Renewal Annual Information Form (1: Fill & Download for Free

I have spent few days reading articles, talking to insurance agents, online agencies gathering information to find the right insurance policy for my family. These factors have helped me identify the best one among so many in the market today.Following are some of my key takeaways. Every point also includes the corresponding information from the policy I have chosen for my family.1. MAXIMUM HEALTH COVERAGE - Always prefer a plan that offers maximum health coverage and maximum amount for the treatment. Today, simple heart surgery can cost between 5-10 lakhs which triples if you end up in some suite room of a good hospital. People say go for a lesser cover if you are young, however, the rate at which critical illnesses are detected even among the youth today, it would be prudent to opt for a higher cover.I am 33 and have taken an insurance cover of Rs. 25 L for me and my family. Comes to approximately 2300/- per month.2. FAMILY FLOATER - If you are a family person, it is better to opt for a family floater plan which covers your family. It means, anyone can utilize the total cover during medical treatment.I have opted for a Family Floater.3. NO SUB-LIMITS - Most insurance policies come with sub-limits on per day medical expenses, room rent in case of hospitalization etc. Consider those plans that offer the highest slab on room rent or other health care expenses. For example, the room-rent may be capped at 1 percent of the sum insured or only an AC Room and not suite. So, irrespective of the total sum insured of the policy, one may have to pay out-of-pocket hospital bills unless one sticks to the limit.I have opted for a policy with no cap on room rent. So it doesn’t matter if it’s a suite or AC room or shared.4. RESTORE BENEFIT – This is the most important feature of any insurance policy. A comprehensive health insurance policy usually covers hospitalization expenses up to the total sum insured. Considering the rising health-care costs, it is quite possible that the entire sum insured gets exhausted in a single hospitalization and this is when ‘restore benefit’ in a health insurance feature comes in. Restoration benefit is a feature that reinstates the total sum assured if it is used up in any given policy year. However, the premium for policies with restore benefits is also high.In my policy, there is an instant addition of 100% Basic Sum Insured on complete or partial utilization of existing Policy Sum Insured and No claim bonus (if applicable) during the Policy Year. The Restore Sum Insured can be used for all claims under the Inpatient Benefit.5. NO CLAIM BONUS (NCB) - In case you do not claim, insurance companies provide a bonus by increasing your coverage on renewal. Increase in your coverage is very useful as the medical costs keep rising by almost 15% every year. No-claim bonus typically comes in two different forms.Discount on the premium amount charged for a policyCumulative benefits offered in the form of higher sum insured amountI recommend option 2 as a few rupees discount in yearly premium is hardly even worth the comparison.NCB for my policy which gives me both discount as well as cumulative benefits. Details below:A bonus is applied by enhancing the renewed policy’s Sum Insured by 50% of the Basic Sum Insured of the previous year’s Policy. The maximum bonus will not exceed 100% of the Basic Sum Insured in any Policy Year.A discount is applied at each renewal if the insured member achieves the average step count target on the mobile application provided by us in the specified time interval (calculated from the policy risk start date) as per the grid in the policy document6. INCURRED CLAIM RATIO (ICR) - The ICR metric indicates a general insurer’s ability to pay a claim. For instance, an ICR of 85% implies that the company has spent Rs 85 on claims for every Rs 100 collected as premium. An ideal ICR range recommended by experts is between 60 - 90%, which indicates a healthy settlement of claims by the insurer against the premium collection.My policy provider has an ICR of 62.47 % as per IRDA Annual report for 2017-20187. CO-PAYMENT – Most providers don’t charge anything till the age of 65. After that, it is generally 10-20% of the total bill. I believe that is the age when one would be treated more often and apply for claims. Also, I don’t want the headache of paying anything irrespective of the age.My policy has no co-payment charges at any age.8. HOSPITAL NETWORK - Network listed hospitals are cashless, non-network is reimbursable – Opt for a policy that has the most number of hospitals in its network.My provider has 4500+ network hospitals in Bangalore which is pretty decent. There are other companies which have 8000+ hospitals in their network.9. TYPE OF INSURANCE COMPANIES: There are 2 types of Insurance providers. Standalone and General Insurance companies. Standalone is better than General Insurance providers