Health insurance policy seekers have a wide range of choices to select from as most of the products are similar with minor differences in features and premiums. Change has been recorded in the kind of features provided. The changes are replenishment of cover, lifelong renewal and two-three policy terms instead of one year etc.
The insistence of Insurance Regulatory and Development Authority leaded in elimination of exit age clause. Each latest policy introduced after which will now promise life-long renewability. In some cases, senior citizens complain that after paying premiums at the time of young age, insurance companies in India turn their back towards them. But, IRDA will ensure that buyers opt for health insurance in the future will not be deserved to such behavior.
Most insurance plans are available with sub-limit on doctor’s fee, admissible expenses, operation theatre charges etc. But, this year seems positive because several insurers have eliminated sub-limits.
Additional Benefits for Deductibles
The deductible is the amount of money that the policyholders have to pay before availing any benefits from the insurer. Generally, it is a yearly amount which would be in effect again every year. Deductible refers to a part of the claim which insured person ready to pay prior to company chips with balance. There are total family deductible and individual deductible amount. Services like doctor’s visit may be accessible without meeting the deductible first.
Premium for Small Cities
Some insurance companies in India have come up with premium structures depend on regions. Towns, as well as cities, are categorized into several segments. People who live in small cities will pay lower health insurance premiums.
Retention Benefits in Focus
No-claim bonus along with other retention features is given more emphasis.
In case policyholders have consumed the whole cover amount in a year, then insurance companies in India undertake to restore the amount, subject to conditions.