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Friends Chennai needs all of us. The Chennai floods are just a reminder. Our future would be doomed if we, our generation don't start working on problems. Friends call us and visit us at GIBL.IN.
Shield your wheels from these unexpected guests. Know how to get your Car Insurance Claims in full.
http://blog.gibl.in/chennai-flood-what-can-you-get-on-your-motor-insurance-policy/
Chennai-Express Relief, an initiative by GIBL.IN
Chennai and other parts of Tamil Nadu is inundated with this years most devastating Rainfall. Millions have lost their livelihood, belongings and homes.... Children, Old people,animals are the most who have suffered. There's news of over 280 deaths.
It's time we all join hands and take a step together to secure our neighbor's step and enable them to regain their Confidence.. Natural calamities are our uninvited guests. We cannot avoid it but yes, we can all join hands and do our little bit for our Neighbors - Chennai. Along with providing FREE CLAIM ASSISTANCE for all the people in Chennai, GIBL.IN is appealing you all to extend your support.
Friends this is an urgent appeal to all of you to extend your support and do your bit towards helping the Chennai People to get back what they have lost.Friends requesting all of you to contribute whatever little you can as that will help our friends in Chennai survive the after effect of the devastating floods..For donations and more details please visit https://www.gibl.in/chennai-relief
Save Tax - Buy a Health Policy today
According to the Union Budget 2015-16, the tax benefit for health insurance has been raised. This means you have got another opportunity for saving additional tax. With the revised tax benefit scheme now you can save up to Rs 65,000 under the section 80D.
How much can you save for health insurance premium of your family?
The tax deduction is applicable for paying premium of health insurance. You can claim maximum Rs 25,000 as deduction for health insurance premium for yourself and your family comprising of your spouse and dependent children. In case you are a senior citizen the maximum limit for claiming deduction will be Rs. 30,000.
How much can you save for health insurance premium of your parents?
Aside from your family, you can also claim deduction on tax for premium of health insurance of your parents. The maximum limit is Rs 25,000 for this deduction and of your parents are senior citizens you can claim as much as Rs. 30,000 for tax deduction.
A simplified table for your better understanding
However, this tax deduction does not encompass group health insurance. Although, an insured individual employee pays for the premium he or she cannot claim tax deduction as the health policy is in the company’s name.
Here are some examples of saving tax by paying health insurance premium
1st scenario
Sameer works with a private company and he and his family are covered by a group health insurance scheme provided by his company. Even though, his parents are covered by same health plan, Sameer bought a separate health insurance only for his parents. Sameer pays Rs 38,000 as the total premium of his two health insurance plans. How much can he claim for tax deduction?
In this scenario, Sameer’s first health cover is group cover so he cannot make any claim. However, for the separate health cover for his parents he can claim Rs. 25,000 and if his parents are senior citizen he can claim up to Rs 30,000.
2nd scenario
Mukul is 61 year old and is a businessman. His parents are 86 and 82 year old respectively. Mukul pays premium of health insurance for himself and his parents. The premium of his own health cover costs Rs 25,000 for himself and he pays 35,000 for the premium of his parents’ health insurance. How much tax deduction Mukul is eligible for?
Since, Mukul is a senior citizen and he is eligible for claiming the entire amount he pays for premium as it is less than Rs. 30,000. He can also claim tax deduction up to the maximum limit of Rs. 30,000 for health insurance premium of his parents which is Rs. 35,000. In total, Mukul can claim Rs. 55,000(Rs. 25,000 + Rs. 30,000).
3rd scenario
Vinay and his wife Ritika work in a multinational company. Both have corporate health insurance covers. Having understood the significance of a separate health cover, Vinay opts for a family floater health plan for him, wife Swati and children. Vinay pays Rs 21,000 as premium for a family floater health plan. Ritika bought another health cover for mother in law and father in law who are senior citizen and pays Rs 33,000 for premium. How much tax deduction Vinay and Ritika are entitled to claim?
Vinay is entitled to claim up to Rs 25,000 so his total expenditure of Rs 21,000 on premium is eligible for tax deduction. But, Ritika can’t many any claim because section 80D does not allow tax deduction for payments of premium of in-laws.
Tax Deduction for preventive health check up
There is another scope for tax deduction under section 80D. You can make tax deduction claim for the money you spend for health check up. You or your spouse or children or parents can opt for health check-up and the maximum deduction that you can claim is Rs. 5,000.
