Documents Required when buying a Health Insurance Policy read
Dec 29 20205 Views
'The sooner, the better' - a phrase that seems befitting when it comes to taking a decision on investing in a health insurance policy. Given life's unpredictability, you never know if and when you may need to be hospitalized, get surgery or incur any medical expense. These expenses can burn a hole in your pocket, and that is why you need a safety net, such as a health insurance policy, that can take care of these exorbitant costs.
Health insurance is a type of insurance that takes care of the risk of a person incurring medical and/or surgical expenses, either completely or partially. Either, the insured will pay out-of-pocket and later get reimbursed by the insurance company, or the insurance company will directly settle the amount with the hospital. Before all this happens, you need to know about some essential documents that are required while buying a health insurance policy.
While buying health insurance, the applicant needs to produce and present a set of legal documents. There are many types of health insurance but here's a list of all the common documents required for buying in-person or online health insurance:
#1 Age Proof
Age plays a significant role while acquiring a health insurance policy hence, a valid age proof is required as part of the documents. These documents work as a valid age proof - Birth Certificate, PAN Card, Voter's ID, Driving License, Passport, etc.
#2 Address Proof
The insurance company requires an address proof in case of hard copies that need to be sent over. Ration Card, Bank A/C Statement, Telephone Bill, Electricity Bill, Passport, Voter's ID, etc. are counted as valid address proofs.
#3 Medical Reports
This includes yours and your family's pre-existing (current) ailments and diseases as well as the family history of illnesses. These medical reports help you decide what health insurance policy is most suitable for you, the applicant.
#4 Identity Proof
The health insurance policy is registered on the person's name, so it is vital to authenticate with a legal identity proof. Aadhaar Card, PAN Card, Driving License, Passport, Voter's ID, etc. count as identity proofs.
#5 Income Proof
Your salary slips act as Income Proof. An Income Proof is required to confirm if you can pay the premium regularly and to fix on the insurance amount.
Benefits of Buying a Health Insurance Policy
Health insurance benefits are many and depending but here are the top three benefits:
- We never know when we will need hospital care and considering how expensive it can get, it is a smart choice to invest in a health insurance policy that can partially or entirely cover those expenses.
- With all the options available, the individual buying health insurance is at liberty to choose the right coverage that fights within the budgets, caters to specific medical needs and comes with suitable health insurance benefits.
- Another benefit of a health insurance policy is that it can be extended to cover the insured's parents/parents-in-law, spouse and children.
There is no way of knowing what is going to happen. What can be done is securing your own as well as your loved ones' health with an insurance policy.