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1 Answer
There are so many insurance companies in India for example ICICI Lombard, LIC life insurance company, HDFC etc
When you take any health insurance from any company they say that just pay a small amount of premium every month or quarterly or yearly and we will pay money if you need in case of any heart problem kidney problem or any other major problem.
Suppose there is a premium of Rs 5000 per month so that means you are paying 60000 per year.
For example on 1st year when you take the insurance you do not fall ill or you don't have any problem.
Similarly on 2nd year if you don't take any claim but you pay 60000 again.
So in this way if you have not taken any claim for the 5 year that means you paid the amount 3 lakh to the insurance company and you got nothing out of that.
So insurance company is in profit. Very few percentage of people actually utilise the insurance.
Suppose you fall ill due to some minor problem then you will take medicine from the local doctor or the chemist and you will never go to the insurance company for the reimbursement or the claim of your medicines so in this way the insurance company is still in benefit and your not taking any claim from them.
In critical situations when some people reaches the insurance company and they ask for the claim then they demand for the unnecessary documentation so due to frustration most of the people avoid these processes. Wish you always go for such a company who has the highest claim settlement ratio.
When you take any health insurance from any company they say that just pay a small amount of premium every month or quarterly or yearly and we will pay money if you need in case of any heart problem kidney problem or any other major problem.
Suppose there is a premium of Rs 5000 per month so that means you are paying 60000 per year.
For example on 1st year when you take the insurance you do not fall ill or you don't have any problem.
Similarly on 2nd year if you don't take any claim but you pay 60000 again.
So in this way if you have not taken any claim for the 5 year that means you paid the amount 3 lakh to the insurance company and you got nothing out of that.
So insurance company is in profit. Very few percentage of people actually utilise the insurance.
Suppose you fall ill due to some minor problem then you will take medicine from the local doctor or the chemist and you will never go to the insurance company for the reimbursement or the claim of your medicines so in this way the insurance company is still in benefit and your not taking any claim from them.
In critical situations when some people reaches the insurance company and they ask for the claim then they demand for the unnecessary documentation so due to frustration most of the people avoid these processes. Wish you always go for such a company who has the highest claim settlement ratio.