Health Insurance: What is important to know while choosing health insurance, see list

Health Insurance: You might have heard or this incident might have happened with many people that you went to buy a health insurance policy and in the name of cheapness, you bought such a policy which is not useful in many of your critical conditions. In future, you may have to spend more money from your pocket for that.

Many customers have been complaining about wrong purchases in the insurance sector for a long time. Recently, in a conference of State Bank of India, Finance Minister Nirmala Sitharaman and IRDAI (Insurance Regulatory and Development Authority of India) Chairman Debasish Panda discussed this issue, after which this issue came up again. Has emerged in front of people.

Buying an inappropriate life insurance policy can cause financial loss if you withdraw your money too early or invest it in a policy that has very low return potential or is not in liquid form.

When it comes to health insurance, wrong selection of policy can cheat you in many serious situations i.e. if you are hospitalized due to serious illness or injury, they may refuse to give you the benefit of insurance. Therefore, before buying a health policy, collect complete information about it very carefully. A long check list is given here. If you are also going to buy health insurance, then definitely check this list before signing the insurance contract.

cheapest cannot be best

Premium policy is an important parameter in your insurance selection, but still it should not be your priority. Although it is also a big fact that policy holders are troubled by rising premium prices, but buying the cheapest policy is not the solution. It is also true that a cheap policy cannot fulfill all your needs. There may be sub-limits on many restrictions including room rates. This means that you may get sub-optimal cover and may have to spend more money out of your pocket at the time of claim settlement.

Additionally, your insurer may increase your premium going forward based on your claims experience, your age and current healthcare expenses. Therefore, what seems cheap now may be expensive in the future.

Do not disclose some health conditions

Your blood sugar increases occasionally or cholesterol is constantly higher than normal. These are normal health conditions, so there is no need to tell about it. It is best to be completely transparent while giving information about your health history while purchasing the policy.

read the clause yourself

Don’t be satisfied with the information your agent provides about your policy’s features and restrictions. Please read the important clauses. If you find it difficult to read all the wording of the policy, see the more concise Customer Information Sheet (CIS). According to IRDAI rules, every insurer has to provide this.

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