Insurance and Medical Cover on Tier-1

[AkashS]

Hi,

I need a small advise from senior member and also from the members who are already in the UK. As far as I know, NHS and Education is free for Tier 1 holders and their dependents. I wanted to know where can I get exact information that what exactly is covered and what is not? 2nd, do I need to buy some Life Insurance when I am in UK. I think our Indian LIC Policies are not valid there? What will be yearly premium for Life Insurance (me, my wife and 2 years old son).

Please provide your valuable advise and comments on this. Thanks.

Regards,
Akash...

[ChetanOjha]

Hi,

I need a small advise from senior member and also from the members who are already in the UK. As far as I know, NHS and Education is free for Tier 1 holders and their dependents. I wanted to know where can I get exact information that what exactly is covered and what is not? 2nd, do I need to buy some Life Insurance when I am in UK. I think our Indian LIC Policies are not valid there? What will be yearly premium for Life Insurance (me, my wife and 2 years old son).

Please provide your valuable advise and comments on this. Thanks.

Regards,
Akash...

Insurance in UK can be obtained from many different vendors. You can compare annual premium from this website. Generally employer provide health insurance (not all).

http://www.moneysupermarket.com/insuran ... e=GOOPMI70

[AkashS]

Hi,

I need a small advise from senior member and also from the members who are already in the UK. As far as I know, NHS and Education is free for Tier 1 holders and their dependents. I wanted to know where can I get exact information that what exactly is covered and what is not? 2nd, do I need to buy some Life Insurance when I am in UK. I think our Indian LIC Policies are not valid there? What will be yearly premium for Life Insurance (me, my wife and 2 years old son).

Please provide your valuable advise and comments on this. Thanks.

Regards,
Akash...

Insurance in UK can be obtained from many different vendors. You can compare annual premium from this website. Generally employer provide health insurance (not all).

http://www.moneysupermarket.com/insuran ... e=GOOPMI70

Thanks Chetan. I also wanted to ask if Insurance is required to be in UK. Last time when I was there, I was on Student Visa so did not bother about these things. I think Medical and Education is already covered for Tier 1 Holders so do we need any other insurance?

Also, as when I come there, I won't be having job and looking for the one, so by the time I get a job, do I need any insurance?

I compared few insurance policies for me and my Wife (there was no option for child cover) and it was varies from GBP 7/ Month onwards (for GBP 25000 cover over 15 years). Are they good and comprehensive?

[ChetanOjha]

Hi,

I need a small advise from senior member and also from the members who are already in the UK. As far as I know, NHS and Education is free for Tier 1 holders and their dependents. I wanted to know where can I get exact information that what exactly is covered and what is not? 2nd, do I need to buy some Life Insurance when I am in UK. I think our Indian LIC Policies are not valid there? What will be yearly premium for Life Insurance (me, my wife and 2 years old son).

Please provide your valuable advise and comments on this. Thanks.

Regards,
Akash...

Insurance in UK can be obtained from many different vendors. You can compare annual premium from this website. Generally employer provide health insurance (not all).

http://www.moneysupermarket.com/insuran ... e=GOOPMI70

Thanks Chetan. I also wanted to ask if Insurance is required to be in UK. Last time when I was there, I was on Student Visa so did not bother about these things. I think Medical and Education is already covered for Tier 1 Holders so do we need any other insurance?

Also, as when I come there, I won't be having job and looking for the one, so by the time I get a job, do I need any insurance?

I compared few insurance policies for me and my Wife (there was no option for child cover) and it was varies from GBP 7/ Month onwards (for GBP 25000 cover over 15 years). Are they good and comprehensive?

Insurance is not covered for Tier-1 holders. What is provided free of cost is the medical check-up facility similar to Indian Govt. hospital. Insurance is different thing which you need to take yourself for you and your dependents.It is not mandatory. It's entirely upto you and is a personal choice.

[tvn_ramesh]

Insurance is not covered for Tier-1 holders. What is provided free of cost is the medical check-up facility similar to Indian Govt. hospital. Insurance is different thing which you need to take yourself for you and your dependents.It is not mandatory. It's entirely upto you and is a personal choice.

Adding to Chethan's explanination abt insurance and medical facility.. i would recommend untill u join somecompany and if u can get company insurance cover (if u r lucky to negotiate one).. till that time u shd go for even a small coverage esply when u r out of ur country n where things are expensive.. this is just my view.. as chetan mentioned it is a personal choice..

[AkashS]

Insurance is not covered for Tier-1 holders. What is provided free of cost is the medical check-up facility similar to Indian Govt. hospital. Insurance is different thing which you need to take yourself for you and your dependents.It is not mandatory. It's entirely upto you and is a personal choice.

Adding to Chethan's explanination abt insurance and medical facility.. i would recommend untill u join somecompany and if u can get company insurance cover (if u r lucky to negotiate one).. till that time u shd go for even a small coverage esply when u r out of ur country n where things are expensive.. this is just my view.. as chetan mentioned it is a personal choice..

Thanks Ramesh and Chetan,

I'll buy some insurance before coming to UK or just after coming there so that in case of any emergency, my family will not suffer.