However, you cannot claim Rs. 5000 tax deduction for the check-up of every individual. You can claim this amount for the total expense on health checkups of your entire family. For an example, if you spend Rs. 10,000 for the check-up of your wife and mother, you can claim only up to Rs. 5000.
This makes the table of total tax deduction more lucrative.
3 crucial things to know about claiming tax deduction for health insurance premium
Along with individuals who are eligible for making claims for tax deductions on health insurance premiums, HUF can also make claims for tax deduction on premium of health insurance of any member of the HUF
The premium needs to be paid by any mode other than cash. All type of payment modes are accepted except cash payment
The service tax of the medical insurance premium is not considered for tax deduction
The Union budget 2015-16 not only raised the tax deduction limit but also the rate of service tax. The service rate is increased to 14% from 12.36%. This means all policyholders have to pay more on service tax and those who pay high premiums for their family and parents will be benefitted by the higher tax deduction limit.
Conclusion:
The higher tax deduction is particularly beneficial for older people in late-30s who buy family floater plan worth over Rs 5 lakh including senior citizen parents. Usually these people pay around Rs 45,000-Rs 50,000 annually for the premium of family-floater health plan. People with specific health conditions pay higher premiums as well and they have also found the higher tax deduction limit advantageous.
Senior citizens, in spite of being healthy also pay higher premiums. These people have also made the most of higher limit on tax deduction.
According to survey, India’s total expenditure on health now stands at Rs. 4000,000 crore per year. However, health insurance cost is only Rs. 20,000 crore or 5% of the entire expense on health. The most prevalent way of medical expense is "out-of-pocket" which is the most incompetent way of managing medical expense.
A rise in the tax exemption limit has proved to be a great way to encourage people to consider health policies with higher sum insured and avoid ever-increasing medical cost.
CANCER - Need not worry anymore for Insurance
Support and care can make all the difference during a battle with Cancer. Loyola , 21 years old initially believed that she simply had blocked ear and ignored it completely.Unknown to everyone there was a tumor growing in her throat. Once the cancer was finally discovered and diagnosed, she was referred to a specialist. Her life and her parents lives turned upside down.
A cancer diagnosis on its own is difficult to face and knowing the amount of sky touching expense for the ongoing months of treatment adds to the stress more.
One never knows what befalls the next moment. It is always better to be insured in advance. There are lot of companies offering health plans that cover deadly ailments like CANCER.
Critical Illness Cover for cancer patients
These policies are crafted to safeguard a set of critical diseases and cancer is included among the bunch of ailments that are covered under the plan. However, there are a few reasons why cancer patients have found these policies falling short of meeting their needs. Here are some downsides of critical illness policies that are compelling cancer patients to look for cancer-specific health plans.
Only those who are not diagnosed with cancer can avail a critical illness policy. Cancer patients are not eligible for this plan.
The policy does not cover complications that usually arise from cancer.
Critical illness plans of those people will be terminated who has symptoms of cancer within the waiting period of the policy. In simple words, if any symptom reveals within first 90 days which is the stipulated waiting period in most policies the plan will cease to exist.
Those who are diagnosed with cancer even when the waiting period is over will not be able to make claims till the ailment reaches advanced stage. Because, no critical illness plan covers early stage cancer.
Comparison of different critical illness plans
Here is a comparison of various critical illness policies. The comparison is made from the perspective of a 35 years old healthy person who wants a critical illness plan with sum insured Rs. 10 lakh.
There are 9 plans available in total and all plans come with 90 days of waiting period. The premium amount varies between Rs. 3,300 and Rs. 5,000 for 8 out of those 9 plans. Only the plan offered by Star Health comes with a hopping Rs.16, 405 without any significant benefit for cancer patients.
None of the other plan offers any great benefit for policy holders as well except Assure -1000 k offered by Religare. Insured people are entitled for free health check-up and e-option under this plan. The premium of this plan is Rs. 4,501. None of the 8 other plans provide policy holders with such benefits.
However, income tax benefit is available in all 9 critical illness plans. But, no claim bonus is not available in any of these 9 policies.
Individuals need to keep in mind all these critical illness plans on offer are provided by insurers that belong to general insurance sector. A critical illness plan acts like an umbrella that protects the insurers from a range of deadly diseases. One can buy these critical illness covers can be as individual policies or as riders along with your life or health insurance plan.But, these policies come with many restrictions. Policy buyers can avail standalone cancer policies as a safeguard from cancer.
