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Jan 08, 2025
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Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
What Are The Factors To Determine Eligibility Criteria For Mediclaim Policy?
Increased awareness and the covid-19 pandemic have shot up the demand for Mediclaim plans. More people than ever are looking to take a medical policy to safeguard their loved ones from sky-high medical expenses. When purchasing a medical policy , you should know the factors that determine your eligibility criteria. Read on to find out what they are.
Factors that determine your eligibility criteria for health insurance plan in India:
1. Your age :
For most medical insurance policies in India, the minimum entry age for the person buying the policy is 18 years old. In some cases, that entry age maybe 21 years. You can buy a medical policy for your family members which includes your children and parents. Coverage for children starts at 90 days or three months and usually extends to 20 years. The maximum entry age for adults is 65 years and can be up to 70 years plus in certain cases, depending on the insurance plan and insurer.
2. Pre-existing conditions:
Adults over the age of 45 are required to undergo medical tests before getting insurance coverage. If you are not over the age of 45 or are not asked to undergo tests, you will nevertheless, be asked to submit a declaration of any pre-existing conditions. Declinable pre-existing conditions may include AIDs/HIV, severe mental illness, and so on. If you hide a pre-existing condition and your insurer finds out, they will reject your medical insurance claims. Moreover, for many pre-existing conditions, there is a waiting period. So, you may not get coverage immediately but after a waiting period, your medical insurance could cover it. Coverage for pre-existing conditions varies from insurer to insurer.
Factors that do not determine your eligibility criteria:
There are many myths that surround health insurance policies in India. Here are some of them:
1. Smoking and drinking:
If you are a smoker, that does not automatically mean that you will not get health insurance coverage. This goes for drinking as well. Your insurance premium will increase as these lifestyle habits could result in medical issues, but you remain eligible for medical insurance.
2. Declaration of pre-existing conditions:
People often think that if they declare all their pre-existing conditions then they will not be able to purchase a medical policy . But this is not true. You will need to compare insurance brokers to see which ones offer coverage. Your pre-existing condition could mean a higher premium but does not mean non-eligibility.
3, Non-renewal of medical policy on a due date means no benefits:
You have a window of 15 days to renew your medical policy from the policy expiry date. If you renew it within this time, the insurer will allow your benefits such as coverage for pre-existing conditions, and so on, to continue.
What Are The Factors To Determine Eligibility Criteria For Mediclaim Policy?
Assured Sum
To determine the appropriate insurance amount, estimate the size of your family as a whole, any illnesses that are currently present, and the anticipated cost of care. Since a high insured amount entails a higher premium, you should also consider affordability.
Your premium amount is affected by a number of variables, including your age, any pre-existing conditions, the type of plan you use, any add-on coverage, your health, and your lifestyle choices.
Your vehicle, driving style, demographics, and the coverages, limits, and deductibles you select are a few variables that could have an impact on your auto insurance premiums. These elements could consist of things like your age, the anti-theft equipment in your vehicle, and your driving history.
The kind of insurance coverage a policyholder purchases, their age, where they live, their claim history, moral hazard, and adverse selection are just a few of the variables that affect insurance premiums.
Young and healthy? Find out which of these plans rewards you with lower premiums. Click here to check now!
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 21 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Over to You
Health emergencies don’t come with a calendar invite. Whether you're planning for your own future or looking out for your parents, choosing the right health insurance plan can make all the difference. That’s where a deeper look at the fine print helps. When you compare Star Health’s Red Carpet Plan vs Care Health Enhance Plan, what you’re really doing is choosing the kind of financial backup you want in your corner.
The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
Speak to an Advisor The Star Health Red Carpet Plan is made with senior citizens in mind. With benefits like annual preventive check-ups, it helps you or your ageing parents get covered without the usual hassles. On the other hand, the Care Health Enhance Plan acts as a top-up cover, ideal if you already have a base health policy and want to increase your shield without increasing your premium by too much.
While health insurance takes care of medical needs, don’t forget to plan for life’s bigger what-ifs. A term Insurance policy, especially a 1 crore term insurance plan, can be the long-term security net your family needs. Health and life coverage go hand in hand. And when chosen right, they help you face the future with confidence, not chaos.
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