You should not buy insurance policies for the investment purpose. If you invest your money in the traditional insurance policies that give your money back after a certain period of time, you end up loosing your money due to inflation and taxes.
If you have family members who depend on your income then you should consider Term-Insurance.
The write up was informative and practical. However, the references made to the decisions are perhaps not reliable as these are District Forum decisions which are neither binding nor can be assumed to be final. It would have been more appropriate to refer to State Commission and National Commission decisions.it must however be conceded that there is a void as regards an authoritative pronouncement on the issue.What your article does not refer is the fact that the policy usually contains a clause enabling the Insurance Company to withdraw the cover when it learns that the insured has developed a serious disease ( kidney failure etc) during the currency of the policy. Such a clause would , in my view be open to challenge as it would amount to an unfair trade practice if not covered under the pre existing ailment clause.
Before you opt for a mediclaim policy, read the clauses in small prints in the form. They can land you in trouble. Use a magnifying lens if you can't read it properly. That's where these rascals catch you. I've experienced this once. Seco0ndly, just don't give in to their non payment. Pursue it to courts if need be.
I have a Health Ins. Policy with United India Ins. Co., and about 2 yrs. back, I underwent Angio-plasty for blockage in my heart and the Co. reimbursed the eligible amount. But, within 10 months, the problem occured again and I had to undergo By-pass surgery and spent nearly Rs.2 lacs. As there was still balance amount lying in my insurance, when I claimed, the Co., turned it down stating that for the same ailment, 2 claims cannot be honoured. Even approaching the Ombudsman did not solve my problem. This is really an unjustified and illogical decision and the Ins. Co., should have paid me the balance amt. I only wish that Ins. Cos. be pulled up for not honoring such genuine claims and public should be aware of this.
Re: Claim for the same disease too not reimbursed
by satishgs on Nov 30, 2011 03:06 PM
Have you followed strict guidelines of the Dr after your 1st angio plasty, the second incidence would not have occured if you were to have followed the right method, I am not saying insurance company is right or wrong, but you should become eligible for the balance amount as that is your right.
Re: Re: Claim for the same disease too not reimbursed
by ANAND B on Dec 01, 2011 03:31 PM
How can the insurance company prove due diligence was not taken care of?
