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Health Insurance

GUARDING YOUR REAL WEALTH- We all need a Health Plan to safeguard our real Wealth but not too many people have understood the importance of it…You too may fall in the same category.

Imagine a scenario where one has wealth, but not good health. That’s a catch 22 situation because without good health, you cannot enjoy your wealth. When it comes to your health, choosing the right kind of health policy is critical to ensuring one’s well being. Along with honest self-evaluation, one should also seek the expert guidance of a trusted and knowledgeable insurance broker to help and guide him through the buying process. At Security Insurance Brokers (SIB), we offer a complete health package with different products to suit the needs of an individual or a family.

Customers are often not as clear as to what kind of health policy they require. Lack of knowledge, improper guidance and not realising one’s real need all add to the confusion. At SIB, we believe the customer must get the right Health Plan based on his individual requirement and we guide him with the necessary information and advice at each step of the buying process. To choose the right policy, you should first understand your requirement, be honest about your medical history and choose a policy according to what your budget permits. People generally do not understand the difference between a Health/Mediclaim plan. A Health plan is very often misunderstood as a Mediclaim policy. Health plan is a broader terminology. A Health plan includes many kinds of covers from general Mediclaim to Special Covers which could take care of the hospitalisation and allied expenses. We as insurance experts, help you zero in on the right plan. It is important to understand the right plan that suits your budget.

We also assist a customer with health insurance portability. In 2011, the Insurance Regulatory & Development Authority of India (IRDAI) allowed portability of an existing policy to a better policy offered by a different company keeping all past features intact. This means there is no waiting period while you port the policy with the new Insurer. Portability allows an individual to transfer his policy to another company offering better features or for any other reason. One has to do the same 45 days prior to the due date where he is required to put a proposal to the insurance company so that they can examine the acceptability of the proposal


What do you mean by annual sum insured?

The annual (basic) sum insured is the maximum amount that an insurance company will pay you, according to the insurance contract, in the event of aclaim.

What do you mean by pre-existing disease?

Any condition, ailment or injury or related condition(s), for which you had signs or symptoms and/or were diagnosed and/or received medical advice/treatment prior to the first policy with the insurance pre-existing disease.

What do you mean by waiting period?

The duration only after which a claim can be made is called the waiting period.

What do you mean by Premium?

The amount paid to avail the covers in the policy is called premium.

What do you mean by period of the policy?

Policy Period is the period for which the policy is valid.

What do you mean by Reimbursement?

The amount paid back by the insurer beyond the cashless payment at the time of hospitalisation paid to the insured is called reimbursement.

What do you mean by Co-payment?

Co-Payment is a cost-sharing requirement under a health insurance policy that provides that the policyholder/insured will bear a specified percentage of the admissible claim amount. A co-payment does not reduce the Sum Insured.

What do you mean by Permanent Exclusion?

The disease under Permanent Exclusions will not be covered in the Health Insurance plan.

What do you mean by Date of Inception?

Date of inception is the date from which the policy becomes valid.

Is Medical Test mandatory for everyone?

For any insured member who is more than the age as prescribed by the insurer. However, new generation plans do not ask for any medical test irrespective of the age. The medical condition declared by the insured is being assessed by the underwriter for the purpose of acceptance of the risk.    

Which expenses are included in Sub-limit Amount?

All the expenses including room rent, pre/post hospitalisation, etc. related to treatment are capped up to the amount mentioned in the sub limit bracket.

Where can the medical tests be conducted?

The medical tests can be conducted at any designated centres identified by the insurance company.

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