Deductible
Deductible refers to the initial fixed amount that a policyholder must pay out-of-pocket every policy year before the policy benefits come into effect.
For example, if a health insurance policy with Rs. 10 Lakh cover comes with a deductible of Rs. 2 Lakh, the policyholder has to pay first Rs. 2 Lakh in case of a claim. If the claim amount exceeds Rs. 2 Lakh, the insurance policy covers the remaining cost up to Rs. 10 Lakh.
Adding a deductible to a health insurance policy ensures that the insurance company avoids paying smaller and more frequent claims. Since this reduces the claim burden of the insurance company, adding a deductible reduces the premium and makes the policy more affordable.
If you are on a budget, you can add a deductible to your health insurance plan to make it more affordable. However, apply caution while opting for a deductible, as it will pinch you when you make a claim.
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A
- Accident
- Acute Care
- Acute Condition
- Age Limit
- Agent
- Ambulance Cover
- Annual Health Checkup
- Any One Illness
- AYUSH Treatment
B
C
- Cancer Insurance
- Cashless Facility
- Chronic Condition
- Claim
- Claim Settlement
- Claim Settlement Ratio
- Comorbidity
- Congenital Anomaly
- Consumables
- Contract
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D
- Daily Hospital Cash / Daily Cash
- Day Care Treatment
- Deductible
- Discharge Summary
- Domiciliary Hospitalisation
E
F
G
H
I
- Illness
- Indemnity
- Injury
- Inpatient Care / Inpatient Hospitalisation
- Insurance Ombudsman
- Insured Person
- Insurer
- Intensive Care Unit (ICU)
- IRDAI
L
M
N
O
P
- Personal Accident Cover
- Policy Document
- Policyholder
- Portability
- Post-Hospitalisation Expenses
- Pre-Existing Disease (PED) / Pre-Existing Condition
- Pre-Hospitalisation Expenses
- Premium
R
- Reasonable and Customary Charges
- Reimbursement
- Renewal
- Restoration Benefit / Automatic Restoration
- Rider / Add-on Cover
- Room Rent Limit
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