hello all,
I know health insurance is important. i read many articles and question-answers here to gain more knowledge about it. But i did not understand few things that why asking the question. Please read my questions below:
1. Health insurance is 1 year or 2 year policy. Does premium remains same when we try to renew it? If not what really is benefit of investing early?
2. I read that in some policy there will be No claim bonus term. In some case it works like if i do not claim in current year then while renewing the policy my SA will increase. So lets say NCB gives 50% increase in SA and my current SA is 2lac then if i continue to renew my policy for 5 years without claim will my SA will increase like this 2–>3–>4.5–>6.25–>9.375?? and will it happen till the i keep on renewing it?
The reason I am asking this question is because of this case. My father is 66 years old. and star health quotation for his health insurance is 21k for 5 lac SA. it has 30% co-pay which means in reality i will be getting 5 lac*.7 = 3.5lac SA. also existing disease diabetics will not get covered before 4 years. so for first four years i will be paying 84k in premium without getting any benefits. Also there can be chances of increase in premium every year. So i am wondering is this health insurance is really helpful in such case??
My understanding about health insurance can be wrong. Hope your answers will increase my knowledge. 🙂
Thanks in advance.