You get a call from an insurance company telling you of a new scheme where you will get free health insurance if you buy a life insurance policy from them. What’s more, you only pay the premium of your life insurance policy, and after 5-10 years you get your money back with a guaranteed return of 12%.
That sounds like a great offer!!
When you buy a health insurance policy, you will pay premiums. And in the end, if you don’t fall sick, you will get nothing. Now, this is a bad deal!! Your money is going to the insurance company and they are getting rich. But this is your part of the story.
Health Insurance companies do not make profits from the premium you have paid to them. In fact, they are custodians of the pool of money which is made by the premium that all the policyholders pay every year. They pay genuine claims out of this pool and hence they ask many questions and investigate before they pay any claim. So let’s not blame the insurance company when they ask questions. They are only trying to pay the money to genuine claimants.
Coming back to the recent insurance frauds and misselling these days, the fraudster is not calling on behalf of any insurance company. They are either call center employees, employees at the broker’s firm, or agents who are looking for quick money by selling their policies. You do not get health insurance free with any policy. So please do not fall trap of such calls made to you.
In case, you have taken such a policy and are waiting for the health insurance policy to arrive, please cancel the same in a free look period and get your money back! You need to immediately write to the insurance company’s customer service from where the policy is issued to you.
Health Insurance is a very important financial tool and you must buy an individual plan from the health insurance company after understanding the product based on your requirements. Do not hurry and do not change your insurer. Buy one policy and try to stick to one company to get maximum benefits and a good claim experience.
If you have any grievances related to insurance, you can contact Insurance Samadhan. We have helped resolve 14,500+ complaints of policyholders. We’ll be happy to help you.
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