BUSINESS
It has become extremely important that we make arrangements at the earliest to meet these risks that can threaten our health and also cause heavy expenses on healthcare.
Mediclaim or health insurance has today become a very important factor in our lives. It has become extremely important that we make arrangements at the earliest to meet these risks that can threaten our health and also cause heavy expenses on healthcare. Indian medical insurance industry has four public sector companies and 24 private sector general insurers including standalone health insurance companies like Star Health, Max Bupa Health, Apollo Munich etc.
What is a mediclaim?
It is an insurance against risk that is faced due to medical expenses. When it is taken by an individual either for self, family or dependent parents, they assume a certain expense that can be caused due to any unforeseen medical requirements. It helps them meet these expenses due to sickness or injury in the event of hospitalisation. Mediclaim is thus a contract between a health insurer and a proposer where the former agrees to provide the latter with facilities that it offers based on the defined premium amount that the latter pays.
The proposer can be any retail individual or a corporate offering to insure their employees under group medical cover. Unlike the retail individual policies, in group medical cover offered to corporate is based on the requirement and covers proposed by them for their employees.
Different types of mediclaim policies in India
1. Individual
2. Family floater covering an entire family under one sum Insured
3. Senior citizen plan
4. Critical illness
5. Diseases specific and surgery
6. Group medical cover from corporates/employers
What should you look at insurance cover?
Cashless facility and efficiency and fast disbursement
Cashless hospital network across the country
Fast reimbursement records
Family cover option (spouse, children, parents)
Claim settlement record
Caps and sub limits on expenses
Pre existing disease cover – This can range from 2 to 4 years
Renewal bonuses and discounts
Benefits and Advantage
Insurance against rising expenses
Tax Benefit under Section 80D – Premium paid up to Rs 25,000 self and family and additional Rs 30,000 paid for dependent parents are deducted from income tax
Cashless treatment
Bonus and discounts on Premium during renewal
Free medical check up and ambulance facility with air ambulance being new addition in some cases.
What is not covered under medical insurance plans?
1. Pre-existing diseases are generally excluded but at the same time some of them are also covered after certain wailing period which can range from 2 years to 4 years.
2. Equipment like hearing aids, lenses, detail surgery, sinus treatments
3. Diseases like AIDS, venereal disease, hernia (Will be covered after waiting period)
4. Suicides, ailments due to drugs or alcohol
It is very important the proposer reads and understands the brochure/prospectus in order to understand the complete policy details. Some insurance companies can include certain covers which may not be available with others. All doubts and clarifications about the preferred policy should be completely understood before they are taken.
What are waiting periods applicable under medical Insurance?
Generally the waiting period will be 30 days, starting with the policy inception date during which the policy will not cover any hospitalisation. But this is not applicable to emergency events like accidents.
About health cover portability
The Insurance Regulatory Authority of India circular dated October 1, 2011, mandates that any policyholder can transfer his or her medical insurance from existing insurer to a different insurer without having to compromise on the renewal bonuses or discounts, benefits enjoyed in the previous plan. In order to do this, its advisable to discuss the same with new insurance company.
The writer is national head – distribution, Geojit BNP Paribas
Cyclone Dana: Two more deaths reported in West Bengal, toll rises to 4, no casualties in Odisha
BruntWork shares takeaways from Mayer Brown’s 16th Annual Outsourcing Conference
Vaishno Devi Yatra: All you need to know about helicopter booking
Watch: Vidya Balan falls during her live performance with Madhuri Dixit, handles it with grace
Escalation looms as Israel strikes Tehran, raising fears of full-scale conflict
From Syria to Tehran: F-35 Fighters spearhead Israeli offensive
Meet IIT-JEE topper with AIR 1, scored 352 marks in JEE Advanced, decided to drop out of IIT due to…
After Delhi, odd-even scheme to be implemented in THIS state from November 5 to control...
Jharkhand Assembly Election: Is MS Dhoni entering politics? Poll body makes THIS key announcement
8th Pay Commission update: Government employees likely to get clarity on next pay commission by...
Sara Ali Khan is 'muhfat', was terrified of her in school, says Ananya Panday
Delhi's AQI hits 'poor' as air quality worsens amid pollution crisis, may turn severe from...
US house resolution introduced to formally recognise, commemorate Sikh genocide of 1984
Israel launches strikes on military targets in Iran to retaliate for a missile attack
Farmers to protest in Punjab today against state government over various demands including...
Viral video: Woman's sizzling dance to ‘I don’t know what to do’ sets internet on fire, watch
IND vs NZ 2nd Test, Pune weather forecast: Will rain play spoilsport on Day 3 at MCA Stadium?
Minahil Malik's private video leaks online, Pakistani Tik Tok star files complaint: Is the MMS fake?
DNA TV Show: Lawrence Bishnoi, big revelation behind the code name `Guruji’
BIG trouble for Gautam Adani as SEBI issues show-cause notice to Adani Energy Solutions alleging...
BCCI announces India's squad for Border-Gavaskar Trophy 2024-25, Mohammed Shami misses out
Kalki 2898 AD: Prabhas' epic blockbuster will be re-releasing on big screen, but there's a catch
Viral Video: Man finds cobra inside sofa pillow, leaves internet shivering, watch
'BJP orchestrated this...': Arvind Kejriwal attacked during 'Pad yatra' in Delhi, alleges AAP
First time in 23 years! India register embarrassing record in Pune Test vs New Zealand
David Warner's lifetime captaincy ban lifted six years after ball-tampering scandal, set to lead....
Ratan Tata gave Shantanu Naidu personal loan for studying MBA in Cornell University of Rs...
Meet man, who leads R 150000 crore business, but drives Rs 6 lakh car, doesn't own phone, he is...
Anant Ambani's MIL and Radhika Merchant's mother buys luxury flat for Rs 20.76 crore in...
Aishwarya Rai didn't name herself but gave title of 'most beautiful women' to Abhishek Bachchan's...
Delhi police arrests seven Bishnoi gang shooters, huge quantity of arms recovered
PM Modi and Chancellor Scholz strengthen India-Germany ties, announce visa reforms by...
How can India qualify for WTC Final if they face defeat in 2nd Test against New Zealand?
Watch: Orry steals the show in cow costume as B-Town celebs begin Halloween festivities
Who do IAS officers Tina Dabi, Anudeep Durishetty, Srushti Deshmukh, Pari Bishnoi, others report to?
BRICS unveils symbolic banknote to challenge dollar dominance
'If I don't say...': Here's what Mukesh Ambani was 'instructed' to tell NVIDIA CEO by Nita Ambani
Meet Pune's richest man who owns Rs 750 crore home, has net worth of over Rs 204300 crore, he is...
IRCTC tour package to Andaman starts from Rs 57,230 for 6 days; check all details here
Google Doodle on KK: Self-taught singer sang at hotels before winning the National Award for…
IND vs NZ: Yashasvi Jaiswal makes history in Pune, becomes youngest Indian cricketer to...
World's richest man's net worth jumps to Rs 22724431845000 due to...
Dhanteras 2024: When is Dhantrayodashi? Know date, shubh muhurat, significance
MAMI 2024: Here's why The Room Next Door, A Fly on The Wall stood out at film festival
Youngest Indian student represents India on most iconic international tech platform
PAK vs ENG test: Saud Shakeel near century as Pakistan still trails by 80 runs
Diwali, Chhath Puja 2024: Vande Bharat trains for people travelling home; check route, fare, timings