Relevance of Third-party Administrator in Health Insurance Policy

 

Relevance of Third-party Administrator in Health Insurance Policy

In the last couple of years, one thing that most of us have realized is that a medical emergency can occur at any point in time. The ongoing global crisis has affected us both emotionally and financially.

People have also understood the importance to have a health insurance policy. The treatment costs and medical inflation can easily take a toll on the finances. In tough times, having the right type of health insurance policy acts as the shield.

With a plethora of health insurance companies available, choose the plan that best suits your needs. There are insurance companies that have third party administrators who help to settle the claims.

Often, we discuss choosing the right types of health insurance in place. In this article, we will briefly discuss third-party administrators also referred to as third-party intermediaries.

What is Third party in Health Insurance?

In simple words, a third-party administrator is defined as the company that is registered with the authority. It is engaged by the insurance company for a certain fee. It could be referred to by another name and mentioned in the agreement of health services.

The TPA functions as the intermediary between the insurance company and the policyholder. The prime function of the TPA is to effectively process the claims and settle them.

A third-party administrator might render service to the insurance company within the agreement that is connected with the business of health insurance.

Role of Third party Administrator in Health Insurance

The third-party administrator has an indispensable role when it comes to completing the processing of the health insurance claim. When it comes to the health insurance section, let us understand the roles a TPA has:

Smooth Processing of Claims and Settlement

The TPA’s essentially functions between the insurance company and the policyholder. The prime function of the TPA is to process claims and settlements. The role of a TPA is to check the documents carefully. The documents are submitted by the policyholder. If not convinced, the TPA can thoroughly ask for questions and every related important information. The claims can be either cashless or reimbursement. In the case of cashless hospitalization services, the TPA can easily collect the documents directly from the hospital. In case of reimbursement, the TPA will ask for all the supporting bills and documents from the policyholder.

Issuing Health Cards/ecards to the Policyholder or Nominee

For each policy that third-party administrator issues to the policyholder, a validation for the same is required. This process is completed by issuing the health card or the ecards. These cards have the details of the policyholder, nominee, policy number, and the TPA accountable for processing the claim.   At the time of admission to the hospital, this card needs to be shown at the hospital insurance desk. Ensure intimation of the same to the insurer or TPA for a seamless process.

Provide Relevant Helpline Numbers In Case of Emergency

The policyholder should have every access to information in regards to the claims. One of the key roles for a TPA is to set up helplines that the policyholder can easily reach out to. It could be via email as well.

List of Network Hospitals

The third-party administrator has the list of all the network hospitals. On an ongoing basis, they further also try to enlist more hospitals in PAN India. They need to look for hospitals that can arrange for cashless services at cost-effective rates that benefit the policyholder.

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Over to You

A third party administrator is central to the policyholder, hospital, and insurer to work in tandem.

A TPA surely makes the lives of the insurers, policyholders, and hospitals easy. Before you enroll in a TPA to process the claim do a background check. Read the terms and conditions mentioned in the health insurance documents.

*Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Tax Benefit Of Group Health Insurance For Employers: Explained

 

 Tax Benefit Of Group Health Insurance For Employers: Explained

When you start looking for a new job, there are different criteria on your list before you find a suitable job. Better pay, flexible working hours and work-life balance are the most common ones. However, you should look for the medical benefits that the employer is providing. Many government and private organisations offer group health insurance to their employees. While you, as an employee, are the one who benefits greatly from this insurance, your employer also gets to enjoy benefits, mainly tax benefits. Keep reading to know more about it.

What is group health insurance?

Group health insurance is provided by employers to their employees. Organisations that have more than 20 employees are required to provide this insurance for their employees. Banks, MNCs and NGOs are some of the organisations that provide their employees with this insurance.

Benefits of group health insurance for employees

The following are the benefits of this health insurance that you can enjoy as an employee:

Expenses of hospitalisation are covered.

Coverage is offered to spouses, children, and parents.

OPD Coverage and consultation charges.

Coverage for medical tests.

Critical illnesses cover.

These are some of the benefits that are offered to you under this insurance. Make sure to read the documents properly to get a better idea.

