Do you have confusion on choosing the right health insurance policy?. Many of us have the same complaint, because the lack of awareness on insurance policies in India. There are numerous factors to be considered before choosing an health insurance policy. First step would be to learn about the different types of medical insurance policies available in the market. Same policy will not be suitable for every one. One has to select the policy depends on his age, family dependency, risk on life, etc. The following sections explain you the different types of health insurances and when it is suitable for your needs. If you have any doubts, please post it in the comments section.
Individual Health Insurance Policy
As the name implies, this health insurance policy is taken for the individual family members. If you stay in the hospital for 24 hours of time, this policy will help you to claim the expenses incurred for medicine, room rent, doctor fees, operation theater fees. You will have to renew the policy every year. If you have not claimed for one year, you will get the deduction in the next year’s premium or more coverage with the policy. This process is known as No Claim Bonus. You can not claim for the existing deceases up to four years after the new policy commences. It is general rule applies to all the policies.
This policy is taken for the whole family. The main advantage of this policy is that you need not take the separate policy for each member in the family. Compare to individual policy, slightly more premium you have to pay for the family floater policies. But, the entire family can enjoy the higher coverage. For example, if the total coverage is Rs.500000, single member in the family can use the entire coverage if there is no other claims in the same year. There would be very less probability that all the members in the family needs claims. know more
Critical Illness Policy
It is not separate policy. It can be subscribed with any of the life insurance or health insurance policy. The purpose of this policy to protect policy holder from the selected major deceases like Cancer, Heart Attack, etc. You have to check the list of deceases covered under this policy before choosing this policy. Policy holder has to survive for 30 days after identifying the deceases to get the claim amount. You are eligible to claim only if the policy is at least 90 days old.
Senior Citizen Health Insurance Policy
Most of the health insurance policies matured after the age of 60 years. It becomes necessary to take the new policy after 60 years. The senior citizen health insurance policy covers up to the age of 80 years. Few policies may give covers up to 90 years. Note that senior citizen policies will come with lot of restrictions compare to other health insurance policies.
Points to Consider about Health Insurance
- The below are the few pots worth remember for the any health insurance policies.
- Insurance company can not refuse to renew the policy unless there is some fraud or policy holder has hidden some vital information to the insurance company. This rule announced by IRDA very recently.
- Insurance company can not force policy holder to move to another plan.
- Insurance company must disclose the details about renewal dates and options for renewal.
- 15 days of grace period allowed for renewing the health insurance policy (note that it is 30 days for the life insurance. don’t confuse life insurance and health insurance).
- 30 days waiting period is applicable to any new health insurance policy. If you have taken any new health insurance policy, up to 30 days you can not claim any hospitalization charges. It is exception if there is any urgent expenses like accident.
- There are no limit on number of claims allowed per year. The total claim amount should not exceed the sum assured.
- Naturopathy and Homeopathy treatments are not covered under a standard health policy.
- Maternity/Pregnancy related expenses are not covered under the normal health insurance policy. But, company provided group health insurance policies provides these expenses.
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