Friday, January 23 2026
Source/Contribution by : NJ Publications

Health insurance is one of the most important financial protections for a family today. Medical costs are rising every year, and a good health insurance policy can save you from heavy financial stress during medical emergencies.

Many policyholders, at some point, feel unhappy with their existing health insurance company due to premium increases, service issues, claim problems, or better options available in the market. This is where Health Insurance Portability comes into the picture.

What Is Health Insurance Portability?

Health insurance portability is the facility that allows you to shift your existing health insurance policy from one insurance company to another without losing certain benefits you have already earned.

In simple words, it means:

• You can change your insurance company

• While continuing with your accumulated benefits such as waiting period for existing diseases, cumulative bonuses, etc;

What exactly is being "Ported"?

When you buy a new health policy, you usually have to serve waiting periods (e.g., 2 to 4 years for pre-existing diseases like Diabetes or Thyroid, and 2 years for specific surgeries like Cataract or Stones).

If you have already held a policy for 5 years with Company A, you have "served" these waiting periods. When you port to Company B, Company B agrees to respect that time. They will not ask you to wait another 4 years to cover your Diabetes. This transfer of "time served" is the heart of portability.

When Should You Consider Porting Your Health Insurance?

Portability is useful in certain situations. You may consider porting your policy if:

1. Poor Claim Experience

If your insurance company has:

• Delayed claims unreasonably

• Partially or fully rejected claims irrationally

• Poor customer support

then porting to a more service-oriented insurer may be beneficial.

2. Limited Hospital Network

If your insurance company does not have:

• Good and large number of network hospitals in your city

• Cashless facility in major hospitals

you may think of porting to an insurer with a wider or better network of hospitals.

3. Inadequate Coverage

If your current health insurance policy:

• Has low sum insured (risk cover amount)

• Does not offer modern treatments

• Lacks features like room rent flexibility, sublimits on certain treatments, etc;

then switching to a better-coverage policy may help.

4. Unreasonable Policy Conditions

Some old health policies have:

• Disease-wise sub-limits

• Room rent capping

• Co-payment clauses

Porting can help move to a policy with fewer or no such restrictions.

When You Should NOT Port Your Health Insurance?

Porting is not always the right decision. In many cases, staying with your existing insurer is better.

• Why You Should Not Switch for Minor Savings in premium.

In India, we love a good bargain. If Company A charges ₹25,000 and Company B charges ₹22,000, the natural instinct is to switch to save ₹3,000. This can be a dangerous mistake.

• The "Teaser" Rate: New insurers may offer low premiums to attract you. Next year or two, they might hike the premium, bringing you back to square one.

• Hidden Clauses: That cheaper policy might have "Room Rent Capping" (e.g., they only pay for a semi-private room) or a "Co-pay" (you pay 20% of every bill). Your existing policy might have been paying 100% of the bill.

• Issues in Claim Settlement: You might be saving ₹3,000 but moving to a company that has more issues in claims than your current one. Is that saving worth the risk during a medical emergency?

Golden Rule: Never port only because the premium is slightly lower. Port only if the value (features + service) is better.

• If You Have A Pre-Existing Diseases

If you already have conditions like:

• Heart disease

• Diabetes with complications

• Cancer history

• Kidney issues

In such a scenario, porting can be risky because the new insurer may reject the proposal. Or it may impose permanent co-pay or limits. Resulting in a reduced coverage.

• Planning for a medical treatment.

If you are planning: Surgery or a Hospitalization treatment in the coming days / months. Do not port your policy just before or after the treatment. Claims during such transition can become complicated.

Remember - Your old (existing) insurance company cannot deny your renewal, but a new insurer can deny your portability.

• Age Above 55 years.

Portability becomes difficult as you age. New insurers are often reluctant to take on senior citizens who might claim soon. If you have a stable policy at age 55, hold onto it tight.

• If Your Existing Policy Is Old but Comprehensive

Many old health policies can still work as good as new. There may be fewer exclusions, no sub-limits or deductions. If there are no major issues with the old policy, it should be retained.

Important Things to Keep in Mind While Porting

1. Port request should be given well in advance

Portability request must be made: At least 45 days before policy renewal. Not a few days before renewal due date. Missing this window can lead to rejection or a gap in insurance coverage.

2. Disclose All Health Information Honestly

Always disclose: All past & existing illnesses completely and correctly. Inform about past surgeries. Also provide information on current medications and lifestyle habits like alcohol / tobacco, etc; Hiding any such information can lead to a claim rejection or policy cancellation later.

3. Porting Is Not Automatic

Porting is subject to approval by the new insurer. They may accept or accept with conditions or reject.

