Hyderabad: Health insurance protects you from financial burden when you are admitted to the hospital unexpectedly. For this, we pay the premium regularly for years together without reviewing to what extent the amount is adequate in the current situation as per the changing times. In this backdrop, modifications and additions are mandatory in our insurance policy.
Taking out an insurance policy is like a protection wheel. But, many people feel that what is the need for it and the premium they are paying is wasted. Nobody knows what is in store for us. Unfortunately, when we have to make a claim, we have to check after two or three years whether it gives us full insurance or not. Once a policy of Rs 3 lakh was sufficient for a family of four. Now, unless at least Rs 10 lakhs experts suggest that it is not the right amount. Let's see in which cases to review the health insurance policy amount.
If the family grows..let's say at least Rs 5 lakh policy is enough for one person. But, when the spouse comes, the children grow and the family grows...the personal policy will become a floater. Whenever there is a new member in the family, the insurance amount should be increased accordingly. Ninety days after the child's birth, there is an option to be included in the health insurance policy. There are protections provided immediately after birth. Know the rules followed by your insurer for the inclusion of children in the policy. Seek expert advice if needed. It is natural that when new members join.. when the sum insured increases, the premium increases. Be prepared for this.
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Five years ago Rs 3 lakh policy is more than enough. Unless we are in a serious condition and the hospitalisation will not cost that much. Now, it is impossible to say how much it will cost if you go to a hospital. "We know that medical inflation is increasing exponentially. Considering the current cost of many treatments, a family of four should have a policy of at least Rs 10 lakhs. The insurance company gives the option to increase the sum insured only at the time of policy renewal.
The same rule applies to individual policies or group insurance policies offered by an employer. If you don't want to increase the basic policy amount, it is better to take at least a super top-up policy. The premium is a little less. Don't forget that if the policy is less than the required amount, everything from hospitalisation to treatment will have to be compromised.
If the rules change..new changes keep coming in the insurance sector from time to time. Mergers of companies and changes in IRDA regulations may affect the policy. In such cases, we see increasing the policy amount and premium. If this decision is in your favour then continue with the policy. Or try portability to other insurers. Application for this should be made at least 45 days prior to renewal.
Contact the company..the benefits offered on your policy..you should check the points in the policies of other companies. If there are any doubts about the policy.. they should be contacted and cleared by the insurance company. In addition, see if any new diseases and treatment methods are covered. Get complete information about exclusions and network hospitals. At the time of policy renewal, try to know the benefits it offers.