*Standard T&C apply

 Benefits of group health insurance for employers

While the focus is always on the employees, employers also get to enjoy the benefits of this insurance. Employers get tax benefits on group health insurance. Under the Income Tax Act of India, the premiums that an employer pays for the insurance are considered a business expense. As the insurance coverage is for a large number of employees, the premium is also paid in a lump sum. This allows the employer to display the premium paid as a business expense in their statement of affairs to claim tax benefits thereon. However, the tax benefit is limited only to the premium paid by the employer and not that paid by the employee. * Standard T&C Apply

Which types of employers can avail of group health insurance benefits?

Listed below are some of the types of employers who can avail of tax benefits on group health insurance:

Private companies

Public companies

MSME (Micro, Small and Medium enterprises)

Start ups

Is group health insurance enough?

While it is suitable financially if you and your family are covered by group health insurance, relying solely on one could be a mistake in the long term. The coverage of this policy is in force till the time you are employed with that organisation. Once you resign, the coverage ceases to exist. If a medical emergency were to take place during your period of unemployment, you would have to bear the costs.

Hence, you should never rely solely on group health insurance. It is always recommended to buy personal health insurance along with group insurance coverage. It is difficult to anticipate when a medical emergency might take place. If your employer offers health insurance, that is an added benefit. However, depending on just one policy is risky.

What are the benefits of health insurance?

The following are the benefits of health insurance:

Expenses related to hospitalisation and treatment are covered in the policy.

An individual policy offers coverage for you and your partner. Although, it can be converted to a family floater plan to include your parents too.

Family health insurance offers financial coverage to your family for medical emergencies within the same policy.

Additional charges such as ambulance fees, room charges, nurse charges and medicines are covered.

Medical tests and check-up facility is also covered in their coverage.

Coverage for OPD and consultation charges are also part of health insurance plans.

* Standard T&C Apply

Additional benefits

In addition to the benefits provided under health insurance, you get to enhance the coverage with add-on riders. Add-on riders are features offered by your insurer that you can include in your policy to get additional coverage. Add-ons include:

Critical illness add-on

Cancer, diabetes, and heart diseases are some of the common critical ailments. The nature and treatment of these diseases are what makes them critical illness. The treatment cost of critical illnesses is high compared to ordinary illnesses. While the policy terms may not cover the expenses of these critical illnesses, a critical illness add-on offers you a lump-sum pay-out to cover the cost of treatment of a critical illness. *

Room rent waiver

The room rent limit that your insurance policy covers can be upgraded with this add-on if you opt for a private room or other room with higher room rents during the treatment. *

Personal accident cover

If the insured sustains injuries leading to disability, be it partially or totally, or were to pass away due to injuries from an accident, the personal accident cover provides monetary compensation to the beneficiary. *

Daily cash allowance

This add-on ensures that you are provided with a daily allowance during the period of hospitalisation*. This allowance can be used to take care of medical expenses or personal expenses. *

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Conclusion

While your employer might enjoy tax benefits on the policy provided by them, it would benefit you to opt for a personal policy. You can use the health insurance premium calculator to get a quote that suits your budget.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

What Do Comprehensive Health Insurance Plans Cover?

 

 What Do Comprehensive Health Insurance Plans Cover?

A comprehensive health insurance plan offers broad coverage against medical emergencies. Health problems do not book an appointment before knocking at our doors. And with medical costs rising with each passing day, treating the illness can be mentally draining. Financial stress is the last thing you want to feel when you are already frail and feeble. That's when comprehensive health insurance comes into play. It acts like a financial cushioning that you can fall back on in case of any medical crisis. It ensures that you are covered against most treatments and procedures under a single plan.

What does comprehensive health insurance cover?

While we know comprehensive health insurance is a necessity in current times, it is imperative to understand what's covered under this plan. So, let's explore them now:

Hospitalisation expenses

This type of health insurance policy compensates for hospitalisation expenses. However, it also indemnifies expenses incurred before hospitalisation and post discharge. Pre-hospitalisation expenses include consultation charges of a doctor, blood tests, and medical screenings conducted for diagnosis. Furthermore, post-hospitalisation expenses include the cost of medicines, follow-ups, and medical tests. *

Note: Read the terms and conditions thoroughly to know how many days before hospitalisation and after discharge are covered under the policy. It's generally 30 and 60 days respectively.

