Due to high incurred claim ratios, many insurance companies in India are burdened to take curative moves in the mediclaim premium plans. The collected premium is very less because of high claim ratios. Premiums of group health policy have hiked already and individual policy premiums also may be increased very soon.
In November, New India Insurance Company has already been filed a revised premium structure to the IRDA. One of the major reasons behind premium hikes by many insurance companies in India is lifelong renewability feature. Below are few factors to keep check on health insurance premium:
Cost-effective Family Floater Plans
In case person is searching for coverage for his entire family, then family floater plans will be more cost-effective. Individual sum insured of equivalent amount is much expensive as compared to family floaters for higher sum insured. It is advisable to purchase a separate plan for elderly parents because of repeated hospitalization chances.
Opt for Top-up Plans
In many cases, owning an expensive policy is not worth to each problem. Top-up cover can decrease health insurance premium up to certain percent. These policies are more beneficial especially when it comes to treatment of critical illnesses.
The basic mediclaim policy can take care of regular diseases. The procedure of buying a top-up cover is similar to purchasing regular insurance product. There are many insurance companies in India who are offering top up policies at affordable rates.
Avail No-claim Bonus
After renewal, no claim bonus can hike your sum insured. In fact, some insurers also give special benefits based on the elapsed policy years. This bonus gets a higher utility value because insurance cover and medical costs keep rising day by day.
Follow Premium Chart
Every insurance company in India has made an age wise health insurance premium chart directing the premiums chargeable based on different age groups. Therefore, premium amount goes up automatically when customers enter the higher age group.