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Insurance Plans Best Suited For You
Insurance is a very big industry in India and has a huge customer base. Health insurance is one of the leading or more popular forms of insurance that is available in the market. Health insurance is a safety net that individuals can have against the high costs of medical care and hospitalization.
However, even today not many understand the importance of health insurance. Many individuals think that having group insurance offered by employers is enough and they do not need to have a separate health insurance plan for themselves or their families. Once the individual retires from employment the health insurance no longer remains valid. Taking a health insurance plan at a later stage in life can be an expensive affair.
Coimbatore is the second-largest city in the state of Tamil Nadu after its capital city. This city has traditionally been an important city being part of the trade routes and has good infrastructure facilities over the years. The city has good healthcare facilities as well which leads the citizens from the neighbouring state of Kerala to visit the city for meeting their health care needs. However, the cost of health care is quite high and hence, the need for health insurance cannot be ignored.
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The health insurance industry has not had a substantial customer base in India. The health insurance base in India barely 20% of the Indian population is covered under any kind of health insurance plan. It is estimated that the health industry in India is among the third-largest in the world. The cost of hospitalization in our country is quite high and often beyond the reach of the average Indian citizen.
Health Insurance in such cases can be a good solution that not only enables the citizens to get timely health care but also does not burn a hole in their pocket. Applicants only have to pay a small amount as a premium for a fixed period of time as per the terms of the policy and get health insurance for themselves and their family members for a lifetime.
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There are many health insurance providers in the market today. These insurers provide a huge range of facilities under the health insurance plans that can benefit not only the individual but their family members too. It is therefore essential to check the various health insurance plans and compare them for their parameters. This will help them in getting the best plan among the multiple options.
Track record of the insurer
The track record of the insurer to settle the claims is one of the first points to review while buying a health insurance plan. If the past record of the insurer shows that the settlement of claims was not done on a timely basis or was not hassle-free, such insurers raise a red flag and should be avoided by the applicants.
Network of hospitals for cashless treatment
The network of hospitals providing cashless hospitalization is another important factor to be considered by the applicants. Insurers having the maximum number of hospitals under such a network should be preferred by the applicants.
Insurance cover provided
The amount of coverage provided by the insurer should be enough that it can cover the medical needs of the individual and their family members.
Premium to be paid
Another important factor is the premium amount that has to be paid by the applicant for the health insurance. Insurers usually provide a flexible repayment option like monthly premium payment, quarterly premium payment or semi-annual and annual premium payment.
The meaning of the term family members as per the policy guidelines of the insurer has to be carefully reviewed by the applicant before deciding upon the health insurance plan. A health insurance plan usually includes the spouse, children and parents under a single plan.
Each insurer has a fixed waiting period that exempts them from paying the insurance claim. This waiting period is from the time the policy is taken till the time it comes into effect. If the waiting period is too long, the applicant may not get the full benefits of the health insurance and may end up paying high costs in the event of hospitalization. Hence, an insurer offering a lower waiting period is usually preferred by customers.
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Health insurance policy is a cover against the cost of medical expenses and pre and post-hospitalization cover that is offered to individuals and their family members. These policies can be purchased either through online or offline modes. Most insurers now provide the doorstep facility of purchasing health insurance plans.
Applicants can simply ask for a callback to get the details of health insurance plans through the customer care service of the insurer or by sending an SMS for the same. Another easier option is to take health insurance through an online portal i.e., the website of the insurer. Applicants can simply pay for the health insurance plan through any of the online payment modes available.
Health insurance is among the top three types of insurance in India and should be part of every household. Individuals can easily take a new health insurance plan from the multiple available options based on their specific needs and budget constraints.
1. Can a company take a health insurance plan?
A. Health Insurance is insurance against any unforeseen medical emergencies and is available for all individuals in India. If a company wants to take health insurance, they can do so for their employees. Such insurance plans covering multiple insured persons are known as group health insurance plans.
2. Is a person eligible to get multiple health insurance plans?
A. Yes. There is no restriction on the number of plans that can be taken by any person. Such person, however, has to ensure that they pay the premium of all the health insurance plans taken by them to keep them active.
3. Is health insurance affordable?
A. Yes, most insurers provide good health insurance policies at moderate premiums. These premiums can be paid flexibly according to the agreement between the insurer and the insured person.
4. What are riders?
A. Additional benefits that can be included in the existing health insurance plans by paying a small additional amount of premium is known as riders. Note that it’s not mandatory to get a rider along with your health insurance plan.
5. What are the most common riders on health insurance plans?
A. The most common riders on health insurance plans are maternity rider, room rent waiver rider, hospital cash rider, personal accident insurance rider, etc.
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