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What is individual health insurance?
When it comes to life, safety, security and assurance of the future is one of our top priorities. This is where Individual health Insurance comes into play.
In today’s world, it is important to understand the importance of having an insurance. Many complications are faced in availing medical treatments by the ones who do not take advantage of this product. We say health is wealth but the same health becomes a burden when we cannot afford the expenses to maintain it due to lack of insurance unlike those who have one. Having a personal insurance not only covers disability and long-term treatment but also helps you in being eligible for tax benefits.
The premise of an individual health insurance is that it separately defines cover for each member. It is targeted towards an individual rather than a group or an organization. It covers the health expenses of the insured individual.
Why do you need individual health insurance?
Having a health plan safeguards you against any mishap as you can get quality treatment anywhere at the right time. A medical cover guarantees stable finances and a peace of mind.
You can avail better healthcare facilities if you have an individual health insurance. You can be notified by various insurance companies regarding when and where to have the diagnostic screenings.
Covers medicine & drug costs
Generally, it is not feasible for people to afford expensive medicines for the various disease under normal circumstances.
Prevention is better than cure. Individual health insurance provides you with the facility of medical checkups and tests when needed.
These are the top eight essential factors to contemplate before buying any medical insurance plan for yourself.
There is a waiting period of 3-4 years when it comes to pre-existing illness. They are not subjected to pay for any cost required during the above-mentioned tenure that is caused by any disease that you were suffering from before buying the policy document. Thus, a person wishes to look for individual health insurance plans which have a shorter waiting period and an extra pre-existing illness cover.
Pre & Post Hospitalization Expense
Pre and post hospitalization prices are the ones which can be accounted before and after hospitalization. The cover of every policy differs in terms of the days, where pre-hospitalization is generally counted for 30 before hospitalization and post-hospitalization are counted for 60 days after. It isn’t always fixed so strive for choosing a policy which gives you maximum range of days of this cover.
No Claim Bonus
If you don’t claim for your insurance against any illness or disease in a year, Then you are eligible for no claim bonus. In many cases, it gets to you for consecutive five years. The benefit commonly varies from 10-50%.
Co-payment is where the insurance company and the insured candidate pay a part of the total declared amount. The proportion is decided in advance. This procedure may reduce your premium, but it’s important to comprehend that if you could pay your part of cash at the time of need. If you can’t, then it’s better to tear apart from this option otherwise you face some complications later on.
Network hospitals are the panel hospitals where for any medication you don’t need to pay the bills. in lieu, you could experience cashless facility wherein there is the hassle-free submission of documents for repayment. All the treatment costs are taken care of at once between the hospital and insurer.
No Claim Bonus
In case of hospitalization, you have to pay a predefined room rent. Some policies offer a coverage amount on room rent at 2% of the sum insured while some don’t have any limit for such fees. It is recommended to go with the latter one as it offers more flexibility to you.
It’s essential to know the exclusions, terms, and conditions of every policy. Try and opt for coverage with fewer exclusions so that you don’t have to face issues while claiming for treatment or while availing of a treatment done.
Factors to consider while comparing your insurance
Check limits and sub-limits
Cost of premium may be reduced depending upon some limits and sub-limits but they might compromise on some benefits. You should look for your requirement, budget and choose accordingly to avail maximum benefits.
Claim settlement ratio
It is vital to check it before making your purchase decision. With it, you can ensure that your claims would not be wrongly withheld by the insurance provider.
Don’t rely on premium
It is important to look at premium quantity wise but you should not compromise on the quality of the policy based on that.
It is important to check how many years the policy offers to cover you. Check renewability features to get the best policy of the lot.
Documents required to apply for insurance:
After you select your suitable policy, These are the documents you will be requiring to move further in the process:
Age proof – Any one of Birth Certificate, 10th or 12th mark sheet, Passport, Voter ID, Driving License, etc
Identity proof – – Passport, Voter ID, Driving License, PAN Card, Aadhar Card, which supports one’s citizenship.
Address proof – ARation Card, Electricity Bill, Telephone Bill, Passport, on which permanent address is clearly mentioned.
Ration Card, Electricity Bill, Telephone Bill, Passport, on which permanent address is clearly mentioned.
Passport Size Photo to have a record of the candidate’s identity for future references.
Why choose FinBucket for your insurance?
At FinBucket, we offer you unbiased advice to take care of your health-related needs. FinBucket works according to the norms for accurate and dependable individual health insurance comparison
With the free quotes provided, compare different Individual Insurance plans at zero cost on FinBucket.
Tie-ups with highly reputed leading brands in India.
Buy Individual health insurance within minutes by filling up the online form. Most of the plans are available online and you can get your policy instantly by making an online payment.