Heath insurance does the noble functioning of covering our health expenses. Health insurance companies also offer several features that help policy holders, such as reducing the premium after a certain period of time, reducing the sum assured after a certain period of time, and reducing the policy term after a certain period of time has lapsed.
Recently, with the introduction of a new U.S. accounting standard (FAS 106) requiring that the cost of such benefits be accrued and reflected in financial statements, an increasing number of employers have discontinued post retirement life and health benefits entirely.
There are 2 sections of the policy section 1 is normal health insurance with PED covered after 48 months, 2% limitation on room, doctor fee and nursing charges subject to max of Rs.5000 per day and liability in case of package rates is limited to 80%of package rates.
Depending on the company issuing the health insurance policy, there could be health coverage for up to 30 different critical illnesses, which would cover most of the major illnesses that are currently affecting the population worldwide or specifically in the country.
Unless an employee converts his or her coverage to an individual policy which is usually ore expensive and provides less liberal coverage, the employee loses his or her insurance protection if the group plan is terminated and often also at retirement because employment is terminated.