Insurance
mother aged 60 , spouse aged 36 , and son aged 2 ) for an insured sum of `5 lakh would pay `14,088 per year , or `1,174 per month .
Example 3 : A 50-year-old person who buys a family floater policy ( spouse aged 47 , son aged 17 and daughter aged 14 ) for an insured sum of `5 lakh would pay `20,043 per year , or `1,671 per month .
What to consider before buying ?
Claim ratio Choose a plan with the highest claim rate ratio and a simple claim process . This will reduce time of claim settlement .
Several companies offer fixed benefit health products with other savings and investment products , says Sanjay Tiwari , Executive Vice President , Product Management and Customer Service , Exide Life Insurance . “ The focus on health has enhanced not only from the general insurance perspective , but also from the life insurance point of view ,” he says .
Sum insured It is important to know how much you want to insure yourself and your family members based on a premium you can afford .
Waiting period The waiting period varies between 30 days and 90 days . Insurers generally request for a waiting period in case of a pre-existing disease . If one falls ill before the stipulated time , insurance will not
It helps me lead a relaxed life , as I am confident of tackling any medical emergency
- Paramhans Singh , Project Manager , L & T
be paid . The waiting period for a pre-existing disease varies from one year to four years . Most plans give coverage after the waiting period .
Hospitalisation It is important to get a list of hospitals that offer cashless treatment . A policy holder can avail cashless treatment based on deferred payment by the insurer .
Pre and post hospitalisation Most plans not only cover hospitalisation , but those costs prior to admission like doctor ’ s charges , medicines and diagnostic tests . This offer varies between 30 days and 60 days . Some insurers cover 180 days post-hospitalisation costs as well .
Claim process The claim process is usually lengthy and difficult . Go for a plan that has an easy claim process .
No claim bonus If you don ’ t make any claim for a year , the insurer will offer a percentage increase in the sum insured , or a discount on premium . One may get a discount in premium or bonus in the sum insured , depending on the company and the plan you choose . The bonus can also be accumulated for future use .
Maternity A woman planning to have a baby three or four years later can opt for a plan that offers maternity benefit . Optional cover for maternity benefit is available .
Riders Health insurance riders are available at an extra cost above the base premium . Depending on one ’ s need , one can choose riders for room rent waiver , maternity cover , critical illness to accidents .
Paramhans Singh , 58 , who is a Project Manager at L & T , says that health insurance provides him a sense of security . “ It helps me lead a relaxed life , as I am confident of tackling any medical emergency .”
Health is wealth . Insuring health will ensure you and your loved ones a good and stress free life . It ’ s never late to start .
nirmala @ outlookindia . com
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Outlook Money July 2018 www . outlookmoney . com