Health insurance FL detail I hope you proveid full form
Hi, it is imperative to buy a health insurance policy for yourself and your family. It is a good plan and you can secure your family and the plan provides medical assistance at the time of a health emergency. Further, we have forwarded your contact number and our team will get back to you to assist.
Restoration is a term used to denote the benefit on a health insurance policy where the insurer 'restores' the entire sum insured for re-use by the customer, once the sum insured on the policy is completely used up. There are some terms associated with such restoration; e.g - the restoration can only be triggered once in a year of coverage and when done can only be used for a claim un-related to the previous claims that led to the usage of sum insured. The specific terms can vary a little bit between plan to plan (or company to company) - Will suggest to speak to an adviser with the specific policy/plan you have in mind to know this in detail.
Treatment for cataracts are covered in most of the retail health insurance plans but are usually bound by 2 conditions - (1) There is usually a sub-limit of allowance. Typically this is Rs 30,000 per eye and (2) There is usually a waiting period of 2 years before they are covered. Talk to our advisors to know more about which plans offer this coverage and which don't.
A critical illness plan, whether as a rider with a term insurance or as a standalone cover, is typically a fixed benefit plan. This means, that upon diagnosis of a critical illness that is defined on the plan (at specific severity that is also defined on the terms and conditions of the plan), the customer would receive a lumpsum amount equivalent to the sum assured. Upon payment of this benefit, the policy lapses and the customer can do what he/she wants with this money. It is thus a one-time payment plan but which offer a lumpsum in hand. A comprehensive health insurance plan on the other hand offers lifelong repeated coverage against any kind of hospitalisation including those done for critical illnesses. These plans however indemnify or provide for only against actual hospitalisation costs (and not any lumpsum in hand) but are renewable year after year for lifetime even after one makes a claim. These plans therefore offer wider and repeated coverage against all kinds of illness and hospitalisation for a lifetime. There are also additional riders and combinations that enhance the protection one can have against illness; one can get this information by speaking to our advisors directly.
Insurers are talking mostly about purchasing at least Rs 1 crore term cover. Some are now talking about Rs 1.5-2 crores cover. Traditionally, Indians were used to buying some money back policy or traditional plan of Rs 5-10 lacs cover and we thought we were insured. How do you go about figuring out how much Insurance do I need? And what according to you is the right amount for say a 30 year old young professional.Click to view answer
The intent of term insurance is to provide the financial support for your family in your absence. Ideally, it must hence provide them the same standard of life and thus similar income to what you offer them today and for as long as you are expected to be financially productive. The ideal coverage is thus a multiple of your current annual income which accounts for (1) average increments and promotion that you may get, (2) is adjusted for number of dependents you are expected to have and (3) is not more than 15-20x as it may balloon up into a very high amount and consequently costly for you today. For someone as young as a 30 year old, we note that there can be another 30 years of financially productive life and thus adjusting for both of above factors, an ideal coverage would be about 15 times the current annual income. The minimum recommendation should be for at least 10 times. One can get more information about adjusting this number a little further based on inflation etc by speaking to our advisor.
Typical health insurance plans exclude coverage for engaging in professional sports as well as indulgence into any activity deemed to have high risk levels of injury. Coverage for sportspersons are hence typically done through their associations or through the competition organisers as they bring everyone involved into one umbrella for easy understanding and specific coverage. There are both annual and time-bound covers and can be customised depending on the size of population being insured.
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New born babies are typically covered for up to 90 days under a maternity health insurance policy. Policies that do not offer maternity coverage can typically accept the new born as an added member from the age of 90 days. You can add the baby as a new member by intimating your insurance company in this window by paying an extra premium for the remaining part of the year or can seek the addition at the point of next renewal.
Health insurance options are restricted for those who have already contracted cancer as the risk of ailments including relapse are deemed high. Star Health has a pilot product - Cancer Care Gold - that has been designed to cater to such customers exclusively. While the coverage is not very exhaustive, it offers some respite against hospitalisation costs. Some insurers are also willing to consider offering coverage today on a case-to-case basis and by use of exclusions. It is recommended to reach out to our advisors with full details to determine what options may be available in this particular case.
COVID is a developing situation and insurers across the world are divided on what consequences could be if one contracted the same. However, as on date, most of the insurers in India are not treating it as a pre-existing condition and are only recommending a cooling-off period between 15 to 90 days from the date of recovery from COVID before health insurance coverage may be accorded to them. However, on a case to case basis, there may be a requirement for additional tests as part of underwriting and one should be ready for the same. As more details emerge from studies on the long term impact of COVID, some of these assumptions and consequently the decisions may undergo a change.
Hi Sitarama, We apologies for this and the document should have reached you almost instantly. Our team has also confirmed that they reached out to you yesterday and shared the soft copy of the Policy Document to you over email and confirmed the reciept with you as well. Do write to us know in case you have any other questions around Insurance
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