You need to ask your insurance broker about the increasing the deductible by increasing the amount which you will be paying to decrease the premium.
Your insurance broker will determine your needs based on the details that you administer about your home. In case of home insurance, complete records of your belongings which will help you to get the right coverage and will make it easier for you to file a claim.
The term health insurance is a type of insurance which covers all your medical expenses. It is basically a contract between the insurer and an individual/group in which the insurer agrees to administer specified health insurance cover at a particular premium.
The commonest form of health insurance policies in India cover the expenses incurred on Hospitalization, though a variety of products are now available which offer a range of health covers, depending on the need and choice of the insured. The health insurer usually provides either direct payment to hospital (cashless facility) or reimburses the expenses associated with illnesses and injuries or disburses a fixed benefit on occurrence of an illness. The type and amount of health care costs that will be covered by the health plan are specified in advance.
According to our needs, each one of us should buy a health insurance not only for us but for our family too. Buying health insurance policy protects us from the sudden, unexpected costs of hospitalization or any other covered health events, like critical illnesses which will make a major dent into household savings or even lead to indebtedness. Each of us is exposed to various health hazards and a medical emergency can strike anyone of us without any prior warning. Healthcare is increasingly expensive, with technological advances, new procedures and more effective medicines that have also driven up the costs of healthcare. While these high treatment expenses may be beyond the reach of many, taking the security of health insurance is much more affordable.
Health insurance policies are available from Rs 5000 to Rs. 50 lakhs or more. The Rs. 5000 is the micro-insurance policies and for Rs 50 lakhs is for critical illness plans. Most of the insurers offer in between Rs 1 lakh to 5 lakh.
Insurance companies have tie-up arrangements with several hospitals all over the country as part of their network. Under a health insurance policy offering cashless facility, a policyholder can take treatment in any of the network hospitals without having to pay the hospital bills as the payment is made to the hospital directly by the Third Party Administrator, on behalf of the insurance company. However, expenses beyond the limits or sub-limits allowed by the insurance policy or expenses not covered under the policy have to be settled by you directly with the hospital. Cashless facility, however, is not available if you take treatment in a hospital that is not in the network.
Health insurance comes with attractive tax benefits as an added incentive. There is an exclusive section of the Income Tax Act which provides tax benefits for health insurance, which is Section 80D, and which is unlike the section 80C applicable to Life Insurance wherein other form of investments/ expenditure also qualify for the deduction. Currently, purchasers of health insurance who have purchased the policy by any payment mode other than cash can avail of an annual deduction of Rs. 15,000 from their taxable income for payment of Health Insurance premium for self, spouse and dependent children. For senior citizens, this deduction is higher, and is Rs. 20,000. Further, since the financial year 2008-09, an additional Rs 15,000 is available as deduction for health insurance premium paid on behalf of parents, which again is Rs 20,000 if the parents are senior citizens.
Generally, when you get a new policy, there will be a 30 days waiting period starting from the policy initiation date, during which period any hospitalization charges will not be payable by the insurance companies. Therefore, it is not applicable to any emergency hospitalization occurring due to an accident. This waiting period will not be applicable for consequent policies under the renewal.
The policy will be renewable administered you pay the premium within 15 days which is known as called as Grace Period, of expiry date. Therefore, the coverage will not be available for the period for which no premium is received by the insurance company. The policy will lapse only if the premium is not paid within the grace period.
The Insurance Regulatory and Development Authority (IRDA) has issued a circular which makes it effective from 1st of October, 2011 that directs the insurance companies to allow the portability from one insurance company to another and from one particular plan to another, without even making the insured to lose the renewal credits for pre-existing conditions, enjoyed in the previous policy. Therefore, this credit will be limited to the Sum Insured which include the Bonus, under the previous policy.
After filing a claim for the policy, the amount of the policy cover gets reduced which has been paid out on settlement.
After filing a claim for the policy, the amount of the policy cover gets reduced which has been paid out on settlement.
The claims can be as many until it is specified in the policy. Therefore, the sum which is insured is the maximum limit under the policy.
Generally some health insurance policies pay for specified expenses towards the health check up, once in a few years. Usually, it is available once in 4 years.