If you know that when you pay for medical treatment from an insurance company, you will get only half the amount of cashless claims, then you will definitely not choose this option. People often forget these important things when buying insurance. So when taking any policy, pay attention to the factors listed below.



A young family may have a policy of Rs 5 lakh, but if the family has adult members, they should opt for a larger variable policy, experts say. If the parents are very old, a separate policy should be taken for them without including them in the same policy. 

Also, care should be taken while covering childbirth with a health insurance policy. If you are planning to have a child within two years, a good reason to take the police without childbirth cover is because such a police station has to wait a long time and its installment is almost double. Limitations and Exceptions Once you have chosen the type of policy according to your exact needs, take a look at the text printed in it and understand the limitations and exceptions of that policy

All basic plans have sub-limitations for special treatment. E.g. Limit on hospital room rent. Normally, in a policy of Rs 5 lakh, the daily rent of a room is limited to 1% of the police. In the current situation, if you do not insist on a high quality room, you will get a private room in the hospital and you can take a high quality policy sub-limit without straining your equipment.

"If you prefer good rooms in a high-brow hospital, then a plan with a room rent sub-limit is not useful to you." This is the view of Arvind Ladha, CEO, Vantage Insurance Broker. Considering the increase in currency in the health insurance scheme, such a room rent sub-limit will not be useful even for a hospital which is not very expensive. “Such limitations will also make it difficult to get private rooms. The rest of the expenses are related to the rent of these rooms, so the eligibility of your claim may be very low, ”said Mahavir Chopra, Director, Health Insurance and Personal Accidents.



This may include expert opinion, vaccines, welfare benefits, and so on.  This is the opinion of Ladha. Also, it is not advisable to take an expensive policy just to save income tax. You can invest that amount in another suitable savings plan. Chain of non-cash hospitals According to the Insurance Regulatory and Growth Authority of India, the sum of all ordinary claims for a single illness is only half the amount of non-cash compensation. This information is usually available on the insurance company's website.



 The experience of the insuring company, financial strength and service experience are important. "Insufficient claims by insurance companies can be annoying." That is what Shri. It's called a fight. If possible, you should consider the amount of cash that the company has - the insurance company's ability to make immediate claims - and the insurance companies' collection of insurance premiums. It is also important to consider how many years an insurance company has been in business. ” The expertise in the field of health insurance is reflected in the different insurance policies of that company. It's best to choose a company that has a wide range of options. " 

  

Q.1

Ans.

Having rules is very important for the growth and future of any industry. Recently, the Insurance Regulatory and Development Board of India (IRADAI) changed the rules of 2013 to 2016 (Health Insurance). Here are six key changes to these rules:



* Combi plan can be made by combining any life insurance (previously only term plan) and health insurance



* Permission for consolidated bonuses in benefit plans



* Wellness benefits



* Insurance companies have been asked to launch pilot products



* The format of the standard declaration may change, and insurance companies may design it in their own way.



* Life insurance companies will not be able to offer compensation based products.



Let's see the results of each:



Combi plans can be made by combining any life insurance (previously only term plan) and health insurance



In December 2009, IRDAI issued guidelines for combi plans that allow life insurance companies and non-life insurance (or health insurance) companies to enter into agreements. Recently, India First Life Insurance and Star Health Insurance announced a partnership to launch the Star First Combi scheme - a combination of health and life insurance plans. It is a combination of a pure term plan and a health plan. The next combi plan can be a combination of any life insurance (Stayed, Money Back, or ULIP) and health insurance.



Visakha RM, Managing Director and Executive Chairman, India First Life Insurance, says, “Customers get the benefits of a combined product and the unprecedented convenience of having two different plans in a single insurance and the agent gets the satisfaction of delivering the entire package to the customer.”

Permission for consolidated bonuses in benefit plans



Consolidated bonuses are not a feature in fixed benefit plans like critical illness plans in the current situation. It will be given next, and it will be clearly stated in the prospectus and plan document. Adding a combined bonus will increase the sum insured and will be used for the increased cost of future treatment. But will this increase the installments of critical illness plans? Ashish Mehrotra, Managing Director and Executive Chairman, Max Bhupa Health Insurance, says, "Increasing the sum insured will help the customer and hence the increase in premiums will be negligible."



But, if claimed in one year, then the combined bonus will decrease accordingly. For the year in which no claim is made, the sum insured increases by a certain percentage for each year, from 10 per cent to a maximum of 50 per cent of the original sum insured. This additional increase is the combined bonus that is added to the insurance.



Wellness benefits



The health insurance premium depends mainly on the age and the amount of insurance, health management and healthy habits. Rewards were also mentioned in IRDAI's 2013 guidelines if the customer started insurance at an early age and renewed it again and again. The new guidelines for promoting a healthy life emphasize rewarding the insured on the basis of preventive and wellness habits. These methods and rewards are clearly stated in the prospectus and insurance documents.The insurance company is aware of this and offers a discount on the renewal premium. ”



This discount will not be given for third party services or goods. For example, even if they have a contract with a club, they cannot give any discount to become a member of that club. Instead it is still allowed to give discounts in installments, diagnosis, medicine or consultation services.



Insurance companies have been asked to launch pilot products



This new initiative will lead to a new wave in the insurance industry. IRDAI has allowed insurance companies to launch ‘pilot products’ to see how much demand there is. The term of these plans can be only one year, only general and health insurance companies can offer these products, and initially only for five years. This product may be discontinued or converted to another product. The idea is to start with the risks for which there is still no insurance. However, this should not be to the detriment of the insured in any way.



it will protect the interest of the customers. Consumers will be consistent and insurance companies will be encouraged to test new products. ”



The format of the proposal may change, and insurance companies may design it in their own way



All life insurance, general and health insurance companies can now make their proposal application, part of which will be a standard declaration. The rules do not require the explicit or implied consent of potential customers to provide information to third parties.



Life insurance companies will not be able to offer compensation based products



From now on, life insurance companies will not be able to offer compensation based products. However, for existing customers, the insurance will continue till the end of their term. But if new plans can't be sold, won't their claims be affected!!!!......


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