Health Insurance

Health/Mediclaim Insurance

Health/Mediclaim Insurance

  • Health insurance is essential for everyone to meet the rising cost of hospitalization. One of the important reasons to buy health insurance for your family and for yourself is that the cost of a sudden hospitalization is high, which you cannot afford or it disrupts your financial structure and at the same time, health insurance is a source of financial help for a person.
  • By paying only a small premium for health insurance, the cost of hospitalization in the event of a financial crisis can be recovered from the insurance company.
  • Health insurance can also be taken for all employees working in the company/firm/factory.

A Best health/Mediclaim insurance plan should have the following features

  • Cashless Medical Treatment
  • Day Care Treatment
  • Maternity Expenses
  • Domiciliary Treatment
  • Pre and Post Hospitalization Expenses
  • Emergency Ambulance Expenses
  • No Claim Bonus
  • Medical Check-up
  • AYUSH treatment
  • Daily Hospital Cash
  • Restore Benefit
  • Without any Co-pay
  • Without any Room rent and ICU rent capping
Personal Accident Insurance

There are many unpredictable events / happenings in life, such events bring many changes in your life which takes you somewhere. One such incident is an accident. The name of the accident seems to be something that can happen to anyone and anywhere.

Accidents can lead to the death or serious injury of a person which causes great financial difficulties for the family. Such an accident is not even thought of by the family and such trouble requires a lot of money and the family is not ready for it.

The following benefits / features are offered in Personal Accident Insurance.

  • Death Benefit
  • Transportation of Mortal Remains Expenses
  • Funeral Expenses
  • Permanent Total Disability Benefit
  • Permanent Partial Disability Benefit
  • Loss of Income/Temporary Disability Benefit
  • Accidental Hospitalization Expenses
  • Day Care Treatment Expenses
  • Hospital Daily Cash Benefit
  • Pre & Post Hospitalization Expenses
  • Fracture Care Benefit
  • Coma Due to Accidental Bodily Injury – Benefit
  • Children’s Education Benefit
  • Emergency Road and Air Ambulance Benefit
  • EMI Benefit
  • Travel Expenses
  • Loan Protector
FAQs

The health insurance is a type of insurance that covers your medical expenses. A health insurance policy is a contract between an insurer and an individual/group in which the insurer agrees to provide specified health insurance cover at a particular “premium”.

The commonest form of health insurance policies in India covers the expenses incurred on Hospitalization, though a variety of products are now available which offer a range of health covers, depending on the need and choice of the insured. The health insurer usually provides either direct payment to the hospital (cashless facility) or reimburses the expenses associated with illnesses and injuries or disburses a fixed benefit on occurrence of an illness. The type and amount of health care costs that will be covered by the health plan are specified in advance.

All of us should buy health insurance and for all members of our family, according to our needs. Buying health insurance protects us from the sudden, unexpected costs of hospitalization (or other covered health events, like critical illnesses) which would otherwise make a major dent into household savings or even lead to indebtedness. Each of us is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning. Healthcare is increasingly expensive, with technological advances, new procedures, and more effective medicines that have also driven up the costs of healthcare. While these high treatment expenses may be beyond the reach of many, taking the security of health insurance is much more affordable.

Insurance companies have tie-up arrangements with several hospitals all over the country as part of their network. Under a health insurance policy offering cashless facility, a policyholder can take treatment in any of the network hospitals without having to pay the hospital bills as the payment is made to the hospital directly by the Third Party Administrator, on behalf of the insurance company. However, expenses beyond the limits or sub-limits allowed by the insurance policy or expenses not covered under the policy have to be settled by you directly with the hospital. Cashless facility, however, is not available if you take treatment in a hospital that is not in the network.

Health insurance comes with attractive tax benefits as an added incentive. There is an exclusive section of the Income Tax Act which provides tax benefits for health insurance, which is Section 80D.

Age is a major factor that determines the premium, the older you are the premium cost will be higher because you are more prone to illnesses. Previous medical history is another major factor that determines the premium. If no prior medical history exists, the premium will automatically be lower. Claim free years can also be a factor in determining the cost of the premium as it might benefit you with a certain percentage of the discount. This will automatically help you reduce your premium.

You must read the prospectus/policy and understand what is not covered under it.

When you get a new policy, generally, there will be a 30 days waiting period starting from the policy inception date, during which period any hospitalization charges will not be payable by the insurance companies. However, this is not applicable to any emergency hospitalization occurring due to an accident. This waiting period will not be applicable for subsequent policies under renewal.

It is a medical condition/disease that existed before you obtained health insurance policy, and it is significant because the insurance companies do not cover such pre-existing conditions, within 12/36/48 months as per different product before the 1st policy. It means pre-existing conditions can be considered for payment after completion of a waiting period of continuous insurance cover.

Yes. The Insurance Regulatory and Development Authority (IRDA) has issued a circular making it effective from 1st October 2011, which directs the insurance companies to allow portability from one insurance company to another and from one plan to another, without making the insured lose the renewal credits for pre-existing conditions, enjoyed in the previous policy.

Any number of claims is allowed during the policy period unless there is a specific cap prescribed in any policy. However, the sum insured is the maximum limit under the policy.

Some health insurance policies pay for specified expenses towards general health check up once in a few years.

Family Floater is one single policy that takes care of the hospitalization expenses of your entire family. The policy has one single sum insured, which can be utilized by any/all insured persons in any proportion or amount subject to the maximum overall limit of the policy sum insured.

If you are ever diagnosed with a critical illness, it can affect you physically, emotionally, and financially. the optional benefit of covering Critical Illnesses such as cancer, heart attack, and kidney failure for a maximum of 30 years without any change in premium. But here’s the best part – It gives full claim payout on the first diagnosis of any of the covered 34 Critical Illnesses. No Hospital Bills are required. This amount can also safeguard your family against the loss of income arising out of the illness.