Optima Restore Health Plan from HDFC Ergo General Insurance

 Optima Restore Health Plan from HDFC Ergo General Insurance

Optima Restore Health Plan from HDFC Ergo General Insurance

Optima Restore Health Plan from HDFC Ergo General Insurance

Optima Restore Health Plan from HDFC Ergo General Insurance

Optima Restore Health Plan from HDFC Ergo General Insurance

Optima Restore Health Plan from HDFC Ergo General Insurance

Health Insurance Frequently Asked Questions ( FAQs)

Hi This is Bima Jyothi Blog, Providing you the FAQs in Health Insurance. 

1) What is Health Insurance?.

Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. It is intended to protect the policyholder from financial loss due to unexpected health care costs. Health insurance can be purchased as an individual or group policy, and typically covers a range of benefits, including doctor visits, hospital stays, and prescription drug coverage. Some policies also provide coverage for preventative care and wellness services.

2) What are the types of Health Insurance?

There are 3 forms of Health Insurance at present in India 1) Cash less Facility  2 ) Reimbursement facility   3) Fixed benefit on occurrence of an illness. 

cashless facility refers to a service provided by some insurance providers where policyholders can directly pay for medical expenses using their health insurance, without having to pay out of pocket and then seek reimbursement. This means that the hospital or healthcare provider will directly bill the insurance company for the treatment provided, eliminating the need for the policyholder to pay for the treatment upfront and then claim the expenses from the insurance company. This service can be availed at network hospitals, which have tie-ups with the insurance company.

Reimbursement facility in health insurance refers to a service provided by some insurance providers where policyholders can pay for medical expenses out of pocket and then seek reimbursement from the insurance company. This means that the policyholder pays for the medical treatment upfront and then submits the bills and other required documents to the insurance company for reimbursement. The insurance company will then process the claim and reimburse the policyholder for the covered expenses, usually up to the sum insured under the policy. This type of facility is typically offered as an alternative to the cashless facility, and can be used if the policyholder receives treatment at a hospital that does not have a tie-up with the insurance company.

In health insurance, a fixed benefit plan is a type of policy that pays out a pre-determined amount of money upon the occurrence of a specific illness or condition. This type of plan typically pays a lump sum benefit, rather than covering the cost of specific medical treatments. The benefit amount is usually stated in the policy and is paid out regardless of the actual costs incurred for treatment. These types of plans are usually less expensive than traditional health insurance plans, but they also generally provide less comprehensive coverage. They are also known as "Critical Illness" plans. They are designed to provide financial support to the policyholder in case of a specified serious illness, such as cancer, heart attack, stroke, etc. The policyholder can use the benefit to pay for medical expenses, lost income, or other costs associated with the illness.

3) Can an individual person have multiple Health policies?

Yes, a person can have multiple health insurance policies. A policy should be taken according to their needs. For example, a person may have a basic health insurance policy through their employer, and then also have a separate policy to cover certain expenses not covered by the employer-provided policy. Additionally, a person may take multiple policies to have a higher coverage limit. Each policy has its own terms and conditions and it is important to understand how they may interact with each other before purchasing additional coverage. In some cases, having multiple policies can lead to duplication of coverage, which can lead to unnecessary expenses. It is best to first review your existing policy coverage and purchase additional policies.

Having multiple health insurance policies can have its advantages and disadvantages. Some benefits include:

More coverage: By having multiple policies, you can ensure that you have adequate coverage for all your medical needs. For example, you may have a basic policy that covers most medical expenses, but also a separate policy for critical illness coverage.

Flexibility: With multiple policies, you can pick and choose the coverage that's most important to you. This allows you to tailor your coverage to your specific needs and budget.

Cost savings: In some cases, having multiple policies can be cost saving. For example, if one policy has a high deductible and another policy has a low deductible, you can combine the two policies to save money on your overall health care costs.

However, having multiple approaches also has its disadvantages, namely:

Increased complexity: Managing multiple procedures becomes more complex and time-consuming. You need to keep track of multiple policy numbers, coverage limits and claim submission procedures.

Confusion: Having multiple policies can be confusing and you may not know all the coverage limits and exclusions of each policy.

It is important to carefully consider the advantages and disadvantages of having multiple health insurance policies before deciding to purchase additional coverage. It is also important to review all policies and understand how they may interact with each other to avoid confusion and duplication of coverage.

Another thing to consider when having multiple health insurance policies is coordination of benefits. Coordination of benefits is the process of deciding which insurance policy pays first when a policyholder has coverage under multiple policies. In most cases, the primary policy pays first and the secondary policy pays any remaining balance. A primary policy is usually held by the policyholder through their employer, while a secondary policy is usually held by the policyholder as an individual policy. However, coordination of benefits rules may vary depending on policies and insurance companies.

It is also important to note that some insurance companies may not allow an individual to have multiple policies or may not allow multiple policies to be used together. In these cases, it is important to understand the terms and conditions of each policy and how they may interact with each other.

In conclusion, it is possible for an individual to have multiple health insurance policies, but it is important to carefully consider the advantages and disadvantages before purchasing additional coverage. It is also important to review all policies and understand how they may interact with each other to avoid confusion and duplication of coverage. Coordination of benefits and regulations of insurance companies should also be considered.

Life Time Guaranteed Money Policy in LIC - Jeevan Umang

Dear Blog Viewers,

If some body asks me, What is the Best and Popular Policy in LIC, I would Say Definitely the name is " LIC Jeevan Umang Plan"

This plan has launched by Life Insurance Corporation of India in 2017. This is Whole Life Traditional, Non-Liked, with Profits, whole life Assurance and Limited Premium Payment Option Plan.

What is "Whole Life Insurance Plan"?  - It is a Life Insurance Plan which is guaranteed to remains in force for the Insured entire Lifespan. In case of death of Insured during in his life, The Sum Assured along with Bonuses is paid to the Policy Holder's Nominee.

What are the main Benefits of LIC Jeevan Umang Plan?

1) It Provides Life Time Risk coverage to the Policy Holder.

Death benefit: In case of the unfortunate death of the policyholder          during the policy term, the nominee will receive the sum assured along    with any bonuses that have been accumulate

or

Accidental Death benefit: In case of the unfortunate Accidental death of the policyholder during the policy term, the nominee will receive the Double the  sum assured along  with any bonuses that have been accumulate.

or

2) It Provides Life Time Guaranteed Returns to the Policy Holder.

3) It Provides Life Time Tax Benefits to the Policy Holders.

4) It Provides Life time Bonus to the Policy Holder.