Social Media Provides Superficial Knowledge On Insurance

Home »  Magazine »  Social Media Provides Superficial Knowledge On Insurance
Social Media Provides Superficial Knowledge On Insurance
Social Media Provides Superficial Knowledge On Insurance
OLM Desk - 28 April 2022


Sandeep Singh

I consume a lot of product information on my social media feed, particularly on Instagram. How do I make sure that I have relevant insurance product information popping on my feed regularly so that I stay up to date?

Social media irrefutably takes up a lot of screen time for Gen-Zers, but it is important to be cognisant that the likes of Instagram, Facebook, and Snapchat are highly visually motivated, and only deliver textual information in a broad, generic, and superficial manner. Insurance policies, by design, require time and patience to go through and study, and the best way to get the latest information would always be to refer to the insurer’s website, and read about the policies carefully. The limited extent to which social media can help is to let you know that a new insurance product has been launched. Also, not all insurance companies are uniformly present on social media; so dependence on social media for information could lead to important product options being left out.

Kapil Mehta, Co-founder, SecureNow Insurance Broker Pvt. Ltd.

Anushka Tyagi

I have been investing in crypto coins since last year. I recently came to know that now TDS applies to crypto transactions, too. At what rate is it charged and how can I claim a refund of the same. My income is below the taxable limit?

According to Union Budget 2022, a flat 30 per cent will be levied for taxation on income from crypto assets from April 1, 2022. Section 115BBH of the Income-tax Act, 1961 clearly states that 30 per cent tax will be levied on any gains derived from the transfer of any virtual digital asset, along with any appropriate surcharge and cess. Besides, all crypto transactions will be subject to 1 per cent TDS with effect from July 1, 2022. This TDS will be levied irrespective of whether you sell your cryptocurrency at a profit or loss. Also, a refund of TDS can be claimed while filing income tax return, on transactions involving loss, if your income is below the taxable limit.

Deepak Jain, Chief Executive, TaxManager.in.

Name Withheld on Request

All health insurance policies cover physical ailments, but few cover mental/behavioural ailments, too. As someone who has personally been a mental health patient, how do I get access to such policies and know which one is the best?

The law states that the insurer would have to cover mental ailments and treat them no different from physical ailments. So, in a mediclaim policy, the hospitalisation costs will be paid, irrespective of whether it was caused by physical or mental ailment.

The larger issue though is that there is a high possibility of being turned down for an insurance application if there is a declared mental health issue at the outset.

So, one should be careful about declaring issues accurately in the proposal form. This means that you should indicate the condition diagnosed, along with its severity and medication prescribed.

In recent years, there has been an upturn in the number of insurers willing to cover mental health. At present, there are three-four insurers who offer insurance for mental ailment. Do note that health insurance with outpatient department (OPD) benefits, typically, also covers the costs for counsellors for such cases.

Kapil Mehta, Co-founder, SecureNow Insurance Broker Pvt. Ltd.

The Best Way To Budget