Insurance ka SACHAI

Room rent plays an important role in claim settlement of Health Insurance in India. The amount of claim which will be settled by an Insurance company depends on the type of the room opted and the room type eligibility.  The hospital cost also varies with the room opted. If someone opts for a single room , hospital bills are lower and if someone goes for a suite room, the bill increases by a big amount. This is the reason the insurance company settles the claim on the basis of the room opted. Majority of the policies in India have a room limit like some xyz% of sum insured, single room or any room except suites or deluxe. In these cases, the claim settlement varies but if someone opts for a good policy without any room limit, then the claim settlement doesn't depend on the opted room.  In policies with a room limit, if the opted room is higher than the eligible room then the insurance company applies a concept of Proportionate deduction (very common in PSU's and smaller Insuran...

 IRDAI allows porting of health insurance from one company to another company. Proper guidelines have been laid by IRDAI which have to be followed by the companies, intermediaries and insured. This was a very big game changer in the field of Health Insurance as a result of which customers got a chance of shifting to a better policy as per wish. Earlier this was not possible, and insured was forced to be stuck to the same Insurance Company or shift to another company but would have to serve the waiting period. Porting has been disadvantageous to companies who had inferior policies or who were not able to service the claims properly and give hassle free claim settlement. I would say this has wholly benefited the Private companies as a major chunk of PSU health insurances were ported to Private players. The private Insurance companies were able to grow their health Insurance portfolio because of porting but at the same time customers were also able to move to better products and get b...