General insurance or non-life insurance policies, including automobile and
homeowners policies, provide payments depending on the loss from a particular
financial event. General insurance is typically defined as any insurance that is not
determined to be life insurance.
It is a type of insurance that covers the insured’s medical and surgical expenses. Depending on the policy terms and conditions, the insurer either pays the insured in the form of reimbursement or offers a cashless facility at the listed network hospital of the Insurance Company.
Points to consider while investing in health insurance :
The rate of inflation in hospitalization is high. Consider the members you are including in the policy based on it take a call on the sum insured.
ICR is available only for non-insurance companies, it is wise to choose a company that does not have a high ICR nor low ICR(Incurred Claim Ratio or ICR=(Total Value of Claims Paid/Total Premiums collected)*100)
Types of Health Insurance Policies in India
It is specially designed to provide coverage to an individual against a variety of illnesses with cashless hospitalization and other add-on benefits.
Family health insurance plans cover the entire family in one health insurance plan. Most health insurance companies in India offering family insurance have a wide network of hospitals that help the insured people in times of an emergency.
Mandatory health insurance schemes or government run schemes include:
A third-party insurance plan provides coverage against any legal liability arising out of injuries to a third-party when the policyholder is at fault. It covers damages and injuries caused by the insured vehicle, to a third-party person or property.
It includes coverage for fire, theft, natural and man-made catastrophe. This plan is called a comprehensive plan because it provides coverage for the damages to your car, third-party legal liability, theft, along with the personal accident coverage.
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