( According to experts the relaxing of t...)Health Insurance- Play It Safe And Reap The Benefits,Health

According to experts, the relaxing of tariff controls on fire and engineering insurance is set to have a far-reaching effect on the entire general insurance sector, particularly health insurance .

This would be so as new competition is expected to drive down the premiums in marine, fire and engineering sectors which were hugely profitable and used to make up for loss-making sectors like health and motor insurance. Chief executives of general insurance companies strongly opine that Health insurance (Mediclaim) premiums for particularly group health insurance, could be expected to shoot up.

In any case, it is more reason not to forget to renew an existing Mediclaim policy. Mediclaim provides cover for expenses in case of hospitalization. It takes care of costs incurred during hospitalization and protects the policyholder from pre as well as post-hospitalization expenses.

An added benefit is that if a policyholder has kept the policy for long, it may serve him even better. For instance, a fresh policy does not cover any pre-existing illness. Says Mukesh Gupta, director of Wealthcare Securities, a financial advisory firm: Not only that, the insured will lose the no-claim bonus as well. Further, his policy will be treated as fresh policy and the first year exclusions will apply again.

This aspect is not to be ignored as if a person has a Mediclaim policy and has made no claims on it for four consecutive years, he will start getting covered for those pre-existing illnesses. In addition, for every claim-free year, the sum assured will be increased by 5-10% - that too without an increase in premiums.

Yet says senior official from New India Assurance: Most people are unaware of such benefits and thats why they dont attach much importance to renewal, little realizing that all their hard work may go waste. In other words, if the insured has a health condition existing prior to taking the policy and requiring medical t
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