7- Selection of Health Insurance Product/ Company |
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Now a days you see many advertisements of Insurance companies in print media/ electronic media about Health Insurance/ Mediclaim Policy. |
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This does not mean that you are in a buyer's market. |
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Reason being, the insurance companies are finding claim ratio of 140%+ on health insurance to be on high side and as a result it becomes a loss-making proposition for them. Most of the Companies do not want to increase their exposure to this risk. |
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Preexisting Disease - The person is having preexisting disease. If the was not having such preexisting disease we would have provided them with insurance cover. This is very much common in case of people who have heart disease history (under gone angiography, angioplasty & heart surgery). |
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Keeping in mind the above information you should compile a set of criteria on the basis of which you decide about the Insurance Product and Insurance Company to be selected : |
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The data you need is : |
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Example 1 |
Names of family Members |
Age |
Preexisting disease |
Sum assured |
A |
52 |
None |
Rs.1,00,000 |
B |
47 |
None |
Rs.1,00,000 |
C |
22 |
None |
Rs.1,00,000 |
D |
16 |
None |
Rs.1,00,000 |
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On the basis of this information you get an idea about the premium, which gives you an indication of the funds required. Depending on your budget, you may adjust the sum assured.
Some questions before you are: - |
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