Insurance Policy Adoption Modes to Contend by Policy Holder

In Case of More than One Policy Adoption Modes to Contend by the Policy Holder...

Work place facilitated Health Insurance relevant to whole family members and any necessity exists to afford another policy? Many employees query this often, earlier its not essential to conceive this question, but with currently heightened medical treatment disbursals merely depending on joint Insurance coverage is unintelligent.

Insurance turns aloof in case of resignation or retirement from the job. Premium paid until today become unprocurable because of following reason. Inflictions may arise to acquire a fresh policy now, possibility of increment in premium is as well present where generally in joint Insurance policy employee’s family and parents are as well covered.

In the state of extreme medical treatment disbursals policy sum may not be ample for everyone covered under policy.

Exemplar although company is affording Insurance up to Rs.10,00,000, if undesired to pay premium Rs.2,00,000 policy is acquired. Including employee, his/her spouse, two children, parents it will be six of them and this demonstrates how miserable is the Insurance acquired, hence to cover whole family acquiring additional Insurance is more dependable.

Let us assume subsisting is Insurance afforded by company and self acquired personal Insurance policies, subsequently for dozens fresh doubt bobs up during claim which policy has to be employed? Company’s Joint Insurance Policy? or adopted Personal Insurance Policy?

Before February 23 2013 response for this question was easy. Later being admitted in hospital, policy holder has to furnish details about entire policies adopted with Insurance companies and their identities. Disbursals are distributed in ratios depending on total sum among the Insurance company policies.

For example you are holding Rs.2,00,000 valued joint Insurance and Rs.4,00,000 personal Insurance . When admitted in hospital Rs.1,50,000 is defrayment. Then expenditure is paid from these two policies in the ratio 2:4, which implies from RS.2,00,000 valued policy Rs.50,000 and Rs.4,00,000 policy one lakh is granted.

Associating to current relevant rules policy holder has liberty of claiming from any policy of his wish, this implies claiming from whatsoever acquired policy, Insurance companies cannot impose any rules regarding it. Well! doubts pops up how and when to avail this alternative, Lets empathize answer for this.

When and How to exercise such option?

1. Among family members if anyone became unwell due to pre existing diseases utilization of company facilitated joint Insurance is productive option, since in this policy pre existing diseases associated rules and regulations are liberal, so policy can be easily claimed.
2. In case of none of the members have pre existing disease history. In such situation as well claim joint Insurance policy, thence don’t have to throw claim bonus facility on our personal Insurance policy, some personal Insurance policy if claimed premium percentage is increased for certain extent, indeed this problem can be averted. 
3. If a member with pre existing disease resides in family, but a with no preexisting disease history person got admitted in hospital due to some disease. How to proceed subsequently? Availing personal Insurance usage is apt. Joint Insurance policy should be spared for coverage of person with pre existing disease record.

• Heedfully furnish information to j..oint Insurance policy facilitated company along with personal Insurance policy afforded company. During claims there will be no hassle in future through this act.
• In case of personal Insurance policy’s absence in cashless treatment, if cash is inadequate instantaneously claim from j..oint Insurance policy.
• If disbursals for medical treatment are covered insufficiently with one policy subsequently acquire coverage in determined percentage from second Insurance policy.

Be mindful while selecting an Insurance company as well and constantly prefer Insurance company holding genuine history with policy claims for in case of more than one policy with this above adoption modes to contend.