If you do not make any claim in a policy year, insurance companies increase your sum insured in the next year. This is called no-claim bonus.
With time, both the need and importance of health insurance are increasing. It protects us from unexpected expenses due to any accident or illness and also keeps our savings safe. It is very important to keep certain things in mind while buying health insurance. Let us know some such important questions that you should ask while buying health insurance.
Which diseases will be covered
The first and most important question is which diseases your policy covers. Make sure you understand all the diseases and conditions that are covered, so that you don’t have to regret later.
How much No-Claim Bonus (NCB) will you get?
If you don’t make any claim in a policy year, insurance companies increase your sum insured the next year. This is called no-claim bonus. While buying insurance, do ask how much no-claim bonus the company offers. This is a great way to increase your cover over time.
What is the waiting period?
Most policies have a waiting period for coverage of pre-existing diseases. As per the rules, there can be a maximum waiting period of 3 years for chronic diseases, but many companies start providing coverage after 2 years only. While taking the policy, make sure after how many years you will start getting coverage for any of your diseases.
What is not covered in the policy?
Every insurance policy has some exclusions, that is, some things that are not covered. It is very important to know what will not be covered in the policy you have purchased. This can help you avoid problems like claim rejection in future.
How is the Claim Settlement Ratio (CSR)?
This is a very important factor. It is very important to know what is the claim settlement ratio of the company from which you are buying the policy. This tells how efficient and reliable the company is in settling the claims of its customers. Always buy policies from companies that have a good claim settlement ratio.
Which are the partner hospitals?
Insurance companies partner with hundreds of hospitals. But it is very important to find out whether your policy includes a better hospital near your home or not. It may happen that the policy you have purchased does not have a convenient and good hospital available for you, especially in an emergency.
