Health Insurance Policy

• Adequate Cover – Asses your needs or what would be needed in case things go wrong. The points that one might need to consider while determining the value of the health insurance are:
  • Place of residence – Cost of medical treatment facilities in and around their location of residence.
  • Pre-existing diseases - In case the individual or any of the family members have any pre-existing diseases, one should ensure that the insurance cover being taken is adequate to cover the required treatment.
  • Premium – The amount of premium one can shell out every month or year at ease, without undergoing financial burden.
• Type of Health Insurance to be purchased – It is important to assess whether you need to purchase individual or family health insurance. For instance, as the family insurance premium is determined by the age of the eldest family member, the premium for all the members together may shoot up if the eldest member is quite old as compared to other members. It may then be feasible to purchase an individual health insurance policy for that member and family floater for rest.
• The earlier the better – It is important to note that none of the insurance companies cover pre-existing diseases at the time of purchasing the health insurance policy for the first few years and there is a waiting period to cover them eventually. Hence, one should buy a health insurance policy earlier in life so that pre-existing diseases, if any, get covered as soon as the initial waiting period is over. In addition, there is a lesser probability of one having many diseases when young.
• Cashless hospitalisation – All insurance companies, have tie-ups with certain hospitals, where they offer cashless hospitalisation facilities. Under this arrangement, there is no need to pay the huge hospital bills in cash and then later file a claim request. It saves us from the anxiety to arrange the required funds and also fill out the tedious paperwork related to filing health insurance claims. It is best to choose an insurer that has multiple empanelled hospitals in your vicinity so that you can opt for what is best suited to your needs.
• No Claim Bonus - This is a bonus offered by some insurance companies for every year that the health insurance policyholder does not file a claim. One must evaluate the various offers being made by insurance companies before concluding on the best health insurance policy that would suit their needs.
• Claim Processing - It is important to select an insurance company with a good track record of clearing claims and making timely payments.

Muthoot Finance, through its wholly owned subsidiary Muthoot Insurance Brokers, believes in ensuring the best for its customers. We help our esteemed customers evaluate their needs and then research the best option available to them. Our customers can navigate various options available to them and help them choose the best health insurance policy suitable for their families.