What is Health Insurance?
Health insurance is insurance that covers the whole or a part of the risk of a person incurring medical expenses.
What is Standalone Health Insurance?
Standalone Health Insurance product is a subset of General Insurance. It deals only with Health Insurance products distribution.
Why do we need Health Insurance?
No one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and offers many other important benefits.Health insurance protects you from unexpected, high medical costs. You pay less for covered in-networkhealth care, even before you meet your deductible.
How much Health Insurance one should take?
There are certain factors that determine the health insurance requirement of any individual :
- Ability to pay the premium
- Coverage in terms of Percentage of Income
- Family History
- Based on Hospital, considered for treatment
There is no thumb rule to it. Each individual is different and hence his health insurance coverage need is different, it is important to meet a dedicated health insurance broker who understands your personal and family requirement and helps you make a wise decision.
What are the products available under Standalone Health Insurance?
Types of Health Insurance plans available are as follows:
- Hospitalisation Plans
- Hospital Daily Cash Benefit Plans
- Critical Illness Plans
- Personal Accident Plans
- Disease specific Plans
- Senior Citizens Plans
Who regulates the Health Insurance in India?
Health Insurance is regulated by IRDAI (Insurance Regulatory Development Authority of India)
Who can sell the Health Insurance in India?
Health Insurance can be sold by:
- Health Insurance Company sales staff
- Corporate Agents
- Individual Agents
How premium is decided for Health Insurance policy?
Following factors determine the premium in Health Insurance:
- Marketing & Administrative Expenditure
- Savings Part
- Medical Underwriting
- Rate of Mortality
- Personal History
- Modified Community Rating (includes, location, lifestyle, political stability, etc of that region)
- Band Rating
Is Health Insurance only for risk cover or can be used for other financial goals ?
Health Insurance is only for risk cover and does not involve any investment part.
Whom to contact for buying Health Insurance in Bank of Baroda?
For buying Health Insurance in Bank of Baroda, customer can contact in any Bank branch..