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A health insurance policy offers financial support during medical emergencies. Given that health risks and uncertainties are inevitable, it’s crucial to choose a plan that meets your evolving health insurance needs. Since health insurance is a yearly renewable contract, it’s important to regularly review your plan to avoid out-of-pocket medical expenses.
One of the key reasons to review your health insurance plan is the lifestyle you lead. Factors such as age, travel frequency, stress levels, work environment, diet, and eating habits can increase your susceptibility to various health disorders. With rising healthcare costs and the prevalence of diseases, it’s crucial to have a health policy that aligns with your evolving lifestyle.
The insurance market in India is vast, with new health products being introduced regularly. Additionally, insurance companies often update their existing health products to provide enhanced protection for customers. Therefore, researching new products and features can help you find the best health insurance in India that meets your medical requirements.
Recently, medical costs in India have surged dramatically. In the event of a medical emergency, consumers often find themselves paying a significant amount out of pocket to cover hefty medical bills. Without adequate health coverage, these expensive hospital bills can severely disrupt your financial plans. Relying solely on your savings to handle health emergencies is not advisable. Therefore, regularly reviewing your health plan is a smart move to ensure your coverage keeps pace with rising medical costs.
Major life events like marriage, the birth of a child, or a job change are key reasons to review your health insurance plan. For instance, if you initially covered only your spouse when purchasing the policy, but now have a child at the time of renewal, your responsibilities have increased. Therefore, it’s essential to review your health insurance coverage to ensure that your loved ones are also included and protected.
With many companies entering the health insurance industry, insurers are now offering health insurance plans at attractive prices. The competitive market has led to coverage for diseases that were previously not included. For instance, health insurers now provide coverage for infertility, maternity, and mental health, which were not covered earlier, after a predefined waiting period.
Insurance companies offer you an additional bonus of up to 50% on policy renewal in the form of NCB. By not reviewing your policy, you are likely to lose out on the no claim bonus.
Reviewing your health insurance plan not only provides broader coverage but also helps you save on premiums and mitigate the impact of inflation and rising healthcare costs. While renewing your health insurance policy is essential to ensure continuous coverage, reviewing the policy is equally important.
It helps you determine the level of protection you need to guard against unexpected medical emergencies.
Disclaimer: The above information is for illustrative purpose only.For more details, please refer to policy wordings and prospectus before concluding the sales.
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