Some important terms used in every health insurance policy

Every health insurance policy has its own terms and policies which are little difficult to understand for the insurers, as there are some specifications under these terms.

Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization. Though there are various terms and policies in every health insurance policy and various companies provide various additional benefits to their customer. In today’s scenario, the expenses on hospital treatments is increasing day by day which lead the families in problem to fulfill their need while maintain the hospital bills. None can assume about the expenses on hospitalization as the diseases don’t come with previous knocking and the treatment is also can’t be guessed, so it is impossible to keep aside a big amount of fixed money aside for covering the situation. 

To know other given offerings given by a health insurance policy it is important to know the meaning and description of the commonly used health insurance terms. Here are some of them that will help customers to take an informed decision.

• Premium: This is the sum amount that customers or policy holders have to pay annually as per the insurance plan; the higher coverage need more premiums amount and vice versa.
• Deductible: This is the charge that customers have to bear before the particular insurance company begins paying for the cover expenses and it is always a good option to buy a policy with lower premiums or no deductibles.
• Pre-existing conditions: They refer to any previous illness or injury that policy holder may have during or diagnosed, treated within 48 months before to get the insurance plan.
• Beneficiary: It refers to the person to whom the benefit of the insurance policy will be referred on after the policyholder passes away while on the insurance plan.
• Floater policy: Under this policy, all the family members will be covered within one insurance policy with a single sum insured; this policy can also be used by any one of the family members at any number of times till the maximum sum insured is reached.
• Claim: The process of reaching out to the insurer for reimbursement of the expenses incurred by the insured during medical treatment is called as filing a claim.
• Cashless Claim: in this process, the insurance companies pay the sum directly to the hospital after treatment but the important condition here is that the insurer has to get treated only under the network hospitals.
• Cumulative Bonus: In the case of claim-free renewal, an extra Sum Insured named Cumulative Bonus gets accrued to one’s renewed policy and the bonus can range from 5% to 10%.
• Domiciliary Hospitalization: This term is used when the treatment of the patient is done at home instead of hospital under doctor’s recommendation.

Source: http://basic-healthinsurance.com/
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Published By
Subhra Bera
www.basic-healthinsurance.com
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Benefits to renew Health Insurance Policy

Renewing of health insurance policy is mandatory for every policyholder having either individual health insurance plan or family floater plan as it will help to continue the benefits.

Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger. Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. Now-a-days it’s become difficult to get a health insurance plan as the expenses are raising everyday and it also becomes difficult to get all the benefits in a low budget health plan. But it is also possible to get lower health insurance if premiums can keep lower, so one can adopt many measures, provide optimum coverage e without paying too much. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization. Though there are various terms and policies in every health insurance policy and various companies provide various additional benefits to their customer. ‘Health is the real wealth’ this is now just a phrase but neglecting health is becoming the reason of lots of problems including illness, tension, obesity, laziness and so on. But the treatment is very costly and builds up a huge burden upon the pocket of the earning people leading their life to a disaster or in the problem. There are many health insurance plans in the Indian insurance market offering various benefits and features for the buyers, these can be get in exchange of a little money and will warranty to give a better protection in the time of need.

Though finding a right health insurance plan is not easy for family as it must be awesome with a pocket-friendly premium and extensive coverage. But purchasing a right health insurance plan to protect the family is a liable step that should be taken in the right time but buying it is not enough as it is important to renew the policy every year. Renewing health insurance plan give many benefits which are addressed below:

• Almost all the main health insurance companies have a waiting period of 30 days from policy origin after which one can get the benefit of the insurance coverage. And after renewing it on time insured can ensure that there is no irregular waiting period to get all the coverage of medical expenses.

• When a person goes for claim on free year, then the person will get a No Claim Bonus of 5%.

• Coverage like maternity benefits or pre-existing aliments generally has a waiting period of 3-4 years which start from the date when the insurance policy is issued. When the policy is not renewed on time, the waiting period starts again from the beginning time.

Source

www.hdfcergo.com/blogs/health-insurance

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Critical Illness Insurance for Organ Transplant

The critical illnesses are life risking and life taking also, the treatment may cost the patients organ transplant which is covered under critical illness policy offered by insurance provider.

