Health Insurance: Not only has life been disturbed due to the Corona epidemic, but due to this many people have lost their lives. Due to this epidemic, more than 3 lakh people have died across the country so far and still thousands of people are dying every day due to this. In case of any such mishap, health insurance is done to provide financial support to your family. This insurance covers the cost of hospitalization, however it is more important to know here that what will happen to the health insurance policy if the health insured dies.
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Procedure on death of the insured in a health insurance policy
- In case of death of any member of the insured family: If a person of the insured family dies during hospitalization, then other family members can request the insurance company to process the claim request and claim settlement.
- On death of the insured member: According to TA Ramalingam, chief technical officer of Bajaj Allianz General Insurance, after the death of an insured member, the proposer has to contact the insurance company to process the claim request and request a claim settlement. According to Ramalingam, the deceased is removed from the cover and the premium will be refunded according to the terms and conditions of the policy.
- On death of the proposer of the policy: In the event of death of the proposer during the policy period, the family has to contact the insurance company for a change in the proposer. In such a situation, a new form is filled with a new proposer. According to Ramalingam, the insurance company changes the proposer and continues the policy for other members.
- In case of death of more than one member: In such a situation, if it is a reimbursement claim, then the registered nominee in the policy is paid the claim. According to Ramalingam, if it is a cashless claim, then the expenses related to the hospital are paid directly to the hospital.
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There are two types of personal health insurance policy
There are two types of personal health insurance policies – individual policy and family floater policy.
- Individual Health Insurance Policy: Sum insured and benefits are fixed for the insured in an individual health insurance policy. However, if more than one person is jointly insured in this type of policy, then health insurance companies also give some discount in premium. In the joint health insurance policy, if one person has claimed the expenses of the hospital, then it will not affect the benefits of the other person, ie the other person will get full benefits.
- Family Floater Health Insurance Policy: In this type of policy, if a person has made a claim for hospitalization, then the sum assured is reduced for the remaining time of the policy term. It can be understood from an example that a family floater of Rs 5 lakh is renewed every year in April. If any one of the four members insured has claimed a claim of Rs 3 lakh in August, then only the sum assured of Rs 2 lakh will be available for the remaining seven months.
(Article: Amitava Chakrabarty)
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