Why Should You Choose New India For Health Insurance Plans?

Posted 2 years ago in BUSINESS.

Choosing the right health insurance policy is extremely pivotal for you. Check the features and benefits of new india health insurance plans,

Why Should You Choose New India For Health Insurance Plans?

When it comes to safeguarding yourself as well as your family members, choosing the right health insurance policy is extremely pivotal for you. Unfortunately, most individuals are not aware of New India Health Insurance plans and they end up choosing the inadequate policies. 

With so many options of policies available in the market, you might be wondering why should you choose health insurance plans from New India. To answer this question, we have listed down some benefits that you can avail of after purchasing New India Health Insurance plans

Benefits Of Choosing New India Health Insurance Plans

Here are the reasons why you should go for health insurance plans from New India:

Strong Hospital Network: With over 2500 network hospitals, the policyholder of the New India Health Insurance plan need not run to various places for making financial arrangements. The company will directly settle the bills with the network hospital, thus avoiding the insured to pay any amount. However, this applies when the treatment at the network hospital is taken according to the terms and conditions of the policy.

Improved Incurred Claim Ratio: A company's ability to pay claims is represented by its incurred claim ratio. If a company's ICR is greater than 100 percent, it means that the amount of money given away as a claim is greater than the amount of money received as a premium. In such cases, the company will struggle to stay ahead and will either have to raise the price for controlling claims, reject some claims, or alter their products entirely.

If we talk about New India General Insurance company, its incurred claim ratio significantly improved from 91.43% in FY 20 to 84.19% in FY 21. As the company’s ICR is between 50% and 100%, it clearly indicates that New India has collected more money as premium amounts than it has given away as claim amounts. Therefore, the company is making a profit by not only providing quality products but also selling them successfully to the right customers. 

Wide Range Of Sum Insured Options: A wide range of sum insured gives you peace of mind and ensures that you can rely on your policy in the event of a catastrophe, allowing you to focus on getting better. New India Health Insurance plans allow the policyholder to choose from several ranges of sum insured options he/she can choose from. This allows the policyholder to extend his/her coverage to the entire family including self. 

Pre- & Post-Hospitalization Coverage: The health insurance plans from New India General Insurance provide coverage for pre-and post-hospitalization expenses. The expenses are covered for 30 days before hospitalization and 60 days after hospitalization. This will certainly reduce your financial burdens because, without this coverage, the hospitalization bills may significantly rise and burn holes in your pocket.

Safeguard Your Family Members: Most of the health insurance plans from New India allows the policyholder to cover his/her family members with up to 2 adults and 4 dependent children. Moreover, in policies like Arogya Sanjeevani Policy, a maximum of 10 members can be covered. This assists the policyholder in not only safeguarding their family members but also saving their future requirements.

Free Look-Up Period: In case you are not satisfied with the terms and conditions of your New India Health Insurance policy, you are allowed to cancel it within a period of 15 days from the date of receipt of the policy. You can also give the company a 15-days written notice and the company will refund the premium as per the terms and conditions.

Tax Benefits: As per Section 80 D of the Income Tax Act, 1961, a premium amount of up to Rs. 10,000 qualifies for tax benefit. This benefit provides the policyholder with an opportunity to reduce tax bills and save a significant amount of money while paying the health insurance premiums of New India General Insurance.