Coverage for day-care treatment

Medical procedures that require less than 24 hours of hospitalisation are considered day-care treatments. Thanks to medical advancements, we do not have to be hospitalised for more than 24 hours even after undergoing complex procedures such as cataract surgery. A comprehensive health insurance plan offers coverage for such day-care treatments as well. *

Ambulance charges

Ambulances come to our rescue when we fall severely ill. The cost of availing of ambulance services is covered under comprehensive health insurance policies. However, the number of ambulance trips covered under the plan can be different for each insurer. So, do not forget to know these minute details from your insurance provider. *

Domiciliary hospitalisation

Domiciliary hospitalisation is when a patient is being treated at home. Unavailability of beds in the hospital, inadequate medical facilities, incapability of moving the patient to a hospital, etc., are a few reasons why patients are treated at home. Expenses incurred on such medical treatments are covered under a comprehensive plan. *

AYUSH treatment

AYUSH treatments are alternative methods of healing which include Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homoeopathy. While these types of treatments were not covered under health insurance before, health insurance companies have started compensating for the same. *

Organ donor expenses

Organ donor expenses involve two people. The patient that requires a new organ and a donor who donated their organ. A comprehensive health insurance plan covers expenses incurred in undergoing an organ transplant. The expenses include hospitalisation charges, pre- and post-hospitalisation expenses, and more. *

Pre-existing disease coverage

Since the whole idea about insurance is covering unforeseeable expenses, can you really claim coverage against pre-existing diseases? The answer is yes, you can. You can claim insurance against health conditions like asthma, diabetes, blood pressure, etc. However, such diseases are covered only after a fixed waiting period. *

What is not covered under comprehensive health insurance?

As an individual who wants to buy a comprehensive health insurance plan, you must also know what's excluded under it. So, here's a gist of treatments, illnesses, and procedures that are not included in this policy:

Cosmetic surgeries

A comprehensive health insurance plan does not cover cosmetic surgeries such as Hair transplantation, Botox, Liposuction, and other similar procedures. Unless you are required to undergo such surgeries as a part of any medical treatment, your insurance provider won't cover its cost.

Infertility or pregnancy-related complications

In case you are hospitalised due to infertility or pregnancy-related issues, your comprehensive health insurance plan will not cover its cost. While no health plans cover infertility, maternity insurance plans offer coverage against abortions, normal delivery, and c-section. You can also check out health plans specific to women for such expenses.

Tonics and other supplements

A comprehensive health insurance plan does not cover expenses incurred on tonics and supplements. However, if your doctor has prescribed them to you, the cost can be claimed. It is best to refer to your policy documents to confirm if health supplements are covered.

Diseases caused by overconsumption of alcohol

If you are diagnosed with a health issue caused by alcohol consumption, it won’t be covered under a comprehensive health insurance plan.

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* Standard T&C Apply

To sum it up

A lot of people refrain from buying health insurance due to the lengthy offline process. However, thanks to the internet, you can now buy health insurance online. All you have to do is research about your preferred insurers and get a quotation using the health insurance premium calculator.

A comprehensive health insurance plan proves to be lucrative every time we find ourselves amid a medical crisis. It will help you cope with the financial stress of paying healthcare bills like room rent, consultation charges, diagnostic tests, medicines, etc. However, avoid raising a claim against procedures and diseases that are excluded from the plan.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Health Insurance Terminologies that You Should Know

 

 Health Insurance Terminologies that You Should Know

Often people do not realize that being healthy is a lifestyle and not a one-time thing. Most of the time people do not take their health conditions seriously until some emergency happens.

However, in this pandemic, there has been an improvement. In such times it is important to take care of both body and mind. Hence, a health insurance plan is a necessity. Having medical insurance in place will give you peace of mind.

When buying a health insurance policy, you will come across terminologies that can be difficult to understand. Sometimes, it might be possible that you are not aware of those terms. So, before you decide to buy a comprehensive health insurance plan, we have discussed some important health insurance terms that you need to know.

Important Health Insurance Terms

Here are some of the important health insurance terms that will help to make an informed decision:

Pre-Hospitalization / Post-Hospitalization: It includes any expense incurred before or after the hospitalization such as blood tests, doctor visits, operations, etc. Understand the terms and conditions related to this medical insurance coverage carefully.

Pre-existing Diseases: There are health comorbidities such as diabetes, hypertension, cardiovascular issues, kidney problem, and various other underlying diseases. These could be considered significant to the risk factors regarding the health insurance plan. Any individual with any other stated pre-existing medical conditions is subject to higher risk leading to a higher health insurance premium.

