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Mudra Power : Health Insurance

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Why do you need health insurance?
As medical care advances and treatments increase, health care costs also increase. The purpose of health insurance is to help you pay for care. It protects you and your family financially in the event of an unexpected serious illness or injury that could be very expensive. In addition, you are more likely to get routine and preventive care if you have health insurance.

You need health insurance because you cannot predict what your medical bills will be. In some years, your costs may be low. In other years, you may have very high medical expenses. If you have health insurance, you will have peace of mind in knowing that you are protected from most of these costs. You should not wait until you or a family member becomes seriously ill to try to purchase health insurance.

We also know that there is a link between having health insurance and getting better health care. Research shows that people with health insurance are more likely to have a regular doctor and to get care when they need it.

The Need to spread Health Insurance Awareness

The condition of health insurance in India is pathetic. 85% of Indian population does not use health insurance to finance their medical expenditure. These people pay for their medical expenditure from their pocket. As a result, many of these uninsured individuals either end up with poor quality healthcare or have to bear financial hardships. The financial stress that is engendered due to rising medical expenses is believed to affect the lifestyle of all family members for years.

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If the same continues, how will the people of India pay their medical expenses in the future? How will the efforts of medical care providers be fruitful, when there will be no one to avail medical treatment?

Thus, there is a need to increase the number of insured individuals in India. Working in this direction, every individual, every medical care provider and every health insurance company should play an active role. It is only then possible that people would be able to avail quality healthcare in times of medical emergency. Insurers have designed plans, but people should be encouraged to buy them so that the overall condition of medical care insurance in the country can be improved.

The products and offerings brought by different medical insurance providers vary from each other. The only point that should be brought to light is that people should buy these products to remove inconveniences from quality medical treatment. These products offer much relief to them and their family members at the time of medical emergency. There is no need for an insured individual to scramble for the arrangement of funds at the last hour. Hence, the Government and all the associated bodies should all offer their support in spreading health insurance awareness so that Indian citizens are aware of the right to seek quality healthcare without any financial thought.

The Government should educate people about the rise of medical costs and the importance of these products. Regulators should bring change in the guidelines, allowing only the right players to enter the health insurance market. Health insurance providers should design products, according to health needs of target customers and encourage people to buy them. The combined efforts of all these bodies will surely bring some improvement.
Apollo Munich, a pure medical insurance company, has emerged with the motive to Uncomplicate Health Insurance. Working in this direction, the company is looking forward to offering coverage to more than 500 million people over next five years.

Know before you buy:
● Pre-existing Diseases Cover
Pre-existing diseases are medical conditions or illnesses that already exist at the time you buy health insurance. Such diseases are covered after a fixed duration of 3-4 years of continued policy. There might even be conditions attached to the pre-existing illnesses when covered. So if you already have a medical condition, when taking a health insurance, you must get all the clarification regarding pre-existing diseases cover.

● Maternity Benefit
Maternity or pregnancy related medical expenditures are generally not covered by insurance companies. There are some companies that offer this cover for people who have been already insured with them for a fixed minimum duration (2- 4years as per the policy). So if the medical expenditures due to maternity is one of your key criteria, you must check on which insurance companies offer it and related waiting periods.

● Critical Illness Cover and Rider
Although all health insurance plans cover Critical Illnesses (except those listed under exclusions), users seeking extra critical illness coverage may opt for: a) a Critical Illnesses rider or b) a separate Critical Illness policy. In case of a rider, you get a greater cover if diagnosed with critical illnesses at a significantly lesser cost. In case of a separate policy, if you are diagnosed with a critical illness, you are paid the due treatment amount in lump sum.

● Ambulance Services Capping
Ambulance charges, although covered by most insurance companies have a capping attached for the maximum amount payable for ambulance (Rs 750-Rs.2000). Keeping in mind the city that you reside in and the quality of hospitals that you would visit, considering the ambulance charges capping is a good measure of preparedness.

● Room Rent Limit
Hospitals charge rent on the room that one takes up at the time of hospitalisation. Many insurance companies put a cap or limit to the amount one may avail as room rent. It might be a fixed amount, per day for a given number of days in a year or it may be a percentage of the total sum assured. Consider average room rent of hospitals you visit and compare with what your health policy offers. See if the room rent capping by the insurance company suits your requirements.

● Renew Up to Age
Most insurance plans have set age limits up to which you can renew your health cover. This is called the Renew Up to Age. After this, health insurance ceases and cannot be renewed. It is different from maximum age, the age up to which you can enter a new health policy. While the upper age limit for buying a new policy is up to 55 or 60 years, renew up to age may be higher or even lifetime as per different health policies.

Mudra Power : Vehicle Insurance

Vehicle insurance (also known as auto insurance, GAP insurance, car insurance, or motor insurance) is insurance purchased for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from traffic collisions and against liability that could also arise therefrom. The specific terms of vehicle insurance vary with legal regulations in each region. To a lesser degree vehicle insurance may additionally offer financial protection against theft of the vehicle and possibly damage to the vehicle, sustained from things other than traffic collisions.

Auto Insurance in India deals with the insurance covers for the loss or damage caused to the automobile or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability. There are certain general insurance companies who also offer online insurance service for the vehicle.

