Sometimes, few things have reformed in the health insurance policy for the sake of policyholders. Nowadays, health insurance companies in India are performing good to influence their clients such as customer-friendly features, claim settlement experience and service standards. Below are few essential health insurance changes which policyholders must know:
In some cases, insured persons had no option but to purchase insurance plans which include sub-limits on the sum insured, operation theater charges, doctor’s fees and house rents etc. Now, some insurance companies in India have eliminated few limitations to cultivate the bond with their customers.
As Insurance Regulatory and Development Authority has declined to approve new insurance products with restrictions on the exit age, most insurance companies in India are recalling the structure of their policies to provide life-long coverage. But, this step will not favor any existing policyholders who may have experienced rejection of their request for renewal, especially at the time when they might have require it the most, despite having paid health insurance premiums regularly. Still, it is a beneficial move, as it will protect newer insured persons from such treatments.
Claim Gives Away No-claim Bonus
Insurance companies in India have decided not to make health insurance premium hikes because there are claims made in the past year. Some insurers offer incentives in terms of no-claim bonus to make sure effective claim management.
Zero-based Premium Plan
Some insurance companies have introduced schemes which will charge premiums based on the zones. Under these schemes, residents of rural areas will be given the option of paying lower premiums. But, in case they need to have treatment at any urban city hospital, they will be limited for their pre-decided percentage of the claim before the insurer offers the sum.
Sum Insured Re-establishment
Few insurers offer a feature of re-establishment which gives you an option to re-establish your sum insured in case you used the complete coverage in a fiscal year.