A health insurance policy has become clearly mandatory for everyone to evade the enormous medical expenses that may arise when one gets admitted in a hospital for any reason. Along with taking the medical coverage costs, these health insurances also assure exemptions from taxes by the section 80D of Income Tax act, 1961. Keeping in mind the alarming increase in health issues and costs of the advancements in medical field, there is a clear need to insure yourself and you family.
Frequently Asked Questions
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Frequently asked questions
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Is a health insurance really necessary?
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Is it possible to withdraw a insurance and get the premium back?
Answer is yes, you can always withdraw! Every organization provides a time span of 15 days right from the date of issuing policy so that you can recheck the exact terms and conditions as specified. If you ever feel you are uncertain or not happy with the terms mentioned, you have all rights to withdraw the policy and call for a cancellation. At such a point, the insurance company provides a complete refund.
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What is called waiting period in health insurance policy?
Generally, the waiting period is the period that the person who has insured himself has to wait to overcome the already existing illnesses. The insurance company will not accept any claims for medical bills within this span apart from the case where immediate hospitalization is required. For instance if the waiting period is 3 years, the insurer can start claiming his medical expenses only post 5 years from the very date of beginning of the policy.
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Are there different options for paying premium?
Yes. You have different options to pay the premium amount such as quarterly basis, half yearly basis and annual basis. Also, you can make a single payment and get it done depending upon your convenience.
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What happens once a policy matures?
Once a life insurance policy matures, the amount of money gradually accumulated over the course of time gets debited to the insurer. This amount of money is inclusive of all the premium money and the bonus amounts of money.
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Health Insurance
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Why is health insurance important?
With the day to day increase in technological and medical world advances, having a medical insurance saves you from unwarranted medical expenses.
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Can a person have multiple insurances?
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When should you buy a health insurance?
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What are the factors for insurance?
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What is cashless facility?
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Life Insurance
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When will a life insurance be effective?
On an average, the insurer may have to wait a few years before the insurance becomes valid whereas some may immediately take effect.
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Is a life insurance necessary?
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What is the cost of a life insurance?
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Can you person have more than one insurance?
Yes, depending upon one’s needs and wants, a person can have as many insurance policies as needed to get maximum coverage for oneself.
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How should one decide the type of insurance?
Unclear about what to do next?
Confusion can arise when choosing the right type of insurance.