Health Insurance: Health insurance policy is very important for us and it has many benefits too. Know which policy is right for you.
Health Insurance: You must have heard or this incident must have happened with many people that you went to buy a health insurance policy and in the pursuit of cheapness, you bought such a policy which is not useful in many of your critical conditions. At the same time, in the future, you may have to spend more money from your pocket for it.
Many customers have been complaining about wrong purchases in the insurance sector for a long time. Recently, in a conference of State Bank of India, Finance Minister Nirmala Sitharaman and IRDAI (Insurance Regulatory and Development Authority of India) Chairman Debasish Panda discussed this topic, after which this issue has again come to the fore in front of the people.
Buying an inappropriate life insurance policy can cause you financial loss if you withdraw your money too early or invest your money in a policy that has very low profit potential or is not in liquid form.
When it comes to health insurance, the wrong choice of policy can cheat you in many serious situations, i.e., if you are hospitalized due to a serious illness or injury, they may refuse to give you insurance benefits. Therefore, before buying a health policy, gather complete information about it very carefully. Here is a long checklist. If you are also going to buy health insurance, then definitely check this list before signing the insurance contract.
The cheapest policy cannot be the best
The premium policy is an important parameter in your insurance selection, but still it should not be your priority. Although it is also a big fact that policy holders are troubled by the rising prices in premium, but buying the cheapest policy is not the solution. It is also a fact that a cheap policy cannot meet all your needs. It may have sub-limits on many restrictions including room rates. This means you may get sub-optimal cover and end up paying more out of pocket at the time of claim settlement.
Also, your insurer may increase the premium later on based on its claim experience, your age and current healthcare expenses. So what seems cheap now may turn out to be expensive in the future.
Do not disclose certain health conditions
Your blood sugar may rise occasionally or you may have consistently higher than normal cholesterol. These are common health conditions and hence do not need to be disclosed. It is best to be completely transparent while providing information about your health history while buying a policy.
Read the clauses yourself
Do not be satisfied with the information provided by your agent about the features and restrictions of your policy. Do read the important clauses. If you find it difficult to read all the wordings of the policy, refer to the more concise Customer Information Sheet (CIS). As per IRDAI rules, every insurer has to provide this.
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