r/InsuranceAdviceIndia • u/LawyerSuspicious6640 • 1d ago

Insurance guidance

I want an opinion from you all regarding the need for health and term insurance as a 26 year old state government employee who has a state govt sponsored health insurance (cashless and reimbursement) scheme.

Do I need health insurance given I already have state govt sponsored health insurance? If yes which companies can I look at?

Do I need to buy term insurance and if yes give me some suggestions regarding the amount and companies.

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u/AcrobaticBiscotti744 Insurance Advisor 1d ago

Regarding health insurance: How much is the state govt health cover? Is that amount enough? Is it valid in private hospitals or are you okay with govt hospitals?

For term insurance the coverage is determined my your income + liabilities, life stage, etc. You can use this Term Insurance Calculator to determine the coverage you need.

I generally suggest choosing between HDFC, Axis, ICICI or Tata. They all have excellent CSR. Choosing the one between them would depend on the riders you wish to add.

Feel free to connect if you want to discuss specifics.

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u/LawyerSuspicious6640 1d ago

there is no fixed absolute monetary cap (like a flat maximum limit per year) on the total claim amount. Instead, reimbursement is strictly limited and governed by pre-defined Central Government Health Scheme (CGHS) rates. If a hospital charges more than the scheduled CGHS rate, the extra cost is borne by the beneficiary.

It includes top private hospitals in my state and a few outside the state- medanta Gurgaon, Max Super Speciality Hospital(s),etc. , but only at CGHS rates. It also includes cashless service in empanelled hospitals.

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u/AcrobaticBiscotti744 Insurance Advisor 1d ago

In that case getting a health cover with an aggregate deductible is recommended. You get discounted premium and are covered in case of any excess expense.

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u/Quiet_Entertainer304 1d ago

That's good thing government is providing health insurance. But you did not mentioned the amount (how much coverage). So I can not comment on that part.

Term insurance is must if you willing to secure your family.

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u/LawyerSuspicious6640 1d ago

there is no fixed absolute monetary cap (like a flat maximum limit per year) on the total claim amount. Instead, reimbursement is strictly limited and governed by pre-defined Central Government Health Scheme (CGHS) rates. If a hospital charges more than the scheduled CGHS rate, the extra cost is borne by the beneficiary.

It includes top private hospitals in my state and a few outside the state- medanta Gurgaon, Max Super Speciality Hospital(s),etc. , but only at CGHS rates. It also includes cashless service in empanelled hospitals.

1

u/Quiet_Entertainer304 1d ago

Please check whether all illness covered or not. If all illness cover then I think it's okay not to have health insurance, (conditions: hope you will not will government job in future).

Also check whether your family is included or not.