Every Insurance company in India, is operating under Regulations laid by IRDAI (Insurance Regulatory Development & Authority of India) which ensures that Insurers are financially stable to offer insurance for their customers. Thus All registered Insurance Companies are good. However, choice of an Insurance Company may differ depending upon customer need in terms of Insurance product, its benefits, customer geographical location, insurance company claim process parameters etc. Therefore one shall make their own need as parameter to choose insurance company.
Health Insurance Products are offered by almost all General Insurance Companies and Standalone Health Insurance Company in India. Every one’s product differ in only two parameters i.e cost & benefits. Therefore, Best health insurance product may differ for every customer depending upon their need & cost affordability.
Every Insurance company offers variety of Health Insurance Products which are majorly varying in terms of Cost and Benefits. Cost is basically derived from respective Insurance company claims experience, operational, marketing etc cost for that respective product. However Benefits may vary as follows.
Health Insurance policies also have certain circumstances which are called exclusion under which policy coverage are not extended. Those circumstances are mostly are as below, however Exclusion wording and scope may vary from insurance company to insurance company.
Every Insurance Company excludes some charges which are consisted of mostly of hospital administration fees, and consumables & other charges. These charges are standardized by IRDAI and every insurance company is bound to deduct those charges only which are allowed by IRDAI to deduct. You may download list of Non Payable charges under Health Insurance as directed by IRDAI at this link.
Cashless Facility is basically mode of making a claim in Health Insurance under those hospitals which are under empanelment of Insurance Company. Through this facility, Insurance company approves claim amount to hospital for each hospitalization on behalf of customer and customer only needs to pay what is not approved by insurer as per policy contract. Cashless facility not only make financial stable during hospitalization but also saves customer money through negotiated rates between insurance company and hospital.
Customer usually opts for Rs 5 lakh or maximum Rs 10 lakh to be their coverage amount in General Health Insurance. However, they also wish to cover themselves in rare & expensive contingencies if they or their family is contracted with some ailment or accident where treatment goes for longer period.
So Top up health insurance protects them in such scenarios with affordability option. Top up health insurances are usually very cost effective in comparison to general health insurance with higher coverage amount. With combination of One Health Insurance & One Top up Plan, a Customer can cover his family to any level of contingency.
Top up health insurance Plans are of two categories:
Exclusion: Top up health insurances also contain same exclusion as normally any general health insurance does.
Critical illness cover basically empowers customer financially , in case of he/she is diagnosed with Critical illness and survived for specified time period, which is called survival period. This policy pay coverage immediately upon diagnosis of named illness.
List of Critical illness and survival period only, makes every insurance company product different. Below are critical illness generally covered by insurance companies.
It is also important to understand CRITICAL ILLNESS COVER is not only offered by General Insurance & Standalone Health Insurers, But it is also majorly offered by almost all life insurance companies. Life insurers offering CRITICAL ILLNESS COVER, usually has more illness in their policy scope than GENERAL INSURERS and standalone health insurers.
Exclusions under this policy are same has general health insurance policies in addition to below exclusions.
Personal Accident Insurance basically protects Customers/Family member against financial instability under unfortunate event of Accident. In Personal Accidental Insurance, Insurance Company pays
This Policy covers customer 24*7 and worldwide.
These exclusion are common but policy wording & scope may vary from insurance company to insurance company.