There is a crack in everything. That’s how the light gets in.” I read these beautiful lines by song writer Leonard Cohen, after he died last year. If you are wondering why poetry has found its way into a column on insurance, it’s because on the morning after New Year celebrations, I looked at everything I wrote in 2016 and found that it was overwhelmingly critical. So, this column is focused on the light rather than cracks; on the positive, unparalleled strengths of our insurances.
Health insurance has two such features embedded into regulation. First, any health insurance you buy is renewable for life. The insurance cannot be withdrawn without providing an alternative, irrespective of claims made or losses incurred by the insurer. This feature was embedded as a mandatory feature into health insurance in 2013. This is why insurers reject so many proposals, as their liability is lifelong. The second splendid feature in health insurance is that premiums cannot be increased for any specific individual or family, irrespective of the claims made. Premiums, if changed, must be for everybody in that age
