Medical costs have been rising steeply over the last few years which has led to a major cause of concern among many. Despite taking utmost care of your health, there is always a chance that you may get an illness or disease that leads to hospitalization. In such situations, having a health insurance policy mitigates the sudden financial burden that may descend on you at any point of time.
However, before taking a health insurance policy, there are certain factors to take into consideration. One such factor that holds high importance is the coverage value of your policy. This is indicative of the amount of sum assured you will get when you make a claim. Oriental Insurance is one insurance company that has a wide range of policies which provide you with the flexibility of multiple coverage value options. Read on to find out more about Oriental health insurance.
How Coverage Values of Oriental Health Insurance Differ
Oriental Insurance provides different coverage values depending on the type of health insurance policy you are interested in buying. Once you know the premium you are willing to pay and the extent of coverage you require, selecting a policy becomes easy.
Based on Premium:
When the premium you pay is high, your coverage amount will be high as well. So, when you want to get a larger sum assured, you may have to shell out more premium too. This is one vital factor to keep in mind before starting your research. For example, in Oriental Insurance, policies like Oriental Happy Cash and Jan Arogya Bima offer extremely low premiums and limited coverage.
Based on Type of Policy:
In terms of coverage, there are comprehensive policies and specific policies. Within Oriental Health Insurance, the insurance policies covering the elderly are limited in nature and don’t cover all diseases. However, individual or family floater policies are more comprehensive in nature.
Based on Tenure:
Health insurance policies start right from a year-long tenure and go all the way up to 25 years. Short-term insurance plans have higher premiums than long-term plans and also need to be renewed constantly. On the other hand, the long-term policies are more beneficial and serve the purpose of medical security better. Tenure is also dependent on age, and since most policies are only provided till the age of 65, the older you are, the lesser the duration of the policy becomes.
Based on Age:
As you get older, it becomes difficult to get a complete coverage on your health insurance policy. It is always better to start young and get a higher sum insured to protect you against more number of illnesses than to get a policy at an older age with a lower tenure and higher premium. Starting early is a good way to get the best out of your policy.
Diseases that are covered by Oriental Health Insurance
There are many diseases that are covered by Oriental health insurance policies, though, like every other insurance company, there are exclusions as well. It is necessary to ensure that you take up a policy which provides you with the maximum possible coverage instead of considering a policy with the lowest premium. While cost-effectiveness is important, it is also vital to derive the maximum possible benefit.
Some Oriental health insurance policies like the Health of Privileged Elder Plan cover only critical diseases such as cancer, chemo/radiotherapy, fatal illnesses, and chronic problems. Comprehensive policies also include regular surgeries, accidents, sudden illnesses, and any hospitalization exceeding 24 hours. Further, Oriental insurance provides flexible options such as daily allowances, lifelong renewability, and a complete health spread, all of which contribute to the extent of overall medical coverage.
One common aspect among policies is that with a waiting period of a couple of years from taking the insurance policy, you will be eligible to claim expenses for pre-existing diseases like cataract, arthritis, and other chronic diseases. In some cases, even normally excluded costs like pregnancy may be covered depending on the policy you choose.
General exclusions include congenital diseases, HIV, cosmetic surgery, and self-induced injuries.
The Final Words of Advice
Oriental health insurance policies offer a wide range of benefits and extended coverage options that you can choose from. With its motive to provide the best to its customers, it offers unique and adaptable plans that are suitable to every section of the society. To gain a better understanding and more detailed perspective, you can take the support of an online insurance aggregator like Coverfox.com before making your final decision. Within this portal, you have access to multiple plans and comparison options to analyse the pros and cons of each policy. So, get a head start on your health today!