- I am covered by my Company’s Health Insurance: FALSE
Health Insurance is a smart risk cover that can protect you lifelong from unpredictably high healthcare and hospitalization expenses. Why should you depend on your employer for such a basic, core personal need? Always asses what your real needs are on top of what your employer provides you. Employer given benefits at times can have sub limits in the policy for certain diseases as well as a cap on room rent. Also, the sum insured might not be enough.
Employers have their own budgetary constraints when renewing group health insurance policies year on year. If premiums rise substantially, they may reduce the cover or introduce stringent terms and conditions to control. This may not suit you or cover you efficiently as per your individual needs.
For those of you who might have a break between two jobs however small due the sabbatical you take or any other reason, it is wise to have your own individual or family floater health insurance policy. Also, due the many waiting periods in such policies before a claim can be made (4 year waiting period for pre-existing diseases, 2 year waiting period for certain specified diseases, maternity claim waiting period, new born claim waiting period, 1st Claim waiting period), it is wise to get into a policy early so that the waiting periods get served out.
- I am young and healthy so I don’t need Health Insurance: FALSE
When you say you are healthy, are you indicating that you have no risk of getting hospitalized at all? Do you have no risk of meeting with an accident? Do you have no risk of falling ill with Malaria or a Dengue or Typhoid?
As per a recent report by a reputed Insurance company, people in the age group of 23-30 are one of the highest claimants of Health Insurance. Most of the claims they make are related to accidents or unhealthy food habits (gastroenteritis or food poison related hospitalization).
- I don’t trust Insurance companies: FALSE
Insurance companies are governed and regulated by Insurance Regulatory and Development Authority of India (lRDA), a Government of India body. If you trust your hard earned money & savings with a bank which is also governed by a Government body, there is no reason to not trust Insurance companies who have similar rules with respect to maintaining enough cash to pay claims to ensuring grievances are responded to. Protection of Customer Interest is one of the primary roles the IRDAI plays in the Insurance Industry. They created Insurance broking companies for this reason only. An Insurance broking company represents 100% customer interest 100% of the times in front of insurance companies. Also, all rightful and valid claims always get settled. There might be a few cases of delay and issue escalation in exceptional circumstances but the norm is that they get settled correctly. It is the core business of an insurance company to accept and cover risk and pay claims when required.
- Health Insurance is expensive and unreliable: FALSE
Health Insurance is not expensive. The flip side is that a hospitalization bill is very expensive if no health insurance exists.
A young couple with both spouses being around 30 years of age will have to pay around Rs. 8000 per annum for a floater sum insured of around Rs. 5 Lacs per annum. Think of the premium as a charge you are paying to protect your hard earned savings from any medical exigencies.
- I don’t understand Insurance hence I have not bought a policy: FALSE
This is where we can help. You need not worry about reading any fine print or comparing brochures & benefits. You also do not have to meet any (pesky?) insurance agents. By the way, please be informed that agents represent an insurance company while we at Bimadirect.com represent you.
Bimadirect.com will allow you to compare insurance products from many insurers with a promise of-
- Expert Advice
- Best Price Assurance
- Claim Assistance
What’s more, help is available with just a phone call on our toll free no. 1800-108-8888 where our insurance experts will understand your needs and help you accordingly. Our services do not cost you any money, not even a rupee. So call now and try us out.
By Atul Pandey, Principal Officer, Bimadirect.