Loading, as the name suggest, is something of a burden which is transferred from one person to another or from one thing to another...Something similar on these lines is the case with the concept of LOADING with regards to many MEDICLAIM POLICIES in INDIA but unfortunately not many know about this thing L…I myself came to know of this thing only recently whereas I was carrying a MEDICLAIM POLICY with the LOADING clause..In a very simple language, LOADING in terms of MEDICLAIM means the INSURER (Company) will charge more amount than the usual PREMIUM amount from the INSURED (Policy Holder) in the event a claim has been made by the letter in lieu of some emergency..For eg: If Mr A has a Mediclaim Policy from LMN Company with a cover of Rs 2 Lakhs and for this cover amount, he is paying Rs 5,000 as annual premium, then he has to pay an X amount over and above the premium if the policy has LOADING concept in it with various slabs..If slabs say that for any claim made upto Rs 1 lakh, the LOADING will be 50% that means, policyholder will be paying Rs 7,500 (5,000 original premium + 2,500 Loading)..To put it in perspective, want the company means is “TAKE THE POLICY FROM US BUT DON’T ASK FOR CLAIMS..BECAUSE IF YOU DO, WE WILL CHARGE YOU FOR THIS”
Please check the broucher of ICICI LOMBARD mediclaim policy stating different slabs for different amounts of claim made
One more product I would strictly advice all the readers to stay away from is the STAR HEAL TH’s policy for Senior citizens by the name RED CARPET..This is one of the most fictitious policy I have ever come to know of..Not only this policy is making an option of CO-PAY upto 30% but also keeping open an avenue of LOADING as well..So, a senior citizen, who must have been retired and must also be suffering from one ailment or the other, will be forced to shell out a huge amount of expenses for hospitalization in addition to the premium paid..Please check the broucher
But it does’nt mean that all MEDICLAIM POLICIES in the market comes with this tag of LOADING..There are a few companies in the market without such HIDDEN RIDERS, primarily MAX BUPA (Please pardon me for favoring Max BUPA as I am an agent of this company J )..According to me, it is of prime concern for the prospective client to look for the clause of LOADING in the policy document of the company..
Why to look out for this and what are the benefits..MANY. Firstly, the policyholder will be free of any mental LOADING J that he will be charged extra amount once he will make any claim in case of any unforeseen illness/accident..To me, this concent of LOADING defeats the very purpose of MEDICLAIM..An individual takes a MEDICLAIM POLICY just so that he wont be paying anything extra out of his pocket but ultimately he is spending more by way of LOADING after the claim has been made..
So far, all has been written with the point of view of the customer/policyholder..Now let me introduce to you the point of view of the INSURANCE COMPANY..Company is of the view that once a policyholder has made a claim due to any illness or some major illness, he is bound to make the claim again in future, if not near then distant..So just to be prepared to face those recurring claims, company wants to safeguard itself by procuring more amount of premium by way of LOADING..Sometimes it make sense but most of the time it DOES NOT…The only justification on the company’s part is that they make this LOADING thing clear at the very inception of the policy, in its broucher as well as its policy documents..If the client is not reading/going through these details and later on required to shell out more from his pocket, then it is his mistake not company’s..
