Know Important Features In Health Insurance Plan Before Buying
Investors India|October 2020
Know Important Features In Health Insurance Plan Before Buying
In the current environment where the individuals are struggling against the impact of pandemic, the role and importance of health insurance has come to the forefront much more than ever before.
Manish Jain

Of late, more and more people have also started leading a healthy lifestyle backing it up with wellness programmes. This certainly helps but does not remove the risk of being hospitalized due to unforeseen events. The cost of hospitalization, especially in urban locations, is increasing at a fast rate. According to a few studies done in the past, medical inflation in India is around 17 per cent annually, much above the general inflation level. The need for adequate health cover is increasingly becoming critical and consequently choosing the right health insurance plan has become very important. Let’s look at few important features that could help you take a more informed decision.

For a health insurance buyer, terms and conditions may at times be confusing and difficult to understand. Here on some of the important terms you will come across while buying them.

Lifetime Renewability: As per IRDAI regulations, insurers are mandatorily required to offer health insurance upto maximum entry age of 65 years. Most private insurers however, do not have such age-limits in their health plans while most state-owned general insurers cap the entry age at 65.

As per rules all policies have to offer lifetime renewability. Once the policy is issued, the policyholder has the right to continue renewing it lifelong. Lifetime renewability would be available even if there is a claim made in the previous year. Insurer cannot deny renewal on arbitrary grounds and has to furnish cogent reasons in writing if it does so.

Pre-existing ailments: Preexisting disease is defined as - Any condition, ailment or injury or related condition(s) for which you had signs or symptoms, and / or were diagnosed, and / or received medical advice / treatment within 48 months to prior to the first policy issued by the insurer. Even though, pre-existing ailments will get coverage after a certain period, it is suggested to disclose any such existing ailment and ongoing medication, if any to the insurer. Non-disclosure may result in repudiation of the claim by the insurer.

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October 2020