Page 32 - Life Insurance Today FEBRUARY 2016
P. 32
Five steps to the
right Health
Insurance
One out of every four Indians is must decide the type and extent of the holder to fund the balance hospital
at risk of dying from a non- cover they need. payment once the company has paid
communicable lifestyle its part.
disease, such as diabetes, Find your perfect match
cardio-vascular ailments or cancer, For instance, if the sub-limit on the
before the age of 70. To add to this, Insurance companies in India offer a hospital room rent is 1 per cent of the
health costs in India are soaring. variety of health plans. These range sum insured, then, in case of a policy
from individual health to family floater with sum insured Rs. 5 lakh, the
The way out: make sure you sign up plans. You can now evaluate the plan company will pay only Rs. 5,000 per
for a health insurance plan that takes of your choice online by comparing day for room rent.
care of rising health costs and sudden plans of various providers.
emergencies. If you have selected a deluxe suite,
When signing up for a policy, ensure where the room rent is more than Rs.
Here are five essential tips to keep in that it offers a no-claim bonus. This 5,000, then the remaining amount will
mind while buying health insurance. way, individuals who haven’t used the have to be paid from your pocket. In
insured amount in a particular year will cases where the individual needs a high
Identify your need receive a percentage addition in the medical insurance cover but doesn’t
sum insured at the same premium the have the necessary means to fund it, it
Health risks and insurance needs differ next year. is advisable to invest in a top-up plan.
depending on age, area of residence,
gender, family history of illness, work Buy the right policy A top-up plan acts as a buffer if the
life, family life and diet. For instance, existing cover is exhausted due to any
individuals who spend long hours at a It is wise to buy insurance from a unforeseen illness.
desk job without getting enough reputed insurer. Choose companies
exercise, run the risk of developing that have good claims settlement Account for medical inflation
obesity. history. Ensure that the insurance
intermediary or broker holds a valid If you take a policy at 25, you are likely
On the other hand, someone who lives licence. to make a claim 10-15 years later. It
in a polluted metropolitan city can is thus vital to estimate what the
contract respiratory ailments. Based Know sub-limits hospital costs will be at that point in
on the specific health risks, individuals time. (Source : BL)
Sub-limits often require the policy-
"I've learned that people will forget what you said, people will forget what you did, but people will never forget how
you made them feel."
32 February 2016 Life Insurance Today
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