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| Introduction to Health Insurance in India |
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| Health Insurance provides risk coverage against unforeseen health expenditure that may result in financial hardship. Health insurance is one of the fastest growing areas in the insurance industry and is expected to grow to Rs. 30,000 crores in 5 years from the current Rs. 8,100 crores. |
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| 9 (b)- Cooling Off Period/ 30 days Waiting Period |
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First 30 days of Health Insurance is called Cooling Off Period and hospitalization due to illness during these 30 days is not covered during.
It is only from 31st day that this is covered.
However hospitalization due to accident is covered from 1st day of issue of policy.
Cooling Off Period concept is not valid when renewal is made after a year provided renewal premium was paid in time.
Any break in insurance results in issue of Insurance Policy as a New Case and Cooling Off Period applies again. You forgo no claim Bonus benefits also, as now it is a new policy. Therefore it is in your interest
that you should renew the policy well in time. |
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