KNOW THE IMPACT OF SUM INSURED IN OUR HEALTH INSURANCE POLICY

Posted by CHHAYA THANGAM THOMAS on Fri, Feb 14, 2025
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We all heard about health insurance what does it mean? Health insurance refers to the highest amount an insurance company pays. It covers the expenses when the insured person gets “hospitalized”. It has now become a necessity in our lives. It gives us peace knowing that we are safe from unexpected hospital charges. Now let us dive into our main topic the sum insured in health insurance, its concept, importance and factors influencing.
B. What is sum insured ?
In simple terms sum insured means the maximum amount paid by the insurance company for us to meet our medical and surgical expenses
According to the Insurance Regulatory Development Authority of India, the sum insured in health insurance is the highest amount that an insurance company will pay towards medical expenses and treatment costs during the policy period
C. How it works?
Some insurance companies set certain limits to pay the amount to the insured person. If we incur medical expenses beyond the sum insured in a particular year, we must pay from our finances. The specified limit is known as a sub-limit2
D. Why do we choose the right sum insured in health insurance?
If we choose the wrong sum insured, and it is insufficient for our unexpected hospital charges, we experience stress. This affects our lives. Choosing the best sum insured in health insurance is the best decision that brings peace and comfort to our mindset
E What are the factors we should consider when we choose best sum insured in health insurance?
For selecting the best sum insured there are certain factors that we should consider4
1. Age .. when our age increases we will have high health risk and low coverage.it is better to think wisely to choose the best one
2. Cost of living. When we are single and decide to get married it is better to select family health insurance having a high sum insured so that it will cover the medical expenses of our family members
3. Health condition — if we have health-related issues like we need to choose the high sum insured otherwise we will fail to meet our treatment expenses
4. Lifestyle -. Some people having their lifestyles will influence health insurance coverage and coverage.
F Do you think the words sum insured and sum assured are the same terms?
Sometimes we often confused what is sum assured and sum insured in insurance policy. Let us clarify while looking deep into their difference
1. Sum insured is applicable to health insurance while sum assured is applicable to life insurance
2. Sum insured can be claimed only once in a particular year while sum assured can be claimed when an unexpected event such as death or policy maturity period
3. The purpose of sum insured is to provide financial support for hospital charges while the purpose of sum assured is to provide financial beneficiaries in case of insured events
Selecting the right sum insured is a crucial part. It helps to cover healthcare expenses without any financial burden. It is essential to know the factors we discuss above while selecting the best sum insured in health insurance. By understanding these aspects, we can take the time to choose the right sum insured. This choice should be suitable for us and offer comprehensive protection for our financial needs and peace in our lives

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