Health Insurance

POSTED BY Sunil Kumar ON May 31, 2012 12:01 pm COMMENTS (8)

Why buy a health policy?

I have a company policy and hence not going to use the other personal policy that I buy?
I am young so I am not going to use this policy till the time I retire?

Then why should I pay the premium NOW??

Kindly help me with the about questions?

Do not provide the answer that in case company coverage is less you would be getting additional coverage.

What I am trying to ask is:

Does my coverage keep increasing If I do not claim a year? say for example I do not claim for 10 years what happens to my premium or coverage?
What if I do not claim for the entire policy tenure? Do I loose my entire premium that I paid?

8 replies on this article “Health Insurance”

  1. Sunil Kumar says:

    no ramesh, the question was for salaried employees with group health etc insurance…

  2. Sunil Kumar says:

    so basically all the premium paid in such a case is of no use during old age when the person needs it the most..

    so a salaried employee should not opt for a health policy – hence proved 🙂

    1. Ramesh says:

      If you already know that for the next 20 years, you will not fall ill / have an accident to get hospitalised, you should NOT opt for a health policy. 🙂

  3. Ramesh says:

    Yes. Even if you pay for 20 years and do not claim a single time.

    No other benefits, if it has not been said in the policy statement.

  4. Sunil Kumar says:

    Do we loose the entire premium or coverage continues during old age if one pays all the premium for ter entire tenure of policy?

    say for example: age of taking policy 35 years, policy tenure 20 yrs, no claims during policy tenure.. (upto age of 55 yrs).. do we get benefit during old age say at 60 yrs??

    1. Dear Sunil, I think you are misunderstanding the health policy. The health policy is different than your normal life insurance policy. In case of Health policy, the contract of insurance is renewed every year between you & your insurer. So what happened in the past in terms of non claim ‘ll not be responsible for an early claim settlement or proper claim settlement after 10-15-20 claim free years.



  5. Dear Sunil, Even within same employer, your policy benefits may change at the time of yly renewal to save few Rs. in the cost head of the company. You ‘ll not be intimated for the same immediately but ‘ll come to know such things only at the time of real need that the insurer is not offering the cover you think is there in the employer policy.

    Rest already discussed by dear Ramesh hence not repeating the same.



  6. Ramesh says:

    What if you lose your job / change your job / the company folds itself? If you are so sure that nothing of that sort will happen till your retirement, then do not buy a medical insurance for yourself. Simple.

    There are no hard and fast rules that You Have to BUY a health insurance policy. Nope. It depends upon your circumstances.

    Most of the companies provide you some bonus, in case you do not make any claims. And mostly the premium keeps increasing every year or every 4th-5th year as per company and the particular policy.

    Yes, if you do not make any claims, you will “lose” the entire amount. Seriously, is this even a question which should be asked? Do you want to get sick, to avail of the claim.

    I hope I have answered your queries.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.