The rising medical inflation in India creates a requirement for health insurance plans. As insurance companies usually cap the upper limit of sum assured, policyholders, purchase several policies for adequate financial coverage.
However, they must know how to make a health insurance policy claim for multiple policies and enjoy maximum benefits.
IRDA’s Health Regulations of 2013
IRDA’s 2013 Health Regulations is quite customer-friendly and prescribes the procedure to follow during multiple claims from policyholders.
In case of fixed benefit products with perks like hospital cash, critical illness, etc., insurance companies shall pay out all the benefits as per their terms. In the case of indemnity-based products, the insured can select the insurance provider to claim, and the later must pay out the benefits. If the claiming value is more than the sum assured, the company can raise a contribution clause and pay up to that maximum amount.
There are various types of policies like maternity healthcare plan, critical illness plan, etc. As a policyholder, you must consider the following points when choosing an insurer based on your needs –
- Read the terms and conditions of your insurance providers thoroughly. Go for an old health insurance policy whose waiting period for pre-existing diseases is over instead of the latest one.
- You can also apply a claim in a group policy. You need not bear the reduction in no claim bonus as applied in a standalone policy.
- It is better to avoid claiming a policy which has a multiplier
What steps to take when making multiple claims?
- Inform your insurance providers, especially during hospitalization.
- Once you select an insurer to make your first claim, fill their claim form.
- Provide all the documents required, including original bills. Collect extra attested copies depending on the number of claims you want to raise.
- You can move to the second company after the first settles your claim. Make sure to collect a claim settlement summary before proceeding to the next one.
- When applying for the next claim, you must attach that previous claim settlement summary along with all the attested copies.
- You may also need to provide a covering letter, mentioning the previous company you claimed from.
Repeat the process for all the companies you want to make health insurance policy claims from. Note that any gap can lead to the cancellation of your claim. It usually takes a few weeks for the settlement.
The best option for a policyholder
Although IRDA’s Health Regulations of 2013 made the claiming process simpler, it proves to be a hassle during emergencies. The best option is to buy a health insurance plan which offers comprehensive financial coverage against significant medical expenses. It reduces the trouble of managing multiple schemes and further eases the claiming procedure.
There are various individual policies customized with exclusive features for a policyholder. You can also avail a family health insurance scheme to protect every member against medical costs financially. With this single plan, avoid purchasing multiple health covers for different family members. Pay a one-time premium and save more on your investment.
Approach financial companies like Bajaj Finserv that provide tailored Health Insurance policies with high sum assured. The online health insurance plan comes in various forms like individual, family floater, critical illness, personal accident, top-up, maternity, etc.
Their claim settlement process is also simple. Get in touch with the insured, fill-in and submit your claim application form, acceptance of health insurance policy claim and have the amount reimbursed.
It is always advisable to read the terms and conditions of your health insurance plan before claiming the benefits. Ensure to be aware of pre-existing diseases waiting period, exclusions, documents required, etc. and make an informed choice accordingly.