Insurance marketplace is growing significantly in India. Today, you can find variety of Life insurance and Non-life insurance products in India; therefore, this segment (Insurance marketplace) strongly needs robust rules and regulations to protect the interests of policyholders. To provide insurance services in a transparent manner IRDA (Insurance Regulatory and Development Authority of India) monitors all insurance companies with an eagle eye. IRDA is an independent authority to operate, regulate, and develop insurance market in India. It ensures that insurance services are being delivered transparently and claims are being settled.
In this day and age, you can find numerous insurance products in insurance marketplace. For an individual it would not be important to know, “what are the different types of insurance?” But for professionals like; financial advisors and insurance agents, it’s very important to know all the basics related to an insurance industry. It helps to build their self confidence level as well as it helps them to give professional advice to their customers. In this post, we will be discussing on fundamental types of insurance. Though, insurance market has grown up over the years but it’s still working under the same principles.
In today’s hassle and bustle, health insurance and life insurance are becoming necessities. These tools protect us from unexpected expenses of hospitalization due to an injury or illness. Health insurance reimburses you and your loved ones if something undesirable happens. Therefore, Health insurance is a best option when you’re looking to protect your loved ones against unforeseen health expenses. Usually, health insurance covers medical expenses incurred in a hospital for the treatment of an injury or illness; health insurance also provides financial support to insured’s loved ones, in case of insured person death. Undoubtedly, insured person’s family suffers from unbearable pain when they loose their loved one; but it also makes family members’ life harder. Therefore, a health insurance or life insurance gives you peace of mind that your family will not face financial crisis upon your death. All of us should buy a health insurance policy but with full awareness of what does your policy cover and doesn’t cover? Many people feel cheated when they can’t settle claims with their insurance companies. There are many medical conditions under which your insurance company will not pay you any claim; some of are permanent exclusions and some of are waiting period basis (Read: Health Insurance Exclusions: Medical Conditions Your Health Insurance Policy Doesn’t Cover).Continue Reading
The term exclusion is used in health insurance when an event of medical emergency/need is excluded from an existing health insurance policy. There are many types of medical conditions that are not covered by your health insurance policy; therefore, it would be good for you to read carefully what does your policy cover and doesn’t cover? Usually, after buying a health insurance policy, insured receives a copy of terms and conditions along with a list of doctors in his network through email or post. It is immensely important to read all terms and conditions related to a health insurance policy to minimize the chances of claim rejection. It is remarkable that insurance companies strictly follow their terms and conditions stated in specific policy; which means customer’s claim will be rejected if claimed medical emergency is not stated in their terms and conditions page. Therefore, it is advisable that after buying a health insurance policy promptly read all terms and conditions of your policy to understand what does your policy cover and doesn’t cover? You may request your insurer to send a copy of terms and conditions before buying a health insurance.Continue Reading