5 Mediclaim Cost Cutting Tips

By SiliconIndia   |   Thursday, December 13, 2012   |    1 Comments
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Bangalore: The four public sector general insurers - New India, Oriental Insurance, National Insurance and United India - are burdened by the Finance Ministry to take counteractive steps in the mediclaim premium policies due to high incurred claim ratios. The premium collected is poor due to high claim ratios.

Group health policy premiums have already raised and individual policy premiums, too, may be hiked soon. New India, an Insurer Company stated that the revised premium structure has already been filed to the Insurance Regulatory and Development Authority (IRDA) in November. The lifelong renewability feature is considered as one of the reasons for premium hikes by many insurers including few private insurers.

Though there are just handful options that you can do about the insurers’ stance.  Still the following five options can help you to keep check on your health premiums, as reported by Preeti Kulkarni from ET Bureau:

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1. Switch to Policy Sans Claim Loading

It is better to take into consideration any claim you are likely to make as health insurers offer a yearly cover and charge premiums accordingly. It is always better to read the policy wordings carefully and notice weather the policy terms and conditions include this clause. This is also a reason that insurers hike premiums routinely if claims are made by the policy holder in the previous year.

“Buying a no-claim loading policy is certainly one way of keeping a tight lid on your premium outgo,” says Mahavir Chopra, Head, e-Business at, as quoted by ET. While retaining continuity benefits the policy holder can port the policy to an insurer.

Also Read: 5 Banks Launch Aadhaar-Linked Bank Account

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Reader's comments(1)
1: It is very good to see the knowledge about four Govt insurance companies good information about cost cutting tips now a days health is very much in demand because of higher costs of hospitals and medicines
Posted by:Vinod Nainwal - 16 Dec, 2012
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