Domestic MONEY TRANSFER

Everyone aims to be fit and healthy all the time, but we never know when a medical emergency or a medical need may arise in today’s times. The rising cost of medical treatment should not be a deterrent in procuring the best medical care that we can procure for ourselves and our loved ones. Providing the best possible medical care can cause a severe strain on our financial position, and hence on our quality of life. A health insurance policy helps us insure against such eventualities. By obtaining a health insurance policy, we pay a certain premium to the insurance company, in exchange for which, they assure us of covering our hospitalisation and treatment expenses up to a pre-agreed sum.

There are various kinds of health insurance policies and it is extremely important to understand them all beforehand.

• Individual Health Insurance policy – This policy covers the surgical and hospitalisation expenses of an individual, singly. Premium is paid based on the age, past medical records and pre-existing disease(s) of the individual only.

• Family Health Insurance policy – Popularly know as the family floater health insurance policy, this policy covers the surgical and hospitalisation expenses of the entire family. For the purpose of a family health insurance policy, a family is defined as the individual, their spouse and their children only.
  
  The premium paid covers every family member and the insurance limit can be used for any of the family members in a given year. Premiums are determined based on the age of the eldest member in the group, the health history of all members being covered and pre-existing diseases, if any, at the time of first taking the insurance policy.

  • Group Insurance Policies – This type of health insurance is provided by organisations to their employees and may also be extended to the family members of the employees, depending upon the organisation internal policies. This health insurance policy works in a similar manner as an individual health insurance policy or a family health insurance policy (depending on who all are covered by the same) with the major difference being that the premium is paid by the employer, and the policy benefits end in case the individual leaves the organisation.
  • Critical Illness Insurance – Under this policy, the policyholder is provided with a large lump sum figure, in case of being diagnosed with a life-threatening disease. The list of such illnesses is shared at the time of purchase of the policy and is restricted to the same. The objective of this policy is to help the policyholder pay for expensive treatments, which are generally linked to these critical illnesses and to replace their income during the long associated treatment periods.
• Senior Citizen Health Insurance - Companies often health insurance policies to senior citizens as well. As people above a certain age are more susceptible to illnesses, the premium being paid here is generally higher.