Come 01-Oct-2020, get ready to shell-out an estimated 10% to 25% additional premiums on all medical insurance products in India, popularly known as ‘mediclaims’.
Whether you are an Indian or an NRI (Non-Resident Indian), you pay a higher medical cover cost in lieu of a host of guidelines, now being incorporated finally by most insurers in favor of the end-consumers. These directions were given out by IRDAI (Insurance Regulatory Development Authority of India) to all Health Insurers to comply with. With the implementation of these features & changes to be mostly completed by all health insurers by 30-Sep-2020 and made available for the new users or enrollments in a ‘health plan’, this definitely is going to cost much higher. Low prices could be booked in the next 3 days only! The added premium costs are mostly on account of the inclusion of modern treatments such as: balloon sinuplasty, oral chemotherapy, robotic surgeries, etc. or simply because of the inclusion of mental or neurodegenerative disorders (listed & approved ones), in the insurance plans.
Having said the above, medical insurance pricing still remains quite competitive and cheaper in India than compared to the rest of the globe. More and more NRIs, currently, are also looking forward to getting enrolled in a comprehensive health insurance plan in India, whether for self or family, considering their eventual return and settlement in India, to be able to use it. In the light of the global pandemic, the numbers of health insurances being bought in India have gone up more than 5 folds in August-2020 itself (compared to August-2019), especially because of the fact that Indian/ International air space is set to open up, and hence people would travel to India. With the highest risks of coronavirus being caught during the travel or on entering Indian ground, people do not want to take chances and want to enroll ahead of time sitting in their home countries. Health insurers are even making coronavirus coverage ready to be availed now, in just 15 days versus 30 days waiting earlier. Secondly, for the ones who already have health coverage, this is the apt time to increase your cover by just adding a medical ‘top-up’, over the top on your existing policy, which comes at 1/6th of the price that you pay for the same ‘sum coverage’ in your current medical base policy in India. This way you get a much higher cover by keeping the pricing low!
We highly suggest NOT buying medical policies online, by yourself and rather strongly recommend buying offline through the help & guidance of a licensed advisor.
Indians and Indian-origin people have the flexibility to consult BigRise Financial ™, an Insurance & Investment Consulting organization that works in the space of financial planning of Indian-origin (PIO) across the world including: Indians, OCI, NRI & Expats to get them cutting-edge insurance and investment options in India. They bring world-class products and solutions from the world’s most renowned financial organizations and insurers to their clients.
To get COMPLIMENTARY advice on this situation, write into: nitin@bigrisefinance.com
Or Drop a WhatsApp on: +91 98182 46300
Author: Nitin Attri
BigRise Financial ™
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