Health Insurance (2)
While you will surely compare premiums associated with various products that you compare, make sure you consider some of these features as well:
o Cashless hospitalisation: a facility in which a person can get the required treatment while the medical expenses are settled by the insurance company directly with the hospital if the hospital comes under its network. You may, therefore, also want to compare the associated network of hospitals of each insurer.
o No Claim Bonus or Discount: Some products carry incentives for ‘claim free’ years and offer either an increased Sum Assured for no extra cost or a reduced premium for your Sum Assured
o Exclusions: Do carefully review the exclusion list of each product. Needless to say, for the same amount of cost you would want to go for the product that has the least number of exclusions. Alternately, you may want to be covered for a specific medical condition which may actually be excluded in a given product.
o Maximum age of Renewal: This is the age to which the company would continue to provide you with health insurance on payment of premiums. You may want to go for a product with a higher maximum age of renewal.
Other benefits: You may also want to compare certain other benefits such as Ambulance charges, coverage for day care procedures (for which hospitalization is not required) etc.
Most health insurance companies provide the feature of ‘cashless facility’ with a select network of hospitals. This means that you can walk into any of the networked hospitals across the country and get treated (for diseases which fall under purview of cover) without having to pay for your bills first and then claiming it from insurance companies. The expenses are settled directly between the insurer and the hospital.
If you do not get admitted to a networked hospital due to some reasons, you will need to settle the hospitalization expenses and claim these from the insurance company subsequently.
Motor Insurance (1)
Most of the leading insurance companies today have networked with a large no. of garages and service centers across the country. If you get your car repaired at any of these garages, you may not be required to pay for the repair charges as the insurance company will directly settle the claims.
Check with your Insurance Company on garages where cashless facility is available prior to getting any repair word done, and follow the procedure set out by the Insurer to ensure you can avail of the facility without problems.