Health Insurance Policy: Understand the pros and cons of personal and group health insurance, who is better to claim

Whenever we go to take Health Insurance Policies, we are told about two types of policies. First individual health insurance policy and second group insurance policy. There is not much difference between these two when seen from the front, but when we claim it, then the difference is visible in it. But the question is why there is such a difference in the claims of both policies related to health insurance.

Health Insurance Policy: Understand the pros and cons of personal and group health insurance, who is better to claim
Health Insurance Policy: Understand the pros and cons of personal and group health insurance, who is better to claim

Talking about a direct difference, individual health insurance policies often have to approach the insurance company while trying to settle the claim, but those who are a part of group insurance policies do not face this problem. Apart from this, there are other differences too. Let us know about these insurance policies.

Waiting period

The first difference that is visible at the time of claim between an individual health insurance policy and a group insurance policy is the waiting period after the claim. In individual health insurance policies, this can normally be 30 to 90 days and certain diseases are not even covered until the waiting period is over. In certain diseases, the waiting period can go from one year to four years.

Health Insurance Policy: Understand the pros and cons of personal and group health insurance, who is better to claim
Health Insurance Policy: Understand the pros and cons of personal and group health insurance, who is better to claim

Policy sub-limit

Policy sub-limits are there in both individual and group insurance policies, but the manner of enforcement is different. Policy sub-limit caps in an individual policy are usually linked to the sum assured, whereas this is not the case in a group insurance policy.

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Pre-existing diseases

In case a condition like hypertension in the individual insurance policy existed before the policy was issued, then the claim can be covered only after the waiting period is over. At the same time, in most group policies, all waiting periods are waived. This means that checking is not necessary for Group Policy.

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