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March 2023

Business

Family Travel Insurance: What It Is, Features, Inclusions & Exclusions

Family travel insurance covers the whole family, as the name implies. Usually, two adults under 60 and two children under 21. This policy covers four people individually and is cheaper than buying four separate policies.

Many insurance companies offer riders to cover people under the age limit. This will cost more than four separate policies. If they have three kids, the same logic applies.

Why family travel insurance?

Family vacations are fun but risky. A small weather change may not affect adults but may affect children. Most foreign countries have high doctor and medicine bills.

Family travel insurance plan helps. Medical costs up to the limit are covered. Some insurers offer cashless hospitalisation. Family travel insurance benefits the insured’s family. Examples of this type of travel insurance plan and its benefits:

Family travel insurance’s features:

  • Flight delay: Your insurance can cover hotel costs for you and your family if a flight is delayed.
  • Accident and medical benefit: In the event of an accident or illness abroad, your entire family will be covered. Several insurers also cover late-trip illness.
  • Passport cover: Losing a passport could be disastrous. Your family travel insurance will cover passport replacement if you or a family member loses theirs.
  • Repatriation: In accidental demise, your policy will pay your nominee. The policy will return the insured’s remains back home.
  • Affordable Premiums: Buying individual international travel insurance from India for each family member is expensive. A family floater plan secures their trip faster and cheaper.
  • Hijack Help: Though rare, a hijacking can end your trip. Many insurers can offer a hijack distress allowance to help insureds cope with this trauma.
  • Worldwide 24X7 assistance: In an emergency, you can contact your insurer in Australia or the Schengen region. Online or via their toll-free number.

Understanding family travel insurance

Understand the policy coverage. If you’re staying with family or friends, hotel cancellation reimbursement won’t be as important as comprehensive medical coverage. You may also need travel health insurance.

If you and your family take more than 2-3 foreign holidays a year, a family floater travel plan may be better than a single-trip policy. These family travel insurance plans allow 2-3 trips per year as long as the total number of days does not exceed the coverage period.

Family travel insurance rarely covers adventure sports or pre-existing conditions. Therefore, if you need insurance for these activities or pre-existing health conditions, talk to the insurance company and make sure your family is covered. A stress-free vacation is worth the extra cost.

These plans cost less than annual family travel insurance. However, travel insurance from India with the lowest premium may not cover certain risks or have limitations when covering them.

Family travel insurance coverage

Most insurers offer various plans. These vary in coverage and duration. Basic family travel insurance covers only a few situations like:

  • Medical and repatriation costs (i.e., when you are stuck in another country with no money and have to be repatriated back to India)
  • Personal injury resulting in disability or death
  • Lost passports
  • Baggage loss/delay
  • Flight cancellations
  • Unavoidable hotel extension
  • Add other covers for bad weather, hijacking, personal liability, fire, home cover, etc. Most insurance companies offer two or three-tiered policies that cover additional risks for higher premiums.

Family travel insurance exclusions?

Best travel insurance in India has many benefits, but be aware of its exclusions. Family travel insurance’s exclusions vary by insurer.

Exemptions:

  • Travelling against medical advice
  • Pre-existing diseases
  • Self-inflicted injuries
  • Pregnancy isn’t covered.

Exclusions:

  • Scuba diving, mountain diving, and other extreme sports are not covered.
  • Loss from illegal or anti-social behaviour is excluded.
  • Separately shipped baggage is not covered.
  • Loss of baggage outside your trip won’t be covered.
  • Claims won’t be accepted if lost baggage and other important documents aren’t reported to authorities.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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Business

Top Healthcare Challenges In India

Major healthcare difficulties in India are frequently cited as rising population and medical inflation. These difficulties are going to grow more difficult in the future. Continue reading to learn about India’s top 5 healthcare challenges.

Medical expenditure

Unpredictable medical costs force people into the sinking sands of poverty. It is challenging to exit once inside. There is very nothing that such families may do to escape this emergency-induced calamity due to depleted resources and enormous loans. The World Health Organization (WHO) is aware of this issue, which is why Universal Health Coverage is always in focus. This includes raising awareness of everyone’s equal access to healthcare services. Such uninsured medical costs are a significant barrier to healthcare in India.

  • Preventive care

The first line of defence for health problems is frequent home cures. Home cures may be effective for small problems, but they might actually worsen conditions that need immediate medical attention. Additionally, relying blindly on the videos and articles that are readily available online can be harmful.

