Of the many New Year resolutions, one of the most common is taking care of one's health. There is new resolve to go for regular morning walks and exercises, for regular workout at the gym and following a healthy diet regimen. But did your New Year resolution include taking care of your financial health? Maybe it didn't.
One of the most common slippages on the personal finance front is to be under-insured. There, too, the most neglected is health insurance. Rapidly rising medical costs, which are beating inflation by miles, and rising risks of lifestyle diseases and other ailments is making it imperative for everyone to have adequate health cover to take care of any eventuality.
Unexpected out-of-pocket medical expenses on one's self and near and dear ones at times can ruin family finances at one stroke. While basic health covers of adequate amount are a must for every family, there is a growing variety of add-on features that one can choose from.
Insurers are now offering various new features that can be customised according to one's needs. These include disease-specific plans, plans for treatment abroad and cover for surgeries.
Moreover, there are plans that offer to restore your sum assured if you have used up the original amount assured for treatment. While restore is only for illnesses unrelated to the disease for which claims were made, the recharge benefit can be utilised even for the same illnesses for which claim had been paid.
Different providers are offering different plans. As a prospective buyer of health insurance you may be confused on whether these add-ons would be ideal for you, and if so, which ones? Under what situations should one avail of these features?
Our cover story brings you all the new features being offered by providers of health insurance and tries to answer the queries that may arise in your mind on these products. We also warn you about the selling pitch that you should guard against. While we would surely make you more aware, health insurance permutations and combinations could be many and, hence, it could be worthwhile to consult an advisor to work out an optimum plan for you and your family.
On another front, crude oil has witnessed a major slide in global markets on falling demand and the rise in output of shale oil in the US. Since January 1, crude has fallen nearly 20 per cent and went below the $50 mark a barrel on January 12. Some experts are predicting that it will touch $30.
Cheaper crude is a boon for India as it reduces the country's import bill and results in taming inflation. Along with this, there are companies in sectors such as oil marketing, paint, automobile, FMCG and tyre which can get a major boost.
Our story, 'Oiling the Wheels', tells you how these sectors would react and brings to you the best investment option in each.