Medical Insurance Related Services

The most common reason for claim rejections is that full disclosure about medical condition / past medical history was not disclosed at the time of applying for the policy. It is of utmost importance that nothing is kept hidden while applying for a medical insurance policy.

The other reasons may be Exclusion Clause or Waiting Period Clause.

There are 2 main reasons to buy a Medical Insurance policy when one is in good health. First, after developing certain illness or disease, the insurance company may reject your application or issue the policy at a higher premium (Loading)

Second, good health does not rule out prolonged & costly hospitalisation in case of an accident or viral infections.

In general, a combination of a small policy of say Rs. 5 lakhs and a Top Up Plan which starts from 5 Lakhs, is cheaper as compared to a single policy of a large amount.

Also, review the features of the basic plan & the Top Up plan carefully to avoid any negative surprises during a claim

A Medical Insurance policy covers the cost of hospitalisation for more than 24 hrs. (and some specified Day Care procedures) where as, a Personal Accident policy covers treatment cost incurred due to an accident. The Personal Accident policy also pays a lumpsum amount on Disability resulting from the accident. If the insured person is unable to attend to work due to the accident, he can claim compensation for loss of income.

Normally, a Medical Insurance Policy in combination with a low-cost Personal Accident policy is a good combination.

A Critical Illness policy will pay a lumpsum amount on the diagnosis of specified Critical illness like Cancer, Heart Disease, etc. The lumpsum amount may or may not be used for treatment purposes. Where as, a Medical Insurance policy will cover the cost of treatment & hospitalisation.