Specific insurance products to cover cancer
Among all the ailments that have come under the shield of disease-specific covers, cancer is the deadliest of all. Every year, at least 10 lakh new cases of cancer are detected in India and 6 lakh die of it.
A niche health cover for cancer aims to meet the particular requirements of cancer sufferers. These plans are equally effective both at advanced and early stages. But, the criteria for availing such a plan is the same as they are for regular covers. People with pre-existing cancer are not eligible for such cancer specific policies.
Let's analyse and compare various plans designed for cancer. Some of the notable covers are iCancer from Aegon Religare Life Insurance, Cancer Care by HDFC Life and Cancer Care Plus by ICICI Prudential.
Let''s have a quick look at some of the distinctive features of these three cancer covers.
ICICI Cancer Care Plus
The plan covers almost all types of cancer at both advanced and early stages Free diagnosis test is on offer in 2 years to detect cancer in early stage The insurer will waive off all future premiums if the insured is diagnosed with the disease in its advanced stage The coverage under this plan is irrespective of other health covers that the insured had already availed. The insurer pays out to insured in cash in the event of the diagnosis, surgery and other treatment of the disease. The claim process doesn't require submission of medicl bills.
HDFC Life Cancer Care
The insurer offers 3 different options policy buyers to choose from such as Silver Option, Gold Option and Platinum Option
Premium will be renounced if the insured is diagnosed with cancer in early stage
Sum Insured is increased by 10% per year if the insured makes no claim under Gold and Platinum Option
Discount on premium is available for sum insured amount over Rs. 10 Lakhs
Applicants don't have to undergo medical tests during the issuance process of policy
Insurer will pay monthly income of 1% of applicable Sum Insured for 5 years, if the insured is diagnosed with any of the major cancer of listed under the Platinum Option
Aegon Religare iCancer
The plan is designed for cancer of all types except skin cancer. The coverage is effective from the early stage of the disease. The insurer accepts proposals of healthy applicants with family history of cancer.
Medical test is not required up to 40 years of age. However, the applicants need to provide satisfactory answer to an extensive questionnaire on their lifestyle, health and food habits.
Insured people those who are diagnosed with an early stage cancer will receive 25% of sum assured up to Rs. 5 Lakh.
Insured people those who are diagnosed with an advanced stage cancer will receive 100% of sum assured after deducting all payments made previously. The policy will continue to be valid but the insurer will dispense with all future premiums.
At the critical stage of the disease, the insurer is entitled for a payment equal to 150% of sum assured minus payments paid previously.
Final Take
To make the final selection one needs to weigh both positive and negative aspects of these 3 plans. The plan with more upsides and fewer downsides should be chosen ultimately.
Unlike ICICI Cancer Care Plus and HDFC Life Cancer Care plan, Aegon Religare iCancer doesn’t provide insured with income substitution option in the event of the diagnosis of the disease.
The sum assured amount doesn't increase for a claim-free year in both ICICI Cancer Care Plus plan and Aegon Religare iCancer plan. This benefit is only available in the HDFC Life Cancer Care plan.
The beneficial aspect of waivering of premium is available in all thres plans. However, the plan offered by Aegon Religare iCancer surpasses the other two plans in this particular aspect as it provides a payment equal to 150% of sum assured after deducting payments paid previously when the disease reaches a critical stage.
The maximum term of the policy is another significant facet of comparison. If a 35 years old person is looking for a cancer plan, he or she will naturally look for a plan that keeps him or her protected for the longest period of time. By opting for HDFC Life Cancer Care plan with maximum term of 20 years the person can stay insured only till 55 years of age. But, the Aegon Religare Life plan will allow the same person to stay protected till 70 years of age. But the Cancer Care Plus plan by ICICI Prudential is the best of the lot on the basis of policy terms. Since, the maximum policy term is 50 years according to plan, the same person can remain covered until he or she is 85.
The icancer plan by Aegon Religare Life Insurance has the better of other two plans in terms survival period. Unlike, the plans on offer by both ICICI Prudential and HDFC Life, the icancer plan by Aegon Religare Life Insurance doesn't come with any survival period.
