There are a few things in life that you just buy once and forget about it & wish you never have to use it. Insurance of any kind is one of them. It gives you peace of mind to stay financially equipped for those unfortunate medical emergencies without drowning you in the paralysing worry about your investment.
I like to imagine them as harnesses and support while you are rock climbing. They just ensure that you don’t fall off & hurt yourself. At the same time, they let you focus on the real experience & the primary task at hand. But can you go rock climbing with a poor harness, weak rope etc? That’s what you plan for once. It’s exactly what Insurance does for you. It provides you a logical backstop in case things don’t go as planned.
So it is worth going into the details to uncover the important nuances to discover the best health insurance for yourself.
Now, here is the deal- you get coverage up to 10 lakh INR for a yearly commitment amount of 10,000 INR. It is a skewed relation that works because of risk pooling. Hence, Insurance companies have introduced several measures to make it a profitable venture for themselves.
But knowing some of the below lesser-known features can help you maneuver the treacherous world of insurance with confidence:
Frequently Asked Questions
Can I buy a policy for a duration of 5 or 10 years?
Currently, there are options to buy a policy for up to 3 years. Beyond this, there are no options.
Can an Insurance company deny my renewal if I develop some ailment later on?
No. An Insurance company cannot deny the renewal of a policy in such a scenario. These are the risks that they had undertaken while issuing you the policy.
Can an Insurance company deny a claim if it is discovered that I did not disclose some ailment while issuing of policy?
Yes, this will be flagged as fraud and the insurance contract stands null & void. Therefore it is important to truthfully disclose everything.
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