[ChetanOjha]

Insurance is not covered for Tier-1 holders. What is provided free of cost is the medical check-up facility similar to Indian Govt. hospital. Insurance is different thing which you need to take yourself for you and your dependents.It is not mandatory. It's entirely upto you and is a personal choice.

Adding to Chethan's explanination abt insurance and medical facility.. i would recommend untill u join somecompany and if u can get company insurance cover (if u r lucky to negotiate one).. till that time u shd go for even a small coverage esply when u r out of ur country n where things are expensive.. this is just my view.. as chetan mentioned it is a personal choice..

Thanks Ramesh and Chetan,
I'll buy some insurance before coming to UK or just after coming there so that in case of any emergency, my family will not suffer.

In lighter vein, are you expecting shootout after you come here?
You can buy insurance for the period you want. Buying insurance with companies which are in India as well as in UK can work out for you. It can cover you in both places(though I am not sure about it). Try Aviva or other insurance companies who can give overseas insurance.

[push]

Life Insurance policy bought in India should be good enough. If conrned, check the exclusion in your policy document. Another thing is the adequacy of cover.

[AkashS]

Life Insurance policy bought in India should be good enough. If conrned, check the exclusion in your policy document. Another thing is the adequacy of cover.

I'll check with LIC to confirm their coverage while I am not in India for long term. In case if it is required to pay some extra amount, that wud be a good idea too.

Moreover, as mentioned by Chetan, I will speak with AVIVA or Bajaj Allianze if they can provide insurance for UK cover.

[push]

Life Insurance policies are mostly universally applicable are different from the medical insurance in that how one dies is important (Natural clamity, act of terrorism, pandemic etc.) than where one dies. Still check the policy document - the info should be available online.

[AkashS]

Life Insurance policies are mostly universally applicable are different from the medical insurance in that how one dies is important (Natural clamity, act of terrorism, pandemic etc.) than where one dies. Still check the policy document - the info should be available online.

Thanks. I'll do the same. One more thing I wanted to ask, how I will save Income Tax in the UK? I saw there are some Married couple's allowance, personal allowance etc... Does it mean that a married person will be exempted GBP 6000+ from tax. How it works there?

We receive HRA, LTA, Transport and Medical in India which is tax free. Is it same in UK also?

[ChetanOjha]

Life Insurance policies are mostly universally applicable are different from the medical insurance in that how one dies is important (Natural clamity, act of terrorism, pandemic etc.) than where one dies. Still check the policy document - the info should be available online.

Thanks. I'll do the same. One more thing I wanted to ask, how I will save Income Tax in the UK? I saw there are some Married couple's allowance, personal allowance etc... Does it mean that a married person will be exempted GBP 6000+ from tax. How it works there?

We receive HRA, LTA, Transport and Medical in India which is tax free. Is it same in UK also?

Married Couple allowance is no more used anymore as far as I know. Besides, you will be paying tax on what you earn. Tax will be deducted by your employer directly.So forget saving on tax. It is not same as in India where you save tax by investing in National Bonds,Home Loan etc. You will save tax but only on the returns of your investments like ISA etc. But not on salary.

[AkashS]

Life Insurance policies are mostly universally applicable are different from the medical insurance in that how one dies is important (Natural clamity, act of terrorism, pandemic etc.) than where one dies. Still check the policy document - the info should be available online.

Thanks. I'll do the same. One more thing I wanted to ask, how I will save Income Tax in the UK? I saw there are some Married couple's allowance, personal allowance etc... Does it mean that a married person will be exempted GBP 6000+ from tax. How it works there?

We receive HRA, LTA, Transport and Medical in India which is tax free. Is it same in UK also?

Married Couple allowance is no more used anymore as far as I know. Besides, you will be paying tax on what you earn. Tax will be deducted by your employer directly.So forget saving on tax. It is not same as in India where you save tax by investing in National Bonds,Home Loan etc. You will save tax but only on the returns of your investments like ISA etc. But not on salary.

Thanks Chetan. So there is no way that you can save some tax in the UK. Anyway, let's see what kind of investment can be done. I will bother you again if I need some more advise

Regards,
Akash...

[push]

Not sure if you read between the lines. You will save tax only on returns (read interest etc.) on some of the qualified investments like ISA

[AkashS]

Not sure if you read between the lines. You will save tax only on returns (read interest etc.) on some of the qualified investments like ISA

Hi. I read that. I meant that we can earn some extra only through investment and there is no other way. Is it right?

[push]

I am afraid not.

[cheshiregoan]

Insurance is not covered for Tier-1 holders. What is provided free of cost is the medical check-up facility similar to Indian Govt. hospital. Insurance is different thing which you need to take yourself for you and your dependents.It is not mandatory. It's entirely upto you and is a personal choice.

Adding to Chethan's explanination abt insurance and medical facility.. i would recommend untill u join somecompany and if u can get company insurance cover (if u r lucky to negotiate one).. till that time u shd go for even a small coverage esply when u r out of ur country n where things are expensive.. this is just my view.. as chetan mentioned it is a personal choice..

In addition to this, some company's provide life insurance as part of their pension plan. I know my company automatically enrolls every employee who is taking pension into a life cover.