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What you should actively find while taking a heath insurance policy

 1. What is the claim settlement ratio for the company ?

2. What are the exclusions ? These include conditions like hernia, knee replacement , diabetes (for few years after starting the policy) . Several companies straight away deny covering a person with Diabetes. But lot of companies cover them. But pre existing diseases like diabetes are covered after a few years.

3. There are special policies for certain diseases like Cardiac ( heart) illnesses, Diabetes and Cancer.

4. Will your policy be renewable till end of your life or will the insurance provider only cover you till a particular age.. say 65 years only ?

5. Does your Insurance provider have your usually preferred hospitals in its network of hospitals listed on its website?

6. The Insurance agent may try to sell you a policy which will have lot of things which you don't need. This will increase the premium. Example they will try to push a policy where you get unlimited refill to the coverage i.e if you exhaust your limit, it can he replenished to the original level. Eg  is coverage is of 15 lac, and you exhaust 10 lac, you again get 15 lac for next need. This increases the premium substantially. Best is to ask them to tell about all different policies. Also it is good to ogo through the website before talking to any agent.

7. Do you know you can complain to IRDA in case you think the claim is denied unethically ?

Understand the ratios: 

(1) Claim settlement ratio ( CSR)

(2) Incurred Claim Ratio ( ICR) - If the ICR of a firm is more than 100%, it means that the amount of money it has paid off to its policyholders against their claims is more than the money collected through the premium, which means the firm may find it hard to survive for long.


Approx number of hospitals in the network and Incurred Claim Ratio of different Ins providers:

https://www.policybazaar.com/health-insurance/general-info/articles/top-health-insurance-companies-in-india/

CSR and ICR for some leading companies:

https://www.insurancedekho.com/health-insurance/articles/best-health-insurance-companies-in-claim-settlement-207


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For Corona related Insurance:

Corona insurance: 3 tips to keep in mind.

https://www.rediff.com/getahead/report/corona-insurance-3-tips-to-keep-in-mind/20200902.htm

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