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Medical insurance is must for everyone since everyone
falls ill or gets sick, sometimes serious while many other times just
general illness. The help that insurance gives is that it covers the
expenses of the treatment. Medical insurance is also available for
children now. Anyone can get a medical insurance for his child. Child
medical insurance ensures that in serious situations the heavy expenses
of the treatment of the child will be covered by the policy. Though the
coverage of the expenses and the extent of coverage is governed by the
type of policy taken and the amount for which the child is insured.
Medical insurance is just like any other insurance. One has to complete
the formalities of verification of the physical condition of the child
being insured, one has to pay the premium and one has to claim the
amount at the time of requirement. The only difference is that in
medical insurance the insurance company pays for the expenses of
hospitalization, nursing, any surgery if involved, surgeon charges,
medicines and equipment charges. To claim one has to present the report
of a registered doctor expressing the illness and the need immediate
hospitalization or treatment. The company after verification pays the
applicable payable amount to the insured.
Every medical insurance policy has its own set of rules, regulations,
conditions and exemptions. A number of insurance policies have a set of
exemptions which indicate that those policies do not cover certain
ailments. Also, many policies might not cover an ailment that started
before the purchase of the policy. Policies often do not support claims
within a stipulated period of time from the date of purchase of the
policy. Such exemptions are included in a policy to safeguard the
interest of genuine claims while protect the misuse of the policy.
Normal duration of a policy is one year but now many policies have come
that offer protection for two years without the change in premium rate
in the second year.
Insurance companies in India are government run as well as
private. The government insurance companies are LIC, GIC while some of
the private companies include ICICI Lombard, HDFC, Bajaj Allianz, TATA
AIG, Kotak Mahindra, New York Max Insurance and many more. A number of
these companies have contracts with hospitals all over the country to
provide cashless hospitalization to the insured. They offer instant
claims of the policy money right at the time of its need. If no claims
are made in a term, many policies also offer discounts on renewal.
Child medical insurance is very important because with the rapid
development in science more and more diseases are becoming curable, but
the price of treatment is also increasing with the improvement in
technology. In order to make sure that the child is not deprived of the
right treatment and care, parents should get their children medically
insured. Medical insurance is no more an expense, it’s an investment and
should not be compromised with. After all life of child is worth this
investment.
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Parenting