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Budget Insurance

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Budget Insurance

Don’t you wish insurance companies had to give your money back if they didn’t spend it on services? Everyone feels that way. Unfortunately, the insurance system is complex and has many rules. It can be hard to figure out what an insurer needs to do with your premium payments before you get a payout. The excellent news is that you can take simple steps with budget insurance services to help make sure you get all of your money back when filing a claim against an insurer. Read on for more information!

What is budget insurance?

Budget insurance is a type of car insurance that offers a replacement car while repairing your vehicle.

The insurer provides you with a temporary replacement vehicle for as long as your own is off the road, and they will pay for the additional fuel needed to drive it compared to your old car.

In some instances, such as if you’ve broken down in the motorway, they will also provide emergency recovery.

Budget insurance is available for up to 28 days. It is designed to be an affordable insurance option for motorists who may not afford full comprehensive cover or don’t want the hassle of arranging temporary transport while their car is off the road.

How do budget insurance works?

Health product:

Budget insurance is an affordable health product that pays part of your hospital bills when you are admitted for treatment using the benefits given. It is suitable if you don’t have to use your medical aid but still need financial assistance with your hospital bills.

Our most basic plan, budget energy top-up, gives you one benefit per year and allows you to pay for any cost over and above what medicare funds. Most programs offer several benefits per year, so think carefully about how many times you might need to go to the hospital in a year.

The amount paid each time can range from zero (for example, no surgeries or procedures were done) until the benefit limit. This limit varies depending on which plan you choose, ranging from r2 000 to as much as r50 000.

The budget insurance top-up plan is a brilliant little product with many benefits, making it an option worth considering if you don’t have medical aid and need assistance with your hospital bills.

Vehicle- Budget Insurance:

What vehicles are covered by budget insurance?

Any kind of private vehicle that meets legal requirements in the UK and has a maximum age of 10 years is eligible for budget insurance.

How to get budget insurance?

IAH plan:

– Visit IAH’s official website and go to the how to apply section. Fill up the online form with your NRIC/FIN number and click on submit.

-You will be redirected to a new page that contains your policy details which you need to fill into an offline form and email it to iah@ihealth.com.sg together with the following documents:

  • Proof of identity (e.g., copy of IC)
  • Three months latest payslip and CPF contribution history (for employee)
  • Latest bank statement for three months (for self-employed)
  • A printed copy of the insurance declaration page from the previous insurer (if available). This is only required for those currently insured under other insurers

 

How much is the monthly top-up amount for IAH plan?

The details shows the different coverage of the IAH plan and the corresponding monthly payment.

Please note that the cover only kicked in if one has insufficient funds in his CPF account or was unable to work due to medical reasons during that period. Claim payout will be based on your current salary grade with an additional 10% top-up (maximum $500 per month) until you reach the prevailing insured financial protection amounts stated above.

How to pay for the monthly top-up payment?

Please complete the bank information form and email it together with proof of transfer (i.e., copy of OCBC/DBS transaction) to iah@ihealth.com.sg OR you could also visit www. iah-insurance-Singapore. Com/payment for other direct payment methods.

What does the IAH plan cover?

The insurance plan will provide an additional 25% coverage on your current CPF Life Basic Sum, up to $46,000 (for Singaporeans) or $72,000 (for PRs). It is in addition to the prevailing insured financial protection amounts stated in point 4 above under ‘Coverage Amount’ i.

Why should I get budget insurance?

Getting budget insurance can help you in several ways. As well as covering the cost of your phone, it will also give you access to free legal support in case you need it. You can even extend your cover for an additional premium fee when your mobile contract expires.

The top-ups are available in denominations of £10, £15, and £20 to ensure that they meet all of your energy needs – whatever they might be.

What do I get?

You’ll get a voucher to use at any participating budget energy retailer, which offers competitive prices on gas and electricity tariffs. From the moment you activate one of these vouchers online or over the telephone, you’ll have precisely 30 days until it runs out. It gives you plenty of time, so you can choose a tariff that suits your usage without rushing into anything.

Who is Budget Energy?

Budget Energy is one of the UK’s major gas & electricity suppliers, offering competitive tariffs to customers across the country. Whether you want to heat and increase your home’s temperature, cook dinner, or charge up your phone, they can provide you with competitive rates for doing it all.

Why is the premium for budget insurance so low?

Only a minimal number of customers have premiums that are above their average premium. It is more beneficial for them to find a family with one expensive policy and add them to the account holder’s existing accounts.

In many cases, after taking out budget insurance, people may not have enough money left over to pay their regular bills on time. Therefore, it is in the better interest of the account holder that they do not take out budget insurance.

The account holders who choose to take an expensive budget policy will soon receive a notice asking them to top up their account using a credit card or bank transfer.

What are the benefits of budget insurance?

– you can ask for an advance payment of your holiday costs;

– it’s easy to apply online;

– if you book your flight tickets at least 14 days before departure, you’ll get 10% more budget money than the amount requested. You need to specify this when applying for budget insurance;

– if you don’t spend all of the budget insurance sums on your holiday costs, you’ll be refunded any remaining amount after returning home.

How does Budget Insurance cover legal fees if I have a claim?

In the event of a legal claim, Budget Insurance coverage provides insurance cover for additional legal fees incurred when defending or prosecuting your rights. An example could be where your claim is settled, but the other party appeals the decision, and you must defend it in court.

Legal expenditures can vary greatly depending on the nature of your claim, but cover typically runs to $5,000 – $10,000. However, all claims are treated on their own merits – contact us for more details about what legal fees would be covered if you needed to use this service.

What are subrogation costs, and how will they affect my policy benefits?

Subrogation costs are the costs you incur in attempting to recover your settlement amount from another party.

While subrogation benefits will not affect your policy benefits, if subrogation costs exceed the ACV of the damaged vehicle(s), or if they would put your coverage into an uncollectible status, then you may be needed to pay for them directly.

If this is the case, Your Certificate of Insurance will specify that fact and any applicable deductible or other conditions for payment of subrogation costs.

Who qualifies for Budget Insurance cover?

Budget Insurance cover is available to:

  • Persons who are Singapore Citizens, Permanent Residents (PRs) or foreign domestic workers (FDWs) and aged 21 years and above;
  • Ordinary Account with a monthly average balance of S$3,000 or more for three months before the start date of your insurance plan. OR
  • Cash Card Plus Account with an average daily cash card balance of S$500 or more for three months in a row before the start date of your insurance plan.

Can I be turned down for budget insurance coverage if I have no other debts or loans due to bad credit history?

No. The budget energy top-up is not seen as an insurance or a loan but rather as a service that provides you with enough money to cover your power bill for the next two years at preferential interest rates. All our customers are subjected to credit checks, similar to those applied by other banks and finance brokers. As long as you have sufficient income (working contract) and no debts paid late in the past 12 months, your application should be approved without any problems.

How can I determine how much money I will receive from budget energy top-up?

You will receive the total amount of available funding based on criteria such as your name, address, email address, employment history, and monthly household income, which we have on record.

Suppose, for some reason, there is not enough funding available to support all the approved applicants. In that case, initial priority will be given to people who have worked at least one day in the last 60 days and those currently working (the amount you receive may be lower).

People who have not managed and worked in the last 60 days, or are currently unemployed, will be considered for funds after those who have worked.

Conclusion:

It can be arduous to figure out what an insurer needs to do with your premium payments. That’s why we created budget insurance—a product that allows you to keep track of all the money you spend on health care, vehicles, and other plans and get it back if they don’t spend it right. Let us know if there are any questions!

Featured Image: Photo by Anthony from Pexels

 

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