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  COVID-19 has affected people of all ages and put them in worry. Those who have recently retired, although they do not have any health problems, but are worried about the way the COVID-19 infection is spreading. A major reason for the retirees' concern is that they are not getting any health insurance at the age of 65. Is there any health insurance available for senior citizens?   Health insurance   The number of health insurance in the hierarchy of financial needs precedes that of life insurance, but most people reverse it. Considering the rapid increase in the cost of health care, nowadays youths take some basic health insurance policy immediately after joining a job or starting employment. This trend has increased in the last few years and people want to run it for a lifetime because we do not know when our health will start falling and we will have to be hospitalized. In such a situation financial help in the form of health insurance can be very useful and it...

  Insurance regulator IRDA has allowed health and general insurance companies to register their prospective policy buyer's consent on the offer form through One Time Password (OTP) instead of signing it. This exemption has been given in view of the increasing impact of the COVID-19 epidemic in the country. Apart from this, IRDA has also abolished the imperative for insurance companies to send the paper documents of the policy to the policyholder. However, insurance companies will have to send a copy of the policy via electronic mode to the registered e-mail or mobile number of the policyholder and consumers will also have to send an SMS to provide information about it.   The Insurance Regulatory and Development Authority of India (IRDA) on Thursday issued a circular to all insurance companies giving information about these exemptions. In this circular, this exemption has been reported to continue till March 31, 2021.   IRDA has taken this step based on the request...

  The Insurance Regulatory and Development Authority (IRDA) had allowed health insurance premiums to be paid in instalments. Thereafter, the insurance holders had the option of paying premium instalments monthly, quarterly or half-yearly. This was considered a major decision in the interest of insurance holders. However, it is now becoming expensive for the insurance holder. This is because insurance companies are levying 3-4 per cent nodal charge on premium payments through instalments.   Such an insurance company is charging a fee in the name of management. According to sources, IRDA has not fixed any limit on this fee. Despite this, many insurance companies are charging an additional 3 to 4 per cent from the insurance holder on premium payments in instalments. Insurance experts say that the insurance company may impose a nodal charge of 2 to 3 per cent to compensate for the expenses incurred on managing EMI and loss of investment potential. Nodal charge is levied to cov...

You will be aware of the tax exemption under the Income Tax Rules on the payment of premium for life and health insurance, but let us know that you can also get a tax rebate in lieu of GST payment on premium. Its limits and conditions are fixed under the Income Tax rules. Health insurance premium attracts 18 per cent GST. If the premium of your policy is 21 thousand rupees, then you will have to pay 3960 rupees more according to 18 per cent GST. In this way, you will have to pay a total of Rs 24,960. Under the Income Tax Rules, a total tax exemption of up to Rs 25 thousand can be taken on health insurance. In this way, you can get a total tax rebate of Rs 24,960.   Under the Income Tax Rules, you can get a total tax rebate of up to Rs 1.50 lakh on the life insurance premium. However, tax exemption on GST payment varies according to the policy. The term plan charges 18 per cent GST. If you are 30 years old and take a term plan covering one crore rupees for 30 years, then its pre...