4. Check the Sum Insured

If you have a ₹3 Lakh policy (including cumulative bonus) and porting to a ₹5 Lakh policy, the "Portability Benefits" (no waiting period) apply only to the first ₹3 Lakh. For the extra ₹2 Lakh, you still have to serve a waiting period.

5. Check the First Policy Inception Date

After the porting process is completed and you receive the new policy document, it is important to check the first policy inception date. This date should be the same as your old (previous) policy’s inception date. If it matches, everything is correct.

For example, if you bought a health insurance policy in 2022 and ported it to a new insurer in 2025, the first policy inception date on the new policy should still be 2022, not 2025.

Why Should You Always Consult Your Insurance Advisor?

A qualified insurance advisor: Understands policy benefits and its working, knows claim settlement records, evaluates long-term suitability and not just premium.

An experienced Insurance Advisor acts as your safety net. They can:

• Decode the Policy: Tell you exactly what you are losing by leaving your old insurer.

• Assess Your Risk: Tell you, "Sir/Ma'am, with your medical history, Company B will likely reject you. Let's try Company C or stay in the existing company."

• Handle the Paperwork: Portability requires strict coordination between the two insurance companies. An advisor chases them so you don't have to.

Never take a porting decision in haste or based on advertisements alone.

Final Thoughts

Health insurance Portability is a powerful right given to you. It stops insurance companies from taking you for granted. However, it is a tool that must be used with caution. It is not meant for switching unnecessarily or unreasonably.

You should port your health policy: Only when there is a genuine service or coverage issue. After understanding all the advantages, limits & conditions and after consulting your insurance advisor.

You should not port: Just because of a minor premium difference. Remember, health insurance is not about saving a few thousand rupees today-it is about protecting lakhs of rupees tomorrow.

Take informed decisions, stay insured wisely, and always prioritize coverage & service over price.

Friday, December 26 2025
Source/Contribution by : NJ Publications

We Indians are great planners. We plan our weddings months in advance, we plan our children’s education years before they start school, and we even plan our retirement savings. But when it comes to buying Life Insurance, many of us have a common approach: "I’ll do it later."

Life Insurance is a promise-a financial safety net that replaces your income if something unfortunate happens to you. It ensures that your family can pay the bills, the house rent or EMI, and school fees even in your absence.

This article explains the ideal time to buy life insurance, why buying early is beneficial, the things to take care of while choosing a policy, the importance of consulting an insurance expert, and why you should choose a policy term up to age 65.

So, the big question is: When is the right time to buy this crucial safety net? 

The Simple Answer: The Sooner, The Better

Ideally, you should buy it when: You start earning, You get married, You have dependents or take financial responsibilities, You take a loan, like a home loan or business loan. But among all these moments, the absolute best time is when you are young and healthy.

Here’s why: Because in insurance, age and health are crucial factors that decide how much money (premium) you have to pay. Think of it like buying an umbrella. You buy it before the rainy season starts. If you try to buy an umbrella when it is already pouring heavily, it might be unavailable or very expensive.

Benefits of Buying Life Insurance Early

a) Lower Premiums - Your age and health condition directly affect your premium.

• Young people are usually healthier. You are less likely to have lifestyle diseases like diabetes, blood pressure, or heart issues. 

• Lower health risk means cheaper premiums. Because the risk is lower for the insurer, they offer you policies at a much lower cost.

For example, a 30-year-old non-smoker male may pay ₹11,350 per year for a 1 Crore Sum Assured term plan. The same plan might cost ₹21,000 per year for a 40-year-old.

b) Locking the Price: With most term life insurance policies, the premium you pay in the first year remains the same throughout the entire policy term. If you buy a policy at age 30, you will pay the same low amount even when you are age 50. But If you wait until you are 40 to buy the same policy, your premium could be double or triple the amount.

c) Easier Medical Approval - Younger individuals typically face fewer medical examinations and fewer chances of rejection.

d) Comprehensive Coverage - Buying early ensures you get coverage throughout your most important life stages: marriage, children’s education, home loan and other life goals.

e) Peace of Mind - Knowing your family’s future is protected gives emotional security, regardless of what happens.

Key Life Moments When You Must Consider Buying Life Insurance

Even if you missed buying early, it’s essential to buy a policy during these stages:

a) Starting Your Career - Buying a plan early locks in low premiums for the entire term.

b) Getting Married - Your spouse becomes financially dependent on you. Life insurance becomes essential.

c) Becoming a Parent - This is one of the strongest reasons to buy life insurance.
Your children’s future expenses-education, skills, higher studies-need financial security.

d) Taking a Loan - If you have a home loan or business loan, life insurance ensures your family is not burdened with repayment if something happens to you, and not forcing them to sell the house.