because of the faster approval process. When a claim request is made – hospitals write a pre-authorization letter to the insurance company for cashless approvals. A general insurance company takes longer time for approvals when compared to standalone companies where the same comes within an hour.My policy is from a standalone health insurance company.10. PRE-EXISTING ILLNESSES – The lesser the waiting period the better.My policy covers them after 3 years.11. BUYING ONLINE vs AGENTS – They say it’s good to have a face associated with the insurance provider and that’s why people recommend taking via agents. However, there is no guarantee that person will be available for you in your time of emergency. With online, you will have all your documents in one place and better customer support through dedicated helplines. Either way, you will be paying the same premium.I bought my policy online through Coverfox for convenience purposes.12. OTHER GOOD TO HAVE FEATURES (my corresponding policy cover detail)Eye cover (Not covered)Pregnancy Cover (Not covered)Dental Cover (Not covered)Health Checkup (Covered)Critical Illness Cover (Not covered)13. GENERAL FEATURES - covered by most policiesDaycare treatments (Covered)Expenses before and after hospitalization (Covered)Daily hospitalization allowance (Covered)Emergency Ambulance expenses (Covered)OPD expenses (Not covered)I hope this analysis is helpful for you to determine the insurance plan that best suits your needs. I don't want to promote any insurance company on a public forum like Quora.———— ——————————————UPDATE23 Dec, 2020- I have not been active on Quora and haven't been able to respond to your Insurance queries.However, Finshots have come up with an easy tool called DITTO to understand your chosen Insurance policy. Do explore, as it will help answer most of your queries.Health Insurance Analysis - understand, compare and review Health insurance | Ditto

High Value Transactions On Credit Card Reported :The transaction of payments for credit card if the aggregate payment made during the financial year is Rs 2 lakh or more during the financial year.Banking companies or financial institutions will also have to report to the authorities payments made by a person aggregating to Rs. 1 lakh or more in cash or Rs. 10 lakh or more by another mode against bills in respect of one or more credit cards in a financial year.Apart from this, The following transactions are required to be informed to the Income Tax Department :Cash deposits aggregating to Rs. 10 lakh or more in a year in any of your savings account in the bank. Banks also includes cooperative banks. The same limit will apply for term deposits (excluding renewal deposits) with a bank. In case of current account, the limit is Rs 50 lakh for a financial year. These norms will also cover deposits and withdrawals made in Post Office accounts.Professionals to inform the tax department of receipt of cash payments exceeding Rs. 2 lakh for sale of any goods or services.Investments of Rs 2 lakh or more in Mutual Fund.Investments of Rs 5 lakh or more in bonds or debentures issued by a company or institution.Investments of Rs 1 lakh or more in the shares issued by a company.Purchase or Sale of any immovable property valued at Rs 30 lakh or more.Investments of Rs 5 lakh or more in a year for investment in bonds issued by Reserve Bank of India.The values of the transactions mentioned above have to be considered as aggregate in a year and not per transaction. However, in case of property transactions, the limit is for single transaction.Almost 23 crore of such high-value transactions are under the scanner and notices have already been dispatched to thousands of taxpayers. The notice typically asks the taxpayer to respond in writing. His personal presence is not required. If the system detects a mismatch in income, investments and expenses, it will automatically pick the return for scrutiny.AIR: How are the Transactions reported to Income Tax Department?As per the amendment to Section 285BA of the Income Tax Act, 1961, specified entities or Filers are required to furnish an Annual Information Return (AIR) in respect of specified financial transactions registered/recorded by them during the financial year (beginning on or after April 1, 2004) to the income tax authority or such other prescribed authority. CBDT has authorized NSDL e-Governance Infrastructure Limited (NSDL) to receive AIR. AIR should be furnished in electronic form by all categories of entities required to furnish AIR. Furnishing of AIR in physical form is not permitted. NSDL receives the AIRs through its country-wide network of front offices called TIN Facilitation Centres (TIN-FCs) and on-line through web-based facility. The data received by TIN-FCs and data received on-line is collated by NSDL and disseminated to the Income Tax Department. For more details on who can file ITR check Tax Information Network (TIN’s) webpage on Annual Information