Question: Is there any difference between the health insurance and the life insurance?
Answer: No, both the insurances are completely different from each other. Both of them are based on different policies and are coupled with different consequences.

Question: How much money a person should spend in the health insurance?
Answer: Well, that varies in accordance to your financial position and resources available with you. Some people decide considering their budget, however, if money is not a constraint for you then contemplate your requirements and spend accordingly.

Question: Please tell me, how often can I switch my health insurance companies?
Answer: Generally, it isn't advisable to frequently switch the insurance companies, but still, you can do this as many times you want.

Question: What actually happens when a claim is filed by an insured person?
Answer: The amount of the coverage is reduced from the amount that has been claimed by you. The sum assured written on your policy is actually the total sum payable during a year.

Question: How many claims are allowed in a year?
Answer: Factually, there is no limit as such.

Question: What all documents you require to buy a health insurance?
Answer: Universally, it depends on the company what all they want from you. Though, following documents you do require while applying for a health insurance policy:-

  • Personal form of the insurance company is to be dully filled by you.
  • Medical Examination is required is you are above the specified age group
  • Photographs of the applicant
  • Photo ID proofs of the applicant
  • A cheque by the proposer

Question: In case if I have to renew my policy for the second year, do I have to pay the premium again?
Answer: Yes, you are bound to pay the premium every year because the policy is issued on the per year basis. If you take policies from ICICI Lombard, they also issue health insurance policies for merely 2 years.

Question: Will the agents help us in settling the claims in the future?
Answer: Certainly, an agent will assist you throughout the process of claim settlement; however, you need to take the final call and decide whether you want to get it from an authorized agent or directly from the company. Remember, an agent's predominant earning is coming from the company and he might be getting a tad of commission from you but still he will always support his company. Theoretically, an agent is intended to fully assist you in the claim settlement process but eventually, it all depends on the time the claim takes to be lodged. So don't get underestimated, believe on your agent. Those who crave for a wider choice can also approach an Insurance Brokerage Firm.

Question: What is the minimum and maximum duration of a policy?
Answer: Most of the companies offer 1 year as minimum duration. However, some insurance entities also offer 2 years (minimum duration) as well.

Question: Is it possible for me to buy more than one Health Insurance Policy?
Answer: Yes, you are entitled to buy more than two insurance policies. Still, you have to keep it in mind that the claim shouldn't be duplicated to both the companies. Usually, the amount is shared by both the companies in the ratio in which the sum is insured. For instance, if the Company "X" have insured you for Rs. 5 lakh and the Company "Y" did the same for Rs. 7 lakh, then the ratio will be 5: 7. Let us suppose that you are insured by Company "X" for Rs. 5 lakh and Company "Y" have insured you under a Top-Up policy for Rs. 7 lakh. In this case, you will first receive the initial amount of Rs. 5 lakh from the Company "X" and rest of the amount will be paid by the Company "Y." Generally, top up policies are less expensive than the normal policies. However, for better advice you can always contact an Insurance Brokerage Firm.

Question: I'm not an Indian Citizen but I'm living in India. Can I buy an insurance policy here in India?
Answer: Yes you can buy an Indian Insurance Policy on certain conditions. You need to be a student of an authorised Indian University or should be working on a valid Visa. For tourists, there is no point in purchasing an Indian Insurance Policy because they will lose the predominant benefits in the cooling of period itself. Tourists coming for Medical Tourism can't avail the benefits of an Insurance policy in India.

Question: Who is supposed to be receiving the claim amount if the insured person dies during the treatment?
Answer: Nominee will receive the entire claim amount after the death of the policyholder.

Question: Will it be fine if I opt for the home treatment and get it reimbursed under the health insurance?
Answer: It is feasible under special conditions. If there is an epidemic and no beds are available in the hospitals. In the technical language, this type of treatment is known as domiciliary treatment.

Question: There is a possibility; I might be laid off soon. So it will be better if I see my doctor before my policy lapse?
Answer: Well, you need to consult an insurance broker, not a doctor. You might have to purchase a new health insurance policy before you leave your company. This will be beneficial for you because the day you will say good bye to your current employer, the cooling off period of your policy will also be over.

Question: I'm a disabled person. What are the options available for my health coverage?
Answer: Well, it completely depends on the kind of disability you have. Suppose, if you have poor eyesight and you fall ill because of other the diseases, the company might consider your eye-disease as a pre-existing disease and may not cover this, however, it will cover the other ailments and other accidental happenings.

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