Health insurance provides financial coverage for medical and surgical expenses. You pay a monthly/annual premium, and in return, the insurer pays for hospitalization, day-care procedures, pre and post-treatment bills, and cashless coverage at network hospitals. Under Family Shield guidance, we align you with plans that minimize out-of-pocket expenses.
Frequently Asked Questions
Get clear, jargon-free answers to the most common questions about insurance in India.
While often used interchangeably, a mediclaim policy specifically pays for hospital stay and treatment costs up to a pre-defined sum insured (usually restricted to basic hospitalization). A comprehensive health insurance policy is much broader, covering critical illness, ambulance charges, pre/post-hospitalization care, day-care procedures, and riders like maternity benefits.
A waiting period is the duration you must wait before you can claim benefits for specific treatments or pre-existing diseases (PEDs). Typically, there is a 30-day initial waiting period for all claims (except accidents), a 2-year waiting period for specific ailments (like cataract, hernia), and a 2-to-4-year waiting period for pre-existing conditions like diabetes or high blood pressure.
Portability allows you to switch your health insurance policy to a different insurer without losing the waiting period benefits you accumulated with your current provider. You must apply for porting at least 45 days before your current policy renewal date. We handle the paperwork, comparisons, and communication to ensure a seamless transition.
No. With medical inflation in India growing at 12-14% annually, a ₹2 Lakh cover is highly inadequate for any major hospitalization. A single ICU stay in cities like Pune or Mumbai can easily cross ₹3-5 Lakhs. For a family of 3 or 4, a minimum of ₹10 Lakh sum insured (or a ₹5 Lakh base with a top-up) is strongly recommended.
Maternity expenses are not covered by basic mediclaim policies. However, select comprehensive health insurance plans cover pregnancy, pre/post-natal care, and newborn baby expenses after a waiting period (ranging from 9 months to 3 years). We help evaluate your timelines to suggest the right maternity-friendly covers.
Life insurance is a legal contract between you and an insurance provider where, in exchange for regular premium payments, the insurer guarantees to pay a tax-free lump sum (death benefit) to your family (nominees) if you pass away. It is designed to replace your income and cover outstanding liabilities (like home loans).
The four most common types of life insurance are: 1. Term Insurance (pure financial protection with low premiums), 2. Unit Linked Insurance Plans (ULIPs - combining life cover with stock market investment), 3. Endowment Plans (guaranteed savings with life cover), and 4. Whole Life Insurance (lifelong cover up to age 99/100).
The 3 P's of life insurance stand for: Protection (the basic financial shield for your dependents), Premium (the amount you pay to keep the policy active), and Payout (the sum assured paid to your nominees). Balancing these three elements ensures you choose a sustainable plan.
LIC is an insurance brand (a state-owned corporation that offers term insurance, endowment, and money-back plans), whereas Term Insurance is a policy category (pure life cover). If your goal is protecting your family with a high cover at the lowest cost, buying a Term Insurance plan (whether from LIC or private insurers) is far better than choosing traditional endowment plans.