Latest news with #SiddharthSinghal
Mint
a day ago
- Health
- Mint
Don't let IVF drain your savings— Know your insurance options first
Many health insurance and maternity plans in India now offer IVF coverage as an add-on or under specific conditions, usually requiring a minimum sum insured, a waiting period, sub-limits on IVF expenses and restrictions on the number of treatment cycles There's been an increase in in-vitro fertilization (IVF) treatment in India due to factors such as rising infertility rates, growing disposable incomes, wider awareness about IVF and progress in IVF technology. Assisted reproductive technology refers to the medical procedures used to treat infertility. IVF is one of the most common forms of fertility treatment. The process starts with getting eggs from a woman's ovaries, fertilizing them with sperms in a lab and then implanting the resulting embryo in the uterus. Do health insurance policies cover IVF? The cost of a single IVF cycle in India can range from ₹90,000 to ₹300,000. Couples often wonder if health insurance covers IVF treatment. Generally, it does not but some insurers have started offering it in select plans. "As awareness around assisted reproductive health grows, we're seeing a shift in how insurance products are evolving to support this journey. Treatments like IVF, once considered outside the ambit of health coverage, are gradually being included in select health insurance plans, with a standard waiting period of two years or more," said Siddharth Singhal, head of health insurance at Policybazaar. 'Many health insurance and maternity plans in India now offer IVF coverage as an add-on or under specific conditions, usually requiring a minimum sum insured, a waiting period of two to three years, sub-limits on IVF expenses, and restrictions on the number of treatment cycles," said Bhabhtosh Mishra, director and chief operating officer at Niva Bupa Health Insurance. Review and check However, one should not assume that IVF is automatically a part of maternity plans. To identify these plans, policyholders should review policy documents for fertility benefits, check for optional riders, confirm waiting periods and limits, and consult insurance advisors or comparison platforms. While coverage for IVF treatment is gaining ground, it remains uneven across policy types. 'Corporate group policies (more common for mid-to-large employers) are much more likely to include fertility benefits, sometimes even without waiting periods," said Kunal Varma, CEO and founder of Freo, a digital finance app. However, a survey by Plum, an employee health insurance platform, found that less than 1% of the companies in India offer infertility treatment under group health insurance. Google and Flipkart have IVF cover in their corporate health policies. If you do not have corporate IVF coverage, getting an individual policy is the only option. People often overlook the key aspects of IVF coverage in insurance policies that can significantly affect their benefits. Most plans impose a waiting period of one to three years (commonly three years) before IVF-related claims can be made. Niva Bupa offers waiting periods of nine months up to four years, depending on the plan variant, and provides sub-limits aligned with the sum insured. 'Additionally, insurers usually set sub-limits and caps on IVF expenses—often a specific amount like ₹2 lakh separate from the base sum insured (typically ₹5 lakh or more)—and restrict the number of IVF cycles covered, generally allowing one cycle every few years," said Mishra. Many policies provide only partial coverage, covering diagnostics and medication but excluding advanced treatments like ICSI (intracytoplasmic sperm injection), embryo freezing or donor-related costs. Coverage typically applies only to treatments deemed medically necessary and performed at insurer-approved centres. One should also look at the actual words 'infertility treatment" or 'assisted reproductive technology" and consider if there are any exclusions, sub-limits or co-payment clauses. IVF is typically covered when deemed medically necessary. If it is not medically required, coverage may be denied. 'The policy seeker is advised to go through the policy document, terms and conditions and exclusions before opting for any riders or maternity cover," said Sarita Joshi, head of health and life insurance at Probus, an insurance broker. The fine print is thus critical. What are the exclusions? Most policies that offer IVF benefits typically cover only one cycle. 'If that attempt is unsuccessful, the cost of any additional cycles is usually borne by the insured. Non-medical expenses like travel, accommodation or psychological counselling are not included," said Ajay Shah, head – distribution at Care Health Insurance. Policies such as the Care Classic Plan by Care Health Insurance pay the benefit once in a block of three years, subject to policy renewal, and come with a waiting period of 36 months from the date of starting the policy. If the policy limits the number of cycles, policyholders will have to bear subsequent IVF expenses on their own. Also, policies covering IVF exclude costs such as egg/sperm donation, surrogacy fees, advanced procedures (ICSI, genetic testing), embryo freezing/storage and certain medication. IVF is often just one part of a longer journey—diagnostics, hormonal injections, follow-ups, and repeated attempts may all add to the bill. Take control of your IVF journey by getting financially prepared today. Health insurance can cover it only partially. (The author is a freelance journalist)
