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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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| 7- Selection of Health Insurance Product/Company |
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| Now let us take another Example : |
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| Example 2 |
| Names |
Age / Date of Birth |
Preexisting disease |
Sum assured |
| A |
52 |
Undergone Angiography |
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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| Option 1 |
In this case, most Insurance Companies will take the stand that A has a preexisting disease so he will be covered under the exclusion clause, that is Heart disease is not covered |
| Option 2 |
If the proposal of this family is not accepted by an Insurance Company you can go for another Insurance Company. If the Insurance Company takes the stand that they are ready to cover B, C & D then do not give the cheque till they agree to also cover A with pre-existing disease. It may be difficult but it is not impossible. |
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| Premium Calculation |
| Name |
Example 1 |
Example 2 |
| A |
1900 |
1900(Heart disease is not covered) |
| B |
1900 |
1900 |
| C |
1200 |
1200 |
| D |
1200 |
1200 |
| Total |
6200 |
6200 |
| Less family discount |
620 |
620 |
| Premium Payable |
5580 |
5580 |
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In example 2 if the policy is renewed for next 4 year without any claim then from 5th year heart disease exclusion will be deleted. In Example 2 choices before you is : |
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Take the policy with exclusion of heart disease as it is a pre-existing disease. If there is no claim for next 4 years due to heart disease then this will also be deleted from insurance policy to be issued in 5th year. |
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