Things to Take Care of While Buying Life Insurance

Buying life insurance should be done carefully. Here are the most important things Indian clients should consider:

a) Understand Your Coverage Need

A common rule is: Life cover = 15 to 20 times your annual income.

Example: If you earn ₹10 lakh per year, your life cover should be at least ₹1.5 – 2 crore.

This ensures your family can handle long-term needs.

b) Choose the Right Type of Life Insurance

There are different types of policies:

• Term Insurance (pure protection, most affordable)

• ULIPs

• Endowment Plans

• Money-back Plans

c) Check the Claim Settlement Ratio

Choose insurers with a high claim settlement ratio (CSR).
A higher CSR means the company settles most claims without complications.

d) Be Honest in Your Application

Always provide accurate information to insurance company about:

• Medical history

• Smoking/drinking habits

• Existing policies

• Occupation, Income, Education, etc;

Incorrect details may lead to claim rejection and/ or policy cancellation.

f) Useful Riders include :

• Critical Illness Rider

• Accidental Death Rider

• Waiver of Premium Rider

These enhance your overall protection at a small extra cost.

For how many years should I take the policy?

Let deep dive:

a) Your Active Income usually stops around age 60–65

Life insurance is designed to replace lost income. Meaning, incase of your death, family gets financial support from the insurance company. Since most people retire around 60–65, coverage till that age is sufficient.

b) Premium Becomes Too High Beyond age 65

Insurance after age 65 becomes expensive and often unnecessary. Upto age 65, the policy is balanced with high coverage with appropriate premium charged and considered high value for money.

c) By 65, Major Responsibilities Are Completed

By this age: Children are usually independent, Loans are repaid, Retirement funds are in place

So life insurance needs to be reduced naturally.

To conclude -Life insurance is meant to replace your income while you are working. Once you retire, you stop earning a salary. Ideally, by retirement, you have no financial dependents and you should have enough savings (provident fund, mutual funds, assets) to support yourself and your spouse.

Consult an Insurance Expert

Consulting a trained and certified insurance expert has many advantages:

a) Personalized Guidance

Life insurance is a long-term contract. Therefore, the role of an expert who understands your: Income, Family structure, Financial goals, Loans, Risk profile is crucial.

Based on this, the insurance expert recommends the best plan for your needs.

b) Avoiding Wrong Decisions

An expert helps you avoid:

• Taking lower coverage

• Choosing a longer policy term

• Selecting the wrong type of policy

c) Understanding Terms & Conditions

Insurance coverages, policy terms & conditions can be complex to understand. A certified insurance expert explains everything in a simple language.

d) Claims Support

An Insurance expert helps you navigate the journey of insurance claims, reducing stress during difficult times.

Final Thoughts: Don’t Wait - Start Now

Life insurance is not something you buy when things go wrong. It is something you must buy before things go wrong. Waiting for the "perfect time" to buy life insurance is a gamble with your family's financial future.

Treat life insurance not as an expense, but as an essential foundation of your financial plan. It is an act of love that ensures your family maintains their dignity and lifestyle. Don't overthink it. Assess your needs, consult an expert, and get insured.

The best time to buy life insurance was yesterday. The second-best time is today.

Friday, November 28 2025
Source/Contribution by : NJ Publications

As our parents age, their health becomes one of our top priorities. They have spent years caring for us, ensuring our wellbeing, and now it becomes our responsibility to care for them. One of the most practical and loving ways to do that is by ensuring they have the right health insurance coverage.

Let’s understand this in detail - and by the end, you’ll see that health insurance for parents is a wise and caring investment.

The Reality of Ageing and Rising Healthcare Costs

As people age, their health needs grow. Medical problems like diabetes, hypertension, heart diseases, joint pain, cataracts, or other chronic conditions are more common among older people. Even routine check-ups, tests, or medicines can add up to significant costs.

According to various health surveys, the cost of hospitalization in India has been increasing by 10–15% every year, and the cost of medical treatment for senior citizens can be even higher.

For example:

• A simple heart procedure can cost ₹2–4 lakh in a mid-range hospital.

• A knee replacement can go up to ₹3 lakh or more.

• A week’s hospital stay due to a viral infection can easily exceed ₹50,000–₹1 lakh.

• Modern medical technology (like robotic surgery, advanced diagnostics, etc.) is expensive, and insurance ensures your parents can access the best available care without compromise.

Without insurance, these expenses can drain savings quickly. Most families end up using their retirement corpus or children’s savings to pay for emergency medical needs.