Economic Times
a day ago
- Business
- Economic Times
10 money myths that are keeping you from maximising your financial worth
Getty Images This Independence Day, we help you break free of 10 myths that are keeping you from maximising your financial worth. For every person who aspires to a smooth financial journey, there are five who stumble their way through it, frequently hitting roadblocks— running short of their goal corpus, making tax blunders, failing to cover health risks, planning succession poorly, making wrong career decisions, among many others. While ignorance and disinterest are often to blame for financial hiccups, misplaced notions and money myths also frequently serve as poor guides. This Independence Day, we help you break free of 10 myths that are keeping you from maximising your financial worth. Young people don't need health insurance. 'The notion that young people don't need health insurance is outdated. Even those in their 20s and 30s can face sudden health setbacks. Accidents, viral infections and illnesses like Covid don't wait for age to catch up,' says Siddharth Singhal, Head of Health Insurance at Policybazaar. Not to mention the rise in lifestyle diseases and chronic conditions like diabetes and hypertension among youngsters. A cover at an early age also means you can serve out the waiting periods for pre-existing diseases while you're healthy and use it without waiting when you actually need it. Myth #2 Retirees should avoid equity life expectancy means more number of years after retirement and a bigger corpus to sustain it. While debt investments like fixed deposits may seem like a safe bet when there is no income generation, you will need the boost of equity to grow your portfolio to keep up with inflation. 'This is why you need a bucket strategy, wherein a portion of the portfolio that you won't need for at least five years is invested in equity,' says Atul Shinghal, Founder and CEO, Scripbox. So equity as an inflation hedge should be an integral part of your portfolio. Myth #3 You don't need to file income tax returns if you have no tax can avoid filing tax returns only if your taxable income is below the basic exemption limit. 'Under the new tax regime, this limit is Rs.3 lakh, and Rs.2.5 lakh in the old regime for those below 60,' says Amit Maheshwari, Tax Partner, AKM Global. Under the new tax regime, a tax rebate under Section 87A is available for resident individuals with a taxable income of up to Rs.12 lakh (raised from Rs.7 lakh). This rebate is applied to your calculated tax, effectively making your tax liability zero. In the old regime, the rebate is available for taxable incomes up to Rs.5 lakh. This doesn't mean you don't have to file returns. Besides, if you have incurred certain expenses (over Rs.2 lakh in foreign travel, Rs.1 lakh in electricity consumption, etc.), it is mandatory to file returns. Also, if you are eligible for a tax or TDS refund, or have to carry forward losses, you will not be able to claim it without filing returns. Myth #4 Tax gains mean you should not prepay your home the years, home loan repayment has offered significant tax benefits—Rs.2 lakh deduction for interest payment under Section 24B and Rs.1.5 lakh for principal repayment under Section 80C. This has led most people to extend the loan repayment to full term. In the new tax regime, however, these tax benefits can pale in comparison to the total deductions available, especially since last year's Budget changes. After the Section 87A rebate, incomes up to Rs.12 lakh can be tax-free. If you enjoy higher tax benefits in the new regime, you can move out of the old regime, giving up the home loan tax advantage (Section 24B deduction is available only on let-out property in new regime). So if you wish to prepay the loan or reduce its tenure, you can do so and enjoy the mental peace that comes from being debt-free. Myth #5 A single income stream is turmoil in the job market that began a few years ago with Covid and ChatGPT has intensified due to AI disruption and economic uncertainty. While the tech sector has witnessed higher volatility, as seen in the recent mass lay-offs by TCS, job uncertainty has become the norm, calling for a back-up in the form of multiple income streams. 'You are just one company downsizing, accident, or an industry disruption away from financial insecurity. Create a safety net with multiple income streams. Start small. Rent out a room at home. Offer a weekend tuition. Save money from your salary to invest in a dividend-generating fund,' says Devashish Chakravarty, Founder & CEO, a job loss assurance company. Myth #6 Mutual fund investments are funds invest in a combination of securities and asset classes, be it stocks, bonds or money market instruments. As such, they have a certain amount of risk associated with all of these. They are perceived to be low-risk instruments only in comparison to direct stock investments. The fact that they invest in assets that are linked to the market means there is no 'risk-free' mutual fund. 