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Health policies Sold by GENERAL Insurance Companies
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Health policies Sold by LIFE Insurance Companies
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| The expenses incurred due to hospitalization like room charges, surgery, medicines, etc. are reimbursed (or) paid directly by the insurance company (in case of cashless benefit) |
Fixed amount is paid as per policy, regardless of the expenses incurred. The actual expenses may be more or less. |
| If you have more than one health insurance, then the claim, if any, is paid by sharing between such insurances |
You can claim even if you have already claimed from health insurance with a general insurance company |
| The premium has to be paid first in one payment to get cover for the year |
The premium can be paid as monthly, quarterly, or annual basis |
| Need to wait 30 days before any claim can be made |
Need to wait 90 days before any claim can be made |
| Premium differs from one year to the next depending on claim during current year |
Premium is generally fixed for three years – after that, it may change |
| The policy term is mostly for one year |
The policy term is generally for longer duration, 10 years or even 15 years |
| Cannot return the policy after purchasing it |
You can return the policy within 15 days if you decide that you do not want the policy |
| There is no life insurance benefit or maturity benefit |
There may be life insurance component and may or may not have maturity benefit |
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