3. Loading on Premiums - Loading usually refers to the percentage increase in your premium in the event of a claim. So at the time of buying your policy, study the ‘loading’ aspect to ascertain how claims made by you could affect the subsequent years’ premium payable.
Most policies - from both public and private sector insurers - come with this clause. Therefore, make sure you compare, among other things, the loading structure of various companies before you zero in on the one best suited to your needs.
4. If you feel that your insurance company is penalising you for claims made and do not agree with the loading structure, you can always switch to another insurer. If insurers adhere to its spirit, health insurance portability, which will be implemented from July 1, should make things easier for such policyholders. However, it is best to take a close look while buying the policy itself. Also, do not assume that the policy that is silent on this count will not have a loading mechanism. Rather, the one with a well-defined loading structure could be a better bet.
5. Note - These numbers are at the time of writing this article,
Precautions about loading in Health Insurance
1. Loading after a claim can considerably raise the premium. Study the loading structure before buying policies.
2. The World Health Organisation recently released some data pertaining to life expectancy across the world. Its statistics show that the average Indian’s life expectancy has gone up from 61 years in 2000 to 65 in 2009. As life expectancy increases, so does the need for a plan to take care of healthcare costs for over a long period. One of the cheapest ways to do this is to buy a health cover. However, even with a health insurance policy, there are factors that could push up the cost. One of them is the loading applicable on premiums upon renewal.
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