Health insurance for parents helps you avoid such financial stress. It ensures that quality healthcare is available when they need it, without worrying about the cost.

Why You Cannot Rely on Self-Funding

Some people believe they have enough savings to handle an emergency. While admirable, this strategy carries massive risks:

• Unpredictable Severity: Can your savings handle multiple severe illnesses, or illnesses affecting both parents?

• Inflation Erosion: Medical costs are rising so fast that what seems adequate today may be insufficient five years from now.

• The "Double Loss": You not only pay the medical bill but also lose the opportunity for that money to grow (foregoing future interest/returns).

Health insurance is a superior mechanism for risk pooling and risk transfer. You transfer the financial risk of a medical catastrophe to the insurance company in exchange for an affordable premium.

Why It’s a useful Investment

Health insurance for parents is an investment in their health, comfort, and dignity. Here’s why:

• It safeguards lifetime savings: Without insurance, even a single hospitalization can wipe out years of savings.

• It ensures better medical care: Insurance allows access to quality hospitals, advanced treatment, and timely care.

• It reduces financial dependency: Parents don’t have to depend on children for medical bills; it helps maintain their independence.

• It offers tax benefits: Under Section 80D of the Income Tax Act, you can claim deductions on premiums paid for parents’ health insurance (up to ₹50,000 for senior citizens).

So, the money you pay as premium today can save you from paying lakhs tomorrow - a classic example of a wise investment.

The “Cheapest Plan”

When buying insurance, many people look for the lowest premium plan. However, the cheapest plan is not always the best.

Low-cost plans may have:

• Lower coverage limits (e.g., ₹2–3 lakh sum insured, which may not be enough).

• High co-pay clauses, A cheap plan might have a 50% co-pay, meaning for a ₹5 lakh bill, you still pay ₹2.5 lakh! Out of your pocket. This defeats the purpose of the insurance.

• Room rent restrictions that limit your hospital room eligibility.

• Exclusions or long waiting periods for pre-existing / other diseases.

Instead of choosing based on price, focus on value and suitability. Your goal should be the right coverage, not just the lowest premium.

Why Consulting an Insurance Advisor Matters

Health insurance can be complex - with technical terms, varying benefits, and hidden conditions. This is where a qualified insurance advisor becomes invaluable.

An experienced advisor can:

• Assess your parents’ health condition and needs.

• Compare plans across insurers for the best combination of benefits and cost.

• Explain policy terms in simple language.

• Help you avoid common mistakes, like choosing too low a sum insured or missing important add-ons.

• Guide you during claims, ensuring a smooth process when you need it most.

In short, your advisor acts as a bridge between you and the insurance company - making sure you get the right protection without confusion or regret.

New & Useful Benefits for Sr. Citizens

Easy to get a new policy - Earlier, If a senior citizen had a pre-existing disease like diabetes / hypertension. It was very difficult to get a health insurance policy. But now, insurance companies are providing adequate & comprehensive health insurance coverage for seniors with PEDs.

Waiting Periods - Earlier, senior citizen health plans had long waiting periods-sometimes up to 4 years-for pre-existing diseases like diabetes, hypertension, or heart problems. That meant you couldn’t claim for those conditions for several years after buying the policy. Now, many insurers have reduced this waiting period to just 1, 2 or 3 years, and some even offer coverage from day one. This is a big relief because most seniors already have some ongoing health conditions.

Preventive Health Check-ups and Wellness Benefits - Previously, health insurance was seen only as a “hospitalization cover.” But today’s health insurance plans encourage preventive care. They offer annual health check-ups, wellness programs, and discounts for maintaining healthy habits. This helps seniors stay proactive about their health and detect problems early.

Restoration of Sum Insured - You get more insurance coverage when you need the most.

No medical test required to buy - Earlier, there used to be mandatory medical tests to get the policy. Now some insurers offer policies without pre-medical tests for seniors. 

Summary

Health insurance for your parents is more than a financial product - it’s an expression of love and responsibility. It says, “I’ve got you covered, no matter what.”

Premiums may seem high as age increases, but the cost of not having insurance can be far higher - both emotionally and financially.

So, instead of viewing it as an expense, see it as:

• A gift of health security,

• A shield against medical inflation, and

• A smart financial decision for your family’s future.

Before making a choice, always consult a trusted insurance advisor who can help you find the right plan based on your parents’ age, health, and budget. Remember - the right plan today can be a lifesaver tomorrow.

Don’t wait for a medical emergency to make the decision. Talk to your insurance advisor today and secure a healthier, worry-free future for your parents.