'Even a passive index fund that invests in an index like the BSE Sensex or Nifty has equity risk, while debt funds can face interest rate risk, credit risk and liquidity risk,' says Shinghal of Scripbox. Myth #7 Only old people need to have a a will has little to do with age and more to do with the assets you have. Even if you are young and have built financial assets in your name, or have an inheritance, or digital assets, it is best to write a will so you can be sure these will be passed on to the people you want if something were to happen to you. Besides, you can always alter the will whenever you want. 'Many young adults today financially support both their parents and children. Their sudden demise can leave dependants vulnerable. Also, if a spouse remarries, the original family's future may be compromised. Without a will, distribution becomes chaotic— it's not about age, it's about responsibility,' says Raj Lakhotia, Managing Partner, LABH & Associates. Myth #8 You have to save for your child's years, Indian parents have taken upon themselves the financial responsibility not only of their children's education, but also of their weddings. However, it may not be the best financial decision if the parents are compromising their own retirement by diverting the funds to the wedding, or banking on their children to take care of them in retirement. Sponsoring the kids' education and enabling them to become financially independent adults means the children can save for their own weddings or at least bear the costs partially. Busting this myth can be the difference between financial independence in later life and dependence on children. Myth #9 If you have a financial planner,you don't need to check your investment a financial adviser guides you with investments and achievement of goals, it's still your money and you need to monitor how it is being deployed. 'As an involved investor, it is important to understand and check your portfolio periodically, especially in the context of timesensitive goals,' says Shinghal. So, keep an eye on the asset classes being invested in, market conditions, policy changes, and whether you are on track for your goals. Don't try to micromanage, but know the macros and be aware of the portfolio performance. Myth #10 I don't need to share financial information with my you are taking most financial decisions in the family regarding savings and investments, it's crucial that you share this information with your spouse as well, whether (s)he is earning or a homemaker. In case of an eventuality, the uninformed spouse is often left in the lurch, unable to access funds or at the mercy of relatives or strangers to manage them. It's crucial to keep the spouse in the loop not only about all the investments, but also the account numbers, log-ins and passwords to be able to access these. No trending terms available.
Time of India
a day ago
- Business
- Time of India
10 money myths that are keeping you from maximising your financial worth
Myth #1 Myth #2 Academy Empower your mind, elevate your skills Myth #3 Myth #4 Myth #5 Myth #6 Myth #7 Myth #8 Myth #9 Myth #10 For every person who aspires to a smooth financial journey, there are five who stumble their way through it, frequently hitting roadblocks— running short of their goal corpus, making tax blunders , failing to cover health risks, planning succession poorly, making wrong career decisions, among many others. While ignorance and disinterest are often to blame for financial hiccups , misplaced notions and money myths also frequently serve as poor guides. This Independence Day, we help you break free of 10 myths that are keeping you from maximising your financial worth 'The notion that young people don't need health insurance is outdated. Even those in their 20s and 30s can face sudden health setbacks. Accidents, viral infections and illnesses like Covid don't wait for age to catch up,' says Siddharth Singhal, Head of Health Insurance at Policybazaar. Not to mention the rise in lifestyle diseases and chronic conditions like diabetes and hypertension among youngsters. A cover at an early age also means you can serve out the waiting periods for pre-existing diseases while you're healthy and use it without waiting when you actually need life expectancy means more number of years after retirement and a bigger corpus to sustain it. While debt investments like fixed deposits may seem like a safe bet when there is no income generation, you will need the boost of equity to grow your portfolio to keep up with inflation. 'This is why you need a bucket strategy, wherein a portion of the portfolio that you won't need for at least five years is invested in equity,' says Atul Shinghal, Founder and CEO, Scripbox. So equity as an inflation hedge should be an integral part of your can avoid filing tax returns only if your taxable income is below the basic exemption limit. 