By
now you know how the increasing cost of hospitalization and healthcare expenses
have made health insurance an inevitable necessity for all, right? Let’s now
understand how buying health insurance from a general insurance company
and a health policy from a life insurance company can mean two totally
different things. And it is when you know this difference, can you select the
best for yourself and can you avail of all the benefits you are entitled to.
Health insurance vis-à-vis
General Insurance Company: (or non-life insurance)
Any
insurance which is non-life insurance typically falls under the category of
General health Insurance. This includes insurance for myriad things
including car, fire, travel, household, marine etc. But this is not all. As general
insurance pertains
to non-life insurance, it also includes Health Insurance, wherein a person
insures his and his family’s health against hospitalization due to various
unforeseen ailments and growing medical expenses.
Hence,
health insurance comes under general insurance as the latter provides
protection against unforeseen events such as accidents, illness, et al. General
insurance companies offer health policies which are mainly short term in
nature. This means, that the health insurance policies can be renewed year
after year and the premium amount varies with age.
Health
insurance covers offered under general insurance, include mainly
hospitalization covers either on reimbursement or cashless basis. The Third
Party Administrators (TPAs) mainly offer cashless service as they have
arrangements with various hospitals, who are the service providers. The TPAs
also help in reimbursement claims.
Health insurance vis-à-vis Life insurance Company:
Many
of us tend to confuse health insurance or mediclaim with life insurance.
Though, both of them are vastly different in structure and content, while
health insurance primarily caters to your health related expenses until you are
alive, life insurance typically means insuring a person’s life wherein the
returns are accrued due to your death or at the end of the term of the policy.
There
are various life insurance companies that offer health benefits and packages.
Firstly, the health related policies under life insurance companies cover
certain critical illnesses. For example, certain private companies that offer
life insurance to customers cover about 36 critical illnesses which include
heart attacks, stroke, cancer, paralysis etc. Now this in turn means that once
a person visits a doctor for treatment, and if the doctor then after diagnosis
confirms a serious illness, then on the basis of the doctor’s report, the
insured will get a lump sum amount from the company.
[Source:http://www.medimanage.com/my-health-insurance/articles/health-insurance-by-life-and-general-insurance-cos.aspx]
General Insurance is not only a business rather it offer you security against your property, goods, office and health. Here are types of general insurance offered by some of the leading organizations.
ReplyDeleteOne of the fastest growing General Insurance companies in India and also won awards for Best general insurance Company & Claims Innovation awards.
ReplyDeleteGeneral Insurance companies have already planned to launch products. General Insurance companies said his company would file a product in tandem with the Irda guidelines.
ReplyDeleteHe added add-ons could be offered with the policies, subject to Irda approvals.