Page 36 - The Insurance Times February 2025

rization level as well as in settlement of claim. It gives com- About Authors:
prehensive view of condition and along with other manda- Dr Vaishali Pradhan is a medico-insurance expert with ex-
tory documents of treatment including other diagnostic posure & experience in servicing patients at Hospitals espe-
reports it helps professionals to process health insurance cially during Covid-19 period. She has equally good experi-
claims efficiently.
ence in servicing one of the largest Health Insurance
Programme of Government of Rajasthan.
References
1. Medical Auditors & Investigators Guide Book for Health
Vinay Verma is Mentor, Trainer, Educationist and Expert
Insurance Claims- Vinay Verma & Dr Vinita Rana
Health Insurance Professional Advisor. He retired as Deputy
2. Arterial Blood Gas- National Library of Medicine General Manager from the Oriental Insurance Company
3. Interpretation of ABG- Dr Vaishali Pradhan Limited. He was member of FICCI & CII's Health Insurance
Forums. He was member of IRDAI-National Health
4. Cleveland clinicABG: what it is, purpose, procedure and
levels. Authority's joint working group on Fraud Control. He has vast
experience as team leader in promoting retail, corporate
5. Research Gate-Arterial Blood Gas Analysis
and Government Schemes in health insurance at corporate
6. An insight to packages & treatment guidelines in gov- level. He was member of Central Committee of PPN of pub-
ernment schemes- Vinay Verma lic sector insurance companies and has serviced multiple
7. Documentation of process for customization of STGs- health insurance programmes of various state governments
National Health Authority. in different capacities.

Insurance buyers ignore home, healthcare needs, focus on

family's financial security

Over 70 per cent of Indians are setting aside immediate requirements like purchasing a home, buying a vehicle,
healthcare needs or going on a vacation and instead prioritise their family’s financial security, says a survey.
While savings and securing the family’s future are considered as the primary reasons for opting for life insurance
policies, this focus on family often comes at the expense of other immediate financial goals. With 60 per cent of
individuals zeroing in on just one priority — family financial security — they are overlooking the importance of savings
and meeting immediate requirements, says the survey conducted by Canara HSBC Life Insurance.
Returns from life insurance policies are much lower when compared to mutual funds where returns can be as high as
around 15 per cent per annum. Mutual fund investments, especially monthly SIPs, are now increasingly becoming an
important avenue for savings and higher returns. Returns from life insurance plans are normally around the bank FD
rates or even less in most cases.

Delving deeper, the survey reveals that 64 per cent of individuals wished they had begun their term insurance journey
sooner. “Despite 83 per cent acknowledging the importance of term plans, a mere 11 per cent take the time to
review their coverage annually. This lack of regular assessment leaves only 25 per cent of Indians feeling confident
that their policy will sufficiently cover unexpected expenses,” the survey says.
The story continues with retirement planning. “While 66 per cent of Indians start planning for retirement in their 30s,
a staggering 74 per cent regret not starting earlier. This delay has left only 27 per cent feeling prepared for retire-
ment, and just 24 per cent believe their maturity amount will fully meet their financial needs,” it says.
The narrative takes a moving turn when it comes to planning for their children’s future, the survey says. “Only 18 per
cent of Indian parents feel fully prepared, and an equal percentage believe their policy’s maturity amount will be
enough to secure their child’s future. The regret is palpable, with 71 per cent wishing they had started the policy
sooner and 82 per cent of parents feeling unprepared for their child’s financial needs,” the survey says.

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