Use instalments to increase cover; benefit from quick approvals.
The COVID-19
pandemic has brought home the significance of health and life insurance
like nothing else earlier. Even those who were blasé about these covers in the
past are now looking to buy a new policy or want to enhance the sum insured on
their existing ones. Meanwhile, the Insurance Regulatory and Development
Authority of India (IRDAI) has been issuing a slew of guidelines to
health/general and life insurance companies aimed at easing matters for
customers.
MEDICAL
INSURANCE:
Pay health
insurance premiums in instalments: Through a circular dated April 20, 2020, the
regulator has permitted companies offering health insurance to allow customers
to pay their premiums in instalments. With many customers expected to face
financial hardships amid the lockdown, this step will ease customers’ burden.
“It is an attempt to provide an affordable option to customers, and encourage
more people to buy health
insurance," says Prasun Sikdar, managing director and chief executive
officer (CEO), ManipalCigna Health Insurance.
Some insurers will
charge the same premium under all options. “The premium amount will remain the
same irrespective of the mode of payment," says S. Prakash, managing director,
Star Health and Allied Insurance. Brokers, however, inform that some companies
may charge you an extra amount if you go for any option other than annual.
The burden of
paying the premium does get eased in a frequent-payment option. “In some
COVID-19 cases, treatment costs have gone as high as Rs 14-15 lakh due to
accompanying complications. If the sum insured on your family floater is not
adequate, use the monthly payment option to enhance your cover,” suggests Amit
Chhabra, business head, health insurance, Policybazaar.com.
No comments:
Post a Comment