Health Insurance
Hospital expenses shouldn’t become a burden. Get health insurance that takes care of your treatment costs, with expert guidance to help you choose the right plan.
Term Insurance
Secure your family’s future with a life cover of ₹1 crore or more. Our expert advisors help you compare the right plans and choose protection that truly fits your life.
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About Us
We are Policy Advice, a team of licensed Health Insurance agents dedicated to helping individuals, families, and businesses find the right health coverage to fit their needs and budget. Our goal is to make Health Insurance simple and accessible, ensuring that you’re protected with the right plan at the right price.
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Health Insurance
What Really Matters
1. Avoid Co-Payment
Health insurance policies with co-payment clauses may appear cheaper, but they require you to bear a fixed percentage of every claim, which can become a heavy financial burden during hospitalization. Co-pay should ideally be avoided unless it is compulsory or the policy is being taken for senior citizens where options are limited.
2. No Room Rent Limits
Room rent limits can significantly reduce your actual claim amount because related expenses like doctor fees, surgery charges, and diagnostics are linked to the room category. Policies without room rent restrictions ensure you get full benefit of your sum insured without hidden deductions.
3. No Disease-Wise Sub-Limits
Many low-premium policies impose caps on specific illnesses such as cataract, knee replacement, or hernia. These sub-limits restrict how much you can claim regardless of your total cover. Always choose a policy that allows complete utilization of the sum insured for any disease.
4. Short Waiting Periods
Pre-existing diseases usually come with a waiting period of 2–4 years before claims are allowed. Selecting a policy with the shortest waiting period is crucial, especially if you already have medical conditions, as it provides faster and more practical coverage.
5. Pre & Post-Hospitalization Coverage
Medical expenses don’t start and end at the hospital stay—tests before admission and medicines or follow-ups after discharge can be costly. A good policy should cover at least 30–60 days of pre- and post-hospitalization expenses to avoid out-of-pocket costs.
6. Restoration Benefit
Restoration benefit is extremely important in family floater policies. If the sum insured is exhausted due to one claim, the insurer restores it for future hospitalizations within the same year, ensuring continuous protection for all family members.
7. Daycare Procedures Coverage
Many modern treatments such as dialysis, chemotherapy, and minor surgeries no longer require 24-hour hospitalization. A comprehensive health insurance plan must cover daycare procedures so that claims are not rejected on technical grounds.
8. Domiciliary Treatment
Domiciliary treatment covers medical care taken at home when hospitalization is not possible due to lack of beds or patient condition. While it’s rarely used, it can be helpful in emergencies. This feature is good to have but not critical.
9. No Claim Bonus (NCB)
If you don’t make a claim, insurers reward you by increasing your sum insured at no extra cost. This benefit is meaningful only when the bonus is at least 10% or more per claim-free year, helping your coverage grow over time.
10. Free Health Checkups
Free health checkups are not a deciding factor but add value by saving money and encouraging preventive care. Coverage for health checkups once every 1–2 years is sufficient and helps in early detection of potential health issues.
11. AYUSH Coverage
AYUSH coverage supports alternative treatments like Ayurveda, Yoga, Unani, Siddha, and Homeopathy. It’s a useful add-on if you actively use such treatments, but claims are typically valid only in government-recognized AYUSH hospitals.
12. Maternity Benefits
Maternity coverage usually comes with high premiums, long waiting periods, and limited claim amounts. It should be chosen only after carefully evaluating whether the additional cost justifies the benefit based on your family planning timeline.
13. OPD Cover
OPD cover includes doctor consultations, diagnostics, and medicines, but it significantly increases premiums. In most cases, paying OPD expenses out of pocket is more economical than opting for OPD coverage within a health insurance policy.
Term Insurance
Simple, Smart Protection (Brief)
1. What is Term Insurance?
Term insurance is a pure protection plan designed to financially secure your family if you are no longer around. You pay a relatively small yearly premium, and in the unfortunate event of death during the policy term, your family receives a large lump sum amount (often ₹1 crore to ₹10 crore or more). Unlike traditional policies, term insurance has no savings or investment component—its only purpose is income replacement and financial security.
2. How Much Cover Do You Need?
The right term insurance cover should fully replace your income and safeguard your family’s lifestyle. It must be sufficient to cover ongoing household expenses, children’s education, and all existing liabilities such as home loans or personal loans. For example, if your income is ₹50,000 per month (₹6 lakh per year), a cover of around ₹1–2 crore can be invested safely to generate a steady income for your family over many years.
3. Ideal Policy Duration
Your term insurance policy should ideally run until the age of 60–70, when your major financial responsibilities are usually over. Premiums increase sharply after the age of 70, making longer terms inefficient. The policy duration should cover the period until your children become financially independent and your retirement corpus is adequately built.
4. Life Stage Benefit (Very Important)
Life stage benefits allow you to increase your insurance cover at key milestones such as marriage or the birth of a child, without undergoing fresh medical tests. This feature is extremely valuable for young and unmarried individuals, as responsibilities grow over time while health risks may increase. It ensures your coverage always matches your life situation.
5. Waiver of Premium Rider
The waiver of premium rider protects your policy if you become permanently disabled or are diagnosed with a critical illness. In such cases, the insurer waives all future premiums, but the policy continues as if premiums were being paid. This rider is crucial because it keeps your family protected even when your income stops.
6. Accidental Death Benefit
The accidental death benefit rider provides an additional payout if death occurs due to an accident. It enhances overall protection at a low cost but should only be treated as an add-on. You should never reduce your base term insurance cover assuming the accidental benefit will be sufficient.
7. Critical Illness Rider
A critical illness rider offers a lump sum payout if you are diagnosed with serious illnesses such as cancer, heart attack, or stroke. This money helps cover treatment costs and compensates for income loss during recovery. However, in many policies, the payout is adjusted against the total term cover, so this rider must be chosen carefully.
8. Terminal Illness Benefit
Some term insurance policies provide an option to receive the full sum assured in advance if you are diagnosed with a terminal illness. While this can be helpful for medical and personal needs, approvals are rare and subject to strict medical conditions. It should be seen as a supportive feature, not a primary decision factor.
9. Increasing Cover vs Inflation
To beat inflation, you can either buy a higher cover upfront or opt for an increasing cover plan where the sum assured grows by 5–10% every year. While increasing cover plans adjust better for rising costs, they usually come with 50–60% higher premiums. Cost versus benefit should be evaluated carefully.
10. Decreasing Cover (Optional)
In decreasing cover plans, the sum assured reduces over time as loans are repaid and children become independent, leading to lower premiums. While this can save money, it is risky if your future financial needs change unexpectedly. Such plans are best suited only when liabilities are clearly defined and predictable.
Bottom Line
The core purpose of term insurance is simple: to protect your family’s financial future. Focus on choosing an adequate cover amount, the right policy duration, useful life stage benefits, and essential riders like waiver of premium and critical illness. A good term plan should bring clarity and security—not confusion.
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