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Medical Insurance in India
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Posted On :
Oct-27-2011
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Article Word Count :
424
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Medical insurance in India is gaining popularity briskly as more and more people are realizing the benefits associated with medical insurance policy.
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Medical insurance in India is gaining popularity briskly as more and more people are realizing the benefits associated with medical insurance policy. It is a known fact that insurance is necessary for every individual as life is extremely unpredictable. Accidents, illness, diseases resulting in hospitalization of you or your family members can drain your hard earned money in no time leaving you in severe financial crisis. Thus it is in crunch situations like these that a comprehensive medical insurance policy comes handy taking care of all your medical expenses assuring complete peace of mind.
Working of a policy
Medical insurance policy offers ‘Cashless hospitalization’ to the insured if treatment is taken in hospitals falling under the network list of the insurance provider or reimbursement of medical expenses paid by the insured in case of non-network hospitals. Further mediclaim policies are designed to provide financial coverage against in patient hospitalization expenses, pre & post hospitalization, domiciliary hospitalization, donor’s medical expenses, etc. Out-patient expenses cover is available under a medical insurance policy; however, on payment of additional premium.
Coverage for pre-existing diseases and critical illness from start is not available though optional benefits are available but on payment of additional premium.
Insured’s current health plays a major role in deciding the premium amount for an insurance policy. Factors like age and sum insured are also taken into consideration. Young healthy individuals pay lower premium amount comparatively. Thus, it is advisable to buy a medical insurance policy early in life.
Things to remember
Though the basic features for most medical insurance in India are similar, there are few health insurance providers that offer additional, attractive features which make their policies stand out among the rest. Thus it is advisable to search online and compare policies from various insurance providers before finalizing on one policy. Also reading the policy documents meticulously is highly recommended in order to avoid any surprises later.
Filing a Claim
Medical insurance in India allows insured to file any number of claims in a year upto the maximum sum insured. Also the policies are short term and require renewal annually. Timely renewals without breaks are highly beneficial in a mediclaim policy as important aspects like Pre-existing disease coverage are offered by insurance provider only if the policy is in force for certain number of years without any break.
In order to promote medical insurance in India, impressive tax benefits are offered under sec. 80(D) of the Indian IT Act on purchase of mediclaim insurance policies.
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Article Source :
http://www.articleseen.com/Article_Medical Insurance in India_96849.aspx
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Author Resource :
An Insurance Analyst by profession also writing articles on Medical Insurance in India in India.
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Keywords :
Medical Insurance in India, Health Insurance, Medical Insurance, Health Insurance Plan,
Category :
Finance
:
Insurance
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