Health insurance indemnity and fixed benefit policiesPresentation Transcript
What is an Indemnity Cover? You have a certain Your actual amount as expenses on Sum Insured… Hospitalization can be different ….. For which from the Sum you pay a Insured certain Premium SecureNow
Indemnity Implies that your compensation will not exceed the costs incurred and the sum insured Case 2 Your Actual Insurance Case 1 Actual treatment Cover, The expense – Sum treatment expense – Z (> X) Insured - X Y (< X) Amount Amount Reimbursed = Y Reimbursed = XYour insurance payout will be the lower of the two values – SecureNow the sum insured and the actual expenses
The Principle of Indemnity implies that…. You are compensated for your losses to the extent of the sum insured Nothing more …… and nothing less SecureNow
Fixed Benefit PlansIn the event of hospitalization, the insurer pays apredetermined amount irrespective of actual expenseA certain amount per day spent in hospitalA certain addl. amount per day spent in ICU of the hospitalA certain addl. amount in the event of surgery at thehospitalWhether the actual expense is more or less than the actualexpense, the benefit is fixed for a given premium paid.The benefit payable irrespective of another policy runningconcurrently. SecureNow
When to Take a Fixed Benefit Plan?1. If your employer is providing an indemnity cover, and youwant to increase cover2. You have a mediclaim cover already and you want toincrease the sum insured – as medical care costs escalate.3. Your original indemnity plan was not thought throughproperly and your cover is inadequate. Ideally, one should take a comprehensive mediclaim plan (individual or family floater). Subsequently, every few years one should look for increase in cover by taking fixed benefit plans SecureNow
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