These plans are suited for individuals and families with regular OPD needs -- those managing chronic illnesses and families with young children or elderly members.
Customers frequently sign without reading the terms and conditions, resulting in a poor understanding of coverage, and eventually leading to partial payouts
Cardiac care plans are ideal for individuals with pre-existing heart conditions or a family history of heart issues. Those who can't get coverage under a comprehensive plan should opt for these plans.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
Health insurance coverage should be hiked periodically to keep pace with medical inflation, or increase in healthcare costs.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
For online plans, the drop-out rate for policy buyers increases if there are too many questions.
Most traditional health insurance plans didn't cover the cost of such treatments earlier, but several recently launched policies do offer such coverage -- some as a rider, and a few as standalone covers, points out Sarbajeet K Sen.
Make sure that the waiting period on pre-existing diseases does not exceed two years. Avoid policies that come with room rent and ICU capping, suggests Sanjay Kumar Singh.
The first and most important check you must run is to see if you have adequate life cover.
'Online aggregators offer discounts of 70% to 75%.' 'At a car dealership, the discount is usually in the range of 30% to 35%.'
While Star Health's policy for children is a step forward, it has a low sum insured and comes as a group cover.
With natural and man-made calamities posing a risk to your home, it makes sense to buy home insurance
While buying health policies, customers should reveal any pre-existing diseases. This is the only way to ensure that the insurer does not reject claims.
Instead of getting confused by what agents tell you, check waiting period, claim-settlement ratio, price comparison etc to make the right choice.
Sanjay Kumar Singh draws up a mediclaim policy checklist.
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