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June 3, 2020

Keep these points in mind whie buying insurance policy

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Corona has engulfed more than 122 countries in the world. In America, this virus has shaken the economy. In America, this virus has killed more than 10 million jobs. At the same time, in countries like America, Italy, Britain, Spain and France, the corona virus has created a furore. There is a fear of rapid spread of this epidemic in India too. The Indian government has implemented a 21-day nationwide lockdown since March 25 to prevent its chain of infection. In view of the danger of rapid spread of this epidemic, the need of people to buy individual health insurance policy is increasing. In the time of this epidemic one cannot depend on the insurance policy provided by his employer.

According to the information received, as per the February 2020 data of the General Insurance Council, the total health insurance industry is 45,997 crore, of which there are group policies of 23,422 crore. In group health policies, the premium is usually less than the premium charged in individual policies. However, they also have some limitations. The biggest issue is the danger of being left without cover, which can be very stressful in times of epidemics. It is quite right to take individual and floater policy to avoid this situation.

1. First, in the group plans, it is in the hands of the employer to change the insurance amount and the number of family members covered under the cover.

2. Worse is that your employer or health insurance company may decide not to continue your insurance cover. Now if you do not have Individual Health Insurance cover, then you will have nothing left.

3. Most employee health insurance policies fall into several categories. So if you are a mid-level or entry-level employee, then coverage may not be sufficient.

4. When you change jobs, you become without insurance cover. If there is a gap between leaving your old company and joining a new one, or if you want to start some of your own business, then this situation can be quite frightening when medical emergency comes in the time of this epidemic.

5. If you are planning to leave the job, then keep in mind that you can port your employer’s group policy to an individual health policy. For this, you have to submit the application 30 days before resigning.

6. It should also be noted that not all group health policies cover dependent parents.

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