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The best Medical insurance service provider should have good medical insurance premium charged by best insurance companies differs as per the coverage offered by the insurance companies. There are few factors which are to be considered before selecting the best medical insurance that provides cashless liability, waiting period, Riders or Add-ons, Premiums, After Sales service etc.
Health insurance policy from office or employer health insurance is valid only as long as you serve in that company. Once you are out of job, you would be left without any coverage and any hospitalization during this time may cause a huge dent to your savings. Hence, it is advisable to have an individual health insurance policy even though you have health insurance from office.
You can claim any number of times in your health insurance policy as long as the sum insured is not exhausted. The sum insured in your policy is the maximum limit which can be utilised by you for claiming any number of times. There is no limit on the number of claims that can be made in your health insurance policy.
Yes. The process of transferring your health insurance policy from insurance company to the other is known as Portability. You need to submit an application to the target insurance company 45 days prior to the expiry of your health insurance policy for the company to act on your policy. The process of porting requires the new health insurance company to have the similar health insurance product and all the waiting period exemptions would also be applicable with the new insurance company.
Most of the insurance companies offer 15-30 days of time after the expiry of the policy to renew the policy. The grace period is the time where the coverage is not applicable but the exemptions accumulated over a period of time would be safeguarded. If the policy is not renewed during the grace period, then your health insurance policy would lapse and all the exemptions accrued over the past few years would expire. In short if the renewal is not done on time, then it is considered as a new policy and all the other conditions needs to be satisfied before the coverage kicks in.
Health insurance premiums are calculated on the basis of age, taking the age of the elder member into consideration. The premiums increase steeply once you cross 55-60 years of age due to the high claims ratio in that age group. To maintain the loss ratio insurance companies charge high premium from the customers and this increases the health insurance premium. It is not advisable to include parents in your health insurance policy as the premium would increase steeply. For better premiums, two policies can be taken; one for family and the other for parents.
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