During the present, financial year, during the month of April, the gross growth in general insurance sector through premiums rose 16% at 12,2016 crores. During the same period last year, it was 10,500 crores. But farm insurance is not included in this data. Since the Sharif is to start in June, these are exempted here. During the last financial year, the total premium value of farm insurance was 18000 crores. According to the data from RDA, during the year 2016-17, the general insurance grew at a rate of more than 30%. But for the first time, private insurance companies did more premium collection than government ones. During the month of April, PSU market value rose at a rate 5. 42% at 5904 crores, and during the same period, private ones grew 27.88 percent at 6302 crores. But the market share of PSU remains high still. During 2016-17, PSU share stood at 23. 21%, private share is 46.79%. From April 1st, due to rise in third party premium charges, the premium collection in this sector grew 23% at 1888 crores. Health sector grew Nine percent at 3568 crores, last year this was at 3277 crores. But, air travel and sea travel sector saw negative growth.
Right health policy for 2018:
Confusion in taking the right policy is natural. Getting confused in taking a policy is normal as the insurance company are coming up with a new policy almost every day. This article will try to help you out in choosing the right policy. There are two types of health policies in general — floater/family, individual. Individual policies are better than floater policies. Age, place of living, and job determine the premium. In floater policies, the eldest person of the family is considered in deciding a premium and if there is a senior citizen in the family, an individual policy is always better. Here are the important aspects to observe before taking a health policy.
This is not generally discussed while taking a policy, and we generally feel happy the best hospital in town is covered in the policy but the final bill in the hospital may shock you as sometimes there are sublimity to room rent, ICU. A high room rent in the hospital may affect your pockets. IRA made some key suggestions regarding premium payments. Two same aged persons cannot have different premiums just based on their claim mode. This means that the new entrants should not have more premiums when compared to the existing customers. While insurance companies may boast that new-claim bonus is just for you, you should realize that a ever company does this. The payment made by the insurance company as co payment should not be linked insured. See that the premium is not more dues to co payment. It is better to take if there is co payment for policies intended for senior citizens because they have high premiums, and the opposite holds true for younger people.
There is exclusion period for some preexisting diseases and maternity benefits. This can be anywhere between Two to Four years. If no problems at purchase and has some problems after Four to Five years, the additional insurance amount is applied only after adding exclusion period. Please note the policies with less exclusion period will have high premiums. IRA clearly stated that all insurance policies should have the facility to renew for the whole life. If the policy is rejected after One or two years, it has to be thought out. All companies will have to provide renewal, and if anyone boasts that they only do it, be aware. If no claim is made in one, insurance company give encouragement in premium discount or raising the insured amount. The sum assured is increased at 5% every year and will be deducted when claim is made. The maximum here is up to 50% of insured sum. There also will be premium discount during policy renewal. Any one of these twos can be chosen. Since the medical inflation is on the rise, it is better to the option of increased insured sum.
Some insurance companies give restore befits. As a part of this, if the insured amount is reduced to claim, the sum is restored to its original amount. It is better to know all the details before buying a policy. Policies having this benefit will have higher premiums and can be thought about if you need it. Most people make mistakes here and buy a health policy just for maternity benefits but it is always better to buy a policy with comprehensive coverage as it covers most. Check the prices of rent in the nearby hospitals and whether there are cashless facilities here. This will be of use for sublimes. If a situation arises where you go to a hospital with cashless facility, always better to have some emergency amount on hand. Take your own decision regarding personal or floater policy based on your budget. Check the calculators available on insurance company websites. Check properly the insurance claim history, claim settlement ratio. PSU are always better in this aspect. It is better to select a private if you want to if only it has at least 10 years of good history.
Compare policies in portals if you can but off late these have become very commercial and are showing only the policies that are costlier. So, give a try to your own research. Most people buy policies through agent as they promise help during claim. But internet is always best here and the claim procedure is also straightforward. No insurance company reject your claim if all papers are correct. Have a thorough reading the policy documents of shortlisted Two to Three insurance policies. Never buy a policy per the advice given by friends or relatives. Now that your situation is totally different from theirs and you are the best judge of your needs. First timers will have a great benefit by observing the above details. These policies will come in handy in case of getting ill in the future. This is also part of having good habits. You can short a policy by following the above procedure in One or Two weeks.