Skip to main content

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


----

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

Comments

Post a Comment

Popular posts from this blog

Best IELTS and English language training institutions in Hyderabad

IELTS stands for International English Language Testing System. As the name implies it is basically an English test for testing the proficiency of the language in an individual.  Training for IELTS can be taken to pass the IELTS exam or to develop good english language skills. I am giving the training institute addresses for Hyderabad. The test system is jointly managed by the British Council,IDP education ltd and University of Cambridge ESOL Examinations and more than 1 million candidates are taking the exam all over the world. The test has two versions : 1. Academic 2. General training Academic  version is for people who plan to continue their higher education by enrolling in universities in countries like US,UK,Australia,Canada,New Zealand etc.The academic institutions in these countries consider the IELTS score as a criteria for the admission process. General training is mostly for immigration purposes in countries like Australia,New Zealand,Canada etc. It may ...
9 comments
Read more

How to use home loans most effectively for tax benefits

1) Deduction on interest: If you are paying EMIs for a home loan you took to buy a house, the interest component in the EMI can be claimed as deduction. You must be both an owner and a co-borrower (in the loan) to claim tax benefits. This deduction can be claimed starting the year in which the construction of the house is completed. Suppose the construction of your house was completed on August 30, 2014, you can claim deduction for interest for the entire 12 months in financial year 2014-15. So every year a maximum of Rs. 2 lakh can be claimed for a house that you use for your own residence. If your house is rented, the entire interest for the year can be claimed as deduction. The interest payments for the year shall result in a loss under the head 'income from house property'. This loss can be adjusted against in the same year against other heads of income in your income tax return including salary. Therefore, it reduces your total taxable income and the tax you pay thereon. A...
2 comments
Read more

Communist party launches 'China Operating System' to oust iOS and Android

hina officials have launched a national operating system in an attempt to take back control of the country’s computer market from American companies such as Google and Apple. The software has been in development for more than a year, but has been released at a crucial time with revelations about US-led surveillance sparking fears over the integrity of American-designed software. Known simply as the China Operating System, or COS, the software can run on PCs, tablets and smartphones and has been based on the open-source Linux operating system. Chinese media say that the OS has been created “entirely independently” in order to provide better localization for a range of features – from Chinese-language keyboards, to integration with the country’s banks. At the launch of the event, one of the developers involved with the project reportedly criticized Western software , saying that Apple’s iOS was too closed, that Google’s Android OS suffered from fragmentation (ie, too many versi...
Post a Comment
Read more