The maximum sum assured amount is also higher in the plan provided by Aegon Religare than the plans on offer by ICICI Prudential and HDFC Life. This is highly advantageous for policy holders as treatment of cancer is costly and it becomes costlier as the ailment advances towards critical stage.
Present scenario of claims for cancer insurance in India
According to the data assembled by the IRDA, average claims paid for cancer treatment stands at fourth position when it comes to paying for claims among all diseases. In 2011-12, a whopping 47,182 claims were settled for cancer treatment which amounts to a staggering Rs 163 crore. Insurance connoisseurs opine that this stupendous growth in cancer claims also reveals the fact that the diagnosis process has improved and an increasing number of people are opting for early diagnosis. This ensures early and timely treatment and, therefore, better rates in healing. The recent trend also indicates that policy buyers are nowadays keener to buy health plans with higher sum insured. A drastic change in the age-group of insured people making successful cancer claims is also observed in the recent stat.
It is widely considered that elderly people are more like to fall prey to cancer. However, recent stats indicate a different trend. The eldest age-group (66-80) contributes to just 10% of all cancer claims in 2013 for health insurance schemes offered by ICICI Lombard. The highest proportion (28%) of all cancer claims were made by the people between 56 and 65 years. 18% of claims were made by came from those in the age group of 36 - 45 and the rest of 25% claimants were from the age-group 46-55.
The most viable way to counter a lethal disease like cancer is to prevent it before it takes place. Adoption of a healthy lifestyle coupled with action taken in advance leads to early detection of cancer in its preliminary stage and helps the sufferers save on heavy costs for treatment.
The advent of niche health plans have triggered quite a few questions in the mind of the consumers and insurers. The very first and the most obvious question is, will niche health covers diminish the relevance and utility of comprehensive covers? Are these plans better than individual critical illness policies? Are these health covers affordable for all?
In this era of increasing medical inflation, healthcare expenses are going beyond our affordability. It is far from being prudent to depend on our own savings to pay out medical expenses. Insurance provided by the employers does not sufficiently cover all & therefore it becomes a necessity to have a stand alone Health Plan.
Now with the rising healthcare costs over the past 10 -15 years, it is important if we have a separate plan of our ownself and family.Do check out these stats for your knowledge....
What could be the best gift for your elderly parents? Well, cards, flowers, bags, clothing have all become very cliché and not very useful as well. Your parents have reached the age when health is the prime concern. Since they are on the wrong side of sixty now, medical expenses which is increasing by leaps and bounds every year can be troublesome for them. This Diwali gift your loving parents 'A PEACE OF MIND' show them that you care.
The chief objective behind opting for such a massive revenue cover is to avoid losses due to cancellation of cricket matches and other events. Probably, the rain-disturbed opening ceremony of IPL triggered the necessity of such a cover.
BCCI is not only keeping on expanding its operation across the country, at the same time they are making sure that its employees, players along with domestic and international tournaments and match officials are taken well care of. This is evident from the insurance covers that the Board avails every year.
Among the myriad of policies that BCCI has secured so far, the ‘revenue cover’ is the most talked-about plan. For a cover worth a staggering Rs. 2041 crore BCCI paid Rs. 7.38 crore on premium.
The chief objective behind opting for such a massive revenue cover is to avoid losses due to cancellation of cricket matches and other events. Probably, the rain-disturbed opening ceremony of IPL triggered the necessity of such a cover.
However, all state boards operating under BCCI are yet to walk on the path already shown by BCCI. CAB, the Cricket Association of Bengal is a stark example in this context.
The third and last T20 between India and South Africa was abandoned because of wet outfield on 8th October, 2015 at Eden Gardens. The incident raised an old question again about the preparation of the grounds men since the ground wasn’t entirely covered in spite of the forecasts for heavy downpour.
Traditionally, Eden Garden has an appalling record when it comes to management of ground. Over the past three years, we witnessed similar situation at least four times before. The latest washed –off match was match between Rajasthan Royals and KKR on April 26, 2015 in the IPL 8. In order to improve on such a dreadful tradition, the BCCI sent a mail to the CAB to renovate the outfield and enhance Eden’s drainage system before the upcoming World T20 in 2016 according to a report by The Indian Express. However, the situation hasn’t significantly improved as of now. Inefficiency in covering the outfield properly coupled with the lack of insurance cover is hurting BCCI dearly.