  • Rural Infrastructure

When it comes to healthcare infrastructure, there is a significant gap between urban and rural areas. Cities have concentrated populations of doctors, pharmacies, hospitals, etc., while rural areas are mostly unserviced. For every 2000 people in India, there is only one government hospital bed, which is a sign of the dire state of the rural infrastructure.

  • Public welfare

One of the things the government does for the benefit of the people is to provide enhanced welfare budgets and subsidies. The government consistently rolls out public assistance programmes, but are they sufficient to support the growing population? Are there enough qualified medical experts available nationwide to meet the needs of the populace’s health? Is technology being used effectively to reach remote areas and raise knowledge of safety precautions?

  • Low medical insurance coverage

India ranks among the nations with the lowest per capita healthcare spending worldwide. According to a Forbes report, more than 75% of Indians lack health insurance. Savings are depleted in the absence of the financial support that medical insurance provides in order to pay for medical expenses. ##

  • Interlinked issues

The aforementioned facts make clear that India’s biggest healthcare issues are linked. It won’t be enough to just fix one or two problems. All of these issues require the implementation of a strategic level adjustment. Perhaps the development of digital infrastructure will have a significant impact on accelerating the search for a solution to these enormous problems.

Health insurance policy online

By purchasing online health insurance coverage, you may protect your financial situation. The coverage provided distinguishes between a good health insurance policy and a bad health insurance policy. One must weigh the coverage provided for the price rather than being intimidated by low pricing. A good health insurance policy will be offered by an insurer that is service-oriented and believes in providing complete convenience to its policyholders and will provide enough coverage at an affordable price. You can use a health insurance premium calculator to calculate the average cost of your premium.

In conclusion, the healthcare sector in India is facing a number of challenges, such as inadequate infrastructure, shortage of healthcare personnel, lack of access to quality healthcare in rural areas, high out-of-pocket expenses, and insufficient funding. These challenges have resulted in a significant burden of disease, high mortality rates, and low life expectancy in India compared to other countries. To address these challenges, there is a need for increased investment in the healthcare sector and effective policies to improve access to quality care, particularly in rural areas. The private sector can also play a role by investing in healthcare infrastructure, health insurance for individuals, personnel training and working with various stakeholders to provide affordable care to all citizens. *

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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Business

How to Convert Physical Shares to Demat?

Converting physical shares to Demat is a process of transferring shares held in tangible form to electronic form, allowing investors to hold and trade their shares in a Dematerialized Account (Demat Account). The process is straightforward and can be done in a few simple steps. In this article, we will discuss how to convert physical shares to Demat.

Step 1: Open a demat Account

To convert physical shares to Demat, the first step is to open a Demat Account with a Depository Participant (DP). A DP is a financial intermediary that acts as an agent for the account holder and facilitates the transfer of shares between the account holder and the depository. The DP will provide a Demat Account opening form that needs to be filled out along with the necessary supporting documents such as a copy of the PAN card, AADHAAR card, bank statement, etc.

Step 2: Submit Physical Share Certificates

The next step is to submit the physical share certificates to the DP. The investor needs to sign the certificates and affix revenue stamps, if required, to the share certificates. The investor also needs to provide a letter of authorization, stating that they want to convert the physical shares to Demat. This letter will enable the DP to carry out the conversion process. The DP will verify the authenticity of the physical share certificates and then send them for dematerialization.

Step 3: The Dematerialization Process

The dematerialization process involves converting the physical share certificates into electronic form. The DP will forward the physical share certificates to the Registrar and Transfer Agent (RTA) of the company whose shares are being dematerialized. The RTA will verify the share certificates and update their records to reflect the dematerialization request.

Once the RTA confirms the dematerialization request, the DP will credit the shares to the investor’s Demat Account. The investor will receive a credit confirmation from the DP, which will serve as proof of ownership of the shares in electronic form.

Step 4: Verification and Approval

After the shares are transferred to the investor’s Demat Account, the investor needs to verify that the shares are credited to the correct Demat Account. The investor should also verify that the number of shares credited to the Demat Account matches the number of physical share certificates submitted for dematerialization. The investor should also ensure that the details of the shares such as the company name, ISIN number, and face value are correct.

Once the investor verifies the shares are credited to the Demat Account, they need to approve the shares for trading. The investor can do this by filling out a Delivery Instruction Slip (DIS) and submitting it to the DP. The DIS is a document that authorizes the DP to debit the investor’s Demat Account and transfer the shares to another Demat Account or sell the shares on the stock exchange.

In conclusion, converting physical shares to Demat is a simple process that can be done by following these steps. Converting physical shares to Demat not only provides investors with a secure and convenient way to hold and trade their shares, but also eliminates the risk of loss, theft, or damage to the physical share certificates.

 

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