Add-on Riders/Covers: As the word suggests the add-on riders in a health insurance policy are the additional features. It is often referred to as optional covers as well. It offers additional financial cover against any unknown medical emergency that involves high medical costs. The add-on riders can be included in the base health insurance plan. Some of the common add-on rider options offered are rent waiver, maternity cover, critical illness cover, etc.

Day Care Procedures: Check whether daycare procedures are covered in the health insurance policy or not. Mostly the insurer considers the policyholder to be hospitalized only when the person has stayed for 24 hours and more. There are specific treatments that are covered in a day. So, check with the insurer whether any such treatment is covered under medical insurance.

No-claim Bonus (NCB): No Claim Bonus is the bonus offered to the policyholder when no claim is made during the health insurance policy term. It is offered every year throughout the tenure of your health policy. It is like an incentive for the policyholder for maintaining their health.

Critical Illness: When we say critical illness it means a life-threatening medical condition. Some of the life-threatening diseases are cardiovascular disease, cancer, kidney failure, and so forth. There are specific disease plans available that cover such diseases. You can also check with the insurance company if there is any add-on cover available for the same.

Room Rent: It is the hospital room rent charge that is incurred while you are hospitalized and undergoing treatment. Room rent charges by every hospital are different. More sophisticated rooms may have higher room rents. Therefore, your health insurance policy should have higher allowances for the room rents.

Co-payment: With the co-payment clause, the policyholder has to pay an amount that is pre-fixed in case of hospitalization. This implies that a considerable part of the expenses incurred for medical treatment has to be borne by the policyholder. In case you decide to opt for it, study it carefully.

Network Hospital: The health insurance companies have tie-up with certain hospitals across the country. These hospitals are referred to as network hospitals. The network hospital is the place where treatment can be availed without paying the bills. The insurance company directly settles the bill up to the coverage limit. Also, when the insurer directly bears the cost it is known as the cashless claim service.

Waiting Period: In a medical insurance policy, there is a fixed period before, which one cannot avail of the coverage benefits. Health insurance claims cannot be admitted during the waiting period. It is also important to understand that the waiting period for various health conditions and coverage differs.

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The Bottom Line

The insurance business works on the principle of utmost good faith. While purchasing a health insurance policy, do not hide any critical information.

Now, that you know the meaning of health care insurance words, we hope that buying a suitable plan will be easy for you. A little knowledge beforehand helps to go a long way. Make sure to go through the policy wording carefully.

*Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Discover Ideal Health Insurance for All Life Stages | Explore Options Now

 

 Discover Ideal Health Insurance for All Life Stages | Explore Options Now

Healthcare costs have been rising rapidly in India, making it more important than ever before to have adequate health insurance coverage. A health insurance policy provides financial protection against medical emergencies, hospitalization expenses, and other healthcare-related expenses. However, with so many health insurance options available in India, it can be challenging to choose the right health insurance plan. In this article, we will discuss the variety of health insurance options available in India for different stages of life.

Health insurance for different life stages. Here is an overview of health coverage requirement for different life stages:

·Young Adults

Individual health insurance benefits  are designed for individuals not covered by a group health insurance plan offered by their employer. These policies are suitable for young adults just beginning their careers and are not yet eligible for employer-provided health insurance. These policies offer coverage for hospitalization expenses, day-care procedures, pre-hospitalisation and post-hospitalisation expenses, and emergency ambulance services.

Family floater plans are ideal for young married adults with dependents. These plans provide coverage for the entire family under a single policy. Health insurance plans for family offer higher coverage at a lower premium than individual policies. The policy can be renewed annually, and the sum insured can be increased over time to meet the changing needs of the family.

Critical illness policies provide coverage for life-threatening illnesses such as cancer, heart attack, and stroke. These policies are suitable for young adults who have a family history of such illnesses or are at higher risk of developing them due to lifestyle factors such as smoking or obesity. Critical illness policies offer a lump sum benefit in case of a diagnosis of a covered illness. This benefit can be used to cover medical expenses or other financial needs such as loss of income due to absence from work.

·Middle-Aged Adults

Middle-aged adults often have more health concerns than younger adults. They are at higher risk of developing chronic illnesses such as diabetes, hypertension, and cardiovascular diseases. As a result, they need health insurance policies that offer comprehensive coverage for a wide range of medical expenses.