'Under the new tax regime, this limit is Rs.3 lakh, and Rs.2.5 lakh in the old regime for those below 60,' says Amit Maheshwari, Tax Partner, AKM Global. Under the new tax regime, a tax rebate under Section 87A is available for resident individuals with a taxable income of up to Rs.12 lakh (raised from Rs.7 lakh). This rebate is applied to your calculated tax, effectively making your tax liability zero. In the old regime, the rebate is available for taxable incomes up to Rs.5 lakh. This doesn't mean you don't have to file returns. Besides, if you have incurred certain expenses (over Rs.2 lakh in foreign travel, Rs.1 lakh in electricity consumption, etc.), it is mandatory to file returns. Also, if you are eligible for a tax or TDS refund, or have to carry forward losses, you will not be able to claim it without filing the years, home loan repayment has offered significant tax benefits—Rs.2 lakh deduction for interest payment under Section 24B and Rs.1.5 lakh for principal repayment under Section 80C. This has led most people to extend the loan repayment to full term. In the new tax regime, however, these tax benefits can pale in comparison to the total deductions available, especially since last year's Budget changes. After the Section 87A rebate, incomes up to Rs.12 lakh can be tax-free. If you enjoy higher tax benefits in the new regime, you can move out of the old regime, giving up the home loan tax advantage (Section 24B deduction is available only on let-out property in new regime). So if you wish to prepay the loan or reduce its tenure, you can do so and enjoy the mental peace that comes from being turmoil in the job market that began a few years ago with Covid and ChatGPT has intensified due to AI disruption and economic uncertainty. While the tech sector has witnessed higher volatility, as seen in the recent mass lay-offs by TCS, job uncertainty has become the norm, calling for a back-up in the form of multiple income streams. 'You are just one company downsizing, accident, or an industry disruption away from financial insecurity. Create a safety net with multiple income streams. Start small. Rent out a room at home. Offer a weekend tuition. Save money from your salary to invest in a dividend-generating fund,' says Devashish Chakravarty, Founder & CEO, a job loss assurance funds invest in a combination of securities and asset classes, be it stocks, bonds or money market instruments. As such, they have a certain amount of risk associated with all of these. They are perceived to be low-risk instruments only in comparison to direct stock investments. The fact that they invest in assets that are linked to the market means there is no 'risk-free' mutual fund. 'Even a passive index fund that invests in an index like the BSE Sensex or Nifty has equity risk, while debt funds can face interest rate risk, credit risk and liquidity risk,' says Shinghal of a will has little to do with age and more to do with the assets you have. Even if you are young and have built financial assets in your name, or have an inheritance, or digital assets, it is best to write a will so you can be sure these will be passed on to the people you want if something were to happen to you. Besides, you can always alter the will whenever you want. 'Many young adults today financially support both their parents and children. Their sudden demise can leave dependants vulnerable. Also, if a spouse remarries, the original family's future may be compromised. Without a will, distribution becomes chaotic— it's not about age, it's about responsibility,' says Raj Lakhotia, Managing Partner, LABH & years, Indian parents have taken upon themselves the financial responsibility not only of their children's education, but also of their weddings. However, it may not be the best financial decision if the parents are compromising their own retirement by diverting the funds to the wedding, or banking on their children to take care of them in retirement. Sponsoring the kids' education and enabling them to become financially independent adults means the children can save for their own weddings or at least bear the costs partially. Busting this myth can be the difference between financial independence in later life and dependence on a financial adviser guides you with investments and achievement of goals, it's still your money and you need to monitor how it is being deployed. 'As an involved investor, it is important to understand and check your portfolio periodically, especially in the context of timesensitive goals,' says Shinghal. So, keep an eye on the asset classes being invested in, market conditions, policy changes, and whether you are on track for your goals. Don't try to micromanage, but know the macros and be aware of the portfolio you are taking most financial decisions in the family regarding savings and investments, it's crucial that you share this information with your spouse as well, whether (s)he is earning or a homemaker. In case of an eventuality, the uninformed spouse is often left in the lurch, unable to access funds or at the mercy of relatives or strangers to manage them. It's crucial to keep the spouse in the loop not only about all the investments, but also the account numbers, log-ins and passwords to be able to access these.