‘Health is the real wealth’ this is now just a phrase but neglecting health is becoming the reason of lots of problems including illness, tension, obesity, laziness and so on. But the treatment is very costly and builds up a huge burden upon the pocket of the earning people leading their life to a disaster or in the problem. There are many health insurance plans in the Indian insurance market offering various benefits and features for the buyers, these can be get in exchange of a little money and will warranty to give a better protection in the time of need.

Critical illness health Insurance Plan: Women are more liable to some critical illness such as cancer; cases of cervical and breast cancer are rising in the cities for many associated factors. There are also other crucial illnesses such as CABG, Heart attack; Multiple Sclerosis, Stroke, Major Organ Transplantation, Kidney failure etc. are women liable also. All these diseases are dreadful and the treatment costs are very expensive and not affordable for a middle class family here a Critical Health Insurance plan will work as fixed benefit insurance plans. These plans offer fixed and guaranteed amount of the claim for the insured if any such illness occurred and she can get a lump sum insured on her actual expenses.

Critical illness is a kind of illness or disease that can affect deeply on the physical and emotional well being which may be turned as life threatening. Very often critical illness can be the result of organ failure which can only be treated with an organ transplant. This organ transplant is a kind of surgical process in which a healthy organ from one person is removed and transplanted into the needed person. Organs like kidney, pancreas, liver, heart, lung and intestine are transplanted generally; in this process one can be driven into both financial and emotional distress.

The critical illness covered under any health insurance policy is similar which are: Heart attack, Stroke, Cancer, Kidney Failure, Heart Attack, Coronary Artery Bypass Surgery etc. This organ transplant matter is like a life threat to the patient which is overwhelming and a policy to empower the patient to fight this threat can make life easier.

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Published By
Subhra Bera
www.basic-healthinsurance.com
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Additional Risks covered in a Term Insurance Plan

A term insurance plan is a perfect helper in the difficult time for every family; this kind of plan provides some additional risks besides other coverages.

About Term Insurance Plan:

Term Insurance is basically a life insurance product which is offered by an insurance company to provide financial coverage to the policy holder for a specific time period. If the insure person dies during the policy term, and then the death benefit will be paid by the company to the recipient. Term insurance plans are very much desired in the life insurance market and the great benefit is that these plans offer higher sum assured amounts at a very low premium rates. A sum money or death benefit is paid to the heir or nominee in case the policyholder dies during the period for which the policyholder is insured. The policyholder can also get various options to get improved protection; there are some term plans available in the market those give protection to the policyholder as cash payouts on diagnosis of critical illness.

In the previous article we read about the benefits and add on covers under a Term Insurance plan; it covers many kind of illness, give benefits to the family etc. but besides all this, Term insurance also provide the most affordable way to secure a substantial life cover. So term life insurance policies are not only limited to cover the risk of death, some plans offer certain in-built features or can give the ability of some add-ons to expand insurance coverage. There are a few of the in-built riders and having these in-built riders don’t ask for extras costs as they availed separately need payment of extra premium. Now if a policyholder has a term life insurance plan with critical illness cover, then tax deduction can be claimed on premiums paid under Section 80D of the Income Tax Act, 1961. The following are the different payouts options an individual can select from under term insurance plan:

A term insurance plan is necessary for everyone either the person has dependent family members or has pending debts to clear. It has high sum assured levels and also low premium rates that makes it an edge over other insurance plans in the market. The payout of this policy helps to keep secure the beneficiary of the life assured continues to lead the previous lifestyle even after the policyholder is no more. But before buying a term insurance cover, it is mandatory to take care of some elements to buy the best plan with best benefits.

Facts to consider before buying a Term Insurance plan:

There are a huge number of term insurance policies found in the market so it become little difficult to find the best-suited policy for a person. Here are some important points to know before buying a term insurance plan:

• Lump-sum payout: If the policyholder chooses this option the nominee will get the entire sum assured when the life assured passes away. It will provide immediate cash to the policyholder’s family which can be used in many ways.
• Monthly payout: In this option the insurance company will pay a percentage of the sum assured on every month for a fixed number of years of the dependants.
• Lump sum & Monthly payout: Here a percentage of sum assured is paid out to the nominee after the policyholder passes away in monthly installment way.

Source

www.coverfox.com/life-insurance/term-insurance/articles

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Published By

Subhra Bera

www.basic-healthinsurance.com

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