Who Should You Buy Health Cover from?

 





Both life and general insurance companies offer health insurance policies.

 

Some life insurers also sell health insurance policies, both indemnity and fixed benefit covers, the latter being more commonly offered. What should you opt for?

Most health covers from life insurers are defined benefit plans, where a prefixed sum (as a lump sum or on a daily basis, depending on the product) is handed over to the policyholder once a claim is made. These could also be offered in the form of standalone critical illness covers, hospital cash policies or personal accident covers. Some insurers also offer an indemnity-based health cover, wherein the expenses you incur on hospitalisation are reimbursed, up to the extent of the sum insured. So, it's the principle--indemnity or defined benefit--rather than the primary line of the insurer's business that should be taken into account while comparing products. However, there are some differences between health insurance products offered by life and general insurers.

 

One, health products offered by life insurers come with a premium guarantee of three years. However, according to experts, this does not make a significant difference. The main advantage of fixed benefit policies is that you can make a claim even if you have already been reimbursed by your general insurer's hospitalisation cover. The lump sum amount disbursed can then be used to fund your recuperation or lifestyle adjustment expenses. On the flipside, defined benefit policies are usually costlier than regular indemnity-based policies. Also, if you buy critical illness policies, they cease to exist once the claim is paid out.

 

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