But, Sourav Ganguly, the CAB’s president made clear that there is no issue with illustrious ground. According to him, the only issue was with covering the ground; especially the outfield and that he assured that performance of grounds men would be more efficient consequently. Ground facilities and drainage system are flawless at Eden Gardens according to him.
Well, even if we consider his statement right, it doesn’t hide the loss that CAB suffered due to the calling off of the match. Board of cricket association had to refund the ticket sales amount which could well be in crores. Had CAB secured an insurance policy like the above-mentioned ‘revenue cover’ such a massive could be avoided.
Uttar Pradesh Cricket Association did not make the mistake that CAB committed earlier this month. UPCA availed an insurance policy prior to the first ODI that took place on 11th October. This comprehensive insurance cover of Rs. 6.5 Crore was provided by Oriental Insurance. The policy covers match cancellation due to rain like what happened in Eden Gardens. Aside from rain, other natural calamities like fire, flood and earthquake are also covered under the plan along with all possible eventualities such as terrorism. UPCA wouldn’t face any loss like CAB did face even if the match couldn’t get underway.
This is a one of a kind insurance policy and in recent times it is becoming highly sought-after as an increasing number of sports organizations are availing this policy to cover sporting events. It is high time that CAB and other organisations pertaining to various sports pick such policies and avoid financial beating. Online insurance comparison portals like GIBL are tied up with all leading insurance companies operating in India. So, sports regulatory bodies just have to convey their requirements and get the right and the most cost-effective insurance cover right from the portal of GIBL without any hassle.
- See more at: http://blog.gibl.in/souravs-defiance-couldnt-save-cabs-loss-but-insurance-could/#sthash.bOkB7yVm.dpuf
Car Insurance Renewal - Is it Money Making for Insurance Companies or is it actually Saviour of Money .... Know it yourself from our Insurance advisor, IRDA certified Insurance Professional, Mr. Santosh Sahoo
Group Mediclaim Policies for the Employees to the Employers
When you are heading a company which houses the workplace for so many employees then there is one constant feeling that clouds your mind. The feeling is of the medical emergencies that might affect the employee and his or her performance on the company. It is not in the hands of the employer to decide who falls sick and who not but it surely is in the hands of the employer to support the employee and his or her family in terms of emergency situations.
Now when it comes to opting for a Mediclaim policy to support the employee and his or her family members then one cannot possible sit and apply for all of them individually, it is then that they need group Mediclaim policies. These Mediclaim policies are written documents that prove the consent of the employer in bearing the medical expenses of the employee and his or her dependant families.
These Group Mediclaim policies are 25% cheaper than the usual individual policies available in the market. This group Mediclaim policies are such that they take care of the medical expenses of an employee and his or her family under a single sum of money. Such policies are customizable and can be made as per the needs and necessities of the employee and his or her dependent family members. The hospitalization expenses of the employee and his family members are taken care of by the company.
There are employees who tend to have a fascination for companies which provide Mediclaim facilities for the whole family. There are also companies which tend to give an option of transferring the policies from Group Mediclaim to individual.
The hospitalization expenses include Fees of the doctor and the nursing expenses incurred while the insured is hospitalized. Any kind of expenses related to the medication of the patients are covered by the policy. Surgical expenses and expenses related to the operation theatre are also included under the coverage of the policy.
Along with these, the hospitalization expenses include maternity and related benefits. Some pre-existing diseases are also covered by the policy. Upto the limits set by the policies in the policy documents, even room and boarding expenses are covered under the policy.
These policies are found in two ways - · Cashless way. · Reimbursement way.
According to the market conditions, this group Mediclaim policies can be opted for in two types- The family floater way and the Reimbursement way.
· The Family floater way allows a company to choose the to-be insured employee along with his or her dependants under a single amount. For example, if an employee has a floater amount upto Rs. X then him and his whole family would be covered under the same amount i.e. Rs. X and not a penny more.
· In a similar fashion you have Corporate buffer way. This kind of insurance is normally opted for over and above the maximum limit that has been fixed for each employee. For example, if the limit for an employee is Rs. X and the hospitalization charges exceeds it to Rs. Y then the company is liable to pay the remaining amount from the buffer amount that it has fixed with the insurance provider.
Save your money & time by buying insurance from GIBL. Compare & get the best quote on Health, Car, Travel & Home Insurance from 25 insurer and start saving immediately. Access to support and policies online 24 x 7. No SMS verification required. Ideal platform for NRI’s.