Report.How you can check these AIR reported ?Form 26AS, also called as Annual Statement, is a consolidated tax statement which has all tax related information (TDS, TCS, Refund etc) associated with a PAN. It shows how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc.PART E of Form 26AS has Details of AIR Transaction. If you make some high value transactions, such as investment in property and mutual funds, then these transactions are automatically reported to the income tax department by banks and other authorities through Annual Information Return (AIR).Amendment Under Current Scenario of Demonetization for AIR :Banks now have to report total cash deposits during 09 November, 2016 to 30 December, 2016, due to change in Income Tax Law announced on 17 Nov 2016. These would be reflected in AIR of Form 26AS.Twelve lakh fifty thousand rupees(12.5 lakh) or more, in one or more current account of a person. Current accounts were not part of AIR reporting earlier; orTwo lakh fifty thousand rupees(2.5 lakh) or more, in one or more accounts (other than a current account) or Rs 50,000 or more in Single day of a person. Earlier limit for AIR reporting was Rs 10lakhs or more in one financial year

A2aI ANAL, so please don’t take this as a legal advice.When someone enters an European state and applies for asylum, he or she is given a temporary shelter and an opportunity to explain the reason why he/she came.See: Asylum-SeekersAs asylum candidate, (s)he has a right to a hearing.Other than that, asylum seekers are given some kind of a temporary shelter and their immediate needs are satisfied, but they do not have much in terms of rights. In particular, no right for a free movement and no right for work.Hearing can take months. During this time, the biggest enemy of the asylum seekers are uncertainity and boredom.Hearing can have three results. Starting with the least desirable for the asylum seeker:Negative decision: the request is not granted and the former asylum seeker is (more or less kindly) asked to leave.Subsidiary protectionRefugee statusMany people fail to differentiate between the subsidiary protection and refugees, so let me try to explain.Refugee is a legal term that has been defined by the Convention relating to the Status of Refugees. It applies to"A person who owing to a well-founded fear of being persecuted for reasons of race, religion, nationality, membership of a particular social group or political opinion, is outside the country of his nationality and is unable or, owing to such fear, is unwilling to avail himself of the protection of that country; or who, not having a nationality and being outside the country of his former habitual residence as a result of such events, is unable or, owing to such fear, is unwilling to return to it.."Note that fleeing from a war is NOT covered here. Strictly speaking, most of the people fleeing from Syria do not fulfil the criteria for being a refugee. This is where “subsidiary protection” comes in.In Europe, a person eligible for subsidiary protection status means a third country national or stateless who would face a real risk of suffering serious harm if s/he return to the country of origin.Serious harm is defined as the risk of: "(a) death penalty or execution; or (b) torture or inhuman or degrading treatment or punishment of an applicant in the country of origin; or (c) serious and individual threat to a civilian's life or person by reasons of indiscriminate violence in situations of international or internal armed conflictFor more detailed information, please see the EU legislation. For instance: CURIA - DocumentsOnce a person is acknowledged as a refugee, (s)he is given almost the same rights as the citizens of the host country. This includes the right to work, to freely move around the country that has given it asylum and even to travel abroad with a special refugee passport.Subsidiary protection is somewhat weaker form of asylum. I am not sure what the differences are and this probably differs from country to country. One thing that strikes the eye is that subsidiary protection is considered a temporary measure “until the war ends”.From Refworld | Austria: The Austrian refugee protection system; whether refugee protection is granted on a permanent or temporary basis etc.Individuals granted subsidiary protection are given a one-year residency permit, which is assessed for renewal annually (ibid.; Austria 13 Jan. 2011; UN 21)During that time, notes the ECRE, subsidiary protection grants the individual a number of rights, including the right to access employment, housing, public education, social security, health care, vocational training, and the right to freedom of movement within Austria (ibid., 15). In addition, those with subsidiary protection, like others, are able to apply for Austrian citizenship after 10 years of residency (ibid.).Legislation can vary from country to country, so please take this only as illustrative example.