Frequently asked questions(FAQ) & searching answer

Ans. Health Insurance is a Financial Product which bear the cost of Hospitalization of an Insured Person due to  of any unfortunate illness/accident .

Ans. General Insurance Companies and Standalone Health Insurance Companies offering health Insurance Coverage.

Ans. Health Insurance Companies Offer two types of Products one is Indemnity base in which the claim amount or Sum Insured amount whichever is lower and another is Fixed Benefits in which after arises the event/diagnosis of the listed medical condition occurs, the company will pay the total coverage amount. 

Ans. Health Insurance companies offer coverage in plans like Family Floater, Individual & Multi-Individual.

Ans. As per IRDA insurable interest on which we have any blood or close relation with the person that we are able to take Health Insurance plans or can pay on the behalf of them 

Ans. Retail health Insurance is an individual product in which the holder is the owner of the policy and Group Medical Plans are offered by the Employer to their employee, In this condition policy owner is the employer and the Bank/NBFC is buying Group Medical Plans for their customer and selling to them, in this condition policy ownership belong to Bank/NBFC. 

Ans. Personal Accident plans in which if any unfortunate event happens due to an accident like death, permanently disabled or temporarily disabled then it will cover the liabilities based on PA plans benefits.

Ans. Yes, you should take your own retail health insurance, many research institutes have researched that medical inflation is going to increase further and new diseases along with it, and if some critical illness comes out, then you will not have a job and neither company GMC. Health insurance companies will not even offer you insurance, always keep one more thing in mind in retail health insurance, coverage for some diseases is covered after a few years.

Ans. Coverage in health insurance starts from day one due to an accident, and after 30 days for any disease, and 24 months for some slow-growing diseases and if there is a pre-existing disease, according to the health insurance plan 2, 3 or there may be a waiting period of up to 4 years. So plan early  

Ans. yes, can be offered but it is not necessary, If the disease is on the reject list in the medical underwriting guidelines, then it insurance company will not offer you health insurance plan 

Ans. The health insurance contract is for 365 days and every year you can renew it and you can also pay the premium for 2 or 3 years.

Ans. Yes , generally 7.5% on 2 years and 10% on 3 years payment

Ans. No, the annual premium for health insurance is charged by the insurance company for uncertain risk.

Ans. Yes, the health insurance company increases the premium every year according to the age of the insured person or every 5 years according to the age bracket

Ans. Yes, according to the health care inflation, the insurance company increases the premium every 3 years or 4 years and all the health insurance companies do this

Ans. A cashless facility is not guaranteed, it is a kind of facility, if the health insurance company has any doubt, then it requests the insured person for reimbursement of claim, which means it will go to the claim investigation, if everything is positive then reimbursement will be paid to insured person  

Ans. No, health insurance company will not offer you health insurance.

Ans. No, always keep one thing in mind the health insurance company pays for the treatment of the illness and not for the investigation to find the illness. 

Ans. If you already have a critical illness and have taken a heavy claim from your existing insurance company, then the policy should never be ported 

Ans. No Claim Bonus and Super No Claim Bonus are the rewards to insured persons who did not take a claim in the previous year in which the sum insured will be increased from some specific % as per plan without any extra cost.

Ans. The Limits and Sub-Limits are the conditions in which health insurance companies will not pay above these limits in some defined medical treatment and procedures, Irrespective of your Sum Insured.