Health Insurance
- Family Floater Policy
- Comprehensive Floater Policy
- Senior Citizen Plans
- Personal Accidental Policy
- Group Health Policy
- Cancer Care Policy
- Criticle Illness Policy
- Diabites & Cardiac care Policy
What is Health Insurance?
Health Insurance is an insurance policy that ensures that you get cashless treatment or expense reimbursement, in case you fall ill. A health insurance policy reimburses the insured for medical and surgical expenses arising from an illness or injury that leads to hospitalization.
About Term Insurance
- Term insurance plans provides complete comprehensive income protection to your family. We calculate the Human Life Value (HLV) of the individual before arriving at the required Risk Cover.
- Combination of Term Plan and a Mutual Fund Systematic Investment Plan offers Wealth Creation and Income Protection to family at the same time.
Important Factors To Consider While Buying An Insurance Policy
Waiting Period Exclusions In A Health Insurance Policy
At the time of purchasing a health policy, it is best to be aware of its exclusions, so that there arises no confusion when making a claim. For example, if a pre-existing disease coverage comes with a waiting period of 3 years, it means that since the day the policy has been issued, there would be no coverage for the first three years. Similarly, the waiting period for some other disease might be different.
Importance Of Declaring Pre Existing Medicle Conditions
It is one of the most important disclosures that you make while purchasing a health plan. Based on this, the insurer decides on the pricing and whether you are eligible for the insurance cover. People often hide or provide incomplete information in this disclosure that results in rejection of their claims later.
How room-rent limit affects claim settlement
During a claim, the sub-limit on room-rent is the most important. In most policies with sub limits, the cap on reimbursement of claim for all other medical expenses is linked to the room-rent limit. If the sum insured in the policy mentioned above is Rs 3 lakh, it is advisable to choose a hospital room with rent equal to 1 per cent of the sum insured i.e. Rs 3,000 or lower.
Sub Limits in a Health Insurance Policy
Sub-limits are caps placed by health insurance companies in health insurance policies in the form of a predetermined limit on the claim amount for a specific disease and/or treatment procedure. In some cases, sub-limit may be a percentage of the sum insured or a specific amount specified by an insurance company.
Importance Of Declaration Of Material Facts Related to Your Insurance Policy
While entering into an insurance contract, the policyholder or the life to be assured is expected to act with utmost good faith. This places a responsibility on the life to be assured to declare in utmost good faith, all material facts that will affect the risk under the insurance policy. For example, if an individual is suffering from elevated blood sugar and he is purchasing an insurance policy, he is legally bound to declare this fact to the insurer at the time of taking the insurance policy. In case, he purchases a policy without mentioning this fact, he may be granted the cover, however in case of an early death, the insurer is within its rights to repudiate the claim as he did not disclose material facts at the time of entering the contract.