Structure and features of health insurance plans have evolved and become more customer friendly over the last few years. Here are five new age features.
Of late, more and more people have started leading a healthy lifestyle, backing it up with wellness programmes. This certainly helps but does not remove the risk of being hospitalised due to unforeseen events. The need for adequate health cover is increasingly becoming critical and consequently choosing the right health insurance plan has become very important. Let's look at few important features that could help you take a more informed decision.
Lifetime Renewability: As per IRDAI regulations, insurers are mandatorily required to offer health insurance for an entry age of up to 65 years. Most private insurers however, do not have such age-limits in their health plans while most state-owned general insurers cap the entry age at 65. As per rules all policies have to offer lifetime renewability. Naval Goel, Founder & CEO, PolicyX.com, says, "If you fail to renew the plan, then at the time of making the claim (in any new policy), you will also lose the existing benefits of the lapsed policy." Once the policy is issued, the policyholder has the right to continue renewing it lifelong. Lifetime renewability would be available even if there is a claim made in the previous year. Insurer cannot deny renewal on arbitrary grounds and has to furnish cogent reasons in writing if it does so.
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