Auto Insurance in India is a compulsory requirement for all new vehicles used whether for commercial or personal use. The insurance companies have tie-ups with leading automobile manufacturers. They offer their customers instant auto quotes. Auto premium is determined by a number of factors and the amount of premium increases with the rise in the price of the vehicle. The claims of the Auto Insurance in India can be accidental, theft claims or third party claims. Certain documents are required for claiming Auto Insurance in India, like duly signed claim form, RC copy of the vehicle, Driving license copy, FIR copy, Original estimate and policy copy.

There are different types of Auto Insurance in India :
Private Car Insurance - In the Auto Insurance in India, Private Car Insurance is the fastest growing sector as it is compulsory for all the new cars. The amount of premium depends on the make and value of the car, state where the car is registered and the year of manufacture.
Two Wheeler Insurance - The Two Wheeler Insurance under the Auto Insurance in India covers accidental insurance for the drivers of the vehicle. The amount of premium depends on the current showroom price multiplied by the depreciation rate fixed by the Tariff Advisory Committee at the time of the beginning of policy period.
Commercial Vehicle Insurance - Commercial Vehicle Insurance under the Auto Insurance in India provides cover for all the vehicles which are not used for personal purposes, like the Trucks and HMVs. The amount of premium depends on the showroom price of the vehicle at the commencement of the insurance period, make of the vehicle and the place of registration of the vehicle. The auto insurance generally includes:
● Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary, housebreaking or theft, malicious act.
● Liability for third party injury/death, third party property and liability to paid driver
● On payment of appropriate additional premium, loss/damage to electrical/electronic accessories
The auto insurance does not include:
● Consequential loss, depreciation, mechanical and electrical breakdown, failure or breakage
● When vehicle is used outside the geographical area
● War or nuclear perils and drunken driving

Consider these points to get the maximum from your car insurance:
24X7 Toll Free Helpline
Many car insurance companies offer a 24X7 helpline that offers complete information to existing as well as prospective customers. The information could be about policy details, lodge complaints or to get claim assistance.
Anytime, Anywhere Claims Reporting
Through this facility, you can report a claim to the insurance company anytime and from anywhere. The executives then guide you through the whole process and also help in identifying the nearest location where you can get assistance from authorised people or service centres.
Warranty on Accident Repair
It gives you warranty for a specific period on the repairs done after the accident. The warranty is applicable if the repair work of the vehicle has been done at the listed garages or service centres. This service offered by very limited insurance companies.
Cashless Claim Settlement at Network Dealers
Insurance companies have tie ups with garages and vehicle service points called Network Garages where you may avail cashless transaction facility subject to deductibles and voluntary payment. These may differ with the brand of your car. If you do not take the vehicle to a networked garage, you will not be able to avail the cashless facility but you may get reimbursement of the expenditures on production of relevant documents for the claim.
Claim Settlement in 7 days
Speedier claims settlement has become an important feature in choice of an insurance company. To facilitate this, some insurance companies ensure that once all the documentation regarding the accident (copies of FIR, diving licences, repair bills etc.) are submitted, the claim will be settled within seven days.

Mudra Power : Life Insurance

Have you thought what will happen to your dependants and your responsibilities if something untoward happens to you? What will happen to your children's education? Where will your family live, what happens to the loans that you have taken, how will they fulfill their daily requirements?

A low cost life insurance with high risk cover, term life insurance , might just be the solution. The purpose of term insurance is to replace your income in case of an eventuality. If you have adequate term insurance and such a situation arises during the specified term, your life insurance amount will make it possible for your family to have sufficient funds to take care of your basic responsibilities and remain self sustaining. Term Insurance is taken for a fixed duration generally up to 30 years or up to the maximum renewal age specified by the insuring company. It provides coverage till the time you maintain the insurance and ceases if you outlive the term. In its true sense, there is no cash value acquired on a term insurance plan (without return of premium ) unless it has a return of premium condition attached.

Buying a term insurance is almost hassle-free except that you might be required to undergo a medical examination to assess your health condition. Also, it is a good idea to consider some basic points of references from different companies offering same or similar term plans.
Points to consider:

● Option to Convert Plan
Some term plans offer the facility to convert it to other traditional plans like endowment plans or money back plans etc. at a later stage. Convertibility feature might prove useful if during the policy term you do not feel the need to continue term insurance and would like to switch over to another plan.
● Smokers and Non-smokers Criteria
Keeping in mind the fact that tobacco users are at higher health risk, some insurance companies have separate premium structures for smokers and non-smokers. In such cases, premiums for non-smokers or non-tobacco users might be much less than those for smokers or tobacco users.
Terrorism Cover
Although Term Life Insurance covers death due to any reason, terrorism may or may not form a part of it for all life insurance companies. Depending upon your need to cover death due to act of terrorism, you must check if your shortlisted companies are providing the cover or not.
Availability of Riders
Some insurance companies offer riders like accidental death benefit , dreaded diseases rider etc. These can be taken along with the basic term life insurance plan. Riders come with an added cost and are valid up to a certain age. The riders give an added support in case of death or benefits as mentioned in policy contract.
● Renew Upto Age
Each insurance company specifies maximum age up to which the insurance can be renewed (65-70 years of age) called the "renew up to age". Maximum duration for which one can take term insurance is also specified (up to 30-35 years duration). These two are important factors in deciding the maximum term for which you can take insurance.

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