Introduction
The importance of a timely health life insurance plan can never be over stated. Choosing the right health life insurance plan is always a major welfare decision for every family. There are many plans available with numerous options and packages with every insurer. Before you select the right health life insurance plan you must know what you are really looking for, this should set the ground level of your demand, you must look for something above your minimum requirement but at a price within your limit. However, there may not be any plan available that 100% suit your family or your demand and there are many key factors involved that you have to consider before buying a health life insurance plan you need.
History
A life Insurance plan is a contract between an insured (the insurance policy holder) and the insurer (the insurance company) whereby the insurer against the payment of a lump sum or periodic money (insurance premium) agrees and promises to pay a nominated beneficiary a sum of money (benefit) upon the death of the insured person within a specified period.
There are many versions of life insurance policies. A life policy plan may be purchased for say 15 or 20 years. If the insured dies within the policy period of 15 years, the nominee of the insured gets full benefit of the policy value. There are many instances, rather in most of the cases, the insured outlives the policy period and receive no death benefit at all, but are offered some growth value on the premiums paid over the entire policy period. The life insurance plans are made so to make them attractive to the probable surviving policyholders. They mostly offer dual benefits depending upon whether you live or die. The guarantee of paying any of the two available options makes life policy little expensive, an insured normally pays little higher in premium than a “term life insurance plan”. “Term life insurance” is basically same as other form of life insurances but here the beneficiaries of the inured are entitled for benefit only if the insured dies during the policy period. The policy period are usually shorter, one year, the insured pays premium every year, if he dies within the policy period his nominee or beneficiary receives the full benefit. However, if he fortunately does not die, unfortunately lose all the premiums he has paid so far under the plan.
Features
Health insurance guarantees you and your family (if it is covered under a health insurance plan) payments on medical expenses in the event of any accident or sickness including the expenses on hospitalization as per your insurance plan. They often include the expenses on medical checkup, day care, nursing expenses along with pre and post surgical cares at home. Health Insurances can be purchased for each individual of your family, or by a family floater policy you can cover all the members of your. It is a cheaper option than individual policy, if purchased for every individual in your family. Health insurance can be classified under two categories as per claim procedure—Cashless and Reimbursement. Under a Cashless claim plan the insured pays no medical expenses till his plan limit. In reimbursement plans the insured pays for his expenses and get back his expenses upto his policy amount later.
Tips and comments
Again these categories of Cashless and Reimbursement can be subdivided into two classes as per hospitalization, viz. planned and unplanned or emergency hospitalization.
