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5 Newest features of Health Insurance in India

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1. Lifetime Renewability: As the age progresses, it becomes difficult to get health cover and also, the premium increases. This is where lifetime renewability stands out as a welcome feature. Until recently, most of the insurance companies had put a limit of 65-70 years of age for health insurance. However, according to the revised guidelines of the IRDAI, all health insurance providers have to offer lifetime renewability. Once the insurer offers a health insurance plan, they are required to keep on renewing it until the policyholder’s lifetime.

2. Sub-Limit: Sub-limit is one of the most critical features of health insurance to be considered while deciding on a plan. In case of hospitalisation, the total cost incurred is the sum of various factors such as room rent, surgery fees, cost of medicines, cost of equipments etc. Sub-limit means that there will be a separate cap on the reimbursement of each of these factors. Sub-limits are mostly applied with an option of reduced premium amount.

3. Health Coverage Worldwide: Now, with the evolved health insurance plans, it is possible to have access to the best of health coverage across the world. Opting for international health plans can ensure not just seamless emergency health services abroad but also medical coverage in case you need to travel for better health services abroad.

4. Day Care & OPD Charges: Until recently, the prerequisite of coverage of health insurance plans in India was a minimum hospitalisation of 24 hours. But with recent development in the health insurance segment, certain critical procedures / treatment  that require few hours time such as dialysis, chemotherapy, eye surgery, lithotripsy etc. are also being covered under health insurance. Moreover, procedures such as dental care which neither fall under day-care, nor under 24-hour hospitalisation are also being covered as out-patient expenses.
5. No medical tests upto age 45: In order to make health insurance buying process hassle-free, insurance providers are opting for no medical tests for applicants upto the age of 45. However, what is critical to this feature is that the applicants fill up the form carefully, making full and honest disclosure of their health condition. In case of a discrepancy, they will be liable to heavy penalties, including cancellation of the Policy