Medical Insurance Policy - Your health is an asset have you covered it well?

1. Medical Insurance Policy

2. Your health is an asset have you covered it well?

3. In order to simplify this decision for you, we’ve described below the 3 main types of health insurance plans and their benefits. Read, evaluate and choose! 1. Indemnity-Based Health Cover (Mediclaim) Such policies reimburse expenses incurred on hospitalization (up to a certain extent of the specified sum assured).You can renew these plans annually and can cover yourself and your entire family under a single policy. The premium payable on these policies increases as you get older. Mediclaim policies have certain restrictions and reimburse only a percentage of the total cost. These plans are offered by general insurance companies. 2. Fixed Benefit Health Insurance Plans These products offer a fixed pre-defined benefit in the event that certain specified illnesses, surgeries or hospitalization occur. Such plans are generally offered as standalone critical illness covers, hospital cash policies or personal accident covers and can also be bought in addition to the Mediclaim policy. In case the insured is diagnosed with any of the critical illnesses covered by the policy, an amount equal to the sum assured (irrespective of the actual amount spent by the insured) is paid to the insured.

4. 3. Unit Linked Health Plans (Money Back Health Insurance Plans) These products, commonly called ULIPs, combine health coverage with investments. ULIPs offer a variety of fund options which come with varying equity exposures. The advantage of such plans is that not only is your health covered during the term of the policy, your investment also yields returns depending on the fund’s performance. In addition, the invested funds can be used to cover health-related expenses that are otherwise not covered by the policy. Once the term has ended, you receive the fund value as a maturity benefit. As we’ve explained above, there are a number of types of situations and individuals that each type of Medical insurance policy suits, and as the insured party, it is your duty to yourself and your family to make the decision effectively and efficiently. # Benefits Various companies offer health insurance products with different kinds of benefits. In order to zero-in on the right one for you and your family, first identify your exact requirements. Your choice of product (benefit) should depend on your medical condition, your lifestyle, future healthcare needs, family medical history (hereditary disorders), your cash flows, and hospital preferences, location (medical costs in metros is higher), etc.

5. Once you have listed down your requirements, start evaluating the products. Compare and contrast the benefits they offer: a. Cashless Hospitalization Benefit Many insurers offer cashless hospitalization at networked hospitals. It is thus advisable to check if the best hospitals in your locality are a part of your insurer’s network, to ensure that you can avail cashless treatment. b. Hospital Cash Benefit Some insurers offer a hospital cash benefit that pays a fixed sum of money every day in case of hospitalization of the insured, irrespective of the actual amount spent. This benefit is generally paid for a maximum of 60 days in a year. c. Intensive Care Unit Benefit This feature offers the insured a fixed amount of money every day in case he is admitted in the ICU. The amount payable is generally double the daily hospitalization benefit. d. Surgical Cash Benefit This feature covers an extensive list of surgeries. Fixed benefit products pay a specified lump sum amount in case the insured needs to undergo certain surgical procedures. While one can claim for more than one surgery in a year, but the total payout cannot exceed the sum assured. [Source: https://www.tomorrowmakers.com/articles/health-insurance/your-health-is-an-asset-have-you-covered-it-well]

6. Follow us on https://www.facebook.com/BajajAllianz http://www.linkedin.com/company/653474 https://plus.google.com/+BajajAllianzGIC/posts https://twitter.com/BajajAllianz https://www.youtube.com/user/BajajAllianzGIC https://instagram.com/bajajallianzgeneral/

7. Click to know more on Medical Insurance Policy visit: https://www.bajajallianz.com/Corp/health-insurance/health-insurance.jsp Thank You…..