What is a Health Insurance?

Life is a packaged deal of good and bad surprises, worries and challenges. Sudden illness, accidents and injuries can be a huge setback if you are not fully- equipped to deal with them. The rising hospitalization expense can drain you out financially and emotionally, if you are not covered with a good Health Insurance Plan. A good Health Insurance Policy, apart from giving you extensive health coverage, also provides emotional peace and a complete sense of security. Health Insurance or Medicliam is a form of insurance policy that covers expenses incurred by the insured or his family towards hospitalization due to illness, diseases, ailments or injury. It covers the insured against any financial constraints due to medical emergencies. 

What are the Different Types of Health Insurance?

Individual & Family Floater Plan
A plan designed to Cover Individuals & Family against hospitalization due to illness/ injury along with other benefits like - Day Care, Ayush Treatment, etc.
Senior Citizen Health Insurance
This plan is designed for Senior Citizen 60yrs & Above. It covers hospitalization due to illness/ injury along with other benefits like Day Care, Domiciliary, etc.
Critical Illness
Covers for treatment towards Major/ Serious Illnesses like - Cancer, Kidney Failure, Heart Attack, Multiple Sclerosis, etc. 
Personal Accident Policy
Covers Accidental Death, Permanent & Total Disability due to Injury along with other benefits like repatriation of remains, Transportation allowance, etc.
Specialised Health Insurance
Specific policies offered by few Insurers for covering treatment related to HIV, Diabetes, Dengue or specialised covers like wedding insurance, Tax Savings, etc.
Hospital Cash Benefit
Daily allowance for the each and every continuous and consecutive 24 hours spent as an inpatient hospitalisation due to Illness/ Diseases/ Injury.

Health Insurance Portability

A Health Insurance Portability allows the customer to carry forward the continuity benefits received on the Pre-existing waiting periods and cumulative bonus on their previous policy. Earlier, the policyholder had to stick to their previous policy only to retain their waiting period benefit. Now, IRDA gives the opportunity to port the policy to any other insurer of your choice. 

Rights

  • You can port your policy from and to any general insurance company or specialised health insurance company
  • You can port any individual/ family policies
  • Your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer
  • Your new insurer has to insure you at least up to the sum insured under the old policy
  • The two insurers should complete the porting as per the timelines prescribed in the IRDA (Protection of Policyholders’ Interests) Regulations and guidelines

Conditions

  • You can port the policy only at the juncture of renewal. That is, the new insurance period will be with the new insurance company
  • Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company
  • At least 45 days before your renewal is due you have to
    • Write to your old insurance company requesting a shift
    • Specify company to which you want to shift the policy
    • Renew your policy without a break (there is a 30 day grace period if porting is under process)

Things to Remember while Choosing the Right Health Insurance Cover

Features & Add-on Covers offered by the Insurance Company
Opt for a Higher Sum Insured & Include your Family.
Read the Policy wordings carefully (Exclusions & Waiting Period)
Claim Process Followed - Cashless/ Reimbursement, time taken to settle claims, history of claims.

Health Insurance Claim Process

Claim Settlement is one of the most important services that is offered by the insurance company to their customers. 
To get a detailed information about the different life insurance company process please click below.