With Health Insurance the insurer pays for insured’s hospitalization, within the term of the plan. The insured makes periodic premiums to keep the policy active. The extent of coverage depends on the premiums paid and the kind of plan opted.
Most Health Insurance plans have a waiting period. Waiting period is the time in which your insurance claim will not be honored. Waiting period is generally one month from the start date of your policy. Accidents are covered in the waiting period.
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SEE ALSO: Best Health Insurance Plans in India
In the year 2000, Insurance Regulatory and Development Authority, IRDA, liberalized and allowed private insurers enter the insurance sector. Private insurers introduced innovative insurance policies in India. Below mentioned are the types of Health Insurance available in India.
In India, most banks offer Health Insurance plans. Along with banks, there are a plenty of private insurers which offer Health Insurance. Availing a Health Insurance from banks and private insurers has its own benefits and disadvantages. You need to understand requirements carefully before choosing the health insurance plan and company.
Bank is just a mediator between you and an insurance company. Health insurance policies from banks have lower premiums and often need no medical check-up before starting the policy. This is advantageous particularly when you have a pre-existing disease and can start claiming for the insured amounts immediately. Premiums payable are same for all, regardless of age and health conditions.
Even older individuals can start their health insurance plans with banks. Rejection of Health Insurance application by banks is lower and the application process is simple.
Meanwhile, Health Insurance policies availed from banks has few drawbacks. As the premiums paid are low, the cover is also low. Tie-up between the bank and insurer might end anytime and your insurance policy is in jeopardy. The terms and conditions set by the insurer could change anytime. The claim settlement is a herculean task as it requires a lot of documentation which takes time and impacts your busy schedule as there is no Third Party Administrator (TPA) involved in all this.
Health Insurance availed from an insurer might have higher premiums but also lot of benefits. The insured amount is generally high and gives coverage across diseases and hospitals.
Some Insurance companies offer free periodic health checkups. You would be eligible for ‘No Claim Bonus’, in case you have not made any claim over a period of time. The claim settlement process is smooth and you are supported by a Third Party Administrator (TPA) at all times.
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