Most foreign nations hold health insurance as mandatory for its citizens. Why? Because, they realize the importance of health care and proper medical treatment.
But, in India, people are still unsure and sometimes afraid to buy a health insurance policy. What they are really scared of is something that insurance companies have been trying to ascertain for a long time. Let’s take a look at some of the contributing factors to this ‘fear’ people have:
Non-payment Of Dues
- Most people are scared of the insurance companies in India since they think that the claim upon the untimely demise or a sudden medical expense may not be paid for in times of a financial need.
- This was true for the last decade when such policies were new in the market and fraudulent companies spoil the name of the entire industry. But, now everything is streamlined and under the watchful eyes of a consumer court.
Ignorance Or Lack Of Knowledge
- A lot of people in India tend to pay huge medical bills from their own pockets or suffer when the person they were dependent on passes away simply because they were oblivious to the benefits and safeguards a life or health insurance policy promises to a person or group of persons.
- Talking to an able and qualified insurance agent or financial adviser will help you sort out all your queries and get enlightened about the myriad of benefits an insurance holds, especially in an economically struggling country like India.
Costly Insurance Myths
- People are still reluctant to buy insurances in India since they tend to go by word-of-mouth analysis of people who give wrong information about policies and quote blatant prices which are not even correct.
- The best thing to do in this situation if you wish to purchase insurance is to visit a website that caters to insurance tips. They have various insurance policy and cover comparison tools that will help you ascertain how cheap a policy can actually be!
Employee Benefits And Its Misuse
- A lot of salaried people from the working class of society tend to rely on their employee benefits and think that they can claim expenses from their employers in terms of an accident or any other mishap.
- What they forget to understand is that reimbursement will not ensure a cover for your family or beneficiaries. The miniscule reimbursement is totally inadequate in comparison to the kind of cover an insurance gives you.
- Many people do not realize the importance of an insurance until they really need it. People take life insurance in their mid-30s or mid-40s and a health insurance only if they feel that they might end up in hospital for some unforeseeable circumstance.
- What they fail to notice is that insurance is something that is a safeguard from anything and everything.
- Why to wait for the last moment? What would you do if something happens to you even before you could apply for an insurance?
Yes, there have been several reports and legal actions when claims were rejected by some fraudulent or inapt insurance companies, but that is a thing of the past!
Remember, a lot of such cases arise only when there has been an improper filing of data and documents, which leads to many clauses being highlighted by the claims department since they don’t know and might consider your need a fraud.
Always file the insurance papers and supplementary documents after reading the offer document thoroughly and in consultation with a trusted insurance adviser. Keep all bills and receivables intact and in order. Properly filed paperwork cannot be challenged by any authority if it meets all prerequisites for a claim.
Be smart and invest smartly, do your own research and not listen to inexperience people. It is your money not theirs! Once you do proper research and bust the aforementioned myths mentioned, you can easily ward off your fear of buying an insurance in India.