&w=3840&q=100)
Business Standard
17-07-2025
- Business
- Business Standard
Planning to port your health insurance policy? When and how to do it
With a host of health insurance products available in the market, consumers are now spoilt for choice. Awareness too has increased, thanks to several online platforms that dissect every policy and come out with all the pros and cons. And then there is the option of porting which helps you in case you are not satisfied with the current policy. Porting allows you to switch your health insurance provider at renewal without losing accrued benefits like waiting period credits and no-claim bonuses (NCBs). However, experts caution that while portability is a valuable consumer right, it should be exercised with caution. Why policyholders port their health insurance 'Policyholders usually port because of rising premiums, dissatisfaction with claims handling, or to access newer features like OPD cover and wellness-linked rewards,' says Surinder Bhagat, head of employee benefits at Prudent Insurance Brokers. He adds that poor service experiences or delays in claims settlement often act as triggers for people to switch insurers. Changes in life stages also drive this decision. 'Marriage, having children, or even witnessing a family member's medical crisis often prompt people to reassess their coverage,' notes Siddharth Singhal, head of health insurance at Policybazaar. Post-pandemic, medical inflation has made this even more pressing. But porting isn't always the answer. 'It should be done only for compelling reasons and not just because you can. A hasty decision can backfire,' cautions Hari Radhakrishnan of the Insurance Brokers Association of India (IBAI). How to port your health insurance? Porting is permitted only at the time of renewal. 'You need to notify the new insurer at least 45 days before renewal, though starting 60 days in advance is even better for a smooth transition,' advises Akanksha Jain, head – products, Digit Insurance. Here's how to port -Research and shortlist: Compare policies from various insurers for coverage, premiums, and network hospitals. -Submit documents: File a portability request with the new insurer, providing the proposal form, KYC papers and details of your existing policy and claims history. -Underwriting process: The new insurer retrieves your records via the IRDAI portal and may call for medical tests or telephonic verification. -Approval and payment: Once approved, pay the premium. Your continuity benefits, like served waiting periods, are preserved for the existing sum insured. 'For family floater plans, ensure all family members are ported together. If any member has chronic conditions, a medical evaluation is likely,' explains Jain. Key checks before porting 'Don't get lured by the lowest premium. Focus on continuity of benefits, sub-limits, co-payment clauses, and the insurer's claim settlement record,' says Vaibhav Kathju, founder & chief executive officer of Inka Insurance. Anand Prabhudesai, promoter of Turtlemint, clarifies. 'Continuity benefits like NCB and waiting period credits apply only up to the existing sum insured. If you increase the cover, new waiting periods may apply for the additional amount.'
News18
04-07-2025
- Health
- News18
Monsoon Health Alert: What's Covered, What's Not In Vector-Borne Illness Insurance
Last Updated: Good health insurance becomes the need of the hour that thwarts individuals against falling into any untoward financial trap while dealing with these diseases. Monsoon Health Alert: The rainy season in the Indian subcontinent which is also called 'Monsoon' not only brings relief from scorching heat to people, but also provides a suitable condition for the growth of mosquitoes and other insects. They are also the carriers of many vector-borne diseases, leading to a rise in diseases related to monsoon. But beyond the physical discomfort, these illnesses come with a financial sting. Treatment costs in metro cities can run up to Rs 1 lakh, factoring in hospitalisation, diagnostic tests, and post-recovery care. 'These illnesses are not only physically taxing but can also be financially draining," says Siddharth Singhal, Head, Health Insurance at Thus, good health insurance becomes the need of the hour that thwarts individuals against falling into any untoward financial trap while dealing with these diseases. The Hidden Cost Of Recovery The typical recovery period for Dengue or Malaria ranges from 7 to 10 days, during which multiple consultations, lab tests, and follow-up medications are often required. While many health insurance plans cover hospitalisation, what often slips under the radar is the cost of outpatient care (OPD)—an expense that can quickly add up. 'This is where a comprehensive health insurance policy plays a vital role," Singhal explains. 'Including OPD cover ensures you're not caught off guard by routine but essential costs like doctor visits and diagnostics." With the right plan, patients can access quality care without worrying about out-of-pocket expenses every time they consult a doctor. Designed either as a standalone option or an add-on to existing plans, the coverage isn't seasonal—it offers year-round protection, which is especially helpful since such diseases can occur even outside the monsoon months. 'This plan is ideal for those without existing health coverage or anyone looking to strengthen their current policy with focused, illness-specific protection," Gupta adds. How Much Do Claims Usually Cost? Claim sizes vary depending on the severity of the disease and the hospitalisation duration. 'The costs usually involve room charges, ICU stays, lab tests, and medication—these are often overlooked during financial planning," says a Policybazaar spokesperson. In major cities, a hospital stay for Dengue or Malaria can cost anywhere between Rs 50,000 to Rs 1 lakh. Even a non-hospitalised case requiring frequent OPD visits and tests can end up being a costly affair. First Published: July 04, 2025, 06:30 IST
