Health Insurance (Mediclaim)
Health insurance is commonly known as Mediclaim in India. Now a days, hospitalization expenses day-by-day. Thus, health insurance is a must for each and every individual; since, we do not keep contingency fund for any immediate or unforeseen expenses. Health insurance covers your hospitalization expenses. Hospitalization expenses are covered to the extent of the insurance cover. What should you look while buying a health insurance:
Critical Illness Insurance
Critical Illness cover is equally important as life insurance cover. Since, suffering from any of the critical illness may affect your earning and working capacity. In Critical Illness policy, on detection of any of the critical illness (as per the policy), if the insured survives for 30days, the sum assured is been paid to the insured. Thus, this sum of amount can be utilized for the treatment accordingly. Some of the critical illnesses covered by most of the policies are:
Personal Accident / Disability Insurance
Personal Accident / Disability insurance is equally important as critical illness insurance. In case of an injury or disability due to an uncertain event or accident, the insurer is paid for a certain amount as compensation for the period the insured is disabled and is unable to work. It is important to buy accidental / disability insurance since it serves as a source of income during the period of disability. Few policies also provide sum assured in case of death due to an accident. The disabilities are divided into 3 categories, depending on the disability, the compensation is paid.
Top-up Plans
Top-up Plans are an add-on to the basic health insurance cover. This cover can be utilized in case your existing insurance cover exhausts incase of large amount of claim. Top-up plans have a deductible. Deductible is nothing but a threshold limit. It means, that the top-cover can be claimed only if your single claim exceeds the deductible amount. The premium for Top-up plans is very less as compared to the regular health insurance premium.
Health insurance is commonly known as Mediclaim in India. Now a days, hospitalization expenses day-by-day. Thus, health insurance is a must for each and every individual; since, we do not keep contingency fund for any immediate or unforeseen expenses. Health insurance covers your hospitalization expenses. Hospitalization expenses are covered to the extent of the insurance cover. What should you look while buying a health insurance:
- Sub-limits - Limits on room rent, boarding expenses in hospitalization
- Renewability - Till what age insurance cover is available
- Co-payment - Percentage of claim payment that has to paid from our pockets
- Cash-less facility
Critical Illness Insurance
Critical Illness cover is equally important as life insurance cover. Since, suffering from any of the critical illness may affect your earning and working capacity. In Critical Illness policy, on detection of any of the critical illness (as per the policy), if the insured survives for 30days, the sum assured is been paid to the insured. Thus, this sum of amount can be utilized for the treatment accordingly. Some of the critical illnesses covered by most of the policies are:
- Cancer
- Coronary Artery Bypass Surgery
- Heart Attack
- Kidney Failure
- Major Organ Transplant
- Stroke
- Paralysis
- Multiple Sclerosis
Personal Accident / Disability Insurance
Personal Accident / Disability insurance is equally important as critical illness insurance. In case of an injury or disability due to an uncertain event or accident, the insurer is paid for a certain amount as compensation for the period the insured is disabled and is unable to work. It is important to buy accidental / disability insurance since it serves as a source of income during the period of disability. Few policies also provide sum assured in case of death due to an accident. The disabilities are divided into 3 categories, depending on the disability, the compensation is paid.
- Permanent Total Disability (PTD) - Loss of 2 hands / feet / ear / eye sight
- Permanent Partial Disability (PPD) - Loss of 1 hand / foot / ear / eye sight
- Temporary Total Disability (TTD) - Temporary loss of of 2 hands / feet / ear / eye sight
Top-up Plans
Top-up Plans are an add-on to the basic health insurance cover. This cover can be utilized in case your existing insurance cover exhausts incase of large amount of claim. Top-up plans have a deductible. Deductible is nothing but a threshold limit. It means, that the top-cover can be claimed only if your single claim exceeds the deductible amount. The premium for Top-up plans is very less as compared to the regular health insurance premium.