Senior citizen health insurance policies are designed for individuals above the age of 60. These policies provide coverage for age-related illnesses and medical expenses. These policies offer coverage for hospitalization expenses, day-care procedures, pre and post-hospitalization expenses, and emergency ambulance services. The policies also offer a no-claim bonus and restore benefit, which reinstates the sum insured in case it is exhausted during the policy period.

Disease-specific policies provide coverage for specific illnesses such as diabetes, hypertension, and cancer. These policies are suitable for individuals with a family history of such illnesses or are at a higher risk of developing them due to lifestyle factors such as smoking or obesity. Disease-specific policies offer coverage for hospitalization expenses, day-care procedures, pre-hospitalization and post-hospitalization expenses, and emergency ambulance services related to the specific illness.

Top-up plans are add-on policies providing additional coverage over and above the existing health insurance plans. These policies are suitable for middle-aged adults looking to increase their coverage without paying a high premium. Top-up plans offer coverage for hospitalization expenses, day-care procedures, pre-hospitalization and post-hospitalization expenses, and emergency ambulance services. The coverage kicks in once the sum insured under the base policy is exhausted.

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· Senior Citizens

Senior citizen health insurance policies provide coverage for age-related illnesses and medical expenses. These policies are designed to meet the specific health insurance needs of senior citizens. Senior citizen health insurance policies offer coverage for hospitalization expenses, day-care procedures, pre-hospitalization and post-hospitalization expenses, and emergency ambulance services. These policies also offer coverage for home healthcare, which is becoming increasingly popular among senior citizens.

Remember to avoid making any admissions, even if you think you were partially responsible for the 

Cancer-specific policies provide coverage for the treatment of cancer. These policies are suitable for senior citizens with a higher risk of developing cancer. Cancer-specific policies offer coverage for hospitalization expenses, day-care procedures, pre-hospitalization and post-hospitalization expenses, and emergency ambulance services related to the treatment of cancer. Additionally, these policies offer a lump sum benefit in case of a diagnosis of cancer, which can be used to cover medical expenses or other financial needs.

Hospital cash policies provide a fixed daily allowance for each day of hospitalization. These policies are suitable for senior citizens who may require hospitalization frequently. Hospital cash policies offer coverage for expenses related to hospitalization, such as room rent, nursing charges, and ICU charges. The daily allowance can be used to cover additional expenses such as food, transportation, and other incidental expenses.

Conclusion

In conclusion, having a health insurance policy is essential to protect yourself and your loved ones from unexpected medical expenses. With the variety of health insurance options available in India, it is now easier than ever to choose a policy that meets your specific health insurance needs. It is essential to choose a policy that offers comprehensive coverage at an affordable premium. Factors such as the coverage amount, the sum insured, the waiting period, and the premium should be carefully considered before purchasing a policy

Your Detailed Guide to Health Insurance Claims

 

 Your Detailed Guide to Health Insurance Claims

Health Insurance is an insurance product that covers your medical expenses in case you need to use health care services.

Your medical costs can be covered either via cashless claims settlement or via reimbursement of the claim amount.

You can avail the cashless health insurance claim settlement facility if you are admitted to a network hospital. If you are admitted to a non-network hospital, then you need to settle the hospital bills yourself and submit the hospitalization documents along with the claim form for the reimbursement of the hospitalization expenses.

Documents Required:

The documents required for quick and worry-free processing of your claim are listed below:

A photocopy of your previous policy details prior to taking your Health Guard policy from Bajaj Allianz (if applicable).

A photocopy of your present policy document with Bajaj Allianz.

First prescription from the doctor.

The health insurance claim form duly signed by you or your family member.

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The hospital discharge card.

The hospital bill giving detailed break up of all expense heads mentioned in the bill. For e.g., if INR 1,000 has been charged towards medicines in the bill, please ensure that the names of the medicines, the unit price and the quantity used are mentioned. Similarly, if INR 2,000 has been charged towards laboratory investigations, please ensure that the names of the investigations, the number of times each investigation has been performed and the rate is mentioned. In this way clear break ups have to be mentioned for OT charges, doctor’s consultation and visit charges, OT consumables, transfusions, room rent, etc.

The money receipt duly signed with a revenue stamp.

