cases and it is needless to say that a family floater health insurance has options with higher sum, which insured individual health plans.

· Family floater health insurance plan covers individual, children and spouse. However in some cases insurance policy include the provision to cover parents, parents-in-law and siblings. So this type of policies is becoming more popular with time because of the advantages it offers.

Before selecting a family floater health insurance plan one must go through a thorough research, so to know which features and benefit are included in the policy and those offers benefit their family or not.

Health insurance plan for senior citizen

Health insurance plan presents a great policy for a wide range of age group. However these can be considered as much if one is under 50 years. Age and options available for health insurance are inversely proportionate i.e. as the age increases the option becoming more limited. Although options which is available to older citizen pales in comparison to people under 50 years, but still there are some great policies providing to choose from. The maximum age which is allowed by a health insurance policy is around 65 years.

The policy plan for senior citizens is a tad pricey because of increasing age the risk of falling to a health problem and disorder increases. The income has less scope to set up and a sudden problem or medical expense causes them a great strain to their finance. At that time health insurance policy became a boom for senior citizens. EGRO and HDFC require applicant for prospective above the age of 45 to undergo a fix number of medical tests, to diagnose the already existing problems known as pre-existing conditions. The health problem diagnose in these pre-determined medical test is not included in the health insurance coverage plan.

Owing such a type of insurance plan certainly leads to better treatment whenever you required. It also provides additional benefits to senior citizen, that who is insured can avail up to Rs, 21,000 as tax exempt under the policy. By considering all types of medical expenditures, parameters and rising cost, it is imperative for senior citizen to own health insurance policy.

Is it possible for an insurance company to cover catastrophic risks?

Catastrophes are the acts of nature that the human has no control over them. Examples of this act include floods, earthquakes, and hurricanes among others. These acts are majorly known from their great nature of destructions to areas where they mostly occur.

Most industries and individuals suffer many losses from these catastrophes and since there are unavoidable the only option that people may have to complement for the losses that are caused can be through insurances. Therefore to whether a person or an industry can be covered for catastrophes can be debatable where some can say yes and others no.

Yes, a company or individuals can be insured against catastrophic risks. This is because insurance companies are governed by the policies and if they do not limit the company then it can cover such risks. Secondly insurance companies are generally for profit making and therefore they will definitely accept to cover the risks since the greater the risks the greater the profits that they gets. Lastly reinsurance has made it possible. This is because insurance companies are able to assume more risk and then, ensuring them to the reinsurance companies.

No, it is impossible for an individual or a company to be insured against catastrophes. This can be due to a number of reasons but most likely is that, they may be happening very frequently and thus causes a lot of losses as it was experienced by United State insurance companies following a series catastrophes between 1961 to 1995 where a loss of $4 billion experienced.

Reinsurance in insurance industry

Generally, reinsurance is the insurance of the insurance company. It is a contract between the insurance company and another reinsurance company. The insurance company seeks for reinsurance cover when the insured risks are too much for it to bear. Therefore the insured pays the premium to the insurance company and in return it pays to the reinsurance company the premium but according to their agreements.

The reinsurance company cannot at any given time pay the insured but what it does it pays its claim to the insurance company after the insurance company has fully paid the claim to the insured. Therefore reinsurance companies help to reduce risks in the insurance industries. So the functions of reinsurance companies include: it increases the amounts of risks that can be covered by an insurance company; it enhances financial growth and lastly it helps to avoid catastrophic losses. Basically all insured risks can be re- insured if at all the policies that govern the reinsurance companies are not violated.

Reinsurance companies have really contributed to the growth of the insurance industry in a very great way. This is because it has made it easy for the insurance company to be able to cover all kinds of risks. This has encouraged many insurance industries to be formed. Therefore this has increased the level of competition in the industry and as a result their service has improved drawing many peoples and also it has helped to reduce congestions in the companies as peoples are evenly distributed to different insurance companies.

Smart Pension plans key features and highlights

Smart pension plan is a new emerging plan and it contains great features. Nowadays most people attract toward this plan because of its policy. The key features and highlights of this policy is as under;

· This pension plan has two stages. In the first stage you can build a corpus and in the second stage start withdrawing certain annuities and certain lump sum amount.
· The premiums which are to be paid towards this plan are exemption for eligible tax.
· The plan provides two types of benefits:
1. One of the benefits is that in case of demise life assured the nominee would receive a balance available in the unit account. Otherwise receives a 105% of premium inclusive of any premium paid additionally toward rider benefits.
2. In the second case if an individual survives then policy holder will receive balance available in unit account or 101% of premium inclusive of any premium paid or towards rider benefit.

· The company provides three options to all policyholders.
1. Annuity for life
2. Annuity for life with redemption of purchase price.
3. Guaranteed annuity or till the time annuitant is alive.

· Provide flexibility to riders with this plan but this subject is to cap 15% of premium paid towards the underlying plan.
· One can also get an opportunity to increase their invertible corpus by just paying an additional premium which has a minimum range of Rs 5000. However this is not allowed during last 5 years of policy terms.
· One can also enjoy the flexibility to defer his vesting age.