Why Health Insurance Premium Is Gender Based

Health care costs have risen considerably during the past few years. It has gone beyond the reach of common man thus making more sense to buy health insurance policies. Health insurance is an agreement between two parties i.e. insured and insurer under which insurer agrees to pay for medical treatment in case of any health issue for a fixed sum which is paid by insured to the insurer. Health insurance policies are provided by almost every insurance company and it can be bought through various methods. It can be bought through traditional channels through agents else it can be bought online via the internet.

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    The difference in Health Insurance Premium

    Health insurance is offered to cater to every class and is available in different variants such as individual health insurance, family floater health insurance, senior citizen health insurance and critical illness health insurance plans. Health insurance policies in India are very complex in nature and it is very important for an individual to understand the terms and conditions of the policy.

     
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    Understanding the policy terms and conditions enables you to know how to make an insurance claim with the company as you will be knowing about diseases covered and their extent of coverage. Health insurance premiums typically provide coverage for pre and post hospitalization expenses along with expenses for in-patient treatment.

    The health insurance premium for an individual also depends upon the extent of coverage of the policy. A comprehensive health insurance policy will cost you more than an insurance policy designed to cater to specific requirements like the pre-existing cover or critical illness cover.

    While calculating health insurance premium, health insurance providers consider a lot of factors such as applicant’s age, the city you live in and new development while calculating health insurance premium is gender-based pricing. Many companies have initiated to launch health insurance policies with pricing based on the sex of the individual. Many insurance providers are offering women based health insurance policies in India and health insurance premium for women is less as compared to the policies for the men.

    This is due to the fact that women are less prone to suffering an illness in our country as compared to men. Several companies have women-specific critical insurance policies as their offering and these plans cover illnesses specific to women like breast cancer, cervical cancer, fallopian tube cancer etc. which is in addition to the standalone critical illness plan.

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