All original laboratory and diagnostic test reports. For e.g., X-Ray, E.C.G, USG, MRI scan, haemogram etc. (Please note that you do not have to enclose the films or plates, a printed report for each investigation is sufficient.)

If you have purchased medicines in cash, and if this has not been reflected in the hospital bill, please enclose a prescription from the doctor and the supporting medicine bill from the chemist

If you have paid cash for diagnostic or radiology tests and it has not been reflected in the hospital bill, please enclose the prescription from the doctor advising the tests, the actual test reports and the bill from the diagnostic center for the tests.

In case of a cataract operation, please enclose the IOL sticker.

For pre and post hospitalization expenses you would be required to submit the following documents:

Medicines: Please provide the doctor’s prescription advising medicines and the relevant chemist’s bills.

Doctor’s Consultation Charges: Please provide the doctor’s prescription and the doctor’s bill and receipt.

Diagnostic Tests: Please provide the doctor’s prescription advising tests, the actual test reports and the bill and receipt from the diagnostic center.

Important: Please ensure that you only submit the original documents. Duplicates or photocopies are usually not accepted by the insurance companies.

Non-claimable Items in Hospital Bill:

There are a few items in your hospital bill for which you might have to bear the expense on your own. These generally include:

Service charges, administration charges, surcharge, establishment cost, registration charges

All non-medical expenses

Private nurse expenses

Telephone calls

Laundry charge etc.

Learn more about our health insurance policies to get maximum coverage for any kind of medical emergency.

*Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

What Is The Survival Period In A Critical Illness Health Insurance?

 What Is The Survival Period In A Critical Illness Health Insurance?

Health insurance is no longer a luxury in 2022, but a necessity. As lifestyles are changing, so are the ailments that are affecting people at large. Among the different illnesses that are gripping people, critical ailments are typically more concerning. When a serious illness such as cancer goes undiagnosed, it often results in a critical illness. However, that isn’t always the case. The reason that makes critical illness concerning is the fatality rate associated with different types of critical ailments. Hence, the right treatment and early diagnosis are crucial when it comes to critical ailments.

A critical illness health insurance policy is an effective way to tackle the sky-high treatment costs for these kinds of critical ailments. These treatments may result in even a debt trap if not planned for. As medical emergencies are unexpected, treatment cannot always be planned. Thus, the lump sum payout in a critical illness plan helps tackle the treatment cost and ensures that the right treatment is available.

Among the different terms to know about when buying a critical illness plan, the survival period is of particular importance. Let’s look at the meaning and significance of the survival period in a critical illness policy.

What is the Meaning of Survival Period in Critical Illness Policy?

The survival period in a critical illness cover refers to the period during which the policyholder must be alive after the illness is diagnosed. The insurer does not pay any compensation till the end of the survival period and makes a lumpsum payout at its end. Generally, the survival period ranges from 14 days to 30 days depending on the insurance company’s terms and the type of ailment.

Unlike life insurance plans, a critical illness health cover does not pay any death benefit to the dependents or nominees of the policyholder. Instead, the insurer pays the specified amount, which is usually the entire sum assured, on diagnosis but at the end of the survival period. Thus, the policyholders can seek the necessary treatment and take advantage of critical illness insurance.

* Standard T&C Apply

Is There Any Refund of Premium in Case the Policyholder Does Not Survive the Survival Period?

No, health insurance policies do not offer a return on premium if the policyholder does not survive the specified survival period. Return of premium is where the insurer refunds the premium in case of an unfortunate demise of the policyholder. However, this feature is available when buying life insurance covers. *

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Is It Essential to Consider the Survival Period When Buying a Critical Illness Cover?

Yes, it is important to account for the tenure of the survival period. A shorter period helps by ensuring a quicker payout by the insurance company whereas a longer survival period will increase the financial burden. Faster treatment of the ailment is possible with a shorter survival period eliminating the burden on the policyholder’s financial resources. *

Is the Waiting Period and Survival Period the Same?

No, the waiting period is the duration that the policyholder must complete before the insurance cover is activated. On the other hand, the survival period starts after the diagnosis of the specified critical illness. *

* Standard T&C Apply

To conclude, the survival period is an essential point to keep in mind when buying a critical illness policy. The different factors impacting the critical illness policy’s premium can be understood by using a health insurance premium calculator.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read the sales brochure/policy wording carefully before concluding a sale.